Talon Metals Reports Results for the Quarter Ended September 30, 2025

Executive Summary

• Talon Metals reported a net income of C$1,676 for Q3 2025 (nil per share), reversing a C$0.6 M loss in the same quarter of 2024.
• The nine‑month loss narrowed to C$2.0 M versus C$1.6 M in the prior year, driven by lower administration expenses and foreign‑currency gains.
• Capitalized exploration & development costs on the Tamarack Nickel‑Copper‑Cobalt Project reached C$5.6 M for Q3 2025, bringing total project capital to C$240.8 M.

Key Details

• Q3 2025 Net Income: C$1,676 (nil per share, basic & diluted).
• Q3 2024 Net Loss: C$0.6 M (nil per share, basic & diluted).
• Nine‑Month 2025 Net Loss: C$2.0 M (nil per share).
• Nine‑Month 2024 Net Loss: C$1.6 M (nil per share).
• Drivers of Q3 2025 profit: Administration expenses offset by foreign‑currency gains and interest income.
• Capitalized Exploration & Development Costs (Q3 2025): C$5.6 M, primarily exploration/development expenditures offset by government grants of C$1.8 M.
• Comparison to Q3 2024: 2024 had a credit of C$3.7 M from a royalty sale netting C$10.5 M and grants of C$0.7 M, offset by C$7.6 M in capitalized costs.
• Total Capitalized Cost to Tamarack Project (as of 30 Sep 2025): C$240.8 M.
• Financial Statements: Condensed interim consolidated financial statements for the three‑ and nine‑month periods have been filed on SEDAR+.

Notable Quotes

(No direct quotes were included in the release.)