Talisker Provides Notice to Convertible Debenture Holders Reducing Debt by $5.1 Million

Executive Summary

• Talisker Resources exercised its conversion right, converting the full principal amounts of two outstanding convertible debentures into common shares.
• The conversion resulted in issuance of 8,000,000 shares for the Phoenix Debenture and 1,964,285 shares for the Spartan Debenture, effective October 8, 2025.
• The transaction eliminates $5.1 million of debt from Talisker’s balance sheet, strengthening its capital structure ahead of upcoming production activities at the Mustang Mine.

Key Details

• Convertible Debentures:
• Phoenix Debenture – $4 M principal issued 9 Oct 2024 to Phoenix Gold Fund.

• Spartan Debenture – $1.1 M principal issued 7 Nov 2024 to Spartan MM Fund.

• Conversion Terms:

• Conversion triggered when TSX closing price ≥ 130 % of the applicable conversion price for each of the 20 trading days preceding notice.

• Closing share price met thresholds, allowing full conversion.

• Shares Issued:

• Phoenix Debenture → 8,000,000 common shares.

• Spartan Debenture → 1,964,285 common shares.

• Effective Date of Share Issuance: October 8, 2025.

• Resulting Debt Reduction: Total principal converted = $5.1 million, removing that amount from Talisker’s liabilities.

• Potential Sale Rights: Convertible debentures also grant Talisker the right to identify a purchaser if holders wish to sell any of the newly issued shares.

Notable Quotes

(No direct quotes were provided in the release.)