Talon Metals Reports New High-Grade Nickel-Copper Assays Across the Vault Zone

Talon Metals Corp. (TLO) has released assay results from ongoing drilling at the Vault Zone of its Tamarack project. Hole 25TK0568C intersected the 710-meter level with 7.20 meters of massive and mixed massive sulphides grading 6.75% nickel, 7.50% copper, 0.07% cobalt, 4.89 grams per tonne platinum plus palladium, and 2.32 grams per tonne gold, equivalent to 12.27% nickel equivalent and 23.42% copper equivalent. This interval included a 2.50-meter bonanza sub-interval grading 13.48% nickel and 12.05% copper. The same hole also returned 7.15 meters at 3.00% nickel and 5.95% copper from the shallower 610-meter level.

Hole 25TK0567A intersected 30.62 meters of stringer mineralization at 2.19% nickel and 3.92% copper, along with deeper hits at the 710-meter level (10.26 meters at 6.91% nickel and 11.34% copper) and the 802-meter level (4.33 meters at 1.99% nickel and 2.91% copper), marking the first hit at that depth since the original discovery. Additionally, Hole 25TK0567 encountered 103.42 meters of disseminated sulphides at 0.85% nickel and 0.63% copper in the 138 Zone.

Talon Metals Corp. (TLO) is now a producer with its Eagle Mine and holds a development asset at Tamarack. Drill results from Tamarack’s Vault Zone are significant as they could add high-grade tonnes to a future mine plan, though the feasibility study is already underway using earlier resources. These intercepts are not materially different in grade or thickness from those already known, representing infill and modest step-outs.

The stock has declined from C$9.00 to C$5.03 over recent months, driven by nickel price weakness, operational hiccups at Eagle, and broader market pressure. The market is already pricing in disappointment, and a drill result that is good but not transformational is unlikely to reverse that trend.

Against the company’s C$814M market cap, the marginal resource addition implied by these holes is small. The 802 m level re-hit is a positive for geologists, but the grade is too low to move the needle today.

Talon Metals Corp. (TLO) has transitioned into a U.S.-focused nickel-copper producer following its acquisition of the operating Eagle Mine and Humboldt Mill in January 2026. The company also holds a 51% interest in the Tamarack nickel-copper-cobalt project in Minnesota, with an earn-in right to increase that stake to 60%, alongside a large exploration land package in Michigan’s Upper Peninsula comprising approximately 400,000 acres.

Eagle Mine, which has a mine life extending through the second half of 2030, generates revenue but faces high costs, with an all-in sustaining cost (AISC) of US$8.05 per pound of nickel over the life of mine. The Tamarack project serves as the company’s growth engine, featuring a 2022 resource of 8.6 million tonnes indicated at 1.73% nickel, along with copper, cobalt, and PGMs. A high-grade Vault Zone discovery has been identified beneath the resource area.

Additionally, the company plans to construct a processing facility (BMPF) in North Dakota, supported by a US$114.8 million grant from the Department of Energy. Talon Metals has secured offtake agreements with Tesla and funding from U.S. government agencies.