Quarterly Activities/Appendix 5B Cash Flow Report

Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company") reported a net loss for the three months ended March 31, 2025 of $0.8 million or nil per share (basic and diluted), which was primarily the result of administration expenses and stock option compensation. This compares to a net loss for the three months ended March 31, 2024 of $0.3 million or nil per share (basic and diluted), which was primarily the result of administration expenses and stock option compensation, offset by foreign currency gain and interest income.

Capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended March 31, 2025 amounted to $5.8 million, primarily the result of exploration and development costs and deferred expenditures of $7.0 million, offset by governments grants received of $1.2 million. This compares to capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project of $6.8 million for the three months ended March 31, 2024. The total capitalized cost to the Tamarack Nickel-Copper-Cobalt Project to March 31, 2025 amounts to $237.7 million.