Talon Metals Assays Confirm Highest Grade Intercept in Tamarack Project History

Record grades of 23.28% NiEq or 48.87% CuEq intercepted over 8.25 meters outside of the Tamarack Resource Area

Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) (together with its subsidiaries, "Talon" or the "Company"), the majority owner and operator of the Tamarack Nickel-Copper-Cobalt Project ("Tamarack Nickel Copper Project") in central Minnesota, is pleased to announce a record grade massive sulphide intercept at the Tamarack Nickel Copper Project from drill hole 16TK0250 measuring 8.25 meters grading 23.28% NiEq or 48.87% CuEq.

Figure 1: Photo of drill core from the extension of drill hole 16TK0250 at 707.75 meters depth showing 8.25 meters of massive sulphide grading 12.62% Ni, 13.88% Cu, 0.12% Co and 17.95 g/t PGEs+Au

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Highlights

• Further to the Company's press release dated March 26, 2025, assays on the extension of drill hole 16TK0250 confirm a record grade massive sulphide intercept of 8.25 meters grading 12.62% Ni, 13.88% Cu, 17.95g/t PGEs+Au (23.28% NiEq or 48.87% CuEq).
 
• Talon is currently drilling follow up holes to test the Borehole Electromagnetic ("EM") anomaly generated from drill holes 16TK0250, 25TK0552 and 25TK0562 (see Figure 3).
 

Table 1: Select assay intervals for drill hole 16TK0250

*See Table 3 for further technical information

"It is always thrilling to make a discovery, let alone one outside of a resource area, but for it to also be the highest grade intercept ever at Tamarack is just icing on the cake. It's also a great example of how polymetallic deposits can be so impressive. This 8.25 meter intercept would be exciting if it was only the gold values, or the PGE values, or the copper values, or the nickel values, but to have all of them together makes this intercept exceptional," said Brian Golder, Chief Exploration and Operating Officer at Talon.

Background

Since Talon's press release dated February 3, 2025, Talon's in-house exploration team continues with 'Infilling' and 'Outfilling' the Tamarack Resource Area for purposes of completing a feasibility study at the Tamarack Nickel Copper Project. This work is in support of Talon's Proposed Action (a highly detailed project description) in its Environmental Assessment Worksheet to support the preparation of an Environmental Impact Statement.

• Historic drill hole 16TK0250 was re-examined and extended from 649 meters depth in order to evaluate a subtle Borehole EM response.
 
• Notably, the intercept is located approximately 150 meters below and 50 meters south of the known massive nickel-copper mineralization within the Tamarack Resource Area (see Figure 2).
 
• Its position below the existing resource is significant, as it may represent a potential pathway or pooling of massive sulphides into a new zone that could be laterally extensive as it's an area with a lack of drilling.
 
• A Borehole EM survey conducted on the extension of drill hole 16TK0250, and drill holes 25TK0552 and 25TK0562 has identified a strong off-hole conductor using the Provus Novaminex system, which is normally a vector to high-grade mineralization (see Figure 3).
 

Figure 2: Location of the new 8.25m intercept in drill hole 16TK0250 in relation to the Tamarack Resource Area.

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Figure 3: Plan view map at approximately 700 meters depth showing the Provus Novaminex Borehole Electromagnetic ("BHEM") anomaly.

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Lundin Earn-in Agreement Update

Talon and Lundin Mining Corporation ("Lundin Mining") have extended the exclusivity period until May 31, 2025 as the parties continue to work on the earn-in and related agreements ("Lundin Agreements") pursuant to which Lundin Mining may acquire up to a 70% ownership interest in the Boulderdash and Roland exploration targets, which are in close proximity to Lundin Mining's Eagle Mine and encompass approximately 33,000 acres of minerals rights out of Talon's over 400,000 acre mineral package in Michigan (see the Company's press release from March 5, 2025 for further information).

Talon is beginning to mobilize two of its drill rigs to Boulderdash and expects to begin drilling in mid-May.

QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS

Please see the technical report entitled "November 2022 National Instrument 43-101 Technical Report of the Tamarack North Project - Tamarack, Minnesota" with an effective date of November 2, 2022 ("November 2022 Technical Report") prepared by independent "Qualified Persons" (as that term is defined in National Instrument 43-101 ("NI 43-101")) Brian Thomas (P. Geo), Roger Jackson (P. Geo), Oliver Peters (P. Eng) and Christine Pint (P.G) for information on the QA/QC, data verification, analytical and testing procedures at the Tamarack Nickel Project. Copies are available on the Company's website (www.talonmetals.com) or on SEDAR+ at (www.sedarplus.ca). The laboratory used is ALS Minerals who is independent of the Company.

Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the Company. The locations and distances highlighted on all maps in this news release are approximate.

Dr. Etienne Dinel, Vice President, Geology of Talon, is a Qualified Person within the meaning of NI 43-101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

Where used in this news release:

NiEq% = Ni% + Cu% x $4.00/$8.00 x Cu Recovery/Ni Recovery + Co% x $20.00/$8.00 x Co Recovery/Ni Recovery + Pt [g/t]/31.103 x $1,000/$8.00/22.04 x Pt Recovery/Ni Recovery + Pd [g/t]/31.103 x $1,000/$8.00/22.04 x Pd Recovery/Ni Recovery + Au [g/t]/31.103 x $2,000/$8.00/22.04 x Au Recovery/Ni Recovery + Ag [g/t]/31.103 x $20.00/$8.00/22.04 x Ag Recovery/Ni Recovery

CuEq% = Cu%+ Ni% x $8.00/$4.00 + Co% x $20.00/$4.00 + Pt [g/t]/31.103 x $1,000/$4.00/22.04 + Pd [g/t]/31.103 x $1,000/$4.00/22.04 + Au [g/t]/31.103 x $2,000/$4.00/22.04 + Ag [g/t]/31.103 x $20.00/$4.00/22.04

For Ni and Cu recoveries, please refer to the formulae in the November 2022 Technical Report. Recovery of Ni to the Cu concentrate was excluded from the NiEq calculation. The following recoveries were used for the other metals: 64.1% for Co, 82.5% for Pt, 69.3% for Pd and 72.6% for Au and Ag.

ABOUT TALON

Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project, and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators, and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Battery Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of Defense awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to future exploration work, including future drilling, assays, geophysics and the results thereof, and the potential expansion of mineralization. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Table 2: Collar Location of Drill Holes 16TK0250, 25TK0552 and 25TK0562

Collar coordinates are UTM Zone 15N, NAD83.
Azimuths and dips are taken from the survey record at collar unless otherwise noted.

Table 3: Assay Table for Drill Hole 16TK0250

Length refers to drill hole length and not True Width.

True Width is unknown at the time of publication.

All samples were analysed by ALS Minerals. Nickel, copper, and cobalt grades were first analysed by a 4-acid digestion and ICP AES (ME-MS61). Grades reporting greater than 0.25% Ni and/or 0.1% Cu, using ME-MS61, trigger a sodium peroxide fusion with ICP-AES finish (ICP81). Platinum, palladium, and gold are initially analyzed by a 50g fire assay with an ICP-MS finish (PGM-MS24). Any samples reporting >1g/t Pt or Pd trigger an over-limit analysis by ICP-AES finish (PGM-ICP27) and any samples reporting >1g/t Au trigger an over-limit analysis by AAS (Au-AA26).

Table 4: Quick Lithology Log for Drill Holes 25TK0552 and 25TK0562

Quick lithology log of drill holes: Overburden (OB) Meta-sedimentary rocks (SED); Coarse-grained Orthocumulate (CGO); Fine-grained Orthocumulate / Mixed Zone (FGO/MZNO).

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