Published: January 15, 2026 | Share This

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Talon Metals has signed a share purchase agreement with Lundin Mining. The share purchase agreement provides for a transaction that will result in the combination of Lundin Mining’s producing Eagle Mine and associated Humboldt Mill with Talon’s interest in the Tamarack Nickel-Copper-Cobalt Project and a prospective exploration land package of more than 400,000 acres in Michigan, which includes the Boulderdash nickel/copper discovery eight-miles from the Eagle Mine, and Talon’s proposed North Dakota Beulah Minerals Processing Facility (BMPF).

“This transaction brings together the positive cash-flow-generating Eagle Mine and Humboldt Mill, the proven operating experience of the Eagle and Humboldt teams, and Talon’s in-house exploration capabilities to create the only operating primary nickel-copper company in the United States with expansion potential,” said Henri van Rooyen, chief executive officer of Talon.

“The integration enables our combined team to advance our four strategic priorities in parallel — extending the Eagle mine life, accelerating exploration in Michigan and in Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Minerals Processing Facility, and progressing engineering towards feasibility study and construction,” added Rooyen.

The unified Talon team will deploy the positive cash flow from the Eagle Mine and Humboldt Mill, together with an estimated $27 million of cash and cash equivalents, towards:

• Extending Eagle Mine Life Through Modern Practices
The Eagle Mine and Humboldt Mill exemplify modern mining, built and operated to the highest standards of safety and environmental responsibility in Michigan’s Upper Peninsula. Ongoing efficiency improvements and optimizations has the potential to extend the mine’s life to maintain full capacity at the Humboldt Mill.

• Accelerating Exploration in Michigan and at Tamarack
With the Humboldt Mill ideally positioned to process ore from Talon’s Michigan discoveries such as Boulderdash — just eight miles from the Eagle Mine — Talon’s in-house exploration team, responsible for five discoveries in five years, plans to execute its most ambitious exploration program to date in 2026.

• Advancing Tamarack and BMPF Environmental Review and Permitting
Building on the successful permitting and exemplary environmental performance of the Eagle Mine and Humboldt Mill, the unified team combines Eagle’s operational experience with Talon’s environmental specialists to advance the Tamarack Nickel-Copper Project through environmental review and permitting towards construction.

• Progressing Engineering for the Future Tamarack Mine and BMPF
Following the iterative design process of the proposed Tamarack mine, driven by two years of collaboration with the Minnesota Department of Natural Resources and participating Tribal governments, Talon is proposing a mine of the future with all potential environmental impacts expected to be controlled within one fully enclosed facility. The proven Eagle team, with its track record in mine design, engineering, construction, and operations, will now integrate with the Talon team to complete the feasibility study in conjunction with environmental review and permitting, improving confidence in the design and long-term operability of these assets.

“Over the last decade, American policymakers have recognized that dependence on foreign sources for critical minerals is a national security risk,” said Henri van Rooyen, Talon CEO.

“This transaction is a direct response, uniting modern nickel mining and processing operations with the Tamarack Nickel-Copper Project and exploration assets, including the Boulderdash discovery 8-miles from the Eagle mine, to ensure a domestic supply of nickel and other critical minerals for defense, energy and advanced technology manufacturing,” added Rooyen.

At closing of the transaction, the Talon board will be reconstituted to consist of ten directors, including Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining and seven of the eight directors currently on the Talon board. Darby Stacey, the current managing director of Eagle Mine, will be appointed to the Talon board and appointed as CEO of Talon, overseeing the operations of the combined assets, with Henri van Rooyen being appointed executive chairman. On closing of the transaction, Warren Newfield will be stepping down from the Talon board and as executive chairman of Talon.

“On behalf of Talon, I would like to sincerely thank Warren Newfield for his many years of support as Executive Chairman, during which Talon achieved numerous important milestones that created significant value for shareholders,” said Rooyen.

Talon Metals is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. The Tamarack Nickel Project comprises a large land position with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60 percent of the Tamarack Nickel Project, and currently owns 51 percent.

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