Published: May 6, 2026 |

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Talon Metals has released the results of an independent National Instrument 43-101 technical report for the company’s wholly owned Eagle Mine operation in Michigan, including the Eagle, Eagle East, and Keel deposits, together with the associated Humboldt Mill.

The technical report establishes Talon’s first independent mineral resource and mineral reserve baseline for Eagle following the completion of its acquisition of the Eagle Mine and Humboldt Mill in January 2026. It establishes a reserve-backed mine plan to the second half of 2030, supported by the Eagle, Eagle East, and Keel deposits, and provides the time needed to advance Talon’s broader strategy in Michigan.

“This report provides Talon with a clear plan for Eagle and the existing operating platform,” said Darby Stacey, chief executive officer of Talon.

“The excellent team at Eagle Mine continues to deliver. The extension of the mine plan into the second half of 2030 provides continuity across our workforce and operations, continued value creation from this reliable resource, and greater flexibility to evaluate future feed opportunities for the Humboldt Mill. The positive economics and free cash flow profile of the remaining mine plan reinforces the value of the existing operating platform and enables our longer-term vision for company growth,” added Stacey.

Beyond the updated mineral resources and mineral reserves, the technical report provides Talon with a clearer planning horizon for capital allocation, workforce retention, Michigan exploration, and future ore evaluation. The company believes the extended mine plan strengthens its ability to preserve its operating platform in Michigan while advancing broader opportunities across its U.S. nickel portfolio.

The cash flows and NPV exclude the residual value of the Humboldt Mill, the salvage value of equipment, and the release of working capital at the end of operations. The Humboldt Mill is a cornerstone asset that is expected to support the company’s strategy going forward.

The remaining mine plan supports operations to the second half of 2030, with a total of 3.5 million tonnes of ore processed, total nickel production of 29,579 tonnes, and total copper production of 26,986 tonnes. Average full-year annual throughput is 787,000 tonnes per year, and daily throughput is 2,156 tonnes per day.

Talon Metals is a base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100 percent ownership of the Eagle Mine and Humboldt Mill in Michigan, the only primary nickel mine currently operating in the United States, and the Tamarack Nickel-Copper-Cobalt Project in Minnesota. Talon is in a joint venture with Rio Tinto on Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon has an earn-in right to acquire up to 60 percent of the Tamarack Nickel-Copper-Cobalt Project and currently owns 51 percent. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon’s Beulah Mineral Processing Facility in Mercer County was selected by the U.S. Department of Energy for a $114.8 million funding grant from the Bipartisan Infrastructure Law and the U.S. Department of War awarded Talon a grant of $20.6 million to support and accelerate Talon’s exploration efforts in both Minnesota and Michigan. Talon has well-qualified and experienced exploration, mine permitting, mine development, operations, and community relations teams.

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