The Company's net loss for the six months period ended June 30, 2025 was $2.0 million or nil per share (basic and diluted). This compares to a net loss of $1.0 million or nil per share (basic and diluted) for the same period in the prior year.

Capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended June 30, 2025 amounted to $5.0 million, primarily the result of exploration and development costs and deferred expenditures of $5.1 million, offset by governments grants received of $0.1 million. This compares to capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended June 30, 2024 of $6.1 million, primarily the result of exploration and development costs and deferred expenditures of $8.8 million, offset by governments grants received of $2.7 million. The total capitalized cost to the Tamarack Nickel-Copper-Cobalt Project to June 30, 2025 amounts to $230.5 million.

Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2025 and 2024, together with Management's Discussion and Analysis have been filed on SEDAR+ and are available at www.sedarplus.com.

All amounts are presented in Canadian dollars.

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-Copper-Cobalt 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 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.

For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:

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