The Company’s net loss for the nine-month period ended September 30, 2025 was $2.0 million or zero per share (basic and diluted). This compares to a net loss of $1.6 million or zero per share (basic and diluted) for the same period last year.
Capitalized exploration and development costs and deferred expenses for the Tamarack Nickel-Copper-Cobalt Project for the three months ended September 30, 2025 were $5.6 million, primarily the result of exploration and development costs and deferred expenses of $7.4 million, offset by government grants received of $1.8 million. This compares to the capitalized exploration and development costs and deferred expenses for the Tamarack Nickel-Copper-Cobalt Project for the three months ended September 30, 2024, which amounted to a credit of $3.7 million, primarily the result of a royalty sale for net proceeds of $10.5 million and government grants received of $0.7 million, offset by capitalized exploration and development costs and deferred expenses of $7.6 million. Total capitalized costs for the Tamarack Nickel-Copper-Cobalt Project through September 30, 2025 are $240.8 million.
The condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024, together with management’s discussion and analysis, have been filed on SEDAR+ and are available at www.sedarplus.ca.
All amounts are shown in Canadian dollars.
ABOUT TALON
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-quality Tamarack nickel-copper-cobalt project located in central Minnesota. Talon’s shares also trade in the US on the OTC market under the symbol TLOFF. The Tamarack Nickel-Copper-Cobalt Project includes a large land position (18 km strike length) with additional high-quality intercepts outside the current source area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project and currently owns 51%. Talon has one neutrality and workforce development agreement together with the United Steelworkers union. That was Talon’s battery mineral processing facility in Mercer County selected by the US Department of Energy for a $114.8 million funding grant from the Bipartisan Infrastructure Law and the The United States Department of Defense awarded Talon a $20.6 million grant to support and accelerate Talon’s exploration efforts in both Minnesota and Michigan. Talon has well-qualified, experienced teams in exploration, mine development, external affairs and mining permitting.
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