Mr. Sean Werger reports

TALON METALS REPORTS RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

Talon Metals Corp. has reported a net loss for the three months ended June 30, 2023, of $600,000 or nil per share (basic and diluted), which was primarily the result of administration expenses. This compares with a net loss for the three months ended June 30, 2022, of $100,000 or nil per share (basic and diluted), which was primarily the result of administration expenses and stock option compensation, offset by foreign currency gains.

The company's net loss for the six-month period ended June 30, 2023, was $1.2-million or nil per share (basic and diluted). This compares with a net loss of $1.3-million or nil per share (basic and diluted) for the same period in the prior year.

Capitalized exploration costs and deferred expenditures on the Tamarack nickel-copper-cobalt project for the three months ended June 30, 2023, amounted to $10.7-million. This compares with $11.8-million for the three months ended June 30, 2022. The total capitalized exploration cost to the Tamarack nickel-copper-cobalt project to June 30, 2023, amounts to $178.9-million.

Condensed interim consolidated financial statements for the three and six months ended June 30, 2023, and June 30, 2022, together with the management's discussion and analysis (MD&A), have been filed on SEDAR.

All amounts are presented in Canadian dollars.

About Talon Metals Corp.

Talon is a Toronto Stock Exchange-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 United States over the OTC (over-the-counter) market under the symbol TLOFF. The Tamarack nickel project comprises a large land position (18 kilometres of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60 per cent of the Tamarack nickel project and currently owns 51 per cent. 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 an agreement with Tesla Inc. to supply it with 75,000 metric tonnes (165 million pounds) of nickel in concentrate (and certain byproducts, including cobalt and iron) from the Tamarack nickel project over an estimated six-year period once commercial production is achieved. Talon has a neutrality and work force development agreement in place with the United Steelworkers union. Talon's battery mineral processing facility in Mercer county was selected by the U.S. Department of Energy for $114-million (U.S.) funding grant from the bipartisan infrastructure law. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.