Mr. Brian Goldner reports

MORE HIGH-GRADE NICKEL IN THE USA: TALON METALS REPORTS 139% INCREASE IN THICKNESS OF NICKEL-COPPER MINERALIZATION IN THE RAPTOR ZONE

Talon Metals Corp., the majority owner and operator of the Tamarack nickel-copper-cobalt project in central Minnesota, has released new drill results from the Raptor zone, continuing to progress its discovery and delineation of high-grade nickel mineralization in the United States. These results include a 2.2-metre (7.2 feet) intercept of high-grade massive nickel and copper mineralization, which represents a 139-per-cent increase in the thickness of mineralization compared with the previous drill hole in the area. Talon's in-house drilling and geophysics teams continue to grow their understanding of the high-grade mineralization potential in the Raptor zone as the exploration and drilling program progresses:

• Talon has continued with its drilling program in the Raptor zone, with a new drill hole that targeted an off-hole borehole electromagnetic anomaly (geophysics) from previous drill hole 22TK0430. This previous drill hole had resulted in 0.92 metre (three feet) grading 6.93 per cent Ni (nickel) and 2.73 per cent Cu (copper) starting at 672.23 metres.
• Talon's new drill hole (23TK0483) has successfully resulted in 2.2 metres (7.2 feet) of high-grade massive nickel and copper mineralization (assays pending), representing a 139-per-cent increase in thickness compared with previous drill hole 22TK0430. Thickness refers to the contiguous length of high-grade material in a core sample from drilling that shows that in comparison with previous core samples, the zone of high-grade mineralization has grown between the two drill results. These results help to show that with more positive drilling results the potential for a new mineable resource has increased.
• The fact that the mineralization appears to be getting thicker is consistent with how the company made its last new high-grade nickel-copper discoveries at the Tamarack nickel project (CGO East and CGO West). Consequently, the company is extremely encouraged by the continued positive results in the Raptor zone, and follow-up drilling continues.
• The new drill hole is over one kilometre away from the Tamarack nickel project resource area and represents significant potential for additional high-grade discoveries within the Tamarack intrusive complex.
• On Sept. 12, 2023, Talon and the United States Department of Defense announced that Talon has received a grant of $20.6-million (U.S.) to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Funds from the U.S. Department of Defense will be used to support additional exploration drilling and geophysical studies in the Raptor zone.

"This is the second-thickest intercept of massive nickel mineralization in the Raptor zone to date and again showcases how effective borehole electromagnetics (BHEM) can be in quickly identifying highly conductive massive sulphides," said Brian Goldner, Talon's chief exploration officer. "There is now over 125 metres of strike length between the original high-grade intercept in drill hole 15TK0229, which assayed 1.63 metres at 9.33 per cent Ni and 5.14 per cent Cu, and this new intercept of 2.2 metres of high-grade nickel. The Raptor zone has enough undrilled space to fit the footprint of more than 50 CGO West resources, so our work is just getting started, but the results so far are extremely encouraging."

Talon currently has three drill rigs operating in the Raptor zone. In addition to drill hole 23TK0483, a follow-up hole to drill hole 23TK0482 has also been completed and resulted in an increased thickness of disseminated nickel mineralization from 4.2 metres (13.8 feet) to over 10 metres (32.8 feet) in new drill hole 23TK0485 (assays pending). Additional drilling is planned with the goal of expanding this mineralization in this new and previously untested area.

Quality assurance/quality control and qualified persons

Please see the technical report entitled "November, 2022, National Instrument 43-101 technical report of the Tamarack North project -- Tamarack, Minn.," with an effective date of Nov. 2, 2022, prepared by independent qualified persons (as that term is defined in National Instrument 43-101) Brian Thomas (PGeo), Roger Jackson (PGeo), Oliver Peters (PEng) and Christine Pint (PG) for information on the QA/QC, data verification, and analytical and testing procedures at the Tamarack nickel project. Copies are available on the company's website or on SEDAR. The laboratory used is ALS Minerals, which is independent of the company.

Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the company.

Dr. Etienne Dinel, vice-president of geology for Talon, is a qualified person within the meaning of NI 43-101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

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 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 a $114-million (U.S.) funding grant from the Bipartisan Infrastructure Law, and the U.S. Department of Defense awarded Talon a grant of $20.6-million (U.S.) 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.

We seek Safe Harbor.