Mr. Sean Werger reports

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

Talon Metals Corp. had a net loss for the three months ended Sept. 30, 2023, of $500,000 or nil per share (basic and diluted), which was primarily the result of administration expenses. This compares with net income for the three months ended Sept. 30, 2022, of $500,000 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 nine-month period ended Sept. 30, 2023, was $1.7-million or nil per share (basic and diluted). This compares with a net loss of $900,000 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 Sept. 30, 2023, amounted to $11.4-million. This compares with $11.3-million for the three months ended Sept. 30, 2022. The total capitalized exploration cost to the Tamarack nickel-copper-cobalt project to Sept. 30, 2023, amounts to $194.1-million.

Condensed interim consolidated financial statements for the three and six months ended Sept. 30, 2023, and 2022, together with management's discussion and analysis have been filed on SEDAR+ and are available at SEDAR+.

About Talon Metals Corp.

Talon is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack nickel-copper-cobalt project, located in central Minnesota. 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 mineral resource prepared in accordance with National Instrument 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 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 $114.8-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.