Dr. Etienne Dinel reports

TALON METALS REPORTS NEW ASSAY RESULTS OUTSIDE OF THE TAMARACK RESOURCE AREA: 9.31% NICKEL EQUIVALENT IN THE RAPTOR ZONE

Talon Metals Corp. has provided assay results from various new drill holes within the Raptor zone. The Raptor zone lies to the north of the company's resource area and represents a new area with the potential for significant exploration upside at the Tamarack nickel project.

Today's results include a 5.93-metre (19.5-foot) intercept of high-grade massive nickel and copper mineralization assaying 2.92 per cent Ni and 1.73 per cent copper (4.09 per cent nickel equivalent), which includes a 2.2-metre (7.2-foot) intercept of high-grade massive nickel and copper mineralization assaying at 6.84 per cent Ni and 3.80 per cent Cu (9.31 per cent NiEq). 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 within the area progress into 2024 using Talon's in-house fleet of drill rigs.

Based on drill results to date in the Raptor zone, drilling suggests a 250-metrestrike length of continuous high-grade massive nickel and copper mineralization within the Raptor's head.

Summary:

• The new intercept in drill hole 23TK0483 was targeted from an off-hole borehole electromagnetic anomaly (geophysics) from previous drill hole 22TK0430 and represents a 91-per-cent increase in thickness of the high-grade nickel and copper mineralization compared with the previously drilled intercept in hole 22TK0430. These results help demonstrate that with more positive drilling results, the potential for a new resource from the Raptor zone has increased.
• Of note, the fact that the mineralization appears to be getting thicker is consistent with how the company made its previous new high-grade nickel-copper discoveries at the Tamarack nickel project (CGO East and CGO West).
• Based on drill results to date in the Raptor zone, drilling suggests a 250-metre strike length of continuous high-grade massive nickel and copper mineralization within the Raptor's head.
• The new drill hole is over one kilometre to the north of 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 U.S. Department of Defense announced that Talon 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.
• Talon currently has three drill rigs operating in the Raptor zone. Additional drilling is planned throughout 2024 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, Minnesota" 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, 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, geology, of Talon, is a qualified person within the meaning of National Instrument 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 km 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 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.