Mr. Henri van Rooyen reports

TALON METALS EXPANDS DRILLING FLEET AT TAMARACK AS FALL AND WINTER 2025/2026 EXPLORATION PROGRAM ADVANCES THE VAULT ZONE

Talon Metals Corp. has had a successful 2025 Michigan drilling season, and drilling operations are being transitioned from Michigan to the Tamarack nickel-copper-cobalt project in Minnesota, where the company is expanding its fall and winter 2025/2026 exploration program at the Vault zone. With heavy winter snow conditions in Michigan making year-round drilling challenging, delineation drilling at the Boulderdash discovery will pause for the season and is expected to continue after spring breakup in 2026.

Highlights:

• Exploration strategy leverages seasonality: Heavy winter snow and road restrictions make exploration in Michigan's Upper Peninsula costly and slow while Minnesota offers ideal winter drilling conditions with frozen ground and lesser snow cover.
• Significant Michigan progress and strategic land position: Talon has completed approximately 14,000 metres of drilling toward the 25,000 metres of drilling required by August, 2027, for Talon to earn a 51-per-cent interest (the Stage 1 earn-in requirement) in the approximately 400,000-acre land package owned by UPX Minerals Inc. (a wholly owned subsidiary of Sweetwater Royalties). The land package sits just 1.7 miles from the Eagle mine -- the only active nickel mine in the United States -- and 0.4 mile from the Humboldt mill.
• Exploration success at Boulderdash: Since drilling began in June, 2024, Talon has identified multiple high-grade nickel-copper sulphide targets and made its first discovery at Boulderdash in October, 2024. To date in 2025, Talon has drilled approximately 7,900 metres across 27 holes, intercepting sulphide mineralization in 11 holes, including massive sulphides in three holes down to 190 meters from surface.
• Additional drilling at Roland: To date, Talon has drilled approximately 1,500 metres at the Roland target to advance its geological understanding of the stratigraphic sequence and conduct borehole electromagnetic surveys, with results under evaluation.
• Continuing geological work: Core logging will continue at Talon's L'Anse core shed through the fall, with assays expected through winter 2025/2026, supporting preparations for an expected 2026 Michigan exploration program.
• Transition of rigs to Tamarack: With Michigan's 2025 drill season almost complete, Talon is mobilizing its Michigan rigs to Tamarack, expanding the fall and winter 2025/2026 program at the Vault zone, where two rigs are already active.
• Corporate update on Lundin: The exclusivity agreement with Lundin Mining Corp., announced March 5, 2025, and extended multiple times, has been terminated due to constraints within the framework of the transaction that could not be overcome. Subject to the approval of the Toronto Stock Exchange, to repay the $5-million (U.S.) advance payment to Lundin, Talon has elected to issue to Lundin 18,502,906 common shares of Talon at a deemed price of 37.62 Canadian cents.

"The Talon in-house exploration team -- integrating drilling, geology, geophysics and custom-built techniques -- has delivered discoveries at CGO-East, CGO-West, Boulderdash and now the Vault zone in record time. We are executing our strategy of leveraging seasonality -- shifting from Michigan snow to Minnesota ice -- to maximize drill production and significantly expand drilling at the Vault zone through spring 2026. Talon represents the only future domestic source of high-grade nickel currently in development for U.S. supply chains -- supporting defence, energy and industrial applications, from nuclear submarine hulls and commercial aircraft blades to nickel-based batteries," said Henri van Rooyen, chief executive officer of Talon.

Boulderdash discovery

Drilling resumed at Boulderdash in May, 2025, and continued to define the disseminated and massive sulphide mineralization first announced in 2024 (see the company's press release dated Feb. 27, 2025). Two drill rigs operated from four pads, completing approximately 7,900 metres of additional drilling. This work resulted in new intersections of semi-massive and massive sulphide accumulations within a mineralized feeder-conduit.

Drilling is continuing, with one rig currently testing a new prospective area located approximately one mile (1.5 kilometres) from the original discovery. This site is positioned along the trend of a magnetic anomaly identified by Talon's high-resolution drone magnetic survey, flown at approximately 100-foot elevation and 25-metre line spacing. The program is expected to conclude by Oct, 31, 2025, at which point all drill crews and rigs will return to the Tamarack nickel-copper project in Minnesota to focus on expanding the Vault zone.

Roland target

While the majority of this season's work centred on Boulderdash, Talon also completed approximately 1,500 metres in three holes at the Roland target. These holes provided valuable information on the stratigraphic sequence of the Baraga basin. Roland, Boulderdash and the nearby Eagle mine are all located within the Baraga basin though each exhibits unique geological characteristics that warrant further study.

2026 Michigan exploration program

Through the winter, Talon's technical team will design a 2026 exploration program to:

• Continue defining the extent of Boulderdash mineralization along the approximately 1.5-kilometre strike length of the prospective magnetic anomaly;
• Continue the company's progression toward completing the 25,000-metre Stage 1 earn-in requirement, securing Talon's 51-per-cent ownership interest in the approximately 400,000-acre mineral package.

In preparation for the 2026 campaign, Talon has already developed four additional drill pads along the magnetic anomaly, positioning the company to accelerate exploration of these highly prospective and unexplored sites. Talon also remains committed to advancing other regional targets within its Michigan land package.

Tamarack Vault zone

Talon is mobilizing its full fleet of drill rigs to significantly expand drilling at the Vault zone this fall and winter.

Qualified person

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 metal company in a joint venture with Rio Tinto on the high-grade Tamarack nickel-copper 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-copper project comprises a large land position (18 km of strike length) with additional high-grade intercepts outside of the current resource area. Talon has an earn-in right to acquire up to 60 per cent of the Tamarack nickel-copper project and currently owns 51 per cent. 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 Defence 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.

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