Mr. Brian Goldner reports

TALON METALS REPORTS ADDITIONAL RESULTS FROM TAMARACK EXPLORATION PROGRAM

Talon Metals Corp. has released assay results from its continuing exploration program at the Tamarack nickel-copper-cobalt project in central Minnesota.

The results include the thickest 138 zone mineralized interval reported to date, along with additional high-grade intersections and geophysical indications from stepout exploration near the Vault zone.

Highlights:

• 138 zone: Drill hole 26TK0572 intersected 162.37 metres of mineralization, the thickest interval reported from the 138 zone to date.
• Eastern Vault zone stepout: Drilling approximately 50 metres east of previously reported mineralization at the 778-metre level intersected narrow, high-grade massive sulphide unit (MSU) veins that appear similar in composition to Vault zone mineralization. A subsequent borehole electromagnetic (BHEM) survey identified an off-hole anomaly that was tested by drill hole 26TK0571.
• 710- and 610-metre levels: Additional mineralized intersections in drill holes 26TK0574 and 25TK0568B provide further information on the extent of mineralization at these levels.
• 778-metre level: A narrow, high-grade intersection of MSU and mixed massive sulphide unit (MMS) mineralization in drill hole 26TK0574 provides further insight into the relationship between previously reported Vault zone mineralized intersections.

Complete assay results for the reported drill intersections are provided in Tables 1 and 3.

"Exploration is about following the evidence, and that's exactly what our team is doing at Tamarack," said Brian Goldner, chief exploration officer of Talon Metals. "We stepped 50 metres east of the Vault zone, encountered high-grade sulphide veins, used borehole geophysics to identify another target, and followed that target to additional sulphide mineralization. While we're still working to understand how these intersections relate to the main Vault zone, the results are encouraging. At the same time, we're reporting our thickest 138 zone intercept yet, adding to our understanding of mineralization in this area."

138 zone mineralization

Drill hole 26TK0572 intersected 162.37 metres grading 0.87 per cent nickel, 0.74 per cent copper, 0.02 per cent cobalt, 0.16 gram per tonne palladium, 0.27 gram per tonne platinum and 0.19 gram per tonne gold (1.47 per cent nickel equivalent or 2.72 per cent copper equivalent), starting at 422.00 metres (see Table 1). This is the thickest intercept of 138 zone mineralization reported to date, compared with the previous 149.01-metre interval in drill hole 25TK0552, reported on March 11, 2026.

The 138 zone sits above the Vault zone and consists of interlayered disseminated and net-textured sulphide mineralization hosted in peridotite and feldspathic peridotite. Surface drilling targeting the Vault zone continues to intersect the overlying 138 zone, contributing additional geological data from this area.

Additional Vault zone drilling results

Drill hole 26TK0570, approximately 50 metres east of previously reported mineralization at the 778-metre level, intersected several narrow, high-grade sulphide veins that appear similar in composition to Vault zone mineralization (see Table 3). A BHEM survey conducted in this drill hole identified an off-hole anomaly that was targeted with subsequent hole 26TK0571. The hole intersected 4.83 metres of mixed massive sulphide mineralization within sediments, returning 0.98 per cent Ni, 3.07 per cent Cu, 0.02 per cent Co, 0.11 g/t Pd, 0.14 g/t Pt, 0.07 g/t Au and 7.55 g/t silver (2.82 per cent NiEq or 5.04 per cent CuEq) starting at 732.17 metres (see Table 3). Although lower in grade than typical Vault zone massive sulphide mineralization, the sulphide content of the 4.83-metre interval in drill hole 26TK0571 yields nickel and copper tenors consistent with Vault zone mineralization. The higher copper content relative to nickel suggests similarities to the overlying Stringer zone and the potential for a new accumulation of massive sulphide mineralization in the area.

Drill hole 26TK0574 intersected 6.25 metres grading 3.62 per cent Ni, 3.86 per cent Cu, 0.04 per cent Co, 1.79 g/t Pd, 4.15 g/t Pt and 2.64 g/t Au (7.51 per cent NiEq or 14.25 per cent CuEq) starting at 706.15 metres, near the 710-metre level.

This 6.25-metre intersection represents a stepout of approximately 13 metres to the east of previously reported mineralization on this level, including discovery hole 16TK0250, expanding the known footprint of mineralization at the 710-metre level (see Table 1).

Drill hole 26TK0574 also intersected 0.64 metre of MSU/MMS grading 15.70 per cent Ni, 6.04 per cent Cu, 0.10 per cent Co, 5.36 g/t Pd, 7.99 g/t Pt and 4.01 g/t Au (21.81 per cent NiEq or 44.88 per cent CuEq) starting at 773.00 metres, near the 778-metre level.

Although narrow, the 0.64-metre intersection in drill hole 26TK0574 provides additional insight as Talon works to understand the relationship between mineralization encountered in discovery hole 25TK0563 and drill hole 25TK0562A, located approximately 50 metres to the southwest. As previously reported, a BHEM survey in drill hole 25TK0566A also identified an off-hole conductor north of the drill hole trace, providing additional geological information about the potential relationship between mineralization at the 710- and 778-metre levels.

Building on the Vault zone discovery

The Vault zone was established in May, 2025, following drilling below the Tamarack resource area. Discovery drill hole 25TK0563 intercepted two intervals of MSU and MMS beginning at 762.34 metres and 795.16 metres, for a cumulative 34.9 metres grading 14.86 per cent Ni, 15.37 per cent Cu, 0.11 per cent Co, 24.96 g/t Pt plus Pd and 9.18 g/t Au (28.88 per cent NiEq or 57.76 per cent CuEq).

Talon continues to evaluate drilling, assay results and geophysical data together as work advances at the Vault zone.

Quality assurance/quality control and qualified persons

The Talon sample preparation, security and QA/QC protocols for the Tamarack nickel-copper-cobalt project are consistent with industry best practices and Canadian Institute of Mining, Metallurgy and Petroleum Mineral Exploration Best Practice Guidelines (November, 2018).

Talon has implemented documented QA programs that incorporate written procedures, acceptable industry software, database organization and standardized data presentation, all of which contribute to confidence in the integrity of the data set. The QC protocol has been documented (see also the November, 2022, technical report) and consistently applied since Talon's involvement with the Tamarack nickel-copper-cobalt project.

The QA/QC program is based on the systematic insertion of certified reference materials (CRM), including a variety of standards, blanks (materials containing no economic minerals) and duplicate samples, which are used to monitor contamination, precision and analytical accuracy at the primary assay laboratory and to prevent inaccurate data from being accepted into the assay database. Samples are submitted in batches of approximately 250 samples. Within each batch, QA/QC materials are inserted at a rate of approximately one QA/QC sample for every 10 core samples, including CRM standards inserted at the front end of massive sulphide mineralization, blanks inserted immediately following massive sulphide mineralization and duplicate samples inserted approximately every 10 samples.

Sample security and chain-of-custody procedures are maintained throughout the sampling and analytical process. Core samples are prepared and stored in a secure facility prior to shipment. Samples are placed into plastic bins or sealed totes, which are secured using tamper-evident security tags. Before sealing, a chain-of-custody form is placed inside each container. The containers are transported from the core facility to the ALS laboratory in Thunder Bay, Ont., for preparation, and are subsequently shipped to ALS Laboratories in Vancouver, B.C., for analysis, where the chain-of-custody documentation is signed by laboratory personnel and returned to Talon upon receipt, confirming sample integrity.

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 NI 43-101) Brian Thomas, PGeo, Roger Jackson, PGeo, Oliver Peters, PEng, and Christine Pint, PG, for further information on the QA/QC, data verification, analytical and testing procedures at the Tamarack nickel-copper-cobalt project. The November, 2022, technical report is 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, project vice-president, geology, at 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 advancing and operating high-grade nickel-copper assets in the United States, including 100-per-cent ownership of the Eagle mine, the only primary nickel mine currently operating in the United States, and the associated Humboldt mill in Michigan as well as the Tamarack nickel-copper-cobalt project in central Minnesota. Talon is in a joint venture with Rio Tinto on the Tamarack project, which comprises a large land position extending approximately 18 kilometres along strike, with additional high-grade intercepts outside the current resource area. Talon currently owns 51 per cent of the Tamarack project and has an earn-in right to increase its ownership to 60 per cent. Talon has a neutrality and work force development agreement in place with the United Steelworkers union. Talon has an existing $114.8-million (U.S.) funding agreement with the U.S. Department of Energy under the Infrastructure Investment and Jobs Act to support domestic critical mineral processing. The U.S. Department of War 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 teams in exploration, mine permitting, mine development, operations and community relations. Talon's shares also trade in the U.S. OTC (over-the-counter) market under the symbol TLOFF.

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