Talon Metals Reports Results for the Quarter Ended June 30, 2024

Rhea-AI Summary

Talon Metals Corp. (TSX: TLO) reported its financial results for Q2 2024. The company experienced a net loss of $0.7 million for the quarter ended June 30, 2024, compared to a $0.6 million loss in the same period of 2023. For the six-month period, the net loss was $1.0 million, down from $1.2 million in the previous year. Capitalized exploration and development costs for the Tamarack Nickel-Copper-Cobalt Project amounted to $6.1 million for Q2 2024, a decrease from $10.7 million in Q2 2023. The total capitalized exploration cost for the project reached $219.9 million as of June 30, 2024. The company's financial statements and Management's Discussion and Analysis are available on SEDAR+.

Positive

• Reduced net loss for the six-month period compared to the previous year ($1.0 million vs $1.2 million)
• Received $2.5 million in government grants for the Tamarack Project in Q2 2024

Negative

• Increased quarterly net loss compared to Q2 2023 ($0.7 million vs $0.6 million)
• Decreased capitalized exploration and development costs for Q2 2024 compared to Q2 2023 ($6.1 million vs $10.7 million)

Road Town, British Virgin Islands--(Newsfile Corp. - August 14, 2024) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company") reported a net loss for the three months ended June 30, 2024 of $0.7 million or nil per share (basic and diluted), which was primarily the result of administration expenses and stock option compensation. This compares to a net loss for the three months ended June 30, 2023 of $0.6 million or nil per share (basic and diluted), which was primarily the result of administration expenses and foreign currency loss.

The Company's net loss for the six months period ended June 30, 2024 was $1.0 million or nil per share (basic and diluted). This compares to a net loss of $1.2 million or nil per share (basic and diluted) for the same period in the prior year.

Capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended June 30, 2024 amounted to $6.1 million (net of government grants received of $2.5 million). This compares to $10.7 million for the three months ended June 30, 2023. The total capitalized exploration cost to the Tamarack Nickel-Copper-Cobalt Project to June 30, 2024 amounts to $219.9 million.

Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2024 and 2023, together with Management's Discussion and Analysis have been filed on SEDAR+ and are available at www.sedarplus.com.

All amounts are presented in Canadian dollars.

ABOUT TALON

Talon is a TSX-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 US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project, and currently owns 51%. 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 a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Battery Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of Defense awarded Talon a grant of US$20.6 million 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.

For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:

Sean Werger
President
Talon Metals Corp.
Tel: (416) 361-9636 x102
Email: werger@talonmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219997

FAQ

What was Talon Metals' (TLOFF) net loss for Q2 2024?

Talon Metals reported a net loss of $0.7 million for the quarter ended June 30, 2024.

How much did Talon Metals (TLOFF) spend on exploration for the Tamarack Project in Q2 2024?

Talon Metals spent $6.1 million (net of government grants) on capitalized exploration and development costs for the Tamarack Nickel-Copper-Cobalt Project in Q2 2024.

What is the total capitalized exploration cost for Talon Metals' (TLOFF) Tamarack Project as of June 30, 2024?

The total capitalized exploration cost for the Tamarack Nickel-Copper-Cobalt Project amounted to $219.9 million as of June 30, 2024.

How much did Talon Metals (TLOFF) receive in government grants for Q2 2024?

Talon Metals received $2.5 million in government grants for the Tamarack Project in Q2 2024.