Talon Metals Reports Results for the Quarter Ended March 31, 2025

Rhea-AI Summary

Talon Metals (TSX: TLO) reported financial results for Q1 2025, posting a net loss of $0.8 million, compared to a $0.3 million loss in Q1 2024. The loss was primarily attributed to administration expenses and stock option compensation. The company's main project, the Tamarack Nickel-Copper-Cobalt Project, saw capitalized exploration and development costs of $5.8 million in Q1 2025, consisting of $7.0 million in costs offset by $1.2 million in government grants. This compares to $6.8 million in Q1 2024. The total capitalized cost for the Tamarack Project has reached $237.7 million as of March 31, 2025.

Positive

• Received $1.2 million in government grants for the Tamarack Project
• Continued investment in Tamarack Project development with $7.0 million in exploration costs

Negative

• Net loss increased to $0.8 million in Q1 2025 from $0.3 million in Q1 2024
• Higher administrative expenses and stock option compensation impacting profitability

Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - May 15, 2025) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company") reported a net loss for the three months ended March 31, 2025 of $0.8 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 March 31, 2024 of $0.3 million or nil per share (basic and diluted), which was primarily the result of administration expenses and stock option compensation, offset by foreign currency gain and interest income.

Capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended March 31, 2025 amounted to $5.8 million, primarily the result of exploration and development costs and deferred expenditures of $7.0 million, offset by governments grants received of $1.2 million. This compares to capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project of $6.8 million for the three months ended March 31, 2024. The total capitalized cost to the Tamarack Nickel-Copper-Cobalt Project to March 31, 2025 amounts to $237.7 million.

Consolidated Financial Statements for the three months ended March 31, 2025 and 2024, 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:

Mike Kicis
President
Talon Metals Corp.
Tel: 1 (647) 968-0060
Email: kicis@talonmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252345

FAQ

What was Talon Metals (TLOFF) net loss for Q1 2025?

Talon Metals reported a net loss of $0.8 million for Q1 2025, compared to $0.3 million in Q1 2024.

How much did Talon Metals spend on the Tamarack Project in Q1 2025?

Talon Metals spent $7.0 million on exploration and development costs, offset by $1.2 million in government grants, for a net investment of $5.8 million in Q1 2025.

What is the total investment in Talon Metals' Tamarack Project as of March 2025?

The total capitalized cost for the Tamarack Nickel-Copper-Cobalt Project reached $237.7 million as of March 31, 2025.

What caused Talon Metals' loss in Q1 2025?

The loss was primarily due to administration expenses and stock option compensation.