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

Rhea-AI Summary

Talon Metals reported financial results for Q3 2024, showing a net loss of $0.6 million compared to $0.5 million in Q3 2023. The nine-month loss was $1.6 million, slightly improved from $1.7 million in the previous year. The company recorded a $3.7 million credit in capitalized exploration costs for the Tamarack Nickel-Copper-Cobalt Project, primarily due to a $10.5 million royalty sale. Total capitalized exploration costs for the Tamarack project reached $213.2 million by September 30, 2024.

Positive

• Royalty sale generated net proceeds of $10.5 million
• Nine-month net loss decreased slightly from $1.7M to $1.6M year-over-year

Negative

• Q3 2024 net loss increased to $0.6M from $0.5M in Q3 2023
• Significant ongoing administration expenses impacting profitability

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Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - November 14, 2024) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company") reported a net loss for the three months ended September 30, 2024 of $0.6 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 September 30, 2023 of $0.5 million or nil per share (basic and diluted), which was primarily the result of administration expenses.

The Company's net loss for the nine months period ended September 30, 2024 was $1.6 million or nil per share (basic and diluted). This compares to a net loss of $1.7 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 September 30, 2024 amounted to a credit of $3.7 million, primarily the result of capitalized exploration and development costs and deferred expenditures offset by a sale of a royalty for net proceeds of $10.5 million. This compares to capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project of $11.4 million for the three months ended September 30, 2023. The total capitalized exploration cost to the Tamarack Nickel-Copper-Cobalt Project to September 30, 2024 amounts to $213.2 million.

Condensed Interim Consolidated Financial Statements for the three and nine months ended September 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/230043

FAQ

What was Talon Metals (TLOFF) net loss in Q3 2024?

Talon Metals reported a net loss of $0.6 million for the quarter ended September 30, 2024.

How much did Talon Metals (TLOFF) receive from the royalty sale in Q3 2024?

Talon Metals received net proceeds of $10.5 million from a royalty sale in Q3 2024.

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

The total capitalized exploration cost for the Tamarack Nickel-Copper-Cobalt Project reached $213.2 million as of September 30, 2024.