Talon Metals Reports Results for the Quarter Ended March 31, 2024

Rhea-AI Summary

Talon Metals (TSX: TLO) reported net losses of $0.3 million for Q1 2024, primarily due to administrative expenses offset by foreign currency gains. This marks an improvement from the $0.6 million net loss in Q1 2023. Capitalized exploration and development costs for the Tamarack Nickel-Copper-Cobalt Project amounted to $6.8 million in Q1 2024, down from $11.7 million in the same period of 2023. As of March 31, 2024, the total capitalized costs for the Tamarack project reached $211.7 million. Full financial statements and management's discussion are available on SEDAR+.

Positive

• Net loss improved to $0.3 million in Q1 2024 from $0.6 million in Q1 2023.
• Foreign currency gains positively impacted Q1 2024 results.
• Capitalized exploration and development costs decreased to $6.8 million in Q1 2024, down from $11.7 million in Q1 2023.
• Total capitalized costs for the Tamarack project stand at $211.7 million as of March 31, 2024, indicating ongoing investment.

Negative

• Continued net losses, albeit reduced, with a $0.3 million net loss in Q1 2024.
• Administrative expenses remain a significant cost factor.
• Deferred expenditures on Tamarack project saw a substantial decrease, potentially indicating slower development or cost-saving measures.

Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - May 15, 2024) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company") reported 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 offset by foreign currency gains. This compares to a net loss for the three months ended March 31, 2023 of $0.6 million or nil per share (basic and diluted), which was primarily the result of administration expenses offset by interest income.

Capitalized exploration and development costs and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended March 31, 2024 amounted to $6.8 million. This compares to $11.7 million for the three months ended March 31, 2023. The total capitalized exploration cost to the Tamarack Nickel-Copper-Cobalt Project to March 31, 2024 amounts to $211.7 million.

Condensed Interim Consolidated Financial Statements for the three months ended March 31, 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/209349

FAQ

What is Talon Metals' net loss for Q1 2024?

Talon Metals reported a net loss of $0.3 million for Q1 2024.

How did Talon Metals' Q1 2024 net loss compare to Q1 2023?

The net loss in Q1 2024 was $0.3 million, an improvement from the $0.6 million net loss in Q1 2023.

What were the capitalized exploration costs for Talon Metals in Q1 2024?

Capitalized exploration costs for Q1 2024 were $6.8 million.

How much has Talon Metals invested in the Tamarack Nickel-Copper-Cobalt Project as of March 31, 2024?

Talon Metals has invested a total of $211.7 million in the Tamarack project as of March 31, 2024.

Where can I find Talon Metals' financial statements for Q1 2024?

The financial statements for Q1 2024 are available on SEDAR+.