Talisker Provides Update on the Second Draw on the US$31,250,000 Financing with Sprott Streaming and Royalty for the Bralorne Gold Project

Rhea-AI Summary

Talisker Resources (TSX: TSK, OTCQX: TSKFF) has announced a significant update regarding its financing agreement with Sprott Resource Streaming and Royalty Corp. for the Bralorne Gold Project. Sprott has approved the second draw of US$11,750,000, contingent upon the finalization of amended documentation and the satisfaction of closing conditions. The update follows the initial agreement announced on June 12, 2023. The negotiations include an amendment on the timing of the production target of 38,000 ounces of gold. Talisker's CEO, Terry Harbort, expressed confidence in finalizing the deliverables for the second draw and anticipates closing in June.

Positive

• Sprott approved the second draw of US$11,750,000, enhancing financial liquidity.
• The funding will support the 100% owned Bralorne Gold Project, a key asset for Talisker.
• Negotiations include an amendment on the production target timing, indicating ongoing project development.

Negative

• The second draw is subject to the conclusion of amended documentation and closing conditions, adding uncertainty.
• Dependency on the successful amendment of the production target for 38,000 ounces of gold could delay the financing.
• The update does not specify the exact conclusions, leaving room for potential setbacks.

TORONTO, June 03, 2024 (GLOBE NEWSWIRE) -- Talisker Resources Ltd. (“Talisker” or the “Company”) (TSX: TSK, OTCQX: TSKFF) is pleased to provide an update that, pursuant to the previously announced royalty agreement (the “Agreement”) with Sprott Resource Streaming and Royalty Corp. (“Sprott”) in relation to the Company’s 100% owned Bralorne Gold Project, Sprott has approved the second draw of US$11,750,000, subject to conclusion of amended documentation and satisfaction of closing conditions. Full details on the Agreement are included in the Company’s press release of June 12, 2023. In connection with the second draw, the Company and Sprott are negotiating an amendment on the timing of the production target of 38,000 ounces of gold.

Terry Harbort, CEO of Talisker stated, “We are pleased to have finalized the deliverables for the second draw and anticipate closing to occur in June post finalization of amendments to the Agreement.”

For further information, please contact:

Terry Harbort President and CEO terry.harbort@taliskerresources.com +1 416 361 2808

Matt Filgate Vice President, Corporate Development matt.filgate@taliskerresources.com +1 778 679 3579

About Talisker Resources Ltd.

Talisker (taliskerresources.com) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine.   Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Caution Regarding Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Talisker’s current belief or assumptions as to the outcome and timing of such future events. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Talisker. Although such statements are based on reasonable assumptions of Talisker’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to the failure to receive all requisite shareholder and regulatory approvals.

The forward-looking information contained in this release is made as of the date hereof, and Talisker is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

FAQ

What is the amount approved for Talisker's second draw?

The amount approved for Talisker's second draw is US$11,750,000.

Which company is providing the financing for Talisker's Bralorne Gold Project?

Sprott Resource Streaming and Royalty Corp. is providing the financing.

When is the closing of the second draw expected to occur?

The closing of the second draw is anticipated to occur in June 2024.

What is the production target being negotiated for the Bralorne Gold Project?

The production target being negotiated is 38,000 ounces of gold.

What must be finalized for the second draw to be completed?

The second draw will be completed upon finalization of amended documentation and the satisfaction of closing conditions.