US$20.6 million in DOD funding supports exploration to discover more high-grade nickel in Michigan and Minnesota
Washington, D.C.--(Newsfile Corp. - September 12, 2023) - Talon Metals Corp. (TSX: TLO) ("Talon" or the "Company"), through its wholly owned subsidiary Talon Nickel (USA) LLC, has entered into a definitive agreement with the Department of Defense's Office of Manufacturing Capability Expansion and Investment Prioritization to accelerate and expand the Company's efforts to discover and secure additional domestic supply of nickel for the growing US battery manufacturing base and defense related supply chains. Utilizing Defense Production Act (DPA) Title III authorities and funds appropriated by the Additional Ukraine Supplemental Appropriations Act, the Department of Defense will contribute funding on a cost-share basis to Talon's in-house drilling and geophysics teams to purchase more equipment, hire additional employees and accelerate the Company's efforts to discover and delineate more high-grade nickel deposits within the Midcontinent Rift geology of the United States. As part of the agreement, the Department of Defense will contribute US$20,607,146 and Talon will contribute US$21,783,150 in matching funding on a cost-share basis (including, use of existing equipment and current employee cost) over a period of 39 months.
"This funding makes clear that domestic supply of nickel is a national security priority," said Henri van Rooyen, CEO of Talon. "Congress and the Biden Administration have created powerful new tools to build-up domestic supply of critical minerals required for clean energy systems and national defense. With this funding, Talon will be able to accelerate our efforts to discover domestic sources of battery grade nickel and help ensure that the United States is not dependent on Russia, China or Chinese companies operating in countries like Indonesia for nickel that is needed in both defense platforms and clean energy systems."
Department of Defense and Talon Sign Agreement to Support Domestic Nickel Exploration (newsfilecorp.com)