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.
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