{"success":true,"data":{"pressRelease":{"id":"161567","rtpr_id":"nNFC3zdWQQ-20261006","ticker":"TLO","exchange":"TSX","all_tickers":["TLO"],"title":"Talon Metals Discovers Mineralized Magmatic Conduit at Roland Nickel-Copper Target in Michigan","author":"Newsfile Corp","published_at":"2026-10-06T11:01:06.393Z","article_body":"L'Anse, Michigan--(Newsfile Corp. - October 6, 2026) - Talon Metals Corp.\n(TSX: TLO) (OTCID: TLOFF) (\"Talon\" or the \"Company\") today announced assay\nresults from its 2026 exploration drilling at the Roland target in Baraga\nCounty, Michigan, where drill holes 26RL0009, 26RL0010, and 26RL0011 have\nintersected a mineralized magmatic conduit containing nickel-copper\nmineralization, including high-grade massive sulphide (\"MSU\") mineralization\nin drill hole 26RL0010.\n\nThe Roland exploration program is being guided by the Eagle East discovery\nmodel. Eagle East is a high-grade nickel-copper orebody at Talon's Eagle Mine\ndiscovered in 2015, where near-surface mineralization was traced back upstream\nto where the massive sulphide ore body resides. Talon is applying that model\nat Roland to follow the mineralized conduit and test whether the system leads\nto more concentrated sulphide mineralization.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_001full.jpg)\n\nFigure 1: Drill core from hole 26RL0010 showing the lower portion of the\nintrusive conduit and the MSU interval near the footwall contact with the\nmeta-sedimentary rock at approximately 594 meters.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_001full.jpg\n\nTable 1: Highlighted Assay Results - Drill Hole 26RL0010\n\n Drill Hole  From    To      Length  Assay                                                 NiEq  (%)  CuEq  (%)  \n (#)         (m)     (m)     (m)     Ni (%)  Cu (%)  Co (%)  Pd (g/t)  Pt (g/t)  Au (g/t)  \n 26RL0010    569.38  595.23  25.85   0.77    0.47    0.02    0.21      0.23      0.06      1.16       2.32       \n including   593.88  595.23  1.35    5.37    0.89    0.13    0.64      0.71      0.01      6.38       12.77      \n including   593.88  594.55  0.67    7.61    0.89    0.18    0.06      0.82      0.01      8.66       17.32      \n\n \n\nSee Table 3 for complete Roland drill hole assay results.\n\nHighlights\n* Talon drilling has discovered a mineralized magmatic conduit at the Roland\ntarget following successive drilling, geophysics, and geological\ninterpretation.\n* Drill holes 26RL0009, 26RL0010, and 26RL0011 each intersected nickel-copper\nmineralization within the newly defined conduit. See Figure 3 and Table 3 for\nassay results.\n* Drill hole 26RL0010 intersected 25.85 meters grading 0.77% Ni, 0.47% Cu,\n0.02% Co, 0.21 g/t Pd, 0.23 g/t Pt, and 0.06 g/t Au (1.16% NiEq or 2.32% CuEq)\nbeginning at 569.38 meters.\n* This interval includes 1.35 meters grading 5.37% Ni, 0.89% Cu, 0.13% Co,\n0.64 g/t Pd, 0.71 g/t Pt, and 0.01 g/t Au (6.38% NiEq or 12.77% CuEq) starting\nat 593.88 meters, including 0.67 meters of MSU grading 7.61% Ni, 0.89% Cu,\n0.18% Co, 0.06 g/t Pd, 0.82 g/t Pt, and 0.01 g/t Au (8.66% NiEq or 17.32%\nCuEq) starting at 593.88 meters. See Figure 1 and Table 1.\n* Talon's current geological interpretation is that the mineralized conduit\nmay represent a keel-style portion of the Roland intrusive system, with\ncharacteristics similar to the Keel at Eagle East, a high-grade nickel-copper\norebody at Talon's Eagle Mine that has helped inform the Company's exploration\nmodel at Roland.\n* With the mineralized conduit now located, Talon intends to explore upstream\nin the conduit to test for the source of the mineralization.\n\"Roland is a strong example of how a new geological model can unlock\nexploration potential in an area that has already seen historical drilling,\"\nsaid Brian Goldner, Talon's Chief Exploration Officer. \"The discovery of Eagle\nEast changed how we think about nickel-copper mineralization in this part of\nMichigan and gave us a different model to apply at Roland. Our first objective\nwas to locate the mineralized conduit. Through successive drilling,\ngeophysics, and geological interpretation, we have now done that and\nintersected high-grade massive sulphides within the system. Our focus now is\nto follow the mineralization upstream within the conduit and test for its\nsource, just like the discovery of Eagle East.\"\n\nRoland Target and Geological Model\nThe Roland exploration program has been advancing since 2024 through drilling,\ngeophysics, and geological interpretation, guided by a geological model\ninformed by Eagle East, a high-grade nickel-copper orebody at Talon's Eagle\nMine, located approximately 16 miles east of Roland. The discovery of Eagle\nEast in 2015 provided a new geological model for understanding nickel-copper\nmineralization in the region. Much of the historical exploration at Roland\npredated the discovery of Eagle East and occurred before the geological model\nwas understood.\n\nWithin Eagle East, the upper portion of the orebody is known as the Keel. The\nrelationship between the Keel, the intrusive conduit, and the more\nconcentrated MSU mineralization at Eagle East provides a geological framework\nfor interpreting and following mineralized intrusive systems elsewhere in the\nregion. See Figure 2.\n\nAt Roland, Talon has applied this model together with geophysics and\nsuccessive drilling, initially with the objective of locating the mineralized\nconduit. With the conduit now identified, its geometry, mineralization, and\nother geological indicators can be used to guide follow-up exploration.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_002full.jpg)\n\nFigure 2: Longitudinal section of the Keel and Eagle East conduit illustrating\nthe horizontal segment of the intrusion where massive and semi-massive\nsulphide mineralization is located. Image from Eagle Mine NI 43-101 Technical\nReport, April 30, 2026.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_002full.jpg\n\nDrilling completed during the 2025 Michigan exploration season improved\nTalon's understanding of the stratigraphic sequence of the Baraga Basin and\nrefined the interpreted location of the intrusive conduit. During this work,\nthe exploration team identified geological indicators that suggested an\nintrusive body was nearby.\n\nIn 2026, Talon returned to Roland with more closely spaced drilling designed\nto locate the conduit. Drill hole 26RL0009 entered the intrusive conduit at\napproximately 511 meters and intersected nickel-copper mineralization deeper\nwithin the conduit, followed by drill holes 26RL0010 and 26RL0011, which\nfurther expanded the size of the conduit. Based on Talon's current geological\ninterpretation, the conduit is up to approximately 71 meters thick and strikes\neasterly. See Figure 3.\n\nTalon's current interpretation is that the mineralized conduit identified at\nRoland may represent a keel-style portion of the Roland intrusive system with\ncharacteristics similar to the Keel at Eagle East. The mineralization\nintersected in 26RL0009, 26RL0010, and 26RL0011, including the MSU intersected\nin 26RL0010, provides Talon with a defined mineralized feature to follow\nthrough additional drilling. Assay results for drill holes 26RL0009, 26RL0010,\nand 26RL0011 are summarized in Table 3.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_003full.jpg)\n\nFigure 3: Roland cross-section showing the mineralized magmatic conduit and\n2024-2026 drilling.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_003full.jpg\n\nNext Steps at Roland\nWith the mineralized conduit now identified and MSU mineralization discovered,\ndrilling will focus on tracing the conduit and mineralization upstream to test\nfor the source of the mineralization. This is the same exploration approach\nthat led to the discovery of Eagle East.\n\nMichigan Exploration Program\nRoland is one of several priority nickel-copper targets being evaluated across\nTalon's approximately 400,000-acre regional exploration land package. The\nprogram also includes exploration at Boulderdash in Marquette County and\ncontinued evaluation of other prospective targets across the regional land\npackage.\n\nThe Roland drill holes are located within the land package subject to Talon's\nearn-in agreement with UPX Minerals Inc., a wholly-owned subsidiary of\nSweetwater Royalties, under which Talon has the right to acquire up to an 80%\nownership interest in the land package.\n\nFollowing Talon's acquisition of Eagle Mine and Humboldt Mill in January 2026,\nthe Company's Michigan exploration program combines an existing operating\nplatform, regional geological knowledge, and targeted exploration to evaluate\nadditional nickel-copper opportunities that could potentially complement\nTalon's Michigan operations over time.\n\nQuality Assurance, Quality Control, and Qualified Person\nAll samples were analyzed by ALS Minerals, an independent commercial\nlaboratory. Reported nickel, copper, and cobalt grades were analyzed by\nperoxide digestion and ICP-AES finish (ME-ICP81). Platinum, palladium, and\ngold were initially analyzed by a 50 g fire assay with an ICP-AES finish\n(PGM-ICP24). Any samples reporting greater than 10 ppm Pt, Pd, or Au trigger\nan over-limit analysis (PGM-ICP27).\n\nLengths are drill intersections and not necessarily true widths. True widths\ncannot be calculated at this time due to the unknown geometry of the\nmineralization. Drill intersections have been selected by Talon. Drill\ncomposites have been calculated by Talon. The geological interpretations in\nthis news release are solely those of the Company. The locations and distances\nhighlighted on all maps in this news release are approximate.\n\nDr. Etienne Dinel, VP Project Geology of Talon, is a Qualified Person within\nthe meaning of National Instrument 43-101 (\"NI 43-101\"). Dr. Dinel is\nsatisfied that the analytical and testing procedures used are standard\nindustry operating procedures and methodologies, and he has reviewed,\napproved, and verified the technical information disclosed in this news\nrelease, including sampling, analytical, and test data underlying the\ntechnical information.\n\nWhere used in this news release:\n\nNiEq% = Ni% + Cu% x $4/$8 + Co% x $20/$8 + Pt [g/t]/31.103 x $1,000/$8/22.04 +\nPd [g/t]/31.103 x $1,000/$8/22.04 + Au [g/t]/31.103 x $2,000/$8/22.04\n\nCuEq% = Cu%+ Ni% x $8/$4 + Co% x $20/$4 + Pt [g/t]/31.103 x $1,000/$4/22.04 +\nPd [g/t]/31.103 x $1,000/$4/22.04 + Au [g/t]/31.103 x $2,000/$4/22.04\n\nAbout Talon\nTalon is a TSX-listed base metals company advancing and operating high-grade\nnickel-copper assets in the United States, including 100% ownership of the\nEagle Mine, the only primary nickel mine currently operating in the United\nStates, and the associated Humboldt Mill in Michigan, as well as the Tamarack\nNickel-Copper-Cobalt Project\n(https://api.newsfilecorp.com/redirect/N3YqJcKKEJ) in central Minnesota. Talon\nis in a joint venture with Rio Tinto\n(https://api.newsfilecorp.com/redirect/XEMVrhWW4A) on the Tamarack Project,\nwhich comprises a large land position extending approximately 18 kilometers\nalong strike, with additional high-grade intercepts outside the current\nresource area (https://api.newsfilecorp.com/redirect/DOkjoSYYJG). Talon\ncurrently owns 51% of the Tamarack Project and has an earn-in right to\nincrease its ownership to 60%. Talon has a neutrality and workforce\ndevelopment agreement (https://api.newsfilecorp.com/redirect/rpMkySaajv) in\nplace with the United Steelworkers union. Talon has an existing US$114.8\nmillion funding agreement with the U.S. Department of Energy under the\nInfrastructure Investment and Jobs Act to support domestic critical mineral\nprocessing. The U.S. Department of War awarded Talon a grant of US$20.6\nmillion (https://api.newsfilecorp.com/redirect/VvMNXuWWVQ) to support and\naccelerate Talon's exploration efforts in both Minnesota and Michigan. Talon\nhas well-qualified, experienced teams in exploration, mine permitting, mine\ndevelopment, operations, and community relations. Talon's shares also trade in\nthe U.S. OTC market under the symbol TLOFF.\n\nFor additional information on Talon, please visit the Company's website at\nwww.talonmetals.com or contact:\n\nJen Heikkila\njen.heikkila@talonmetals.com\n\nForward-Looking Statements\nThis news release contains certain \"forward-looking statements\". All\nstatements, other than statements of historical fact that address activities,\nevents, or developments that the Company believes, expects, or anticipates\nwill or may occur in the future, are forward-looking statements. These\nforward-looking statements reflect the current expectations or beliefs of the\nCompany based on information currently available to the Company. Such\nforward-looking statements include statements relating to future exploration\nwork at the Roland target, including future drilling, drill results, assays,\ngeophysics and geological interpretations; the Company's plans to follow and\nfurther define the mineralized conduit at Roland; the potential for sulphide\nmineralization to become more concentrated elsewhere within the Roland\nintrusive system; the Company's interpretation of the Roland mineralized\nconduit and its similarities to the geological model observed at Eagle East;\nfuture exploration activities elsewhere within the Company's Michigan\nexploration land package; and the Company's plans to evaluate additional\nnickel-copper opportunities that could potentially complement its Michigan\noperations over time.\n\nForward-looking statements are subject to significant risks and uncertainties\nand other factors that could cause the actual results to differ materially\nfrom those discussed in the forward-looking statements, and even if such\nactual results are realized or substantially realized, there can be no\nassurance that they will have the expected consequences to, or effects on, the\nCompany.\n\nAny forward-looking statement speaks only as of the date on which it is made\nand, except as may be required by applicable securities laws, the Company\ndisclaims any intent or obligation to update any forward-looking statement,\nwhether as a result of new information, future events or results or otherwise.\nAlthough the Company believes that the assumptions inherent in the\nforward-looking statements are reasonable, forward-looking statements are not\nguarantees of future performance and accordingly undue reliance should not be\nput on such statements due to the inherent uncertainty therein.\n\nTable 2: Drill Hole Collar Locations\n\n HOLEID     Easting (m)  Northing (m)  Elevation (masl)  Azm    Dip    End Depth (m)  \n 24RL0001   407524.0     5184170.1     310.0             5.5    -52.8  343.2          \n 24RL0002   407524.1     5184169.0     310.0             9.2    -70.9  612.0          \n 24RL0003   407523.8     5184184.0     310.0             198.3  -72.7  779.7          \n 24RL0004   407524.0     5184184.2     310.0             189.8  -78.5  746.2          \n 24RL0004A  407524.0     5184184.2     310.0             184.6  -78.3  780.4          \n 25RL0005   407507.8     5184260.0     310.0             266.5  -85.1  749.5          \n 25RL0006   407527.2     5184185.0     310.0             201.8  -83.5  747.7          \n 26RL0007   407505.0     5184270.0     310.0             184.6  -76.6  225.9          \n 26RL0008   407505.0     5184270.6     310.0             192.6  -75.3  27.7           \n 26RL0009   407505.0     5184271.0     310.0             184.6  -83.8  722.7          \n 26RL0010   407505.0     5184270.0     310.0             188.4  -80.2  640.4          \n 26RL0011   407507.0     5184269.0     310.0             165.3  -78.0  607.5          \n\n \n\nCollar coordinates are UTM Zone 16N, NAD83.\nAzimuths and dips are taken from the survey record at collar unless otherwise\nnoted.\n\nTable 3: Drill Hole Assay Results\n\n Drill Hole  From    To      Length  Assay                                                 NiEq (%)  CuEq (%)  \n (#)         (m)     (m)     (m)     Ni (%)  Cu (%)  Co (%)  Pd (g/t)  Pt (g/t)  Au (g/t)  \n 26RL0010    569.38  595.23  25.85   0.77    0.47    0.02    0.21      0.23      0.06      1.16      2.32      \n including   593.88  595.23  1.35    5.37    0.89    0.13    0.64      0.71      0.01      6.38      12.77     \n including   593.88  594.55  0.67    7.61    0.89    0.18    0.06      0.82      0.01      8.66      17.32     \n 26RL0009    552.44  555.55  3.11    0.49    1.01    0.02    0.54      0.34      0.11      1.23      2.45      \n 26RL0011    568.75  569.66  0.91    1.03    0.29    0.05    0.01      0.03      0.01      1.29      2.59      \n 24RL0001    No significant mineralization                                                                     \n 24RL0002    \n 24RL0003    \n 24RL0004    \n 24RL0004A   \n 25RL0005    \n 25RL0006    \n 26RL0007    \n 26RL0008    \n\n \n\nLength refers to drill hole length and not true width.\nTrue width is unknown at the time of publication.\nAll samples were analyzed by ALS Minerals. Reported nickel, copper, and cobalt\ngrades were analyzed by a peroxide digestion and ICP-AES finish (ME-ICP81).\nPlatinum, palladium, and gold are initially analyzed by a 50 g fire assay with\nan ICP-AES finish (PGM-ICP24). Any samples reporting >10 ppm Pt, Pd, or Au\ntrigger an over-limit analysis (PGM-ICP27).\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/317476","article_body_html":"","raw_payload":{"data":{"id":"nNFC3zdWQQ-20261006","title":"Talon Metals Discovers Mineralized Magmatic Conduit at Roland Nickel-Copper Target in Michigan","author":"Newsfile Corp","ticker":"TLO","created":"2026-10-06T11:01:06.393Z","tickers":["TLO"],"exchange":"TSX","article_body":"L'Anse, Michigan--(Newsfile Corp. - October 6, 2026) - Talon Metals Corp.\n(TSX: TLO) (OTCID: TLOFF) (\"Talon\" or the \"Company\") today announced assay\nresults from its 2026 exploration drilling at the Roland target in Baraga\nCounty, Michigan, where drill holes 26RL0009, 26RL0010, and 26RL0011 have\nintersected a mineralized magmatic conduit containing nickel-copper\nmineralization, including high-grade massive sulphide (\"MSU\") mineralization\nin drill hole 26RL0010.\n\nThe Roland exploration program is being guided by the Eagle East discovery\nmodel. Eagle East is a high-grade nickel-copper orebody at Talon's Eagle Mine\ndiscovered in 2015, where near-surface mineralization was traced back upstream\nto where the massive sulphide ore body resides. Talon is applying that model\nat Roland to follow the mineralized conduit and test whether the system leads\nto more concentrated sulphide mineralization.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_001full.jpg)\n\nFigure 1: Drill core from hole 26RL0010 showing the lower portion of the\nintrusive conduit and the MSU interval near the footwall contact with the\nmeta-sedimentary rock at approximately 594 meters.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_001full.jpg\n\nTable 1: Highlighted Assay Results - Drill Hole 26RL0010\n\n Drill Hole  From    To      Length  Assay                                                 NiEq  (%)  CuEq  (%)  \n (#)         (m)     (m)     (m)     Ni (%)  Cu (%)  Co (%)  Pd (g/t)  Pt (g/t)  Au (g/t)  \n 26RL0010    569.38  595.23  25.85   0.77    0.47    0.02    0.21      0.23      0.06      1.16       2.32       \n including   593.88  595.23  1.35    5.37    0.89    0.13    0.64      0.71      0.01      6.38       12.77      \n including   593.88  594.55  0.67    7.61    0.89    0.18    0.06      0.82      0.01      8.66       17.32      \n\n \n\nSee Table 3 for complete Roland drill hole assay results.\n\nHighlights\n* Talon drilling has discovered a mineralized magmatic conduit at the Roland\ntarget following successive drilling, geophysics, and geological\ninterpretation.\n* Drill holes 26RL0009, 26RL0010, and 26RL0011 each intersected nickel-copper\nmineralization within the newly defined conduit. See Figure 3 and Table 3 for\nassay results.\n* Drill hole 26RL0010 intersected 25.85 meters grading 0.77% Ni, 0.47% Cu,\n0.02% Co, 0.21 g/t Pd, 0.23 g/t Pt, and 0.06 g/t Au (1.16% NiEq or 2.32% CuEq)\nbeginning at 569.38 meters.\n* This interval includes 1.35 meters grading 5.37% Ni, 0.89% Cu, 0.13% Co,\n0.64 g/t Pd, 0.71 g/t Pt, and 0.01 g/t Au (6.38% NiEq or 12.77% CuEq) starting\nat 593.88 meters, including 0.67 meters of MSU grading 7.61% Ni, 0.89% Cu,\n0.18% Co, 0.06 g/t Pd, 0.82 g/t Pt, and 0.01 g/t Au (8.66% NiEq or 17.32%\nCuEq) starting at 593.88 meters. See Figure 1 and Table 1.\n* Talon's current geological interpretation is that the mineralized conduit\nmay represent a keel-style portion of the Roland intrusive system, with\ncharacteristics similar to the Keel at Eagle East, a high-grade nickel-copper\norebody at Talon's Eagle Mine that has helped inform the Company's exploration\nmodel at Roland.\n* With the mineralized conduit now located, Talon intends to explore upstream\nin the conduit to test for the source of the mineralization.\n\"Roland is a strong example of how a new geological model can unlock\nexploration potential in an area that has already seen historical drilling,\"\nsaid Brian Goldner, Talon's Chief Exploration Officer. \"The discovery of Eagle\nEast changed how we think about nickel-copper mineralization in this part of\nMichigan and gave us a different model to apply at Roland. Our first objective\nwas to locate the mineralized conduit. Through successive drilling,\ngeophysics, and geological interpretation, we have now done that and\nintersected high-grade massive sulphides within the system. Our focus now is\nto follow the mineralization upstream within the conduit and test for its\nsource, just like the discovery of Eagle East.\"\n\nRoland Target and Geological Model\nThe Roland exploration program has been advancing since 2024 through drilling,\ngeophysics, and geological interpretation, guided by a geological model\ninformed by Eagle East, a high-grade nickel-copper orebody at Talon's Eagle\nMine, located approximately 16 miles east of Roland. The discovery of Eagle\nEast in 2015 provided a new geological model for understanding nickel-copper\nmineralization in the region. Much of the historical exploration at Roland\npredated the discovery of Eagle East and occurred before the geological model\nwas understood.\n\nWithin Eagle East, the upper portion of the orebody is known as the Keel. The\nrelationship between the Keel, the intrusive conduit, and the more\nconcentrated MSU mineralization at Eagle East provides a geological framework\nfor interpreting and following mineralized intrusive systems elsewhere in the\nregion. See Figure 2.\n\nAt Roland, Talon has applied this model together with geophysics and\nsuccessive drilling, initially with the objective of locating the mineralized\nconduit. With the conduit now identified, its geometry, mineralization, and\nother geological indicators can be used to guide follow-up exploration.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_002full.jpg)\n\nFigure 2: Longitudinal section of the Keel and Eagle East conduit illustrating\nthe horizontal segment of the intrusion where massive and semi-massive\nsulphide mineralization is located. Image from Eagle Mine NI 43-101 Technical\nReport, April 30, 2026.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_002full.jpg\n\nDrilling completed during the 2025 Michigan exploration season improved\nTalon's understanding of the stratigraphic sequence of the Baraga Basin and\nrefined the interpreted location of the intrusive conduit. During this work,\nthe exploration team identified geological indicators that suggested an\nintrusive body was nearby.\n\nIn 2026, Talon returned to Roland with more closely spaced drilling designed\nto locate the conduit. Drill hole 26RL0009 entered the intrusive conduit at\napproximately 511 meters and intersected nickel-copper mineralization deeper\nwithin the conduit, followed by drill holes 26RL0010 and 26RL0011, which\nfurther expanded the size of the conduit. Based on Talon's current geological\ninterpretation, the conduit is up to approximately 71 meters thick and strikes\neasterly. See Figure 3.\n\nTalon's current interpretation is that the mineralized conduit identified at\nRoland may represent a keel-style portion of the Roland intrusive system with\ncharacteristics similar to the Keel at Eagle East. The mineralization\nintersected in 26RL0009, 26RL0010, and 26RL0011, including the MSU intersected\nin 26RL0010, provides Talon with a defined mineralized feature to follow\nthrough additional drilling. Assay results for drill holes 26RL0009, 26RL0010,\nand 26RL0011 are summarized in Table 3.\n\n(https://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_003full.jpg)\n\nFigure 3: Roland cross-section showing the mineralized magmatic conduit and\n2024-2026 drilling.\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/2443/317476_d62a2df0d4ce78b4_003full.jpg\n\nNext Steps at Roland\nWith the mineralized conduit now identified and MSU mineralization discovered,\ndrilling will focus on tracing the conduit and mineralization upstream to test\nfor the source of the mineralization. This is the same exploration approach\nthat led to the discovery of Eagle East.\n\nMichigan Exploration Program\nRoland is one of several priority nickel-copper targets being evaluated across\nTalon's approximately 400,000-acre regional exploration land package. The\nprogram also includes exploration at Boulderdash in Marquette County and\ncontinued evaluation of other prospective targets across the regional land\npackage.\n\nThe Roland drill holes are located within the land package subject to Talon's\nearn-in agreement with UPX Minerals Inc., a wholly-owned subsidiary of\nSweetwater Royalties, under which Talon has the right to acquire up to an 80%\nownership interest in the land package.\n\nFollowing Talon's acquisition of Eagle Mine and Humboldt Mill in January 2026,\nthe Company's Michigan exploration program combines an existing operating\nplatform, regional geological knowledge, and targeted exploration to evaluate\nadditional nickel-copper opportunities that could potentially complement\nTalon's Michigan operations over time.\n\nQuality Assurance, Quality Control, and Qualified Person\nAll samples were analyzed by ALS Minerals, an independent commercial\nlaboratory. Reported nickel, copper, and cobalt grades were analyzed by\nperoxide digestion and ICP-AES finish (ME-ICP81). Platinum, palladium, and\ngold were initially analyzed by a 50 g fire assay with an ICP-AES finish\n(PGM-ICP24). Any samples reporting greater than 10 ppm Pt, Pd, or Au trigger\nan over-limit analysis (PGM-ICP27).\n\nLengths are drill intersections and not necessarily true widths. True widths\ncannot be calculated at this time due to the unknown geometry of the\nmineralization. Drill intersections have been selected by Talon. Drill\ncomposites have been calculated by Talon. The geological interpretations in\nthis news release are solely those of the Company. The locations and distances\nhighlighted on all maps in this news release are approximate.\n\nDr. Etienne Dinel, VP Project Geology of Talon, is a Qualified Person within\nthe meaning of National Instrument 43-101 (\"NI 43-101\"). Dr. Dinel is\nsatisfied that the analytical and testing procedures used are standard\nindustry operating procedures and methodologies, and he has reviewed,\napproved, and verified the technical information disclosed in this news\nrelease, including sampling, analytical, and test data underlying the\ntechnical information.\n\nWhere used in this news release:\n\nNiEq% = Ni% + Cu% x $4/$8 + Co% x $20/$8 + Pt [g/t]/31.103 x $1,000/$8/22.04 +\nPd [g/t]/31.103 x $1,000/$8/22.04 + Au [g/t]/31.103 x $2,000/$8/22.04\n\nCuEq% = Cu%+ Ni% x $8/$4 + Co% x $20/$4 + Pt [g/t]/31.103 x $1,000/$4/22.04 +\nPd [g/t]/31.103 x $1,000/$4/22.04 + Au [g/t]/31.103 x $2,000/$4/22.04\n\nAbout Talon\nTalon is a TSX-listed base metals company advancing and operating high-grade\nnickel-copper assets in the United States, including 100% ownership of the\nEagle Mine, the only primary nickel mine currently operating in the United\nStates, and the associated Humboldt Mill in Michigan, as well as the Tamarack\nNickel-Copper-Cobalt Project\n(https://api.newsfilecorp.com/redirect/N3YqJcKKEJ) in central Minnesota. Talon\nis in a joint venture with Rio Tinto\n(https://api.newsfilecorp.com/redirect/XEMVrhWW4A) on the Tamarack Project,\nwhich comprises a large land position extending approximately 18 kilometers\nalong strike, with additional high-grade intercepts outside the current\nresource area (https://api.newsfilecorp.com/redirect/DOkjoSYYJG). Talon\ncurrently owns 51% of the Tamarack Project and has an earn-in right to\nincrease its ownership to 60%. Talon has a neutrality and workforce\ndevelopment agreement (https://api.newsfilecorp.com/redirect/rpMkySaajv) in\nplace with the United Steelworkers union. Talon has an existing US$114.8\nmillion funding agreement with the U.S. Department of Energy under the\nInfrastructure Investment and Jobs Act to support domestic critical mineral\nprocessing. The U.S. Department of War awarded Talon a grant of US$20.6\nmillion (https://api.newsfilecorp.com/redirect/VvMNXuWWVQ) to support and\naccelerate Talon's exploration efforts in both Minnesota and Michigan. Talon\nhas well-qualified, experienced teams in exploration, mine permitting, mine\ndevelopment, operations, and community relations. Talon's shares also trade in\nthe U.S. OTC market under the symbol TLOFF.\n\nFor additional information on Talon, please visit the Company's website at\nwww.talonmetals.com or contact:\n\nJen Heikkila\njen.heikkila@talonmetals.com\n\nForward-Looking Statements\nThis news release contains certain \"forward-looking statements\". All\nstatements, other than statements of historical fact that address activities,\nevents, or developments that the Company believes, expects, or anticipates\nwill or may occur in the future, are forward-looking statements. These\nforward-looking statements reflect the current expectations or beliefs of the\nCompany based on information currently available to the Company. Such\nforward-looking statements include statements relating to future exploration\nwork at the Roland target, including future drilling, drill results, assays,\ngeophysics and geological interpretations; the Company's plans to follow and\nfurther define the mineralized conduit at Roland; the potential for sulphide\nmineralization to become more concentrated elsewhere within the Roland\nintrusive system; the Company's interpretation of the Roland mineralized\nconduit and its similarities to the geological model observed at Eagle East;\nfuture exploration activities elsewhere within the Company's Michigan\nexploration land package; and the Company's plans to evaluate additional\nnickel-copper opportunities that could potentially complement its Michigan\noperations over time.\n\nForward-looking statements are subject to significant risks and uncertainties\nand other factors that could cause the actual results to differ materially\nfrom those discussed in the forward-looking statements, and even if such\nactual results are realized or substantially realized, there can be no\nassurance that they will have the expected consequences to, or effects on, the\nCompany.\n\nAny forward-looking statement speaks only as of the date on which it is made\nand, except as may be required by applicable securities laws, the Company\ndisclaims any intent or obligation to update any forward-looking statement,\nwhether as a result of new information, future events or results or otherwise.\nAlthough the Company believes that the assumptions inherent in the\nforward-looking statements are reasonable, forward-looking statements are not\nguarantees of future performance and accordingly undue reliance should not be\nput on such statements due to the inherent uncertainty therein.\n\nTable 2: Drill Hole Collar Locations\n\n HOLEID     Easting (m)  Northing (m)  Elevation (masl)  Azm    Dip    End Depth (m)  \n 24RL0001   407524.0     5184170.1     310.0             5.5    -52.8  343.2          \n 24RL0002   407524.1     5184169.0     310.0             9.2    -70.9  612.0          \n 24RL0003   407523.8     5184184.0     310.0             198.3  -72.7  779.7          \n 24RL0004   407524.0     5184184.2     310.0             189.8  -78.5  746.2          \n 24RL0004A  407524.0     5184184.2     310.0             184.6  -78.3  780.4          \n 25RL0005   407507.8     5184260.0     310.0             266.5  -85.1  749.5          \n 25RL0006   407527.2     5184185.0     310.0             201.8  -83.5  747.7          \n 26RL0007   407505.0     5184270.0     310.0             184.6  -76.6  225.9          \n 26RL0008   407505.0     5184270.6     310.0             192.6  -75.3  27.7           \n 26RL0009   407505.0     5184271.0     310.0             184.6  -83.8  722.7          \n 26RL0010   407505.0     5184270.0     310.0             188.4  -80.2  640.4          \n 26RL0011   407507.0     5184269.0     310.0             165.3  -78.0  607.5          \n\n \n\nCollar coordinates are UTM Zone 16N, NAD83.\nAzimuths and dips are taken from the survey record at collar unless otherwise\nnoted.\n\nTable 3: Drill Hole Assay Results\n\n Drill Hole  From    To      Length  Assay                                                 NiEq (%)  CuEq (%)  \n (#)         (m)     (m)     (m)     Ni (%)  Cu (%)  Co (%)  Pd (g/t)  Pt (g/t)  Au (g/t)  \n 26RL0010    569.38  595.23  25.85   0.77    0.47    0.02    0.21      0.23      0.06      1.16      2.32      \n including   593.88  595.23  1.35    5.37    0.89    0.13    0.64      0.71      0.01      6.38      12.77     \n including   593.88  594.55  0.67    7.61    0.89    0.18    0.06      0.82      0.01      8.66      17.32     \n 26RL0009    552.44  555.55  3.11    0.49    1.01    0.02    0.54      0.34      0.11      1.23      2.45      \n 26RL0011    568.75  569.66  0.91    1.03    0.29    0.05    0.01      0.03      0.01      1.29      2.59      \n 24RL0001    No significant mineralization                                                                     \n 24RL0002    \n 24RL0003    \n 24RL0004    \n 24RL0004A   \n 25RL0005    \n 25RL0006    \n 26RL0007    \n 26RL0008    \n\n \n\nLength refers to drill hole length and not true width.\nTrue width is unknown at the time of publication.\nAll samples were analyzed by ALS Minerals. Reported nickel, copper, and cobalt\ngrades were analyzed by a peroxide digestion and ICP-AES finish (ME-ICP81).\nPlatinum, palladium, and gold are initially analyzed by a 50 g fire assay with\nan ICP-AES finish (PGM-ICP24). Any samples reporting >10 ppm Pt, Pd, or Au\ntrigger an over-limit analysis (PGM-ICP27).\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/317476"},"type":"article","timestamp":"2026-10-06T11:01:06.466224885Z","server_sent_at_ms":1791284466466},"received_at":"2026-10-06T11:01:06.638Z","source_url":"https://www.newsfilecorp.com/release/317476"},"analysis":{"id":"150092","press_release_id":"161567","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["drill intersections are not true widths; geometry of mineralization unknown","early-stage discovery with no resource estimate; no guarantee conduit leads to economic mineralization","Talon has only an earn-in right (up to 80%) on the Roland land package, not full ownership"],"eventType":"operations_update","narrative":"Talon Metals announced the discovery of a mineralized magmatic conduit at its Roland nickel-copper target in Baraga County, Michigan, with three 2026 drill holes intersecting mineralization.\n\nDrill hole 26RL0010 cut 25.85 meters grading 0.77% Ni and 0.47% Cu (1.16% NiEq), including 1.35 meters of high-grade sulphide at 5.37% Ni (6.38% NiEq) and 0.67 meters of massive sulphide at 7.61% Ni (8.66% NiEq).\n\nTalon is applying its Eagle East discovery model and will now drill upstream in the conduit to test for the mineralization source, mirroring the approach that led to the 2015 Eagle East discovery.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"High-grade MSU intercept at Roland validates the Eagle East playboook -- follow-up upstream drilling could be the next catalyst."},"keyFigures":{"drugName":"","phaseOfTrial":"","customDimensions":{"dow_grant":"US$20.6 million","doe_funding":"US$114.8 million","land_package":"approximately 400,000 acres","best_interval":"25.85m @ 0.77% Ni, 0.47% Cu (1.16% NiEq) from 569.38m in hole 26RL0010","conduit_thickness":"up to approximately 71 meters","earn_in_ownership":"right to acquire up to 80% of Roland land package","tamarack_ownership":"51% with earn-in to 60%","high_grade_interval":"1.35m @ 5.37% Ni, 0.89% Cu (6.38% NiEq), including 0.67m @ 7.61% Ni (8.66% NiEq) MSU"}},"quotedText":"Roland is a strong example of how a new geological model can unlock exploration potential in an area that has already seen historical drilling","namedEntities":{"people":[{"name":"Brian Goldner","role":"Chief Exploration Officer"},{"name":"Dr. Etienne Dinel","role":"VP Project Geology, Qualified Person"},{"name":"Jen Heikkila","role":"media contact"}],"products":["Eagle Mine","Humboldt Mill","Tamarack Nickel-Copper-Cobalt Project"],"companies":[{"name":"Talon Metals Corp.","ticker":"TLO","relationship":"filer"},{"name":"UPX Minerals Inc.","relationship":"earn-in counterparty (subsidiary of Sweetwater Royalties)"},{"name":"Sweetwater Royalties","relationship":"parent of UPX Minerals"},{"name":"Rio Tinto","relationship":"joint venture partner (Tamarack Project)"},{"name":"ALS Minerals","relationship":"assay laboratory"},{"name":"U.S. Department of Energy","relationship":"funding agreement provider"}],"dollarAmounts":[{"amount":"US$114.8 million","context":"U.S. DOE funding agreement under the Infrastructure Investment and Jobs Act"},{"amount":"US$20.6 million","context":"U.S. Department of War grant for exploration in Minnesota and Michigan"}]},"materialImpact":{"score":3,"reasoning":"Discovery of a mineralized magmatic conduit with high-grade massive sulphide intercepts (up to 8.66% NiEq over 0.67m) at the Roland target is a meaningful exploration milestone, but it is early-stage with no resource defined and drill lengths are not true widths."},"tickerRelevance":{"others":[],"primary":"TLO"},"globalImportance":32,"audienceRelevance":22,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"exploration discovery with high-grade MSU, no resource yet","sectorWeight":"nickel/critical minerals exposure with US policy tailwinds","retailFavoriteBoost":"none"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Talon Metals announced the discovery of a mineralized magmatic conduit at its Roland nickel-copper target in Baraga County, Michigan, with three 2026 drill holes intersecting mineralization.\n\nDrill hole 26RL0010 cut 25.85 meters grading 0.77% Ni and 0.47% Cu (1.16% NiEq), including 1.35 meters of high-grade sulphide at 5.37% Ni (6.38% NiEq) and 0.67 meters of massive sulphide at 7.61% Ni (8.66% NiEq).\n\nTalon is applying its Eagle East discovery model and will now drill upstream in the conduit to test for the mineralization source, mirroring the approach that led to the 2015 Eagle East discovery.","key_figures":{"drugName":"","phaseOfTrial":"","customDimensions":{"dow_grant":"US$20.6 million","doe_funding":"US$114.8 million","land_package":"approximately 400,000 acres","best_interval":"25.85m @ 0.77% Ni, 0.47% Cu (1.16% NiEq) from 569.38m in hole 26RL0010","conduit_thickness":"up to approximately 71 meters","earn_in_ownership":"right to acquire up to 80% of Roland land package","tamarack_ownership":"51% with earn-in to 60%","high_grade_interval":"1.35m @ 5.37% Ni, 0.89% Cu (6.38% NiEq), including 0.67m @ 7.61% Ni (8.66% NiEq) MSU"}},"named_entities":{"people":[{"name":"Brian Goldner","role":"Chief Exploration Officer"},{"name":"Dr. Etienne Dinel","role":"VP Project Geology, Qualified Person"},{"name":"Jen Heikkila","role":"media contact"}],"products":["Eagle Mine","Humboldt Mill","Tamarack Nickel-Copper-Cobalt Project"],"companies":[{"name":"Talon Metals Corp.","ticker":"TLO","relationship":"filer"},{"name":"UPX Minerals Inc.","relationship":"earn-in counterparty (subsidiary of Sweetwater Royalties)"},{"name":"Sweetwater Royalties","relationship":"parent of UPX Minerals"},{"name":"Rio Tinto","relationship":"joint venture partner (Tamarack Project)"},{"name":"ALS Minerals","relationship":"assay laboratory"},{"name":"U.S. Department of Energy","relationship":"funding agreement provider"}],"dollarAmounts":[{"amount":"US$114.8 million","context":"U.S. DOE funding agreement under the Infrastructure Investment and Jobs Act"},{"amount":"US$20.6 million","context":"U.S. Department of War grant for exploration in Minnesota and Michigan"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-06T11:01:14.355Z","global_importance":32,"audience_relevance":22,"importance_components":{"tickerTier":"small-cap","eventGravity":"exploration discovery with high-grade MSU, no resource yet","sectorWeight":"nickel/critical minerals exposure with US policy tailwinds","retailFavoriteBoost":"none"}},"durationMs":7697,"modelName":"glm-5.3-flashx"}}