CGO East

The Coarse Grained Orthocumulate (CGO) East geology consists of the Fine-Grained Orthocumulate (FGO) intruding the country rock, meta-sedimentary sequence. The CGO itself hosts coarse-grained disseminated sulphide mineralization that extends north-east beyond the Company’s present resource area.  The CGO East area is adjacent to the CGO.   The CGO East mineralization is hosted in the FGO with a sequence of disseminated sulphides followed by basal massive sulphides that pool to form massive sulphides. The lateral extent of the basal massive sulphides transition into mixed massive sulphides around these pools. The disseminated sulphide thickness varies from 2m to 38m at grades varying from 0.5% to 0.8% NiEq. The basal massive sulphide and mixed massive sulphide thickness to date vary from 0.5m to 2.2m with grades up to 5% NiEq. Talon has identified a possible trend where sulphides pool into a channel that may have thicker intervals of basal massive sulphides (please refer to the Figure below). We therefore expect to substantially increase tonnage and reduce timeline to production by blending this shallow, high-grade massive sulphide mineralization with the adjacent, bulk tonnage disseminated mineralization hosted in the CGO.

13TK0186

13TK0186: 25.37m of 0.41% Ni, 0.26% Cu, 0.02% Co, 0.08g/t Pd, 0.14 g/t Pt and 0.06 g/t Au (0.59% NiEq or 1.58% Cu Eq) starting at 59.44m

13TK0187

13TK0187: 26.27m of 0.79% Ni, 0.41% Cu, 0.03% Co, 0.1g/t Pd, 0.16 g/t Pt and 0.12 g/t Au (1.07% NiEq or 2.84% Cu Eq) starting at 115.5m including 2.83 m of 3.82% Ni, 1.62% Cu, 0.11% Co, 0.28 g/t Pd, 0.35 g/t Pt and 0.36 g/t Au (4.80 % NiEq or 12.81% CuEq) starting at 138.94m

13TK193

13TK0193: 24.88m of 0.62% Ni, 0.37% Cu, 0.02% Co, 0.09g/t Pd, 0.15 g/t Pt and 0.10 g/t Au (0.85% NiEq or 2.28% Cu Eq) starting at 139.5m including 0.5m of 1.46% Ni, 0.4% Cu, 0.03% Co, 0.06 g/t Pd, 0.18 g/t Pt and 0.08 g/t Au (1.71% NiEq or 4.57% Cu Eq) starting at 163.88m

07L035

07L035: 7.5m of 0.69% Ni, 0.46% Cu, 0.02% Co, 0.03g/t Pd, 0.03 g/t Pt and 0.04g/t Au (0.92% NiEq or 2.45% CuEq) starting at 110m including 0.6m of 2.12% Ni, 1.11% Cu, 0.07% Co, 0.04 g/t Pd, 0.02 g/t Pt and 0.03 g/t Au (2.66% NiEq or 7.08% CuEq)starting at 116.9

07L032

07L032: 10.8m of 0.60% Ni, 0.3% Cu, 0.02% Co, 0.15g/t Pd, 0.2 g/t Pt and 0.10 g/t Au (0.83% NiEq or 2.22% Cu Eq) starting at 290m including 0.8m of 3.04% Ni, 1.30% Cu, 0.11% Co, 0.49 g/t Pd, 0.35 g/t Pt and 0.22 g/t Au (3.89% NiEq or 10.37% Cu Eq) starting at 300m

13TK0197

13TK0197: 9m of 0.45% Ni, 0.29% Cu, 0.02% Co, 0.07g/t Pd, 0.14 g/t Pt and 0.10g/t Au (0.65% NiEq or 1.74% CuEq) starting at 245m

07L036

07L036: 0.5m of 2.28% Ni, 1.54% Cu, 0.09% Co, 0.30g/t Pd, 0.41 g/t Pt and 0.43g/t Au (3.21% NiEq or 8.57% CuEq) starting at 264.75m

03L013

03L013: 2.9m of 1.05% Ni, 0.53% Cu, 0.02% Co, 0.14g/t Pd, 0.27 g/t Pt and 0.20 g/t Au (1.41% NiEq or 3.77% Cu Eq) starting at 221m including 0.3m of 3.64% Ni, 0.63% Cu, 0.12% Co, 0.25 g/t Pd, 0.31 g/t Pt and 0.3 g/t Au (4.23% NiEq or 11.27% Cu Eq) starting at 223.6m

09TK0097

096TK097: 4.7m of 0.85% Ni, 0.59% Cu, 0.02% Co, 0.07g/t Pd, 0.24 g/t Pt and 0.19 g/t Au (1.21% NiEq or 3.24% Cu Eq) starting at 170.5m including 0.54m of 1.49% Ni, 0.61% Cu, 0.07% Co, 0.04 g/t Pd, 0.04 g/t Pt and 0.07 g/t Au (1.84% NiEq or 4.92% Cu Eq) starting at 174.66

13TK0200

13TK0200: 16.48m of 0.75% Ni, 0.44% Cu, 0.03% Co, 0.04g/t Pd, 0.03 g/t Pt and 0.02 g/t Au (0.98% NiEq or 2.61% Cu Eq) starting at 140.02m

13TK0198

13TK0198: 4.9m of 0.54% Ni, 0.37% Cu, 0.02% Co, 0.02g/t Pd, 0.04 g/t Pt and 0.05 g/t Au (0.73% NiEq or 1.97% Cu Eq) starting at 205.1m

13TK0168

13TK0168: 5.32m of 0.85% Ni, 0.64% Cu, 0.03% Co, 0.05g/t Pd, 0.05 g/t Pt and 0.06g/t Au (1.16% NiEq or 3.09% CuEq) starting at 112.5m including 0.3m of 1.61% Ni, 0.89% Cu, 0.08% Co, 0.03 g/t Pd, 0.01 g/t Pt and 0.05 g/t Au (2.07% NiEq or 5.52% CuEq)starting at 117.52

16TK0238

16TK0238: 39.92m of 0.59% Ni, 0.38% Cu, 0.02% Co, 0.06g/t Pd, 0.1 g/t Pt and 0.07 g/t Au (0.81% NiEq or 2.17% Cu Eq) starting at 80m including 2.2m of 1.75% Ni, 0.89% Cu, 0.06 % Co, 0.15 g/t Pd, 0.16 g/t Pt and 0.12 g/t Au (2.25 NiEq or 6.02% CuEQ starting at 117.72 m

13TK0190

13TK0190: 39m of 0.46% Ni, 0.26% Cu, 0.02% Co, 0.05g/t Pd, 0.09 g/t Pt and 0.04 g/t Au (0.62% NiEq or 1.67% Cu Eq) starting at 60.5m

03L011

03L011: 16.5m of 0.54% Ni, 0.34% Cu, 0.02% Co, 0.08g/t Pd, 0.12 g/t Pt and 0.06 g/t Au (0.74% NiEq or 1.98% Cu Eq) starting at 129m

03L007

03L007: 14.3m of 0.58% Ni, 0.45% Cu, 0.02% Co, 0.04g/t Pd, 0.10 g/t Pt and 0.11 g/t Au (0.82% NiEq or 2.20% CuEq) starting at 199.5m including 0.6m of 2.33% Ni, 0.85% Cu, 0.09% Co, 0.05 g/t Pd, 0.01g/t Pt and 0.08 g/t Au starting at 213.2

03L010

03L010: 14.3m of 0.58% Ni, 0.45% Cu, 0.02% Co, 0.04g/t Pd, 0.10 g/t Pt and 0.11 g/t Au (0.82% NiEq or 2.20% CuEq) starting at 199.5m including 0.6m of 2.33% Ni, 0.85% Cu, 0.09% Co, 0.05 g/t Pd, 0.01g/t Pt and 0.08 g/t Au starting at 213.2

03L014

03L014: 1m of 2.37% Ni, 2.91% Cu, 0.04% Co, 0.09g/t Pd, 0.21 g/t Pt and 0.52 g/t Au (2.70% NiEq or 7.19% Cu Eq) starting at 167m

20TK0267

Intersected sulphide mineralization from 224.33 meters to 249.02 meters (total of 24.69 meters of mineralization), including 1.94 meters of mixed and massive sulphides starting at 247.08 meters; assays pending

20TK0266

Intersected sulphide mineralization from 203 meters to 247.75 meters (total of 44.75 meters of mineralization), including 2.15 meters of mixed and massive sulphides starting at 245.6 meters; assays pending

02L001

02L001: 19.5m of 0.42% Ni, 0.23% Cu, 0.02% Co, 0.01g/t Pd, 0.01 g/t Pt and 0.01g/t Au (0.54% NiEq or 1.45% CuEq) starting at 143m

Plan view map of the CGO East mineralization. The solid blue line shows the potential extent of the sulphide mineralization in the area. The dashed red line represents the approximate trend of the basal massive sulphides in the area.

NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04

CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04