Talon-Rio Tinto Deal Structure
- The Tamarack Project is comprised of the Tamarack North Project and the Tamarack South Project with approximately 31,000 acres of Private Land and State Leases
- Talon has formally earned a 51% majority interest in the Tamarack Nickel Project by:
- Paying US$6 million in cash and US$1.5 million in shares to Rio Tinto (completed in March 2019);
- Spending US$10 million on exploration & development and issuing an additional US$5 million in Talon shares to Rio Tinto (completed in September 2021)
- To earn an additional 9% interest for a total of 60% (by March 2026), Talon must complete a feasibility study and pay US$10 million to Rio Tinto
- Under the Option Agreement, Talon is appointed as the operator of the Tamarack Project, with total control over future exploration strategy
- After Talon owns 60%, Rio Tinto must fund their 40% interest, or dilute; Rio Tinto has no back-in rights; Talon controls 100% of the off-take (to whom the product is sold)