TALON METALS REPORTS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019
Road Town, Tortola, British Virgin Islands (March 30, 2020) – Talon Metals Corp. (“Talon” or the “Company”) (TSX:TLO) reported a net loss for the year ended December 31, 2019 of
$4.0 million or $0.01 per share (basic and diluted), which was primarily the result of administration expenses, stock option compensation and a loss on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan.
This compares to a net loss for the year ended December 31, 2018 of $9.4 million or $0.07 per share (basic and diluted), which was primarily the result of a loss on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan and administration expenses.
Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper- Cobalt Project for the year ended December 31, 2019 amounted to $17.3 million. This compares to $1.1 million for the year ended December 31, 2018. The total capitalized exploration cost on the Tamarack Nickel-Copper-Cobalt Project to December 31, 2019 amounts to $51.8 million.
Consolidated Audited Financial Statements for the years ended December 31, 2019 and 2018, together with Management’s Discussion and Analysis and the Company’s Annual Information Form, have been filed on SEDAR and are available at www.sedar.com.
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 Minnesota, USA, comprised of the Tamarack North Project and the Tamarack South Project. Talon has an earn-in to acquire up to 60% of the Tamarack Project. The Tamarack Project comprises a large land position (18km of strike length) with numerous high-grade intercepts outside the current resource area. Talon is focused on expanding its current high-grade nickel mineralization resource prepared in accordance with NI 43-101; identifying additional high-grade nickel mineralization; and developing a process to potentially produce nickel sulphates responsibly for batteries for the electric vehicles industry. Talon has a well-qualified exploration and mine management team with extensive experience in project management.
For additional information on Talon, please visit the Company’s website at www.talonmetals.com or contact:
Talon Metals Corp.
Tel: (416) 361-9636 x102