Ms. Jessica Johnson reports

TALON METALS ANNOUNCES COMPLETION OF SHARE CONSOLIDATION

Further to Talon Metals Corp.'s press release dated Jan. 9, 2026, it completed the proposed consolidation of the company's issued and outstanding shares on Jan. 23, 2026, on the basis of one postconsolidation Talon share for every 10 preconsolidation Talon shares.

As a result of the consolidation, the number of issued and outstanding Talon shares has been reduced from approximately 1,494,882,560 to approximately 149,488,256, subject to adjustment for rounding. The consolidation was conditionally approved by the Toronto Stock Exchange (the TSX) and at opening of trading today the Talon shares will begin trading on the TSX on a postconsolidation basis under the symbol TLO and on the OTC under the symbol TLOFF under a new Cusip number (G86659201).

Registered shareholders of Talon as of Jan. 23, 2026, who hold their Talon shares in certificated form have been sent a letter of transmittal with instructions for the surrender of certificates representing their preconsolidation Talon shares. Such shareholders will need to return to Computershare Trust Company of Canada, as registrar and transfer agent for the Talon shares, a completed letter of transmittal in order to receive a certificate or direct registration system (DRS) advice statement for their postconsolidation Talon shares. The form of letter of transmittal is also available electronically under the company's issuer profile on SEDAR+ and from the Talon website. Registered shareholders whose preconsolidation Talon shares are represented by a DRS advice statement are not required to return a completed letter of transmittal to Computershare and instead have been automatically issued a new DRS advice statement for the number of postconsolidation Talon shares held.

About Talon Metals Corp.

Talon is a Toronto Stock Exchange-listed base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100-per-cent ownership of the Eagle mine and Humboldt Mill in Michigan, the only primary nickel mine currently operating in the United States, and the Tamarack Nickel-Copper-Cobalt project in Minnesota. Talon is 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 United States over the OTC market under the symbol TLOFF. The Tamarack nickel-copper-cobalt project comprises a large land position (18 kilometres of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60 per cent of the Tamarack nickel-copper-cobalt project and currently owns 51 per cent. Talon has a neutrality and work force development agreement in place with the United Steelworkers union. Talon's Beulah mineral processing facility in Mercer county was selected by the United States Department of Energy for $114.8-million (U.S.) funding grant from the Bipartisan Infrastructure Law and the U.S. Department of War awarded Talon a grant of $20.6-million (U.S.) to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified and experienced exploration, mine permitting, mine development, operations, and community relations teams.

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