Tamarack, Minnesota and L’Anse, Michigan — January 9, 2026 — Leads & Copy — Talon Metals Corp. has completed its acquisition of the Eagle Mine and Humboldt Mill from Lundin Mining Corporation.
The transaction, announced earlier, involved Talon issuing 275,152,232 common shares to Lundin Mining. Additionally, Lundin Mining will receive a production payment royalty of US$1.00 per tonne on ore processed through the Humboldt Mill from sources other than the Eagle Mine, up to a maximum of US$20.0 million.
Talon’s Executive Chairman, Henri van Rooyen, stated that the completion of the acquisition is a defining moment for the company. He also welcomed Darby Stacey as the new Chief Executive Officer, along with the Eagle and Humboldt mining and processing team.
According to van Rooyen, the acquisition unites the cash-flow-generating Eagle Mine and Humboldt Mill with the operating experience of the Eagle and Humboldt teams, and Talon’s capabilities in exploration, environment, and permitting. The goal is to advance strategic priorities, including extending the Eagle Mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Battery Minerals Processing Facility, and progressing engineering toward feasibility study and construction. The aim is to drive toward U.S. critical minerals self-sufficiency.
In connection with the transaction, Jack Lundin and Juan Andrés Morel from Lundin Mining have joined Talon’s board of directors. Darby Stacey, formerly the General Manager of the Eagle Mine under Lundin Mining, has been appointed as CEO of Talon and has also joined the board. Warren Newfield has stepped down from the board, and Henri van Rooyen has been appointed Executive Chairman.
Talon also announced that it will issue 18,555,783 Talon Shares to a trust settled by the late Adolf H. Lundin, concurrently with entering into the definitive agreement. The Toronto Stock Exchange requires shareholder approval of the private placement, and the company intends to call a special meeting to seek such approval.
The board has determined that the previously announced consolidation of the Talon Shares will be effective on January 23, 2026. The consolidation will be on the basis of one post-consolidation Talon Share for every ten pre-consolidation Talon Shares.
The Toronto Stock Exchange has accepted notice of the Consolidation, and the Talon Shares are expected to begin trading on the TSX on a post-Consolidation basis on or about January 27, 2026. The post-Consolidation Talon Shares will continue to trade on TSX under the symbol “TLO” but with a new CUSIP number (G86659201) and new ISIN (VGG866592014).
As a result of the Consolidation, the number of outstanding Talon Shares will be reduced from approximately 1,478,254,002 pre-Consolidation Talon Shares currently outstanding to approximately 147,825,400 post-Consolidation Talon Shares as at the Effective Date, subject to adjustment for the rounding down of fractions as outlined below.
Registered shareholders of Talon holding their Talon Shares in certificated form will be sent a letter of transmittal with instructions for the surrender of certificates representing their pre-Consolidation common shares. Such shareholders will need to return to Computershare, 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 post-Consolidation Talon Shares. The form of letter of transmittal will also be available electronically under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and from the Talon website at www.talonmetals.com. Registered shareholders whose pre-Consolidation Talon Shares are represented by a DRS advice statement will not be required to return a completed letter of transmittal to Computershare and will instead be automatically issued a new DRS advice statement for the number of post-Consolidation Talon Shares held.
Non-registered shareholders who hold their Talon Shares through a broker, financial institution or other intermediary should note that the intermediary’s procedures for processing the Consolidation, in respect of pre-Consolidation Talon Shares held for the non-registered owner’s account, may differ from those applicable to registered shareholders. Non-registered shareholders with questions should contact their intermediary for more information.
The Consolidation will not result in any fractional Talon Shares. If the Consolidation would otherwise result in a shareholder holding a fraction of a post-Consolidation common share, the number of post-Consolidation common shares held by such holder will be rounded down to the nearest whole number, and the fractional interest will be cancelled without consideration.
Further details regarding the Consolidation are contained in the Company’s information circular dated May 14, 2025 for the annual and special meeting of shareholders of Talon held June 25, 2025, a copy of which is available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Talon website at www.talonmetals.com.
Canaccord Genuity Corp. was engaged as financial advisor to the Company. Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP acted as legal counsel to the Company.
Talon is a TSX-listed base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100% 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.
Contacts:
Media Contact:
Jessica Johnson
(218) 460-9345
johnson@talonmetals.com
Investor Contact:
Mike Kicis
1 (647) 968-0060
kicis@talonmetals.com
Source: Talon Metals Corp.
