Talon Metals (TSX:TLO) completed a non-brokered private placement of approximately 80.4 million common shares at a price of $0.27 per share, raising $21.7 million.
Talon intends to use the money for further exploration, environmental review, and to advance the feasibility study for its Tamarack nickel-copper-cobalt project in Minnesota and battery mineral processing facility in North Dakota. The Tamarack project is a joint venture with Rio Tinto (ASX:RIO; NYSE:RTP; LSE:RIO). Talon currently holds a 51% interest in Tamarack and can increase that interest to 60%.
In October 2022, the Tamarack deposit had an indicated resource of 8.6 million tonnes grading 1.73% nickel, 0.92% copper, 0.05% cobalt, plus gold, platinum, and palladium. The inferred resource was 8.5 million tonnes at 0.83% nickel, 0.55% copper, and 0.02% cobalt.
The Tamarack project is the only high-grade nickel resource in the United States that is a potential domestic source for the battery supply chain. Talon already has an agreement with Tesla to supply the electric vehicle maker with 165 million lb. of nickel in concentrate over a six-year period. Talon’s mineral processing facility for Tamarack has also received a grant of US$114 million from the U.S. Department of Energy.
Catch up on the news and the latest corporate presentation on www.TalonMetals.com.