- Talon Metals (TLO) has secured a 51 per cent ownership of the Tamarack Nickel Project from Rio Tinto
- Talon has paid Rio Tinto 10,543,333 stock units at C$0.60 per unit and has until March 2026 to secure the additional nine per cent ownership
- Talon Metals is a mineral exploration company with interests in the United States and Brazil
- The company is the primary operator of the Tamarack Nickel Project, which it owns in a joint venture with Rio Tinto
- Talon Metals Corp. (TLO) is up 5.0 per cent, trading at $0.63 per share
Talon Metals (TLO) has secured a 51 per cent ownership of the Tamarack Nickel Project from Rio Tinto.
The milestone is part of an agreement with Rio Tinto through which Talon has the option to earn a 60 per cent interest in the Tamarack Project.
According to the schedule, Talon had until March 2022 to pay Rio Tinto US$5 million for a 51 per cent ownership. Now, six months ahead of schedule, Talon has paid Rio Tinto 10,543,333 stock units at C$0.60 per unit.
Each unit is comprised of one common share of Talon and one-half of one purchase warrant. Each warrant will be exercisable to acquire a Talon share for a period of one year at an exercise price of C$0.80 per share.
Talon now has until March 2026 to earn the additional nine per cent interest in the Tamarack Nickel Project.
Henri van Rooyen, CEO of Talon, commented,
“The Talon team is very proud to have reached this milestone and become the majority partner in the Tamarack Nickel Project.”
“The Tamarack Nickel Project,” added Mr. van Rooyen, “will be a vital source of nickel and other critical minerals for the US battery supply chain and we are pleased to continue our partnership with Rio Tinto to advance the project from exploration to production.”
Talon Metals is a mineral exploration company with interests in the United States and Brazil.
The company is the primary operator of the Tamarack Nickel Project, which it owns in a joint venture with Rio Tinto.
Talon Metals Corp. (TLO) is up 5.0 per cent, trading at $0.63 per share as of 9:46 am ET.