US Department of Energy and Talon Sign Agreement Regarding $114.8 Million in Bipartisan Infrastructure Law Funding Grants Talon Immediate Access to Funding for Early Site Work and Permitting of the Battery Minerals Processing
US Department of Energy and Talon Sign
Agreement Regarding $114.8 Million in
Bipartisan Infrastructure Law Funding
Grants Talon Immediate Access to Funding for Early Site
Work and Permitting of the Battery Minerals Processing
Facility in Mercer County, North Dakota
Tamarack, Minnesota--(Newsfile Corp. - November 2, 2023) - Talon Metals Corp. (TSX: TLO) (OTC
Pink: TLOFF) through its wholly-owned subsidiary Talon Nickel (USA) LLC (collectively,
"Talon"
or the
"Company"
), has signed a definitive agreement with the US Department of Energy setting the terms,
conditions and performance milestones for $114,846,344 in
grant funding
created by the
Bipartisan
Infrastructure Law.
"Our team is excited to reach this funding milestone with the Department of Energy to build-up
America's battery manufacturing capacity from processing through to recycling,"
commented Henri
van Rooyen, CEO of Talon.
"The Department of Energy has worked diligently to put this agreement in
place, and we are grateful to be entrusted with this funding that reflects a bi-partisan, national priority to
reduce America's dependence on foreign countries like Russia and China for critical minerals like
nickel. This agreement includes our commitments to engage with the local community in North
Dakota to ensure community input and benefit sharing, develop a diverse workforce with our partners
in organized labor and seek meaningful input from tribal sovereign nations in the region."
Talon's Battery Minerals Processing Facility was selected by the Department of Energy on October 19,
2022 as one of the projects that will receive funding to expand and secure the United States domestic
manufacturing of electric batteries for electric vehicles (EVs) and grid storage. Congress and President
Biden have made responsible and sustainable domestic sourcing and processing of critical minerals
like nickel a national priority. The definitive agreement announced today will allow Talon to immediately
begin accessing funding under the DOE award and sets specific milestones for the siting, design,
permitting, community engagement, construction and commissioning of the Battery Minerals Processing
Facility in Mercer County, North Dakota. The Talon processing facility will be capable of processing ore
from multiple economically viable, operating sources in North America.
Talon has an agreement with
Tesla Inc.
and the North Dakota processing facility will produce nickel in concentrate for Tesla.
Talon Chief External Affairs Officer and Head of Climate Strategy Todd Malan commented:
"We are
committed to producing the necessary ingredients like nickel for the US battery supply chain while
also protecting the environment and cultural resources where we operate. Now we can move forward
with our partners to advance the planning and construction of the battery minerals processing facility
in North Dakota."
ABOUT TALON
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 central Minnesota. Talon's shares are also traded in the US
over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land
position (18km of strike length) with additional high-grade intercepts
outside the current resource area
.
Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project, and currently owns 51%.
Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource
prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators,
and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex.
Talon has an agreement with Tesla Inc.
to supply it with 75,000 metric tonnes (165 million lbs) of nickel in
concentrate (and certain by-products, including cobalt and iron) from the Tamarack Nickel Project over
an estimated six-year period once commercial production is achieved. Talon has a
neutrality and
workforce development agreement
in place with the United Steelworkers union. Talon's Battery Mineral
Processing Facility in Mercer County was
selected by the US Department of Energy
for US$114m
funding grant from the Bipartisan Infrastructure Law and the
US Department of Defense awarded Talon a
grant of US$20.6 million
to support and accelerate Talon's exploration efforts in both Minnesota and
Michigan. Talon has well-qualified experienced exploration, mine development, external affairs and mine
permitting teams.
For additional information on Talon, please visit the Company's website at
www.talonmetals.com
or
contact:
Media Contact:
Todd Malan
1 (202) 714-8187
Investor Contact:
Sean Werger
1 (416) 361-9636 x102
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements". All statements, other than statements
of historical fact that address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company based on information currently
available to the Company. Such forward-looking statements include statements relating to the
construction of the Battery Minerals Processing Facility in North Dakota and the timing and costs related
thereto; and the milestones for the siting, design, permitting, community engagement, construction and
commissioning of the Battery Minerals Processing Facility.
Forward-looking statements are subject to
significant risks and uncertainties and other factors that could cause the actual results to differ materially
from those discussed in the forward-looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the expected consequences to, or
effects on the Company.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent uncertainty therein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/185985