TSK | TSKFF TSX | OTCQB Talisker Announces Preliminary Economic Assessment for the Bralorne Gold Project Highlighting C$1.0 Billion After-Tax NPV5% and 31.3% IRR at a Base-Case Gold Price of US$3,500/oz; At US$4,300/oz Spot
Talisker Resources Ltd.
120 Adelaide Street West, Suite 900
Toronto, Ontario M5H 1T1
TSK | TSKFF
TSX | OTCQB
Talisker Announces Preliminary Economic Assessment
for the Bralorne Gold Project Highlighting C$1.0 Billion After-Tax NPV5%
and 31.3% IRR at a Base-Case Gold Price of US$3,500/oz; At US$4,300/oz Spot
Gold, C$1.9 Billion After-Tax NPV5% and 67.2% IRR
Toronto, Ontario, September 21, 2026 – Talisker Resources Ltd. ( "Talisker" or the "Company" ) (TSX: TSK,
OTCQB: TSKFF) is pleased to announce the results of an independent Preliminary Economic Assessment ("PEA")
for its Bralorne Gold Project ( "Bralorne" or the "Project") located in British Columbia, Canada. The PEA was
prepared in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects ( "NI
43-101") by SGS Geological Services (“SGS”) with contributions from other independent engineering firms.
The Company expects to file the supporting NI 43-101 technical report on SEDAR+ within 45 days of this news
release.
Key Highlights
• After-tax NPV5% of C$1,048 million and after-tax IRR of 31.3%, based on a gold price of US$3,500/oz.
• At spot gold price of US$4,300/oz and FX US$:C$ of 0.71 After-tax NPV5% of C$1,876 million and after-tax
IRR of 67.2%.
• Average annual production of 110,000 ounces of gold per year (from mill commissioning) over a life of
mine of 14 years.
• High-grade Mineral Resource base: The Project hosts Measured and Indicated Mineral Resources of 0.72
Mt grading 8.91 g/t Au for 206,300 oz of contained gold, including 21,900 oz Measured at 10.04 g/t Au and
184,400 oz Indicated at 8.80 g/t Au, together with Inferred Mineral Resources of 11.23 Mt grading 8.73 g/t
Au for 3,151,000 oz of contained gold. The PEA is preliminary in nature and relies substantially on Inferred
Mineral Resources.
• Initial capital of C$416 million and sustaining capital of C$782 million.
• Average life-of-project head grade of 3.9 g/t Au and average process recovery of 90.6%.
• Average total cash cost of US$1,553/oz and AISC of US$1,914/oz.1
• Nominal average combined processing rate of approximately 2,700 tonnes per day from mill
commissioning.
Terry Harbort, CEO of Talisker , commented: “The PEA represents an important milestone for Bralorne and
provides a comprehensive view of the Project’s long- term development potential. The study highlights the
current operational success while building on the infrastructure, underground access and ope rating platform
already established at site and provides a robust centralized foundation for the building of our district scale
vision. Our focus now is to advance from this study and continue de-risking the Project toward the next stage
of technical evaluation and permitting.”
1 Total cash cost and all-in sustaining cost (AISC) are non-GAAP financial measures. These measures have no standardized meaning under IFRS
and may not be comparable to similar measures used by other issuers. As the Project has not yet achieved commercial production, it does not
have historical non-IFRS financial measures nor historical comparable measures under IFRS and therefore these prospective non-IFRS financial
measures may not be reconciled to the nearest comparable measure under IFRS.
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The Company will host a webinar on Friday, September 25, 2026, at 1 2:00 pm ET, during which management
will review the results of the PEA outlined in this news release.
Please register here: https://us02web.zoom.us/webinar/register/WN_00fXhqf-SuidsV64YJRx5Q
The webinar livestream replay will also be available after the event: https://bit.ly/adcap-youtube.
Preliminary Economic Assessment Overview
The PEA evaluates a conceptual development scenario for the Bralorne Gold Project based on the current
Mineral Resource Estimate with an effective date of June 1, 2026 . The assessment considers underground
mining utilizing long-hole stoping mining methods and a nominal processing capacity of 2,700 tonnes per day
(“tpd”) through a combination of sorting and milling . Once in commercial production the Project would
produce on average 110 thousand ounces of gold (“oz”, “AU”) per year with doré smelted on site. Table 1
below presents the key results from the study.
Table 1: Bralorne Gold Project PEA – Key Economic Results (after-tax)
Metric Units Base Case Spot Case
Gold price US$/oz 3,500 4,300
Exchange rate US$:C$ 0.74 0.71
NPV5% C$ million 1,048 1,876
IRR % 31.3% 67.2%
Payback period from commercial production years 2.1 1.0
Average annual fee cash flow1 C$ million 132 195
Average AISC1 US$/oz 1,914 1,889
Note:
(1) All-in sustaining costs per ounce and free cash flow are non- IFRS measures. These measures have no standardized meaning under IFRS
and may not be comparable to similar measures used by other issuers. As the Project has not yet achieved commercial production, it
does not have historical non -IFRS financial measures nor historical comparable measures under IFRS and therefore these prospective
non-IFRS financial measures may not be reconciled to the nearest comparable measure under IFRS.
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Table 2: Bralorne Gold Project PEA – Operating and Financial Metrics (after-tax)
Assumptions Units
Pre Mill Expansion
(2027 – 2030)
Post Mill Expansion
(2031 – 2044) Total
Gold price US$/oz 3,500
Exchange rate USDCAD 1.35
Discount rate % 5%
Production
Mine life Yrs 4.0 13.6 17.6
Total mineralized material mined Kt 1,252 13,797 15,050
Peak annual throughput Tpd 1,500 2,877 2,877
Average gold head grade g/t Au 5.7 3.7 3.9
Total contained gold Koz 230 1,653 1,883
Average gold recovery % 93.3% 90.2% 90.6%
Total recovered gold, payable Koz 188 1,491 1,679
Average gold production, LOM koz/yr 47 110 95
Operating Unit Costs
Underground mining C$/t mined 219.5 113.7 122.5
Sorting C$/t mined 6.7 4.3 4.5
Processing C$/t mined NA 26.5 24.3
Water Treatment C$/t mined 3.1 2.9 2.9
G&A C$/t mined 84.9 38.5 42.4
Total unit operating costs C$/t mined 314.3 186.0 196.7
Total operating costs C$ mm 394 2,566 2,960
Royalties C$ mm 27 331 358
Offsite charges / refining / transport C$ mm 197 5 202
Operating Costs
Total cash costs¹ US$/oz 2,509 1,433 1,553
All-in sustaining costs (AISC)¹ US$/oz 2,957 1,782 1,914
Capital Expenditures
Initial capital C$ mm 416 - 416
Sustaining capital C$ mm 114 669 782
Closure costs C$ mm - 35 35
Total capital expenditures C$ mm 530 704 1,233
Economics (After-Tax)
Total free cash flow, LOM¹ C$ mm 1,934
Net Present Value (NPV5%) C$ mm 1,048
Internal Rate of Return (IRR) % 31.3%
Payback, from commercial production Yrs 2.1
Average free cash flow, LOM1,3 C$ mm/yr 171
Notes:
(1) Total cash costs, AISC and free cash flow are non-IFRS measures. These measures have no standardized meaning under IFRS and may not
be comparable to similar measures used by other issuers. As the Project has not yet achieved commercial production, it does n ot have
historical non-IFRS financial measures nor historical comparable measures under IFRS and therefore these prospective non-IFRS financial
measures may not be reconciled to the nearest comparable measure under IFRS.
(2) Totals may not add due to rounding.
(3) Calculated from commercial production.
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Economic Sensitivity
The PEA base case assumes a gold price of US$ 3,500/oz and a US$:C$ exchange rate of 1.35. Sensitivities to
gold price and other key assumptions are summarized below.
Table 3: Bralorne Gold Project PEA – Economic Sensitivity Analysis, (after-tax)
Gold Price
(US$/oz)
NPV5%
(C$M) IRR%
Payback1
(years)
Average Annual FCF
(C$M/year)
$2,800 437 15.2% 4.6 113
$3,200 787 23.9% 2.9 146
$3,500 1,048 31.3% 2.1 171
$3,900 1,395 43.1% 1.5 204
$4,300 1,741 59.4% 1.1 238
$4,700 2,086 84.3% 0.7 273
$5,100 2,430 144.7% 0.4 308
Notes:
Base case in bold.
(1) Calculated from commercial production.
Table 4: Bralorne Gold Project PEA – NPV5% Sensitivity Analysis, (after-tax, C$M)
Gold Price US$:C$ Exchange Rate
(US$/oz) 1.25 1.30 1.35 1.40 1.45
$2,800 258 348 437 526 614
$3,200 585 686 787 888 989
$3,500 827 938 1,048 1,158 1,268
$3,900 1,149 1,272 1,395 1,518 1,641
$4,300 1,470 1,606 1,741 1,876 2,011
$4,700 1,790 1,938 2,086 2,233 2,381
$5,100 2,109 2,270 2,430 2,591 2,751
Note: Base case in bold.
Table 5: Bralorne Gold Project PEA – IRR Sensitivity Analysis, (after-tax, %)
Gold Price US$:C$ Exchange Rate
(US$/oz) 1.25 1.30 1.35 1.40 1.45
$2,800 11.0% 13.1% 15.2% 17.2% 19.3%
$3,200 18.9% 21.3% 23.9% 26.5% 29.2%
$3,500 25.1% 28.1% 31.3% 34.5% 38.0%
$3,900 34.7% 38.7% 43.1% 48.1% 53.6%
$4,300 46.8% 52.8% 59.4% 67.2% 76.4%
$4,700 63.1% 72.5% 84.3% 100.1% 124.6%
$5,100 88.3% 108.2% 144.7% 3517.7% NA
Note: Base case in bold.
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Mineral Resource Estimate
The PEA is based on the Bralorne Gold Project Mineral Resource Estimate (the “2026 MRE”) with an effective
date of December 31, 2025. The 2026 MRE comprises Measured and Indicated Mineral Resources of 0.72
million tonnes (“Mt”) grading 8.91 g/t Au for 206,300 ounces of contained gold, together with Inferred Mineral
Resources of 11.23 Mt grading 8.73 g/t Au for 3,151,000 ounces of contained gold. The 2026 MRE is reported
exclusive of mined-out material and includes 141 mineralized orogenic veins across the Bralorne vein systems.
The 2026 MRE was prepared by Ben Eggers, MAIG, P.Geo., of SGS Geological Services, an independent Qualified
Person as defined by NI 43 -101, and was peer reviewed by Allan Armitage, Ph.D., P.Geo., of SGS Geological
Services, also an independent Qualified Person.
Table 6: Bralorne Gold Project Underground Mineral Resource Estimate, December 31, 2025
Area Resource Class
Mass
(Mt)
Average Grade
(g/t Au)
Contained Gold
(oz)
Mustang
Measured 0.068 10.04 21,900
Indicated 0.333 9.49 101,700
M + I 0.401 9.58 123,600
Inferred 2.404 9.32 720,300
Olympus
Indicated 0.319 8.07 82,700
Inferred 8.824 8.57 2,430,700
Total
Measured 0.068 10.04 21,900
Indicated 0.652 8.80 184,400
M + I 0.720 8.91 206,300
Inferred 11.228 8.73 3,151,000
Notes:
(1) The mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-
101. Eggers conducted a site visit to the Bralorne Property on January 30-31, 2026. The mineral resource was peer reviewed by Allan Armitage, Ph.D.,
P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Armitage conducted a site visit to the Bralorne Property
on January 30-31, 2026.
(2) The classification of the Mineral Resource Estimate (MRE) into Measured, Indicated and Inferred mineral resources is consistent with current 2014
CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date of the 2006 MRE is December 31, 2025. This is the close
out date for the final mineral resource drilling database and the mining depletion models.
(3) All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(4) All mineral resources are presented undiluted and in situ, constrained by continuous three-dimensional (3D) resource models (considered mineable
shapes), and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
(5) Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. An
Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated or Measured Mineral R esource and must not be
converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured
Mineral Resources with continued exploration.
(6) The 2006 MRE is based on a validated database which includes data from 2,260 surface and underground drillholes totaling 397,759 m com pleted
between 1935 and December 2025 and 38,174 channels totaling 37,944 m completed between 1935 and December 2025. The resource database
totals 138,268 assay intervals representing 139,291 m of drillhole data and 40,502 assay intervals representing 37,142 m of channel data.
(7) The 2006 MRE is based on 141 resource models representing mineralized orogenic veins which comprise the Bralorne vein systems. 3D mode ls of
mined out areas with a 5 m buffer applied were used to exclude mined out material from the current 2006 MRE.
(8) Grades for Au are estimated for each mineralization domain using 1.0 m capped composites assigned to that domain. To generate grade within the
blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
(9) Average density values by deposit area of 2.67 to 2.72 g/cm3 were assigned to all domains based on a database of 509 samples.
(10) It is envisioned that the Bralorne Gold Project deposits may be mined using underground mining methods. Mineral resources are reported at a base
case cut -off grade of 2.3 g/t Au. The mineral resource grade blocks were quantified above the base case cut- off grade, below surface, below
overburden, within the constraining mineralization resource models, and exclusive of mined out material.
(11) The underground base case cut-off grade of 2.3 g/t Au considers metal prices of US$3,200/oz Au and metal recoveries of 93% for Au.
(12) The underground base case cut- off grade of 2.3 g/t Au considers a mining cost of US$90.00/t rock and a processing, treatment, refining,
transportation, and G&A cost of US$47.00/t mineralized material.
(13) The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues.
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No Mineral Reserves have been declared for the Project. Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability. The PEA is preliminary in nature and is intended to evaluate the
potential economic viability and development options for Bralorne. It is not a Pre-Feasibility Study or Feasibility
Study and does not support the declaration of Mineral Reserves.
Mine Design and Planning
The PEA mine plan includes 15 Mt grading 3.9 g/t Au and containing approximately 1.88 million ounces (“Moz”)
of gold separated into three distinct operating centers each with their own ramp and infrastructure systems
(See Figure 2). The plan contemplates a gradual ramp up in production during a four year permitting and
construction period, during which rates grow from about 350 tpd to 1,500 tpd at the start of mill
commissioning. Following the start of commercial production, the mining rate increases up to a maximum of
2,875 tpd for an average of 2,700 tpd over the next 14 years. Figure 1 below shows the recovered gold on a
yearly basis along with each year’s head grade.
Figure 1: Gold Recovered and Head Grade Production Profile by Year
Mining will be done by long -hole stoping, longitudinal retreat across the different mineralized veins of the
Project. Stope parameters include a minimum width of 2.5 metres (“m”), height from 25 m between levels and
a strike length of 20 m for an average stope size of about 3,000 tonnes (“t”).
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Figure 2: Mine Plan by Production Center - Long Section
Processing and Recovery
The PEA process design is based on the metallurgical tests conducted by ALS and a process trade-off study. The
process will include sorting, crushing and grinding, gravity gold recovery, carbon in leach (“CIL”) and
downstream ADR circuit. The nominal plant throughput is around 2,400 tpd, including both run of mine
(“ROM”) mineralized material and sorting concentrate. The selected primary grind size is 100 micrometre
(“um”). Based on the metallurgical test work, the overall gold recovery from the process is expected at 90.6%,
with gravity gold recovery of approximately 51% and the remaining gold recovered through CIL and ADR circuit.
Table 7: Bralorne Gold Project – Processing Recoveries
Cost Area Units Pre mill expansion Post mill expansion Combined
Sorting Plant Recovery1 % 86.0% 95.0% 92.8%
Sorting Plant Mass Pull1 % 35.0% 60.0% 56.9%
Gravity Recovery % NA 51.0% 51.0%
CIL % NA 82.0% 82.0%
Overall Recovery % 93.3% 90.2% 90.6%
Note:
(1) Applied on the coarse particles only, 30% of the material is assumed to be fines and bypass the sorting circuit.
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The Project intends to leverage the sorting and crushing plant that Talisker is currently building and set for
commissioning next year for the entire life of mine (“LOM”). Once the mill is commissioned, the sorting plant
will run at its nominal capacity of 1,700 tpd and receive partial feed from the mining activity, prioritizing lower
grade mineralized material in order to increase head grade to the mill and reduce the milling requirements.
Following milling, the tailings will report to a filter plant in proximity to the existing Bralorne Tailing Storage
Facility (“TSF”) pond, where they will be filtered and disposed of in a newly built Dry Stack facility upstream of
the existing TSF. Once operations are well underway and the maximum production rate is sustained, a paste
plant will also be added and tailings will be used as backfill in the lower levels of the mine. From there, the
tailings load will be shared between the Dry Stack facility and the underground workings. Figure 3 below
provides an overview of the flowsheet for the project once the mill is completed and operational.
Figure 3: Bralorne Gold Project Process Block Flow Diagram
Project Infrastructure
Talisker intends on building on its existing infrastructure to expand production for the Project over the next
four years. The new infrastructure required for the Bralorne Gold Project will include:
• 288 Room Camp
• Integrated Offices, Dry and First Aid/Training Facilities
• Processing Plant (Mill)
• Tailings filtration plant
• Dry Stack Site
• Water Treatment Plant
• Waste Rock Storage Area (WRSA)
• Water management structures
• Reclamation Material Stockpile (RMS)
• Haulage Roads and Site Roads
The all-season Highway 40 has been the main access to the site for decades. Typical highway delivery trucks
will transport and deliver materials and equipment directly to the site as well as access for all site personnel.
The main infrastructure will be located at the current facilities site, while a new camp, offices, warehouse,
maintenance shop, facilities, and laydown area will be located northeast of two planned waste rock storage