According to the company, a “significant amount” of the net proceeds will be used for advancing work related to the planned exploration and development program at Tamarack north project in Minnesota and for general working capital purposes.
The Tamarack north project is one half of the Tamarack nickel project. With a joint ventureship with Rio Tinto, the project is made up of a north and south nickel mining efforts that span approximately 31,000 acres.
According to Talon, the project has a resource of 8.6 million tonnes grading 1.73% nickel (plus byproducts), containing 148,000 tonnes of nickel. In early 2022, Tesla and Talon entered a nickel supply deal and the US Department of Energy awarded Talon with C$2 million in R&D funding to explore the carbon storage potential as part of a climate innovation effort.
Currently, the offering remains subject to final approval of the TSX.
