ROAD TOWN, BRITISH VIRGIN ISLANDS–(Marketwired – March 31, 2017) – Talon Metals Corp. (“Talon” or the “Company“) (TSX: TLO) reported a net loss for the year ended December 31, 2016 of $1.4 million or $0.01 per share (basic and diluted), which was primarily the result of an investment loss on the Company’s shareholding in Tlou Energy and administration expenses, offset by a gain on the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan.
This compares to a net loss for the year ended December 31, 2015 of $6.3 million or $0.06 per share (basic and diluted), which was primarily the result of an impairment loss on the Trairão Iron Project, an investment loss on the Company’s shareholding in Tlou Energy and administration expenses, offset by a gain on the sale of a net smelter returns royalty that the Company held over the São Jorge Gold Project.
Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project for the year ended December 31, 2016 amounted to $21.8 million. This compares to $5.5 million for the year ended December 31, 2015. The total capitalized exploration cost on the Tamarack Nickel-Copper-PGE Project to December 31, 2016 amounts to $37.1 million.
Consolidated Audited Financial Statements for the years ended December 31, 2016 and 2015, together with Management’s Discussion and Analysis and the Company’s Annual Information Form, have been filed on SEDAR and are available at www.sedar.com.
Talon is a TSX-listed company focused on the exploration and development of the Tamarack Nickel-Copper-PGE Project in Minnesota, USA (which comprises the Tamarack North Project and the Tamarack South Project). The Company has a well-qualified exploration and mine management team with extensive experience in project management.
For additional information on Talon, please visit the Company’s website at www.talonmetals.com.
Talon Metals Corp.
Tel: (416) 361-9636 x102
Email: [email protected]