North American based nickel supply is scarce. But Talon Metals is aiming to change that.
What’s happening:
- Talon Metals (TSX: TLO) has announced their plans to expand their drilling and exploration efforts at both their flagship Tamarack Nickel Project located in Minnesota as well as their nickel property based in Michigan
By the numbers:
- Talon Metals plans to drill 30,000 metres alongside of in-house geophysics to further expand their nickel project located in Minnesota and to expand the testing of historical high grade nickel targets at their property in Michigan
- Talon plans to focus on 4 major targets at their Tamarack Nickel Project located in Minnesota, all of which present significant potential for discovery and resource expansion
- Nearly 50% of this new drilling is funded by the United States Department of Defense, who has committed $20.6M USD to accelerate Talon’s exploration plans due to the critical importance of domestic nickel
- In Michigan, Talon is exploring a vast land package of more than 400,000 acres that was originally purchased by Henry Ford
- While Talon has only begun initial exploration efforts at their Michigan property, it has already yielded 2 initial promising discoveries that highlight the enormous potential of the property for long term domestic nickel supply
Why it matters:
- There has been a race to secure North American based nickel supply as electric vehicle auto manufacturers look to comply with regulations set by the Inflation Reduction Act that demand they use domestic sources of nickel in order to qualify for available tax credits
Going deeper:
- Talon Metals already has an offtake agreement for supplying electric vehicle manufacture Tesla (NASDAQ: TSLA) with battery grade nickel for their production and manufacturing of electric vehicles
The intrigue:
- Multiple insiders of Talon Metals have recently been purchasing more shares of the company in the open market, acquiring over 550,000 shares since March 1st, 2024 and deepening their existing ownership positions
