12:13 PM EDT, 07/05/2024 (MT Newswires) -- Talon Metals ( TLOFF ) on Friday said its Talon Nickel (USA) unit is selling an additional 1.67% net smelter returns royalty on the Tamarack project to a to Triple Flag Precious Metals ( TFPM ) for US$8 million (C$10.9 million).

Triple Flag will also receive eight-million two-year warrants to buy a Talon share for C$0.20.

Proceeds from the transaction will be used to continue to advance the Tamarack Nickel Project in Minnesota, the Michigan Nickel-Copper Project, and for general working capital purposes.

Talon shares were last seen down $0.005 to $0.14 on the Toronto Stock Exchange.