Talisker Commences Mining Operations at Bralorne in Q1 2025

The first quarter of 2025 marked a pivotal transition period for Talisker Resources Ltd. (TSX:TSK) as the company initiated actual mining operations at its flagship Bralorne Gold Project in British Columbia. After years of exploration, resource conversion drilling, and infrastructure development, Talisker successfully moved into the pre-production phase with the commencement of development work at the Mustang Mine on March 19, 2025. Additionally, the company finalized its acquisition of the Golden Hornet Project and reported promising preliminary results from ore sorting technology testing. These developments will soon position Talisker as an emerging gold producer during a period of historically high gold prices.

Operational Developments

Bralorne Gold Project Activation

The most significant development in Q1 2025 was Talisker's successful transition from preparation to active mining operations at the Bralorne Gold Project. Throughout the quarter, the company methodically executed a series of pre-production activities leading to the commencement of mining operations:

January: Planning and Mobilization

• Completed and reviewed the 2025 Mustang Mine Plan with the British Columbia Ministry of Mines and Critical Minerals
• Conducted geotechnical mapping of the Mustang decline and historic 980 level
• Initiated mobilization of the mining contractor
• Planned for Ground Control Management Plan submission by the end of January
• Conducted a ventilation audit with the Mustang Ventilation Plan expected by mid-January

February: Pre-construction Activities

• Completed the arrival of all operational staff (both contractor and Talisker)
• Installed necessary mining equipment
• Finalized ground control management and ventilation plans for the Mustang Mine
• Completed mine rescue training for underground teams
• Added workshop and storage units
• Re-established compressed air, water, and power services
• Initiated ground support rehabilitation
• Installed ventilation and safety infrastructure

March: Commencement of Mining Operations

• Initiated development work at the Mustang Mine on March 19th
• Began with blasting of a diamond drill bay on the 1120 ramp
• Started vein access development on the 1075 level
• Completed 31.6m of 3x3 metre development for vein zone access and auxiliary development
• Prepared for parallel development on the 1105 level to provide multiple extraction headings on the Alhambra vein

According to the company's operational plan, development will continue at a rate of 6 meters per day through August 2025, when it is expected to increase to 12 meters per day. The company anticipates reaching mineralized vein material by the third week of April, with drilling and blasting of the first long hole stope expected in May. Development work is focused on the Alhambra, BK, and BK9870 veins.

Terry Harbort, CEO of Talisker, expressed satisfaction with the progress, stating on March 26:

"We are pleased with the smooth start to mining operations at Mustang and excited to be developing on the 1075 level and soon the 1105 level towards the Alhambra vein."

Ore Sorting Technology Assessment

On February 26, Talisker announced promising results from preliminary testing of ore sorting technologies at the Bralorne Gold Project. The testing evaluated the potential effectiveness of laser sorting technology on samples collected from multiple zones within the Bralorne Mine Area.

Key findings from the ore sorting tests included:

• Strong associations between gold and quartz, indicating that laser sorting technology could effectively enhance ore processing efficiency
• Laser concentration increased the average feed grade from 14.4 grams per tonne gold to a final sorted product grade of 27.8 grams per tonne gold
• The sorting process rejected between 35% and 55% of total rock mass while achieving gold recoveries between 95% and 99%

The study examined five zones within four distinct domains: King, Pioneer, Bralorne (East and West), and Charlotte. Approximately 80 core samples from each domain underwent testing at Tomra's test center in Wedel, Germany, using both X-Ray Transmission (XRT) sorting and laser sorting technologies.

Brent Hilscher, Vice President of Mineral Processing at ABH Engineering, commented on the results:

"Laser sorting is demonstrating the potential for very sharp separation between ore and waste based on quartz association. These results are very promising, and we are encouraged by the efficiency and selectivity of the technology in identifying and isolating high-value material."

The positive ore sorting results suggest significant potential for operational efficiencies and cost reductions in Talisker's mining operations, which could substantially improve the project's economics.

Corporate Developments

Golden Hornet Project Acquisition

On January 30, Talisker announced the completion of its previously announced option agreement to acquire the Golden Hornet Project. The company also negotiated the purchase of the 2% Net Smelter Royalty (NSR) granted to Rich River Exploration Ltd. for a total aggregate consideration of $100,000.

Talisker purchased 1% of the NSR for cancellation by paying $38,000 in cash and issuing 36,363 shares at $0.33 per share. The remaining 1% was purchased by Osisko Gold Royalties Ltd pursuant to a first right of refusal granted under a royalty purchase agreement from December 2021. Following this transaction, Osisko holds a 2% net smelter returns royalty on all production from the Golden Hornet, Blue Jay, and Barnato properties.

The Golden Hornet Project represents an advanced-stage exploration asset in Talisker's portfolio. Previous drilling in 2022 demonstrated the potential for a large, kilometer-scale mineralized system with highlights including:

• 8.88 g/t Au, 0.42% Cu, and 14.99 g/t Ag over 5.1 meters within a broader zone of 2.59 g/t Au over 21.5 meters in hole GH-DDH-21-004
• 11.58 g/t Au, 0.37% Cu, and 11.1 g/t Ag over 1.05 meters in hole GH-DDH-21-003
• Broader zones of mineralization including 0.82 g/t Au over 10.3 meters and 0.96 g/t Au over 6.67 meters

While Golden Hornet represents a promising exploration property, CEO Terry Harbort emphasized that the company remains

"squarely focused on the transition to gold production at Bralorne."

Future Outlook

The successful commencement of mining operations at the Bralorne Gold Project marks a transformative milestone for Talisker Resources. With all-time high gold prices providing favorable economic conditions, the company appears well-positioned to benefit from its near-term transition to producer status.

Key focus areas for the remainder of 2025 are expected to include:

1. Ramp-up of Mining Operations: Continuing the development work at the planned rate of 6 meters per day, moving toward the anticipated increase to 12 meters per day in August 2025.
2. First Ore Production: Reaching mineralized vein material in April and commencing long hole stope mining in May as outlined in the operational timeline.
3. Operational Optimization: Further exploration of ore sorting technologies based on the promising preliminary results, potentially leading to enhanced processing efficiencies and improved project economics.
4. Fulfillment of Processing Agreements: Execution of previously announced ore purchase and processing agreements with New Gold Inc. and Nicola Mining Inc.

As Terry Harbort stated in February:

"With all time high gold prices we are excited to be finalising our pre-development activities and eagerly look forward to our first blast for 2025 setting the basis for a transformational year for Talisker."

The combination of high-grade gold resources, advancing mining operations, potential processing efficiencies through ore sorting technology, and favorable gold prices positions Talisker Resources for a potentially significant year as it establishes itself as Western Canada's newest gold producer.

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