On January 9, 2026, Talon Metals Corp. completed its acquisition of Lundin Mining Corporation's Eagle Mine and Humboldt Mill operations through the purchase of Lundin Mining US Ltd., following the initial announcement on December 19, 2025. At closing, Lundin Mining received 275,152,232 common shares, bringing its total holding to 293,655,138 shares, representing approximately 19.86% of Talon's issued and outstanding shares. The implied valuation of the share consideration is approximately US$127 million (C$177 million) based on Talon's five-day volume-weighted average share price as of January 8, 2026—a significant increase from the originally announced value of approximately US$83.7 million (C$116.6 million).

The deal includes a production payment royalty capped at US$20 million (C$27.9 million) on non-Eagle Mine ore processed through the Humboldt Mill. The Lundin Family Trust also committed C$7.8 million through a private placement, acquiring 1.26% of Talon. The combined entity now holds the Eagle Mine and Humboldt Mill, the Tamarack Nickel-Copper-Cobalt Project, over 400,000 acres of Michigan exploration land including the Boulderdash discovery, and the proposed Beulah Minerals Processing Facility in North Dakota.

Leadership changes include Darby Stacey as CEO, Henri van Rooyen as Executive Chairman, and Jack Lundin and Juan Andrés Morel joining Talon's board. Lundin Mining secured director nomination and anti-dilution rights through an investor rights agreement, plus a lock-up agreement restricting share transactions for up to 24 months. Canaccord Genuity Corp. served as financial advisor, with Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP providing legal counsel.