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Develops the Tamarack nickel-copper-cobalt deposit in Minnesota alongside partner Rio Tinto.
Develops the Tamarack nickel-copper-cobalt deposit in Minnesota alongside partner Rio Tinto.
Has no mining revenue yet, so work is paid for by partner spending, share sales and US government grants while the project moves through permitting. Rio Tinto holds a joint-venture interest in Tamarack, and the nickel concentrate is meant to be sold to Tesla under the offtake agreement (an agreed purchase of future output).
Moat: narrow (regulatory licence, installed base). One of few advanced US nickel projects with a strategic partner and an EV-maker offtake deal.
Headquarters: Toronto, Canada · Employees: 72
Size Talon Metals (TLO.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $839M, the 270th largest of 420 Canada companies the cockpit tracks. Shares closed at C$7.26 on 6 Nov 2026.
Performance Over six months the shares gained 2.5%, against -13.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th highest of 20 in its peer set.
Growth The operating margin is 3.3% (peer median 6.4%).
Valuation It trades at 17.9× forward earnings against a peer median of 12.2× (5th most expensive of 10).
Capital Return on invested capital runs 10.9 points below its cost of capital (11.6% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$136M | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | C$11.2M | -C$71,108 | -C$64,362 | -C$50,522 | -C$36,114 |
| EBITDA | C$24.2M | -C$4.67M | -C$3.45M | -C$2.68M | -C$3.94M |
| Net income | C$3.66M | -C$5.05M | -C$2.32M | -C$2.35M | -C$1.50M |
| Free cash flow | -C$56.9M | -C$31.9M | -C$35.1M | -C$42.0M | -C$50.8M |
| Capital expenditure | C$55.5M | C$29.4M | C$33.8M | C$40.3M | C$49.4M |
| Total debt | C$14.3M | C$176,198 | C$191,297 | C$0 | C$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Talon Metals TLO.TO | $839M | +3% | n/a | 3% | 17.9× | n/a |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Trilogy Metals TMQ.TO | $391M | -50% | n/a | n/a | n/a | n/a |
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TLO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.5% | -15.0% | 7th lowest of 21 |
| 6-month return | +2.5% | -13.6% | 6th highest of 20 |
| Distance from 52-week high | -35.4% | -37.9% | 8th highest of 21 |
| Operating margin | 3.3% | 6.4% | 6th lowest of 17 |
| Forward P/E | 17.9× | 12.2× | 5th most expensive of 10 |
| ROIC minus cost of capital | -10.9 pp | -5.2 pp | 4th lowest of 18 |
| EV / EBITDA | 46.5× | 7.5× | 2nd most expensive of 8 |
| Net debt / EBITDA | -2.1× | 0.4× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Talon Metals TLO.TO | Canada | $839M | +3% | n/a | 3% | 17.9× | n/a | n/a |
| Luyang Energy-Saving Materials 002088.SZ | China | $837M | +12% | -21% | 1% | 58.4× | 20.8% | +1.3% |
| IMC Rare Earths IMC | United States | $824M | n/a | n/a | n/a | n/a | n/a | n/a |
| Jinzhou Yongshan Lithium 603399.SS | China | $821M | -45% | +50% | 2% | n/a | n/a | n/a |
| Develop Global DVP.AX | Australia | $801M | -43% | +68% | 4% | 11.8× | n/a | n/a |
| Jiangyin Electrical Alloy 300697.SZ | China | $791M | -24% | +54% | 5% | n/a | n/a | n/a |
| Changsha Dialine New Material Sci.&Tech 300700.SZ | China | $903M | -13% | +14% | -23% | n/a | n/a | n/a |
| GRIPM Advanced Materials 688456.SS | China | $780M | -24% | +34% | 2% | 49.6× | n/a | n/a |
| Amerigo Resources ARG.TO | Canada | $910M | +24% | +54% | 41% | 12.2× | 3.8% | +13.4% |
| Osisko Metals OM.TO | Canada | $911M | -16% | n/a | n/a | n/a | n/a | n/a |
| Sandur Manganese & Iron Ores SANDUMA.NS | India | $914M | -18% | +21% | 20% | n/a | 13.8% | +46.8% |
| Imperial Metals III.TO | Canada | $759M | -2% | +5% | 32% | 7.6× | -7.6% | +36.1% |
| Metals X MLX.AX | Australia | $934M | -11% | +26% | 53% | 7.2× | -10.3% | +31.2% |
| Mishra Dhatu Nigam MIDHANI.NS | India | $753M | -8% | +18% | 14% | 39.9× | 45.3% | +8.2% |
| Alnera Aluminium 301613.SZ | China | $749M | -36% | +31% | 5% | n/a | 13.7% | +56.0% |
| Infund 002141.SZ | China | $738M | +32% | -3% | 11% | n/a | 8.4% | +3.8% |
| Zhejiang Tony Electronic 603595.SS | China | $960M | +52% | +5% | -12% | n/a | n/a | n/a |
| Talamore Mining TALA.TO | Canada | $728M | -32% | n/a | n/a | n/a | n/a | n/a |
| NorthIsle Copper and Gold NCX.V | Canada | $725M | +3% | n/a | n/a | n/a | n/a | n/a |
| Gold Royalty GROY | United States | $723M | -14% | +82% | 23% | 39.4× | 54.3% | +58.2% |
| AMG Critical Materials AMG.AS | Netherlands | $988M | -41% | +12% | 7% | 11.9× | 0.2% | +13.0% |