First principles calculations are used to elucidate the magnetic and e
lectronic structure of pyrochlore Tl2Mn2O7. It is found that the bondi
ng has an important covalent contribution from Tl-O interactions. The
high spin ferromagnetic ground state has a very large differentiation
between minority and majority spin electronic properties. In particula
r, the minority spin channel contains a single, nearly spherical high
velocity Fermi surface derived from strongly mixed combinations of Tl,
Mn, and O orbitals, while the majority spin channel contains three sm
aller Fermi surfaces with much lower Fermi velocities. The proximity t
o a band edge in the majority channel may lead to localization of thes
e states if sufficient disorder is present. In any case, highly spin d
ifferentiated transport results, with the conduction dominated by the
minority channel.