Half Year Report

HALF YEARLY REPORT
to 30 September 2017

2 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
REPORT TO THE SHAREHOLDERS OF NEW TALISMAN GOLD MINES LTD
Half year ended 30 September 2017
Dear Shareholders
The Directors of New Talisman Gold Mines Ltd are pleased to provide the following report on progress
your company has made in the period to 30 September 2017 and its financial position at the end of the
period.
We are drawing to the end of what has been one of the busiest years in NTL’s history and a year in which
the Company has been reshaped on many levels. Among the many accomplishments of the past year
there are three that really stand out:
• Commencement of operations at the Talisman Mine – on the 6th of June 2017 the Company
mobilised to site and in six short months has executed a significant body of work. The site is now
fully established, appropriate services are in place, we have rehabilitated approximately 600m of
the underground tunnel network and extraction of ore from underground has begun.
We are very pleased to note that this was all accomplished within budget and that only one minor
safety incident was reported. Progress on the underground works is discussed in more detail
further in this announcement.
• Modelling and resource estimation of the Talisman Deeps - Upgrading of a significant portion
of the mineral resource estimate to be compliant with JORC 2012 reporting standards. Three
modules covering the Dubbo, Woodstock and the Talisman/Bonanza zones, were released to the
market between 12 July and 05 September, 2017. The net results of which were to more than
double the mines estimate of Mineral Resources from 229,000 Oz AuEq to 469,000 Oz AuEq at an
average grade of 15.1g/t AuEq. This total includes some 312,000 Oz AuEq at an average grade of
21.98g/t in the Dubbo Zone of the mine.
This has set the stage for building a highly profitable mine as your Company sets about developing
one of the highest-grade underground deposits in New Zealand and beyond.
• The acquisition of 100% of the Rahu gold project from Newcrest New Zealand Ltd. NTL has long
held the belief that the Rahu Project, located immediately along the strike of the Maria vein which
has been extensively mined at Karangahake and historically produced gold at grade of 27.1g/t
AuEq, may host a significant epithermal gold system. An aggressive drilling campaign is planned
to test this theory and planning is at an advanced stage.
Based to the above significant achievements, investors showed their confidence in the Company resulting
in an increase in the share price from 0.5c to 1.6c after peaking at nearly 3.0c. This is a 220% increase based
on the current share price after the raising of a further approximately 2M NZD from the SPP.
Corporate
During the period under review the company completed a successful SPP raising just under $2M at a
premium to the prevailing share price traded during the issue period. This demonstrates the significant
support for the project by current shareholders who have been rewarded with an attached 1 for 5 option.
This has a generous five-year term which has recently traded at 0.7c providing shareholders with long
term incentives.
A portion of the funds raised will be applied to the Rahu Project.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 3
Talisman Mine (100% New Talisman
Gold Mines Limited)
Following detailed operational planning of the
project, and securing financial resources through
the capital raising in mid-2016, the Company
established itself at the mine site in June 2017.
The initial part of the project was focussed on
establishing the engineering infrastructure to
support underground works and refurbishing
the underground tunnel network between the
No8 Level Portal and the Mystery workings. The
refurbishment is now nearing completion while
prospecting is ramping up and extraction of ore
from the underground workings commenced in
December 2017.
Mine Refurbishment
Refurbishment of the underground workings
continues with excellent progress being made by
the underground team. Remedial works have now
progressed more than 600m into the mine at the
location of the second bypass which is the final
step to make the No 8 level drive fully trafficable
all the way to the Mystery Workings. The team
have faced many geotechnical challenges along
the way and have completed the works to date
without any serious incidents.
With the focus of the project now shifting from
rehabilitation to prospecting and extraction, two
locations have been identified through which
access to No’s 9 and 10 level may be achieved.
A detailed geotechnical assessment of these
areas is underway. Access to these levels will allow
the team to undertake sampling activities in the
highly prospective areas of the high-grade Dubbo
Zone directly below the area delineated by the
2004 exploration programme. The intersection
of the Maria vein here in 1989 borehole BM37
assayed at 656g/t gold over 1.8m which included
1154g/t over 1.0m. This with channel sampling
and drilling by NTL confirmed the presence of a
high-grade shoot that has been further supported
by modelling work of historic grade data in the
recent mineral resource upgrade.
NTL announced on 05 December 2017 that
extraction and stockpiling of ore has commenced
at the Talisman mine site. The ore is currently
being stockpiled while treatment options are
being reviewed.
Prospecting
Prospecting activities continue in full swing at the
Talisman Mine with several sources of broken ore
having been identified. Grab samples taken of an
ore stockpile on 7 Level have yielded assay results
of between 5.8g/t and 8.18g/t gold and between
16g/t and 70g/t silver. It is thought that the pile
may contain between 90 and 140 tonnes which is
readily available at a very low cost.
Grab samples taken from broken ore flowing
from an historic stope adjacent to the No 8 Level
Second Bypass have assayed at between 4.53 and
7.68 g/t gold and 38 and 45 g/t silver. Transport of
this material to a stockpile close to the portal is
now underway in preparation for transport to an
off-site stockpile location.
Prospecting activities are also underway at
Taukani Hill where previous sampling of the quartz
vein outcrop yielded gold assay results ranging
between 0.06g/t and 345g/t. The Company
wishes to increase its knowledge of this highly
prospective area along with other targets in the
mining permit and develop a more detailed
exploration programme for inclusion into the
broader mine development schedule.
Figure 1 - Team members demonstrating the mono wheel stretcher carrier purchased for underground rescue.

4 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
Mineral Resource Estimate
In late 2016 the Company undertook a programme
to upgrade the Mineral Resource estimate to be
compliant with JORC 2012 reporting standards.
This exercise was prompted by the acquisition
of a large database of historic geological and
geochemical information relating the deeper
extents of the Maria Vein. Information on this
estimate was released to the market in three
modules covering the Dubbo, Woodstock and
Talisman Bonanza zones of the Maria vein.
The net result of this exercise was to revise the
estimate of mineral resources available to the
Talisman Project from 917,000 tonnes at 6.9g/t
Au for 204,000 Oz Au to 950,000 tonnes at
15.1g/t AuEq for 469,000 Oz AuEq. Tabulations
of the Mineral Resource estimate for the Dubbo,
Woodstock and Bonanza blocks, reported in
Compliance with the 2012 JORC Code is set out
in Table 1. The Table also contains the Mineral
Resource Estimate for the Crown and Mystery
blocks, reported in compliance with the 2004
JORC Code, and a consolidated table for the
project area. Full details of the methodology can
be found in the individual company releases of 12
July 2017, 25 July 2017 and 05 September 2017.
Small differences in tonnage, grade and ounces
are due to rounding.
Figure 3 - Long Section of the Maria vein showing the
Woodstock Zone on the left, Dubbo on the right and
Talisman/Bonanza in the middle.
WoodstockMyste ry
CategoryTonnesAueq g/tOuncesCategoryTonnesAueq g/tOunces
Measured50,500 5.28,500 Measured9,200 6.41,900
indicated46,600 3.65,300 indicated12,100 6.52,530
inferred106,000 8.027,330 inferred30,900 6.46,420
Total resources203,100 6.341,170 Total resources52,200 6.510,840
DubboCrown
CategoryTonnesAueq g/tOuncesCategoryTonnesAueq g/tOunces
Measured13,000 96.940,700 Measured30,100 6.76,380
Indicated3,100 74.97,500 indicated35,900 6.77,770
Inferred436,000 18.9264,600 inferred80,100 6.617,230
Total Resources452,100 22.0312,829 Total resources146,100 6.731,380
Bonanza2004 Compl i ant Total
CategoryTonnesAueq g/tOuncesCategoryTonnesAueq g/tOunces
Measured- -- Measured39,300 6.58,270
indicated- -- indicated48,000 6.710,290
inferred97,000 23.673,600 inferred111,000 6.623,650
Total resources97,000 23.673,601 Total resources198,300 6.642,220
Total 2012 Compl i antMineral ResourcesTotal NTL
CategoryTonnesAueq g/tOuncesCategoryTonnesAueq g/tOunces
Measured63,500 24.149,200 Measured102,800 17.457,480
Indicated49,700 8.012,800 Indicated97,700 7.423,100
Inferred639,000 17.8365,580 Inferred750,000 15.9389,200
Total Resources752,200 17.6427,600 Total Resources950,500 15.1469,800
JORC 2012 Compl i antJORC 2004 Compl i ant
Table 1 - Mineral resource estimate of Maria Vein, Dubbo Zone

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 5
Gold equivalents have been used as the historic data is expressed in bullion values. These have been
converted to gold equivalents based on the gold price during the main historic mining period to
1919 where gold price was a constant £4.25 or USD20.47. All more recent exploration data has been
converted to gold equivalents at the same metal prices for consistency of resource estimation and
reporting.
This cements the Talisman deposit firmly amongst the ranks of the highest-grade gold deposits in New
Zealand as can be seen from the following graph.
Beyond the Mineral Resource Estimate set out above, the exercise also identified some 387,000m2
within the vein wireframe, measured on the plane of the resource model, that can be classified as an
exploration target. The mineralised zone is expected to range between 1.2 and 1.8 metres in thickness
with a grade range of between 7.4 and 12.9 g/t AuEq for between 277,000 Oz AuEq and 726,000 Oz
AuEq. This target constitutes an Exploration Target as defined in the 2012 JORC Code. The potential
quantity and grade is conceptual in nature and there has been insufficient exploration to estimate a
Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
Pre-feasabilility Study
In 2013 the company completed a Pre-Feasibility Study on development of the Talisman Mine. This
study proposed a mine plan, focussed on the high confidence areas adjacent to No 8 level, to produce
some 32,000 ounces of gold from 106,000 tonnes of ore over a five-year period with an average Run
of Mine grade of 9.9g/t Au. At a then gold price of USD 1,700/Oz and a USD: NZD exchange rate of
1:0.8 the project yielded an indicative NPV10% of NZD 16.5 million at an on mine cash cost of below
NZD700/Oz.
The Company is in the process of revisiting this study as we believe that several factors have changed
that will materially affect the project metrics positively. Chief among these factors is the revised mineral
resource estimate discussed in the preceding section. This indicates that input grades to the mining
plan are likely to be higher than previously estimated. This is expected to have a positive effect on
production costs as more gold will be produced for the same effort. Costs are based on tonnage not
gold content i.e. one tonne of low grade ore attracts the same cost profile as a tonne of high grade ore,
but the revenue profile varies along with the contained metal.

6 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
Scoping Study
Good progress has been made on the Talisman
Deeps scoping study. This study aims to set out
a blue print for the development of the much
larger Talisman Deeps operation based on the
significantly expanded 469,000 AuEq Oz Mineral
resource, as discussed earlier in this report.
By its nature a PFS is a technical study as defined
in the JORC Code and can be used for the
purposes of defining an Ore Reserve. Because
of this a PFS is confined to examining only the
higher confidence Measured and Indicated
Resources and cannot take account of the
extensive information available pertaining to the
deeper extents of the mine where the Mineral
Resources are classified in the Inferred Resource
category. While indicative of the short to medium
term potential of the project this is not reflective
of the considerable value increase posed by the
depth extensions of the vein system. Mine design
and production scheduling covering the much
larger, 469,000 Oz AuEq mineral resource, is likely
to point towards a significantly larger, longer life
operation than has previously been considered.
It is equally likely that, considering the increased
grade of the recently upgraded mineral resource
(6.6g/t AuEq vs 15.1 g/t AuEq), that economic
prospects for the project will increase significantly.
A Scoping Study, as referred to above, is based
on low-level technical and economic assessments,
and is insufficient to support estimation of Ore
Reserves or to provide assurance of an economic
development case at this stage, or to provide
certainty that the conclusions of the Scoping
Study will be realised.
The study will also identify opportunities for the
exploration activities to be undertaken to gain
the information required to increase confidence
in portions of the Exploration Target highlighted
during the recent mineral resource upgrade.
Current information indicates that in the Talisman/
Bonanza Zone this Exploration Target covers an
Figure 4 - Graph
of gold price in
NZD showing
recovery since
the lows of 2014
Figure 5 - Graph
of the NZD gold
price noting
consolidation
above $1600
over the past
year and $1750
since July 2017

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 7
area of some 154,000m2 on the plane of the Maria
vein wireframe and is likely to yield a vein width of
between 1.6m and 2.4m with mean AuEq grade
ranging between 17.10g/t and 21.6g/t.
This target constitutes an Exploration Target as
defined in the 2012 JORC Code. The potential
quantity and grade is conceptual in nature
and there has been insufficient exploration to
estimate a Mineral Resource. It is uncertain if
further exploration will result in the estimation of
a Mineral Resource.
Gold price
Since reaching its low point of NZD1,450/Oz in
mid-2014 the gold price has recovered appreciably
and has recently tested highs of NZD1,900/Oz last
seen in 2013.
Over the last quarter the price has been
consistently over NZD1,750/Oz and at the time
of writing is NZD 1,845/Oz. It is expected that
this price will have a material effect on investor
confidence in the sector and your company is
poised to take advantage of the situation.
Concentrator Plant
Representative samples of ore from both the
Mystery and Dubbo veins have been despatched
for metallurgical test-work in South Africa. This
test-work will inform the final design of the plant
to ensure that metal recovery is fit for purpose
before deciding on proceeding with a pilot plant.
The current proposal includes a crushing and
grinding circuit followed by a gravity concentrator
which may be supplemented by a froth flotation
cell. A closed loop water system is proposed
ensuring that no contamination of natural water
ways will take place. All metals contained in the
feed stock will be recovered to the concentrate
while reject material will be completely inert and
suitable for placement as backfill.
The plant being tested provides the opportunity
to produce a high-grade concentrate while still
meeting the requirements of traffic movement
flows from the mine specified in the existing
resource consent.
Upon completion of this metallurgical programme
NTL will have a greater understanding of precious
metal recoveries achievable on low, medium and
high-grade feedstock from the mine.
NTL have been approached by several parties
regarding the potential for purchase of high
grade concentrate.
Tenure
The Talisman Mine is held under a mining permit,
MMP51326, which was granted in 2009 for a period
of 25 years, we are compliant with the conditions
of that permit. The operation is an existing mine
on conservation land and the Company holds all
the necessary permits and consents to execute
the work programme.
Low sovereign risk is one of the factors that makes
New Zealand an attractive destination for foreign
investors. It is considered unlikely that the New
Zealand government would take any drastic steps
to upset the status quo.

8 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
Rahu Project (wholly owned subsidiary 100% Rahu Resources Pty Ltd)
NTL has a long association with the Rahu project, completing during its tenure, comprehensive
exploration and evaluation work that identified what the Company has interpreted as a 1.5 km plus long
northern extension to the mineralisation hosting the gold deposits at Talisman.
In 2016 NTL entered into a joint venture with Newcrest New Zealand Exploration Pty Ltd, a subsidiary
of Newcrest Mining Limited, to further explore and develop the project. Initially, Newcrest held 80% of
the project with the remaining 20% held by NTL. On 22 September 2017, NTL entered into a sale and
purchase agreement with Newcrest which resulted in the successful acquisition of Newcrest’s 80% share.
During the time of their involvement with the project the Newcrest team carried out a significant
programme of work on the permit, this included:
• Extensive field investigations.
• Spectral analysis of drill core to identify hydrothermal clay alteration patterns that indicate proximity
to gold mineralisation.
• Relogged drill core and reinterpreted the rock type, structure and geochemistry;
• Updated the geological model and determined drill targets.
All data gathered during the period was transferred to NTL who have continued with further analysis.
Based on the Newcrest’s and NTL’s interpretive work, the area selected for the first drill hole has
distinctive clay hydrothermal alteration patterns plus the mineral adularia, indicative of proximity to
gold mineralisation in Waihi Gold District epithermal vein systems.
NTL has previously delineated a small resource at Rahu, however the main target for a high-grade
extension of Talisman lies at depth.
Newcrest were supportive of NTL’s belief that geological evidence points towards to the area being the
upper extent of what could be a significant epithermal gold deposit.
Your company is completing its geological work to validate the deep target and finalising its drill hole
planning and administrative work for drilling in the first quarter of the new year.
Figure 6 - Shows
the projected
mineralised
structure (red
dashed line) to
be targeted with
the planned first
deep drill hole.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 9
Valuation
The current book value represents only the capitalised expenditure and does not consider the resource
and grade uplift, project development status or changes to the ownership structure of the Rahu Project.
The company intends to complete a valuation encompassing the entire resource model by the end
of the financial year upon completion of all upgrades to 2012. This will also include the adjusted
pre-feasibility study.
Tenement Holdings
ProjectPermit NumberOwnership
TalismanMMP 51326100% New Talisman Gold Mines Ltd
RahuMEP 60144100% Rahu Resources Pty Ltd a 100% owned subsidiary of NTL
About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZSX & ASX: NTL) with over 2800 shareholders who are mainly
from Australia and New Zealand and has been listed since 1986. It is a leading New Zealand minerals
development and exploration company with a mining permit encompassing the Talisman mine, one
of New Zealand’s historically most productive gold mines. The company has commenced prospecting
and upgrading activities at the mine, and advance the exploration project and increase its considerable
global exploration target into JORC 2012 resources.
Its gold properties near Paeroa in the Hauraki District of New Zealand are a granted mining permit,
including New Zealand’s highest-grade underground gold mine, a JORC 2012 compliant mineral
resource of over 427,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve
statement. The company owns 100% of exploration permit Rahu, which lies along strike from the
Talisman mine of which 80% was recently acquired from Newcrest Mining. The company will shortly
commence exploration activities at Rahu.
Figure 7 shows the results of a CSAMT geophysical survey that shows the top of the host andesite host rock is
nearest surface at the southern end of the prospect.

10 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
Cautionary Statement for Public Release
Certain information contained in this public
release may be deemed “forward-looking”
within the meaning of applicable securities laws.
Forward-looking statements and information relate
to future performance and reflect the Company’s
expectations regarding execution of business
strategy, business prospects and opportunities of
New Talisman Gold Mines and its related subsidiaries.
Any statements that express or involve discussions
with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or
future events or performance are not statements
of historical fact and may be forward-looking
statements. Forward-looking statements are subject
to a variety of risks and uncertainties which could
cause actual events or results to differ materially
from those expressed in the forward-looking
statements and information. They include, among
others, the accuracy of mineral reserve and resource
estimates and related assumptions and inherent
operating risks. There are no assurances the
Company can fulfil forward-looking statements and
information. Such forward-looking statements and
information are only predictions based on current
information available to management as of the
date that such predictions are made; actual events
or results may differ materially because of risks
facing the Company, some of which are beyond
the Company’s control. Although the Company
believes that any forward-looking statements
and information contained in this press release is
based on reasonable assumptions, readers cannot
be assured that actual outcomes or results will
be consistent with such statements. Accordingly,
readers should not place undue reliance on
forward-looking statements and information. The
Company expressly disclaims any intention or
obligation to update or revise any forward-looking
statements and information, whether because
of new information, events or otherwise, except
as required by applicable securities laws. The
information contained in this release is not
investment or financial product advice.
Competent Person Statements
The information in this report that relates to
exploration results, exploration targets and mineral
resources is based on information compiled by or
supervised by Mr Murray Stevens and Mr Wayne
Chowles. Mr Stevens is a consulting geologist and
director of New Talisman Gold Mines Ltd, who is
a corporate member of the AusIMM. Mr Stevens
has sufficient experience which is relevant to the
style of mineralisation and type of deposit under
consideration and to the activity being undertaken
to qualify as a Competent Person as defined in
the 2012 Edition of the “Australasian Code for
Reporting of Exploration Results, Mineral Resources
and Ore Reserves”.
Mr Chowles is a Mining Engineer and member of
the AusIMM. Mr Chowles is a full-time employee
of New Talisman Gold Mines Limited, he has
sufficient experience which is relevant to the
style of mineralisation and type of deposit under
consideration and to the activity being undertaken
to qualify as a Competent Person as defined in
the 2012 Edition of the “Australasian Code for
Reporting of Exploration Results, Mineral Resources
and Ore Reserves”.
Both Mr Chowles and Mr Stevens consent to the
inclusion in this report of the matters based on
his information in the form and context in which it
appears.
The company confirms that it is not aware of any
new information or data that materially affects
the information included in the original market
announcement and that all material assumptions
and technical parameters underpinning the
estimates in the relevant market announcement
continue to apply and have not materially changed.
The company confirms that the form and context
in which the Competent Persons findings are
presented have not been materially modified from
the original market announcement.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 11
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
As at 30 September 2017
Note30-Sep-17
$NZ
Unaudited
31-Mar-17
$NZ
Audited
30-Sep-16
$NZ
Unaudited
Restated
Equity
Attributable to parent company
shareholders
12,999,911 13,559,99313,869,073
Term liabilities
Provision for closure and rehabilitation
16,755NilNil
Total term liabilities16,755NilNil
Current liabilities
Payables222,096103,866148,696
Other15,840-49,973
Employee benefits40,55830,14729,302
Total current liabilities278,494134,013227,971
Total liabilities295,249134,013227,971
Total equity and liabilities 13,295,16013,694,006 14,097,044
Current assets
Cash4,370,016

5,754,398
6,460,024
Receivables and prepayments208,62553,79083,780
Total current assets4,578,6415,808,1886,543,804
Non-current assets
Property, plant & equipment77,44212,761 11,867
Assets under construction68,607,3987,843,8827,525,706
Intangible assets515,63711,637 1,162
Investments16,04217,538 14,505
Total non-current assets8,716,519 7,885,818 7,553,240
Total assets13,295,16013,694,00614,097,044
Net tangible assets per security
0.62 cents0.80 cents1.03 cents
For and on behalf of the Board:



Charbel Nader M G Hill
Dated: 6 December 2017 Dated: 6 December 2017
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

12 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Comprehensive Income
For six months ended 30 September 2017
Note 6 Months
30-Sep-17
$NZ
Unaudited
6 Months
30-Sep-16
$NZ
UnauditedContinuing Operations
Interest received75,0768,423
Capital Loss on Disposal of Shares-(284,361)
Gain/(Loss) on share revaluation(1,496)385,693
Operating and administrative expenses(634,912)(502,039)
Loss from operations
(561,332)(392,284)
Loss before tax for the period
(561,332)(392,284)
Income tax expense--
Total comprehensive income/(loss)
(561,332)(392,284)
Net loss attributable to equity holders of the parent(561,332)(392,284)
Comprehensive loss attributable to equity holders of
the parent
(561,332)(392,284)
Earnings per share
Basic earnings/(loss) per share from continuing
operations
(0.027) cents(0.029) cents
Comprehensive earnings/(loss) per share from
continuing operations
(0.026) cents(0.027) cents

NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Changes in Equity
For six months ended 30 September 2017
Note6 months
30-Sep-17
$NZ
Unaudited
6 months
30-Sep-16
$NZ
Unaudited
Total comprehensive income/(loss)(561,332)(392,284)
Proceeds from share capital issued41,2506,373,013
Equity at beginning of period13,559,9937,888,344
Equity at end of period12,999,91113,869,073
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 13
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For six months ended 30 September 2017

Note
6 months
30-Sep-17
$NZ
Unaudited
6 months
30-Sep-16
$NZ
Unaudited
Cash flows from operating activities

Cash inflows1,5477,913
Cash outflows(562,583)(464,967)
Net cash outflows from operating activities
7(561,036)(457,054)
Cash flows from investing activities
Cash inflows-293,684
Cash outflows(824,282)(234,225)
Net cash inflows/(outflows) from investing
activities

(824,282)

59,459
Cash flows from financing activities
Cash inflows41,2506,422,986
Cash outflows--
Net cash inflows from financing activities
1,2506,422,986
Net increase / (decrease) in cash held
(1,384,068)6,025,391
Effect of changes in exchange rates(314)(21,548)
Cash at beginning of period5,754,398456,181
Cash at end of period4,370,0166,460,024
CASH COMPRISES:
Cash at bank265,0166,355,024
Short term deposits4,105,000105,000
4,370,0166,460,024
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

14 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
1. General
New Talisman Gold Mines Limited is a profit-oriented company incorporated and domiciled in New
Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange
(NZX) and the Australian Stock Exchange (ASX).
The company is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013 and
the financial statements of the group have been prepared in accordance with the Financial Markets Conduct
Act 2013 and comply with NZX Listing Rule 10.6.1. The group consists of New Talisman Gold Mines Limited
(the “company”) and its subsidiaries (“Group”) and these financial statements are the consolidated financial
statements of the group. The group is engaged in mine development and mineral exploration.
These financial statements were approved for issue by the Directors on 6 December 2017.
Statement of compliance
These interim consolidated financial statements presented are for New Talisman Gold Mines Limited
and its wholly-owned subsidiaries, Coromandel Gold Limited, Northland Minerals Limited and Rahu
Resources Pty Limited (“Group”). The information is presented in New Zealand currency which is the
company’s functional currency. The interim financial statements are condensed in accordance with NZ
IAS-34, Interim Financial Reporting. These consolidated financial statements have not been audited.
The comparative information for the year ended 31 March 2017 has been audited. The comparative
information for the period ended 30 September 2016 has not been audited.
2. Accounting policies
The accounting policies and methods of computation adopted in the preparation of these financial
statements are the same as those adopted in the preparation of the annual financial statements for the
year ended 31 March 2017. Those policies are set out in the annual report for the year ended 31 March
2017. There have been no changes to those accounting policies.
3. Seasonality of operations
The results are unaffected to any significant extent by seasonality factors.
4. Share Capital
Share Capital Movement
6 months
30-Sep-17
$NZ
6 months
30-Sep-16
$NZ
Share Capital Opening balance35,164,93928,791,926
Proceeds from Rights issues1,2506,373,013
Proceeds from private placements--
Balance at end of period35,166,18935,164,939
At balance date 2,157,271,250 shares, 134,321,508 listed options and 4,250,000 unlisted options were on issue.
5. Prospecting Costs
Prospecting costs & mining tenements
6 months
30-Sep-17
$NZ
Year ended
31 Mar 17
$NZ
6 months
30-Sep-16
$NZ
Opening balance11,6371,1621,162
Development expenditure400010,4759,950
Less prospecting expenditure written off--(9,950)
Balance at end of period15,63711,6371,162
New Talisman Gold Mines Limited purchased the shares in Newcrest New Zealand Exploration Pty
Limited on 21 September 2017. This purchase dissolves the joint venture agreement between New
Talisman Gold Mines and Newcrest Mining Limited for joint ownership of the Rahu Minerals Exploration
Permit No. 60144. The purchase of the shares in New Zealand Exploration Pty Limited includes the
permit mentioned above.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 15
6. Mining Tenements
Restated Restated
Talisman Mine Development6 months
30-Sep-17
$NZ
Year ended
31 Mar 17
$NZ
6 months
30-Sep-16
$NZ
Opening balance7,843,8827,290,6727,290,672
Development expenditure763,516553,210235,034
Balance at end of period8,607,3987,843,8827,525,706
Development expenditure consists of mining development costs, professional salaries, data acquisitions
and a small portion of overhead expenses relating to the operation of the mine. Management assesses
the allocation of directly attributable overheads at the end of each reporting date.
7. Reconciliation of net deficit and operating cash flow
6 months
Sep 2017
$NZ
Unaudited
6 months
Sep 2016
$NZ
Unaudited
Net deficit after taxation
(561,332)(392,284)
Add non-cash items:
Depreciation
8,838827
Exchange (gain)/loss
31421,548
Share based payments for consultancy fees
--
Capital loss on disposal of investment
-284,361
Loss / (Gain) on revaluation of shares
1,496(389,520)
10,648(82,784)
Add (less) movement in working capital:
Decrease (increase) in debtors
535-
Increase (decrease) in creditors
144,48261,209
Decrease (increase) in accrued income
(73,530)(431)
Decrease (increase) in Prepayments
(44,039)(9,927)
Decrease (increase) in GST
(37,800)(32,837)
(10,352)18,014
Net cashflows from operating activities
(561,036)(457,054)
8. Expenses
A percentage of certain expenses including wages, consulting fees and other operational expenditure
are capitalised to exploration tenements and assets under construction based on a calculation prepared
by management which is reviewed at each reporting date.
9. Commitments
Capital commitments at the end of the period were $nil. The company has signed a lease agreement for
office rental of $1,517.03 per month plus GST which expires in March 2018.
10. Going concern
The financial report has been prepared on a going concern basis. The company has raised sufficient
funds to commence bulk sampling. The directors expect to ensure that financial obligations can
continue to be met for longer than 12 months.

16 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017
11. Events subsequent to balance date
The company receipted approximately $1.9 million in October 2017 through a successful equity
offer to shareholders which will be used to further the development of the Talisman Mine and the
Rahu project.
12. Related Party Transactions
Payments for consulting services to companies in which directors and major shareholders have a
substantial interest amounted to NZ$247,982. Director fees of $65,657 were payable at the end of
the reporting period. There were no related party receivables at balance date and no related party
debts were written off during the year.
13. Board Appointments and Retirements
There were no changes to the board of directors during this period.

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 17

18 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2017

HALF YEARLY REPORT 2017
NEW TALISMAN GOLD | 19

www.newtalisman.co.nz
COMPANY DIRECTORY
DIRECTORS
Charbel Nader (Chairman, Independent)
J Murray McKee (Independent Director)
Tony Haworth (Independent Director)
Murray R Stevens (Non-executive Director)
Matthew G Hill (Chief Executive Officer)
COMPANY SECRETARY
S Jane Bell
Registered (Head) Office
541 Parnell Road, Parnell
Auckland, New Zealand
Telephone (+64 9) 303-1893
Facsimile (+64 9) 303-1612
Email: info@newtalisman.co.nz
Website: www.newtalisman.co.nz
PRINCIPAL OFFICE IN AUSTRALIA
1st Floor, 25 Richardson Street
West Perth
Western Australia 6005
Telephone (+61 8) 9481-2040
Facsimile (+61 8) 9481-2041
BANKERS
Westpac Bank, Auckland
National Australia Bank, West Perth
AUDITORS
K S Black & Co
Level 5
350 Kent Street,
Sydney, 2000
SOLICITORS
Chapman Tripp, Auckland
Simpson Grierson, Auckland
Williams & Hughes, Perth
SECURITIES LISTED
New Zealand Stock Exchange
Code: Shares NTL; Options NTLOB
Australian Securities Exchange
Code: Shares NTL; Options NTLOB
SHARE REGISTRARS
New Zealand:
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
159 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
Telephone (+64 9) 488-8777
Facsimile (+64 9) 488-8787
Australia:
Computershare Investor Services Pty Limited
Yarra Falls
452 Johnston Street
Abbotsford Victoria 3067, Australia
Telephone 1300 850 505
Overseas callers (+61 3) 9415-4000
Managing your shareholding online:
To change your address, update your payment
instructions and view your investment portfolio
including transactions please visit
www.computershare.co.nz/investorcentre
General enquiries can be directed to:
enquiry@computershare.co.nz
Please assist our registrar by quoting your CSN or
shareholder number