Quarterly Report 31 March 2018

Market Announcement
ASX: NTL, NZX: NTL
For Immediate Release
HIGHLIGHTS
 Mystery access works completed in No 8 Level Drive;
 Metallurgical test work yields positive results;
 Pilot plant design to produce bullion complete;
 Check sampling results confirms grade of Mystery Vein;
 Transfer of Rahu permit to NTL completed.

During the quarter to 31 March 2018 works progressed at the Talisman mine site with
support works completed on the No 8 Level drive and commissioning of the
ventilation lock.
Metallurgical test work of Talisman ore using gravity and flotation processing
methods has yielded very positive results with recovery rates nearing those attained
from similar tests involving cyanide leaching. The Company has established a pilot test
work programme and design of the pilot plant is complete. Use of these processing
methods to recover gold is compatible with NTL’s goal for the Talisman Mine to be a
responsible, environmentally sustainable operation.


Quarterly Activities Report to 31 March 2018
31 March 2018
New Talisman Gold Mines Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
____________________

Commodity Exposure
GOLD and SILVER

Board and Management

Charbel Nader Chairman/Independent Director
Matthew Hill Chief Executive/ Managing Director
Murray Stevens Non-Exec Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Ash Clarke Chief Financial Officer


Capital Structure
Ordinary Shares at 20/03/2018 2,164m

Share Price
Share Price at 30/04/2018 (NZX) 1.6cps
Share Price at 30/04/2018 (ASX) 1.5cps



New Talisman Gold Mines Limited
ACN
Address 541 Parnell Rd, Parnell,
Auckland
Phone +64 27 5557737
Website www.newtalisman.co.nz
Email info@newtalisman.co.nz

Mine Refurbishment
Mine refurbishment has progressed well with the underground team having completed all
remedial support work in the No 8 Level Drive.
Services have been extended through the drive
and into Keillors Crosscut where support work is
now underway.
Concurrent with support work in Keillors
Crosscut and extension of mining services
towards the Mystery Drive, the team has
commenced refurbishing the Dubbo Drive with
the intention of gaining access to the high-grade
Dubbo Zone.
Installation of the underground water
reticulation system is well underway and will be
commissioned in the following quarter. This
system enables closed loop recirculation of
water from storage to the working face and back
and ensures efficiency of water use.
Construction of the ventilation lock is complete,
with delivery and commissioning of the primary
ventilation fan expected in the current quarter.
Three new ventilation seals have been
constructed in the main drive which will
improve the efficiency of the ventilation
system by preventing leakage of air into
and from old workings.
An inspection of the support standards
applied during refurbishment of the drive
was carried out by an Australian
Geotechnical Engineering expert. Positive
feedback was received on the quality of
work carried out by the underground
team.
Current exploration activities
As part of preparation for the upcoming
Bulk Sampling programme the Company
has undertaken sampling of the Mystery
vein to understand gold distribution within
the vein and assess the potential for
applying a specialised mining method,
such as “resue” mining where the vein material and host rock are removed in separate cuts,
Figure 1- Services extended in Keillors Crosscut
Figure 2 - Completed ventilation lock at No 8 Level
Portal

to minimise dilution and to maximise the grade of ore fed to the processing plant.
Three channel samples were taken from a cross section on the Mystery Vein on the north vein
drive. These comprised a 0.3m
wide hanging wall sample, a
1.45m wide vein sample and a
0.35 wide footwall sample. The
grades for the samples ranged
from 0.78g/t Au, 3g/t Ag to
47.3g/t Au, 40g/t Ag. The main
vein assayed 47.3g/t Au, 40g/t
Ag over 1.45m. Significantly the
0.35m footwall sample averaged
6.44g/t Au, 13g/t Ag and is
attributed gold bearing quartz
stringers marginal to the main
vein.
Including this foot wall sample
gives a weighted average grade
over 1.8m of 39.35 g/t Au,
34.75g/t Ag.
Work on gaining access to extended parts of the Talisman Mine has continued with the team
identifying a rise from the No 8 Level Bonanza Reef Drive which has been partially inspected
and may provide access to the extension of No 7 Level. The area around the base of the rise
has been supported and further inspections will be
carried out over the coming weeks.
Pre-Feasibility Study Update
The updated pre-feasibility study on the Talisman
Project is nearing completion and the results of this
study will be released to the market following
internal review. A Pre-feasibility Study is a techno-
economic evaluation of the project and is confined to
evaluating the economic impact of extraction of ore
from the Measured and Indicated Resources
contained in a mineral deposit.
A comparison of the estimated measured and
indicated resources from the 2004 resource estimate
against those announced to the market in the
updated 2017 mineral resource estimate, (MRE) is set
out in the table below:

Tonnes AuEq
Grade
(g/t)
Oz AuEq
MRE 2004 410,190 4.97 65,660
MRE 2017 200,500 12.50 80,580

Figure 3 - installation of rock bolts in Keillors Crosscut
Figure 4- completed ventilation seal in
the No 8 Level drive.

As can be seen in the table, the combined measured and indicated resource categories have
increased significantly by approximately 25% since the 2004 estimate. This increase,
combined with the increase in grade from an average of 4.97g/t AuEq to 12.50g/t, is expected
to have a very positive effect on the projects financial metrics. It is important to note the PFS
only takes into account the mineral resources accessible from the level 8 workings, and not
the entire Talisman Deeps resources which are being evaluated through a scoping study.
Metallurgical Test work
During the quarter the Company completed a programme of metallurgical test work designed
to deliver reliable and repeatable results to inform engineering studies and cost estimates
both for pilot test work during the Bulk Sampling Project and for plant design in an updated
Pre-Feasibility Study. This information was previously released to the market on 04 April 2018
please see release at https://www.asx.com.au/asxpdf/20180404/pdf/43syfsdcpgg9rf.pdf
The testwork investigated the four stages of the metalurgical process namely:
1) Grinding of ore to a suitable size to liberate gold.
2) Recovery of free milling gold in a gravity concentrator.
3) Flotation of the concentrator tails to recover additional gold.
4) Final recovery of gold from concentrate.
Three samples of 25kg each, representative of the Mystery Vein, Maria Vein and host rock,
were collected and sent for testing. The sample of ore from the Mystery Vein was chipped
from the face of the Mystery North drive while the Maria Vein sample was retrieved from an
ore stockpile. The third sample was barren andesite which is the rock in which the veins are
hosted and was sent for control purposes. Two samples, one from each vein system, were
processed during the test work regime.
Grinding
Determining the optimal grind size to liberate gold contained in the ore is a critical part of the
process. Milling of ore takes place in a ball or rod mill and is the most expensive and energy
intensive part of the process. The finer the grind size required the more energy and time is
taken up, but too coarse a grind size will result in poor recovery of gold. Two grind sizes were
tested in this programme with ore initially milled to p80 passing 106μm and again to p80
passing 53μm.
Gravity Concentration
As gold has a higher specific gravity than the host rock it is possible to separate it from the
rest of the ore using a centrifuge to enhance the gravitational force experienced by feed
particles. This is the same process as applied
when panning for gold but more efficient and
able to treat higher volumes of ore.
In the test work programme the milled product
was pulped to 50 % solids and the resultant
pulp passed through a Knelson Centrifugal
Concentrator. Final free gold concentrate (pan
concentrate) was assayed via total fusion to
eliminate sampling error and nugget effect.

Secondary concentrate (pan tailing) and final tailings were dried, weighed and split for Au
assay.
Results from this show that 61.3% of gold in Dubbo ore, and 81.9% of gold in Mystery ore can
be recovered directly by gravity concentration.
Flotation
The flotation process works by adding water and environmentally benign agents (known as
surfactants) to the mineral slurry. The surfactants essentially react with the precious metals
and make them hydrophobic, causing them to float to the surface of the slurry where they are
scraped off.
In this programme the tailings from the gravity concentrator were pulped to 20% solids and
subjected to single stage flotation with the addition
of copper sulphate, sodium isobutyl and Dow 250
which are all environmentally benign reagents.
An additional 32.7% of gold from Dubbo ore and
11.7% from Mystery ore, were recovered through
this process, yielding overall recoveries of 94% and
93.6% respectively. Variance of recovery rates
between the two grind sizes was insignificant. This
is comparable to the recovery achieved from
Talisman ore which has previously been treated using a cyanide leach process. Importantly,
the gravity and flotation process will produce inert tailings with low sulphide levels.
Gold Recovery
On exit from the flotation tanks the concentrate can either be sold directly on the market or
the gold recovered on a shaker table and smelted.
Pilot Plant Design
Based on the above results NTL has completed design of a suitable pilot plant to emulate the
processes outlined above. This plant, while small, will enable the Company to process ore won
from the mine workings and produce gold bullion. The plant will consist of primary and
secondary crushers, to reduce run of mine ore to mill feed size, and a mill followed by gravity
concentration and flotation circuits.
Selection and purchase of the final equipment is underway, and the Company expects to
complete the purchase of the equipment shortly for the commencement of pilot plant
commissioning in the next quarter.
This will put the Company in the position of being able to produce gold bullion from the gravity
concentrate and a high grade flotation concentrate for further refining or sale.
Given both the average grades at Mystery and the results of the metallurgical testwork a
concentrate is expected to yield in excess of 46 grams (1.5 oz) per tonne on average. At the
high end of the range the potential for a 4:1 uplift would deliver a maximum of up to 160
Grams (5 oz) per tonne based on the range set out above. The equipment selected will take
the concentrate through to bullion and smelting allowing the company to sell either gold
dores or depending on the market at the time concentrate.

Talisman Deeps
Ore-water
slurry

As part of the next step in development of the Talisman Deeps project the technical team is
undertaking a scoping study which will investigate likely project economics as well as layout
the body of work required to increase the level of confidence in the inferred mineral
resources. This is being done as a separate body of work to the PFS and will include further
work required to get to the deeper levels of the mine.
Valuation
The company has engaged GEOS Mining to undertake a valuation of the company’s project
and resources at both Talisman, Talisman deeps and Rahu. This valuation will form the basis
for an expected revaluation of the company’s project assets which are currently valued in the
accounts at the cost of capitalised exploration expenditure, which does not take into account
the significant works on the Talisman mine including:-

 Completion of 2013 PFS
 Maiden Ore reserve
 Bulk sampling project and initial mine plan
 Upgraded resources and grades
 Updated PFS and scoping study
 Work undertaken to date at the mine
 Acquisition of Rahu from Newcrest

Rahu
The transfer of the Rahu Exploration Permit (MEP60144) to NTL, through the wholly owned
subsidiary Rahu Resources, is complete and the Company continues with a review of the
Newcrest data in preparation for the upcoming drilling programme. Rahu is also being
included as part of the valuation being undertaken currently on the company’s projects.
Corporate
As previously identified the company has been working on the potential for a separate
exploration company via its 100% subsidiary Coromandel Gold Limited. During the quarter
work commenced on bringing this to fruition which will provide shareholders with an
opportunity to participate on a priority basis in a listed exploration company focussed on base
metals and gold.
A number of potential projects have been reviewed during the quarter and discussions
continue whilst work is being completed on the requirements and timing of a spin off.
During the period Mr Murray McKee retired from the board after 22 years of service to NTL a
significant proportion of which was spent as Chairman. Murray was instrumental in the
transition from explorer to developer and the board wishes Murray all the best in the future.
Tenement Holdings
Project Permit Number Ownership
Talisman MMP 51326 100% New Talisman Gold Mines Ltd
Rahu MEP 60144 100% Rahu Resources Pty Ltd a 100%
owned subsidiary of NTL

Matthew Hill stated “We are now at the Mystery vein having rehabilitated the level 8 drive
and completed sampling which confirmed previous samples taken at the Mystery vein as
very high grade (+40g/t AuEq). The team are commencing the work required to open Dubbo.
With metallurgical results showing very positive recoveries without the use of any
hazardous chemicals we are now well along the path to commencing production of high
grade concentrate and subsequently bullion in a very environmentally sustainable way. We
will shortly import the equipment necessary to commence processing of the initial ore at
Talisman which allows us to be self-sufficient in the metallurgical route taken for our ore.”
_______________________________________________________________________
Competent Persons Statement
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 Wayne Chowles. 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”.
Mr Chowles consents to the inclusion in this report of the matters based on his information in the form
and context in which it appears.
About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZSX & ASX: NTL) with over 2250 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% 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.
Statement of Compliance
The information in this report which refers to estimates of Mineral Resources is extracted from the
original market announcements of 12 July 2017, 25 July 2017 and 05 September 2017. The company
confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcements and that all material assumptions and technical
parameters underpinning the estimates 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.
Information in this report which refers to estimates of Ore Reserves is extracted from the original report
titled “Ore Reserves Definition – Talisman Gold Project” which was released to the market on 07 August
2013 and is available on the company website. The company confirms that it is not aware of any new
information or data that materially affects the information included in the original market
announcements and that all material assumptions and technical parameters underpinning the
estimates 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.

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.

9
JORC CODE, 2012 EDITION – TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
 Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate
to the minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
 Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.
 Aspects of the determination of mineralisation that are Material to the
Public Report.
 In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge
for fire assay’). In other cases, more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed information.
 Channel samples were taken from the face of the reef drive. Channel
widths were approx. 10cm and 2-3cm deep across the exposed vein
and both hanging wall and footwall. Sample length was based on
geology and ranged from 0.3m to 1.45m. Sample weight was
generally 2.5kg and collected in bins by chipping out each sample by
hand with cold chisels. The bins were cleaned between each sample
to reduce chance of contamination.
 To ensure representivity, care was taken to ensure equal-mass
extraction along the entire channel.

Drilling
techniques
 Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
 Not applicable to this release
Drill sample
recovery
 Method of recording and assessing core and chip sample recoveries
and results assessed.
Measures taken to maximise sample recovery and ensure representative
nature of the samples.
 Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
 Not applicable to this release
Logging
 Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
 Geological mapping, of structures, lithology and mineralization, was
undertaken by experienced field geologists and senior geologists.

10
Criteria JORC Code explanation Commentary
studies.
 Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
 The total length and percentage of the relevant intersections logged.
Sub-sampling
techniques
and sample
preparation
 If core, whether cut or sawn and whether quarter, half or all core
taken.
 If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
 For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
 Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
 Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
 Whether sample sizes are appropriate to the grain size of the material
being sampled.
 Samples were dried, crushed and rotary split at SGS Waihi to ensure
representivity.
 Samples were pulverized to 75 micron in an LM2 before subsampling
for fire assay.

Quality of
assay data
and
laboratory
tests
 The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
 For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their
derivation, etc.
 Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (ie lack of bias) and precision have been established.

 NTL used SGS in Waihi, a certified assay laboratory, using their
standard sample preparation and analytical procedures and internal
quality control procedures. All gold assays used a 30g charge fire
assay with AAS finish and a detection limit of 0.01ppm. This is a total
assay technique and considered appropriate.
 SGS Waihi inserted blanks and certified standards, repeats of higher
grade samples and screening to test pulverized sample met the size
fraction requirements.


Verification of
sampling and
assaying
 The verification of significant intersections by either independent or
alternative company personnel.
 The use of twinned holes.
 Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
 Discuss any adjustment to assay data.
 SGS ran 2 repeat assays on any sample with more than 1.0g/t Au.
 The blank sample came back below detection indicating no
contamination and appropriate mill cleaning between samples.
Location of
data points
 Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
 A levelling exercise was initially conducted in 8 Level for survey
control with a datum established outside No8 Level.
 All samples were surveyed to ensure proper XYZ control for

11
Criteria JORC Code explanation Commentary
 Specification of the grid system used.
 Quality and adequacy of topographic control.
modelling purposes.
 .Grid system used historically was Mt Eden Circuit.
 NTL used NZMG(1949) and converted all earlier data to this grid
system.
 Topographic and survey control is considered adequate for the
purpose that the data is being used.
Data spacing
and
distribution
 Data spacing for reporting of Exploration Results.
 Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
 Whether sample compositing has been applied.
 The channel samples were taken across the Mystery Vein and
comprised 3 channels. A 0.3m hanging wall channel, a 1.45m vein
sample and a 0.35 footwall sample. Samples were taken specifically
for grade control and are not intended to be included in the current
MRE database
 NA
 NA
Orientation of
data in
relation to
geological
structure
 Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
 If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
 Sample was taken over the complete vein exposure to represent a
production blast
 NA
Sample
security
 The measures taken to ensure sample security.  Samples were collected by NTL personnel, packed in site and
transported directly to the SGS Laboratory in Waihi.
Audits or
reviews
 The results of any audits or reviews of sampling techniques and data.  NA
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and
 Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title interests,
 The mine area is wholly owned by New Talisman Gold Mines Limited
under Minerals Mining Permit 51326 which was granted on 03
December 2009 for a term of 25 years and expires on 02 December

12
Criteria JORC Code explanation Commentary
land tenure
status
historical sites, wilderness or national park and environmental
settings.
 The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the
area.
2034. The permit area is 299.2 ha and lies within the Kaimai-Mamaku
Forest Park which is Crown land administered by the Department of
Conservation.
 The Company operates under an access arrangement with the Minister
of Conservation with an authority to enter and operate.
 In addition, the Company holds a resource consent issued by the
District Council to carry out bulk sampling of up to 20,000 m
3
per
annum.
 Tenure is secure at time of reporting.
Exploration
done by other
parties
 Acknowledgment and appraisal of exploration by other parties.  The Talisman permit area was held as a mining license by NZ
Goldfields and predecessors from 1971 to 1992. During this time, they
focused on small scale production from 8 level but also completed
substantial surface and underground exploration in their own right.
They had a number of joint venture partners during the term including,
Homestake Mines, Cyprus Mines Corporation, ACM Minerals, and
Waihi Gold. Cyprus Mines did the most extensive work driving around
300m further along 8 Level from historic workings and completing 51
drill holes. In 1991 NZ Goldfields went into voluntary liquidation and the
mining license was bought by two former directors who formed a
private company known as Southern Gold just prior to the mining
license expiring.
Geology
 Deposit type, geological setting and style of mineralisation.  The Karangahake mineral deposit is a low-sulphidation epithermal gold
silver vein system with an overall strike length of around 4km of which
approx. 1.5km lies within the NTL mining permit. The deposit
comprises several major veins, the most significant of which are the
Maria Vein in which the Talisman Mine is developed and the Welcome-
Crown Veins. Historic mining has exploited the deposit for around 1km
along strike and up to 700m from surface outcrop to the deepest 16
level. Fluid inclusion studies suggest the current highest level of
exposure has seen 300m of erosion from the paleosurface.
Drill hole
Information
 A summary of all information material to the understanding of the
exploration results including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
Not applicable to this release

13
Criteria JORC Code explanation Commentary
o down hole length and interception depth
o hole length.
 If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract
from the understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation
methods
 In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually Material and should be
stated.
 Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in detail.
 The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Not applicable to this release
Relationship
between
mineralisatio
n widths and
intercept
lengths
 These relationships are particularly important in the reporting of
Exploration Results.
 If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
 If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).
 Not applicable to this release
Diagrams
 Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view
of drill hole collar locations and appropriate sectional views.
 Not applicable to this release
Balanced
reporting
 Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting
of Exploration Results.
 Not applicable to this release
Other
substantive
exploration
data
 Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
 Not applicable to this release

14
Criteria JORC Code explanation Commentary
substances.
Further work
 The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
 Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.
 Further drill testing and channel sampling to increase the resource is
planned. This will involve underground drilling and sampling drives
during the bulk sampling programme. This will be part of the feasibility
programme that has been initiated with mine support and infrastructure
being established currently.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity
 Measures taken to ensure that data has not been corrupted by, for
example, transcription or keying errors, between its initial collection
and its use for Mineral Resource estimation purposes.
 Data validation procedures used.
 Not applicable to this release
Site visits
 Comment on any site visits undertaken by the Competent Person and
the outcome of those visits.
 If no site visits have been undertaken indicate why this is the case.
 Mr Chowles has been the General Manager of operations since 2012
and is the author of the reserves statements and prefeasibility studies
He is currently implementing the bulk sampling programme at the
mine and is very familiar with all aspects of the project.
Geological
interpretation
 Confidence in (or conversely, the uncertainty of ) the geological
interpretation of the mineral deposit.
 Nature of the data used and of any assumptions made.
 The effect, if any, of alternative interpretations on Mineral Resource
estimation.
 The use of geology in guiding and controlling Mineral Resource
estimation.
 The factors affecting continuity both of grade and geology.
 Not Applicable to this release

Dimensions
 The extent and variability of the Mineral Resource expressed as
length (along strike or otherwise), plan width, and depth below
surface to the upper and lower limits of the Mineral Resource.
 Not applicable to this release

Estimation
and
modelling
 The nature and appropriateness of the estimation technique(s)
applied and key assumptions, including treatment of extreme grade
values, domaining, interpolation parameters and maximum distance
of extrapolation from data points. If a computer assisted estimation
 Not Applicable to this release

15
Criteria JORC Code explanation Commentary
techniques
method was chosen include a description of computer software and
parameters used.
 The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes
appropriate account of such data.
 The assumptions made regarding recovery of by-products.
 Estimation of deleterious elements or other non-grade variables of
economic significance (eg sulphur for acid mine drainage
characterisation).
 In the case of block model interpolation, the block size in relation to
the average sample spacing and the search employed.
 Any assumptions behind modelling of selective mining units.
 Any assumptions about correlation between variables.
 Description of how the geological interpretation was used to control
the resource estimates.
 Discussion of basis for using or not using grade cutting or capping.
 The process of validation, the checking process used, the comparison
of model data to drill hole data, and use of reconciliation data if
available.
Moisture
 Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
 Not Applicable to this release
Cut-off
parameters
 The basis of the adopted cut-off grade(s) or quality parameters
applied.

Mining
factors or
assumptions
 Assumptions made regarding possible mining methods, minimum
mining dimensions and internal (or, if applicable, external) mining
dilution. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider
potential mining methods, but the assumptions made regarding
mining methods and parameters when estimating Mineral Resources
may not always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the mining assumptions
made.
 .Not Applicable to this release

Metallurgical
factors or
assumptions
 The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of
determining reasonable prospects for eventual economic extraction to
consider potential metallurgical methods, but the assumptions
 Detailed metallurgical studies to date show that expected recoveries
are likely to equal or exceed 94%.
 The deposit is typical of the low sulphidation deposits in the Waihi
Gold District which are by and large amenable to direct cyanidation,

16
Criteria JORC Code explanation Commentary
regarding metallurgical treatment processes and parameters made
when reporting Mineral Resources may not always be rigorous.
Where this is the case, this should be reported with an explanation of
the basis of the metallurgical assumptions made.
gravity separation of free gold and/or flotation concentrate
cyanidation.
 There is no evidence at this stage of any deleterious minerals that
would impact on processing.
 The testwork in this release serves to confirm these assumptions
Environmen-
tal factors or
assumptions
 Assumptions made regarding possible waste and process residue
disposal options. It is always necessary as part of the process of
determining reasonable prospects for eventual economic extraction to
consider the potential environmental impacts of the mining and
processing operation. While at this stage the determination of
potential environmental impacts, particularly for a greenfields project,
may not always be well advanced, the status of early consideration of
these potential environmental impacts should be reported. Where
these aspects have not been considered this should be reported with
an explanation of the environmental assumptions made.
 The deposit lies on DOC land under MP51326 granted to New
Talisman Gold Mines Ltd.
 Consents for bulk sampling up to 20,000m
3
/annum have been
granted for an initial 2 year period once bulk sampling commences.
 The local authorities have consented small and large scale mining
projects in the District over the last 25 years including NTL’s Talisman
project in 2013.
 Provided the Company prepares sufficient environmental data to back
up any development proposal it will be dealt with by the authorities on
its merits.
Bulk density
 Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or dry, the
frequency of the measurements, the nature, size and
representativeness of the samples.
 The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity,
etc), moisture and differences between rock and alteration zones
within the deposit.
 Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.
Not applicable to this release
Classification
 The basis for the classification of the Mineral Resources into varying
confidence categories.
 Whether appropriate account has been taken of all relevant factors (ie
relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality,
quantity and distribution of the data).
 Whether the result appropriately reflects the Competent Person’s
view of the deposit.
 Not applicable to this release
Audits or
reviews
 The results of any audits or reviews of Mineral Resource estimates.  Not applicable to this release

17
Criteria JORC Code explanation Commentary
Discussion of
relative
accuracy/
confidence
 Where appropriate a statement of the relative accuracy and
confidence level in the Mineral Resource estimate using an approach
or procedure deemed appropriate by the Competent Person. For
example, the application of statistical or geostatistical procedures to
quantify the relative accuracy of the resource within stated confidence
limits, or, if such an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the relative accuracy and
confidence of the estimate.
 The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
 These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
 Not applicable to this release