2018 Annual Report

ANNUAL REPORT 2018

NEW TALISMAN GOLD
ANNUAL REPORT 2018
2
CONTENTS
Directors’ Report 3
Board of Directors 14
Audit Report 15
Financial Statements 19
Notes to the Financial Statements 22
Tenement Schedule 27
Additional Information 30
Corporate Governance 32
Company Directory back page
REPORT TO THE
SHAREHOLDERS OF
NEW TALISMAN
GOLD MINES LTD
For the year ended 31 March 2018
KEY HIGHLIGHTS DURING THE FINANCIAL YEAR
• Commencement of operations at the Talisman Mine – on
the 6
th
of June 2017 the company mobilised to establish
operations at the Talisman Mine. This was an historic moment
in the company’s development with the mine having not been
in an active state since 2006. The site is now fully established,
all services are in place and more than 700m of the tunnel
network, leading to the Mystery Vein, have been rehabilitated,
supported and services installed. Concurrently, NTL have
undertaken refurbishment of the Dubbo drive which is well
ahead of schedule with less than 40m remaining before access
to the BM37 zone is achieved.
• Modelling and resource estimation of the Talisman Deeps –
During the period the company undertook extensive upgrading
of a significant portion of the mineral resource estimate to be
compliant with JORC 2012 reporting standards. This was a
continuation of the development of the historic database which
was acquired in 2015, and due to the size, nature and grades
of the resource of which a large proportion sits underneath the
current Talisman activities was called “Talisman Deeps”. Three
modules of the Talisman Deeps resource area were released
to the market between 12 July and 05 September covering
Dubbo, Woodstock and the Talisman/Bonanza zones. The
significant results of the revised Mineral Resource Estimate
to JORC 2012 reporting standards more than doubled the
measured, indicated and inferred 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 contained in the Dubbo Zone of
the mine.
• Completion of Scoping Study on the Talisman Deeps - The
scoping study demonstrates that the inferred resources below
No 9 Level have a significant potential for economic extraction.
The report is currently being reviewed by independent experts.
• Completion of the 2018 updated Prefeasibility study “PFS”
- The recently released PFS has demonstrated an increase in
the Net Present Value, (NPV) from $15.4m to $35.9m at a 9%
Discount Rate with an IRR of 118% as a result of increased
gold production, grade and an extended mine life.
• The return to 100% ownership of the Rahu project through
the acquisition of Newcrest New Zealand Pty Ltd, now
renamed Rahu Resources Pty Ltd, from Newcrest Mining under
the terms of the binding agreement between the companies.
• Completion of successful capital raising - The company
completed another successful capital raising via an SPP with
an attaching option raising a further $1.9m in total. The
funds raised were for both the metallurgical testwork and
concentrator plant development at Talisman and work on
Rahu. Following NZPAM’s recent approval of the acquisition of
Newcrest New Zealand Pty Ltd, work on Rahu is expected to
commence during the next half year.
ANNUAL REPORT 2018

ANNUAL REPORT 2018NEW TALISMAN GOLD
3
DIRECTORS’ REPORT
Dear Shareholders
The 2018 Financial year is one which marks a significant milestone in the re-establishment of the Talisman
Gold Mine. This year has seen the achievement of several other key milestones in the development of your
company and one in which considerable value has been added for shareholders. At this time last year the
company had only just commenced clearing the site area in preparation for prospecting.
Your board is delighted to report that the aims outlined in the Annual Report last year to complete
rehabilitation works through to the target areas of Mystery and Dubbo and commence prospecting activities
have largely been achieved.
The company had, at this time last year, compiled the Talisman Deeps database and has subsequently
completed the Mineral Resource Estimate, modules for Talisman. This work provided a significant uplift
in gold resources and grades at the Talisman mine. A revised 2017
mineral resource estimate, reported in compliance with the 2012
JORC code, which was underpinned by an independent review and
Valuation by Geos Mining from Sydney provided a key catalyst for a
significant increase in shareholder value.
One of the key ambitions for the company noted this time last year,
was to build and expand the scope of works in prospecting and
resource definition to allow the upgrade of the prefeasibility study
“PFS” which was completed in 2013. At that time we were optimistic
that, with the completion of the updated mineral resource estimate
to JORC 2012 reporting standards, the resulting PFS would provide
further improvements in what were already very solid projected
returns and gold outputs.
The board commissioned and the technical team completed a
JORC 2012 compliant Scoping Study on the inferred portion of the
Talisman Deeps resource as a preliminary economic assessment
for extracting this sizeable high-grade gold resource. This study is
currently being reviewed by independent experts.
It is with great pleasure the board advises the 2018 updated Pre-feasibility study has been completed with
significant uplift in grades, reserves, recoverable gold and in turn revenues and economics. Key findings are
outlined further in this report.
Late last year at the AGM the board outlined its aims to complete metallurgical test work to examine potential
for the establishment of an environmentally benign method in which to concentrate gold underground. The
company engaged an independent expert who tested representative ore inside Talisman. This demonstrated
that by using a variety of methods which resulted in a preferred method using both gravity and flotation to
produce gold at a recovery rate usually found in cyanide-based treatment of 94%.
Your company is currently working closely with stakeholders for the installation of a pilot plant for the
treatment of ore and production of bullion as part of the bulk sampling phase. The company is engaging
with specialists to provide the required data that will allow the company to install a small-scale pilot plant
once the ventilation fan is installed.
With underground rehabilitation to the Mystery vein now complete, and resupporting works to the high
grade Dubbo target zone being well ahead of timelines, your company is awaiting delivery of its customised
ventilation fan which has been ordered and currently being built. The ventilation fan is a key step to allowing
blasting and frequent underground traffic movements and is expected to be installed in the next 60 days.
FINANCIAL
From a financial perspective the company applied most of its funds to the development at Talisman with a
total expenditure directly attributable to mine upgrades of over $1.79m. Whilst expenses on development
are shown in the accounts as a loss in the Statement of Financial Performance, such expenses capitalised in
the balance sheet increased the Talisman mine asset from $7.8m in 2017 to $9.6m in 2018.
In June 2018 the company engaged Geos Mining Minerals Consultants Pty Ltd “Geos Mining” to complete
a 2015 Valmin Code compliant independent valuation of the Talisman mine project. The Valuation reviewed
the JORC compliant 2017 Mineral Resource Estimate, the updated 2018 Pre-feasibility study and Ore
Reserve Statement and the Scoping Study on Talisman Deeps.
Geos Mining reviewed in detail the resource model and all technical data available as well as completing a
field visit to site and confirmed that the resource and project was compliant with the 2012 JORC reporting
standards. As set out in the notes to the accounts the directors will review valuation policy with respect to
the Talisman project in the coming year.
The Rahu Project had been previously written down to a nominal amount on the Statement of Financial
Position. However, following the acquisition of the remaining 80% of Exploration Permit 60144 through the
purchase of Rahu Resources Pty Ltd (formerly Newcrest NZ Pty Ltd) from Newcrest Mining this has now been
written back to $2.7m based on capitalised costs to date.
At the end of the financial year your company’s balance sheet remains in a very healthy position with cash of
$4.8m and the book value of the company’s net assets of $14.5m. The company has no debt and sufficient
funds to meet its budgets which the board approves on a quarterly basis.
THIS YEAR HAS SEEN THE
ACHIEVEMENT OF SEVERAL
OTHER KEY MILESTONES
IN THE DEVELOPMENT OF
YOUR COMPANY AND ONE
IN WHICH CONSIDERABLE
VALUE HAS BEEN ADDED FOR
SHAREHOLDERS.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
4
Community, sustainability and social responsibility
New Talisman is committed to strong sustainable health, safety and environmental performance. We are proud of our record of
operating without incident for over 30 years.
During the year the company cleared invasive species and runoff material from the 0.25Ha surface footprint, and, in consultation with
regulators, has put stormwater management facilities in place to direct runoff water into a series of silt dams and settling ponds. This
ensures that water flowing across the site during rainy periods is of good quality on leaving the site.
Bulk sampling underground under the company’s existing resource consent will have environmental effects which independent experts
have deemed to be no more than minor. Innovative technology and solutions such as the closed loop water system all contribute
to the company’s aim of minimizing or mitigating any environmental impacts wherever possible and are driven by a commitment to
environmental stewardship and compliance with all applicable environmental laws and regulations.
We recognise that the natural environs and forest areas adjacent to our area of operations are used for recreational activities and
tourism and we wish to continue to enhance these areas. We have supported over the last 30 years the growth in tourism which is
driven to significant degree by the area’s significant mining heritage. The walking track which was outlined in last year’s annual report
has progressed substantially with the completion of a number of surveys and it is expected the company will be in a position to
commence these works in the near future. This will provide a substantial opportunity for the public’s extended enjoyment of the park
by connecting the tracks at the bottom of the mine road with those leading to other parts of the park.
We have been, and continue to be, well supported by the people we meet near site and the community at large and direct as much of
our procurement as possible towards local businesses. We continue to be committed to working in a spirit of cooperation and respect
with the community in a sustainable and ethical way.
Mine Refurbishment
Portal pad area as at June 2017 – Installation of site works commences
In June 2017 the Company mobilised to the Talisman mine site and began preparing the site for installation of equipment to support
underground works under a certificate of compliance issued by Hauraki District Council. The 0.25 hectare site, which has a smaller
footprint at surface than the size of a quarter of an international rugby field, has been closed to the general public by the Department
of Conservation, and has now been completely cleaned of gorse and other invasive species.
• A site office consisting of a management office and control room, a storage container, first aid room, change house, security
office and ablutions are in place;
Figure 1 - Photos showing the evolution of the mine site from a muddy bog to what is now a fully functioning operation

ANNUAL REPORT 2018NEW TALISMAN GOLD
5
• Stormwater management facilities have been constructed in consultation with Waikato Regional Council and include silt dams
and settling ponds as part of the company’s environmental management system;
• Perimeter fencing has been erected and a secondary gate established
Figure 2 - photos showing reconstruction of portal support and the ventilation lock
The old portal structure has been dismantled and a new ventilation lock installed with the area now prepared for installation of the
ventilation fan which will sit atop the portal entrance;
• An underground communication system is in place which allows constant communication with underground workers from the
control room;
• Support of workings from the portal to the Mystery drive, some 700m, is complete and water and compressed air reticulation
systems have been installed throughout the length of the upgraded workings;

NEW TALISMAN GOLD
ANNUAL REPORT 2018
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ANNUAL REPORT 2018NEW TALISMAN GOLD
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• Power generation facilities are in place providing sufficient power for the underground equipment compressed air systems and
to fully run the office systems and charging of batteries.
• Work on powerlines and clearing a pathway for re-establishment of mains power is underway in discussion with Powerco which
will provide 3 phase power from the existing substation.
• A high tech security system that includes night vision, motion detection, wireless modem and 16 cameras has been setup
allowing 24/7 remote video coverage at site.
Refurbishment of the underground workings through to Mystery was completed during the period. Remedial works have now
progressed more than 700m into the mine with clear access to Mystery Vein and now stand at the last section toward Dubbo. The
team have faced many geotechnical challenges along the way and have completed the works to date without any notifiable incidents.
As set out at this time last year the company, having successfully raised sufficient capital to progress at full steam, began to shift focus
from rehabilitation to prospecting and extraction, a recent inspection of the workings by a leading geotechnical expert concluded
that the remediation works on No 8 Level have been conducted to a high standard and address the localised strata control hazards
present about the drives.
Work continues on gaining access through to the highly prospective areas of the high-grade Dubbo Zone. The intersection of the
Maria vein in that area in 1989 borehole BM37 assayed at 656g/t gold over 1.8m which included 1154g/t gold 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. The company is currently at the entrance to this area
approximately 40 metres from the high grade area. A series of rehabilitation works will be required to this area prior to commencement
of blasting and extraction. The completion of re-establishing the trafficable entry into the Dubbo Zone requires the use of machinery
and as such will commence following installation of the vent fan which is expected late July.
Extraction and stockpiling of ore underground which commenced in December 2017 at the Talisman mine site continues. Small
volumes of ore are currently being stockpiled Underground while treatment options as outlined further in this report are being
reviewed.
2017 JORC compliant Mineral Resource
Estimate
In late 2017 the Company undertook a programme to upgrade
the Mineral Resource estimate to be compliant with JORC 2012
reporting standards.
The net result 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 469,800 Oz AuEq. Tabulations and details of the
methods adopted in compiling the Mineral Resource estimate
for the Dubbo, Woodstock and Bonanza blocks, reported in
compliance with the 2012 JORC Code, are set out in in the
individual company releases of 12 July 2017, 25 July 2017 and
05 September 2017.
Dubbo Zone
Resource modelling of the Dubbo Zone has resulted in Measured, Indicated, and Inferred resources increasing to 312,800 oz gold
equivalent (Au Eq) at a grade of 21.98g/t Au Eq in compliance with the 2012 JORC Code. This is an increase of 102% over the 2004
resource estimate of 140,600 oz gold and 445,800 oz Ag for this zone (154,690 oz Au Eq). The Mineral Resources Estimate was reviewed
by Geos Mining under their Valmin compliant report which confirmed compliance with the reporting standards of JORC 2012.
The increase in measured, indicated, and inferred gold equivalent resources in the Dubbo Zone is a significant milestone and has
supported the considerable increase in project economics and further potential for mine life as set out in the summary of the revised PFS.
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.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
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Woodstock Zone
As there has been little drilling in this zone, a significant proportion of the Woodstock data was unable to meet 2012 JORC Code
requirements. Once the orebody is prospected further this may allow targeted drilling to expand the mineral resources which are set
out below.
Resource modelling of the Woodstock Zone has resulted in Measured, Indicated, and Inferred resources increasing from 41,000 oz gold
equivalent (Au Eq) at a grade of 6.30g/t Au Eq. This is an increase of 25% over the 2004 resource estimate of 32,686 oz AuEq for this zone.
Resource modelling of the Talisman and Bonanza Zones has resulted in quantifying of an Inferred resource of 73,601 oz gold equivalent
(Au Eq) at a grade of 23.64g/t Au Eq. and brings the total JORC 2012 compliant resource estimate for the Maria vein to 427,600 Oz AuEq.
The combined total of all resource blocks to has increased to 469,800 Oz AuEq.
Table 1 - Mineral resource estimate of Maria Vein, Dubbo Zone
Small differences in tonnage, grade and ounces are due to rounding.
Gold equivalents have been used as the historic data is expressed in bullion values. The gold price remained constant during the period
that recorded production data is available at £4-6s-0d, (£4.25)/Oz or USD20.47/oz. Silver values ranged from USD0.49 to USD1.03. An
average of USD 0.65 was chosen for silver and a ratio of 0.031609 was factored to give gold equivalence based on the formula [Au g/
t+(Ag g/t*0.031609).
All more recent exploration data has been converted to gold equivalents at the same metal prices for consistency of resource estimation
and reporting.
Over and above the Mineral Resource Estimate set out above, the exercise also identified some 387,000m
2
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. The company has developed an exploration programme which will both upgrade the
confidence in the estimate of inferred mineral resources and investigate the exploration potential.
NEW TALISMAN GOLD
ANNUAL REPORT 2018
8
Woodstock Zone
As there has been little drilling in this zone, a significant proportion of the Woodstock data was unable to meet 2012 JORC Code
requirements. Once the orebody is prospected further this may allow targeted drilling to expand the mineral resources which are set
out below.
Resource modelling of the Woodstock Zone has resulted in Measured, Indicated, and Inferred resources increasing from 41,000 oz gold
equivalent (Au Eq) at a grade of 6.30g/t Au Eq. This is an increase of 25% over the 2004 resource estimate of 32,686 oz AuEq for this zone.
Resource modelling of the Talisman and Bonanza Zones has resulted in quantifying of an Inferred resource of 73,601 oz gold equivalent
(Au Eq) at a grade of 23.64g/t Au Eq. and brings the total JORC 2012 compliant resource estimate for the Maria vein to 427,600 Oz AuEq.
The combined total of all resource blocks to has increased to 469,800 Oz AuEq.
Table 1 - Mineral resource estimate of Maria Vein, Dubbo Zone
Small differences in tonnage, grade and ounces are due to rounding.
Gold equivalents have been used as the historic data is expressed in bullion values. The gold price remained constant during the period
that recorded production data is available at £4-6s-0d, (£4.25)/Oz or USD20.47/oz. Silver values ranged from USD0.49 to USD1.03. An
average of USD 0.65 was chosen for silver and a ratio of 0.031609 was factored to give gold equivalence based on the formula [Au g/
t+(Ag g/t*0.031609).
All more recent exploration data has been converted to gold equivalents at the same metal prices for consistency of resource estimation
and reporting.
Over and above the Mineral Resource Estimate set out above, the exercise also identified some 387,000m
2
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. The company has developed an exploration programme which will both upgrade the
confidence in the estimate of inferred mineral resources and investigate the exploration potential.
WoodstockMy ste 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 18.9 264,600 inferred80,100 6.617,230
Total Resources452,100 22.0 312,829 Total resources146,100 6.731,380
Bonanza
2004 Compliant T otal
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 Compliant
Mineral Resources Total 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 17.8 365,580 Inferred750,000 15.9 389,200
Total Resources752,200 17.6 427,600 Total Resources950,500 15.1 469,800
JORC 2012 Compl i antJORC 2004 Compl i ant

ANNUAL REPORT 2018NEW TALISMAN GOLD
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Prospecting
Prospecting and check samples at the Mystery vein provided
confidence the potential for high grade intersections in the area
with a 1.45m wide vein sample and a 0.35 wide footwall sample
yielding grades ranging 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 gave 6.44g/t
Au, 13g/t Ag and is attributed to 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.
These results were released to the market in the Quarterly Activities
Report of 8 May 2018.
The company is investigating ways of achieving access to other
areas of the mine to further prospect and increase resource
confidence during the developments being undertaken through
the Bulk Sampling Programme.
Prefeasibility
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 15.5 million at an on mine cash cost of below NZD700/Oz with an IRR
of 83%.
The Company as per the announcement dated 26
th
June 2018 has completed a revised 2018 Pre-Feasibility study which has
demonstrated an increase in the Net Present Value, (NPV) from NZD15.4m to NZD35.9m at a 9% Discount Rate. The updated study
proposes a mine plan, focussed on high confidence areas adjacent to No 8 level, based on the production of 45,000 tonnes at 30.6
g/t AuEq with a significant drop in on mine costs to NZD583 per ounce and C2 cash costs of NZD710 per ounce. The IRR increased
significantly to 118%.
The key drivers for this increase in value are discussed below:
1. Increased ounces available for extraction – this is a result of the Mineral Resource Upgrade which saw gold equivalent ounces in
the Measured and Indicated categories increase by some 18,000 ounces. These are included in the mining plan which has seen
an increase in gold production of some 18,800 Oz AuEq.
2. Increased mine life – on the back of the increased ounces life of mine is extended by a year giving a current expectation of 6
years.
3. Grade – Run of Mine grade, on a gold equivalent basis, has increased from 11.2g/t to more than 27 g/t.
4. The USD gold price, based on independent forecasts, is expected to continue trading in a narrow range of between USD1300/
Oz and USD1400/Oz.
5. Continued USD strength is expected to result in a falling NZD:USD exchange rate over the project life.
6. Extended mine life has seen an increase in operating costs of approximately $8m.
7. Capital expenditure is reduced by $1m because of the work already completed towards the Bulk Sampling Project.
It is important to note that by its nature
a PFS is a technical study as defined in
the 2012 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 covering the
reserves as outlined above the PFS is not
reflective of the considerable upside value
increase posed by the depth extensions
of the vein system. In order to assess
the value of the remaining resource the
company completed a separate scoping
study over the Talisman Deeps area.
Figure 4 - installation of rock bolts in Keillors Crosscut

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ANNUAL REPORT 2018
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Talisman Deeps Scoping Study
As outlined earlier the Talisman Deeps scoping study was completed in June 2018. This study reviewed the broad economic potential
for the development of the much larger Talisman Deeps operation based on the significantly expanded 469,800 AuEq Oz Mineral
resource, and significantly increased grades as discussed earlier in this report.
Preliminary mine design and production scheduling covering the much larger, 469,800 Oz AuEq mineral resource has been undertaken
a reiview of the 100% inferred resource which has not previously been considered. The JORC 2012 Compliant Study is currently being
independently reviewed in conjunction with our technical team and independent experts in line with requirements set out by the ASX.
We are currently identifying opportunities for exploration activities to be undertaken to gain the information required to increase
confidence in the estimate of inferred mineral resources and portions of the Exploration Target highlighted during the recent mineral
resource upgrade.
Concentrator Plant
Mystery is the first target for extraction and is expected to have the highest recovery using gravity processing alone. Following the
final consultation with stakeholders as outlined earlier in this report the pilot plant will initially be used with the Mystery Ore. The
Company continues to investigate opportunities to deploy environmentally sound gold recovery methods within and external to the
workings of the mine and has carried out an initial testwork programme to examine these opportunities.
This metallurgical test work, which was carried out and announced during the year, was designed to deliver reliable and repeatable
results to support design of a pilot processing plant to ensure maximization of recoveries can be attained by scaling up prior to a full
scale plant.
Testwork examined the potential of two processing paths, post mining, using gravity and flotation as illustrated below:
There are four stages to the metalurgical process once ore has been mined and crushed to a suitable feed size:
1. Grinding of ore to a suitable size to liberate gold- The results of the testwork announced during the year showed that the ore at
a lower grind size of 106 micron is optimal.
2. Recovery of free milling gold in a gravity concentrator – Tests using a gravity concentrator for the recovery of gold from Mystery
ore delivered high recovery rates of 81.9% with Dubbo ore showing rates of above 61.3%
3. Flotation of the concentrator tails to recover additional gold – By taking the remaining solids through a flotation system, testing
indicates both gold and sulphides could be concentrated and extracted to gain a further 32.7% for Dubbo and 11.7% for Mystery
ore.
4. Final gold recovery– If using both Gravity and subsequent flotation testing indicates the resulting recovery of gold could reach
94% for Dubbo and 93.6% for Mystery ore.
Three samples of 25kg each were collected and sent for testing 25kg from Mystery face, 25kg of Maria Vein ore and 25kg of control
rock from inside the mine. As previously announced the results from metallurgical testwork and using a lab scale plant provided
recoveries which were comparable with recoveries of gold from material processed at nearby operations where 100 Tonnes was
processed at the Waihi plant in 2014 with ore feed from stockpiles in excess of 1.5 oz/tonne and which provided recovery rates of
95%. The metallurgical route for the high grade Talisman ore has already been tested utilising the existing toll treatment facilities. The
significant gold recovery results recently attained using an alternative metallurgical route via gravity and flotation on the ore samples
have key benefits both with the potential for a reduction in material leaving site and the potential for at/near vein processing of bullion
for sale.

ANNUAL REPORT 2018NEW TALISMAN GOLD
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Pilot Plant Design
Results from the testwork set out above have assisted in modifications and design of a pilot plant layout which is expected to be that
set out in the process flow diagram alongside. It is expected that the plant will be modular and scalable allowing components to be
added as production volumes increase.
Talisman Mine Tenure
The Talisman Mine is held under a mining permit, MMP51326, which was granted in 2009 for a period of 25 years, NZPAM have
confirmed we are compliant with the conditions of that permit and a change of conditions is currently being finalised. 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 both foreign and domestic investors. It
is considered unlikely that the New Zealand government would take any drastic steps to upset the status quo, particularly for those
operators holding existing mineral permits.
Rahu Project (wholly owned subsidiary 100% Rahu Resources Pty Ltd)
NTL has a long association with the Rahu project, and 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.
During the time of its 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.
Figure 5 - The figure above shows the projected
mineralised structure (red dashed line) to be
targeted with the planned first deep drill hole.
Title: Flowsheet - Crush/Gravity Plant with Mill & Float Circuit
Date: August 2017
Drawn: HP
Client:
Sheet: 1 of 1
GoldKacha
concentrate
GOLDKACHA
CONCENTRATOR
Water
CLASSIFICATION
CYCLONES
SHAKING
TABLE
BALL MILL
Smeltable Gold
Tailings
JAW CRUSHER
Feed
Material
VIBRATING GRIZZLY
FEEDER
Rougher
concentrate
Cleaner Tails
Scavenger
concentrate
ROUGHER CELLS
SCAVENGER
CELLS
Flotation
concentrate
Rougher Tails
CLEANER CELLS
CONDITIONING
TANK
GoldKacha
GoldKacha
Water
GoldKacha
tailings

NEW TALISMAN GOLD
ANNUAL REPORT 2018
12
All data gathered during the period was transferred to NTL who have continued with further analysis since the acquisition of Newcrest
NZ Pty Ltd and which on 31
st
May NZPAM granted the change of beneficial ownership.
The figure below 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 prospect.
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 is believed
to lie 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.
Following the delays created by processing times taken, which resulted in the change of ownership of the permit only recently being
confirmed by NZPAM, NTL is now in the process of finalising applications for resource consents for water take and discharge and is
applying resources to validate the deep drilling target and plan for drilling once the administrative work required is complete.
Tenement Holdings
ProjectPermit NumberOwnership
TalismanMMP 51326100% New Talisman Gold Mines Ltd
RahuMEP 60144100% Rahu Resources Pty Ltd a 100% owned subsidiary of NTL
Photo of high grade ore from 13 Level of Maria Vein. Bonanza Section.
Grade 701.05 g/t Gold and 3,426.6 g/t Silver

ANNUAL REPORT 2018NEW TALISMAN GOLD
13
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 and highest grade
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, a JORC compliant mineral
of 469,800 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.
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.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
14
BOARD OF DIRECTORS
Mr Charbel Nader B.com, M App Fin, CA, CTA
Chairman and Non-executive Director
Mr Nader is an investment banker with extensive experience in corporate finance and strategic advisory and board roles, including
experience in mergers and acquisitions project finance. Charbel has worked across a range of industries and has expertise in the
finance of capital intensive projects with volatile returns. Charbel was formerly deputy chairman of Aspermont Ltd publisher of the
Mining Journal and organiser of the Mines and Money events in Hong Kong, London and Melbourne.
Mr Nader was, head of Pitt Capital Partners Melbourne office (a subsidiary of Washington H Soul Pattinson), and founding Chairman
of successful media start up and oversaw its sale to Fairfax Ltd for in excess of $100m. He is Non-Executive Director of Madman
Entertainment, distributor of the highly successful New Zealand film The Hunt for the Wilderpeople. He has been a director of gold
mining companies with assets in Hungary. Mr Nader is a non executive Director of United Networks Ltd, Chairman Growth Factor Ltd.
He has a Bachelor of Commerce and Masters of Applied Finance from the University of Melbourne, is Chartered Accountant and is
fellow of the Tax Institute of Australia.
Matthew Geoffrey Hill MBA, MAICD, Ffin
Chief Executive Officer
Mr Hill is the Executive Director of International Pacific Capital, and Managing Director of Asia Pacific Capital Group Limited. Matthew is
an experienced merchant banker having worked previously at Potter Warburg (now UBS); Eventures (a joint venture between Newscorp
and Softbank); Pitt Capital and Souls Private Equity Limited. Matthew specialises in resources and company listings on the ASX and NZX.
Matthew has been responsible for leading the company from exploration into the development phase at the Talisman mine since his
appointment in late 2012 and is primarily responsible for day to day operations and capital raising initiatives of the company. Mr. Hill is
a non-executive director of Broken Hill Prospecting Limited ASX:BPL which holds interests the Thackaringa cobalt project near Broken
Hill in NSW Australia and a portfolio heavy mineral sands tenements in the Murray Basin. Mr Hill is also an Independent Director of
Cobalt Blue Holdings Limited ASX:COB which holds a joint venture with BPL over the Thackaringa Cobalt Project. Matthew is also
alternate director for Geoffrey Hill on Pacific American Coal ASX:PAK .
Mr Hill Holds a Graduate Diploma in Applied Finance and Master of Business Administration. He is a fellow of the FINSIA and a
member of the Australian Institute of Company Directors.
Mr Hill was appointed to the New Talisman Board as Alternate Director for Geoffrey Hill on 1 December 1999, and has served as a full
Director for nearly 12 years since his appointment on 10 October 2006 and Appointed as CEO/Managing Director on 3 September 2012.
Mr Murray Ronald Stevens, BSc, MSc(Hons), Dip.Geol.Sci, MAusIMM
Non-executive Director
Mr Stevens has BSc and MSc (Hons) degrees in geology from the University of Auckland and a Post-graduate Diploma in Geoscience
from Macquarie University in Sydney majoring in Mineral Economics.
Mr Stevens has over than 35 years of experience as a geologist and has provided consulting services to NTL since 2002.
Mr Stevens has extensive expertise exploring for epithermal gold deposits in the Coromandel and the wider Asia-Pacific region. He
has held Senior Management and consulting roles in a number of public and private companies and was NTL’s (formerly Heritage
Gold Ltd) first Exploration Manager from 1987 to 1996. He was instrumental in recognizing the potential for the Talisman Mine and the
Rahu area when NTL acquired these areas in the early 1990’s. Murray played a key role in the original discovery made at Rahu and was
the exploration consultant for NTL when the work undertaken between 2003 and 2006 delineated the current resources at Talisman.
Mr Tony Haworth, M.Sc (Tech), M.Sc (Fin), M.AusIMM, MAICD
Independent Director
Mr Haworth has over 20 years’ experience spanning a variety of geological, corporate, finance and governance roles across the
minerals industry and as a corporate adviser and investment banker.
Mr Haworth began his career as an Exploration Geologist with Heritage Gold (now NTL) and has worked in New Zealand and offshore for
a range of private and public listed companies. His other previous roles include General Manager of Mawarid Mining (formerly National
Mining Company) in Oman and Director of Liberty Gold Corporation in London. He is currently a Director at New Zealand corporate
advisory firm Campbell MacPherson Ltd where he specialises in mergers and acquisitions, corporate valuation and financial analysis.
Mr Haworth holds a Masters in Finance from London Business School and a Masters in Earth Science from the University of Waikato. He is
a corporate Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Company Directors.
From L-R: Murray Stevens, Tony Haworth, Charbel Nader, Matt Hill

ANNUAL REPORT 2018NEW TALISMAN GOLD
15
AUDITOR’S REPORT

NEW TALISMAN GOLD
ANNUAL REPORT 2018
16

ANNUAL REPORT 2018NEW TALISMAN GOLD
17

NEW TALISMAN GOLD
ANNUAL REPORT 2018
18

ANNUAL REPORT 2018NEW TALISMAN GOLD
19
NEW TALISMAN GOLD MINES LIMITED
Statement of Comprehensive Income
For year ended 31 March 2018
GroupParent
Note2018
2017 
2018
2017
10Restated *
NZ$NZ$ 
NZ$
NZ$
Continuing Operations

Other Operating income2128,597 71,544 128,597 71,544
Operating and administrative expenses3, 4 (1,130,754) (762,959) (1,130,754) (762,916)
Exploration costs written off 10-(9,950)-(9,950)
Gain/(loss) from operations (1,002,157) (701,365) (1,002,157) (701,322)
Net profit/(loss) for the year (1,002,157)(701,365) (1,002,157)(701,322)
Other Comprehensive Income / (Loss)108,1372,733,2638,137-
Total comprehensive income/(loss)(994,020) 2,031,898 (994,020)(701,322)
Net profit/(loss) attributable to equity
holders of the parent
(994,020) 2,031,898 (994,020)(701,322)
Comprehensive profit/(loss) attributable
to equity holders of the parent
(994,020) 2,031,898 (994,020)(701,322)
Earnings per share
Basic earnings/(loss) per share
From continuing operations10 (0.05) cent .12 cent (0.05) cent (0.04) cent

Diluted earnings/(loss) per share
From continuing operations10 (0.05) cent .11 cent (0.05) cent (0.04) cent
The accompanying notes form part of these financial statements
NEW TALISMAN GOLD MINES LIMITED
Statement of Changes in Equity
For the Year Ended 31 March 2018
Group 2018Group 2017
NoteShare
Capital
NZ$
Capital
Reserves
NZ$
Retained
Earnings
NZ$
Total
Equity
NZ$
Share
Capital
NZ$
Capital
Reserves
NZ$
Retained
Earnings
NZ$
Total
Equity
NZ$
Profit/(Loss)--(1,002,157)(1,002,157)--(701,365)(701,365)
Other comprehensive
income/(loss)
10

-
-8,1378,137

-
-2,733,2632,733,263
Proceeds from share
capital issued
1,925,910--1,925,9106,373,013--6,373,013
Transfer to
accumulated income
7(2,500,000)(335,341)2,835,341-----
Prior Period
Adjustment
22------4,6604,660
Equity at beginning of
year
35,164,939335,341(19,202,364)16,297,91628,791,926335,341(21,238,922)7,888,345
Equity at end of year 734,590,849-(17,361,043)17,229,80635,164,939335,341(19,202,364)16,297,916
Parent 2018Parent 2017
NoteShare
Capital
NZ$
Capital
Reserves
NZ$
Retained
Earnings
NZ$
Total
Equity
NZ$
Share
Capital
NZ$
Capital
Reserves
NZ$
Retained
Earnings
NZ$
Total
Equity
NZ$
Total comprehensive
income/(loss)
--(994,020)(994,020)-- (701,322) (701,322)
Proceeds from share
capital issued
1,925,910--1,925,9106,373,013--6,373,013
Transfer to
accumulated income
7(2,500,000)(297,641)2,802,3014,660--4,6604,660
Equity at beginning of
year
35,164,939297,641(21,899,230)13,563,35028,791,926297,641(21,197,908)7,891,659
Equity at end of year 734,590,849-(20,090,949)14,499,90035,164,939297,641(21,894,570)13,568,010
The accompanying notes form part of these financial statements

NEW TALISMAN GOLD
ANNUAL REPORT 2018
20
NEW TALISMAN GOLD MINES LIMITED
Statement of Financial Position
As at 31 March 2018
Group Parent
Note 2018
NZ$ 
2017
Restated *
NZ$ 
2018
NZ$ 
2017
Restated *
NZ$ 
Equity
Attributable to parent company shareholders717,229,806 16,297,916 14,499,90013,568,010
17,229,806 16,297,916 14,499,900 13,568,010
Term liabilities
Rehabilitation Reserve
9 17,795 - 17,795-
Total term liabilities 17,795 - 17,795-
Current liabilities
Payables82 1 3 , 5 8 4 1 0 3 , 8 6 6 2 1 3 , 5 8 4 1 0 3 , 8 6 6
Employee benefits202 1 , 3 3 0 3 0 , 1 4 7 2 1 , 3 3 0 3 0 , 1 4 7
Total current liabilities234,914134,013234,914134,013
Total liabilities 252,709 134,013 252,709 134,013
Total equity and liabilities 17,482,515 16,431,92914,752,609 13,702,023
Current assets
Cash 4,828,750 5,754,398 4,828,750 5,754,398
Receivables and prepayments21 116,922 58,450 1 2 9 , 5 5 0 6 3 , 0 7 8
Total current assets 4,945,672 5,812,8484,958,300 5,817,476
Non-current assets
Property, plant & equipment989,677 12,761 89,67712,761
Assets under construction99,638,2687,843,8829,638,2687,843,882
Intangible exploration assets102,752,9002,744,90010,57510,575
Investments1155,998 17,538 5 5 , 7 8 8 17,328
Total non-current assets 12,536,843 10,619,0819,794,3087,884,546
Total assets

17,482,515 16,431,929 14,752,609 13,702,022
For and on behalf of the Board:


C Nader (Chairman) M G Hill
29 June 2018 29 June 2018
The accompanying notes form part of these financial statements .

ANNUAL REPORT 2018NEW TALISMAN GOLD
21
NEW TALISMAN GOLD MINES LIMITED
Statement of Cash Flows
For year ended 31 March 2018

Group Parent
Note
2018
NZ$
2017
NZ$
 2018
NZ$
2017
NZ$
 
Cash flows from operating activities

Cash was provided from:

Interest received128,597
16,231 128,597
16,231

128,597
16,231 128,597 16,231
Cash was disbursed to:
Payments to suppliers(1,061,043)
(819,292) (1,061,043)
(819,292)
Rent(24,248)(19,714)(24,248)(19,714)


(1,085,291) (839,006) (1,085,291) (839,006)
Net cash outflows from operating activities15(956,694) (822,775) (956,694) (822,775)
Cash flows from investing activities

Proceeds from sale of shares-293,684-293,684
-293,684-293,684
Cash was applied to:
Prospecting and mine development expenditure(1,784,590)
(567,381) (1,776,590)
(567,381)
Purchase of property, plant and equipment(100,000)
(11,915) (100,000)
(11,915)
Intercompany loans
- (43) (8,000)
(43)
(1,884,590)
(579,339) (1,884,590)
(579,339)
Net cash outflows from investing activities
(1,884,590) (285,655) (1,884,590)
(285,655)
Cash flows from financing activities
Cash was provided from:
Issue of shares
Other
1,925,910
-
6,373,013
49,973
1,925,910
-
6,373,013
49,973
1,925,9106,422,9861,925,9106,422,986

Net cash inflows from financing activities1,925,9106,422,9861,925,9106,422,986
Net increase /(decrease) in cash held(915,374)5,314,557
(915,374)
5,314,557
Effect of changes in exchange rates (10,274)(16,340)(10,274)(16,340)
Cash at beginning of year5,754,398456,181
5,754,398
456,181
Cash at end of year
4,828,750 5,754,398 4,828,750 5,754,398
CASH COMPRISES:

Cash1,723,750
5,649,398 1,723,750
5,649,398
Short term deposits3,105,000
105,000 3,105,000
105,000


4,828,750 5,754,398 4,828,750 5,754,398
All cash balances are available without restriction except for NZ$3,000,000 held in a term deposit and NZ$105,000 on deposit which
is security for guarantees issued by the bank. The bank holds a $75,000 bond on behalf of the NZ Stock Exchange for the term of the
exchange listing and a $30,000 bond on behalf of the Department of Conservation held for any potential mining rehabilitation.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
22
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
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 company and group have been prepared in accordance with the
Financial Markets Conduct Act 2013 and comply with NZX Listing
Rule 10.6.1 with the exception that separate financial statements
for the parent have been presented as the parent engages in the
majority of the group’s business activities.
The group consists of New Talisman Gold Mines Limited (the
“company”) and its subsidiaries (the “group”) and these financial
statements comprise the separate financial statements of the
parent company and 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 22 June 2018.
Statement of compliance
These consolidated and parent financial statements have been
prepared in accordance with New Zealand generally accepted
accounting practice (NZ GAAP), the requirements of the
Companies Act 1993 and comply with New Zealand equivalents to
the International Financial Reporting Standards (NZ IFRS) and with
International Financial Reporting Standards (IFRS).
Measurement base
The accounting principles adopted are those recognised as
appropriate for the measurement and reporting of financial
performance and financial position on the historical cost basis
modified by the revaluation of certain assets. The accrual basis of
accounting has been used unless otherwise stated and the financial
statements have been prepared on a going concern basis.
The information is presented in New Zealand dollars which is the
company’s functional currency.
Use of estimates and judgements
The preparation of financial statements in conformity with NZ
IFRS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses.
Where material, information on significant assumptions and
estimates is provided in the relevant accounting policy or will be
provided in the relevant note.
The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates.
The group has made significant accounting estimates in respect of:
• the assessment of impairment to capitalised exploration and
development expenditure, and
• the anticipated rehabilitation costs at the conclusion of mining.
The estimate does not have a profit effect in the current year.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
year in which the estimates are revised and in any future periods
affected.
Specific accounting policies
The following specific accounting policies, which materially affect
the measurement of financial performance and financial position,
have been applied consistently.
(a) Prospecting costs
Acquisition, exploration and development expenditure on
exploration and mining tenements is initially recorded at cost.
Exploration and evaluation costs are capitalised as deferred
expenditure.
In the event where exploration demonstrates a permit area is no
longer prospective for economically recoverable reserves, or the
exploration or prospecting permit is relinquished, the value or cost
of the tenement is immediately recognised as an expense in the
statement of comprehensive income.
Prospecting costs are expected to be recovered from future mining
revenues. The recoverability of exploration and evaluation assets
is contingent upon future events, such as technical success and
commercial development, sale of the area of interest, the results
of further exploration, agreements entered into with other parties,
and also upon meeting commitments under the terms of the
permits.
(b) Mining tenements
When a tenement is assessed as capable of sustaining commercial
mining operations, capitalised exploration and evaluation
expenditure is reclassified as assets under construction and is
disclosed as a component of property, plant and equipment.
All subsequent development expenditure, net of any proceeds
from ore sales during the development stage, is capitalised
and classified as assets under construction. On completion of
development, the value or cost of accumulated exploration and
development costs will be reclassified as other mineral assets and
amortised on the basis of units of production over the expected
productive life of the mine. Provisions for closure and rehabilitation
are initially recognised when an environmental disturbance first
occurs. The estimate for the rehabilitation provision is reviewed by
management at each reporting date and an assessment is made
on whether the estimate continues to reflect the company’s present
legal and constructive obligations.
(c) Property plant and equipment
All property, plant and equipment is initially recorded at cost.
When an item of property, plant and equipment is disposed of,
the gain or loss is recognised in the statement of comprehensive
income and is calculated as the difference between the sale price
and the carrying value.
(d) Depreciation
Depreciation is provided on all tangible property, plant and
equipment on a straight line basis at rates calculated to allocate
the difference between the cost and residual values of each asset
over its estimated useful life. For this purpose, the company
has adopted the depreciation rates set by the Inland Revenue
Department as appropriate.
Rates used during the year were:
Computer software and hardware Straight line 30-50%
Field equipment Straight line 10-30%
Fixtures and fittings Straight line 9-10%
Motor Vehicles Straight line 30%
(e) Impairment of assets
At each reporting date, the carrying amounts of tangible and
intangible assets are reviewed to determine whether there is any
indication of impairment. If the recoverable amount of an item of
property, plant and equipment is less than its carrying amount, the
item is written down to its recoverable amount and the write down
recognised as an expense in the statement of comprehensive
income. Recoverable amount is the higher of fair value less costs
to sell and value in use.
If the carrying value of intangible capitalised exploration
expenditure exceeds the value determined by an independent
valuation, the asset is written down and the write-down recognised
as an expense. A reversal of an impairment loss for an asset is
recognised immediately in profit or loss.
(f) Segment information
Operating segments are reported if:
• Revenue is 10% or more of combined operating segment
revenues;
• The absolute value of profit or loss is greater than 10% of the
combined reported profits or losses of all operating segments,
whichever is greater;
• Assets are 10% or more of the combined assets of all operating
segments; or
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018

ANNUAL REPORT 2018NEW TALISMAN GOLD
23
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018
• Information about the segment would be useful to users of
the financial statements.
(g) Income tax
The company is a mining company for New Zealand tax purposes.
All exploration and development expenditure, including the cost
of mining assets, is tax deductible in the year the expenditure is
incurred. Mining losses can be set off against non-mining income
in the ratio 3:2.
Deferred taxation assets are recognised in the financial statements
only to the extent that it is probable that there will be future taxable
profit to utilise them.
(h) Share capital
Ordinary shares and options are classified as equity. Direct costs of
issuing shares and options are deducted from the proceeds of the issue.
(i) Cash flows
For the purpose of the statement of cash flows, cash includes cash
on hand, deposits held at call with banks and short-term highly
liquid investments with original maturities of three months or less.
(j) Employee entitlements
The liability for annual leave is accrued and recognised in the statement
of financial position. Annual leave is recorded at the undiscounted
amount expected to be paid for the entitlement earned.
(k) Foreign currencies
Transactions in foreign currencies are converted into NZ currency
at the rate of exchange ruling at the date of the transaction. At
balance date foreign monetary assets and liabilities are translated
at the closing rate and exchange variations resulting from these
translations are recognised in the income statement.
(l) Leases
New Talisman group leases certain equipment, land and buildings.
Operating lease payments, where the lessors effectively retain
substantially all the risks and benefits of ownership of the leased
item, are included in profit and loss in equal instalments over the
lease term.
Finance leases, which effectively transfer the risks and benefits
of ownership, are capitalised at the lower of fair value and the
present value of the minimum lease payments. Leased assets are
recognised at cost and depreciated over their respective estimated
useful lives.
(m) Basis of consolidation
The consolidated financial statements include the parent company
and all subsidiaries over which the parent company has the power
to control the financial reporting and operating policies. The
purchase method is used to prepare the consolidated financial
statements, which involves adding together like terms of assets,
liabilities, income and expenses on a line-by-line basis. All significant
intercompany transactions are eliminated on consolidation. In the
parent company’s separate financial statements, the investment in
subsidiaries is stated at cost less any impairment losses.
(n) Financial instruments
Financial instruments recognised in the statement of financial
position include cash balances, receivables, payables, investments
in and loans to others and borrowing. The parent and group have
no off-balance sheet financial instruments.
(1) Receivables and payables
Receivables and payables are initially recorded at fair value and
subsequently at amortised cost using the effective interest method.
Due allowance is made for impaired receivables (doubtful debts).
The resulting carrying amount for receivables is not materially
different from estimated realisable value.
(2) Share investments
Share investments in listed companies are designated as financial
assets at fair value. They are initially recorded at cost and
subsequently at market value. Gains or losses are recorded in profit
or loss. Share investments in unlisted companies cannot be reliably
valued. They are therefore carried at cost less any impairment
losses. Impairment losses, once recognised, are not reversed even
if the circumstances leading to the impairment are resolved.
A gain or loss on financial instruments stated at market value is
recognised in the Statement of Comprehensive Income.
(o) Goods and Services Tax
All amounts are shown exclusive of Goods and Services Tax (GST),
except for receivables and payables that are stated inclusive of
GST. The net amount of GST recoverable or payable is included
as part of the receivables or payables balance in the statement of
financial position.
(p) Earnings per share
The Group presents basic and diluted earnings per share (EPS)
data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the parent
by the weighted average number of ordinary shares outstanding
during the year, adjusted for own shares held. Diluted earnings
per share is determined by adjusting the profit or loss attributable
to ordinary shareholders and the weighted average number of
ordinary shareholders outstanding, adjusted for the effects of all
dilutive potential ordinary shares, comprising share options.
(q) Revenue recognition
Revenue is recognised at the fair value of the consideration
received net of the amount of GST. Revenue is recognised when
the significant risks and rewards of ownership of gold-bearing ore
have been transferred to the buyer.
(r) Change in Accounting Policies
There have been no significant changes in accounting policies. All
policies have been applied on bases consistent with those used in
the prior period.
(s) New and revised standards
Adoption of Standards, Interpretations and modifications
New Standards and amendments not adopted early:
• NZ IFRS 9 Financial Instruments (effective for accounting
periods beginning on or after 1 January 2018)
• NZ IFRS 16 Leases (effective for accounting periods beginning
on or after 1 January 2019)
2. OPERATING INCOME
Group
Mar 2018
NZ$
Group
Mar 2017
NZ$
Parent
Mar 2018
NZ$
Parent
Mar 2017
NZ$
Interest128,59716,288128,59716,288
Reimbursement of Expenditure-49,973-49,973
Sundry income-5,283-5,283
Total operating income
128,59771,544128,59771,544

NEW TALISMAN GOLD
ANNUAL REPORT 2018
24
3. OPERATING AND ADMINISTRATION EXPENSES BY NATURE
GroupGroupParentParent
Mar 2018Mar 2017Mar 2018Mar 2017
NZ$NZ$NZ$NZ$
Auditor’s fees – auditing financial statements33,84635,03033,84635,030
Consultancy Fees14,665-14,665-
Depreciation23,0842,54923,0842,549
Director fees170,000143,460170,000143,460
Foreign exchange loss/(gain)10,27417,94610,27417,946
Kiwisaver4,9275,9504,9275,950
Legal fees89,56361,57989,56361,579
Capital Loss on sale of shares-284,361-284,361
Rental and lease costs24,24819,45424,24819,454
Share revaluation loss/(gain)(38,461)(385,693)(38,461)(385,693)
Other798,608578,323798,608578,280
Total administration expenses
1,130,754762,9591,130,754762,916
4. DIRECTOR AND EMPLOYEE REMUNERATION
Director remuneration
20182017
NZ$NZ$
MG Hill (Executive Director)*360,000356,000
C Nader 50,00030,342
JM McKee40,00055,201
IJ Pringle (ceased 9 May 2016)-2,143
A V Haworth40,00024,239
M R Stevens 40,00031,534
*Of which $46,800 (2017: $188,520) is expensed as consultancy fees and the remainder is capitalised in the Statement of Financial Position
as Talisman development expenditure. The development expenditure amount is based on time spent on directly attributable mine
development activities.
During the reporting period, no options were issued to directors or employees. In the prior year, no options were issued to directors or
employees.
Remuneration of Employees
During the reporting period, one employee received remuneration and benefits of between $240,000 and $250,000. The remuneration
included Kiwisaver contributions of $4,927.
Employee share option plan2018
Number
2017
Number
Unlisted options Issued to employees --
Unlisted options Issued to directors --
Total unlisted options issued during the period--
Balance of options at start of period5,750,0005,750,000
Unlisted options converted to fully paid shares during the periodNilNil
Options cancelled during the period1,500,000Nil
Unlisted options on issue at end of the period4,250,0005,750,000
5. TAXATION
Group
2018
NZ$
Group
2017
NZ$
Parent
2018
NZ$
Parent
2017
NZ$
Operating loss before taxation(1,002,157)(701,365)(1,002,157)(701,322)
Prima facie income tax at 28%
(280,604)(196,382)(280,604)(196,370)
Add/(subtract) the taxation effect of permanent differences:
Capital Loss on Disposal of Investments-79,621-79,621
IRD Penalties28-28-
Non-Deductable Legal Fees Adjustment3,273-3,273-
Non- Deductable Entertainment Adjustment134-134-
Tax losses not recognised
(277,168)(116,761)(277,168)(116,749)
Temporary differences not recognised-(639)-(639)
Income tax expense/(benefit) not recognise d
(277,168)(117,400)(277,168)(117,388)
Deferred tax will not be recognised unless future taxable profit is probable.
The parent company has the following estimated taxation losses available:
(a) mining losses to offset against future mining income of NZ$10,358,693 (2017: NZ$10,350,693) and
(b) non-mining taxation losses of NZ$21,184,582 (2017: NZ$20,194,693).
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018

ANNUAL REPORT 2018NEW TALISMAN GOLD
25
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018

The mining losses are currently being assessed by the IRD and the company is working closely with their representatives to confirm
balances brought forward from previous years. Such losses will only be available to be offset if:
(a) the company derives future assessable income of a nature and an amount sufficient to enable the benefit of the losses to be realised;
(b) the company continues to comply with the conditions for deductibility imposed by the law;
(c) there are no adverse changes in tax legislation or tax rates which affect the company in realising the benefit from the deduction
for the losses.
At balance date the company’s imputation credit account balance was $789 (2017: Nil).
6. SEGMENT INFORMATION
During the current period, the company had only one business segment - mineral exploration, within New Zealand.
7. EQUITY & RESERVES
EquityGroup
2018
NZ$
Group
2017
NZ$
Parent
2018
NZ$
Parent
2017
NZ$
Share capital34,590,84935,164,93934,590,84935,164,939
Capital reserve-123,750-123,750
Share premium reserve-70,235-70,235
Asset revaluation reserve
Share revaluation reserve
-
-
100,900
40,456
-
-
100,900
2,756
Accumulated deficit(17,361,043)(21,940,287)(20,090,949)(21,899,230)
Total parent shareholder equity17,229,80613,559,99314,499,90013,563,349
The group’s capital is managed with the objective of maintaining adequate working capital so that all obligations can be met on time.
All components of equity are regarded as “capital”. All internal capital management objectives have been met. This has not changed
since last year.
Accumulated deficitGroup
2018
NZ$
Group
2017
NZ$
Parent
2018
NZ$
Parent
2017
NZ$
Balance at beginning of year(19,202,364)(21,238,922)(21,899,230)(21,197,908)
Net loss attributable to shareholders (1,002,157)(701,365)(1,002,157)(701,322)
Other Comprehensive Income8,137-8,137-
Taxation Adjustment-4,660-4,660
Reversal of Rahu expenditure write off-2,733,263--
Transfer of Reserves 2,835,341-2,797,641-
Balance at end of year(17,361,043)(19,202,364)(20,090,949)(21,894,570)
Share capital Group and Parent
Ordinary shares
2018
Number
2017
Number
2018
NZ$
2017
NZ$
Balance beginning of year2,076,995,855817,722,58635,164,93928,791,926
Shares Issued87,507,4481,259,273,2691,925,9106,373,013
Transfer from Reserves--(2,500,000)-
Balance at end of year2,164,503,3032,076,995,85534,590,84935,164,939
All authorised shares have been issued, are fully paid, have equal voting rights and will share equally in dividends and surplus on winding
up. The shares have no par value.
Share based payments
There were no share-based payment arrangements that existed during the period under review. (2017: Nil)
Transfer of Reserves
During the period under review all Asset Revaluation, Share Premium and Capital reserves were transferred to Accumulated Income.
Listed options Group and Parent

2018
Number
2017
Number
Balance at beginning of year 119,851,516119,851,516
Expired Options (119,851,516)-
Issued Options17,036,384-
Balance at end of year17,036,384119,851,516
Listed options can be exercised on or before 30 September 2022. Conversion price is A$0.055. When exercised, one option will convert
to one fully paid ordinary share.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
26
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018
Unlisted Options Group and Parent
Options issued to employees:
2018 Number 2017 Number
Opening Balance of options on issue1,250,0001,250,000
Unlisted options issued (expiry 11/11/2018)--
Unlisted options issued (expiry 13/2/2019)--
Unlisted options cancelled during period--
Unlisted options converted to fully paid share at A 1.1 cent each--
Total unlisted options on issue to employees 1,250,0001,250,000
Options issued to directors:
Unlisted options issued during the periodNilNil
Total unlisted options on issue to directors 13/11/2018 3,000,0004,500,000
Total unlisted options on issue at end of year4,250,0005,750,000
Total listed and unlisted options on issue at end of year21,286,384125,601,516
Options issued to directors and employees have not been recognised in these financial statements because they were issued for no
consideration during a rights issue.
Nil unlisted employee options were converted during the year (Last Year Nil).
These options were issued as an incentive for employees for no consideration.
The unlisted options on issue to employees at balance date have an exercise price of A1.1 cent and are due to expire on 13 February 2019.
The unlisted options on issue to directors at balance date have an exercise price of A1.1 cent and are due to expire on 13 November 2018.
8. RELATED PARTY TRANSACTIONS
Payments for consulting services to companies in which directors and major shareholders have a substantial interest amounted to NZ$522,287
(2017:NZ$356,000). At balance date, creditors included NZ$92,394 payable to directors and other related companies (2017:NZ$34,894).
There were no related party debtors at balance date (2017:NZ$Nil) and no related party debts were written off during the year.
9. PROPERTY, PLANT & EQUIPMENT
Group and Parent
Fixtures &
fittings
NZ$
Office
equipment
NZ$
Field
equipment
NZ$
Motor
Vehicles
NZ$
Total
NZ$
Year ended 31 March 2017
Carrying amount 1 April 20166412651,719-2,625
Additions-2,61710,068-12,685
Depreciation(126)(728)(1,696)-(2,550)
Carrying amount5152,15410,091-12,760
31 March 2017
Cost1,2606,86415,85918,00041,983
Depreciation(745)(4,710)(5,768)(18,000)(29,223)
Carrying amount5152,15410,091-12,760
Year ended 31 March 2018
Carrying amount 1 April 20175152,15410,091-12,760
Additions-39,81430,53129,655100,000
Depreciation(125)(12,771)(2,824)(7,364)(23,084)
Carrying amount39029,19837,79822,29189,679
31 March 2018
Cost1,26046,67746,39029,655123,982
Depreciation(870)(17,479)(8,592)(7,364)(34,305)
Carrying amount39029,19837,79829,29189,677

ASSETS UNDER CONSTRUCTION
Group and Parent
Talisman mine development20182017
NZ$NZ$
Balance at beginning of year7,843,8827,290,672
Development expenditure1,794,385553,210
Balance at end of year9,638,2677,843,882
A mine is currently being developed on the Talisman Mining permit and development expenditure has been recorded at cost in the
statement of financial position.
Development expenditure consists of mining development costs, professional salaries, data acquisitions and all overhead expenses
relating to the operation of the mine. Management assesses the allocation of directly attributable overheads at the end of each reporting
date.
The directors have provided for rehabilitation costs of the Talisman mine site on its closure. The estimated cost is $17,795. The same value
has been included in the development expenditure.
In June 2018, an independent valuation report that complies with the 2015 Valmin Code was obtained from Geos Mining Mineral

ANNUAL REPORT 2018NEW TALISMAN GOLD
27
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018
Consultants for the Talisman Permit inclusive of Talisman and Talisman Deeps. The independent valuation indicated a value of the
Talisman project MP51326 in the range of $11.7m to $26.4m with a preferred value of $18.8m.
The Geos report confirmed that the Company’s technical statement on the Talisman mine and Technical reports, including the 2018
Prefeasibility and Scoping studies are reported in compliance with the reporting requirements of the 2012 JORC Code. The Geos report
confirmed that the resource classifications of the 2017 Mineral resource estimate are consistent with the principles of the JORC Code 2012.
Directors will review valuation policy with respect to the development asset in the coming year.
10. INTANGIBLE EXPLORATION ASSETS
Group Parent
2018
NZ$
2017
NZ$
2018
NZ$
2017
NZ$
Prospecting costsRestated *
Balance at beginning of year2,744,9001,16210,575100
Development expenditure 8,00020,425-20,425
Transfer to Talisman assets under construction----
Reversal of Rahu expenditure write off-2,733,263--
Less prospecting expenditure written off-(9,950)-(9,950)
Balance at end of year
2,752,9002,744,90010,57510,575
Group Parent
2018201720182017
NZ$NZ$NZ$NZ$
Gross prospecting costs
Gross cost of current permit2,752,90021,58710,57520,525
Reversal of Rahu expenditure write off-2,733,263--
Less prospecting expenditure written off-(9,950)-(9,950)
Balance at end of year
2,752,9002,744,90010,57510,575
During the previous financial year, Newcrest NZ Exploration Pty Ltd was granted the Rahu permit based on its application on behalf of
Newcrest Mining Limited and New Talisman Gold Mines Limited under the terms of a binding executed heads of agreement between
both parties which required Newcrest NZ Exploration Pty Ltd to hold 20% of the permit in trust for the Company. During the 2018 Financial
Year, New Talisman Gold Mines Limited acquired 100% of the shares in Newcrest New Zealand Exploration Pty Ltd.
Exploration and evaluation expenditure is recorded at cost. The carrying value of the intangible asset has been written back to its cost of
$2,733,363. The carrying value of the Rahu exploration asset has been written back in the 2017 statement of financial position to reflect
the application of a consistent group accounting policy. In June 2018, an independent valuation report compliant with the 2015 Valmin
Code was obtained from Geos Mining Mineral Consultants which included the Rahu permit. The independent valuation indicated a value
for the Rahu project EP60144 in the range of $1.0m to $4.6m with a preferred value of $2.2m.
TENEMENT SCHEDULE:
Permits held by New Talisman Gold Mines Limited Group:
Granted mining permit, Coromandel, New Zealand
51 326 Talisman (Mining)
60 144 Rahu (Exploration)
11. SHARE INVESTMENTS
GroupGroupParentParent
2018201720182017
NZ$NZ$NZ$NZ$
Investment in listed companies – at fair value52,69814,23852,48814,028
Investment in unlisted companies – at cost3,3003,3003,3003,300
Total share investments
55,99817,53855,78817,328

Investment in listed companies includes the investment in Broken Hill Prospecting Limited.
Unlisted shares are held for the long term. They are stated at cost because fair value cannot be reliably measured.
12. SUBSIDIARY COMPANIES
Percent held Incorp Balance Activity
2018 2017 in date
Subsidiaries
Coromandel Gold Limited 100% 100% NZ 31 March Share investment
Northland Minerals Limited 100% 100% NZ 31 March Minerals exploration
Rahu Resources Pty Limited 100% 0% NZ 31 March Minerals exploration
(Formerly Newcrest New Zealand Exploration Pty Limited)
All subsidiaries are direct subsidiaries of the Company. The investment in each subsidiary is recorded at cost (NZ$Nil) in the company’s
statement of financial position. Coromandel Gold and Northland Minerals did not trade during the year.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
28
13. FINANCIAL INSTRUMENTS
Credit Risk
Financial instruments which potentially subject the company to credit risk principally consist of bank balances and receivables. Surplus
funds are placed in interest bearing accounts with major trading banks and the company does not anticipate non-performance by those
parties. Maximum exposure to credit risk at balance date is represented by the carrying value of the financial instruments. No collateral
is held on these assets and the balances are stated net of recognised impairment losses. Cash at bank represented 97% of total cash and
receivables. The group deals only with banks having at least an A credit rating.
Currency Risk
The company has exposure to foreign exchange risk as a result of transactions from normal trading activities mainly denominated in
Australian currencies. The company holds funds in an Australian currency bank account. Exposure to exchange risk is unhedged.
Liquidity Risk
Management supervises liquidity through cashflow forecasting, budgeting and by carefully controlling cash outflows from existing cash
resources. The group relies on new equity to fund exploration and mine development expenditure.
Interest Rate Risk
At balance date the company had no exposure to interest rate risks. The table below shows short term deposits held at balance date of
the previous reporting period:
Re-pricing AnalysisEffective Interest RateTotal
NZ$
6 months or less
NZ$
Short term bank deposits2.75-3.00%3,105,0003,105,000
Over the long term, changes in interest rates and reduced amounts on deposit will affect profit or loss.
Fair Values
Fair values used in the measurement of financial instruments may vary from values directly observed in active markets to those that must
be derived without reference to observable data. Investments in listed companies are measured at fair value based on quoted prices
in active markets. As stated in Note 11, the fair value of unlisted shares cannot be reliably measured and are stated at cost. Except for
unlisted shares, there is no material difference between the carrying amounts and estimated fair values of the company’s financial assets
and liabilities.
14. COMMITMENTS
Operating lease commitments
Lease commitments under non-cancellable operating leases:
Group & Parent
20182017
NZ$NZ$
Not later than one year18,20417,030
Later than one year but not later than five years--
18,20417,030
The company currently leases offices on an annual basis.
The group has capital commitments of NZ$Nil (2017:Nil).
15. RECONCILIATION OF OPERATING CASHFLOW AND REPORTED DEFICIT
GroupParent
2018
NZ$
2017
NZ$
2018
NZ$
2017
NZ$
Net profit/(deficit) after taxation
(1,002,157) (701,365)(1,002,157)(701,365)
Add non-cash items:
Depreciation
23,0842,54923,0842,549
Field expenditure write off
----
Share revaluation (gain)/loss
(38,461)(385,693)(38,461)(385,693)
Provision For Doubtful Debts
----
Share based payments
----
Capital loss on sale of shares
-284,361-284,361
In Specie Share Distributions
-(5,283)-(5,283)
Revaluation of Investments
-(2,073)-(2,073)
Exchange (gain)/loss
10,27417,94610,27417,946
(5,103)(88,193)(5,103)(88,193)
Add (less) movement in working capital:
Decrease (increase) in debtors
(3,968)480(3,968)480
Increase (decrease) in creditors
109,038(20,369)109,038(20,369)
Decrease (increase) in accrued income
(14,918)23(14,918)23
Decrease (increase) in prepayments
(25,572)5,828(25,572)5,828
Decrease (increase) in intercompany loans
-(43)-(43)
Decrease (increase) in GST
(14,014)(19,196)(14,014)(19,136)
50,566(33,217)50,566(33,217)
Net cash outflows from operating activities
(956,694)(822,775)(956,694)(822,775)
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018

ANNUAL REPORT 2018NEW TALISMAN GOLD
29
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018
16. CONTINGENT LIABILITIES
Group and Parent
Mar 2018
NZ$
Mar 2017
NZ$
Contingent liabilities--
17. NET TANGIBLE ASSETS PER SECURITY Group and Parent
Mar 2018
NZ$
Mar 2017
NZ$
Net tangible assets
Net tangible assets per security
14,476,906
0.68 cent
13,498,383
0.80 cent
18. GOING CONCERN
The financial report has been prepared on a going concern basis. The directors have 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.
19. EARNINGS PER SHARE

Group
Mar 2018
Group
Restated *
Mar 2017
Parent
Mar 2018
Parent
Mar 2017
Profit/(loss) from continuing operations
Weighted average number shares
(994,020)
2,120,438,248
2,031,898
1,707,566,584
(994,020)
2,120,438,248
(701,322)
1,707,566,584
Basic earnings per share
Diluted average shares on issue
(0.05) cent
2,187,705,676
0.12 cent
1,833,168,100
(0.05) cent
2,187,705,676
(0.04) cent
1,833,168,100
Diluted earnings per share(0.05) cent0.11 cent(0.05) cent(0.04) cent
Weighted average number shares
Weighted average number options
2,120,438,248
67,267,428
1,707,566,584
125,601,516
2,120,438,248
67,267,428
1,707,566,584
125,601,516
Diluted average share on issue2,187,705,6761,833,168,1002,187,705,676 1,833,168,100
20. EMPLOYEE BENEFITS
Group
Mar 2018
Group
Mar 2017
Parent
Mar 2018
Parent
Mar 2017
NZ$NZ$NZ$NZ$
Balance at beginning of year30,14722,50630,14722,506
Additional provision-7,641-7,641
Amount utilised(8,817)-(8,817)-
Balance at end of year
21,33030,14721,33030,147
Employee benefits accrued comprise holiday pay.
21. RECEIVABLES AND PREPAYMENTS
Group
Mar 2018
NZ$
Group
Mar 2017
Restated *
NZ$
Parent
Mar 2018
NZ$
Parent
Mar 2017
Restated *
NZ$
Sundry receivables67,83349,81967,83349,819
Accrued income15,19427615,194276
Prepayments33,8958,35533,8958,355
Intercompany advances--12,6284,628
116,92258,450129,55063,078
Trade Receivables
All financial assets are within the contractual terms. None are overdue and none are impaired. No collateral is held for receivables.
22. PRIOR PERIOD ADJUSTMENT
During the period under review management identified prior period tax credits of $4,660 unaccounted for in the carrying value of the
receivable asset. The 2017 comparative year has been restated in both the Statement of Financial Position and the Statement of Changes
in Equity to reflect this adjustment.

NEW TALISMAN GOLD
ANNUAL REPORT 2018
30
ADDITIONAL INFORMATION
TOP 20 OPTION HOLDERS as of 17 May 2018
RankNameUnits% of
Units
1.COSMO BRYAN BOREHAM1,000,0005.87
2.KA FU TSE537,0643.15
3.WARWICK JOHN LANGE304,2721.79
4.MURRAY LAWRENCE CAMERON286,3641.68
5.ROGER JENNINGS + BERYL ROSALIE JENNINGS181,8181.07
6.MADAPATHA MUDIYANSELAGE AMBANPOLA136,3640.80
7.UDARA AMBANPOLA136,3640.80
8.REGINALD GEORGE ANDERSON136,3640.80
9.MICHAEL JOHN BOUWMEESTER136,3640.80
10.JAMES DANIEL BRISBANE136,3640.80
11.HAMISH EDWARD ELLIOT BROWN136,3640.80
12.MATTHEW BURFORD136,3640.80
13.PHILIP ANTHONY CALDWELL + CHERIE KIM CALDWELL136,3640.80
14.JANICE AMANDA CALLEN136,3640.80
15.CRAIG WILLIAM CARTER136,3640.80
16.CHI HUA CHEN136,3640.80
17.JIANBIN CHEN136,3640.80
18.CHUNG KAN CHOW136,3640.80
19.DAVID CLAUDE COCKBURN136,3640.80
20.GRAHAM LEWIS COKER136,3640.80
Total top 20 holders of 30/09/2022 Aud $0.05 Options4,354,97825.56
Total listed options17,036,384
23. SIGNIFICANT EVENTS SINCE BALANCE DATE
Completion of an updated PFS relating to Talisman
Following the period under review the company completed an updated Prefeasibility study on the Talisman Mine released to the stock
exchange on 26th June. The comprehensive study which incorporated the revised inputs of the JORC 2012 compliant Mineral Resource
estimate released during the period showed particularly robust economics with an NPV9% of $35.9M generated through production of
51,000 Gold Equivalent Ounces from 64,000 tonnes of ore milled.
Completion of a scoping study on Talisman Deeps
A JORC 2012 compliant scoping study on Talisman deeps was completed following the period under review of the Talisman Deeps
project. This Study is being independently reviewed separate to the valuation report carried out.
Completion of an independent valuation of Talisman, Talisman Deeps and Rahu
As noted earlier in this report in June 2018 an independent valuation report that complies with the 2015 Valmin Code was completed by
Geos Mining on the Talisman mine including Talisman Deeps, and the Rahu project. The valuation reviewed all of the inputs of the Scoping
Study, 2017 Mineral Resource estimate and 2018 Jorc 2012 compliant Prefeasibility study and demonstrated the significant values of the
projects of the company. The carrying ranges for MP51326 and MEP60144 were between $12.7m and $31m with a preferred value of $21m
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2018
DIRECTOR INFORMATION AND DISCLOSURE OF DIRECTORS INTERESTS
The following general disclosures of interest were received in relation to the year ended 31 March 2018:
DirectorRelevant interest in Ordinary SharesRelevant Interest in Unlisted Options
M G Hill42,159,0851,500,000
M Stevens60,0000
C Nader00
A V Haworth4,5000

ANNUAL REPORT 2018NEW TALISMAN GOLD
31
HOLDING RANGEOrdinary Shares as of 30 Apr 2018
RangeTotal holdersShares Held% of Issued Capital
1 - 1,00011227,3660.00
1,001 - 5,000239826,0150.04
5,001 - 10,0001921,640,1020.08
10,001 - 100,0001,01349,710,7352.30
100,001 - 9,999,999,999,9991,2172,112,299,08597.59
Total2,7732,164,503,303100.00
TOP 20 ORDINARY SHAREHOLDERS as of 17 May 2018
RankNameUnits% of Units
1.HAMISH EDWARD ELLIOT BROWN270,681,81812.51
2.RIUO HAURAKI LIMITED100,937,6384.66
3.BEVERLEY IDA EVANS64,000,0002.96
4.INTERNATIONAL PACIFIC SECURITIES LIMITED56,510,1172.61
5.MATTHEW GEOFFREY HILL42,940,9031.98
6.FEOH PTY LTD <KARLSON INVESTMENT A/C>40,681,8181.88
7.TONY CALDER BUTTERICK39,764,0001.84
8.CHRISTOPHER DAVID ENGLISH + JACQUELINE ENGLISH
<KRINGLES SUPER FUND A/C>
35,758,9101.65
9.HILL FAMILY GROUP PTY LIMITED28,096,5071.30
10.THOMAS HERBERT TEBBS GOTHORP24,427,4641.13
11.HOI YEE JULIE TSE24,386,2851.13
12.CHI HUA CHEN19,365,8190.89
13.ROBERT MARSHALL WALSHAM + RACHEL SANDRA WALSHAM
<R & R WALSHAM FAMILY A/C>
19,215,9780.89
14.WHITEFIELD DAIRIES LIMITED18,000,0000.83
15.CHUNG KAN CHOW15,469,5500.71
16.ANDREW WILLIAM LIDDELL14,400,0000.67
17.BERNARD CHEUK MUN FONG & KWOK CHUEN FONG13,850,0000.64
18.JOHN KILDARE UPPERTON13,708,1480.63
19.WIEBKE GAILER13,000,0000.60
20.AUSTRALASIAN AIRLINES LIMITED12,900,0000.60
Total Top 20 holders of Ordinary Shares868,094,95540.11
Total issued Capital2,164,503,303

NEW TALISMAN GOLD
ANNUAL REPORT 2018
32
CORPORATE GOVERNANCE
In accordance with the NZX Corporate Governance Code 2017 (“NZX Code”), and the ASX Corporate Governance Council’s Principles
and Recommendations (3rd Edition) (“ASX Recommendations”) New Talisman Gold Mines Ltd (“Company”) has adopted systems of
control and accountability as the basis for corporate governance best practice.
Policies and Charters (for the board and its committees), including the Company’s Code of Ethics and other policies and procedures
relating to the Board and its responsibilities are available on the Company’s website www.newtalisman.co.nz
Commensurate with the spirit of the NZX Code and the ASX Recommendations, the Company has followed each recommendation where
the Board has considered the recommendation to be an appropriate benchmark for its corporate governance practices, taking into
account factors such as the size of the Company and the Board, resources available and activities of the Company.
After due consideration by the Board during the Company’s 2017/2018 financial year (“reporting period”) the Company’s corporate
governance practices departed from the NZX Code or ASX Recommendations only as set out below.
The information in this statement is current at 31 March 2018.
EXPLANATIONS FOR DEPARTURES FROM NZX CORPORATE GOVERNANCE CODE 2017
RecommendationNotification of DepartureExplanation for Departure
2.5: An issuer should have a written
diversity policy which includes
requirements for the board or a
relevant committee of the board to set
measurable objectives for achieving
diversity (which, at a minimum, should
address gender diversity) and to assess
annually both the objectives and the
entity’s progress in achieving them.
The issuer should disclose the policy or
a summary of it.
The Company has established a
diversity policy, a copy of which is
disclosed on the Company’s website.
However, the policy does not include
requirements for the board to establish
measurable objectives for achieving
gender diversity, or for the board to
assess annually the objectives and the
progress towards achieving them.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measurable objectives for achieving
gender diversity.
3.6: The board should establish
appropriate protocols that set out the
procedure to be followed if there is a
takeover offer for the issuer including
any communication between insiders
and the bidder. It should disclose
the scope of independent advisory
reports to shareholders. These
protocols should include the option of
establishing an independent takeover
committee, and the likely composition
and implementation of an independent
takeover committee.
The Company has not yet adopted a
takeover protocol.
The Company intends to establish procedures
which comply with this recommendation within
the coming financial year.
EXPLANATIONS FOR DEPARTURES FROM ASX CORPORATE GOVERNANCE PRINCIPLES
AND RECOMMENDATIONS (3rd Edition)
The Company has followed each of the ASX Recommendations during the reporting period, except in relation to the matters specified below:
RecommendationNotification of DepartureExplanation for Departure
3.2: The Company should establish
a diversity policy and disclose the
policy or a summary of the policy. The
policy should include requirements
for the board to establish measurable
objectives for achieving gender
diversity and for the board to assess
annually both the objectives and the
progress towards achieving them.
The Company has established a
diversity policy, a copy of which is
disclosed on the Company’s website.
However, the policy does not include
requirements for the board to establish
measurable objectives for achieving
gender diversity, or for the board to
assess annually the objectives and the
progress towards achieving them.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measurable objectives for achieving
gender diversity.
3.3: Disclose in each annual report the
measurable objectives for achieving
gender diversity set by the Board in
accordance with the diversity policy
and progress towards achieving them.
No measurable objectives for achieving
gender diversity have been set by the
Board.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measureable objectives for
achieving gender diversity. However, the Board
recognises the importance of diversity and has
therefore adopted a diversity policy, a copy of
which is available on the Company’s website.

ANNUAL REPORT 2018NEW TALISMAN GOLD
33
BOARD COMPOSITION AND EXPERTISE
The Company has established the functions reserved to the Board,
and those delegated to senior executives and has set out these
functions in a Statement of Board and Management Functions,
which is disclosed on the Company’s website.
A profile of each director containing the skills, experience,
expertise, formal qualifications and term of office of each director
is set out in the director profiles in this Annual Report.
The mix of skills and diversity that the Board is seeking to achieve
in its membership is significant experience and expertise in: mine
development and underground operations, geological modelling,
financial reporting, financial markets, risk management, statutory
compliance, resource management, health and safety and
employment. Each of these skills are represented in the Board’s
current composition except significant experience and expertise
in financial reporting and mine development. These skills are
represented in the senior management team. The size of the Board
and the development of the Company’s projects places constraints
on the mix of skills the Board is able to achieve.
It is the policy of the Board that in determining candidates for the
Board, the following process shall occur:
(a) The Nomination Committee (or equivalent) evaluates the
range of skills, experience and expertise of the existing Board.
In particular, the Nomination Committee (or equivalent) is to
identify the particular skills that will best increase the Board’s
effectiveness. Consideration is also given to the balance of
independent directors on the Board.
(b) A potential candidate is considered with reference to their
skills and expertise in relation to other Board members.
(c) If relevant, the Nomination Committee recommends an
appropriate candidate for appointment to the Board. Any
appointment made by the Board is subject to ratification by
shareholders at the next general meeting.
The Board recognises that Board renewal is critical to performance
and the impact of Board tenure on succession planning.
Re-appointment of directors is not automatic. The Company’s
Policy and Procedure for Selection and (Re)Appointment of
Directors is disclosed on the Company’s website.
IDENTIFICATION OF INDEPENDENT
DIRECTORS
In considering independence of directors, the Board refers to the
criteria for independence as set out in NZX Listing Rule 3.3.2 and
Box 2.1 of the ASX Recommendations (“Independence Criteria”).
Applying the Independence Criteria during the reporting period
and at balance date the Board comprises a majority of independent
directors. The independent directors of the Company were the
Chair, Charbel Nader, J (Murray) McKee, and Anthony Haworth.
Murray Stevens is not an independent director as he provides
consultancy services to the company from time to time, and
Matthew Hill is not an independent director as he is the Chief
Executive Officer.
STATEMENT CONCERNING AVAILABILITY
OF INDEPENDENT PROFESSIONAL ADVICE
If a director considers it necessary to obtain independent professional
advice to properly discharge the responsibility of his/her office
as a director then, provided the director first obtains approval for
incurring such expense from the Chair, the Company will pay the
reasonable expenses associated with obtaining such advice.
DIRECTOR REMUNERATION
Details of remuneration are contained in the Notes to the Financial
Statements forming part of this report.
The Company’s Remuneration Policy is disclosed on the Company’s
website. Remuneration of Directors and senior executives is set by
reference to payments made by other companies of similar size
and industry, and by reference to the skills and experience of the
Directors and executives.
There is currently no direct link between remuneration paid to any
of the non-executive directors and corporate performance such as
bonus payments for achievement of key performance indicators.
There are no termination, retirement or Company superannuation
scheme benefits for non-executive directors.
PERFORMANCE EVALUATION OF THE
BOARD, COMMITTEES AND SENIOR
EXECUTIVES
The board reviews the size and composition of the board and the
mix of existing and desired competencies across members from
time to time. Criteria considered by the directors when evaluating
prospective candidates are contained in the board’s charter. The
chair of the board is responsible for ensuring a regular review of
the performance of the board, committees and individual directors
occurs at least annually. The chair is responsible for determining
the process under which this evaluation takes place. The board
reviews annually the size and composition of the board and the
mix of existing and desired competencies across members.
The board is responsible for evaluating the performance of
senior executives. The board evaluates the performance of
senior executives via an ongoing process of assessment and a
formal annual review in December. During the formal review, the
senior executive’s performance is measured against their role’s
assessment criteria.
The Company’s Process for Performance Evaluations is disclosed
on the Company’s website.
CORPORATE CODE OF CONDUCT
The board has adopted a Corporate Code of Conduct (available
on the Company’s website). Directors, employees and consultants
must comply with the policies which the Board has endorsed to
achieve ethical behaviour and efficiency within the authorities and
discretions designated to them, avoiding putting themselves in
a position where they stand to benefit personally or be accused
of insider trading. Compliance with all laws and regulations and
maintenance of confidentiality and honesty is expected. The
Corporate Code of Conduct forms part of every employment and
consultancy agreement. Failure to comply can result in disciplinary
action, including, where appropriate, dismissal. The Board has not
adopted a Whistleblower Policy. However, employees have direct
access to the Chair and are encouraged to contact the Chair with
any suspected departure from the Company’s Code of Conduct.
GENDER DIVERSITY
The board has adopted a Diversity Policy (available on the
Company’s website). As noted above, the Diversity Policy does
not include requirements for the board to establish measurable
objectives for achieving gender diversity. Gender diversity at
balance date for the reporting period:
ComponentTotalFemale
Component
% Female
Component
Board of Directors500%
Senior Executives100%
Consultants2150%
TOTAL*8112.5%
* Total comprises the figures for the whole organisation.
The Board considers that the Company complied with its diversity
policy during the reporting period.
AUDIT COMMITTEE
The Audit Committee as at the end of the reporting period consists
of the following non-executive independent directors: Anthony
Haworth (Chair), Charbel Nader and Murray Stevens. The Board
deals with any conflicts of interest that may occur when convening
in the capacity of the Audit Committee by ensuring that the director
with conflicting interests is not party to the relevant discussions.
CORPORATE GOVERNANCE

NEW TALISMAN GOLD
ANNUAL REPORT 2018
34
During the reporting, period the Audit Committee had the
opportunity to meet with the external auditor in respect of the
financial reports. The Audit Committee is responsible for reviewing
Annual and Interim Financial Statements, related stock exchange
announcements and all other financial information published or
released to the market; monitoring and making recommendations
for improvement in internal control environment, including
effectiveness and efficiency of operations, reliability of financial
reporting and compliance with applicable laws and regulations;
overseeing the risk management and compliance framework; the
appointment, removal and remuneration of the external auditors;
reviewing the terms of their engagement and the scope and
quality of the audit, reviewing and approving the nature and scope
of non-audit services and ensuring rotation of the external audit
engagement partner.
Details of each of the director’s qualifications are included in the
Board of Director’s Profiles. All members of the sub committee
considered themselves to be financially literate and have financial
experience and industry knowledge. Mr Haworth and Mr Stevens
have significant experience in mineral exploration, development
and valuation at senior advisory level, Mr Nader has gained
significant financial experience from his background in investment
banking and corporate finance.
The Company has established a Procedure for the Selection,
Appointment and Rotation of its External Auditor, which is disclosed
on the Company’s website. The Board is responsible for the initial
appointment of the external auditor and the appointment of a new
external auditor when any vacancy arises, as recommended by the
Audit Committee (or its equivalent). Candidates for the position of
external auditor must demonstrate complete independence from
the Company through the engagement period. The Board may
otherwise select an external auditor based on criteria relevant to
the Company’s business and circumstances. The performance of
the external auditor is reviewed on an annual basis by the Audit
Committee (or its equivalent) and any recommendations are made
to the Board.
NOMINATION AND REMUNERATION
COMMITTEE
The Nomination and Remuneration Committee (N&R) as at the
end of the reporting period consists of the following non-executive
independent directors: Charbel Nader, Anthony Howarth and
Matthew Hill. Some responsibilities of the N&R Committee were
also addressed by the full Board at Board and Strategy meetings
during the reporting period. The Board has adopted, and the
N&R Committee applies a Nomination Committee Charter and a
Remuneration Policy which is available on the Company’s website.
Duties of the N&R Committee includes reviewing remuneration
of executive and non-executive directors, incentive schemes and
reviewing the Remuneration Committee Policy (disclosed on the
Company’s website).
The Board has adopted, and the Remuneration Committee
applies, a Remuneration Committee Charter which is available on
the Company’s website.
HEALTH SAFETY SECURITY AND
ENVIRONMENT COMMITTEE
The Health Safety Security and Environment Committee (HSSE)
as at the end of the reporting period consists of the following
directors: Murray Stevens, Anthony Haworth, and Matthew Hill,
Chief Operations officer Wayne Chowles is also a member of the
committee. Some responsibilities of the HSSE Committee were
also addressed by the full Board at Board and Strategy meetings
during the reporting period. The Board has adopted, and the HSSE
Committee applies a HSSE Committee Charter which is available
on the Company’s website
The Company’s Policy for Trading, which is disclosed on the
Company’s website, states that key management personnel must
not enter into transactions or arrangements which operate to
limit the economic risk of their security holding in the Company
without first seeking and obtaining written acknowledgement
from the Chair, Audit Committee Chair or Executive Director; and
Key Management Personnel are prohibited from entering into
transactions or arrangements which limit the economic risk of
participating in unvested entitlements.
MEETING ATTENDANCE
DirectorBoardAuditNominationHSSE
M McKee*8/11n/an/a1/2
M Hill11/112/21/11/2
M Stevens9/112/21/12/2
C Nader11/112/21/11/2
A Haworth11/112/21/12/2
* M McKee retired from the board and all subcommittees effective
31 March 2018.
RISK MANAGEMENT
The Company has continued to develop its strategies for managing
risk during the reporting period, particularly where internal controls
are concerned. The Company’s internal controls are reviewed by
the external auditor twice a year, and are monitored regularly by
the independent directors. The Board relies on the sign-off of
senior management with respect to the financial reports, which
sign-off has been provided in respect of the Company’s 2017/2018
accounts.
The Company has adopted a Risk Management Policy (a summary
is available on the Company’s website). Under the Policy, the Board
delegates day-to-day management of risk to the Chief Executive
Officer. The Policy sets out the role of the Chief Executive Officer
and accountabilities. It also contains the Company’s risk profile
and describes some of the policies and practices the Company has
in place to manage specific business risks.
The process of management of material business risks is allocated
to the business risk owners within the management team. The
Board relies on risk controls being implemented effectively and the
primary risk controls reviewed monthly through a standing item on
the Board agenda. The Company is in the process of updating its
Risk Management Policy to include formal processes to identify,
manage and mitigate risk, using a risk register. A significant body
of work was completed during the reporting period addressing
mine operational risks. This document will be reviewed externally
by government regulators. Certain risks pertinent to the sector in
which the Company operates are not able to be managed at this
time, for example the price of gold.
Material business risks reported on during the reporting period
included statutory compliance, health and safety in the operational
environment, sustainability of the company’s ore resources,
environmental risk working in a conservation estate, internal audit
compliance, adequacy of computer systems, ethical conduct and
business practice, retention of key staff, financial reporting and
liquidity risk.
The Board has required management to design, implement and
maintain risk management and internal control systems to manage
the Company’s material business risks. The Board also requires
management to report to it confirming that those risks are being
managed effectively. The Board receives on a regular basis reports
from management as to the effectiveness of the Company’s
management of its material business risks, risk evaluation, analysis
and treatment. Risk management is a standing item on the Board
agenda, giving opportunity for Board discussion. The Audit
Committee and the full Board addresses areas of risk and evaluates
the effectiveness of controls.
CORPORATE GOVERNANCE

ANNUAL REPORT 2018NEW TALISMAN GOLD
35
ASSURANCES TO THE BOARD
The Chief Executive Officer (CEO) and the Chief Financial officer
(CFO) are not required to provide a declaration to the Board in
accordance with section 295A of the Corporations Act (Australia)
as the Company is instead subject to the laws of New Zealand.
However, the Board requires the CEO and the CFO to provide a
declaration confirming that the financial reports for the reporting
period present a true and fair view, in all material respects, of the
Company’s financial condition and operational results, and are in
accordance with relevant accounting standards. Assurance is also
given that the financial statements are founded on a sound system
of risk management and internal compliance and control and that
the Company’s risk management and internal compliance and
control is operating efficiently and effectively.
CONTINUOUS DISCLOSURE
The Company has adopted a Continuous Disclosure Policy which
sets out obligations for directors, employees and consultants
in relation to continuous disclosure. The Company has also
adopted Compliance Procedures to ensure compliance with the
ASX Listing Rule requirements in relation to continuous disclosure,
and to ensure accountability at a senior executive level for that
compliance. Summaries of both these documents are available
on the Company’s website. In accordance with the NZX and ASX
Listing Rules, the Company is required to disclose to the market
matters which could be expected to have a material effect on
the price or value of the Company’s securities. Management
processes are in place to ensure that all material matters which may
potentially require disclosure are promptly reported to the Chief
Executive Officer or the Company Secretary who is responsible for
ensuring that such information is not released to any person until
the NZX and ASX have confirmed its release to the market.
SHAREHOLDER COMMUNICATION
The Board has adopted a Shareholder Communication Policy, a
copy of which is disclosed on the Company’s website.
DIRECTOR AND OFFICER LIABILITY
INSURANCE
The Company maintains director and officer liability insurance
and indemnifies directors and officers of the Company against
all liabilities which may arise out of the performance of normal
duties as directors or officers, unless the liability relates to conduct
involving a lack of good faith. This includes indemnity of costs and
expenses incurred in defending an action that falls within the scope
of the indemnity.
MATERIALITY
independence of directors, the Board refers to the thresholds for
qualitative and quantitative materiality as adopted by the Board
and contained in the Board Charter, which is disclosed in full on
the Company’s website. Balance sheet items are material if they
have a value of more than 10% of pro-forma net asset. Profit and
loss items are material if they have an impact on the current year
operating result of 10% or more. Items are also material if they
impact on the reputation of the Company, they involve a breach
of legislation; they are outside the ordinary course of business;
they could affect the Company’s rights to its assets; if accumulated,
they would trigger the quantitative tests; they involve a contingent
liability that would have a probable effect of 10% or more on
balance sheet or profit and loss items; or they will have an effect
on operations which is likely to result in an increase or decrease
in net income or dividend distribution of more than 10%. Criteria
for determining the materiality of contracts can be found in
“Board and Management” under Corporate Governance on the
Company’s website.
SHARE TRADING
The Company has adopted a Share Trading Policy to assist with
compliance with insider trading regulations under the Securities
Market Act 1988 (New Zealand) and the Corporations Act
2001 (Australia). This policy restricts directors, employees and
consultants from trading in a number of ways and is available on
the Company’s website. Application must be made by directors,
employees and consultants to the Company for approval prior
to trading in the Company’s securities. A requirement to comply
with this policy forms part of every employment or consultancy
agreement.
SUMMARY OF WAIVERS
No waivers to the rules were requested to the Stock Exchanges
during the reporting period.
CORPORATE GOVERNANCE

www.newtalisman.co.nz
DIRECTORS
Charbel Nader (Chairman, Independent)
Tony Haworth (Independent Director)
Murray R Stevens (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: office@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
COMPANY DIRECTORY