Preliminary Full Year Result

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_____________________________________________________
30 May 2019

FOR IMMEDIATE RELEASE
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED [ASX, NZSX: NTL]
Preliminary Announcement – Full Year Results
Current Reporting Period
31 March 2019
(12 months)
$
Previous Reporting Period
31 March 2018
(12 months)
$
Change
%
Revenue for ordinary activities 86,734 128,597 (33%)
Loss from ordinary activities attributable to
members of the listed issuer
1,203,327 1,002,157 20%
Tenement expenditure 2,396,308 1,794,386 34%
Prospecting Expenditure 8,050 10,575 (24%)
Total Net Expenditure 3,607,685 2,807,118 29%

No dividend attributed to this period.


Tenement expenditure for the reporting period was $2,396,308 compared to $1,794,386 in the previous
reporting period. No exploration expenditure was written off during the current reporting period (last year Nil).
The higher overall expenditure in the period represents the high level of activity undertaken at the Talisman
mine to complete the development phase resulting in all services installed at the mine and upgrades allowing
access to both the Mystery and Maria veins for extraction and ore transport.

At the end of the year the Company had a cash balance of $1,243,656
HIGHLIGHTS OF THE YEAR
 During the year NTL completed all the necessary refurbishment and upgrades of over 1.5km of the No
8 Level tunnel network connecting the portal with the Dubbo and Mystery vein zones;
 Completed the installation and commissioning of the primary and secondary ventilation systems and all
associated engineering and communications infrastructure required for the mine plan;
 Commenced blasting of the Mystery vein north drive and proved the extension of mineralisation which
has greatly improved our confidence in pushing forward with planned developments on this vein.
Testwork on the blast design and mining method for this vein system is complete;
 Reopened the BM37 crosscut to allow clear access to the uppermost areas of the highly mineralized
ore body in the Dubbo zone for the first time since 1993;
 Blasted extracted and stockpiled some 500 tonnes of ore in preparation for commissioning of the gold
processing plant;
 Imported and constructed a gravity-based pilot gold processing plant which uses no hazardous
chemicals for gold extraction and applied for resource consent for this activity;
 Released an updated Pre-Feasibility study demonstrating robust project economics;

 Completed preparation for resource consent application to support full mining on completion of the bulk
sampling programme.


541 Parnell Rd, Parnell, Auckland 1052
Office +64 9303 1893
Fax +64 9303 1612
info@newtalisman.co.nz

2
SUMMARY
During the year the company completed the final steps in cementing the transition to developer with upgrades
to the entire level 8 area. The mine now has full access through to both the Mystery and Dubbo veins for
extraction of ore and has over 500 tonnes stockpiled ready for processing.
The metallurgical route for processing of ore was developed during the year, the plant is in place and the
application for resource consent has been lodged. It is important to note that the resource consent requirements
for the pilot plant are much less complex than those for bulk sampling consent and are expected to be processed
expediently. Ore for processing continues to be stockpiled while the consenting process is complete. Once the
pilot plant has received consent and processed sufficient ore to confirm recovery rates and other data, the plant
can be scaled up to match planned extraction volumes from the mine.
The company has recently advanced discussions for 3
rd
party processing of Talisman ore and has received an
indicative proposal by a company that has expressed interest in operating, constructing and financing the
processing plant for the Talisman mine.
The company has commenced discussions with a NZ based end buyer of concentrate. Should a formal
agreement be reached the plant will be constructed to the end specifications of the customer.
The next phase will see the company will commence extraction and processing of ore with high grade batches
being selected for processing through the pilot plant while other ROM ore will be stockpiled for processing once
upgrades to increase volumes are completed. This will allow for gold and concentrate to be produced in small
batches from high grade ore delivering the first revenues from production.
From a financial perspective the last year has seen an increased investment in the mine development as the
rehabilitation phase was completed
The company ended the financial year in a position that, with the ongoing support of its shareholders will
complete the final stage toward gold production over the coming months cementing New Talisman as the
newest underground producer in NZ.

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Consolidated Statement of Comprehensive Income


Reporting Period
31 March 2019
Previous Reporting
Period 31 March 2018

$ $
Revenue
86,734 128,597
Total revenue
86,734 128,597


Audit fees 34,058 33,846
Capital Loss on Disposal of Investments
- -
Depreciation 46,906 23,084
Director fees 140,000 170,000
Foreign exchange loss/(gain) 11,426 10,274
Fair Value of Investments Movement 44,685 (38,461)
Rent and leasing
25,508 24,248
Operating expenses
987,478 907,763
Total operating expenses 1,290,061 1,130,754
Loss from operations
1,203,327 1,002,157
Exploration Costs written off - -
Other Comprehensive Income 1,783 8,137
Net deficit attributable to members 1,201,544 (994,020)

Earnings per share

Basic earnings/(loss) per share
(0.06) cents (0.05) cents
Diluted earnings/(loss) per share
(0.06) cents (0.05) cents


Consolidated Statement of Financial Position


Reporting Period
31 March 2019

Reporting Period
31 March 2018

$ $
Cash
1,243,656 4,828,750
Receivables and prepayments
172,066 116,922
Advances to related parties
- -
Current assets
1,415,722 4,945,672


Property, plant & equipment
259,960 89,677
Assets Under Construction
12,034,575 9,638,268
Intangible assets (prospecting expenditure)
2,760,950 2,752,900
Investments
11,313 55,998
Non-current assets
15,066,798 12,536,843


Total assets
16,482,520 17,482,515


Payables
384,046 192,966
Other
18,000 20,618
Employee entitlements
19,997 21,330
Total Current liabilities
422,043 234,914
Total Non-Current liabilities
32,215 17,795


Total liabilities
454,258 252,709

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Capital


34,590,849


34,590,849
Reserves
- -
Retained profit/(loss)
(18,562,587) (17,361,043)
Total equity
16,028,262 17,229,806


Total Equity and Liabilities
16,482,520 17,482,515

Net tangible assets per security

Net tangible assets
13,267,312 14,473,595
Net tangible assets per security
0.61 cent 0.67 cent


Consolidated Statement of Cash Flows


Reporting Period
31 March 2019

Reporting Period
31 March 2018

$ $
Cash flows relating to operating activities

Cash inflows
62,081 128,597
Cash outflows
(1,140,861) (1,085,291)
Net operating cash flows
(1,078,780) (956,694)


Cash flows relating to investing activities

Cash inflows
- -
Cash outflows
(2,484,892) (1,884,590)
Net investing cash flows
(2,484,892) (1,884,590)


Cash flows relating to financial activities

Cash inflows
- 1,925,910
Cash outflows
- -
Net financing cash flows
- 1,925,910


Net increase/(decrease) in cash held
(3,563,672) (915,374)
Cash at beginning of period
4,828,750 5,754,398
Exchange rate gain/(loss)
(11,422) (10,274)
Cash at end of period
1,243,656 4,828,750



Consolidated Statement of Changes in Equity


Reporting Period
31 March 2019

Reporting Period
31 March 2018

$ $
Equity at start of period
17,229,806 13,559,993
Net profit / (loss)
(1,203,327) 1,739,243
Shares issued
- 1,925,910
Prior Period Adjustment
1,783 4,660
Equity at end of period
16,028,262 17,229,806

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These annual financial statements are subject to completion of the audit.

No dividends or distributions were paid or are planned.

All statements are prepared in accordance with New Zealand equivalents to International Financial
Reporting Standards.


There are no accounting policies which the directors believe are critical to the portrayal of New Talisman’s
financial condition and results which require the directors to make judgements and estimates about matters
that are inherently uncertain.


All accounting policies have been applied on bases consistent with those used in previous years.



About New Talisman Gold Mines Ltd

New Talisman Gold is a dual listed (NZX & ASX: NTL) leading New Zealand minerals development company with approximately 2,800
shareholders who are mainly from Australia and New Zealand.

The company’s flagship asset the Talisman mine holds a JORC compliant mineral resource, a JORC compliant reserve and has been
granted resource consents and access arrangements for the initial phase of the project. The company is currently initiating bulk sampling
at Talisman and continues to advance the development of the mine. New Talisman’s wholly owned subsidiary Coromandel Gold Limited
holds a portfolio of highly prospective mineral interests and gold properties in the Hauraki District of New Zealand.

New Talisman Gold Mines Limited purchased an Australian subsidiary company which held the exploration permit for the Rahu
tenement. New Talisman Gold Mines Limited now has control and direction over the mining activities relating to the Rahu tenement.

More about New Talisman Gold at www.newtalisman.co.nz