Preliminary Full Year Report

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_____________________________________________________
29
th
June 2020

FOR IMMEDIATE RELEASE
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED [ASX, NZSX: NTL]
Preliminary Announcement – Full Year Results
Current Reporting Period
31 March 2020
(12 months)
$
Previous Reporting Period
31 March 2019
(12 months)
$
Change
%
Revenue for ordinary activities 39,511 86,734 (54%)
Loss from ordinary activities attributable to
members of the listed issuer
3,710,748 1,203,327 208%
Tenement expenditure 1,109,327 2,396,308 (54%)
Prospecting Expenditure 8,000 8,050 (1%)
Total Net Expenditure 4,828,075 3,607,685 34%

No dividend attributed to this period.


Loss from ordinary activities attributable to members of the listed issuer includes an impairment of prospecting
costs of $2,757,313 due to uncertainty around access to the land (last year Nil).

Tenement expenditure for the reporting period was $1,109,327 compared to $2,396,308 in the previous
reporting period.

At the end of the year the Company had a cash balance of $2,495,718.
HIGHLIGHTS OF THE YEAR

• First gold and concentrate produced from pilot plant

• Completion of successful capital raising of $3.6m.

• Refurbishment of the underground workings completed.

• Completion Metallurgical testwork – Gold and precious metals recovery rates achieved..

• Design and planning of a larger volume plant commenced.

• Life of mine level plan continues to be developed.

• Mineral resource estimate and peer review by AMC complete


SUMMARY
During the year the company completed a successful capital raising of $3.6m which enabled the company to
complete refurbishment of the underground workings, establish the pilot plant, complete metallurgical
541 Parnell Rd, Parnell, Auckland 1052
Office +64 9303 1893

Fax +64 9303 1612
info@newtalisman.co.nz

2
testwork, produce the first gold concentrate and commence planning and consenting of a larger scale
processing plant.
With the extraordinary circumstances of COVID-19 affecting operations in 2020, New Talisman was left, like
many companies, restricted in operations while the New Zealand Government imposed complete lockdown on
non-essential services by imposing COVID -19 level 4.
The highly anticipated Resource Estimate update and final review was received from AMC following the
reporting period.
The primary focus is now on delivering a production route for the Talisman ore following completion of a
majority of the testwork at the pilot plant.
NOTE: a Detailed report outlining the activities during the year is included in the Annual report which
will be released later today.

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Consolidated Statement of Comprehensive Income


Reporting Period
31 March 2020
Previous Reporting
Period 31 March 2019

$
$
Revenue
39,511 86,734
Total revenue
39,511 86,734


Audit fees 33,119 34,058
Depreciation
51,708 46,906
Director fees 136,426 140,000
Foreign exchange loss 4,673 11,426
Fair Value of Investments Movement 2,615 44,685
Impairment of Prospecting Costs 2,757,313 -
Rent and leasing
23,414 25,508
Operating expenses
740,991 987,478
Total operating expenses 3,750,259 1,290,061
Loss from operations
3,710,748 1,203,327
Exploration Costs written off - -
Other Comprehensive Income - 1,783
Net deficit attributable to members 3,710,748 1,201,544

Earnings per share

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


Consolidated Statement of Financial Position


Reporting Period
31 March 2020

Reporting Period
31 March 2019

$ $
Cash
2,495,718 1,243,656
Receivables and prepayments
178,626 172,066
Advances to related parties
- -
Current assets
2,674,344 1,415,722


Property, plant & equipment
227,421 259,960
Assets Under Construction
13,143,901 12,034,575
Intangible assets (prospecting expenditure)
11,637 2,760,950
Investments
8,698
11,313
Non-current assets
13,391,657 15,066,798


Total assets
16,066,001 16,482,520


Payables
54,898 384,046
Other
17,613 18,000
Employee entitlements
18,240 19,997
Total Current liabilities
90,751 422,043
Total Non-Current liabilities
32,215
32,215



Total liabilities
122,966 454,258

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Capital


38,216,371


34,590,849
Reserves
-
-
Retained profit/(loss)
(22,273,336) (18,562,587)
Total equity
15,943,035
16,028,262


Total Equity and Liabilities
16,066,001 16,428,520

Net tangible assets per security

Net tangible assets
15,931,398 13,267,312
Net tangible assets per security
0.59 cent
0.61 cent


Consolidated Statement of Cash Flows


Reporting Period
31 March 2020

Reporting Period
31 March 2019

$
$
Cash flows relating to operating activities

Cash inflows
4,463 62,081
Cash outflows
(1,236,755) (1,140,861)
Net operating cash flows
(1,232,292) (1,078,780)


Cash flows relating to investing activities

Cash inflows
- -
Cash outflows
(1,136,495) (2,484,892)
Net investing cash flows
(1,136,495) (2,484,892)


Cash flows relating to financial activities

Cash inflows
3,625,522 -
Cash outflows
- -
Net financing cash flows
3,625,522 -


Net increase/(decrease) in cash held
1,256,735
(3,563,672)
Cash at beginning of period
1,243,656 4,828,750
Exchange rate gain/(loss)
(4,673)
(11,422)
Cash at end of period
2,495,718 1,243,656



Consolidated Statement of Changes in Equity


Reporting Period
31 March 2019

Reporting Period
31 March 2018

$
$
Equity at start of period
16,028,262
17,229,806
Net profit / (loss)
(3,710,748)
(1,203,327)
Shares issued
3,625,521
-
Prior Period Adjustment
-
1,783
Equity at end of period
15,943,035 16,028,262

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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