Half Year Report for the six months to 30 Sept 2020

HALF YEARLY REPORT
to 30 September 2020
www.newtalisman.co.nz

2 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
REPORT TO THE SHAREHOLDERS OF NEW TALISMAN GOLD MINES LTD
Half year ended 30 September 2020
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
[ASX, NZSX: NTL, NTLOB] 

The directors are pleased to present the half year report for New Talisman Gold Mines
Limited (NTL) for the six months to 30 September 2020.

HIGHLIGHTS
• Activities at Talisman site resume following demobilisation period
• Authority to Enter and Operate Talisman renewed
• Department of Conservation Access Agreement renewed
• Strategic Review
• Mystery Vein planning complete, blasting to commence following survey
• Long term mine and treatment plant consenting
• Rahu update
• Rhoderick Dhu identification and sampling
• Coromandel Gold Limited to develop exploration projects
• Acquisition of Vanuatu Gold leases

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 3
General Overview
With the difficulties of the first half year behind the company, the second half of 2020 fared better
with the arrival of all materials required to commence works, and the completion of the updated mine
planning and principal hazard and risk assessments, required to commence the Mystery activities early
in the new year as detailed further in this report.
The second half of the year saw the commencement and completion of the first stage of a strategic
review of the business covering areas such as structure, board composition, and short term initiatives
which can directly impact shareholder value. Initial recommendations resulted in a decision by the board
to restructure the business into Exploration and Development entities to focus New Talisman Gold
Mines Limited solely on activities underground which directly impact development and production at
Talisman, including the underground exploration activities previously announced to build reserves and
resources and to be undertaken in conjunction with development activities.
Exploration activities to be developed by Coromandel Gold Limited
The board resolved that all other exploration opportunities within the group will be undertaken through
the listing of Coromandel Gold Limited (CGL, a wholly owned subsidiary of NTL). The board determined
that CGL will be a standalone business and other than a small loan to cover compliance listing costs
will be funded independently of NTL. Directors believe this will allow for the full value of exploration
initiatives and production activities to be reflected in the resulting share price of each company. As
outlined further one of the first major steps in the development of CGL is the acquisition of a significant
new project in Vanuatu.

Tectonic map showing major gold/copper deposits near Vanuatu on the pacific rim. (source Gold Rim
Resources Ltd).
Pacific Rim = World Class Deposits
Right Neighbourhood Right Neighbourhood

4 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
DEVELOPMENT ACTIVITIES
Talisman Mine
While lockdowns and travel restrictions, along with delays in the shipping of materials from overseas due
to Covid-19, have hampered progress this year, the second half of the year has been far more positive.
There is now only one remaining requirement to be met prior to blasting, which is the appointment of
a registered mine surveyor. This is one of several statutory appointments required under the Health and
Safety in Employment (Mining Operations and Quarrying Operations) Regulations 2015 which WorkSafe
have advised would be a prerequisite to commencement of activities at Mystery. A suitable surveyor has
been identified and NTL is in the process of appointing the surveyor for the full term of the Talisman
mine project.
As has been advised previously extraction activities will be focussed on gaining a better understanding
of Mystery through development at the face aimed at extending the drive further along strike
while ensuring extracted ore is stockpiled underground while a treatment route is identified and
permitting lodged for a scaled-up processing plant to treat Talisman ore. It is important to note that
the commencement of bulk sampling begins with transport of 10 tonne trucks along the access road.
Therefore, in the intervening period the product of any underground activities that support the Mystery
development will be stockpiled.
During the period NTL, through its contractor Terra Firma, ensured compliance with relevant legislation
through regular inspections of the condition of underground workings, monitoring of underground air
quality and maintenance of the ventilation and electrical infrastructure. General maintenance and pest
control is routinely undertaken.

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 5
The aim has been to minimise costs as much as possible while securing a final treatment route. The
majority of efforts have remained focussed on the permitting, siting and development of the plant
over the period while finalising all of the requirements to commence Mystery works. It is important for
shareholders to understand that the triggering of the resource consent for bulk sampling early would
have significant impact on the economics of the bulk sampling project.
Underground resource development
NTL has implemented its programme of resource confirmation and modelling work under phase 4 of
the Talisman Deeps project, as announced at this year’s AGM. This includes continuing to compile and
model the various targets that have been reported previously. Emphasis is on identifying opportunities
to expand known resources and upgrade existing targets that lie within current resource blocks
or nearby. The first three modules were released to market and had significant impact on both the
resource and grade of the resource. AMC Consultants reviewed the completed resource estimate and
New Zealand Petroleum and Minerals recently met with the technical team and were satisfied with the
updated modelling.
Mystery
The Mystery vein lies between the Maria and Welcome/Crown Veins approximately 200m east of the
Maria Vein. Its orientation, width and character are consistent with the two main veins mined historically.
Examination of surface and underground geochemical sampling results from historic data shows the
possibility that the Roderick Dhu veins that occur around 600m north of the Mystery vein may well
be the same vein system. The grades recorded in the historical data set from 39 surface outcrop and
underground channel samples range
from below detection to 84.0 g/t Au with
an average of 11.89 g/t Au and 107.4 g/t
Ag. Sample widths range from around
10cm to 1.8m and average 0.4m.
The Company is currently using these
data to generate 3D geological
models of the Mystery/Roderick Dhu to
quantify the resource potential as well
as embarking on a programme of low
impact surface sampling to establish the
continuity of the vein at surface to assist
in the modelling (Please see https://
www.asx.com.au/asxpdf/20160608/
pdf/437rrdbmhdt90d.pdf).
Previous sampling of Mystery by NTL
has shown grades up to 50g/t gold,
while check sampling during driving
on vein showed a weighted average
grade of the vein across the current
face of 1.8m at 39.35g/t Au, 34.75g/t
Ag, including narrow footwall stringers.
(Please see https://www.asx.com.au/
asxpdf/20180508/pdf/43tvlpmv420f4f.
pdf).

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HALF YEARLY REPORT 2020
Target Identification
Targets other than the Mystery Vein, that were first reported in a release to the ASX/NZX on 8 June,
2016, (Please seehttps://www.asx.com.au/asxpdf/20160608/pdf/437rrdbmhdt90d.pdf), include the
Crown Vein in particular the area between the 5A level and the surface and the Imperial/Sutro vein
system that lies approximately 100m east of the Crown Vein.
The Crown mine historically extracted gold from two main veins the Welcome and the Crown Veins.
They have JORC 2004 compliant measured, indicated and inferred resources of 29,500 oz gold and
59,400 oz silver delineated. Examination of the historic data from 123 surface or near surface samples of
the Crown Vein show that what appear to be mainly channel samples, to be averaging 10.47 g/t gold,
19.0 g/t silver with an average sample width of 0.86 metres. Sample widths ranged from 0.1m to 3.0m,
while gold grades range from 0.05 g/t to 147.5 g/t.
The programme underway is designed to bring the existing resources in the Crown Vein to JORC
2012 reporting standards and to model extensions of the Crown and Welcome veins using historic
information. Geological modelling is underway and necessary permits being sought from Department
of Conservation for low impact surface activities associated with the target evaluation.
Additionally, the Sutro Workings that lie approximately 100m east of the Crown Mines surface outcrop
appear to be a southward extension of the north east trending Imperial veins. Their significance is
now apparent from the historic data and they are also being evaluated for their potential to be near
term development opportunities. Observations are that the veins in the Sutro workings from which 39
channel samples were taken by previous workers range in gold values from below detection to 94.0 g/t
gold, averaging 8.46 g/t Au and 22.8 g/t silver. Sample widths average 0.5m and range from 0.1m to
1.2m.
Reference in the foregoing text to targets, exploration targets, mineralisation, extensions to resources,
exploration potential are defined as Exploration Targets in the 2012 JORC Code and that the potential
quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a
Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral
Resource.

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NEW TALISMAN GOLD | 7
Treatment Plant
The strategic review has focussed the Talisman operation
on t he permitting, design and commissioning of a
treatment plant suitable for processing Talisman ore.
With t he metallurgical testwork complete the process for
applying for a full capacity plant and tailings dams is
underway. The majority of the work is being completed
in house apart from some independent studies on issues
such as water and noise.
Pilot Plant
While initially the company envisaged the ability to process
high grade batches the resulting consent provided for only
a limited 10t of ore which would require a new consent
for each 10t volume. This has precluded the ability to
process high grade batches of ore continuously through
the pilot plant due to the increased costs and repetition
of consenting rendering this approach as uneconomic.
The board has determined that management resources
are much better focused on development of a new plant
which will cater for the long-term full-scale production
once the bulk sampling programme is complete.
Non-hazardous treatment
Whilst continuing the application for the plant and
accelerating the development of NTL’s own treatment
plant using gravity the company is looking at several new
treatment processes which could be used without the
need to use hazardous chemicals.
Recently, the company has identified a new technology
which has been developed by an Australian semi
government organisation and a small test sample of ore
will be sent to them for testing.

8 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
Rahu
As announced at the AGM, NTL was granted a minimum impact access arrangement (MIA) by DOC
covering the portion of the Rahu permit that falls on conservation land. However, the conditions imposed
by the MIA are so stringent that NTL has no ability to execute the work programme outlined in the
conditions of the Exploration Permit as set out by NZPAM. Given that this is beyond NTL’s control, the
board had indicated that unless it could identify alternative options NTL would be forced to relinquish
the permit.
The board is pleased to advise, following the annual review meeting on the Rahu permit and a recent
meeting with NZPAM, it has resolved that it will seek to retain the Rahu permit. NZPAM outlined the
key criteria which would need to be met under the minerals program which may allow for a change of
conditions. While access to DOC land is expected to remain unavailable, works on the land for which
NTL has existing access rights may be sufficient for an amended work program to be submitted. Subject
to meeting the criteria set down in the minerals program an application for Change of Conditions is
being prepared.
As outlined above Coromandel Gold (CGL) will aim to accelerate development of exploration projects.
Should the application for a change of conditions at Rahu be approved the activities would be
undertaken alongside the Vanuatu project by CGL.
Consenting
During the period the Authority to Enter and Operate was renewed with the Department of
Conservation as well as the renewal of the access agreement with DOC.
Exploration spin off
The board believes that the maximum potential for shareholder value can be developed by separating
exploration assets into a separate listed entity Coromandel Gold Limited and acquire projects which
have similar characteristics as outlined in the recent release, The development of a separate listing
provides independent funding of the exploration projects cementing the key focus on production from
New Talisman’s flagship asset the Talisman Gold Mine.
Following the determination to spin off Coromandel Gold the company commenced negotiating with
Canterbury Resources Limited (ASX:CBY) on its highly prospective Vanuatu projects. As announce
on 10
th
December, NTL has executed a binding term sheet to acquire a highly prospective project in
Vanuatu from Canterbury Resources for an undisclosed package of cash and shares.

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 9
Looking Ahead
As part of the second stage of the strategic review the board has directed management to provide
detailed reviews of specific areas of focus. This work is underway. The review highlighted the need for
core focus on securing a treatment solution for Talisman to cater for the full life of mine and production
scenario and prioritising gravity recovery and or other non-hazardous processing routes.
The board has continued to maintain cost reduction measures including cutting the number of external
consultant hours and increasing the use of in-house expertise for planning and permitting. To this end
a number of suitable sites have been identified for a plant and these are being critically evaluated. The
company has been able to end the year with a cash position of $1,869,706
A market update on the development focussed New Talisman and the exploration focussed Coromandel
Gold will be provided to shareholders early in the New Year.
Matthew Hill
Chief Executive Officer



Vanuatu

10 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
Schematic diagram of the Talisman Mine

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 11
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
As at 30 September 2020
Note30-Sep-20
$NZ
Unaudited
31-Mar-20
$NZ
Audited
30-Sep-19
$NZ
Unaudited
Equity
Attributable to parent company
shareholders
15,538,71115,939,91116,432,037
Term liabilities
Provision for closure and rehabilitation
32,21532,21532,215
Total term liabilities32,21532,21532,215
Current liabilities
Payables100,81472,511290,342
Employee benefits-18,24027,664
Total current liabilities100,81490,751318,006
Total liabilities133,029122,966350,221
Total equity and liabilities 15,671,74016,062,877 16,782,258
Current assets
Cash1,869,7062,495,7183,538,262
Receivables and prepayments144,283178,617179,709
Total current assets2,013,9892,674,3373,717,971
Non-current assets
Property, plant & equipment207,122227,421250,875
Assets under construction6 13,428,86513,143,90112,787,399
Intangible assets511,63711,63711,637
Investments10,1275,58114,376
Total non-current assets13,657,75113,388,54013,064,287
Total assets15,671,74016,062,87716,782,258
Net tangible assets per security
0.56 cents0.59 cents0.61 cents
For and on behalf of the Board:



Charbel Nader M G Hill
Dated: 7 December 2020 Dated: 7 December 2020
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

12 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Comprehensive Income
For six months ended 30 September 2020
Note 6 Months
30-Sep-20
$NZ
Unaudited
6 Months
30-Sep-19
$NZ
UnauditedContinuing Operations
Interest received8822,570
Gain/(Loss) on share revaluation4,5453,063
Operating and administrative expenses406,6283,227,380
Loss from operations (401,201)(3,221,747)
Loss before tax for the period(401,201)

(3,221,747)
Income tax expense(401,201)(3,221,747)
Total comprehensive income/(loss) --
Net loss attributable to equity holders of the parent(401,201)(3,221,747)
Comprehensive loss attributable to equity holders
of the parent(401,201)(3,221,747)
(401,201)(3,221,747)
Earnings per share
Basic earnings/(loss) per share from continuing
operations
Comprehensive earnings/(loss) per share from
continuing operations(0.014) cents(0.120) cents
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Changes in Equity
For six months ended 30 September 2020
Note6 months
30-Sep-20
$NZ
Unaudited
6 months
30-Sep-19
$NZ
Unaudited
Total comprehensive income/(loss)(401,201)(3,221,747)
Prior Year Adjustment--
Proceeds from share capital issued4-3,625,522
Equity at beginning of period15,939,91216,028,262
Equity at end of period15,538,71116,432,037
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 13
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For six months ended 30 September 2020
Note6 months
30-Sep-20
$NZ
Unaudited
6 months
30-Sep-19
$NZ
Unaudited
Cash flows from operating activities
Cash inflows8822,570
Cash outflows(358,579)(565,454)
Net cash outflows from operating activities
7(357,697)(562,883)
Cash flows from investing activities
Cash inflows--
Cash outflows(280,615)(775,303)
Net cash inflows/(outflows) from investing
activities
(280,615)(775,303)
Cash flows from financing activities
Cash inflows4-3,625,522
Cash outflows--
Net cash inflows from financing activities
-3,625,522
Net increase / (decrease) in cash held
(638,312)2,287,336
Effect of changes in exchange rates12,3007,270
Cash at beginning of period2,495,7181,243,656
Cash at end of period1,869,7063,538,262
CASH COMPRISES:
Cash at bank1,764,7063,433,262
Short term deposits105,000105,000
1,869,7063,538,262
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual
financial statements.

14 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
1. General
New Talisman Gold Mines Limited is a profit-oriented company incorporated and domiciled in New
Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange
(NZX) and the Australian Stock Exchange (ASX).
The company is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013
and the financial statements of the group have been prepared in accordance with the Financial Markets
Conduct Act 2013 and comply with NZX Listing Rule 10.6.1. The group consists of New Talisman Gold
Mines Limited (the “company”) and its subsidiaries (“Group”) and these financial statements are the
consolidated financial statements of the Group. The Group is engaged in mine development and
mineral exploration.
These financial statements were approved for issue by the Directors on 7 December 2020.
Statement of compliance
These interim consolidated financial statements presented are for New Talisman Gold Mines Limited
and its wholly-owned subsidiaries, Coromandel Gold Limited, Northland Minerals Limited and Rahu
Resources Pty Limited (“Group”). The information is presented in New Zealand currency which is the
company’s functional currency. The interim financial statements are condensed in accordance with NZ
IAS-34, Interim Financial Reporting. These consolidated financial statements have not been audited.
The comparative information for the year ended 31 March 2020 has been audited. The comparative
information for the six-month period ended 30 September 2019 has not been audited.
2.
Accounting policies
The accounting policies and methods of computation adopted in the preparation of these financial
statements are the same as those adopted in the preparation of the annual financial statements for the
year ended 31 March 2020. Those policies are set out in the annual report for the year ended 31 March
2020. There have been no changes to those accounting policies.
3.
Seasonality of operations
The results are unaffected to any significant extent by seasonality factors.
4.
Share Capital
Share Capital Movement
6 months
30-Sep-20
$NZ
6 months
30-Sep-19
$NZ
Share Capital Opening balance38,216,37134,590,849
Proceeds from Rights issues-3,625,522
Balance at end of period38,216,37138,216,371
At balance date 2,792,225,363 shares and 17,036,384 listed options were on issue.
5.
Prospecting Costs
Prospecting costs & mining tenements6 months
30-Sep-20
$NZ
Year ended
31 Mar 20
$NZ
6 months
30-Sep-19
$NZ
Opening balance11,6372,760,9502,760,950
Development expenditure-4,0004,000
Impairment of Prospecting Costs-(2,753,313)(2,753,313)
Balance at end of period11,63711,63711,637

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 15
6.
Mining Tenements
Talisman Mine Development6 months
30-Sep-20
$NZ
Year ended
31-Mar-20
$NZ
6 months
30-Sep-19
$NZ
Opening balance13,143,90112,034,57512,034,575
Development expenditure284,9641,109,326752,824
Balance at end of period13,428,86513,143,90112,787,399
Development expenditure consists of mining development costs, professional salaries, data acquisitions
and a small portion of overhead expenses relating to the operation of the mine. Management assesses
the allocation of directly attributable overheads at the end of each reporting date.
7.
Reconciliation of net deficit and operating cash flow
6 months
Sep 2020
$NZ
Unaudited
6 months
Sep 2019
$NZ
Unaudited
Net deficit after taxation
(401,201)(3,221,747)
Add non-cash items:
Depreciation
15,95127,563
Exchange (gain)/loss
(12,300)(7,269)
Impairment of Prospecting Costs
-2,753,313
Loss / (Gain) on revaluation of shares
(4,545)(3,062)
(894)17,232
Add (less) movement in working capital:
Decrease (increase) in debtors
--
Increase (decrease) in creditors
64,603(104,039)
Decrease (increase) in accrued income
(54,540)5,365
Decrease (increase) in Prepayments
33,415(39,128)
Decrease (increase) in Income Tax
2,529-
Decrease (increase) in GST
(1,609)26,121
44,398(111,681)
Net cashflows from operating activities
(357,697)(562,883)
8. Expenses
A percentage of certain expenses including wages, consulting fees and other operational expenditure
are capitalised to exploration tenements and assets under construction based on a calculation prepared
by management which is reviewed at each reporting date.
9. Commitments
Capital commitments at the end of the period were $nil. The company has signed a lease agreement for
office rental of $1,705.40 per month plus GST which expires in March 2021.

16 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
10. Going concern
The financial report has been prepared on a going concern basis. The company has raised sufficient
funds to commence bulk sampling. The directors expect to ensure that financial obligations can
continue to be met for longer than 12 months.
11. Events subsequent to balance date
In December 2020 the company through its wholly owned subsidiary Coromandal Gold Limited entered
into a binding term sheet with Canterbury Resources Ltd to acquire the Vanuatu Assets of Canterbury
Resources held in Capella Vanuatu Ltd. The assets include the Tafuse prospecting license 1851 and
Navaka Prospecting licence application.
12.
Related Party Transactions
Payments for consulting services to companies in which directors and major shareholders have a
substantial interest amounted to NZ$144,000. Director fees of $20,000 were payable at the end of the
reporting period. Related party receivables at balance date were $2,194. No related party debts were
written off during the year.
13.
Board Appointments and Retirements
Tony Haworth resigned as director on 1 September 2020. There were no other changes to the board of
directors during this period.

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NEW TALISMAN GOLD | 17

18 | NEW TALISMAN GOLD
HALF YEARLY REPORT 2020
AUDITOR’S REPORT

HALF YEARLY REPORT 2020
NEW TALISMAN GOLD | 19

www.newtalisman.co.nz
COMPANY DIRECTORY
DIRECTORS
Charbel Nader (Chairman, Independent)
Murray R Stevens (Director)
Matthew G Hill (Chief Executive Officer)
COMPANY SECRETARY
S Jane Bell
Registered (Head) Office
547 Parnell Road, Parnell
Auckland, New Zealand
Telephone (+64 9) 303-1893
Facsimile (+64 9) 303-1612
Email: info@newtalisman.co.nz
Website: www.newtalisman.co.nz
PRINCIPAL OFFICE IN AUSTRALIA
1st Floor, 25 Richardson Street
West Perth
Western Australia 6005
Telephone (+61 8) 9481-2040
Facsimile (+61 8) 9481-2041
BANKERS
Westpac Bank, Auckland
National Australia Bank, West Perth
AUDITORS
Scott Bennison
c/- K S Black & Co
Level 5
350 Kent Street,
Sydney, 2000
SOLICITORS
Chapman Tripp, 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
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