Preliminary Full Year Report to 31 Mar 2021

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_____________________________________________________
31 May 2021


FOR IMMEDIATE RELEASE
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED [ASX, NZSX: NTL]
Preliminary Announcement – Full Year Results
Current Reporting Period
31 March 2021
(12 months)
$
Previous Reporting Period
31 March 2020
(12 months)
$
Change
%
Revenue for ordinary activities 2,973 39,511 (92%)
Loss from ordinary activities attributable to
members of the listed issuer
762,402 3,713,873 (79%)
Tenement expenditure 523,787 1,109,327 (53%)
Prospecting Expenditure - 8,000 (100%)
Total Net Expenditure 1,286,189 4,831,200 (73%)

No dividend attributed to this period.


No further impairment of prospecting costs were recognised this period due to uncertainty around access to the
land (last year $2,757,313).

Tenement expenditure for the reporting period was $523,787 compared to $1,109,327 in the previous reporting
period.

At the end of the year the Company had a cash balance of $1,110,695
HIGHLIGHTS OF THE YEAR
• With a difficult start for most companies in NZ and the rest of the world following the end of the
financial year, management completed the initial strategic review and subsequently the board
adopted the following key recommendations:-

o 1) Priority on identifying a treatment route of the ore with existing operators and planning in
the event of having to build a company owned plant.
o 2) identify a secondary source of ore which following the end of the period resulted in the
signing of a term sheet for the acquisition of Broken Hills Mining as outlined in the following
announcement dated 17 January 2021 https://www.nzx.com/announcements/366790

o 3)The geological team focused on identifying targets within the permit area and commenced
modelling on the remaining data from the Talisman deeps database.

• In the first half of the year the company announced the results of the latest Mineral Resource
Estimate (MRE) for the Company’s Talisman Mine. The report and data were submitted for
independent peer review by AMC Consultants (pty) Ltd. Details of the report and review are
documented in the company announcement dated 24 June 2020
https://www.nzx.com/announcements/355173
. The technical team are completing a review of further
resources within the extensive geological database of the Talisman mine which is currently being
updated
541 Parnell Rd, Parnell, Auckland 1052
Office +64 9303 1893
Fax +64 9303 1612
info@newtalisman.co.nz

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• Terra Firma continued to maintain the mine to the highest level of health and safety and are ready to
recommence extraction activities as soon as a processing route is secured. The trigger for the 2 year
extraction consent is the first 10 T truck leaving the site.
• Stockpiled ore increased during the period with identified stockpiles and stopes contributing to
tonnage.
• Following the end of the reporting period the company identified a number of operators that would be
able to process ore. One of the operators is currently processing 1 Tonne of High grade ore which will
determine the efficiencies with a variety of grind sizes and no chemical treatment using gravity
separation. A second processing group who had previously tested their separation methods were
approached.

During the year the company maintained significant financial controls reducing the annual expenditure
significantly. Given the high level of costs while underground extraction activities are undertaken, the board
has taken a prudent financial approach by ensuring the extracted ore is able to be transported directly for
processing.
Reductions in management and board continued to exceed 20% of that contracted during the period and
continue from the chair to management with the exception of the virtual CFO and Terra Firma who have a
regulatory obligation under the health and safety act restricting the ability to reduce costs as inspections are
required on a weekly basis.
From a financial perspective these reductions resulted in an overall substantial reduction in operating
expenses on the previous year while the ore stockpiles and value therein increased.
During the second half of the financial year the company executed a binding term sheet and completed DD on
Capella Pty Ltd in Vanuatu from Canterbury resources with final agreements being executed currently.
https://www.nzx.com/announcements/364819

The company also entered into a binding agreement to acquire the Broken Hills mining project which has
been owned and operated by the Rabone family for over two decades.
https://www.nzx.com/announcements/366790
Production data from the current mining operation, as provided
by the vendor to NTL as part of the ongoing due diligence process, shows that between 2001 and 2019 a total
of 6,494 oz of gold and 17,539 oz of silver from 12,102 tonnes of quartz was produced at an average grade of
16.69g/t gold and 45 g/t silver.
The primary focus continues to be on delivering a production route for the Talisman ore.
Note: A detailed report outlining the activities during the year will be included in the Annual Report to be
released in June 2021.


Consolidated Statement of Comprehensive Income


Reporting Period
31 March 2021
Previous Reporting
Period 31 March 2020

$ $
Revenue
2,973 39,511
Total revenue
2,973 39,511


Audit fees 37,813 33,119
Depreciation 41,769 51,708
Director fees 85,333 110,500
Foreign exchange loss/ (gain)
(13,177) 4,673
Fair Value of Investments Movement (15,775) 2,615

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Impairment of Prospecting Costs - 2,757,313
Rent and leasing
13,406 23,414
Operating expenses
614,523 744,116
Total operating expenses 763,892 3,727,458
Loss from operations
760,919 3,687,947
Finance Costs
1,483
Exploration Costs written off - -
Other Comprehensive Income - -
Net deficit attributable to members 762,402 3,687,947

Earnings per share

Basic earnings/(loss) per share
(0.03) cents (0.14) cents
Diluted earnings/(loss) per share
(0.03) cents (0.14) cents


Consolidated Statement of Financial Position


Reporting Period
31 March 2021

Reporting Period
31 March 2020

$ $
Cash
1,110,695 2,495,718
Receivables and prepayments
169,898 178,619
Current assets
1,280,593 2,674,337


Property, plant & equipment
191,388 227,421
Assets Under Construction
13,673,688 13,143,901
Intangible assets (prospecting expenditure)
11,637 11,637
Right of use assets
64,539 -
Investments
185,828 5,581
Non-current assets
14,127,080 13,388,540


Total assets
15,407,673 16,062,877


Payables
86,253 28,972
Short Term Lease Liabilities
24,141 -
Other
20,324 17,613
Employee entitlements
- 18,240
Total Current liabilities
130,718 64,825
Total Non-Current liabilities
73,520 32,215


Total liabilities
204,328 97,040






Capital


38,216,371


38,216,371
Reserves
- -
Retained profit/(loss)
(23,012,936) (22,250,534)
Total equity
15,203,435 15,965,837


Total Equity and Liabilities
15,407,673 16,062,877

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Net tangible assets per security
Net tangible assets
15,568,058 15,931,398
Net tangible assets per security
0.56 cent 0.59 cent


Consolidated Statement of Cash Flows


Reporting Period
31 March 2021

Reporting Period
31 March 2020

$ $
Cash flows relating to operating activities

Cash inflows
1,669 4,463
Cash outflows
(697,727) (1,236,755)
Net operating cash flows
(696,068) (1,232,292)


Cash flows relating to investing activities

Cash inflows
1,304 -
Cash outflows
(694,259) (1,136,495)
Net investing cash flows
(692,955) (1,136,495)


Cash flows relating to financial activities

Cash inflows
- 3,625,522
Cash outflows
(9,177) -
Net financing cash flows
(9,177) 3,625,522


Net increase/(decrease) in cash held
(1,398,200) 1,256,735
Cash at beginning of period
2,495,718 1,243,656
Exchange rate gain/(loss)
13,177 (4,673)
Cash at end of period
1,110,695 2,495,718



Consolidated Statement of Changes in Equity


Reporting Period
31 March 2021

Reporting Period
31 March 2020

$ $
Equity at start of period
15,935,837 19,653,784
Net profit / (loss)
(762,402) (3,687,947)
Shares issued
- -
Prior Period Adjustment
- -
Equity at end of period
15,203,435 15,965,837

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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 over
1,900 shareholders a majority of whom are 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.
More about New Talisman Gold at www.newtalisman.co.nz