NTL Quarterly Report for the period Ended 31 March 2022

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
______________________

Commodity Exposure
GOLD and SILVER


Board

John Upperton Chairman/Independent Director
Samantha Sharif Independent Director
Michael Stiassny Independent Director
Victor Rabone Non-Executive Director

Jane Bell Company Secretary

Capital Structure
Ordinary Shares at 31/03/2022 3,189m


Share Price
Share Price at 27/04//2022 (NZX) $0.002
Share Price at 27/04//2022 (ASX) $0.002



New Talisman Gold Mines Limited

Address 547 Parnell Rd, Parnell,
Auckland
Phone +64 09 303 1893
Website www.newtalisman.co.nz
Email info@newtalisman.co.nz

Market Announcement

For Immediate Release
New Talisman Gold Mines Limited (NTL) is pleased to present a report on
activities for the quarter ended 31 March 2022.
HIGHLIGHTS
 NZ RegCo Queries concluded
 Dept of Conservation Access Agreement Renewed
POST QUARTER HIGHLIGHTS
 Strategic Plan and funding intentions announced
 Campbell MacPherson engaged to place Convertible Debt
Security
Mine-site activity remained on hold during the quarter as the focus was
development of the Strategic Plan for the Talisman Mine and testing the
underlying assumptions and costings. This ultimately culminated in the post
quarter announcement around the Strategic Plan and how it will be funded
– refer release dated 27 April 2022 which can be found on the following link
https://www.asx.com.au/asxpdf/20220427/pdf/458bz20069nqqx.pdf
On the regulatory front during the quarter NZ RegCo concluded their review
of certain matters raised during 2021. The outcome was that NZ RegCo
found that NTL breached multiple provisions of the NZX Listing Rules, in
relation to the 2019 capital raise and also in relation to subsequent events
in 2021. NZ RegCo determined, that given the changes to the Board since
the 2021 ASM, an educative outcome was appropriate, rather than taking
enforcement action. Accordingly NZ RegCo published a report regarding its
review, instead of referring the matter to the NZ Markets Disciplinary
Tribunal.
The Company considers this is a fair result for shareholders who had
already demonstrated their displeasure with the previous Board at the 2021
ASM. The process has been time consuming for the Board. Other than
dealing with the current claim by Matthew Hill, we are pleased to now be
able to concentrate our effort on looking forward.
NTL’s Access Agreement with the Department of Conservation was
renewed in late January 2022.
Late in the quarter Matthew Hill (former Director) filed a claim with the NZ
Employment Relations Authority. Mr Hill asserted in the claim that he is
entitled to various employment related entitlements and compensation,
provisionally quantified at $817,537.
NTL does not accept that Mr Hill has been an employee, continues to deny
the claims and considers them to be without foundation. Mr Hill had
specifically requested a management services contract for Asia Pacific
Capital Group Limited.(APC) As part of NTL’s defense, Mr Hill has been
asked to provide financial records for a number of entities APC and he were
involved with whilst contracting to NTL.
Quarterly Activities Report to 31 March 2022

2
These entities include a company associated with Matthew Hill that made undisclosed
application to NZPAM for a tenement that NTL had relinquished.
Further action against Mr Hill has not been ruled out by the Company.
The Company paid $49,871 for Directors fees during the quarter. The Company advanced
$3,565 to Coromandel Gold Limited; a subsidiary of the Company. The Company advanced
$736 to Rahu Resources Pty Limited; a subsidiary of the Company.
NTL continues to evaluate processing options with third parties, and has preliminary designs
for its own small scale plant if required. Surety of a processing route for Talisman ore is an
essential part of the Company’s future and the Board remains focused on securing this through
existing industry capacity or if need be, commissioning a small scale plant.
The Board is pleased to have announced the Strategic Plan and see this as an important
milestone in the Company’s stabilization.
Tenements
Talisman Mine – MP51326
Capella Vanuatu – PL1851

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Current
Quarter
$NZ



Year to Date
(12 Mths)
$NZ



20

(2,998)
Nil
(125,754)
Nil
294
Nil
Nil
Nil



500

(313,378)
Nil
(902,627)
Nil
691
Nil
Nil
Nil
(128,438) (1,214,814)



Nil
Nil
Nil
Nil
Nil
Nil
(4,301)
Nil
Nil



Nil
Nil
(2,489)
Nil
Nil
Nil
(99,644)
Nil
Nil


(4,301)

(102,133)



Nil
Nil
Nil
Nil
Nil
Nil



693,548
Nil
Nil
Nil
Nil
Nil

Nil

693,548

(132,739)
622,510
2,736

(623,399)
1,110,695
5,211

492,507

492,507

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 31 March 2022
(Referred to in this Quarter as the "Current Quarter")


Quarterly Report of Consolidated Cash Flows in accordance with
Listing Rule 10.8.4. These figures are based on accounts which are
*unaudited. If these figures are based on audited accounts, a
statement is required of any material qualification made by the
auditor. The Mining Issuer *has a formally constituted Audit
Committee of the Board of Directors.


1. CASH FLOWS RELATING TO OPERATING ACTIVITIES
(a) Receipts from product sales and related debtors
(b) Payments for exploration and evaluation
for development
for production
for administration
(c) Dividends received
(d) Interest and other items of a similar nature received
(e) Interest and other costs of finance paid
(f) Income taxes paid
(g) Other (provide details if material)

(h) NET OPERATING CASH FLOWS



2. CASH FLOWS RELATED TO INVESTING ACTIVITIES
(a) Cash paid for purchases of prospects
equity investments
other fixed assets
(b) Cash proceeds from sale of prospects
equity investments
other fixed assets

(c) Loans to other entities
(d) Loans repaid by other entities
(e) Other (provide details if material) - Sale of share investments


(f) NET INVESTING CASH FLOWS


3. CASH FLOWS RELATED TO FINANCING ACTIVITIES
(a) Cash proceeds from issues of shares, options, etc
(b) Proceeds from sale of forfeited shares
(c) Borrowings
(d) Repayments of borrowings
(e) Dividends paid
(f) Other (provide details if material)


(g) NET FINANCING CASH FLOWS


4. (a) *NET INCREASE (DECREASE) IN CASH HELD
(b) Cash at beginning of quarter/year to date
(c) Exchange rate adjustments to Item 4(a) above



(d) CASH AT END OF QUARTER

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Amount Available
$NZ

Amount Used
$NZ





Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

100,000

100,000

100,000

100,000


Current Quarter
$NZ

Previous Quarter
$NZ

387,507


517,510


Nil

Nil

Nil

Nil

105,000

105,000


492,507



622,510


5. NON-C ASH FINANCING AND INVESTING ACTIVITIES

(a) Provide details of financing and investing transactions which have had a material effect on consolidated assets and
liabilities but did not involve cash flows:

Nil....................................................................................................................................................

(b) Provide details of outlays made by other entities to establish or increase their shares in projects in which the reporting
entity has an interest.

Nil..............................................................................................................................................................................

.
6. FINANCING FACILITIES AVAILABLE


Provide details of used and unused loan facilities and
credit standby arrangements, adding such notes as are
necessary for an understanding of the position.


N/A................................................................................


..........................................................................................


..........................................................................................



7. ESTIMATED OUTLAYS FOR SPECIFIED QUARTERS



(a) Exploration and evaluation



(b) Development



TOTAL




* The outlays to be shown in this column are the estimates made for this quarter in the previous quarterly report. Where
these estimates differ by more than 15% from the actual outlays reported in Item 1(b) of this report, provide an
explanation of the reason(s) for these differences as an attachment to this report – see Annexure 1.

8. RECONCILIATION OF CASH

For the purposes of this statement of cash flows, cash includes:

Petty cash, Westpac cheque & savings accounts, ANZ accounts, NAB & Macquarie accounts.


Cash at the end of the quarter as shown in the statement
of cash flows is reconciled to the related items in the
amounts as follows:


Cash on hand and at bank



Deposits at call and Term Deposits



Bank overdraft



Other (provide details) - Bond



TOTAL = CASH AT END OF QUARTER [Items
4(d)/4(b)]





*

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Tenement
Reference

Nature of
Interest

Interest at
Beginning
of Quarter

Interest at End
of Quarter

a) N/A



b) N/A


9. CHANGES IN INTERESTS IN MINING TENEMENTS


(a) Interests in mining
tenements relinquished,
reduced and/or lapsed

(b) Interests in mining
tenements acquired
and/or increased

(c) Where changes are
reported in (a) and/or (b),
an amended list of
interests in mining
tenements is attached to
this statement.

10. ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER

Category of Securities Number Issued Number Quoted Paid-Up Value Cents
PREFERENCE SHARES Nil Nil
ORDINARY SHARES

3,189,305,438 3,189,305,438
SHARES
Issued during current
quarter:
Nil Nil
CONVERTIBLE NOTES: Nil

Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

Quoted
17,036,384 17,036,384
A$0.055 or NZ equivalent
/ 30 September 2022
Issued during current
quarter
Nil Nil
Expired during current
quarter
Nil Nil
Not quoted and not
transferable



Nil

Nil


Issued during current
quarter

Nil

Nil

WARRANTS:
Nil Nil
DEBENTURES – totals
only:
Nil Nil
UNSECURED NOTES –

totals only:

Nil Nil


Jane Bell (Company S ecretary)
Authorised Officer of Listed Issuer
31 March 2022

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Annexure 1

The actual development expenditure for the quarter was $2,998 compared to a budget of $100,000. The reason for the variance
was due to the entity completing less mining work during the quarter than expected.

List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851