New Talisman Gold Mines wins Special Meeting support

ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LTD
(ASX, NZX: NTL, NTLOB)

FOR IMMEDIATE RELEASE June 29, 2022

New Talisman Gold Mines wins SGM support

New Talisman Gold Mines is pleased to announce that the company is advancing on a recovery plan,
including a capital raise to eligible or wholesale investors, as authorised by NTL shareholders at a
special meeting held today.
Shareholders have supported two ordinary resolutions that in combination enable the company to
proceed with a $3.5 million capital raise, which is being managed by Auckland-based Campbell
Macpherson Ltd.
“We achieved an emphatic affirmative response from shareholders that they want the Board to move
forward in the company’s strategic plan to resume ore extraction and gold recovery at NTL’s
underground mine in the historically highly productive Hauraki goldfields," said NTL chairman John
Upperton.
NTL shareholders approved an issue of convertible notes to proceed by way of placement with
wholesale or eligible investors - and the related procedure for conversion of the notes at the end of
their 18-months term.
Resolution 1 gained the required approval of NTL shareholders under NZX Listing Rule 4.1.1 and ASX
Listing Ruler 7.1.
Shareholders also voted in favour of a second resolution enabling the issuance of convertible notes to
Mr Brown. Resolution 2 gained the required approval under Listing Rule 5.2.
Mr Brown did not vote on either resolution.
The independent appraisal report, by Armillary Private Capital Ltd, had earlier concluded that the
overall terms and conditions of the notes placement are fair to the non-associated shareholders and,
further, that the notes placement would leave the non-associated shareholders no worse off.
NTL already has NZ$1 million pledged from substantial shareholder Hamish Brown and the special
meeting enables NTL to seek an additional NZ$2.5 million from wholesale or eligible investors. There
is no general entitlement to existing investors and there is no public pool.
The interest rate on the convertible notes will be 9.5%, payable quarterly. At maturity, the convertible
notes will convert to ordinary shares at a 15% discount to the preceding 20-day average price of NTL
shares, or alternatively repaid in cash.

The funds raised will be applied for the primary purpose of restarting the Talisman mine, which has
been on pause for over 18 months due to the impact of the Covid-19 pandemic on operations.
Mr Upperton says the board is very pleased with the voting outcome. “We remain determined to
restore value to NTL and this was not a time for investor apathy but for support of the action plan.
“There is much to look forward to with NTL’s refreshed strategy coinciding as it is with a strong gold
price; this simply provides further motivation for an accelerated work programme.
“We are optimistic that this growth plan will catapult the company into production in the near-term.
“The proceeds will also be applied to: working up the initial target known as the Mystery Vein,
implementation of a traffic management plan; resource consent application for a full mining consent
and quarterly interest payments to noteholders.
“Independent experienced contractors are to be engaged for the mining operations and the work
programme would include advancing the Mystery Vein shaft and face. This would also activate an
existing bulk sampling consent.
“The programme will include construction of a second point of egress, for the safety of miners in the
event of any emergency. Once that is complete, NTL intends to open a second face on the Mystery
Vein to increase the rate of ore extraction.”
As stated in the March quarterly activities report, NTL is evaluating processing options with third
parties.
“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,” says Mr Upperton.

Authorised for release by:
Mr J Upperton,
Chairman - New Talisman Gold Mines Ltd.
Email: john@newtalisman.co.nz
027 7035999