Quarterly Activities Report to 31 Mar 2024 incl Cashflow

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
______________________

Commodity Exposure
GOLD and SILVER


Board

Samantha Sharif Chair/Independent Director

John Upperton Director
Michael Stiassny Independent Director
Richard Tacon Independent Director

Jane Bell Company Secretary

Capital Structure
Ordinary Shares at 31/03 /2024 458,029,555


Share Price
Share Price at 24/04/2024 (NZX) $0.022
Share Price at 24/04/2024 (ASX) $0.020



New Talisman Gold Mines Limited

Address 2b Gibraltar Cres, 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 2024.
Key activities include:
• Continued investigations of suitable processing sites and plant.
• Near term mine development plan firmed up.
• Response to protest activity
• Ongoing Engagement with Department of Conservation.
• Progression of long-term access arrangements with DOC
• Partial Conversion of Convertible Note
• Transfer of shares to Terra Firma
Processing
Continuing investigations to identify a suitable processing site. Unfortu-
nately, we were not able to finalise a deal with our preferred processing site,
but have identified three further promising alternatives. We are progressing
discussion on these options and expect to be presenting those to the Board
in the coming weeks. Alongside these deliberations the Company has also
identified a suitable modular processing plant and is working towards a
Heads of Agreement with the vendor.
Mine Development Plan
We have firmed up plans for near-term mine development. NTL will ad-
vance Mystery vein 200m to the North on the existing drive, and if it proves
contiguous and lode bearing, decide at that point whether or not to advance
on an offset second level, in conjunction with potentially the reinstallation of
rail from the 8 level Portal to Keillor’s crosscut, to enable higher volumes of
ore to be moved within the mine.
Response to Protest Activity
In March the Company responded on TV1 news to unfounded and incorrect
claims made by former Green MP Catherine Delahunty and others at a pro-
test held at the Talisman mine. NTL noted that none of the protest’s stated
concerns pertain to NTL and question their motivations. NTL has received
strong support from local police regarding the protest.
Site Security
NTL has invested in increased site security to counteract vandalism and
illegal mining occurring in the area.


Quarterly Activities Report to 31 March 2024

2

Long Term Access Arrangements with Dept of Conservation
During the quarter NTL had ongoing engagement with Department of Conservation senior
management and permissions staff towards a Long Term Access Arrangement (AA) and
Authority to enter and Operate (AEO), including numerous meetings and supply of additional
information.
As described in our December quarterly report, New Talisman has been able to progress
the Talisman mine to a state of readiness to begin production in the Quarter to December
2023. We have worked hard with the Department of Conservation to ensure our access
underground (interim access arrangement) continued to allow us to get to this stage.
However, as highlighted in our previous quarterlies, unfortunately, the Department of Conser-
vation has continued to be extremely slow in progressing our long-term Access Arrangement
and associated Authority to Enter and Operate.
NTL applied almost a year ago (June 2023) for what was anticipated to be a straightforward
renewal of the access arrangements that have been in place for the last 25 years,
In recent meetings with DOC senior management, the Department itself acknowledged its
ongoing delays were unacceptable. We remain hopeful that we are in the final stages of this
process and will receive a positive outcome soon. Today DOC have advised that we can now
expect a decision in June. In the meantime, post quarter we have agreed a further interim
access arrangement with an increased bond requirement to $60k.
In the meantime, whilst we are ready to commence production – we have reduced Terra
Firma’s activities to the minimum required to reduce our cash burn as much as possible.
The inevitable result of these delays – and the impact on our original production and revenue
timetable – is that we will now have to raise further funds before we are able to remobilise our
team, secure a processing facility, buy a processing plant and commence production.
Clearly, we do not want to begin a capital raise until we are certain that we will receive our
long-term Access Arrangement and associated Authority to Enter and Operate. As a contin-
gency, we have identified debt funding options to provide us with a liquidity buffer if needed.
As previously announced, our concerns have been escalated to the new Minister of Conser-
vation and the Minister of Resources. We have invited the Ministers for a tour of the Talisman
site so they can see first-hand the boutique nature and limited impact of this historical mine.
Whilst our physical and environmental footprint is small, our economic and social contribution
to New Zealand has significant potential. Although we already have a Bulk Sampling Permit
in place – we intend to consider the option of Fast Track Consenting for projects of national
significance for our full Mining Permit.
Despite higher inflation post Covid, the revenue and cashflow budgets within NTL’s Strategic
Plan remain viable, with the Gold price up more than 35% in NZD terms in the same period.
In the last few days, a number of brokers have approached NTL to support a capital raise,

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prompted by the strong Gold price and potential for imminent production from the Talisman
mine. We hope to be able to use their services soon.
Partial Conversion of Convertible Note
As announced during the period the Company advised
(https://www.nzx.com/announcements/426861) the partial conversion of the Convertible
Loan Note held by its largest shareholder Hamish Brown by the issue of 16,500,000 shares
which takes Mr Browns holding to 19.98%.
NZ Petroleum & Minerals
During the quarter the Company filed its Annual Return with NZ Petroleum & Minerals.
Shares Transferred to Terra Firma Mining Ltd
5,385,523 shares have been transferred to mine operator Terra Firma Mining Ltd during the
period as part of their commitment to take a 300k shareholding in NTL (paid by way of set-
off against invoices), as previously announced. This leaves 11,281,144 shares or $203,061
of Terra Firma services still to be utilised.
Vanuatu
Progress in coming to an agreement with a JV partner or sale for the Vanuatu permit
continues to be difficult, but we remain open to any interest.
Administration
During the quarter the Company paid $45,000 for director fees to companies in which
directors and major shareholders have a substantial interest. The Company paid $17,500
to John Upperton in his capacity as Strategic Delivery Manager.
Tenements
Talisman Mine – MP51326
Capella Vanuatu – PL1851

We thank shareholders for their continued support.

Page | 1




Current
Quarter
$NZ



Year to Date
(12 Mths)
$NZ



Nil

(391,479)
Nil
(135,169)
Nil
4,791
(9,339)
Nil
Nil



Nil

(742,301)
Nil
(761,839)
Nil
40,204
(80,711)
Nil
Nil
(531,196) (1,544,647)



Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil



Nil
Nil
Nil
Nil
Nil
Nil
(3 ,233)
Nil
Nil


Nil

(3,233)



Nil
Nil
Nil
Nil
Nil
Nil



151,984
Nil
Nil
Nil
Nil
Nil

Nil

151,984

(531,196)
1,123,816
(61)

(1,395,896)
1,988,280
175

592,559

592,559

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 31 March 2024
(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
* see annexure 1

(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
$723,625 $723,625




Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

250,000

120,000

250,000

120,000


Current Quarter
$NZ

Previous Quarter
$NZ

17,196


33,244


470,363

985,572

Nil

Nil

105,000

105,000


592,559



1,123,816


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.


Convertible Note...........................................................


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


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



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

458,029,555 458,029,555
SHARES
Issued during current
quarter:
16,500,000 16,500,000
CONVERTIBLE NOTES: Nil

Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

Quoted
Nil Nil
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 Secretary)
Authorised Officer of Listed Issuer
31 March 2024

Page | 4

Annexure 1

Estimated Development outlays for the following quarter have been reduced as the contractor operations have been limited while the
Company awaits approval for Authority to Enter and Operate from the Department of Conservation. Once that consent has been
obtained the Company plans to raise further capital to fund its strategic plan.

List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851