NTL Raises Additional Facilities & Reissues Annual Report
Page | 1
2b Gibraltar Cres, Parnell, Auckland 1052
Office +64 9 303 1893
info@newtalisman.co.nz
2 July 2024
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
(NZX: NTL, ASX: NTL)
FOR IMMEDIATE RELEASE
NEW TALISMAN ARRANGES ADDITIONAL FUNDING FACILITIES
AND REISSUES ITS ANNUAL REPORT
New Talisman Gold Mines Limited is pleased to advise that it has arranged additional loan facilities which
have provided NTL’s auditor with sufficient comfort to issue a revised unqualified audit report. The revised
audit report no longer contains a Disclaimer of Opinion, but instead notes an Emphasis of Matter in relation
to NTL’s forward financial position for the next 12 months. The report contains images on page 3 and 4 of
the plant referred to in our announcement of 18 June 2024 on which a 10% deposit has been paid. NTL
anticipates completing the purchase of the plant and shipping it to New Zealand following the upcoming
Capital Raise.
On 27 June 2024, the ASX suspended quotation of the Company’s securities following release of the
Company’s annual report, as the audit report contained in that annual report included a disclaimer of opinion.
ASX noted that the suspension will continue until the Company is able to demonstrate compliance with ASX
Listing Rule 12.2, relating to the financial condition of the Company. The Company requested a trading halt
of its securities on the NZX Main Board pending further consideration by the Board of the steps necessary
to demonstrate compliance with ASX Listing Rule 12.2. and the potential implications for NTL’s previously
announced intended capital raise.
The loan facilities are as follows:
• NTL has varied the terms of the existing unsecured loan from Director Richard Tacon to increase
the loan amount from $300,000 to $350,000 and extend the final repayment date to 31 Dec 2025.
The interest rate remains at 19% per annum.
• NTL has entered into an unsecured loan with Hamish Brown of $850,000. The loan has an interest
rate of 19% per annum and is repayable by 31 Dec 2025.
• NTL has also entered into an unsecured loan with the Company Chair Samantha Sharif of a
minimum of $50,000 and up to $200,000. The loan has an interest rate of 19% per annum and is
repayable by 31 Dec 2025.
None of these facilities have been drawn down to date. NTL anticipates making the first draw down of
$100,000 later in July 2024.
We are grateful for the support provided by our Shareholders and Directors.
As previously announced, we expect to open our Capital Raise in the next few weeks and look forward to
Shareholders’ participation in this capital raise to realise the potential of Talisman for all Shareholders and
wider stakeholders.
Yours sincerely,
Samantha Sharif Chair
New Talisman Gold Mines Limited
ANNUAL REPORT 2024
www.newtalisman.co.nz
REISSUED ANNUAL FINANCIAL REPORT
AND REISSUED AUDITOR’S REPORT
NEW TALISMAN GOLD
ANNUAL REPORT 2024
2
TALISMAN GOLD MINE ESTABLISHED 1894
ANNUAL REPORT 2024
CONTENTS
Directors’ Report 3
Board of Directors 6
Audit Report 7
Financial Statements 11
Notes to the Financial Statements 15
Tenement Schedule 23
Additional Information 30
Corporate Governance 31
Company Directory back page
ANNUAL REPORT 2024NEW TALISMAN GOLD
3
1903
2003
2004
2013
2017
2024
REPORT TO THE SHAREHOLDERS
OF NEW TALISMAN GOLD MINES LTD
CHAIRMAN’S REPORT
Dear Shareholders
New Talisman’s Financial Year to 31st March 2024 was characterised by significant progress on
completing all key elements required to bring Talisman mine to production. By contrast, we also
spent much of the year engaging with the Department of Conservation, to expedite ongoing
delays with renewing our long-standing Access Arrangement and Authority to Enter and Operate.
The inevitable result of this year long delay – 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 execute
our strategic plan; and, as a natural consequence, our auditors flagged our going concern issue
(resulting in a qualified audit) relating to our forward cash flow for the next 12 months. We are
grateful for the timely financial support by way of loan facilities provided by our largest Shareholder
and two of our Directors, which has enabled this going concern qualification to be removed –
allowing NTL to continue with its planned last capital raise.
We hope with shareholders’ support of this final capital raise – we will finally be able to realise the
value of this historic mine.
Highlights during the year
• Appointed Terra Firma Mining Ltd to operate Talisman Mine and to perform all related general
management responsibilities to support the recommencement of operations at Talisman.
• A thorough inspection of the Talisman Mine Site confirming structural integrity is sound and
all areas and equipment above and below ground are in good condition
• Completed all preparations for a return to operations, including general maintenance of
existing support structures, electrical and ventilation systems and rehabilitation of the mine
compound area.
• Near-term Mine Development Plan completed – focussed on advancing Mystery vein 200m
to the North on the existing drive, and development of a second egress.
• In November, Worksafe Chief Mines Inspector and Specialist Inspector undertook an
underground inspection at Talisman, giving the inspectors a better understanding of the
operating environment and implementation of the Health and Safety Management system.
The visit was positive for both Worksafe and NTL.
• Environmental Monitoring Site Visit from DOC Rangers in November 2023. This visit continued
the positive relationship built up with the local DOC office over many years and highlights the
problem free nature of New Talisman’s above ground footprint in the area.
• Engaged with key stakeholders associated with the recommencement of activities at the
Talisman mine.
• Partially converted the Convertible Loan note held by its largest shareholder Hamish Brown
by the issue of shares taking Mr Brown’s holding to just under 20%.
• Terra Firma began to buy shares in NTL towards its $300,000 commitment (by way of set-off
of invoices)
• Appointment of Mr Richard Tacon to the Board following his election at our ASM and his
purchase of NTL shares. Richard’s strong experience and reputation in the mining sector and
his involvement across a number of industry bodies adds to the skill and knowledge base of
the Board.
• Appointment of a new auditor, supporting our goal of continuous improvement in our
accounting systems and practice.
Tar Sealed
Road
Gravel Road
Karangahake
Township
Talisman 8
Level Portal
NEW TALISMAN GOLD
ANNUAL REPORT 2024
4
Tenement Holdings
Talisman MMP 51326 100% New Talisman Gold Mines Ltd
Capella Vanuatu PL 1851
New plant
Vanuatu
During the year the Company obtained a two year extension of time for prospecting license PL1851 in Vanuatu. An Exploration
Workplan was also formulated. 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.
As the focus of the Company is currently the Talisman mine the Company does not have sufficient resources to direct to the further
development of the Capella asset without a JV partner. Thus, the Directors have made the decision to book a full provision for
impairment against the Capella Asset.
Recent Highlights (Post 31 March 2024)
• Entered into a Heads of Agreement with Terra Firma Mining for the processing of Talisman ore. Identifying a suitable processing
site in reasonable proximity to Talisman has been a time-consuming process, with many preferred sites proving to be unsuitable
for a range of reasons.
• Agreed conditional terms for a suitable processing plant to be used for processing ore from Talisman Mine. The plant operates
using modular gravity separation. The plant has a 100 tonnes per day processing capacity which will be sufficient for the near-term
production forecast.
• Renewed Access Arrangements with the Department of Conservation for a further 5 year term.
• Made application to be included in Fast-Track Approvals Bill. Whilst NTL already has 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. We have
also invited 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.
We are delighted to be able to announce these significant recent developments to our Shareholders and seek your support of this,
our final capital raise, expected to open in July.
Finally, I would like to once again acknowledge the support of shareholders, stakeholders and fellow Board members for supporting
us through our ongoing transformation centred on delivering results for Shareholders.
Samantha Sharif
Independent Chair, New Talisman Gold Mines Limited
ANNUAL REPORT 2024NEW TALISMAN GOLD
5
TALISMAN MINE-CURRENT RESOURCES
Resource CategoryOre Zone/VeinTonnes
Grade g/t Bullion
equivalent
Ounces Bullion
equivalent
IndicatedTalisman Bonanza 29,0004.34,100
IndicatedDubbo 15,0009.04,400
IndicatedDubbo splay 4,30019.02,600
IndicatedWoodstock 35,0005.15,600
IndicatedWoodstock splay 22,0005.13,600
Total Indicated110,0006.020,000
InferredTalisman-Bonanza 300,00019.0190,000
InferredDubbo 150,00023.0110,000
InferredDubbo splay 56014.0250
InferredWoodstock 62,0005.611,000
InferredWoodstock splay 20,0004.72,900
InferredMystery 14,00025.011,000
Total Inferred
550,00019.0330,000
Total Resources (* Crown excluded)660,00017.0350,000
Note: - Data sources include historic bullion samples, drill holes and underground channel samples
• Mineral Resources are reported on a 100% basis to a nominal 2.2 Bullion equivalent grams per tonne cut-off grade which was
determined in 2017 based on estimates of mining costs, metallurgical recoveries, treatment and refining costs, general and
administration costs, royalties, and commodity prices.
• Ounces are estimates of metal contained in the Mineral Resource and do not include allowances for processing losses.
• For reporting purposes, all resources are reported as equivalent bullion values, due to bullion values rather than gold and silver
grades being the only grade information that is available for historic channel samples. Conversion of more recent gold and silver
values to equivalent bullion values uses the formula: Equivalent bullion grade = Gold grade + (Silver grade * 0.031609), which
is based on historical prices of gold and silver. The equivalent bullion value of the resource is the same as an estimated gold
equivalent grade due to the manner in which the historic and modern bullion values have been determined. Bullion conversions
by NTL were based on a constant gold price of at £4-6s-0d/oz or USD20.47/oz during the period of historical production. Silver
prices ranged from USD 0.49 to USD 1.03/oz.
• Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces. Rounding as required by
reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
The table excludes the Mineral Resource Estimate for the Crown/Welcome vein system, that were not reassessed during 2019 and
were not included in the review by AMC but remain part of the total Talisman Mineral Resource. Resources attributable to the Crown/
Welcome system were estimated previously at 31,000 equivalent bullion ounces. This information was prepared and first disclosed
under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has
not materially changed since it was last reported.
The more detailed information, including JORC Table 1, was released to the market on 24/06/2020. Please see the full report at
https://www.asx.com.au/asxpdf/20200624/pdf/44jxg7jlm05d5q.pdf
NTL is aware that the updated estimate of mineral resources within the Maria and Mystery Veins is likely to have a material effect on
the outcome of any previously announced studies and/or Ore Reserves.
Competent Persons Statements
The information in the report to which this statement is attached that relates to Exploration Targets or Mineral Resources contained
within the Maria and Mystery Vein systems is based on information compiled by Jackie Hobbins, a Competent Person who is a
Member of the Australian Institute of Geoscientists. She has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Hobbins is an
independent consultant employed by Hobbins Consulting Limited and has no financial interests in New Talisman Gold Mines Limited
or any associated companies and was remunerated for this report on a standard fee for time basis.
The information in this report that relates to exploration results, exploration targets and mineral resources contained within the Crown
and Welcome vein systems is based on information compiled by or supervised by Mr Murray Stevens. Mr Stevens is a consulting
geologist and was a Director of New Talisman Gold Mines Ltd, who is a corporate member of the AusIMM. Mr Stevens has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”.
NEW TALISMAN GOLD
ANNUAL REPORT 2024
6
BOARD OF DIRECTORS
Mr John Upperton
Director
Mr Upperton has a background in both Commercial and
Residential Construction Project Management. Alongside these
projects, Mr Upperton has garnered considerable experience in
aspects of the RMA and District Planning requirements, including
successfully representing himself in Environment Court.
Mr Upperton has 19 years’ experience as Managing Director of a
Limited Company. He has served on and chaired several
community organisations over a 25 year period. Mr Upperton
has also previously held a senior management role for one of
NZ’s leading Manuka Honey producers, being responsible for the
negotiation and placement of bee hives across the North Island
involving more than 300 landowners.
First elected September 29, 2021
Ms Samantha Sharif, LLM (Hons), LLB (Hons),
Grad Dip CSP, CFInstD
Chair and Independent Non-executive Director
Samantha Sharif is a Professional Director with extensive
leadership experience in infrastructure, resources, safety critical
industries, as well as investment and capital markets.
Ms Sharif is an experienced Board and Board Committee Chair,
and a Chartered Member of the Institute of Directors.
Samantha has experience as a CEO and has also practised as a
senior commercial lawyer, with post-graduate legal and finance
qualifications. Current governance roles include: SIL/MFL Mutual
Funds – Director, NZ Shareholders Association – Deputy Chair,
Motor Trades Association Group – Director, Chair of Audit &
Risk Committee, Chair of Investment Committee, Museum of
Transport & Technology (MOTAT) – Director, Dept of Corrections
Audit & Risk Committee – External Member
First appointed November 1, 2021.
Michael Stiassny LLB, BCom, CFInstD
Independent Non-executive Director
Michael is currently Chair of Two Cheap Cars Limited and Tower
Limited, and a director of a number of other companies.
Michael is a Chartered Fellow of The Institute of Directors in
NZ (Inc) (CFInstD) and is also past President of the Institute of
Directors. He is also a life member of RITANZ.
First appointed November 1, 2021.
Mr Richard Tacon, FAusIMM
Independent Non-executive Director
Mr Tacon is an experienced Mine Operator and Company
Director with over 40 years of operational experience in all facets
of mining gained in New Zealand and internationally. He has
specialised expertise in underground and open cast coal mining.
Richard’s experience includes project feasibility analysis,
management of operations and environmental management.
He is presently the CEO of Bathurst Resources, an ASX listed
resources company with operations and projects in New Zealand
and Canada. Richard is also a director of BT Mining Limited (BT
Mining), an incorporated joint venture company with Talleys
Energy Ltd and of which BRL is a 65% owner. He sits on the board
of the New Zealand Mines Rescue Trust, Straterra, and Minerals
West Coast.
He studied Mineral Technology at Otago University, before
obtaining a coal mining certificate from TAFE (Technical and
Further Education) NSW in 1984. I hold first, second and third
class mining qualifications from NSW and First Class Coal Mine
Managers, A Grade Quarry and Senior Site Executive Certificates
of Competency in New Zealand.
First elected September 7, 2023.
ANNUAL REPORT 2024NEW TALISMAN GOLD
7
Level | 1 York Street | Sydney | NSW | 2000
GPO Box 4137 | S ydney | NSW | 2001
t: +61 2 9256 6600 | f: +61 2 9256 6611
sydney@uhyhnsyd.com.au
www.uhyhnsydney.com.au
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
9
Independent Auditor’s Report
To the Shareholders of New Talisman Gold Mines Limited
Opinion
I have audited the consolidated financial statements of New Tal isman Gold Mines Limited (“the
Company”) and its subsidiaries (“the Group” ), which comprise:
• the consolidated statement of financial position as at 31 March 2024;
• the consolidated statement of comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements including a summary of significant
accounting policies.
I am a partner with UH Y Haines Norton Chartered Accountants Syd ney (the Firm ) and I have used the
staff and resources of the Firm to perform the audit of the Group.
In my opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position of the Group as at 31 March 2024, and its consolidated
financial performance and its consolidated cash flows for the year then ended in accordance with New
Zealand Equivalents to International Financial Reporting Standa rds (“N Z IFRS” ) issued by the New
Zealand Accounting Standards Board.
Basis for Opinion
I conducted my audit in accordance with International Standards on Auditing (New Zealand) (“ISAs
(NZ)”) issued by the New Zealand Auditing and Assurance Standar ds Board. My responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of my report.
I am independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including Internati onal Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Boa rd and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code ), and I have fulfilled my other ethical
responsibilities in accordance with these requirements and the IESBA Code.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my
opinion.
Other than in my capacity as auditor, neither myself, the firm or the firm’s staff have no relationship
with, or interests in, the Group.
Material uncertainty related to going concern
I draw attention to Note 1 (q ) in the consolidated financial statements, which indicates that the Group
has a very low cash balance relative to its need to fund its op erations. These events or conditions,
along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may
NEW TALISMAN GOLD
ANNUAL REPORT 2024
8
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
cast significant doubt on the Group’s ability to continue as a going concern. My opinion is not modified
in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in my professional judgement, were of most significance in
my audit of the consolidated financial statements of the curren t year.
Except for the matter described
in the material uncertainty related to going concern, I summari se below those matters and my key
audit procedures to address those matters in order that the shareholders as a body may better
understand the process by which I arrived at my audit opinion. The procedures were undertaken in
the context of and solely for the purpose of my statutory audit opinion on the consolidated financial
statements as a whole and I do not provide a separate opinion on these matters.
Why the audit matter is significant How myaudit addressed the key audit matter
Impairment of mining assets
The Group has significant mining assets
relating to expenditures incurred in
current and prior periods, totalling
$14.3m as at 31 March 2024.
The Group has accumulated impairment
charges of $5.9m against these assets,
and mining activities have not yet began
as of the date of this report.
I consider this area to be significant as
balances are material to the financial
report and the significant estimates and
judgements applied in testing these
balances for impairment.
To address the risk associated with the mining assets
balance, the following audit procedures were carried
out:
• Assessed whether indicators of impairment
existed at balance date for mining assets;
• Evaluated management’s impairment
assessment for compliance with relevant NZ
IFRS requirements;
• Performed procedures as required under NZ
ISA 500 for relying upon the work of a
management expert;
• Performed an independent auditor’s estimate
of the recoverable value of mining assets and
compare this to their carrying amount
• Assessed the sensitivity of the recoverable
amount estimate to changes in key
assumptions; and
• Assessed the reasonability and completeness
of related disclosures in the financial
statements.
Other matter – Reissuance of the audit report
Without qualification to the opinion expressed above, attention is drawn to the following matter.
Subsequent to the finalisation of the original financial statem ents and the issue of my original audit
report which included a disclaimer opinion thereon dated 27 Jun e 2024, the Group sourced
$1,400,000 in immediately drawable loan facilities which mature in December 2025. My audit report
has been reissued on the basis of additional information provid ed by management and the directors
which provided sufficient audit evidence to form an audit opini on with a material uncertainty related
to going concern on the reissued financial report.
ANNUAL REPORT 2024NEW TALISMAN GOLD
9
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the annual report, which includes information other than the
consolidated financial statements and auditor’s report.
My opinion on the consolidated financial statements does not cover the other information and I do
not express any form of audit opinion or assurance conclusion thereon.
In connection with my audit of the consolidated financial statements, my responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or my knowledge obtained in the audit, or otherwise
appears to be materially misstated.
If, based upon the work I have performed, I conclude that there is a material misstatement of this
other information, I am required to report that fact. I have no thing to report in this regard.
Directors’ Responsibilities for the Consolidated Financial Stat ements
The Directors are responsible on behalf of the Group for the pr eparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or er ror.
In preparing the consolidated financial statements, the directors are responsible on behalf of the
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
My objective is to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not
a guarantee that an audit conducted in accordance with ISAs (N Z) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated fin ancial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial
statements
is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/.
This description forms part of my auditor’s report.
Restriction on use of my report
This report is made solely to the Group’s shareholders, as a bo dy. My audit work has been undertaken
so that I might state to the Group’s shareholders, as a body th ose matters which I am required to state
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do
NEW TALISMAN GOLD
ANNUAL REPORT 2024
10
An association of independent Ƃ rms in Australia and New Zealand and a member
of UHY International, a network of independent accounting and consulting Ƃ rms.
UHY Haines Norton—ABN 85 140 758 156 NSWBN 98 133 826
Liability limited by a scheme approved under Professional Standards Legislation.
Passion beyond numbers
not accept or assume responsibility to anyone other than the Gr oup and the Group’s shareholders, as
a body, for my audit work, for this report or for the opinion I have formed.
Vikas Gupta
Audit Partner - UHY Haines Norton Chartered Accountants Sydney
Signed at Sydney, Australia on 2 July 2024
ANNUAL REPORT 2024NEW TALISMAN GOLD
11
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Comprehensive Income
For year ended 31 March 2024
GroupParent
Note2024
NZ$
2023
*Restated
NZ$
2024
NZ$
2023
*Restated
NZ$
Continuing Operations
Operating income252,0416,34052,0416,340
Operating and administrative expenses3, 5(1,343,857)(1,100,952)(1,337,954)(1,099,265)
Impairment losses11(380,039)(1,519,758)-(1,519,758)
Gain/(loss) from operations (1,671,855)(2,614,370)(1,285,913)(2,612,683)
Finance Costs4(129,104)(72,811)(129,104)(72,811)
Net profit/(loss) for the year (1,800,959)(2,687,181)(1,415,017)(2,685,494)
Other Comprehensive Income / (Loss)----
Total comprehensive income/(loss)(1,800,959)(2,687,181)(1,415,017)(2,685,494)
Net profit/(loss) attributable to equity holders of
the parent(1,800,959)(2,687,181)(1,415,017)(2,685,494)
Comprehensive profit/(loss) attributable to equity
holders of the parent(1,800,959)(2,687,181)(1,415,017)(2,685,494)
Earnings per share
Basic earnings/(loss) per share
From continuing operations(0.0041) (0.0083) (0.0032) (0.0083)
Diluted earnings/(loss) per share
From continuing operations(0.0041) (0.0083) (0.0032) (0.0083)
*Restated refer Note 26
The accompanying notes form part of these financial statements
NEW TALISMAN GOLD
ANNUAL REPORT 2024
12
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2024
Group 2024Group 2023
*Restated
NoteShare
Capital
NZ$
Capital
Reserves
NZ$
Accumulated
Deficit
NZ$
Total
Equity
NZ$
Share
Capital
NZ$
Capital
Reserves
NZ$
Accumulated
Deficit
NZ$
Total
Equity
NZ$
Profit/(Loss)--(1,800,959)(1,800,959)--(2,687,181)(2,687,181)
Net proceeds from
share capital issued
8479,779(28,800)-450,9791,650,742--1,650,742
Shortfall Placement to
be Allotted
-----28,800-28,800
Partial Conversion of
Loan Note
8276,375--276,375----
Equity at beginning
of year
40,714,88728,800(31,558,573)9,185,11439,064,145-(28,871,392)10,192,753
Equity at end of year 841,471,041-(33,359,532)8,111,50940,714,88728,800(31,558,573)9,185,114
Parent 2024Parent 2023
*Restated
NoteShare
Capital
NZ$
Capital
Reserves
NZ$
Accumulated
Deficit
NZ$
Total
Equity
NZ$
Share
Capital
NZ$
Capital
Reserves
NZ$
Accumulated
Deficit
NZ$
Total
Equity
NZ$
Profit/(Loss)--(1,415,017)(1,415,017)--(2,685,494)(2,685,494)
Net proceeds from
share capital issued
8479,779(28,800)-450,9791,650,742--1,650,742
Shortfall Placement to
be Allotted
8-----28,800-28,800
Partial Conversion of
Loan Note
8276,375--276,375----
Equity at beginning
of year
40,714,88728,800(31,356,108)9,387,57939,064,145-(28,670,614)10,393,531
Equity at end of year 841,471,041-
(32,7771,125)
8,699,91640,714,88728,800(31,356,108)9,387,579
*Restated refer Note 26
The accompanying notes form part of these financial statements
ANNUAL REPORT 2024NEW TALISMAN GOLD
13
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
As at 31 March 2024
Group ParentGroupParent
Note
2024
NZ$
2023
*Restated
NZ$
2024
NZ$
2023
*Restated
NZ$
2022
*Restated
NZ$
2022
*Restated
NZ$
Equity
Attributable to parent company
shareholders
88,111,5099,185,1148,699,9169,387,57910,192,75310,393,531
8,111,5099,185,1148,699,9169,387,57910,192,75310,393,531
Non current liabilities
Convertible Note25723,625-723,625---
Long Term lease liabilities----17,92417,924
Rehabilitation Reserve11416,700392,955416,700392,955390,648390,648
Total non current liabilities1,140,325392,9551,140,325392,955408,572408,572
Current liabilities
Trade and Other Payables21225,014167,900225,014167,900200,436200,436
Convertible Note25-980,711-980,711--
Short Term Lease Liabilities-17,924-17,92429,54029,540
Total current liabilities225,0141,166,535225,0141,166,535229,976229,976
Total liabilities 1,365,3391,559,4901,365,3391,559,490638,548638,548
Total equity and liabilities 9,476,84810,744,60410,065,25510,947,06910,831,30111,032,079
Current assets
Cash and cash equivalents20480,9971,882,733480,9971,882,733492,507492,507
Right of use assets-16,969-16,969--
Inventories----314,275314,275
Trade and other receivables2249,74069,78849,74069,78856,79656,796
Other Financial Assets2429,676-29,227-75,75473,984
Other Assets23271,45532,652861,373600,24735,583588,184
Total current assets 831,8682,002,1421,421,3372,569,737974,9151,525,746
Non-current assets
Other Financial Assets105,000139,851105,000138,202
Property, plant & equipment10105,508133,972105,508133,972163,097163,097
Mine Development118,422,8358,094,5838,422,8358,094,5839,286,6049,286,604
Exploration & Evaluation1111,63754,82810,57510,57540,95010,575
Right of use assets----46,50746,057
Intangible assets12-319,228--319,228-
Total non-current assets 8,644,9808,742,4628,643,9188,377,3329,856,3869,506,333
Total assets 9,476,84810,744,60410,065,25510,947,06910,831,30111,032,079
For and on behalf of the Board:
S Sharif (Chair) M P Stiassny
2 July 2024 2 July 2024
*Restated refer Note 26
The accompanying notes form part of these financial statements.
NEW TALISMAN GOLD
ANNUAL REPORT 2024
14
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For year ended 31 March 2024
Note GroupParent
2024
NZ$
2023
*Restated
NZ$
2024
NZ$
2023
*Restated
NZ$
Cash flows from operating activities
Cash was provided from:
Interest received43,0416,34043,0416,340
Other----
43,0416,34043,0416,340
Cash was disbursed to:
Interest expense (81,011)(51,401)(81,011)(51,401)
Payments to suppliers and employees(1,246,910)(1,080,566)(1,229,290)(1,078,878)
Rent(7,292)(519)(7,292)(519)
(1,335,213)(1,132,486)(1,317,593)(1,130,798)
Net cash outflows used in operating activities15(1,292,172)(1,126,146)(1,274,552)(1,124,458)
Cash flows from investing activities
Cash was provided from:
Intercompany loan repayments----
Proceeds from disposal of property, plant and equipment----
Proceeds from sale of shares----
----
Cash was applied to:
Prospecting and mine development expenditure(339,909)(26,890)(339,909)(13,462)
Purchase of property, plant and equipment----
Purchase of Investments----
Intercompany loans --(17,620)(15,116)
(339,909)(26,890)(357,529)(28,578)
Net cash outflows used in investing activities (339,909)(26,890)(357,529)(28,578)
Cash flows from financing activities
Cash was provided from:
Issue of Shares247,7511,650,742247,7511,650,742
Convertible Note-1,000,000-1,000,000
Other-28,800-28,800
247,7512,679,542247,751 2,679,542
Cash was applied to:
Issue of shares----
Lease liabilities & right of use assets(17,924)(29,540)(17,924)(29,540)
(17,924)(29,540)(17,924)(29,540)
Net cash inflows from/(used in) financing activities229,8272,650,002229,8272,650,002
Net (decrease) / increase in cash held(1,402,254)1,496,966(1,402,254)1,496,966
Effect of changes in exchange rates 518(1,740)518(1,740)
Cash and cash equivalents at beginning of year1,882,733387,5071,882,733387,507
Cash and cash equivalents at end of year
480,9971,882,733480,9771,882,733
CASH AND CASH EQUIVALENTS COMPRISES:
Cash at bank480,9971,882,733480,9771,882,733
480,9971,882,733480,9771,882,733
All cash balances are available without restriction except for NZ$105,000 held on deposit as security for guarantees issued by the bank. The
bank holds a $75,000 bond on behalf of the NZ Stock Exchange for the term of the exchange listing and a $30,000 bond on behalf of the
Department of Conservation held for any potential mining rehabilitation.
ANNUAL REPORT 2024NEW TALISMAN GOLD
15
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
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 company and group have been prepared in accordance with the
Financial Markets Conduct Act 2013 and comply with NZX Listing
Rule 10.6.1 with the exception that separate financial statements
for the parent have been presented as the parent engages in the
majority of the group’s business activities.
The group consists of New Talisman Gold Mines Limited (the
“company”) and its subsidiaries (the “group”) and these financial
statements comprise the separate financial statements of the
parent company and 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 2 July 2024.
The financial report has been prepared on a going concern basis.
Statement of compliance
These consolidated and parent financial statements have been
prepared in accordance with New Zealand generally accepted
accounting practice (NZ GAAP), the requirements of the
Companies Act 1993 and comply with New Zealand equivalents to
the International Financial Reporting Standards (NZ IFRS) and with
International Financial Reporting Standards (IFRS).
Measurement base
The accounting principles adopted are those recognised as
appropriate for the measurement and reporting of financial
performance and financial position on the historical cost basis
modified by the revaluation of certain assets. The accrual basis of
accounting has been used unless otherwise stated and the financial
statements have been prepared on a going concern basis.
The information is presented in New Zealand dollars which is the
company’s functional currency.
Use of estimates and judgements
The preparation of financial statements in conformity with NZ
IFRS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses.
Where material, information on significant assumptions and
estimates is provided in the relevant accounting policy or will be
provided in the relevant note.
The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates.
The group has made significant accounting estimates in respect of:
• the assessment of impairment to capitalised exploration and
development expenditure, the assessment requires a degree
of estimation and judgement(refer to (g) in this report for
further details). and
• the anticipated rehabilitation costs at the conclusion of mining.
(refer to (d) in this report for further details).
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
year in which the estimates are revised and in any future periods
affected.
Specific accounting policies
The following specific accounting policies, which materially affect
the measurement of financial performance and financial position,
have been applied consistently.
(a) Inventories
Inventories are valued at the lower of weighted average cost and
net realisable value. Costs include mining and production costs as
well as commercial, environmental, health and safety expenses,
and stock movements.
(b) Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the
basis that the consolidated entity will commence commercial
production in the future, from which time the costs will be
amortised in proportion to the depletion of the mineral resources.
Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to
these activities and allocating overheads between those that are
expensed and capitalised. In addition, costs are only capitalised
that are expected to be recovered either through successful
development or sale of the relevant mining interest. Factors that
could impact the future commercial production at the mine include
the level of reserves and resources, future technology changes,
which could impact the cost of mining, future legal changes and
changes in commodity prices. To the extent that capitalised costs
are determined not to be recoverable in the future, they will be
written off in the period in which this determination is made.
In the event where exploration demonstrates a permit area is no
longer prospective for economically recoverable reserves, or the
exploration or prospecting permit is relinquished, the value or cost
of the tenement is immediately recognised as an expense in the
statement of comprehensive income.
Prospecting costs are expected to be recovered from future mining
revenues. The recoverability of exploration and evaluation assets
is contingent upon future events, such as technical success and
commercial development, sale of the area of interest, the results of
further exploration, agreements entered into with other parties, and
also upon meeting commitments under the terms of the permits.
(c) Mining tenements
When a tenement is assessed as capable of sustaining commercial
mining operations, capitalised exploration and evaluation
expenditure is reclassified as mine development assets and are
disclosed as a component of property, plant and equipment. All
subsequent development expenditure is capitalised and classified
as mine development. Key judgements are applied in considering
costs to be capitalised which includes determining expenditures
directly related to these activities and allocating overheads between
those that are expensed and capitalised. In addition, costs are
only capitalised that are expected to be recovered either through
successful development or sale of the relevant mining interest.
On completion of development, the value or cost of accumulated
exploration and development costs will be amortised on the basis
of units of production over the expected productive life of the mine.
Provisions for closure and rehabilitation are initially recognised
when an environmental disturbance first occurs. The estimate for
the rehabilitation provision is reviewed by management at each
reporting date and an assessment is made on whether the estimate
continues to reflect the company’s present legal and constructive
obligations.
(d) Rehabilitation Reserve
A provision has been made for the present value of anticipated costs
for future rehabilitation of land explored or mined. The consolidated
entity’s mining and exploration activities are subject to various laws
and regulations governing the protection of the environment. The
consolidated entity recognises management’s best estimate for
assets retirement obligations and site rehabilitations in the period
in which they are incurred. Actual costs incurred in the future
periods could differ materially from the estimates. Additionally,
future changes to environmental laws and regulations, life of mine
estimates and discount rates could affect the carrying amount of
this provision.
(e) Property plant and equipment
All property, plant and equipment is initially recorded at cost.
When an item of property, plant and equipment is disposed of,
the gain or loss is recognised in the statement of comprehensive
NEW TALISMAN GOLD
ANNUAL REPORT 2024
16
income and is calculated as the difference between the sale price
and the carrying value.
(f) Depreciation
Depreciation is provided on all tangible property, plant and
equipment on a straight line basis at rates calculated to allocate
the difference between the cost and residual values of each asset
over its estimated useful life. For this purpose, the company
has adopted the depreciation rates set by the Inland Revenue
Department as appropriate.
Rates used during the year were:
Computer software and hardware Straight line 13.5-67%
Field equipment Straight line 7-30%
Fixtures and fittings Straight line 9-10%
Motor Vehicles Straight line 10.5-30%
Mine Assets Units of production
(g) Impairment of assets
At each reporting date, the Company assesses impairment of
mine assets at by evaluating conditions specific to the Company
and to the particular assets that may lead to impairment. If an
impairment trigger exists, the recoverable amount of the asset
is determined. This involves fair value less costs of disposal or
value in use calculations, which incorporate a number of key
estimates and assumptions. It is reasonably possible that the
underlying metal price assumption may change which may then
impact the estimated life of mine determinant and may then
require a material adjustment to the carrying value of mine assets.
Furthermore, the expected future cash flows used to determine
the value-in-use of these assets are inherently uncertain and could
materially change over time. They are significantly affected by a
number of factors including reserves and production estimates,
together with economic factors such as metal spot prices, discount
rates, estimates of costs to produce reserves and future capital
expenditure. If the recoverable amount of an asset is less than its
carrying amount, the item is written down to its recoverable amount
and the write down recognised as an expense in the statement of
comprehensive income. Recoverable amount is the higher of fair
value less costs to sell and value in use.
(h) Segment information
Identification of reportable operating segments
The consolidated entity is organised into one operating segment,
being mining and exploration operations. This operating segment
is based on the internal reports that are reviewed and used by
the Board of Directors (who are identified as the Chief Operating
Decision Makers (‘CODM’)) in assessing performance and in
determining the allocation of resources.
The CODM reviews EBITDA (earnings before interest, tax,
depreciation and amortisation). The accounting policies adopted
for internal reporting to the CODM are consistent with those
adopted in the financial statements.
The information reported to the CODM is on a quarterly basis.
Types of products and services
The principal products and services of this operating segment
are the mining and exploration operations predominately in New
Zealand but also in Vanuatu.
Major customers
During the year ended 31 March 2024 the Company had no major
customers
Operating segments are reported if:
• Revenue is 10% or more of combined operating segment
revenues;
• The absolute value of profit or loss is greater than 10% of the
combined reported profits or losses of all operating segments,
whichever is greater;
• Assets are 10% or more of the combined assets of all operating
segments; or
• Information about the segment would be useful to users of
the financial statements.
(i) Income tax
The company is a mining company for New Zealand tax purposes.
All exploration and development expenditure, including the cost
of mining assets, is tax deductible in the year the expenditure is
incurred. Mining losses can be set off against non-mining income
in the ratio 3:2.
Deferred taxation assets are recognised in the financial statements
only to the extent that it is probable that there will be future taxable
profit to utilise them.
(j) Share capital
Ordinary shares and options are classified as equity. Direct costs
of issuing shares and options are deducted from the proceeds of
the issue.
(k) Cash flows
For the purpose of the statement of cash flows, cash includes cash
on hand, deposits held at call with banks and short-term highly
liquid investments with original maturities of three months or less.
(k) Foreign currencies
Transactions in foreign currencies are converted into NZ currency
at the rate of exchange ruling at the date of the transaction. At
balance date foreign monetary assets and liabilities are translated
at the closing rate and exchange variations resulting from these
translations are recognised in the statement of comprehensive
income.
(l) Basis of consolidation
The consolidated financial statements include the parent company
and all subsidiaries over which the parent company has the power to
control the financial reporting and operating policies. The purchase
method is used to prepare the consolidated financial statements,
which involves adding together like assets, liabilities, income and
expenses on a line-by-line basis. All intercompany transactions are
eliminated on consolidation. In the parent company’s separate
financial statements, the investment in subsidiaries is stated at cost
less any impairment losses.
(m) Financial instruments
Financial instruments recognised in the statement of financial
position include cash balances, receivables, payables, investments
in and loans to others and borrowing. The parent and group have
no off-balance sheet financial instruments.
(1) Receivables and payables
Receivables and payables are initially recorded at fair value and
subsequently at amortised cost using the effective interest method.
Due allowance is made for impaired receivables (doubtful debts).
The resulting carrying amount for receivables is not materially
different from estimated realisable value.
(2) Share investments
Share investments in listed companies are designated as financial
assets at fair value. They are initially recorded at cost and
subsequently at market value. Gains or losses are recorded in the
statement of comprehensive income.
(n) Goods and Services Tax
All amounts are shown exclusive of Goods and Services Tax (GST),
except for receivables and payables that are stated inclusive of
GST. The net amount of GST recoverable or payable is included as
part of the receivables or payables balance in the balance sheet.
(o) Earnings per share
The Group presents basic and diluted earnings per share (EPS)
data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the parent
by the weighted average number of ordinary shares outstanding
during the year, adjusted for own shares held. Diluted EPS is
determined by adjusting the profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary
shareholders outstanding, adjusted for the effects of all dilutive
potential ordinary shares, comprising share options.
(p) Revenue recognition
Revenue is recognised at the fair value of the consideration
received net of the amount of GST.
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
ANNUAL REPORT 2024NEW TALISMAN GOLD
17
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
(q) Going concern
The Group and Parent financial statements are prepared on a
going concern basis which anticipates the Company and entities it
controls will be able to continue its operations for the foreseeable
future and will be able to realise its assets and discharge its liabilities
and commitments in the ordinary course of business.
The company currently has a very low cash balance in relation to its
usual cash demand which makes going concern a risk. The situation
arises because of government department delays in issuing
required permits to access and operate the mine. The required
permits have now been issued after a one year delay. Subsequent
to year end, the Company has executed debt facilities with three
separate counterparties with a total of $1,400,000 available to draw.
These facilities are sufficient to enable the Company to operate in
its current state for a period longer than 12 months from the date
of signing these financial statements. The Company plans to open
a Capital Raise within the month to enable execution of the mining
plan.
The Company will need to raise additional capital to progress
to production. The financial forecasts for FY25 and FY26 project
sufficient cash available to satisfy all financial obligations with arise
in the next 12 months from 31 March 2024. The forecast cash flows
are dependent on the key assumptions outlined below.
• The ability to access suitable debt or equity capital to fund its
operations through to production. No assurance can be given
that such capital will be available at all or on terms acceptable
to the Company.
• Achievement of production targets. In forecasting the
Companies cash requirements management has made
certain assumptions around the timing, volume and grade of
production. There is material uncertainty as to the ability to
achieve the production targets.
• Price of Gold. In forecasting the Companies cash requirements
management has made certain assumptions about the price
of gold. The gold price is a market commodity therefore there
is uncertainty as to the price that might be achieved.
The forecast assumptions have been conservatively prepared and
stress tested against a range of scenarios including a material
delay or reduction in production. Should the Company be unable
to achieve the forecast cash flows mentioned above the Company
may have insufficient liquid assets to be able to continue as a going
concern for a period of at least 12 months from the issuance of
these financial statements.
As a result of the aforementioned material uncertainties, the Group
may be unable to realise its assets and discharge its liabilities in the
normal course of business.
(r) New Accounting Standards and Interpretations not yet
mandatory or early adopted
NZ IFRS Standards and Interpretations that have recently been
issued or amended but are not yet mandatory, have not been early
adopted by the consolidated entity for the annual reporting period
ended 31 March 2024. The consolidated entity has not yet assessed
the impact of these new or amended Accounting Standards and
Interpretations.
(s) Change in Accounting Policies
There have been no significant changes in accounting policies. All
policies have been applied on bases consistent with those used in
the prior period.
2. OPERATING INCOME
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Interest43,0416,34043,0416,340
Rental Income9,000-9,000-
Sundry income----
Total operating income52,0416,34052,0416,340
3. OPERATING AND ADMINISTRATION EXPENSES BY NATURE
Group
Mar 2024
NZ$
Group
*Restated
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
*Restated
Mar 2023
NZ$
Accountancy fees29,41558,63729,41558,637
Auditor’s fees – auditing and review of the financial
statements
113,30234,284113,30234,284
Consultancy fees70,00081,16770,00081,167
Depreciation45,43258,21345,43258,213
Director fees176,647189,081176,647189,081
Foreign exchange loss/(gain)(518)1,740(518)1,740
Insurance90,88075,74490,88075,744
Legal fees48,76160,06348,76160,063
Loss on Investments----
Mine Maintenance414,45648,830414,45648,830
Rental and lease costs1,7085191,708519
Secretarial expenses120,000101,991120,000101,991
Security101,44354,961101,44354,961
Settlement of dispute-122,395-122,395
Share registry 29,97935,90829,97935,908
Share revaluation loss/(gain)3,97540,9033,97540,783
Stock exchange fees70,94080,00870,94080,008
Other27,43756,50821,53454,940
Total administration expenses
1,343,8571,100,9521,337,9541,099,265
NEW TALISMAN GOLD
ANNUAL REPORT 2024
18
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
4. FINANCE COSTS
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Interest paid on bank overdraft-1,575-1,575
Interest paid on Convertible Note112,10469,534112,10469,534
Interest on Rehabilitation Provision16,700-16,700-
Interest and finance charges paid on lease liabilities3001,7023001,702
Total operating income129,10472,811129,10472,811
5. KEY MANAGEMENT PERSONEL
Director and Officer remuneration
2024
NZ$
2023
NZ$
M G Hill (Former Executive Director – resigned 8 October 2021)*-122,395
R Tacon19,223-
A V Rabone**17,42540,000
J K Upperton40,00058,026
M P Stiassny40,00040,000
S H Sharif60,00051,056
S J Bell120,000101,991
*The contract for services with Asia Pacific Capital Ltd associated with Mr M Hill was terminated in October 2021. Subsequently Mr Hill
raised a claim against the Company which was settled for $145,000, after allocation of amounts the Company had recorded as owing to
Mr Hill the net effect on the statement of comprehensive income in 2023 was $122,395.
**Mr Rabone was paid in his capacity of Operations Manager $9,600 for the period from 1 April 2022 to 31 July 2022 when the contract
ceased (2022: $12,000). This role was on top of his directors remuneration of $40,000 during the 2023 year. This expense was capitalised
in the Balance Sheet as Talisman development expenditure. The development expenditure amount is based on time spent on directly
attributable mine development activities. Mr Rabone was not re-elected as a Director at the Annual Meeting of shareholders on 6
September 2023.
J K Upperton was appointed as Director effective 29 September 2021 and was elected as Chair effective 11 October 2021 he held the
position of Chair until mid Sept 2022. In addition to his directors fees Mr Upperton was engaged to provide strategic delivery services and
received consulting fees of $70,000 (2023 $71,585).
S H Sharif was appointed as Director effective 1 November 2021 and was elected as Chair in Sept 2022.
R Tacon was appointed as Director effective 6 September 2023.
There were no other changes to the board of directors during this period.
During the reporting period, no options were issued to directors or employees. In the prior year, no options were issued to directors or
employees.
Remuneration of Employees
There were no employees during the reporting period.
ANNUAL REPORT 2024NEW TALISMAN GOLD
19
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
6. TAXATION
Group
2024
NZ$
Group
2023
NZ$
Parent
2024
NZ$
Parent
2023
NZ$
Net profit / (loss) before taxation(1,800,959)(2,687,181)(1,415,017)(2,685,494)
Prima facie income tax at 28%(504,269)(752,411)(396,205)(751,938)
Add/(subtract) the taxation effect of permanent differences:
Impairment of Assets106,411337,535-337,535
Interest on provision for mine closure 4,676-4,676-
Loss on Investment1,44911,4531,11311,419
Other Non-Deductible Expenses3,610 12,2783,61012,278
Tax losses not recognised (388,123)(391,145)(386,806)(390,706)
Temporary differences not recognised----
Income tax expense/(benefit) not recognised (388,123) (391,145) (386,806) (390,706)
Deferred tax will not be recognised unless future taxable profit is probable.
The parent company has the following estimated taxation losses available:
a. mining losses to offset against future mining income of NZ$10,919,653 (2023: NZ$10,919,653) and
b. non-mining taxation losses of NZ$22,192,608 (2023: NZ$20,862,933).
The mining losses are currently being assessed by the IRD and the company is working closely with their representatives to confirm
balances brought forward from previous years. Such losses will only be available to be offset if:
(a) the company derives future assessable income of a nature and an amount sufficient to enable the benefit of the losses to be
realised;
(b) the company continues to comply with the conditions for deductibility imposed by the law;
(c) there are no adverse changes in tax legislation or tax rates which affect the company in realising the benefit from the deduction
for the losses.
At balance date the company’s imputation credit account balance was nil (2023: nil).
7. SEGMENT INFORMATION
During the current period, the company had one business segment - mineral exploration and development, within New Zealand and
Vanuatu.
8. EQUITY & RESERVES
EquityGroup
2024
NZ$
Group
*Restated
2023
NZ$
Parent
2024
NZ$
Parent
*Restated
2023
NZ$
Share capital41,471,04140,714,88741,471,04140,714,887
Capital Reserve-28,800-28,800
Accumulated deficit(33,359,532)(31,558,573)(32,771,125)(31,356,108)
Total parent shareholder equity8,111,5099,154,1148,699,9169,387,579
The group’s capital is managed with the objective of maintaining adequate working capital so that all obligations can be met when they
fall due. All components of equity are regarded as “capital”. All internal capital management objectives have been met. There has been
no change to the management of capital since the prior year.
Accumulated deficitGroup
2024
NZ$
Group
*Restated
2023
NZ$
Parent
2024
NZ$
Parent
*Restated
2023
NZ$
Balance at beginning of year(31,558,573)(28,871,392)(31,356,108)(28,670,614)
Net profit / (loss) attributable to shareholders (1,800,959)(2,687,181)(1,415,017)(2,685,494)
Other Comprehensive Income----
Transfer of Reserves ----
Balance at end of year(33,359,532)(31,558,573)(32,771,125)(31,356,108)
NEW TALISMAN GOLD
ANNUAL REPORT 2024
20
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
Share capital Group and Parent
Ordinary shares
2024
Number
2023
Number
2024
NZ$
2023
NZ$
Balance beginning of year414,875,1503,189,305,43840,714,88739,064,145
Loyalty Shares issued-8,766,667--
Share Consolidation-(2,878,264,856)--
Proceeds from Rights issues26,654,40695,067,901479,7791,650,742
Partial Conversion of Loan Note16,500,000-276,375-
Shortfall Allotment – Rights Issue----
Transfer from Reserves----
Balance at end of year458,029,556414,875,15041,471,04140,714,887
All authorised shares have been issued, have equal voting rights and will share equally in dividends and surplus on winding up. The shares
have no par value.
New Talisman undertook a share consolidation in February 2023 on the basis of 1 share for every 10 shares held. This resulted in the
cancellation of 2,878,264,856 ordinary shares.
New Talisman Gold Mines Limited issued 43,154,406 ordinary shares during the period by way of:
• 9,987,739 Ordinary shares issued under shortfall placement and ineligible shareholder rights form the 2023 rights issue with a total
value of $179,779.
• 16,666,667 Ordinary shares issued and held in trust under shortfall placement from the 2023 rights issue to be transferred to Terra
Firma mining in exchange for services. The total value of those shares were $300,000. At year end 5,385,523 of the shares had been
transferred to Terra Firma with 11,281,144 remaining held in trust for future services.
• Issue of 16,500,000 new ordinary shares in Feb 2024 for a total value of $276,275 as a partial conversion of the Convertible Debt
Security.
Capital ReserveGroup
2024
NZ$
Group
2023
NZ$
Parent
2024
NZ$
Parent
2023
NZ$
Balance at beginning of year28,800-28,800-
Shortfall Funds Received-28,800-28,800
Shares Allotted – Trf to Share Capital(28,800)(28,800)
Balance at end of year-28,800-28,800
A capital reserve has arisen from funds received in placement shortfall under the Rights Offer. Funds had been received at year end with
shares related to those funds being part of the shortfall allotment on 27 April 2023.
Share based payments
There were no share-based payment arrangements that existed during the year. (2023: Nil)
Listed options Group and Parent
2024
Number
2023
Number
Balance at beginning of year -17,036,384
Expired Options-(17,036,384)
Issued Options--
Balance at end of year--
Listed options were not exercised and expired on 30 September 2022.
Unlisted Options
The Company has no unlisted options (Last Year Nil).
ANNUAL REPORT 2024NEW TALISMAN GOLD
21
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
9. OTHER RELATED PARTY TRANSACTIONS
Payments for consulting services to companies in which directors and major shareholders have a substantial interest amounted to
NZ$70,000 (2023:NZ$226,185). These payments are detailed as follows:
Group and Parent
2024
NZ$
2023
NZ$
Asia Pacific Capital Group Limited (related to M G Hill)-145,000
Stevens and Associates (related to M R Stevens)--
A V Rabone-9,600
Kohe Cottages (related to J K Upperton)70,00071,585
Whakapai Consulting (related to J Bell)120,000101,991
Total190,000328,176
At balance date, creditors included NZ$59,449 payable to related party individuals or companies (2023:NZ$62,221). Related party debtors
totalled nil at balance date (2023: nil) and no related party debts were written off during the year.
10. PROPERTY, PLANT & EQUIPMENT
Group and Parent
Fixtures &
fittings
NZ$
Office
equipment
NZ$
Field
equipment
NZ$
Motor
Vehicles
NZ$
Total
NZ$
Year ended 31 March 2023
Carrying amount 1 April 2022253,270148,87110,931163,097
Additions-----
Disposals-----
Depreciation(10)(1,295)(26,245)(1,575)(29,125)
Carrying amount151,975122,6269,356133,972
31 March 2023
Cost1,26051,547262,87844,655360,340
Accumulated Depreciation(1,245)(49,572)(140,252)(35,299)(226,368)
Year ended 31 March 2023
Carrying amount 1 April 2023151,975122,6269,356133,972
Additions-----
Disposals-----
Depreciation(9)(1,130)(25,750)(1,575)(28,464)
Carrying amount684596,8767,781105,508
31 March 2024
Cost1,26051,547262,87844,655360,340
Accumulated Depreciation(1,254)(50,702)(166,002)(36,874)(254,832)
Carrying amount684596,8767,781105,508
NEW TALISMAN GOLD
ANNUAL REPORT 2024
22
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
11. MINE DEVELOPMENT & EXPLORATION AND EVALUATION
Mine developmentGroup
2024
NZ$
Group
2023
NZ$
Parent
2024
NZ$
Parent
2023
NZ$
Carrying amount at 1 April8,094,5838,930,3947,738,3738,930,394
Additions328,252369,672684,462369,672
Impairment of mine development -(1,205,483)-(1,205,483)
Balance at end of year8,422,8358,094,5838,422,8358,094,583
Group
2024
NZ$
Group
2023
NZ$
Parent
2024
NZ$
Parent
2023
NZ$
Cost14,278,41513,950,16314,278,41513,950,163
Accumulated Impairment of mine assets (5,855,580)(5,855,580)(5,855,580)(5,855,580)
Balance at end of year8,422,8358,094,5838,422,8358,094,583
A mine is currently being developed on the Talisman Mining permit.
Development expenditures are costs incurred to obtain access to proved and probable reserves and to provide facilities for extracting,
treating, gathering, transporting and storing the minerals. Development expenditures are capitalised to the extent that they are necessary
to bring the property to commercial production. Only costs attributable to an area of interest or capable of being reasonably allocated to
an area of interest are eligible for capitalisation. Development expenditures can include both direct and indirect costs however indirect
costs are included only if they can be directly attributed with the area of interest. Costs associated with re-working engineering design
errors or those attributed to inefficiencies in development are not capitalised.
The directors have provided for rehabilitation costs of the Talisman mine site on its closure. The estimated cost is $416,700 (2023: $392,955).
Group Parent
2024
NZ$
2023
NZ$
2024
NZ$
2023
NZ$
Exploration and evaluation costs
Carrying Amount at 1 April54,82841,40010,57510,575
Additions17,62013,428--
Impairment of prospecting costs(60,811)---
Carrying Amount 31 March11,63754,82810,57510,575
2024
NZ$
2023
NZ$
2024
NZ$
2023
NZ$
Exploration and evaluation
Cost2,829,7612,812,14110,57510,575
Accumulated Impairment(2,818,124)(2,757,313)--
Carrying amount 31 March11,63754,82810,57510,575
Exploration and evaluation expenditure is recorded at cost. The Group recorded an impairment in the carrying value of the Rahu
exploration asset in a prior year due to uncertainty around access to the land at that time. The Group recorded an impairment in the
carrying value of the Capella exploration asset in the current year due to uncertainty around funding of the exploration plan.
Impairment of Assets
The Group assesses each mining development at the end of each period to determine whether there are any indicators of impairment.
Where an indicator of impairment exists, an estimate of the recoverable amount is made.
The key assumptions and factors considered as part of this assessment of impairment includes:
• The current state of the mine
• The status of the mining permits held
• A formal independent valuation report on the mine
• Market capitalisation
• The strategic plan
ANNUAL REPORT 2024NEW TALISMAN GOLD
23
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
Talisman Mine Development
An independent Technical Valuation of the Talisman Gold Project was provided by Geos Mining Minerals Consultants as at 30
September 2021. The report concluded that a preferred valuation of the Project was NZ $15.6 million. This valuation is based on a six
year period discounted cash flow.
Furthermore, the mining permit consists of a two year bulk sampling period and will require an application for full mining. A two year
period discounted cash flow results in an indicative valuation of $9 million.
At each reporting date the Directors review factors that may indicate impairment.
In the year ended 31 March 2022 given the conditional nature of the mining permit, the difference in indicative valuation between
the two abovementioned valuations, and that no commercial activity has yet been generated from mining activities, the Directors
concluded that an impairment to the Talisman mine development would be appropriate. The Talisman mine development was
therefore been impaired down to a net book value of $9 million. The directors reviewed factors as at 31 March 2023 and determined a
further adjustment of $1,205,483 be made to book value to reflect the value attributed to the assets by the market. The directors further
reviewed factors as at 31 March 2024 and determined there be no change to the value of the asset.
Vanuatu Exploration and Evaluation
The Directors reviewed all factors as mentioned above that may indicate impairment to the Vanuatu mine development. Given an
uncertainty of funding for exploration of this Asset the Directors have made an impairment provision for the full value of this asset at 31
March 2024.
12. INTANGIBLE ASSETS
Group Parent
2024
NZ$
2023
NZ$
2024
NZ$
2023
NZ$
Goodwill
Balance at 1 April319,228319,228--
Additions ----
Impairment of Goodwill(319,228)---
Carrying Amount 31 March-319,228--
Total Intangible Assets -319,228--
2024
NZ$
2023
NZ$
2024
NZ$
2023
NZ$
Goodwill
Cost319,228319,228--
Accumulated Impairment(319,228)---
Carrying Amount 31 March-319,228--
The goodwill arose from the acquiring of a business combination associated with the acquisition of the shares in Capella Vanuatu
Limited. The entire goodwill balance is allocated to the Capella mine cash generating unit. The Directors have assessed the above
goodwill and because of uncertainty of funding for the exploration planned have assessed the recoverable value of the related cash
generating unit (the Capella mine), determined using a value-in-use methodology, to be nil.
As the key estimate used by management in their determination was their ability and willingness to fund further exploration activities
at the mine, no discount rate disclosure is applicable. Similarly, no sensitivity analysis is presented as the impairment loss recorded
includes the entire cash generating unit’s asset balance so that no reasonably possible change in the key estimate would trigger a
further impairment.
TENEMENT SCHEDULE:
Permits held by New Talisman Gold Mines Limited Group:
51 326 Talisman (Mining) – Granted mining permit, Coromandel, New Zealand
1851 Capella Vanuatu - Prospecting License, Vanuatu
13. SUBSIDIARY COMPANIES
Percent held Incorp Balance Activity
2024 2023 in date
Subsidiaries
Coromandel Gold Limited 100% 100% NZ 31 March Share investment
Critical Minerals Resources Limited 100% 100% NZ 31 March Minerals exploration
Rahu Resources Pty Limited 100% 100% NZ 31 March Minerals exploration
Capella Vanuatu Limited 100% 100% Vanuatu 31 March Minerals exploration
NEW TALISMAN GOLD
ANNUAL REPORT 2024
24
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
Capella Vanuatu Limited is a direct subsidiary of Coromandel Gold Limited. All other subsidiaries are direct subsidiaries of the company.
The investment in each subsidiary is recorded at cost (NZ$Nil) in the company’s statement of financial position. Critical Minerals Resources
Limited did not trade during the year.
Critical Minerals Resources Limited was previously known as Northland Minerals Limited.
14. FINANCIAL RISK MANAGEMENT
Financial risk management objectives
The consolidated entity’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest
rate risk), credit risk and liquidity risk. The consolidated entity’s overall risk management program focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated
entity uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the
case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and beta analysis in respect of investment
portfolios to determine market risk.
Risk management is carried out by virtual CFO (‘CFO’) under policies approved by the Board of Directors (‘the Board’). These policies
include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures, controls and risk limits.
CFO identifies, evaluates and reports financial risks within the consolidated entity’s operating units. CFO reports to the Board on a
quarterly basis.
Credit Risk
Financial instruments which potentially subject the company to credit risk principally consist of bank balances and receivables. Surplus
funds are placed in interest bearing accounts with major trading banks and the company does not anticipate non-performance by those
parties. Maximum exposure to credit risk at balance date is represented by the carrying value of the financial instruments. No collateral
is held on these assets and the balances are stated net of recognised impairment losses. The group deals only with banks having at least
an A credit rating.
Currency Risk
At present the Company does not hedge foreign currency transaction or translation exposures. The company has exposure to foreign
exchange risk as a result of transactions from normal trading activities mainly denominated in Australian currencies. The company holds
funds in an Australian currency bank account.
Liquidity Risk
Management supervises liquidity through cashflow forecasting, budgeting and by carefully controlling cash outflows from existing cash
resources. The group relies on new equity to fund exploration and mine development expenditure.
Remaining contractual maturities
The following tables detail the consolidated entity’s remaining contractual maturity for its financial instrument liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are
required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore
these totals may differ from their carrying amount in the statement of financial position.
Consolidated - 2024Weighted
average
interest rate
1 year or less
$
1 to 5 years
$
Over 5 years
$
Total
$
Trade and other payables0%226,751 - - 226,751
Lease liabilities5% - - - -
Convertible notes9.50% 95,000 762,146 - 857,146
321,751 762,146 - 1,083,897
Consolidated - 2023Weighted
average
interest rate
1 year or less
$
1 to 5 years
$
Over 5 years
$
Total
$
Trade and other payables0% 170,997 -- 170,997
Lease liabilities5% 18,225 -- 18,225
Convertible notes9.50% 1,085,630 -- 1,085,630
1,274,852 - - 1,274,852
Price risk
The consolidated entity is exposed to commodity price risk arises from gold and other metals held as inventory. 100% of the inventory
value has been provided against at balance date. As the Company is not yet producing gold on a regular basis there is no material price
risk at this time.
ANNUAL REPORT 2024NEW TALISMAN GOLD
25
Interest Rate Risk
At balance date the company had exposure to interest rate risks on deposits held at bank. The table below shows floating interest rate
financial instruments held at balance date:
Re-pricing AnalysisEffective Interest RateTotal
NZ$
6 months or less
NZ$
Short term bank deposits5.3-6.0%575,363575,363
15. RECONCILIATION OF OPERATING CASHFLOW AND REPORTED DEFICIT
GroupParent
2024
NZ$
2023
NZ$
2024
NZ$
2023
NZ$
Net profit / (loss) after taxation
(1,800,959)(2,687,181)(1,415,017)(2,685,494)
Add non-cash items:
Depreciation
45,43258,21345,43258,213
Impairment of assets
380,0391,205,483-1,205,483
Inventory Provision
-314,275-314,275
Loss on disposal of property, plant & equipment
----
Loss on investment
----
Share revaluation (gain)/loss
5,17540,9033,97540,903
Exchange (gain)/loss
(518)1,740(518)1,740
430,1281,620,61448,8891,620,614
Add (less) movement in working capital:
Decrease (increase) in debtors
(265)7,954(265)7,954
Increase (decrease) in creditors
57,11429,33770,03129,341
Increase (decrease) in rehabilitation reserve
-2,307-2,307
Decrease (increase) in accrued income
(2,572)-(2,572)-
Decrease (increase) in Development WC
----
Decrease (increase) in prepayments
38,632(94,155)38,632(94,155)
Decrease (increase) in intercompany loans
----
Decrease (increase) in GST
(14,250)(5,023)(14,250)(5,023)
78,659(59,579)91,576(59,576)
Net cash outflows used in operating activities
(1,292,172)(1,126,146)(1,274,552)(1,124,456)
16. COMMITMENTS
The group has no capital commitments at year end. (2023:Nil).
17. CONTINGENT LIABILITIES
Group and Parent
Mar 2024
NZ$
Mar 2023
NZ$
Contingent liabilities105,000105,000
The consolidated entity has given bank bond as at 31 March 2024 of $75,000 to NZX and $30,000 to Department of Conservation.
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
NEW TALISMAN GOLD
ANNUAL REPORT 2024
26
18. NET TANGIBLE ASSETS PER SECURITY
Group and Parent
Mar 2024
NZ$
Mar 2023
NZ$
Net tangible assets
Net tangible assets per security
8,111,509
$0.0177
8,865,886
$0.0214
19. EARNINGS PER SHARE
Group
Mar 2024
Group
Mar 2023
Parent
Mar 2024
Parent
Mar 2023
Profit/(loss) from continuing operations
Weighted average number shares
(1,800,959)
437,500,693
(2,687,181)
323,274,576
(1,415,017)
437,500,693
(2,685,494)
323,274,576
Basic earnings per share
Diluted average shares on issue
(0.004)
437,500,693
(0.008)
323,274,576
(0.003)
437,500,693
(0.008)
324,273,422
Diluted earnings per share(0.004)(0.008) (0.004) (0.008)
Weighted average number shares
Weighted average number options
437,500,693
-
323,274,576
998,845
437,500,693
-
323,274,576
998,845
Diluted average share on issue435,821,900323,274,576435,821,900324,273,422
20. CASH AND CASH EQUIVALENTS
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Cash at bank480,9971,882,733480,9971,882,733
21. PAYABLES
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Trade payables 123,127132,367 123,127132,367
Audit Accrual79,47620,00079,47620,000
Accruals22,41115,53322,41115,533
225,014167,900225,014167,900
Trade Payables
Trade payables are unsecured and are usually paid within 30 days of recognition.
22. TRADE AND OTHER RECEIVABLES
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Sundry receivables47,16832,65247,16032,609
Interest receivable2,572-2,572-
49,74032,65249,74032,609
Sundry receivables consists of GST and RWT receivable.
All financial assets are within the contractual terms. None are overdue and none are impaired. No collateral is held for receivables.
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
ANNUAL REPORT 2024NEW TALISMAN GOLD
27
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
23. OTHER ASSETS
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Prepayments270,37269,788270,37269,788
Trust Deposit1,083-1,083-
Intercompany advances--589,918530,459
271,45569,788861,373600,247
24. OTHER FINANCIAL ASSETS
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Current
Listed shares held29,676-29,227-
Non Current----
Listed Shares-34,851-33,202
Deposits105,000105,000105,000105,000
Total Non Current 105,000139,851105,000138,202
Total Other Financial Assets 134,676139,851134,676138,202
25. CONVERTIBLE NOTE
Group
Mar 2024
NZ$
Group
Mar 2023
NZ$
Parent
Mar 2024
NZ$
Parent
Mar 2023
NZ$
Balance at the beginning of year980,711-980,711-
Convertible Note issued-1,000,000-1,000,000
Issuance Costs-(31,562)-(31,562)
Amortisation of Issuance Costs19,28912,27419,28912,274
Partial Conversion of Note(276,375)-(276,375)-
Repayments----
Balance at the end of year723,625980,711723,625980,711
During the period the Company partially repaid the Convertible Note and rolled the balance over on the same terms as the original note.
The note was drawn down on 24 August 2022, incurs interest at 9.50% per annum, payable quarterly and is repayable on the 18 month
anniversary of draw down. The note may be repaid in cash or by way of conversion to equity at the discretion of the Company. On 26
February 2024 the Company issued 16,500,000 shares for NZ$276,375 in a partial conversion of the note and rolled over the balance of
the note on the same terms.
26. PRIOR PERIOD ADJUSTMENT
During the period under review items were identified to the value of $48,830 for the 2023 year and $69,606 for years prior to 2023 that
had been capitalised to development expenditure that are now considered to be maintenance expenditure in nature. An adjustment
was made in the 2023 year for issuance costs associated with the capital raise and the placement of the Convertible Note, these amounts
had been previously expensed and are capital in nature. Further an adjustment has been made to the carrying value of Assets under
construction in the 2023 year. The 2023 comparative year has been restated in both the Statement of Financial Position and the Statement
of Changes in Equity to reflect this adjustment. Additionally, certain items were reclassified within financial statement line item categories
to more accurately reflect their nature.
NEW TALISMAN GOLD
ANNUAL REPORT 2024
28
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
The changes to the prior period comparatives are as follows:
Statement of Comprehensive Income
Group
2023
Original
Group
2023
Restated
Continuing operations
Revenue - -
Cost of sales of goods * (314,275) -
Gross Profit (314,275) -
Other operating income 6,340 6,340
Operating and administrative expenses (1,145,559) (1,100,952)
Impairment losses(1,205,483)(1,519,758)
Gain/(loss) from operations (2,719,514) (2,614,370)
Finance costs (60,537) (72,811)
Net profit/(loss) for the year (2,719,514) (2,687,181)
Statement of Changes in Equity – Changes Only
Group
2023
Retained
Earnings
Original
Group
2023
Retained
Earnings
Restated
Profit/(Loss) (2,719,514) (2,687,181)
Net proceeds from share capital issued1,712,6161,650,742
Placement to be allotted28,80028,800
Equity at beginning of year (10,262,359) (10,192,753)
Equity at end of year (9,284,261) (9,185,114)
Balance Sheet – Changes only
Group
2023
Original
Group
2023
Restated
Equity – Attributable to parent company shareholders 9,284,261 9,185,114
Non current liabilities
Rehabilitation Reserve36,745392,955
Total Non current liabilities36,745392,955
Total liabilities1,222,5691,559,490
Total equity and liabilities10,506,83010,744,604
Current Assets
Inventories -
Receivables and prepayments 102,440 -
Trade and other receivables-69,788
Other Assets-32,652
Non-current assets
Assets under construction 7,900,000
Mine Development8,094,583
Exploration and evaluation54,828
Intangible assets330,865319,228
Total assets 10,506,830 10,744,604
ANNUAL REPORT 2024NEW TALISMAN GOLD
29
27. SIGNIFICANT EVENTS SINCE BALANCE DATE
Subsequent to 31 March 2024 the following has occurred:
On May 30 2024 the Company announced that Mr Tacon, a director of the Company had provided a short term unsecured loan facility of
up to $300,000. The facility has an annual interest rate of 19%. The facility is to be repaid by 31 December 2024.
On 31 May 2024 The Company announced it had entered into a Heads of Agreement with Terra Firma Mining Ltd to lease premises and
process ore produced by the Talisman mine.
On June 18 2024 the Company announced it had paid a refundable deposit of 10% of the purchase price of plant located overseas which
will be relocated to New Zealand to process the Talisman Ore.
On June 25 2024 the Company was granted a five year Access Arrangement from Department of Conservation in New Zealand.
On June 27 2024 ASX placed NTLs shares into suspension upon becoming aware that the audit report contained in NTL’s Annual Report
for the financial year ended 31 March 2024 contains a Disclaimer of Opinion. ASX had determined that NTL’s financial condition was not
adequate to warrant the continued quotation of its securities and therefore is in breach of Listing Rule 12.2. The suspension will continue
until NTL is able to demonstrate compliance with Listing Rule 12.2.
On July 1 NTL varied an agreement with Mr Tacon to increase the loan facility to $350,000 and extend the repayment date to 31 Dec 2025
On July 2nd NTL entered into an agreement with Hamish Brown to provide the Company with an unsecured loan facility of $850,000 with
an annual interest rate of 19% paid quarterly and repayment due 31 December 2025
On July 2nd NTL entered into an agreement with Samantha Sharif to provide the Company with an unsecured loan facility of up to
$200,000 with an annual interest rate of 19% paid quarterly and repayment due 31 December 2025.
No other significant events have occurred since balance date.
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2024
NEW TALISMAN GOLD
ANNUAL REPORT 2024
30
ADDITIONAL INFORMATION
DIRECTOR INFORMATION AND DISCLOSURE OF DIRECTORS INTERESTS
The following general disclosures of interest were received in relation to the year ended 31 March 2024:
DirectorRelevant interest in Ordinary SharesRelevant Interest in listed Options
John Upperton10,188,333-
Samantha Sharif2,146,339-
Richard Tacon300,000
Holding RangeOrdinary Shares as of 4 June 2024
RangeTotal holdersShares Held% of Issued Capital
1 - 1,000538247,6840.05
1,001 - 5,0005631,609,2630.35
5,001 - 10,0003322,693,1430.59
10,001 - 100,00089335,394,9657.73
100,001 Over443418,084,50091.28
Total2,769458,029,555100.00
TOP 20 ORDINARY SHAREHOLDERS as of 4 June 2024
RankNameUnits% of Units
1.HAMISH EDWARD ELLIOT BROWN91,500,00019.98
2.NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH ACCOUNT>35,569,3017.77
3.BEVERLEY IDA EVANS18,100,0003.95
4.DAVID LYELL COLE18,000,0003.93
5.COROMANDEL GOLD LIMITED11,290,4322.47
6.JOHN KILDARE UPPERTON10,188,3332.22
7.SHARESIES AUSTRALIA NOMINEE PTY LIMITED7,411,9091.62
8.ALLAN MICHAEL NOBILO + LYNNE NOBILO5,700,0001.24
9.TERRA FIRMA MINING LIMITED5,385,5231.18
10.PETER KENNETH HEWER4,014,6860.88
11.PETER WILLIAM HALL4,000,0000.87
12.WILLIAM GEOFFREY KROON3,794,5130.83
13.THOMAS HERBERT TEBBS GOTHORP3,794,2110.83
14.CHRISTOPHER DAVID ENGLISH + JACQUELINE ENGLISH <KRINGLES SUPER
FUND A/C>
3,575,8910.78
15.CHUNG KAN CHOW3,112,9460.68
16.VAN CHUONG TRAN3,000,0000.65
17.BLUE DUCK INVESTMENTS LIMITED2,976,3300.65
18.RONALD JOHN SCOTT2,550,0000.60
19.CUSTODIAL SERVICES LIMITED <A/C4>2,314,4500.51
20.NEHAL RAJAN SINGH2,199,8620.52
Total Top 20 holders of Ordinary Shares238,728,38752.12
Total issued Capital458,029,555
ANNUAL REPORT 2024NEW TALISMAN GOLD
31
CORPORATE GOVERNANCE
In accordance with the NZX Corporate Governance Code 1 April 2023 (“NZX Code”), and the ASX Corporate Governance Council’s
Principles and Recommendations (4th Edition) (“ASX Recommendations”) New Talisman Gold Mines Ltd (“Company”) has adopted
systems of control and accountability as the basis for corporate governance best practice.
Policies and Charters (for the board and its committees), including the Company’s Code of Ethics and other policies and procedures
relating to the Board and its responsibilities are available on the Company’s website www.newtalisman.co.nz
Commensurate with the spirit of the NZX Code and the ASX Recommendations, the Company has followed each recommendation where
the Board has considered the recommendation to be an appropriate benchmark for its corporate governance practices, taking into
account factors such as the size of the Company and the Board, resources available and activities of the Company.
After due consideration by the Board during the Company’s 2023/2024 financial year (“reporting period”) the Company’s corporate
governance practices departed from the NZX Code or ASX Recommendations only as set out below.
The information in this statement is current at 31 March 2024.
EXPLANATIONS FOR DEPARTURES FROM NZX CORPORATE GOVERNANCE CODE 2023
RecommendationNotification of DepartureExplanation for Departure
2.5: An issuer should have a written
diversity policy which includes
requirements for the board or a
relevant committee of the board to set
measurable objectives for achieving
diversity (which, at a minimum, should
address gender diversity) and to assess
annually both the objectives and the
entity’s progress in achieving them.
The issuer should disclose the policy or
a summary of it.
The Company has established a
diversity policy, a copy of which is
disclosed on the Company’s website.
However, the policy does not include
requirements for the board to establish
measurable objectives for achieving
gender diversity, or for the board to
assess annually the objectives and the
progress towards achieving them.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measurable objectives for achieving
gender diversity.
EXPLANATIONS FOR DEPARTURES FROM ASX CORPORATE GOVERNANCE PRINCIPLES
AND RECOMMENDATIONS (4th Edition)
The Company has followed each of the ASX Recommendations during the reporting period, except in relation to the matters specified
below:
RecommendationNotification of DepartureExplanation for Departure
1.5(b): The Company should establish
and disclose a diversity policy. The
policy should include requirements
for the board to establish measurable
objectives for achieving gender
diversity and for the board to assess
annually both the objectives and the
progress towards achieving them.
The Company has established a
diversity policy, a copy of which is
disclosed on the Company’s website.
However, the policy does not include
requirements for the board to establish
measurable objectives for achieving
gender diversity, or for the board to
assess annually the objectives and the
progress towards achieving them.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measurable objectives for achieving
gender diversity.
1.5(c): Disclose in each annual
report the measurable objectives for
achieving gender diversity set by the
Board in accordance with the diversity
policy and progress towards achieving
them.
No measurable objectives for achieving
gender diversity have been set by the
Board.
The Board considers the size of the Company’s
operations make it impractical to establish
meaningful measureable objectives for
achieving gender diversity. However, the Board
recognises the importance of diversity and has
therefore adopted a diversity policy, a copy of
which is available on the Company’s website.
BOARD COMPOSITION AND EXPERTISE
The Company has established the functions reserved to the Board, and those delegated to senior executives and has set out these
functions in a Statement of Board and Management Functions, which is disclosed on the Company’s website.
A profile of each director containing the skills, experience, expertise, formal qualifications and term of office of each director is set out in
the director profiles in this Annual Report.
The mix of skills and diversity that the Board is seeking to achieve in its membership is significant experience and expertise in: mine
development and underground operations, geological modelling, financial reporting, financial markets, risk management, statutory
compliance, resource management, health and safety and employment. Each of these skills are represented in the Board’s current
composition. The size of the Board and the development of the Company’s projects places constraints on the mix of skills the Board is
able to achieve.
NEW TALISMAN GOLD
ANNUAL REPORT 2024
32
CORPORATE GOVERNANCE
It is the policy of the Board that in determining candidates for the
Board, the following process shall occur:
a. The Nomination Committee (or equivalent) evaluates the
range of skills, experience and expertise of the existing Board.
In particular, the Nomination Committee (or equivalent) is to
identify the particular skills that will best increase the Board’s
effectiveness. Consideration is also given to the balance of
independent directors on the Board.
b. A potential candidate is considered with reference to their
skills and expertise in relation to other Board members.
c. If relevant, the Nomination Committee recommends an
appropriate candidate for appointment to the Board. Any
appointment made by the Board is subject to ratification by
shareholders at the next general meeting.
The Board recognises that Board renewal is critical to performance
and the impact of Board tenure on succession planning.
Re-appointment of directors is not automatic. The Company’s
Policy and Procedure for Selection and (Re)Appointment of
Directors is disclosed on the Company’s website.
IDENTIFICATION OF INDEPENDENT
DIRECTORS
In considering independence of directors, the Board refers to the
criteria for independence as set out in NZX Listing Rule 2.1.1 and
Box 2.1 of the ASX Recommendations (“Independence Criteria”).
Applying the Independence Criteria during the reporting period
and at balance date the Board comprises a majority of independent
directors. Mr Stiassny, Ms Sharif and Mr Tacon are independent
directors of the Company.
STATEMENT CONCERNING AVAILABILITY
OF INDEPENDENT PROFESSIONAL ADVICE
If a director considers it necessary to obtain independent
professional advice to properly discharge the responsibility of his/
her office as a director then, provided the director first obtains
approval for incurring such expense from the Chair, the Company
will pay the reasonable expenses associated with obtaining such
advice.
DIRECTOR REMUNERATION
Details of remuneration are contained in the Notes to the Financial
Statements forming part of this report.
The Company’s Remuneration Policy is disclosed on the Company’s
website. Remuneration of Directors and senior executives is set by
reference to payments made by other companies of similar size
and industry, and by reference to the skills and experience of the
Directors and executives.
There is currently no direct link between remuneration paid to any
of the non-executive directors and corporate performance such as
bonus payments for achievement of key performance indicators.
There are no termination, retirement or Company superannuation
scheme benefits for non-executive directors.
PERFORMANCE EVALUATION OF THE
BOARD, COMMITTEES AND SENIOR
EXECUTIVES
The board reviews the size and composition of the board and the
mix of existing and desired competencies across members from
time to time. Criteria considered by the directors when evaluating
prospective candidates are contained in the board’s charter. The
chair of the board is responsible for ensuring a regular review of
the performance of the board, committees and individual directors
occurs at least annually. The chair is responsible for determining
the process under which this evaluation takes place. The board
reviews annually the size and composition of the board and the
mix of existing and desired competencies across members.
The board is responsible for evaluating the performance of
senior executives. The board evaluates the performance of
senior executives via an ongoing process of assessment and a
formal annual review in December. During the formal review, the
senior executive’s performance is measured against their role’s
assessment criteria.
The Company’s Process for Performance Evaluations is disclosed
on the Company’s website.
CORPORATE CODE OF CONDUCT
The board has adopted a Corporate Code of Conduct (available
on the Company’s website). Directors, employees and consultants
must comply with the policies which the Board has endorsed to
achieve ethical behaviour and efficiency within the authorities and
discretions designated to them, avoiding putting themselves in
a position where they stand to benefit personally or be accused
of insider trading. Compliance with all laws and regulations and
maintenance of confidentiality and honesty is expected. The
Corporate Code of Conduct forms part of every employment and
consultancy agreement. Failure to comply can result in disciplinary
action, including, where appropriate, dismissal. The Board has not
adopted a Whistleblower Policy. However, employees have direct
access to the Chair and are encouraged to contact the Chair with
any suspected departure from the Company’s Code of Conduct.
GENDER DIVERSITY
The board has adopted a Diversity Policy (available on the
Company’s website). As noted above, the Diversity Policy does
not include requirements for the board to establish measurable
objectives for achieving gender diversity. Gender diversity at
balance date for the reporting period:
ComponentTotalFemale
Component
% Female
Component
Board of Directors4125%
Consultants11100%
TOTAL*5240%
* Total comprises the figures for the whole organisation.
The Board considers that the Company complied with its diversity
policy during the reporting period.
AUDIT COMMITTEE
The Audit Committee as at the end of the reporting period
consists of the full Board being: Michael Stiassny (Chair), Samantha
Sharif, John Upperton and Richard Tacon. The Board deals with
any conflicts of interest that may occur when convening in the
capacity of the Audit Committee by ensuring that any director with
conflicting interests is not party to the relevant discussions.
During the reporting, period the Audit Committee had the
opportunity to meet with the external auditor in respect of the
financial reports. The Audit Committee is responsible for reviewing
Annual and Interim Financial Statements, related stock exchange
announcements and all other financial information published or
released to the market; monitoring and making recommendations
for improvement in internal control environment, including
effectiveness and efficiency of operations, reliability of financial
reporting and compliance with applicable laws and regulations;
overseeing the risk management and compliance framework; the
appointment, removal and remuneration of the external auditors;
reviewing the terms of their engagement and the scope and
quality of the audit, reviewing and approving the nature and scope
of non-audit services and ensuring rotation of the external audit
engagement partner.
Details of each of the director’s qualifications are included in the
Board of Director’s Profiles. All members of the sub committee
consider themselves to be financially literate and have financial
experience and industry knowledge. Mr Tacon is an experienced
mine operator with over 40 years of operational experience in all
facets of mining gained in New Zealand and internationally. He has
ANNUAL REPORT 2024NEW TALISMAN GOLD
33
CORPORATE GOVERNANCE
specialized experience in underground and open cast gold mines.
Ms Sharif is a Professional Director with extensive leadership
experience in infrastructure, resources, safety critical industries, as
well as investment and capital markets. Mr Stiassny is a Chartered
Fellow of The Institute of Directors in NZ (Inc) (CFInstD) and is
also past President of the Institute of Directors. He is a Fellow of
Chartered Accountants Australia and New Zealand (retired). He
has both a Commerce and Law degree. Mr Stiassny is currently
Chairman of Tower Insurance and Two Cheap Cars Limited, and a
director of a number of other companies.
Mr Upperton has a background in both Commercial and Residential
Construction Project Management. Alongside these projects, Mr
Upperton has garnered considerable experience in aspects of the
RMA and District Planning requirements, including successfully
representing himself in the Environment Court.
The Company has established a Procedure for the Selection,
Appointment and Rotation of its External Auditor, which is disclosed
on the Company’s website. The Board is responsible for the initial
appointment of the external auditor and the appointment of a new
external auditor when any vacancy arises, as recommended by the
Audit Committee (or its equivalent). Candidates for the position of
external auditor must demonstrate complete independence from
the Company through the engagement period. The Board may
otherwise select an external auditor based on criteria relevant to
the Company’s business and circumstances. The performance of
the external auditor is reviewed on an annual basis by the Audit
Committee (or its equivalent) and any recommendations are made
to the Board.
NOMINATION AND REMUNERATION
COMMITTEE
The Nomination and Remuneration Committee (N&R) as at the
end of the reporting period consists of the full Board being: John
Upperton, Samantha Sharif, Richard Tacon and Michael Stiassny.
The responsibilities of the N&R Committee were also addressed by
the full Board at Board and Strategy meetings during the reporting
period. The Board has adopted, and the N&R Committee applies
a Nomination Committee Charter and a Remuneration Policy
which is available on the Company’s website.
Duties of the N&R Committee includes reviewing remuneration
of executive and non-executive directors, incentive schemes and
reviewing the Remuneration Committee Policy (disclosed on the
Company’s website).
The Board has adopted, and the Remuneration Committee
applies, a Remuneration Committee Charter which is available on
the Company’s website.
HEALTH SAFETY SECURITY AND
ENVIRONMENT COMMITTEE
The Health Safety Security and Environment Committee (HSSE) as
at the end of the reporting period consists of the full Board being:
Samantha Sharif, John Upperton, Michael Stiassny and Richard
Tacon. The Board has adopted, and the HSSE Committee applies
a HSSE Committee Charter which is available on the Company’s
website
The Company’s Policy for Trading, which is disclosed on the
Company’s website, states that key management personnel must
not enter into transactions or arrangements which operate to
limit the economic risk of their security holding in the Company
without first seeking and obtaining written acknowledgement
from the Chair, Audit Committee Chair or Executive Director; and
Key Management Personnel are prohibited from entering into
transactions or arrangements which limit the economic risk of
participating in unvested entitlements.
MEETING ATTENDANCE
Director/ConsultantBoard
J Upperton8/8
R Tacon3/3
M Stiassny8/8
S Sharif8/8
RISK MANAGEMENT
The Company has continued to develop its strategies for managing
risk during the reporting period, particularly where internal controls
are concerned. The Company’s internal controls are reviewed by
the external auditor twice a year, and are monitored regularly by
the independent directors. The Board relies on the sign-off of its
contracted CFO with respect to the financial reports, which sign-off
has been provided in respect of the Company’s 2023/2024 financial
statements.
The Company has adopted a Risk Management Policy (a summary
is available on the Company’s website). Under the Policy, the
Board delegates day-to-day management of risk to the Chief
Executive Officer and in the absence of a Chief Executive Officer
the responsibility falls to the Chairman of the Board. The Policy
sets out the role of the Chief Executive Officer and accountabilities.
It also contains the Company’s risk profile and describes some of
the policies and practices the Company has in place to manage
specific business risks.
The process of management of material business risks is allocated
to the relevant business risk owners within the management team
or its contracted suppliers. The Board relies on risk controls being
implemented effectively and the primary risk controls reviewed
monthly through a standing item on the Board agenda. The
Company is in the process of updating its Risk Management Policy
to include formal processes to identify, manage and mitigate risk,
using a risk register. As the mine was not operational during the
period there were no operational risk reports prepared. Certain
risks pertinent to the sector in which the Company operates are
not able to be managed at this time, for example the price of gold.
Material business risks reported on during the reporting period
included statutory compliance, health and safety in the operational
environment, sustainability of the company’s ore resources,
environmental risk working in a conservation estate, internal audit
compliance, adequacy of computer systems, ethical conduct and
business practice, retention of key staff, financial reporting and
liquidity risk.
The Board has required management to design, implement and
maintain risk management and internal control systems to manage
the Company’s material business risks. The Board also requires
management to report to it confirming that those risks are being
managed effectively. The Board receives on a regular basis reports
from management as to the effectiveness of the Company’s
management of its material business risks, risk evaluation, analysis
and treatment. Risk management is a standing item on the Board
agenda, giving opportunity for Board discussion. The Audit
Committee and the full Board addresses areas of risk and evaluates
the effectiveness of controls.
ASSURANCES TO THE BOARD
The Chief Executive Officer (CEO) and the Chief Financial officer
(CFO) are not required to provide a declaration to the Board in
accordance with section 295A of the Corporations Act (Australia)
as the Company is instead subject to the laws of New Zealand.
However, the Board requires the virtual CFO to provide a
declaration confirming that the financial reports for the reporting
period present a true and fair view, in all material respects, of the
Company’s financial condition and operational results, and are in
NEW TALISMAN GOLD
ANNUAL REPORT 2024
34
CORPORATE GOVERNANCE
accordance with relevant accounting standards. Assurance is also
given that the financial statements are founded on a sound system
of risk management and internal compliance and control and that
the Company’s risk management and internal compliance and
control is operating efficiently and effectively.
CONTINUOUS DISCLOSURE
The Company has adopted a Continuous Disclosure Policy which
sets out obligations for directors, employees and consultants
in relation to continuous disclosure. The Company has also
adopted Compliance Procedures to ensure compliance with the
ASX Listing Rule requirements in relation to continuous disclosure,
and to ensure accountability at a senior executive level for that
compliance. Summaries of both these documents are available
on the Company’s website. In accordance with the NZX and ASX
Listing Rules, the Company is required to disclose to the market
matters which could be expected to have a material effect on
the price or value of the Company’s securities. Management
processes are in place to ensure that all material matters which may
potentially require disclosure are promptly reported to the Chief
Executive Officer or the Company Secretary who is responsible for
ensuring that such information is not released to any person until
the NZX and ASX have confirmed its release to the market.
SHAREHOLDER COMMUNICATION
The Board has adopted a Shareholder Communication Policy, a
copy of which is disclosed on the Company’s website.
DIRECTOR AND OFFICER LIABILITY
INSURANCE
The Company maintains director and officer liability insurance
and indemnifies directors and officers of the Company against
all liabilities which may arise out of the performance of normal
duties as directors or officers, unless the liability relates to conduct
involving a lack of good faith. This includes indemnity of costs and
expenses incurred in defending an action that falls within the scope
of the indemnity.
MATERIALITY
Independence of directors, the Board refers to the thresholds for
qualitative and quantitative materiality as adopted by the Board
and contained in the Board Charter, which is disclosed in full on
the Company’s website. Balance sheet items are material if they
have a value of more than 10% of pro-forma net asset. Profit and
loss items are material if they have an impact on the current year
operating result of 10% or more. Items are also material if they
impact on the reputation of the Company, they involve a breach
of legislation; they are outside the ordinary course of business;
they could affect the Company’s rights to its assets; if accumulated,
they would trigger the quantitative tests; they involve a contingent
liability that would have a probable effect of 10% or more on
balance sheet or profit and loss items; or they will have an effect
on operations which is likely to result in an increase or decrease
in net income or dividend distribution of more than 10%. Criteria
for determining the materiality of contracts can be found in
“Board and Management” under Corporate Governance on the
Company’s website.
SHARE TRADING
The Company has adopted a Share Trading Policy to assist with
compliance with insider trading regulations under the Securities
Market Act 1988 (New Zealand) and the Corporations Act
2001 (Australia). This policy restricts directors, employees and
consultants from trading in a number of ways and is available on
the Company’s website. Application must be made by directors,
employees and consultants to the Company for approval prior
to trading in the Company’s securities. A requirement to comply
with this policy forms part of every employment or consultancy
agreement.
POLITICAL DONATIONS
During the year the Company did not make any political
donations.
SUMMARY OF WAIVERS
No waivers to the rules were requested to the Stock Exchanges
during the reporting period.
ANNUAL REPORT 2024NEW TALISMAN GOLD
35
NOTES
NEW TALISMAN GOLD
ANNUAL REPORT 2024
36
NOTES
ANNUAL REPORT 2024NEW TALISMAN GOLD
37
NOTES
COMPANY DIRECTORY
DIRECTORS
John Upperton (Director)
Michael Stiassny (Independent Director)
Samantha Sharif (Independent Chair)
Richard Tacon (Independent Director)
COMPANY SECRETARY
S Jane Bell
REGISTERED (HEAD) OFFICE
2b Gibraltar Cres, Parnell
Auckland, New Zealand
Telephone (+64 9) 303-1893
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
Vikas Gupta
UHY Haines Norton
Level 11, 1 York Street
Sydney, 2000
SOLICITORS
Chapman Tripp, Auckland
Maddocks, Sydney
Williams & Hughes, Perth
SECURITIES LISTED
New Zealand Stock Exchange
Code: Shares NTL
Australian Securities Exchange
Code: Shares NTL
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
shareholder number
www.newtalisman.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.