NTL Rights Offer

Page | 1

______________________________________________________
9
th
July 2024
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
(NZX: NTL, ASX: NTL)
FOR IMMEDIATE RELEASE
Rights Issue – Offer Document
Further to the announcement made on 3 July 2024, New Talisman Gold Mines Limited (NZX: NTL,
ASX: NTL) is pleased to release the offer document for its upcoming rights offer to eligible NTL
shareholders in New Zealand and Australia (Offer), opening on Thursday 11
th
July 2024. The Offer is
made under NZX Listing Rule 4.3.1(a) and ASX Listing Rule 7.2, exception 1.
NTL Chair, Samantha Sharif said: “I am delighted that thanks to shareholder support and the significant
efforts of our team, we now have all the key elements in place to achieve production from Talisman
Mine, including:
• Access Arrangements for Talisman Mine
• An experienced and reputable mine operator (Terra Firma Mining Ltd)
• Completed all preparations for a return to operations including Mine Development Plan
• Conditional agreement on a processing plant
• Conditional agreement on a processing site.

We now seek your support to raise the minimum of approximately NZ$2m of funds needed to finally
bring Talisman into production and realise the potential value of this company for shareholders. If we
cannot complete this capital raise, the Board’s view is that there are very few options left for the
company.
This Offer is structured to provide all eligible NTL Shareholders with a fair opportunity to participate,
and the opportunity to buy additional shares at a discount relative to the prevailing share price. I intend
to participate in the Offer, as do my fellow Directors with NTL Shares.”
Full details of the Offer are contained in the attached Offer Document.
Important indicative dates for the Offer are:
Ex Date 9 July 2024
Rights trading commences on the NZX Main Board 9 July 2024
Record Date for determining Entitlements 7.00pm (NZST), 10 July 2024
Opening Date 12.00pm (NZST), 11 July 2024
Expected dispatch of Entitlement notifications 11 July 2024
Rights trading ends on the NZX Main Board 22 July 2024
Closing Date (last day for receipt of applications with
payment)
7.00pm (NZST), 26 July 2024
2b Gibraltar Cres,
Parnell, Auckland 1052
Office +64 9303 1893
info@newtalisman.co.nz

Page | 2

Allotment and issue of New Shares and expected date of
quotation of New Shares on NZX Main Board
2 August 2024
Expected date of quotation of New Shares on ASX 5 August 2024
Date for despatch of statements 5 August 2024

These dates are subject to change and are indicative only. NTL reserves the right to amend this
timetable, subject to the ASX and NZX Listing Rules and all applicable laws, including by extending the
Closing Date.

Ms Jane Bell
Company Secretary
New Talisman Gold Mines Limited
Direct +64 21 764 224
jane@newtalisman.co.nz

---

1 FOR 1 RIGHTS OFFER OF ORDINARY SHARES
OFFER DOCUMENT
www.newtalisman.co.nz
9 JULY 2024

2 | NEW TALISMAN GOLD MINES LIMITED
OFFER DOCUMENT
CONTENTS
Key terms of the Rights Offer Page 3
Key Dates of the Rights Offer Page 3
How to participate Page 4
Chairman’s letter Page 5
Business Update Page 6
Talisman Mine Current Resources Page 8
Terms and Conditions Page 10
Glossary Page 13
Directory Page 14
IMPORTANT INFORMATION
General Information
This document has been prepared by New Talisman Gold Mines
Limited (the “Company” or “New Talisman”) in connection with
a renounceable 1 for 1 rights offer. The offer is made to Eligible
Shareholders under the exclusion in clause 19 of Schedule 1 of the
Financial Markets Conduct Act 2013 (New Zealand) and section
708AA of the Corporations Act 2001 (Cth) as modified by the ASIC
Corporations (Non-Traditional Rights Issues) Instrument 2016/84.
This document is not a product disclosure statement or prospectus
and does not contain all of the information which may be required in
order to make an informed investment decision or about the Offer
or New Talisman.
Additional information available under continuous
disclosure obligations
New Talisman is subject to continuous disclosure obligations under
the NZX Listing Rules and the ASX Listing Rules. Market releases
by New Talisman, including its most recent financial statements, are
available at www.nzx.com and www.asx.com.au under stock code
NTL.
Offering restrictions
The Offer is made only in New Zealand and Australia. No action
has been taken to permit a public offering of the Shares in any
jurisdiction outside New Zealand and Australia. The distribution of
this document in a jurisdiction outside New Zealand and Australia
may be restricted by law and persons who come into possession of
it (including nominees, trustees or custodians) should seek advice on
and observe any such restrictions.
No person may subscribe for, purchase, offer, sell, distribute or
deliver the Shares, or be in possession of, or distribute to any other
person, any offering material or any documents in connection with
the Shares, in any jurisdiction other than in compliance with all
applicable laws and regulations. Without limiting the foregoing, this
document may not be sent into or distributed in the United States.
No Guarantee
No person named in this document nor any other person) guarantees
the Shares to be issued pursuant to the Offer or warrants the future
performance of New Talisman or any return on any investment made
pursuant to this document.
Forward Looking Statements
This document contains certain statements that relate to the future.
Such forward looking statements are not a guarantee of future
performance and involve known and unknown risks, uncertainties,
assumptions and other factors, many of which are beyond the
control of New Talisman and which may cause the actual results,
performance or achievements of New Talisman to differ materially
from those expressed or implied by such statements. Under no
circumstances should you regard the inclusion of forward looking
statements as a representation or warranty by New Talisman or
its directors or officers or any other person with respect to the
achievement of the results set out in any such statement, or that
underlying assumptions used will in fact be realized.
It is your decision to participate in the Offer
The information in this document does not constitute a
recommendation to acquire Shares or financial product advice.
This document has been prepared without taking into account the
investment objectives, financial, or taxation situation or particular
needs of any Applicant or investor.
Privacy
Any personal information provided by Eligible Shareholders as part
of an application under the Offer will be held by New Talisman
and/or the Registry at the addresses set out in the Directory. This
information will be used for the purposes of administering your
investment in New Talisman. This information will only be disclosed
to third parties with your consent or if otherwise required by law.
Under the Privacy Act 2020 (New Zealand), you have the right to
access and correct any personal information held about you.
Capital Management Dividend Policy
New Talisman has substantial tax losses available and thus in order to
maximise the value of these they will be offset against future profits.
When these tax losses are exhausted, New Talisman has a policy of
not paying dividends and the Directors will consider the potential
to pay dividends but are unable to predict when any dividend
may be paid in the future. This will depend on a number of factors
including the future success, profitability and financial position of
New Talisman.
Enquiries
Enquiries about the Offer can be directed to an NZX Firm, a Financial
Advice Provider, or your solicitor, accountant or other professional
adviser. If you have any questions about the number of Shares shown
on the Entitlement Notification sent to you, or how to complete the
online application, please contact the Registry.
Times and Dollars
All references in this document to time is to New Zealand time.
Unless otherwise indicated, all references to currency are to New
Zealand dollars.
Defined terms
Capitalised terms used in this document have the specific meaning
given to them in the Glossary at the back of this Offer booklet or in
the relevant section of this Offer booklet.

OFFER DOCUMENT
NEW TALISMAN GOLD MINES LIMITED | 3
KEY TERMS OF THE RIGHTS OFFER
IssuerNew Talisman Gold Mines Limited
The OfferA pro-rata rights issue of 1 New Share for every 1 Share held on the Record
Date
Eligible ShareholderShareholders with registered addresses in New Zealand or Australia on the
Record Date or such other place as allowed by New Talisman. If demand
for New Shares were to exceed availability, applicants participating in the
Oversubscription Facility will be subject to scaling on a pro rata basis (by
reference to existing holdings on the Record Date).
New Talisman reserves the right to place any offer shortfall in accordance with
the Listing Rules and will allocate shortfall applicants in priority to persons who
make commitments to subscribe for the shortfall prior to Closing Date of the
rights issue, and thereafter in such manner as the Board considers equitable
and in the interests of New Talisman, with such shortfall to be placed within 3
months of the Closing Date.
Any participation in any shortfall by Directors will be subject to shareholder
approval to the extent required by the ASX Listing Rules.
Issue priceNZ$0.018 or AU$0.017 per New Share
Offer SizeMaximum amount to be raised under the Offer: NZ$8.24 million.
OversubscriptionsIf you accept your entitlement in full, you may apply for any number of Additional
New Shares pursuant to the Oversubscription Facility, subject to any scale back.
New SharesThe same class as (and rank equally with) existing Shares on the Allotment Date
Shares currently on issue
1
458,029,555 Shares
Maximum number of New Shares being
offered
458,029,555 New Shares
Maximum Shares on issue on completion of
the Offer
916,059,110 Shares
How to applyApplications must be made online at www.shareoffer.co.nz/ntl together with
direct credit payment in either New Zealand dollars or Australian dollars (as
applicable).
If New Talisman receives, on or before the Closing Date, both an acceptance
and a renunciation by an Eligible Shareholder in respect of the same Right,
effect will be given to the renunciation in priority to the acceptance.
KEY DATES*

Ex Date9 July 2024
Rights trading commences on the NZX Main Board9 July 2024
Record Date for determining Entitlements 7.00pm (NZST), 10 July 2024
Opening Date12.00pm (NZST) 11 July 2024
Expected dispatch of Entitlement notifications11 July 2024
Rights trading ends on the NZX Main Board22 July 2024
Closing Date (last day for receipt of applications with payment)7.00pm (NZST), 26 July 2024
Allotment and issue of New Shares and expected date of quotation of New
Shares on NZX Main Board
2 August 2024
Expected date of quotation of New Shares on ASX5 August 2024
Date for despatch of statements5 August 2024
* These dates are subject to change and are indicative only. New Talisman reserves the right to amend this timetable (including by extending the Closing Date) subject to applicable laws and the Listing Rules. New Talisman reserves the right to withdraw the Offer and issue of New Shares at any time before the Allotment Date in its absolute discretion.
* These dates are subject to change and are indicative only. New Talisman reserves the right to amend this timetable (including by
extending the Closing Date) subject to applicable laws and the Listing Rules. New Talisman reserves the right to withdraw the Offer
and issue of New Shares at any time before the Allotment Date in its absolute discretion.
1
As at 8 July 2024

4 | NEW TALISMAN GOLD MINES LIMITED
OFFER DOCUMENT
HOW TO PARTICIPATE
If you are an Eligible Shareholder, you will be sent an Entitlement Notification showing the number of New Shares you can subscribe
for under the Offer via the Offer website www.shareoffer.co.nz/ntl. You may take one of the following actions in respect of your Rights:
• accept all or part of your Rights;
• seek to sell all or some of your Rights through the NZX Main Board. New Talisman is not seeking quotation of Rights on the
ASX. Shareholders that hold their existing shares in New Talisman on the ASX and wish to sell their Rights on the NZX Main
Board will need to contact a broker who can arrange (with the assistance of New Talisman’s share registrar, as applicable) the
sale of their Rights on the NZX;
• if you accept all of your Rights, apply for additional New Shares from the Oversubscription Facility;
• do nothing, in which case your economic and voting rights will be diluted.
IMPORTANT: If you do nothing with your Rights before the Closing Date, they will lapse and you will not be able to subscribe for
any New Shares under the Rights Offer.
Eligible Shareholders who wish to accept all or part of their Rights should apply online at www.shareoffer.co.nz/ntl (together with
paying the Application Monies) no later than the Closing Date in accordance with the instructions set out in this document and on
that website.
Please consult a financial adviser if you are uncertain as to what course of action to take.
Please refer to the Terms and Conditions, which follow, for more information about the Offer.
No 8 Level

OFFER DOCUMENT
NEW TALISMAN GOLD MINES LIMITED | 5
CHAIR’S LETTER
9 July 2024
1 FOR 1 PRO-RATA RIGHTS OFFER OF NEW SHARES
Dear Shareholder,
Since shareholders demanded a change of governance in 2021 New Talisman’s Board has been fully focussed on delivering results for
our loyal shareholders.
We have made significant progress towards our goal of producing gold at Talisman. Indeed, thanks to shareholder support of our
previous capital raise, and the significant efforts of our team, we now have all the foundational elements in place to begin production,
including:
• Appointed Terra Firma Mining Ltd as mine operator and to perform all related general management responsibilities to support
the recommencement of operations at Talisman.
• Completed 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.
• Completed our near-term Mine Development Plan focussed on advancing Mystery vein 200m to the North on the existing drive,
and development of a second egress (exit route) along Dawes Shaft.
• We have hosted positive and constructive visits from both Worksafe Mines Inspectors and DOC Rangers, providing all with a
better understanding of the Talisman operating environment and we look forward to continuing those positive relationships
• Achieved required regulatory approvals
• Conditionally secured a dedicated processing site
• Conditionally secured a suitable modular processing plant
Unfortunately, the lengthy delays from the Department of Conservation in granting our Access Arrangement has meant that whilst we
have reduced our operating costs to the minimum possible, we no longer have sufficient working capital to fund the mine to production.
Thus, the Company is seeking working capital of minimum approximately NZD $2 million to fund our final push to production, covering:
• Final inspection and purchase of processing plant
• Shipping plant to NZ, transport to site and installation
• Remobilisation of Terra Firma mine operator team to work at Talisman, including three months operating and stockpiling of ore
while awaiting plant installation.
• Preparation and leasing of processing site
• Transport of ore to processing site daily
• Engaging Terra Firma processing operations team to process Talisman ore
• Fees for metallurgical and other experts required to support our path to production
• Annual fees to DOC, plus Insurance and bond requirements
• Fees and expenses related to regulatory compliance (DOC, NZPAM, Worksafe etc)
If we cannot complete this capital raise, the Board’s view is that there will be limited options left for the company. While considered plans
are in place to fund the Talisman mine to production using the funds to be raised, there remain risks to taking the mine into production
and no assurance can be given on any financial outcomes.
The Board has reviewed the Capital Raising methods open to it and determined that a Renounceable Rights Issue, with an
oversubscription facility, will be the fairest to all shareholders.
Those Directors with shareholdings intend to participate in the rights issue.
Full details of the offer are described below..
The Company is offering New Shares at an Issue Price of NZ$0.018 or AU$0.017 per New Share, on the basis of 1 New Shares for
every 1 Existing Shares held on the Record Date (10 July 2024). All Eligible Shareholders are entitled to participate in this Offer. If
you accept your Entitlement in full, you can also apply for Additional New Shares (i.e. Shares in excess of your pro rata Entitlement)
through the Oversubscription Facility. If you do not wish to take up your Entitlement under the Offer, you can seek to sell some or all
of your Rights through the NZX Main Board.
Please note that applications to participate in the Offer can only be made online at www.shareoffer.co.nz/ntl. Only shareholders on
the register at the Record Date with an address in New Zealand or Australia can participate in the Renounceable Rights Offer. If you
are keen to know more about New Talisman and the offer, please contact New Talisman’s Company Secretary Ms Jane Bell jane@
newtalisman.co.nz.
I will participate in the Offer and encourage you to join me in finally realising the goal of bringing Talisman Mine to fruitful production.
Yours sincerely,
Samantha Sharif
Chair
New Talisman Gold Mines Limited
New Talisman Gold Mines Ltd
2b Gibraltar Cres
Parnell, Auckland 1052
Office +64 9303 1893
info@newtalisman.co.nz

6 | NEW TALISMAN GOLD MINES LIMITED
OFFER DOCUMENT
BUSINESS UPDATE
As recently signalled to the Market, New Talisman Gold Mines Ltd (NTL) now has all the foundations in place to progress the Talisman
Mine to production and looks forward to the support of investors through this capital raise to provide working capital to realise this
goal.
Regulatory Approvals
NTL holds Mining Permit MP51326 and a Resource Consent for a two year Bulk Sampling Programme which has yet to be triggered
(i.e. it will commence when NTL begins Bulk Sampling operations at Talisman). The Resource Consent allows for up to 20,000m3
(approx 50,000 tonnes) per annum.
On 24 June 2024, the Company renewed its Long-Term Access Arrangements (AA) with the Department of Conservation (DOC) for
the Talisman Mine. The AA term of 5 years is a material improvement on recent renewals, which were limited to periods of less than
a year.
All the above regulatory approvals contain standard compliance conditions and NTL does not anticipate any issues with meeting
regulatory requirements. NTL maintains a policy of proactive and constructive engagement with regulators and all stakeholders.
In addition, NTL has applied for inclusion in the Fast Track Approvals Programme, which, if successful, would provide another avenue
to scale our operations at Talisman post our Bulk Sampling Programme.
Workplan
NTL’s Strategic Plan remains centred on commencing production by advancing the Mystery Vein drive which has random chip
sampled at promising levels of a weighted average 39.35g/t Au and 34.75g/t Ag, as previously announced on 8 May 2018 which can
be found on the following link: https://announcements.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf
Advancing the Mystery drive to 200 metres over a 3-4 month period will inform the next decision point relating to further target areas
in the mine. This could be, for example, opening a second drive on a higher level, interconnecting periodically via stoping areas
of high grade, and advancing both drives North to the surface if the vein proves contiguous. This decision will be informed by the
grades logged and the ongoing nature of the vein.
Opening a second drive will also most likely require investment in a means of conveyance within the mine to enable larger volumes
to be transported to surface in an efficient manner. Knowledge of the Mystery vein structure and mineralisation will be logged at
regular intervals, giving the opportunity to add to the mine’s existing JORC table (see page 9).
This dual drive strategy would also enable an additional egress within the Mystery area while under development, and for the whole
mine if the egress is continued to the surface – improving both the operating and safety environment. This would also generate
revenue by mining on vein - potentially adding to the JORC Resource and mine life, and value as a consequence.
Processing
NTL has thoroughly reassessed potential avenues for processing. We have come to the view that underground concentrating is not
the preferred option for Talisman due to operational constraints and given it is also a novel and relatively untested approach in New
Zealand.
Thus, we have instead decided to focus on above ground processing offsite. As previously advised to the market, it has taken some
time to identify a suitable site in reasonable proximity to Talisman, but we are now pleased to have conditionally secured a dedicated
site where Terra Firma Mining Ltd (Terra Firma) will manage the installation and operation of a plant which is described in more detail
below.
Processing in this manner will allow NTL to have a well-integrated processing operation, providing greater certainty on processing
volumes, plant availability and in-house security.
We are working through the preparations required to tailor this site for our requirements, which is progressing smoothly.
Processing Plant
We are delighted to have been able to source a second hand 100 tonne per day capacity modular processing plant – at, we estimate,
less than half the price of purchasing or commissioning a new plant.
We have conducted a remote visual inspection of the plant which is based offshore, as well as a review of its current operating
condition (wiring etc). A final in-person physical inspection will be carried out prior to confirming the purchase.
This plant will be installed at our processing site. A 10% refundable deposit has been paid on the plant – with the balance to be
paid upon the completion of a successful capital raise. Shipping times have been estimated at 7-8 weeks plus time for customs
processing of the plant.
The plant design uses cyclonic gravitation to separate free gold and heavy minerals, producing a marketable, smeltable concentrate
from which gold/silver dore bars can be poured. The initial production would see NTL sell the free gold directly to refiners, with the
assayed concentrate being sold separately. NTL is in early discussions with parties interested in our concentrate and indications are
there is a strong market for the product.
Upon the plant’s arrival some electrical work will be required and, once installed, a metallurgist will be engaged to tune the plant to
maximise recoveries from the Talisman ore. During this initial testing phase, for ease of operation, the concentrate will be smelted
elsewhere, but once the plant is operating at an optimal level, the later stage capabilities of the plant, which include flotation and
smelting, could be tested with a view of furthering the process in-house to poured Dore bars.

OFFER DOCUMENT
NEW TALISMAN GOLD MINES LIMITED | 7
Working Capital
NTL is seeking working capital of approximately NZ$2 million to fund our final push to production, covering:
• Final inspection and purchase of processing plant. ($360k)
• Shipping plant to New Zealand, transport to site and installation.($200k)
• 3 months operating and Stockpiling of ore while awaiting plant installation.($825k)
• Preparation and leasing of processing site. ($50k)
• Transport of ore to processing site daily.
• Engaging Terra Firma processing operations team to process Talisman ore.
• Fees for metallurgical and other experts required to support our path to production.($50k)
• Annual fees to DOC, plus Insurance and bond requirements. ($65k)
• Fees and expenses related to regulatory compliance (DOC, NZPAM, Worksafe etc).
We had anticipated that our previous capital raise in February 2023 would be the last required to achieve production. Indeed, the
funds raised allowed us to finalise the significant investment ($980k) required to maintain and prepare the mine for production,
including:
• A full review and update of the Health and Safety
management system.
• Appointed Terra Firma to operate the 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.
• Upgraded mine survey to digital plans as required.
• 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.
• Worksafe Chief Mines Inspector and Specialist Inspector
underground inspection at Talisman, giving the inspectors
a better understanding of the operating environment and
implementation of the Health and Safety Management
system.
• Environmental Monitoring Site Visit from DOC Rangers
continuing the positive relationship built up with the local
DOC office over many years and highlighting the problem
free nature of NTL’s above ground footprint in the area.
• Engaging with key stakeholders associated with the
recommencement of activities at the Talisman mine.
However, the year long delay in DOC granting our AA has meant
that whilst we have reduced our operating costs to the minimum
possible, we no longer have sufficient working capital to fund the
mine to production. While considered plans are in place to fund
the Talisman mine to production using the funds to be raised,
there remain risks to taking the mine into production and no
assurance can be given on any financial outcomes.
In summary, NTL has in place a path to production from Mystery
vein and a processing route with an emphasis on in-house
capacity, quality control and security.
NTL is relishing the supportive stance of the New Zealand
government to the extractives industry and looks forward to
generating revenues from a gold market that continues to trade
at near all time highs.
Talisman Compound 2020’s
No 8 Level Portal Early 1900’s

8 | NEW TALISMAN GOLD MINES LIMITED
OFFER DOCUMENT
TALISMAN MINE CURRENT RESOURCES
The table below 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 found
here.
NTL confirms that it is not aware of any new information or data that materially affects the information included in the announcement.
NTL further confirms that all material assumptions and technical parameters underpinning the estimates in the table continue to
apply and have not materially changed.
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.
TENEMENTS HELD BY THE NEW TALISMAN GROUP OF COMPANIES
Current permits
Talisman Mine - Minerals Mining Permit 51326 (100% owned by the Company); and
Capella Vanuatu – Prospecting License 1851 (100% owned by CGL).

OFFER DOCUMENT
NEW TALISMAN GOLD MINES LIMITED | 9
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(
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(
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(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
TM017
TM017
TM017
TM017
TM017
TM017
TM017
TM017
TM017
KP004
KP004
KP004
KP004
KP004
KP004
KP004
KP004
KP004
KP001
KP001
KP001
KP001
KP001
KP001
KP001
KP001
KP001
KP002B
KP002B
KP002B
KP002B
KP002B
KP002B
KP002B
KP002B
KP002B
KP002
KP002
KP002
KP002
KP002
KP002
KP002
KP002
KP002
KP003
KP003
KP003
KP003
KP003
KP003
KP003
KP003
KP003
TM006
TM006
TM006
TM006
TM006
TM006
TM006
TM006
TM006
TM004
TM004
TM004
TM004
TM004
TM004
TM004
TM004
TM004
TM005
TM005
TM005
TM005
TM005
TM005
TM005
TM005
TM005
TM002
TM002
TM002
TM002
TM002
TM002
TM002
TM002
TM002
TM003
TM003
TM003
TM003
TM003
TM003
TM003
TM003
TM003
TM007A
TM007A
TM007A
TM007A
TM007A
TM007A
TM007A
TM007A
TM007A
TM008
TM008
TM008
TM008
TM008
TM008
TM008
TM008
TM008
TM009
TM009
TM009
TM009
TM009
TM009
TM009
TM009
TM009
TM014
TM014
TM014
TM014
TM014
TM014
TM014
TM014
TM014
TM016
TM016
TM016
TM016
TM016
TM016
TM016
TM016
TM016
TM018
TM018
TM018
TM018
TM018
TM018
TM018
TM018
TM018
TM011
TM011
TM011
TM011
TM011
TM011
TM011
TM011
TM011
TM012
TM012
TM012
TM012
TM012
TM012
TM012
TM012
TM012
TM013
TM013
TM013
TM013
TM013
TM013
TM013
TM013
TM013
TM015
TM015
TM015
TM015
TM015
TM015
TM015
TM015
TM015
TM010
TM010
TM010
TM010
TM010
TM010
TM010
TM010
TM010
TM001
TM001
TM001
TM001
TM001
TM001
TM001
TM001
TM001
47
47
47
47
47
47
47
47
47
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
12.2
11.58
11.58
11.58
11.58
11.58
11.58
11.58
11.58
11.58
20
20
20
20
20
20
20
20
20
11.3
11.3
11.3
11.3
11.3
11.3
11.3
11.3
11.3
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
15.1
15.1
15.1
15.1
15.1
15.1
15.1
15.1
15.1
17.8
17.8
17.8
17.8
17.8
17.8
17.8
17.8
17.8
16.5
16.5
16.5
16.5
16.5
16.5
16.5
16.5
16.5
125
125
125
125
125
125
125
125
125
27
27
27
27
27
27
27
27
27
20.7
20.7
20.7
20.7
20.7
20.7
20.7
20.7
20.7
53
53
53
53
53
53
53
53
53
52
52
52
52
52
52
52
52
52
57.4
57.4
57.4
57.4
57.4
57.4
57.4
57.4
57.4
10.9
10.9
10.9
10.9
10.9
10.9
10.9
10.9
10.9
900
900
900
900
900
900
900
900
900
906
906
906
906
906
906
906
906
906
924
924
924
924
924
924
924
924
924
16.4
16.4
16.4
16.4
16.4
16.4
16.4
16.4
16.4
10.9
10.9
10.9
10.9
10.9
10.9
10.9
10.9
10.9
15.71
15.71
15.71
15.71
15.71
15.71
15.71
15.71
15.71
12.1
12.1
12.1
12.1
12.1
12.1
12.1
12.1
12.1
21.5
21.5
21.5
21.5
21.5
21.5
21.5
21.5
21.5
5.73
5.73
5.73
5.73
5.73
5.73
5.73
5.73
5.73
7.74
7.74
7.74
7.74
7.74
7.74
7.74
7.74
7.74
5.26
5.26
5.26
5.26
5.26
5.26
5.26
5.26
5.26
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
8.8
8.8
8.8
8.8
8.8
8.8
8.8
8.8
8.8
5.59
5.59
5.59
5.59
5.59
5.59
5.59
5.59
5.59
7.9
7.9
7.9
7.9
7.9
7.9
7.9
7.9
7.9
5.03
5.03
5.03
5.03
5.03
5.03
5.03
5.03
5.03
6
6
6
6
6
6
6
6
6
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.34
5.34
5.34
5.34
5.34
5.34
5.34
5.34
5.34
8.8
8.8
8.8
8.8
8.8
8.8
8.8
8.8
8.8
9
9
9
9
9
9
9
9
9
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8
8
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.2
6.2
8.2
8.2
8.2
8.2
8.2
8.2
8.2
8.2
8.2
8.3
8.3
8.3
8.3
8.3
8.3
8.3
8.3
8.3
6.02
6.02
6.02
6.02
6.02
6.02
6.02
6.02
6.02
7.49
7.49
7.49
7.49
7.49
7.49
7.49
7.49
7.49
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
5.9
8.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
8.6
5.47
5.47
5.47
5.47
5.47
5.47
5.47
5.47
5.47
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.88
5.88
5.88
5.88
5.88
5.88
5.88
5.88
5.88
78
.6
78.278.26
726
78.2
26.4
26.4
26.4
26.4
26.4
26.4
26.4
26.4
26.4
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
10.6
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
5.73
5.73
5.73
5.73
5.73
5.73
5.73
5.73
5.73
5.56
5.56
5.56
5.56
5.56
5.56
5.56
5.56
5.56

Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 8 Portal
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
Level 5A Exit
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
1st Crosscut
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Bypass
Bypass
Bypass
Bypass
Bypass
Bypass
Bypass
Bypass
Bypass
Main Winze
Main Winze
Main Winze
Main Winze
Main Winze
Main Winze
Main Winze
Main Winze
Main Winze
!
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
2nd Bypass
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Level 8
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Drive
Drive
Drive
Drive
Drive
Drive
Drive
Drive
Drive
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
Level 8 Extension
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM35 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM41 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
BM37 Crosscut
Keillors
Keillors
Keillors
Keillors
Keillors
Keillors
Keillors
Keillors
Keillors
Crosscut
Crosscut
Crosscut
Crosscut
Crosscut
Crosscut
Crosscut
Crosscut
Crosscut
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Maria Vein
Level 5A
Level 5A
Level 5A
Level 5A
Level 5A
Level 5A
Level 5A
Level 5A
Level 5A
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Crown/Welcome
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Stope
Mystery
Mystery
Mystery
Mystery
Mystery
Mystery
Mystery
Mystery
Mystery
Vein
Vein
Vein
Vein
Vein
Vein
Vein
Vein
Vein
050100
metres
2.85m@15.38g/t
incl 0.55m@44.3g/t
0.6m@3.2g/t
8.6m@1.46g/t
4.65m@1.64g/t
3.2m@3.21g/t
13m@0.14g/t
1.75m@2.53g/t
1m@3.94g/t
1m@2.08g/t
0.9m@3.98g/t
1.5m@9.0g/t
0.95m@2.12g/t
0.8m@36.7g/t & 1m@85.0g/t
0.8m@3.29g/t
1.8m@623.5g/t incl 1m@1154g/t
Karangahake Project: Level 8 & 5A
Quartz
vein
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8 & 5A
Other
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Heritage Gold
drillhole
!
Winze
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High Au grade (g/t)
channel sample
April 2011
Schematic diagram of the Talisman Mine