Quarterly Activities Report to 30 June 2024 incl Cashflow

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
______________________

Commodity Exposure
GOLD and SILVER


Board

Samantha Sharif Chair/Independent Director

John Upperton Director
Michael Stiassny Independent Director
Richard Tacon Independent Director

Jane Bell Company Secretary

Capital Structure
Ordinary Shares at 30/06/2024 458,029,555


Share Price
Share Price at 30/06/2024 (NZX) $0.022
Share Price at 30/06/2024 (ASX) $0.023



New Talisman Gold Mines Limited

Address 2b Gibraltar Cres, Parnell,
Auckland
Phone +64 09 303 1893
Website
www.newtalisman.co.nz
Email info@newtalisman.co.nz

Market Announcement
For Immediate Release
New Talisman Gold Mines Limited (NTL) is pleased to present a report on
activities for the quarter ended 30 June 2024.
Key activities include:
• Entered into Heads of Agreement with Terra Firma Mining Ltd to
lease premises and process ore produced by the Talisman Mine.
• Paid a refundable deposit of 10% of the purchase price of plant lo-
cated overseas which will be relocated to New Zealand to process
the Talisman Ore.
• Granted five year Access Arrangement from Dept of Conservation
• Entered into $1.4m of unsecured loans to support the company until
a Capital Raise is complete.
• Applied to be included in Fast Track Approvals Bill
Processing
The Company has concluded its review of suitable processing sites and has
entered into a Heads of Agreement with Terra Firma Mining(TFM) to pro-
vide leasehold premises suitable to locate a plant. The agreement includes
TFM being contracted to process ore produced at the Talisman mine.
NTL has also located a suitable plant overseas that will be relocated to NZ.
A refundable deposit of 10% has been paid to secure the plant for a 60 day
period to allow the Company to raise the necessary capital to progress the
purchase and relocation. NTL has been given an estimated shipping time
of 7-8 weeks, plus time for customs clearance. It is intended that the plant
will be located at the processing site that TFM are preparing for NTL. The
Company is in early discussions with refiners interested in producing dore
bars from the high grade concentrate the plant will produce.
Long Term Access Arrangements with Dept of Conservation
During the quarter the Company was granted a five year Access Arrange-
ment(AA) with the Department of Conservation 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. Renewing the AA provides the
certainty to allow NTL to fully progress its operations, mine work plan and
strategic plan as intended.
Fast Track Application
In May, the Company applied to be considered as a listed project in the Fast
Track Approvals Bill, currently being considered by Parliament’s Environ-
ment Select Committee. This new regime, which forms part of the New
Zealand Government’s coalition agreement, is intended to streamline the
process for resource approvals for significant projects – including mining in
our regions.

Quarterly Activities Report to 30 June 2024

2
The key change is that one application will lead to multiple authorisations, as opposed to the
present system of individual applications under various Acts. This will mean a more holistic
consideration of projects with no loss in environmental considerations.
If the Talisman Mine is included in the List, we would anticipate that the approvals process for
Talismans full mining consent would be much smoother and more timely than has been expe-
rienced to date, thus reducing costs and potentially resulting in a more certain outcome. The
full mining consent would flow on after the bulk sampling period is completed.
Funding and Capital Raise
Immediately post quarter the Company entered into three unsecured loan facilities totaling up
to NZ$1.4m, the unsecured loans have an interest rate of 19% per annum for any amount
drawn down, and are repayable before 31 December 2024. At the time of this report only
$180k of the facility has been drawn down.
Further NTL has made a Rights Offer to shareholders. The Offer to existing shareholders in
New Zealand and Australia opened on 11 July 2024. The offer gives existing shareholders the
opportunity to take up to 1 new share for every 1 share they hold on the record date at a price
of NZ$0.018 or AU$0.017 per share. The offer of new shares is made under NZX Listing Rules
4.3.1(a) and ASX Listing Rule 7.2, exception1. The Offer closes on Friday 26
th
July 2024. The
Rights offer closed on 26 July 2024 raising NZ$1.805m from existing shareholders. This now
allows us to move forward immediately with our strategic plan, including conducting an in
person final inspection of the processing plant ahead of a decision to complete the purchase,
finalising our processing site, and commencing bulk sampling on the Mystery Vein at Talisman.
The Company is now open to receiving applications for shortfall and will seek shareholder
approval at the ASM for Directors applications for a minimum of $150k of additional shares
under oversubscription/shortfall.
Vanuatu
Progress in coming to an agreement with a JV partner or sale for the Vanuatu permit continues
to be slow, but we remain open to any interest.
Administration
At the end of the quarter NTL filed its audited annual financial report with NZX and ASX. Soon
after 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 contained 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 was in breach of Listing Rule
12.2. The Company then requested a trading halt on NZX to allow the Company time to resolve
matters with the ASX in an orderly fashion. NTL then obtained unsecured loans of NZ$1.4m
to support the business beyond a Capital Raise. This provided the auditor with sufficient
comfort to reissue a revised unqualified report. Following the filing of the reissued report
trading resumed on both ASX and NZX.
During the quarter the Company paid $45,000 for director fees to companies in which directors
and major shareholders have a substantial interest. The Company paid $17,500 to John
Upperton in his capacity as Strategic Delivery Manager.
Tenements
Talisman Mine – MP51326
Capella Vanuatu – PL1851
We thank shareholders for their continued support.

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Current
Quarter
$NZ



Year to Date
(3 Mths)
$NZ



Nil

Nil
Nil
(306,302)
Nil
20
(21,239)
Nil
Nil



Nil

Nil
Nil
(306,302)
Nil
20
(21,239)
Nil
Nil
(327,521) (327,521)



Nil
Nil
(34,597)
Nil
Nil
Nil
1,619
Nil
(30,000)



Nil
Nil
(34,597)
Nil
Nil
Nil
1,619
Nil
(30,000)


(62,978)

(62,978)



Nil
Nil
Nil
Nil
Nil
Nil



Nil
Nil
Nil
Nil
Nil
Nil

Nil

Nil

(390,499)
585,997
(57)

(390,499)
585,997
(57)

195,441

195,441

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 30 June 2024
(Referred to in this Quarter as the "Current Quarter")


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


1. CASH FLOWS RELATING TO OPERATING ACTIVITIES
(a) Receipts from product sales and related debtors
(b) Payments for exploration and evaluation
for development
for production
for administration
* see annexure 1

(c) Dividends received
(d) Interest and other items of a similar nature received
(e) Interest and other costs of finance paid
(f) Income taxes paid
(g) Other (provide details if material)

(h) NET OPERATING CASH FLOWS



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

(c) Loans to other entities
(d) Loans repaid by other entities
(e) Other (provide details if material) – Dept of Conservation Bond


(f) NET INVESTING CASH FLOWS


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


(g) NET FINANCING CASH FLOWS


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



(d) CASH AT END OF QUARTER

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Amount Available
$NZ

Amount Used
$NZ

Nil

$1,400,000 Nil


Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

Nil

100,000

Nil

100,000


Current Quarter
$NZ

Previous Quarter
$NZ

90,442


10,635


Nil

470,362

Nil

Nil

105,000

105,000


195,000



585,997


5. NON-C ASH FINANCING AND INVESTING ACTIVITIES

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

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

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

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

.
6. FINANCING FACILITIES AVAILABLE


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


Unsecured Loan Facilities (19% due 31/12/2025) $1,400,000


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


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



7. ESTIMATED OUTLAYS FOR SPECIFIED QUARTERS



(a) Exploration and evaluation



(b) Development



TOTAL




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

8. RECONCILIATION OF CASH

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

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


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


Cash on hand and at bank



Deposits at call and Term Deposits



Bank overdraft



Other (provide details) - Bond



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





*

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Tenement
Reference

Nature of
Interest

Interest at
Beginning
of Quarter

Interest at End
of Quarter

a) N/A



b) N/A


9. CHANGES IN INTERESTS IN MINING TENEMENTS


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

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

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

10. ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER

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

428,029,555 428,029,555
SHARES
Issued during current
quarter:
Nil Nil
CONVERTIBLE NOTES: Nil

Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

Quoted
Nil Nil
Issued during current
quarter
Nil Nil
Expired during current
quarter
Nil Nil
Not quoted and not
transferable



Nil

Nil


Issued during current
quarter

Nil

Nil

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

totals only:

Nil Nil


Jane Bell (Company S ecretary)
Authorised Officer of Listed Issuer
30 June 2024

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Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851