NTL Market Update

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__________________________________________________________________________
28 August 2024
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
(NZX: NTL, ASX: NTL)
FOR IMMEDIATE RELEASE

NTL MARKET UPDATE


New Talisman closed its Shortfall offer last Friday 23rd resulting in a further NZ$438k in
addition to the previously announced 1.805 million NZD to bring a total raised via the Rights
Issue of NZ$2.24m. The shares for the shortfall will be allotted on August 28
th
.
The Board thanks both existing shareholders and new investors for their support.
Not included in this amount, and as also announced previously
, NTL Directors Richard Tacon
and Samantha Shariff have applied for a further 170k shortfall subject to shareholder approval
as per ASX listing rule 10.11, at the ASM in September.
1.
These funds are held in trust in the
meantime.
The successful Capital Raising has enabled NTL to confirm the purchase of the processing
plant
2.
. Preparations are now underway to relocate the plant to the port for containerisation
and shipping. NTL will update the market on delivery timeframes once the ship sailing is
confirmed, but a 10-12 week period is envisaged, not allowing for customs clearance in New
Zealand.
On May 31st NTL announced that it had entered into a Heads of Agreement with Terra Firma
Mining Ltd
3.
, the agreement includes the providing of premises for and to operate a processing
plant. The HOA contained four conditions to be met ahead of a lease for the premises being
signed. Three of the conditions fall to NTL to complete. Two of these three have now been
met, with the third in process. They being:
• A successful capital raising
• A long-Term Access Arrangement with DoC in place
• Purchase of a processing plant (in process). The costs for plant’s purchase and
shipping were laid out in the Rights Offer document Released to the Market on 9
th
July
2024
4.
and remain on budget. The 100 tonne per day design capacity of the plant will
meet NTL’s near term production requirements based on the scale and constraints of
the historic nature of the Talisman mine with its narrow tunnels and confined access
road, and upon the advice of NTL’s mining contractor Terra Firma.
• The fourth condition is for Terra Firma to provide an identified site ready for plant
installation, which is well underway. The Waikato location of the premises and the
broad terms of the lease have been agreed. NTL can confirm the intended lease
agreement will cover the 2 year Bulk Sampling period with Rights of Renewal and has
2b Gibraltar Cres,
Parnell, Auckland 1052
Office +64 9 303 1893
info@newtalisman.co.nz

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a monthly lease of NZ$7k. Terra Firma does not envisage any delay in having the site
ready ahead of the plant’s arrival.
NTL announced on 25th June 2024 that it had secured the renewal of the Long Term Access
Arrangements
5.
(AA) with the Department of Conservation. The material terms of this AA are
a 5 year period, a bond of NZ$100k, insurance requirements of $10m cover and the
submission of a five year work plan.
The Talisman mine is in a state of readiness for commencement of the Consented Bulk
Sampling project with the Workplan focussing on the Mystery vein.
6.
The knowledge gained
will inform future decision making for production targets in the vein system.
The Workplan is centred on commencing production through Bulk Sampling of ore produced
in the advancement of 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
6.
Advancing the Mystery drive to 200 metres over a 3-4 month period, producing approx 1600
tonnes of ore, 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 Mineral Resource Estimate (MRE).
7.

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 MRE and mine life, and value as a consequence.
The following table summarises the expected timeframes for the different components of the
project. NTL will update the market if these timeframes change due to external or unexpected
factors.
Activity Quarter Ended
30 Sept 2024
Quarter Ended
31 Dec 2024
Quarter Ended
31 Mar 2025
Plant Packing, Shipping
and installation

$200k

Arrival of Plant

Commissioning of
Processing Plant

$75-$100k

Commencement of Bulk
Sampling production and
stockpiling and interim
2
nd
egress

$250k

$575k

Decision point for second
higher level Mystery
Drive and means of
conveyance

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Road signage for the access road as required in the agreed Traffic Management Plan is being
designed and installed. With the funds now in place from the Capital Raising the NTL Board
will decide on a suitable runway period and expenditure for stockpiling of ore while awaiting
the installation of the processing plant. In essence, NTL will “time its run” to ensure responsible
cash management.
NTL will continue to update the market as the project progresses in the coming months in what
is a hugely exciting period for the company.

Yours sincerely,



John Upperton
General Manager
New Talisman Gold Mines Limited






1. Refer to ASX & NZX announcement dated 2
nd
August 2024 “NTL Allots shares from Rights Offer”
2. Refer to ASX & NZX announcement dated 19
th
August 2024 “Processing Plant Update”
3. Refer to ASX & NZX announcement dated 31
st
May 2024 “NTL signs HOA with Terra Firma Mining Ltd for Ore Processing”
4. Refer to ASX & NZX announcement dated 9
th
July 2024 “NTL Rights Offer”
5. Refer to ASX & NZX announcement dated 25
th
June 2024 “NTL Secures Renewed Long Term Access Arrangements”
6. Refer to ASX & NZX announcement dated 8
th
May 2018 ”Quarterly Activities Report”
7. Refer to ASX & NZX announcement dated 24
th
June 2020 “2019 Mineral Resource Estimate Update”