Quarterly Activities Report to 30 Sept 2024 with 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 30/09/2024 625,448,205


Share Price
Share Price at 30/09/2024 (NZX) $0.025
Share Price at 30/09/2024 (ASX) $0.021



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 Sept 2024.
Key activities include:
• Temporary unsecured loan facilities provided by largest shareholder
and 2 Directors
• Completed a Rights Issue raising a total of $2.41m
• Independent Director Michael Stiassny reappointed at ASM
• Approval at ASM for Director uptake of $170k in Shortfall
• Purchased a processing plant and readied it for shipment
• Satisfied all DOC Access Arrangement conditions and received Au-
thority to Enter and Operate (AEO) at Talisman
• Converted to shares $558k of the Convertible Loan Note held by
NTL’s largest Shareholder
• Appointed General Manager
Talisman Mine Operations
NTL has been coordinating with Mine Operator Terra Firma to time its run
in stockpiling ore for processing through the recently acquired plant, and
thereby align expenditure with anticipated generation of revenue once the
plant is operational. Thus, in line with this plan, early stage work in prepa-
ration for mining has taken place, and the company announced the potential
upside to expectations for Mystery vein South, that has been exposed for
the first time in many years. The appearance of the vein has led to a con-
sensus of the mining team to recommend blasting and sampling to ascer-
tain if the grades warrant further development of this area. It is anticipated
that samples from Mystery South will be sent for assay in November. Sam-
pling Mystery vein both North and South is an exciting prospect with an
opportunity to add considerable value to the Bulk sampling project.
Long Term Access Arrangements with Dept of Conservation
During the previous quarter the Company was granted a five year Access
Arrangement (AA) with the Department of Conservation for the Talisman
Mine. The AA term of 5 years is a material improvement on recent renew-
als, which were limited to periods of less than a year. Following the granting
of the AA, and the Company working through the routine conditions related
to the AA, the Department of Conservation has also issued the associated
Authority to Enter and Operate. (AEO)
Quarterly Activities Report to 30 Sept 2024

2
Processing
NTL has completed the purchase of the processing plant for which it had paid a deposit in
the previous quarter. The processing plant has now been cleaned, containerised and
prepared for shipping to New Zealand. We now anticipate its arrival in mid-December 2024,
approximately one month later than originally anticipated due to extensive disruption caused
by rolling strikes at US and Canadian ports.
The Company remains in discussions with refiners interested in purchasing the high grade
concentrate the plant will produce.

3
Fast Track Application
In May, the Company applied to be considered as a listed project for Full Mining Consent in
the Fast Track Approvals Bill. In September the Company was informed that the Talisman
project would not be expressly included in Schedule 2 when the Bill goes before Parliament
later this year. However, the company was also informed that “Not being listed in Schedule 2
is not a commentary on the merits of the project, nor any future indication on how the project
would be assessed if you were to make a future referral application under the Bill once en-
acted.”
Subsequently, the government released the expert panel’s recommendations to Ministers for
Schedule 2 inclusion. The Talisman Mine Project was recommended by the expert panel and
received a rating of 2 in a 1-5 priority scale (1 being highest). NTL believes this justifies the
application and bodes well for future consideration once the Bill is enacted. Obtaining Full
Mining Consent will enable a seamless continuation of production post the 2 year Bulk Sam-
pling Consent that NTL will trigger in the coming months.
NTL still intends to apply for full mining Consent during the Bulk Sampling phase, and will
decide whether to utilise the Fast Track or usual mining consent process in due course.
Capital Raise
In July 2024 NTL made a Rights Offer to shareholders.
Prior to the Rights Offer, NTL entered into unsecured loan facilities from the company’s largest
shareholder and two Directors to satisfy Audit requirements for the company’s cash position.
Subsequent to the capital raise the loan facility with the largest shareholder was cancelled.
The other two facilities remain in place but currently undrawn.
The Rights Offer to existing shareholders in New Zealand and Australia opened on 11 July
2024. The offer gave existing shareholders the opportunity to take up to 1 new share for every
1 share they held on the record date at a price of NZ$0.018 or AU$0.017 per share. The offer
of new shares was made under NZX Listing Rules 4.3.1(a) and ASX Listing Rule 7.2,
exception1. The Offer closed on Friday 26th July 2024 and shortfall placement from the offer
closed on 23rd August 2024. The entire Rights Offer, including participation from three NTL
Directors, raised a total of NZ$2.41m.
Since closing this successful Rights Offer, we have moved forward immediately with our
strategic plan, including purchasing processing plant, progressing the processing site, and
preparing for bulk sampling on the Mystery Vein at Talisman.

Convertible Loan Note
During the quarter NTL made two conversions of the loan note totaling $558,611 this brought
the outstanding loan balance down to $165,014. A full conversion of the Note to ordinary
shares would have contravened the New Zealand Takeovers Code threshold of 20%. Mr
Hamish Brown now holds 19.99% of the Company. For the time being, the balance of the
Note will continue on existing terms for the remainder of the term in accordance with the Boards
discretion. However, further conversion of the Note to shares may occur during that period
where permissible within the current regulatory framework.

4
ASM
The ASM was held in September, which saw experienced Independent Director and Audit
Committee Chair Michael Stiassny re-elected to the Board. The ASM also passed a
Resolution, as required by ASX listing rules, to enable NTL Board Chair Samantha Sharif and
Director Richard Tacon, to take up $170k of Shortfall from the Capital Raise.
Vanuatu
Progress in coming to an agreement with a JV partner or sale for the Vanuatu permit continues
to be slow, but we will continue to engage with interested parties and remain open to interest
in partnership or sale.
Rahu
During the quarter NTL reviewed and updated the workplan for an application for exploration
over the Rahu permit 61017. This was then resubmitted to NZ Petroleum & Minerals (NZPAM).
We have recently been advised by NZPAM that they expect to process our application within
the next few months.
Administration
On 1 July 2024 the Company revised its existing contract with John Upperton to provide the
service of General Manager on a full-time basis for a twelve month period to support NTL’s
move to its production phase.
During the quarter the Company paid $48,333 for director fees to companies in which directors
and major shareholders have a substantial interest. The Company paid $41,000 to John
Upperton in his capacity as General Manager.
Tenements
Talisman Mine – MP51326
Capella Vanuatu – PL1851
We thank shareholders for their continued support as the company prepares for production
through Bulk Sampling of the Talisman Mine.

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Current
Quarter
$NZ



Year to Date
(6 Mths)
$NZ



Nil

(205,257)
Nil
(349,306)
Nil
3,524
(34,551)
Nil
Nil



Nil

(363,196)
Nil
(497,667)
Nil
3,544
(55,791)
Nil
Nil
(585,590) (913,110)



Nil
Nil
(502,961)
Nil
Nil
Nil
(1,383)
Nil
Nil



Nil
Nil
(537,558)
Nil
Nil
Nil
236
Nil
(30,000)


(504,344)

(567,322)



Nil
Nil
Nil
Nil
Nil
Nil



2,279,408
Nil
Nil
Nil
Nil
Nil

Nil

Nil

(390,499)
585,997
(57)

( 1,189,474)
195,442
(380)

195,441

1,384,536

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 30 September 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
(net of issuance costs)
(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

$550,000 Nil


Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

11,624

200,000

11,624

200,000


Current Quarter
$NZ

Previous Quarter
$NZ

8,485


4,915


1,201,050

85,527

Nil

Nil

175,000

105,000


1,384,535



195,442


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) $550,000


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


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



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

625,448,205 625,448,205
SHARES
Issued during current
quarter:
167,418,650 167,418,650
CONVERTIBLE NOTES:
$165,014
Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

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



Nil

Nil


Issued during current
quarter

Nil

Nil

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

totals only:

Nil Nil


Jane Bell (Company Secretary)
Authorised Officer of Listed Issuer
30 September 2024

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851