Half Year Report for the six months to 30 Sept 2024

HALF YEARLY REPORT
TO 30 SEPTEMBER 2024

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
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HALF YEARLY REPORT 2024

NEW TALISMAN GOLD MINES

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 3
HALF YEAR TO SEPTEMBER 30 2024
CHAIR’S REPORT TO SHAREHOLDERS
Dear Shareholders
New Talisman Gold Mines Ltd reports for the half year
to 30 September 2024, which saw significant progress
in implementing our Strategic Plan, with Capital Raised,
Processing plant equipment purchased, Access
Agreement granted and forward workplan confirmed for
the Talisman Mine.
Highlights in the period include:
• Completion of a successful Capital Raise
by way of Rights Issue and placement
of shortfall, raising $2.41m, to support
recommencement of our operations at
Talisman Mine and purchase of a Processing
Plant.
• Granted a five year Access Agreement by the
Department of Conservation providing surety
for a much extended period from the previous
six month agreements that were in place.
• Satisfied all DOC Access Arrangement
conditions and received Authority to Enter
and Operate (AEO) at Talisman
• Entered into Heads of Agreement with Terra
Firma Mining Ltd to lease premises and
process ore produced by the Talisman Mine.
• Entered into $1.4m of unsecured loans to
support the company until a Capital Raise
was complete.
• Purchased a processing plant and readied it
for shipment
• Converted to shares $558k of the Convertible
Loan Note held by NTL’s largest Shareholder
• Appointed General Manager
• Michael Stiassny, a seasoned Director
re-elected to the Board at the ASM
• Approval at ASM for Director uptake of $170k
in Shortfall
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.
The Company has concluded its review of suitable
processing sites and has entered into a Heads of
Agreement with Terra Firma Mining(TFM) to provide
leasehold premises suitable to locate a plant. The
agreement includes TFM being contracted to process ore
produced at the Talisman mine.
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 preparation 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 consensus of the mining team
to recommend blasting and sampling to ascertain if the
grades warrant further development of this area. It is
anticipated that samples from Mystery South will be sent
for assay in November. Sampling Mystery vein both North
and South is an exciting prospect with an opportunity to
add considerable value to the Bulk sampling project.
NTL has completed the purchase of the processing
plant for which it paid a deposit in the first 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.

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
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During the first 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 renewals,
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)
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 enacted.”
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 Sampling 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.
During the half year 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.
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.
In 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.
During the half year 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.
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.
On 18 November 2024 the Company announced that it
has applied for voluntary delisting from ASX.
Pleasingly, once we also note, that as the Talisman mine
nears a return to production, the price of gold has held
firmly above NZD$4,000 per ounce. In these uncertain
times, gold has, as ever, retained its standing as a safe
haven of value, much as it has for the 130+ years of the
mine’s history. We look forward to adding to the rich
history and legacy of the Talisman mine.
Samantha Sharif
Chair, New Talisman Gold Mines Limited

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 5
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.

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
6 |
AUDITOR’S REPORT
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 Review Report
To The Shareholders of New Talisman Gold Mines Limited

Conclusion
I have reviewed the condensed consolidated interim financial st atements (‘interim financial
statements’) of New Talisman Gold Mines Limited (‘the Company’) and its subsidiaries (‘the Group’ ),
which comprise the condensed consolidated interim statement of financial position as at 30
September 2024, and the condensed consolidated interim statement of comprehensive income,
condensed consolidated interim statement of changes in equity and condensed consolidated interim
statement of cash flows for the six month period ended on that date, and a summary of material
accounting policies and other explanatory information.
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 review of the Group.
Based on my review, nothing has come to my attention that causes me to believe that the interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 30 September 2024 and its financial performance and cash flows for the six month
period ended on that date in accordance with New Zealand Equiva lent to International Accounting
Standard 34 Interim Financial Reporting (N Z IA S 34 ) and International Accounting Standard 34 Interim
Financial Reporting (IAS 34).
Basis for Conclusion
I conducted my review in accordance with New Zealand Standard on Review Engagement 2410
(Revised ) Review of Financial Statements Performed by the Independent Aud itor of the Entity (NZ SR E
2410 (Revised)). My responsibilities are further described in the Auditor’s Responsibilities for the
Review of the Interim Financial Statements section of my report.
I am independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and I have fulfilled my other ethical
responsibilities in accordance with these requirements.
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 4 in the condensed consolidated interim financial statements, which indicates
that the Group’s reliance on a series of assumptions in relation to their cash flow forecast subsequent
to commencement of production. These events or conditions, along with other matters as set forth in
Note 4, indicate that a material uncertainty exists that may ca st significant doubt on the Group’s ability
to continue as a going concern. My opinion is not modified in respect of this matter.


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
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as
the directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the review of the interim financial statements
My responsibility is to express a conclusion on the interim financial statements based on my review.
NZ SR E 2410 (Revised ) requires me to conclude whether anything has come to my attention that
causes me to believe that the interim financial statements, tak en as a whole, are not prepared, in all
material respects, in accordance with NZ IA S 34 and IAS 34.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. I perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing and consequently do not ena ble me to obtain assurance that I
might identify in an audit. Accordingly, I do not express an audit opinion on the interim financial
statements.
Restriction on use
This report is made solely to the Group’s shareholders, as a bo dy. My review work has been
undertaken so that I might state to the Group’s shareholders, as a body those matters which I am
required to state to them in my review report and for no other purpose. To the fullest extent permitted
by law, I do not accept or assume responsibility to anyone othe r than the Group’s shareholders, as a
body, for my review procedures, for this report, or for the conclusions I have formed.


Vikas Gupta
Audit Partner - UHY Haines Norton Chartered Accountants Sydney
Signed at Sydney, Australia on 13 November 2024

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 7
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
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
interim financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control as
the directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the review of the interim financial statements
My responsibility is to express a conclusion on the interim financial statements based on my review.
NZ SR E 2410 (Revised ) requires me to conclude whether anything has come to my attention that
causes me to believe that the interim financial statements, tak en as a whole, are not prepared, in all
material respects, in accordance with NZ IA S 34 and IAS 34.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. I perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing and consequently do not ena ble me to obtain assurance that I
might identify in an audit. Accordingly, I do not express an audit opinion on the interim financial
statements.
Restriction on use
This report is made solely to the Group’s shareholders, as a bo dy. My review work has been
undertaken so that I might state to the Group’s shareholders, as a body those matters which I am
required to state to them in my review report and for no other purpose. To the fullest extent permitted
by law, I do not accept or assume responsibility to anyone othe r than the Group’s shareholders, as a
body, for my review procedures, for this report, or for the conclusions I have formed.


Vikas Gupta
Audit Partner - UHY Haines Norton Chartered Accountants Sydney
Signed at Sydney, Australia on 13 November 2024

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
8 |
Note30-Sep-24
$NZ
Unaudited
31-Mar-24
$NZ
Audited
30-Sep-23
$NZ
Unaudited
Equity
Share Capital844,309,06141,471,04141,256,540
Accumulated deficit(34,292,700)(33,359,532)(31,970,142)
Equity Attributable to parent company shareholders10,016,3618,111,5099,286,398
Non Current liabilities
Convertible Debt Security
Provision for closure and rehabilitation
13
-
425,399
723,625
416,700
-
37,848
Total non current liabilities425,3991,140,32537,848
Current liabilities
Payables & Accruals204,246225,014173,563
Convertible Note13165,014-1,000,000
Short term lease liabilities9--2,592
Total current liabilities369,260225,0141,176,155
Total liabilities794,6591,365,3391,214,003
Total equity and liabilities 10,811,0209,476,848 10,500,401
Current assets
Cash and cash equivalents1,208,703480,9971,500,572
Right of use assets9--2,424
Receivables580,92549,74027,309
Other Financial Assets734,55829,67623,555
Other Assets 6234,875271,455358,102
Total current assets1,559,061831,8681,911,962
Non-current assets
Other financial assets6175,000105,000105,000
Property, plant & equipment10630,864105,508119,645
Mine Development118,434,4588,422,8358,021,292
Exploration & Evaluation1111,63711,63711,637
Right of use assets---
Intangible assets12--330,865
Total non-current assets9,251,9598,644,9808,588,439
Total assets10,811,0209,476,84810,500,401
Net tangible assets per security1.47 cents 1.77 cents2.03 cents
For and on behalf of the Board:




Michael Stiassny Samantha Sharif
Dated: 13 November 2024 Dated: 13 November 2024
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial statements
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
As at 30 September 2024

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 9
Note 6 Months
30-Sep-24
$NZ
Unaudited
6 Months
30-Sep-23
$NZ
Unaudited
Continuing Operations
Revenue--
Cost of sales of goods --
Gross Profit--
Interest received6,11623,823
Gain/(Loss) on share revaluation(6,938)(11,296)
Operating and administrative expenses(840,430)(413,450)
Loss from operations (841,252)(400,923)
Loss before interest and tax for the period(841,252)(400,923)
Interest expense
Income tax expense
(93,115)
-
(47,919)
-
Total comprehensive income/(loss) (934,367)(448,842)
Net loss attributable to equity holders of the parent(934,367)(448,842)
Comprehensive loss attributable to equity holders of the parent(934,367)(448,842)
(934,367)(448,842)
Earnings per share
Basic earnings/(loss) per share from continuing operations(0.0185) cents(0.010) cents
Diluted earnings/(loss) per share from continuing operations(0.0185) cents(0.010) cents

New Talisman Gold Mines Limited
Consolidated Statement of Changes in Equity
For six months ended 30 September 2024
Note6 months
30-Sep-24
$NZ
Unaudited
6 months
30-Sep-23
$NZ
Unaudited
Total comprehensive income/(loss)(934,367)(448,842)
Proceeds from share capital issued82,839,219450,979
Equity at beginning of period8,111,5099,284,261
Equity at end of period10,016,3619,286,398
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial statements.
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
For six months ended 30 September 2024

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
10 |
Note
6 months
30-Sep-24
$NZ
Unaudited
6 months
30-Sep-23
$NZ
Unaudited
Cash flows from operating activities
Cash was provided from:
Interest received6,11618,352
Total Cash Inflows6,11618,352
Cash was disbursed to:
Payments to Suppliers(862,701)(377,779)
Total Cash outflows(862,701)(377,779)
Net cash outflows from operating activities14(856,585)(359,427)
Cash flows from investing activities
Cash inflows--
Cash outflows to Bonds(100,000)-
Cash outflows to Plant & Equipment(545,996)
Cash outflows to exploration(14,475)(131,826)
Net cash (outflows)/inflows from investing activities(660,471)(131,826)
Cash flows from financing activities
Cash inflows from Share Capital Issued 2,279,409150,812
Cash outflows – Interest paid(34,551)(42,159)
Net cash inflows from financing activities2,244,858108,653
Net increases / (decrease) in cash and cash equivalents held727,802(382,600)
Effect of changes in exchange rates(96)439
Cash and cash equivalents at beginning of period480,9971,987,733
Cash and cash equivalents at end of period1,208,7031,605,572
CASH COMPRISES:
Cash at bank7,65326,590
Short term deposits1,201,0501,578,982
1,208,7031,605,572
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial
statements.
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For six months ended 30 September 2024

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 11
1. General
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 group have been prepared in accordance with the Financial Markets Conduct Act 2013 and comply
with NZX Listing Rule 10.6.1. The group consists of New Talisman Gold Mines Limited (the “company”) and its subsidiaries
(“Group”) and these financial statements are 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 13 November 2024.
Statement of compliance
These interim consolidated financial statements presented are for New Talisman Gold Mines Limited and its
wholly-owned subsidiaries, Coromandel Gold Limited, Critical Mineral Resources Limited and Rahu Resources Pty Limited
(“Group”). The information is presented in New Zealand currency which is the company’s functional currency. The interim
financial statements are condensed in accordance with NZ IAS-34, Interim Financial Reporting. These consolidated
financial statements have not been audited. The comparative information for the year ended 31 March 2024 has been
audited. The comparative information for the six-month period ended 30 September 2023 has not been audited.
2. Accounting policies
The accounting policies and methods of computation adopted in the preparation of these financial statements are
the same as those adopted in the preparation of the annual financial statements for the year ended 31 March 2024.
Those policies are set out in the annual report for the year ended 31 March 2024. There have been no changes to those
accounting policies.
3. Seasonality of operations
The results are unaffected to any significant extent by seasonality factors.
4. Going Concern
The 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 cash and debt facilities available to it which 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 extract gold from the mine from January 2025 which will enable execution of the longer term mining plan.
The financial forecasts for FY25 and FY26 project sufficient cash available to satisfy all financial obligations with arise in
the next 12 months from 30 September 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 will look to modify its work program to work within cash constraints.
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
12 |
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
5. Receivables
6 months
30-Sep-24
$NZ
Year Ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Rent Receivable--1,725
Taxes Receivable50,92447,16827,310
Interest Receivable2,572-
Bond Receivable from DOC30,000--
Total Receivables80,92449,74029,035
The taxes receivable consists mostly of gst refunded in October 2024. The Bond receivable from DOC is expected to be
received before the end of the calendar year.
6. Other Assets
6 months
30-Sep-24
$NZ
Year Ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Prepaid Mining Services181,668203,227300,167
Prepaid Listing Fee39,34711,08033,239
Prepaid Insurances13,02756,06522,970
Prepaid Exploration8331,083825
Total Other Assets234,875271,455357,201
The prepaid mining services is an amount due under the Terra Firma Mining Ltd (TFML) Subscription agreement in which
TFML has agreed to set-off the amount payable by TFML against invoices payable by New Talisman to TFML for mining
services. It is anticipated that the full amount will be settled prior to 31 March 2025.
7. Other Financial Assets
6 monthsYear Ended6 months
30-Sep-2431-Mar-2430-Sep-23
$NZ$NZ$NZ
Deposits held for Bonds175,000105,000105,000
Share Investments34,55829,67623,555
Total Other Financial Assets209,558134,67629,035
The deposits held form bonds include $100,000 held for Department of Conservation and $75,000 held for NZX.
Investment in listed companies are recorded at market value using price and exchange rates as at 30 September 2024.
8. Share Capital
Share Capital Movement6 months
30-Sep-24
Shares
6 months
30-Sep-24
$NZ
6 months
30-Sep-23
Shares
6 months
30-Sep-23
$NZ
Share Capital Opening balance458,029,55541,471,042414,875,14940,776,761
Net Proceeds from Rights issues133,918,6502,279,40826,654,406450,979
Proceeds from Conversion of Loan Note33,500,000558,611--
Balance at end of period625,448,20544,309,061441,529,55541,227,740
At balance date 625,448,205 Ordinary shares were on issue.

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 13
9. Right of Use Assets
The company has recognised a right of use asset for the lease of the premises situated at 547 Parnell Road, Auckland
which is for a three year period commencing on 6 October 2020.
Movements in right of use assets are summarised below:
Right of Use Assets6 months
30-Sep-24
$NZ
Year ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Opening balance--16,969
Additions---
Depreciation charge--(14,545)
Balance at end of period--2,424
A lease commitment has been recognised on the above right of use asset. Movements in the lease liability are
summarised below:
Lease Liability6 months
30-Sep-24
$NZ
Year ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Opening balance--17,924
Leases entered into during the year---
Interest expense--289
Principal and Interest repayments--(15,621)
Balance at end of period--2,592
Short term lease liabilities--2,592
Long term lease liabilities---
--2,592
10. Property Plant & Equipment
6 months
30-Sep-24
$NZ
Year ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Carrying Amount at 1 April 105,508133,972133,972
Additions545,996--
Disposals(7,781)-
Depreciation(12,859)(28,464)(14,327)
Balance at end of period630,864105,508119,645
Cost877,813360,340360,340
Disposal(7,781)--
Accumulated Depreciation(239,168)(254,832)(240,695)
Balance at end of period630,864105,508119,645
The Company acquired a processing plant during the period and is in the process of relocating it from its overseas
location to New Zealand. It is anticipated the plant will arrive in NZ in December 2024 and be commissioned in January
2025.
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
14 |
11. Mining Tenements
Talisman Mine Development6 months
30-Sep-24
$NZ
Year ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Carrying Amount at 1 April 8,422,8358,094,5838,094,583
Additions11,623328,252132,929
Impairment of mine development---
Balance at end of period8,434,4588,422,8358,227,512
Cost14,290,03814,278,41514,083,092
Accumulated Impairment of Mine Assets(5,855,580)(5,855,580)(5,855,580)
Balance at end of period8,434,4588,422,8358,227,512
Development expenditure consists of mining development costs, professional salaries, data acquisitions and a small
portion of overhead expenses relating to the operation of the mine. Management assesses the allocation of directly
attributable overheads at the end of each reporting date. Management also assesses the carrying value of development
expenditure to ensure it represents the fair value of the mine development asset. An independent Technical Valuation of
the Talisman Gold Project was provided by Geos Mining Minerals Consultants as at 30 September 2021. They concluded
that a preferred valuation of the Project was NZ $15.6 million. This valuation exceeds the carrying amount of Assets under
construction as at 30 September 2024 of $8,437,558.
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 has 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 30 September
2024 and determined there be no change to the value of the asset. The Directors will obtain an updated valuation of the
project before the end of the financial year.
Exploration and evaluation costs6 months
30-Sep-24
$NZ
Year ended
31-Mar-24
$NZ
6 months
30-Sep-23
$NZ
Carrying Amount at 1 April 11,63754,82854,828
Additions3,10017,62012,301
Impairment of prospecting costs(3,100)(60,811)-
Balance at end of period11,63711,63767,129
Cost2,829,7612,829,7612,824,532
Accumulated Impairment (2,818,124)(2,818,214(2,757,403)
Balance at end of period11,63711,63767,129
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2024
| 15
12. Intangible Assets
Goodwill
6 months
30-Sep-24
$NZ
Year ended
31 Mar 24
$NZ
6 months
30-Sep-23
$NZ
Opening balance-319,228319,228
Additions---
Amortisation Charge---
Impairment of Goodwill-(319,228)-
Balance at end of period--319,228
The goodwill has arisen from the acquiring of a business combination associated with the acquisition of the shares in
Capella Vanuatu Limited which was completed in December 2021. Management has booked an impairment for the value
of Capella Vanuatu as there is currently no funding available to progress the project.
13. Convertible Debt Security
The Company issued a Convertible Debt Security with a principal value of NZ$1,000,000 on 24 August 2022. The
Convertible Debt Security has the following terms:
• Term, 18 months from drawdown,
• Drawdown of the Convertible Debt Security will be in one tranche,
• Annual Interest rate of 9.5%, payable quarterly in cash, there is no option to settle interest by any other means.
• Conversion to ordinary shares at the 18 month anniversary of drawdown at a 15% discount to the preceding 20
day VWAP of the ordinary shares of the Company, or at the discretion of the Company repaid in cash on the 18
month anniversary of drawdown, with no additional fees. In either case the principal amount to be repaid will be
NZ$1,000,000.
• The Convertible Debt Security will be unsecured and rank pari-passu with unsecured trade creditors.
The issue of the Convertible Debt Security was approved by shareholders at a special meeting held on 22 June 2022.
As the note is convertible into a variable quantity of shares, the Convertible Debt Security has been recognised as a
financial liability.
In February 2024 the security was rolled over on the same terms for another 18 month period.
On 26 February 2024 $276,375 was settled by way of issuance of shares. During the period ended 30 September 2024
$558,611 was also settled by way of issuance of further shares.
Convertible Loan Note6 monthsYear ended6 months
30-Sep-2431-Mar-2430-Sep-23
$NZ$NZ$NZ
Opening balance723,6251,000,0001,000,000
Interest expense31,876112,10447,630
Interest repayments(31,876)(112,104)(47,630)
Conversion to shares(558,611)(276,375)-
Balance at end of period165,014723,6251,000,000
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2024
16 |
14. Reconciliation of net loss and operating cash flow
6 months
Sep 2024
$NZ
Unaudited
6 months
Sep 2023
$NZ
Unaudited
Net loss from operations (841,252)(400,923)
Add non-cash items:
Depreciation12,86013,251
Impairment Charge3,100-
Exchange (gain)/loss-(440)
Loss on disposal of fixed asset7,781-
Loss / (Gain) on revaluation of shares(4,882)11,296
18,85924,107
Add (less) movement in working capital:
Decrease (increase) in debtors2,572(1,725)
Increase (decrease) in creditors(47,778)194
Decrease (increase) in inventories--
Decrease (increase) in accrued income--
Decrease (increase) in Prepayments14,77013,578
Decrease (increase) in Income Tax--
Decrease (increase) in GST & RWT(3,756)5,342
(34,192)17,389
Net cash outflows from operating activities(856,585)(359,427)
15. Expenses
A percentage of certain expenses including wages, consulting fees and other operational expenditure are capitalised
to exploration tenements and assets under construction based on a calculation prepared by management which is
reviewed at each reporting date.
16. Commitments
Capital commitments at the end of the period were $nil.
17. Events subsequent to balance date
On 18 November 2024 the Company announced that it has applied for voluntary delisting from ASX.
18. Directors and Related Party Transactions
Payments for directors fees and consulting services to companies in which directors and major shareholders have a
substantial interest amounted to NZ$211,833 and is broken down as follows:
DirectorAmount Paid
Samantha Sharif – Directors Fees30,000
Michael Stiassny – Directors Fees20,000
Richard Tacon – Directors Fees23,333
John Upperton – Directors Fees20,000
John Upperton – Strategic Delivery fee17,500
John Upperton – General Manager Contract41,000
S Jane Bell – Company Secretary Fees60,000
Director fees of $8,333 were payable at the end of the reporting period. Related party receivables at balance date were
$nil.
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
www.newtalisman.co.nz

www.newtalisman.co.nz
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
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Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
159 Hurstmere Road
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New Zealand
Telephone (+64 9) 488 8777
Facsimile (+64 9) 488 8787
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Yarra Falls
452 Johnston Street
Abbotsford Victoria 3067, Australia
Telephone 1300 850 505
Overseas callers (+61 3) 9415 4000
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