NTL Quarterly Activities Report incl Cashflow

1
New Talisman Gold Mines
Limited
Responsible,
Environmentally
Sustainable Mining
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
641,033,914
Jan e Bel l Company Secretary
Capital Structure
Ordinary Shares at 31/03/2025
Share Price
Share Price at 29/04/2025 (NZX)
$0.084
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 31 March 2025.
Key activities include:
Processing Plant received and installation commenced.
Processing Agreement finalised
Processing site lease finalised
NTL Attends Critical Minerals Strategy Launch
Successful Private Placement
Unmarketable Parcels Disposal Completed
Further Partial Conversion of Convertible Loan Note
Processing
During the quarter NTL took delivery of the gravity processing plant with all
5 containers clearing Customs and MPI inspections late in January. NTL
has now completed assembly of the plant and pleasingly has commenced
the commissioning and testing phase in late April, in line with our previous
announcement. Concentrate and tailings of the test run will be sent for as-
say for what will be part of a continual monitoring programme of results.
NTL had planned to commence production of concentrate through the plant
in the first calendar quarter of 2025 but announced on 20th March that it
was better to defer processing by a few weeks into April, allowing us to put
more meaningful volumes into the plant, and optimise the operation of the
plant through this commissioning and testing phase.
NTL has also finalised agreements to lease the site on which the processing
plant is located and for Terra Firma Mining (TFM) to process the ore gener-
ated from the Talisman mine.
These agreements require TFM to provide all site management, operational
staff, installation, commissioning, and maintenance of the processing plant.
The arrangement also requires TFM to make best endeavours to maximise
the precious metal recovery rate, including liaising with NTL’s metallurgist
to ensure external oversight.
The Company has made arrangements to send concentrate samples to a
number of New Zealand based refiners in the first instance to assess the
best path to market for the high grade concentrate the plant will produce.
We anticipate the first test samples to be dispatched in early May.
Talisman Mine Operations
The NTL Board continues with its strategy of “timing its run” by limiting un-
derground activity until the processing plant has been through its testing
phase and is fully operational.
Operator Terra Firma are ready to commence Talisman operations as soon
as the processing plant has been fully commissioned and is operating within
optimal production levels.
Quarterly Activities Report to 31 March 2025

2
2025 is shaping as a pivotal year in New Talisman’s move to exploring producer, with the
culmination of NTL’ s Strategic Plan to Bulk Sample the Mystery vein and produce a high-
grade concentrate through the company’s own plant.
We are on track to begin Bulk Sampling in May 2025, generating revenue, valuable data to
potentially add to the mine’s JORC Resource, and form another means of egress.
NTL attended the launch of the Critical Minerals Strategy for New Zealand in Waihi in
February. The inclusion of Gold in the Critical Minerals List and the introduction of the Fast
Track option, help to provide a clear pathway for NTL to proceed to Full Mining at Talisman
– giving greater certainty to our projects and fulfilling the aims of the Critical Minerals
Strategy.
Vanuatu
Despite some expressions of interest, NTL has not been able to secure a joint venture partner
to progress this Project.
NTL’s strategy remains to be primarily focused on the Talisman Project and the Vanuatu
assets have already been fully impaired in the company’s accounts.
Thus, the Board has made the decision to relinquish its permit in Vanuatu and has advised
the Vanuatu government accordingly. NTL will now begin the process of winding down its
interests in Vanuatu.
Administration
During the quarter the Company successfully completed a private placement issuing a total of
12,435,709 ordinary shares for a total of NZ$578,000. The proceeds from the placement will
be used as working capital for the commencement of Bulk Sampling.
The Company also issued 3,150,000 ordinary shares as partial conversion of the Convertible
Loan Note for NZ$$120,690. This leaves NZ$35,324 remaining on the existing terms.
During the quarter the Company commenced the process of disposal of unmarketable Parcels.
This process was completed in April, having disposed on behalf of shareholders a total of
7,289,064 shares at an average price of 0.07288785. The share registry will make payments
to the holders of unmarketable parcels on 30 April 2025.
During the quarter the Company paid $45,000 in 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
Rahu - EP61017
Capella Vanuatu – PL1851(relinquished April 2025)
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
(12 Mths)
$NZ



Nil

(116,551)
Nil
(287,272)
Nil
1,769
(4,540)
Nil
Nil



Nil
(626,927)
Nil
(1,101,941)
Nil
12,840
(62,741)
Nil
Nil
(406,594) (1,778,769)



Nil
Nil
(214,697)
Nil
Nil
Nil
(153)
Nil
Nil



Nil
Nil
(873,662)
Nil
31,280
Nil
(1,705)
Nil
867


(214,850)

(843,220)



570,538
Nil
Nil
Nil
Nil
Nil



2,849,946
Nil
Nil
Nil
Nil
Nil

570,538

2,849,946

(50,906)
866,627
(326)

227,957
585,997
1,441

815,395

815,395
APPENDIX 11
(Rule10.8.4)



QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES
LIMITED

For Quarter ended 31 March 2025
(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
(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

Following Quarter
$NZ

Nil Nil
200,000

300,000
200,000

300,000

Current Quarter
$NZ

Previous Quarter
$NZ

17,328


90,329


623,067

601,298

Nil

Nil

175,000

175,000


815,395



866,627

5. NON-CASH 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

641,033,914 641,033,914
SHARES
Issued during current
quarter:
Nil
CONVERTIBLE NOTES:
$35,324
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
31 March 2025

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Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Rahu – EP61017
Capella Vanuatu – PL1851 (relinquished April 2025)