Market Update

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26 June 2025
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
(NZX: NTL)
FOR IMMEDIATE RELEASE
Market Update
New Talisman Gold Mines Ltd is pleased to provide an update on the commissioning of its
recently purchased Gravity Separation processing plant and progress across the Company’s
operational activities.
As previously announced, lab assay results indicate the processing plant’s first trials recovered
approx. 70% of heavy minerals including Gold and Silver, with the flotation component of the
plant yet to be incorporated. This recovery rate is within the range of earlier test work on ore
from Talisman. Trial samples of concentrate were also smelted and refined. The data from the
initial refining trials has given lower mineral recovery rates to the lab assay. Whilst it is
frustrating, there are likely multiple reasons for this, mostly flowing on from the small sample
size, with there being no reason to doubt the lab assay results. As would be expected, a truer
refining picture will emerge with larger volumes and a greater understanding of the refining
methodology for Talisman ore. This remains our focus.
In the interim, modifications to the plant to lift recovery levels and throughput efficiency have
been made, with the Terra Firma team now confident the plant is ready to process the volumes
of ore generated from Bulk Sampling Mystery vein in the Talisman mine.
During this period, the Company has also sourced wider refining options for its concentrate.
We have also been advised the revised Traffic Management Plan for Talisman has been
approved by the Hauraki District Council roading department.
The Board has therefore made the decision to begin Bulk Sampling, thereby scaling up mining
production and plant throughput.
The journey from April 2022’s adoption of NTL’s Strategic Plan to mine Mystery vein while
creating a second egress, generating revenue and potentially adding to the JORC Resource,
has not been without its hurdles, but there is a real sense of a turning of the tide in the
extractives industry in NZ. A supportive government and a surging gold price have aligned for
New Talisman at a critical juncture in its history.
The next few months will see us reporting assay grades as we advance Mystery vein and
anticipated revenue generated from concentrate produced from our own plant.
We thank those shareholders who have supported us through this period and look forward to
the next steps on the journey.



John Upperton
General Manager
New Talisman Gold Mines Limited
2b Gibraltar Cres,
Parnell, Auckland 1052
Office +64 9 303 1893
info@newtalisman.co.nz