NTL Quarterly Activities & Cashflow Report to 30 June 2025

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

Jane Bell Company Secretary

Capital Structure
Ordinary Shares at 30/06/2025 649,216,244


Share Price
Share Price at 21/07/2025 (NZX) $0.060




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 June 2025.
Key activities include:
 Change of External Auditor
 Plant Commissioning commenced
 Intention to commence Bulk Sampling announced
 Private Placement
 Convertible Note repaid
Processing
During the quarter NTL began testing the recently assembled processing
plant and commenced commissioning. The first trials from the plant, using
existing ore stockpiles from Talisman recovered approx. 70% of heavy min-
erals, including Gold and Silver, present in the feedstock. This recovery
rate is within the range of previous test results on ore from Talisman. The
flotation component of the processing plant, designed to further lift recovery
levels, is yet to be incorporated. The flotation component can be added
once we are fully satisfied with consistency of grind size from the mill circuit.
In this trial phase the plant is processing 5-6 tonnes of ore per day and we
expect that to increase to 10 tonnes per day in this initial phase. We then
expect to be processing between 14 to 16 tonnes per 8 hour shift, while
operating on one face of Mystery Vein, and looking to scale up once deci-
sions are made to open more faces to mine.
Trial samples of concentrate from the processing plant were sent to be
smelted and refined by an experienced refiner. The data from these initial
refining trials gave lower mineral recovery rates than that of the first lab
assay result. There are likely multiple reasons for this, mostly flowing on
from the small sample size, with there being no reason to doubt the initial
lab assay results. As would be expected, a more consistent and accurate
data set on Talisman ore will emerge with larger volumes processed and
refined. Thus, we are pleased that the plant commissioning has progressed
well and allowed the Board to make the decision to commence bulk sam-
pling.
In the interim, modifications to the plant to lift recovery levels and throughput
efficiency have been made. These include a recirculation component for
oversize material back to the ball mill ensuring a more consistent optimum
grind size passing over the shaker table.
Post quarter activity - The first bulk consignment of concentrate from
stockpile material will be dispatched to the refiners early next week.
Following on from the initial bulk consignment, our intention is to dispatch
2-3 consignments per month.

Quarterly Activities Report to 30 June 2025

2
.

Talisman Mine Operations
In late June the NTL Board agreed to commence Bulk Sampling at the Mine, thereby enabling
a scaling up of mining production and plant throughput in the coming months.
Also in late June NTL was advised the revised Traffic Management Plan for Talisman had
been approved by the Hauraki District Council roading department.
Administration
During the quarter the Company successfully completed a private placement issuing a total of
7,638,888 ordinary shares for a total of NZ$550,000. The proceeds from the placement will
be used as working capital for the commencement of Bulk Sampling.
The Company also issued 543,442 ordinary shares as final partial conversion of the
Convertible Loan Note for NZ$35,324.
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.
In May 2025 the Company changed its external Auditor to NZ based Baker Tilly Staples
Rodway.
Tenements
Talisman Mine – MP51326
Rahu - EP61017
We thank shareholders for their continued support as the company enters the next phase of
its strategic plan.

---

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Current
Quarter
$NZ



Year to Date
(3 Mths)
$NZ



Nil
(304,186)
Nil
(143,604)
Nil
3,385
(1,582)
Nil
Nil



Nil
(304,186)
Nil
(1 43,604)
Nil
3,385
(1,582)
Nil
Nil
(445,987) (445,987)


Nil
Nil
(382,979)
Nil
Nil
Nil
(9,938)
Nil
Nil


Nil
Nil
(382,979)
Nil
Nil
Nil
(9,938)
Nil
867


(392,917)

(392,917)



548,322
Nil
225,000
Nil
Nil
Nil



548,322
Nil
225,000
Nil
Nil
Nil

773,322

773,322

(65,582)
815,395
194

(65,582)
815,395
194

750,007

750,007




QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 30 June 2025
(Referred to in this Quarter as the "Current Quarter")


Quarterly Report of Consolidated Cash Flows. 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

225,000

$550,000 225,000


Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

300,000

300,000

300,000

300,000


Current Quarter
$NZ

Previous Quarter
$NZ

17,328


17,328


623,067

623,067

Nil

Nil

175,000

175,000


815,395



815,395


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

649,216,244 649,216,244
SHARES
Issued during current
quarter:
Nil
CONVERTIBLE NOTES:
Nil
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 June 2025

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Rahu – EP61017