NTL Quarterly Activities & Cashflow Report to 30 Sept 2025

1
New Talisman Gold Mines
Limited
Responsible,
Environmentally
Sustainable Mining
NZX Code NTL
______________________
Commodity Exposure
GOLD and SILVER
B
oard
S
amantha Sharif Chair/Independent Director

John Upperton Director
Michael Stiassny Independent Director
Richard Tacon Independent Director
Jane Bell Company Secretary
C
apital Structure
Ordinary Shares at 30/09/2025 678,882,381
Sh
are Price
Share Price at 13/10/2025 (NZX) $0.061
N
ew Talisman Gold Mines Limited
A
ddress 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 September 2025.
Key Highlights include:
•Processing Plant Commissioning continued
•First Concentrate produced
•ASM reappointed Samantha Sharif
•DoC renewed AEO
•Private Placement raises $1.27m
Processing & Metallurgy
During the quarter, NTL advanced the commissioning of its newly assem-
bled processing plant. Modifications were implemented to improve recovery
rates and throughput efficiency, including the installation of a recirculation
system for oversize material to achieve optimal grind size consistency
across the shaker table.
In August, NTL dispatched its first bulk consignment of concentrate, as-
sayed at 1,100g gold per tonne, to its Melbourne-based refiner. The refiner
requested a reduction in volume, prompting NTL to engage a metallurgist
to optimize concentrate output. Further testing resulted in production of a
concentrate of 5500g/t. Discussions with potential global purchasers are
ongoing to diversify revenue streams.
Talisman Mine Operations
In September, the Department of Conservation renewed NTL’s annual Au-
thority to Enter and Operate. The Terra Firma team hosted a site visit from
WorkSafe, continuing a positive trend of regulatory engagement since mine
re-entry began.
Administration
NTL completed a private placement, issuing 29,666,137 ordinary shares
and raising NZ$1,127,313 in working capital.
At the Annual Meeting of Shareholders held on 17 September 2025:
• Ms Samantha Sharif was reappointed as Director.
• Baker Tilly Staples Rodway was appointed as the Company’s Auditor.
During the quarter:
•NZ$45,000 was paid in director fees to entities associated with
directors and major shareholders.
• NZ$41,000 was paid to John Upperton, General Manager.
John Upperton indicated prior to the September placement that he intends
to step back from his roles with NTL in the near future.
Tenements
Talisman Mine – MP51326
Rahu - EP61017
We thank shareholders for their continued support as the company enters
the next phase of its strategic plan.
Quarterly Activities Report to 30 September 2025

---

Page | 1




Current
Quarter
$NZ



Year to Date
(6 Mths)
$NZ



Nil
(315,952)
(131,273)
(290,405)
Nil
3,788
(9,510)
Nil
Nil



Nil
(620,138)
(131,273)
(4 34,009)
Nil
7,173
(11,092)
Nil
Nil
(743,352) (1,189,339)


Nil
Nil
(232,961)
Nil
Nil
Nil
(2,030)
Nil
Nil


Nil
Nil
(615,940)
Nil
Nil
Nil
(11,968)
Nil
Nil


(234,991)

(627,908)



1,127,313
Nil
135,000
(360,000)
Nil
Nil



1,675,635
Nil
360,000
(360,000)
Nil
Nil

902,313

1,675,635

(76,030)
750,007
(32)

( 141,612)
815,395
162

673,945

673,945




QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 30 September 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

Page | 2


Amount Available
$NZ

Amount Used
$NZ

0

$550,000 0


Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

300,000

300,000

300,000

300,000


Current Quarter
$NZ

Previous Quarter
$NZ

1,305


32,556


497,640

542,451

Nil

Nil

175,000

175,000


673,945



750,007


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)]





*

Page | 3


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

678,882,381 678,882,381
SHARES
Issued during current
quarter:
29,666,137 29,666,137
Fully paid at NZ$0.0380
per share
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 September 2025

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Rahu – EP61017