Preliminary Half Year Results

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Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

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Results for announcement to the market
Name of issuer New Talisman Gold Mines Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$5 -17%
Total Revenue $5 -17%
Net profit/(loss) from
continuing operations
($1,103) 31%
Total net profit/(loss) ($1,075) 15%
Interim/Final Dividend
Amount per Quoted Equity
Security
There is no proposed dividend
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.0238 $0.0160
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See attached document with further detail
Authority for this announcement
Name of person

authorised
to make this announcement
S Jane Bell
Contact person for this
announcement
S Jane Bell
Contact phone number 021764224
Contact email address jane@newtalisman.co.nz

Date of release through MAP

28/11/2025

Draft preliminary unaudited financial statements accompany this announcement.

28 November 2025
FOR IMMEDIATE RELEASE TO THE MARKET
HALF YEAR PRELIMINARY RESULTS TO 30 SEPTEMBER 2025 (NZX: NTL)
Consolidated Statement of Comprehensive Income 6 months to
30 Sept 2025
6 months to
30 Sept 2024

Revenue 4,849 6,116
Total revenue 4,849 6,116
Audit fees 44,540 31,350
Depreciation 73,114 12,860
Director Fees 90,000 93,334
Director and Related Party Remuneration 82,000 58,500
Foreign Exchange (Gain)/Loss (598) (298)
(Gain) / Loss on revaluation of shares (710) (5,310)
Other operating expenses 509,514 366,963
Administrative Expenses 310,087 289,969
Total operating and administrative expenses 1,107,947 847,368
Loss from operations (1,103,098) (841,252)
Finance Costs 28,636 93,115
Net deficit attributable to members (1,074,462) (934,367)
Earnings per share
Basic earnings/(loss) per share (0.17) cent (0.19) cent
Diluted earnings/(Loss) per share (0.17) cent (0.19) cent

Consolidated Statement of Financial Position 6 months to
30 Sept 2025
(Unaudited)
12 months to
31 Mar 2025
(Audited)
Current Assets
Cash at bank 498,945 640,395
Receivables and prepayments 81,089 100,790
Inventories 73,528 -
Other Financial Assets 1,269 568
Other Assets 67,606 180,905
Non-current assets
Property, Plant & Equipment 1,543,520 1,043,785
Other Financial Assets 175,000 175,000
Mine Development 14,563,769 14,354,397
Exploration & Evaluation 11,637 11,637
Right of use assets 129,943 166,870
Total Assets 17,146,306 16,674,347
Current Liabilities
Payables 381,637 399,696
Convertible Note - 35,324
Short term lease liabilities 76,709 73,829
Non-current liabilities
Long term lease liabilities 53,882 93,134
Provision for closure and rehabilitation 443,345 434,279
Total liabilities 955,573 1,036,262
Equity
Capital 46,639,225 44,954,843
Retained profit/(loss) (30,448,492) (29,316,758)
Total Equity 16,190,733 15,638,085
Total Equity and Liabilities 17,146,306 16,674,347


Consolidated Statement of Cash Flows

6 months to 30
Sept 2025

6 months to
30 Sept 2024

Cash flows relating to operating activities
Cash inflows 7,171 6,116
Cash outflows (1,013,091) (897,348)
Net operating cash flows (1,005,918) (891,232)
Cash flows relating to investing activities
Cash inflows - -
Cash outflows (744,587) (660,471)
Net investing cash flows (744,587) (660,471)
Cash flows relating to financing activities
Cash inflows 1,677,313 2,351,696
Cash outflows (68,257) (72,287)
Net financing cash flows 1,609,056 2,279,409

Cash at beginning of period 640,395 480,997
Net increase/(decrease) in cash held (140,840) 727,802
Cash at end of period 498,945 1,208,703

Consolidated Statement of Changes in Equity 6 months to 30
Sept 2025
6 months to
30 Sept 2024

Equity at start of period 15,638,085 8,111,509
Net profit/(loss) (1,131,734) (934,367)
Shares issued 1,684,382 2,839,219
Equity at end of period 16,190,733 10,016,361


Shares on Issue
At 30 September 2025 the following shares are on issue

Listed Shares 678,882,381 625,448,205
Listed Options - -
Unlisted Options - -


Events Subsequent to Balance Date
On 29 October 2025 the Company entered into a Business Confirmation with Ocean Partners for the
sale of gold concentrate.
On 3 November 2025 Terry Moynihan was appointed as an independent non-executive Director of
New Talisman Gold Mines Limited.
On 14 November John Upperton Resigned from his Board and management roles.
On 17 November Jane Bell was appointed interim General Manager, replacing John Upperton.
On 19
th
November the company announced its first shipment of gold concentrate was imminent and
that the grade of the concentrate was lower than had been planned. Realising US$21.7k.
On 28
th
November the Company sought a trading halt and it was granted.

Dividend
No dividends or distributions were paid or are planned.

Net Tangible Assets per Security

6 months
to 30 Sept
2025

6 months to
30 Sept
2024


Net tangible assets 16,190,733 10,016,361
Net tangible assets per security 0.0238 0.0160

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 a low cash balance in relation to its usual cash demand which makes going
concern a risk.
The revised financial forecasts for FY26 and FY27 project sufficient cash available to satisfy all financial
obligations with arise in the next 12 months from 30 September 2025. The forecast cash flows are
dependent on the key assumptions outlined below.
• In previously forecasting the Company’ s cash requirements the company has made certain
assumptions around the timing, volume and grade of production. It is now clear from the work
we have done since the last assay that the previous assumptions are not being met. As in any
gold mining operation in narrow vein we have variable grades and we have only mined 10m
of reef drivage.
• 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.
• Raising of additional capital, the ability of the Company to continue as a going concern
depends upon its ability to access suitable debt or equity capital to fund its operations. No
assurance can be given that such capital will be available at all or on terms acceptable to the
Company.
The revised 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. If the forecast is not met it is possible that the Company may have
insufficient liquid assets to be able to continue as a going concern for a period of at least 12 months
from the issuance of these financial statements. As a result of the aforementioned material
uncertainties, the Group may be unable to realise its assets and discharge its liabilities in the normal
course of business.
Audit
The half yearly financial statements are unaudited. The auditors are completing a review
engagement and will be issuing their report when complete.
International Financial Reporting Standards
These interim financial statements are condensed in accordance with NZ-IAS-34 Interim Financial
Reporting. 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 2025.
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 2025. Those policies are set out in the annual report for the year ended 31
March 2025. There have been no changes to those accounting policies.
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More about New Talisman Gold at www.newtalisman.co.nz