Half Year Report to 30 September 2025

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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) ($1,132) 21%
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

12/12/2025

unaudited financial statements accompany this announcement.

---

www.newtalisman.co.nz
HALF YEARLY REPORT
TO 30 SEPTEMBER 2025

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
2 |
HALF YEARLY REPORT 2025
NEW TALISMAN GOLD MINES
Hamish Brown and Terry Moynihan
Terry observes bogger

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
| 3
CHAIRMAN’S REPORT TO SHAREHOLDERS
– HALF YEAR ENDED 30 SEPTEMBER 2025
New Talisman Gold Mines Limited (NTL)
Dear Shareholders,
In the last six months we have made solid progress on
several fronts—commissioning our processing plant,
progressing mine development, and securing funding to
support continuing exploration activity.
We farewelled our General Manager John Upperton and
are delighted to welcome Terry Moynihan to the Board as
an Independent Non-Executive Director – his decades of
mining experience will be an invaluable addition for our
next phase of operations.
Plant & Operations
Commissioning of the processing plant began in
June and continued through to September. Early trials
achieved recovery rates of around 70% of heavy minerals,
including Gold and Silver, present in the feedstock. This
recovery rate was within the range of previous test results
on ore from Talisman.
During the trial phase the plant was initially processing
5-6 tonnes of ore per day and through refi
nements that
was increased to a processing capability of 10 tonnes per
day – with a goal to achieve 14 - 16 tonnes per 8 hour shift
when we are operating at maximum capacity (i.e. when
we are operating on more than one face of Mystery Vein).
During commissioning, some gold-bearing material
is likely to have settled in the ball mill liners. This is a
normal part of fine-tuning and commissioning a plant.
The material will be recovered during routine ball mill
maintenance.
We have been advancing a development drive along the
narrow vein at Mystery, the ore extracted includes both vein
material and surrounding rock needed for safe access. This
blending reduces the overall grade compared to stoping,
where only the vein is mined. It’s
a normal part of early mine development and helps us
access future high-grade zones, but does result in some
dilution of the ore grade.
In the fi
rst 10m of development at Mystery we were
averaging low grades of around 2.85grams of gold per
tonne – and as a result we have paused mining to agree
a more targeted forward plan with Terra Firma.
We have now completed all modifi
cations to the
processing plant to improve gold and other minerals
recovery levels and throughput efficiency, including a ball
mill closed loop hydrocyclone recirculation system for
oversize material.
We have now signed an agreement with Ocean Partners
based in the UK, who will purchase 100% of our gold
concentrate for the next six months and our first shipment
to them of 1,005kg of concentrate at 181g/t—is currently en
route to Europe.
Recently we also hosted a positive WorkSafe site visit at
Talisman.
Financial Snapshot
We raised NZ$1.68 million through two private placements,
and fully converted the Convertible Loan Note from our
largest shareholder. These actions had strengthened
our working capital, enabling us to commission
our processing plant and advance our exploration
programme.
However, subsequent to that, the lower than expected ore
grade encountered at Mystery has created a short-term
cash shortfall, which the Directors are actively managing.
To address this, the Board has opened a private
placement closing on 12 December, 2025, followed by a
larger capital raise in February 2026.
During the period we also appointed Baker Tilly Staples
Rodway as our new auditor.
Looking Ahead
Our immediate priorities are:
•Developing a more targeted mining plan
•Reducing overheads
•Securing additional funding for the next phase of
exploration
To date, we have NZ$550k in committed short-term
pledges, a private placement closing on 12 December,
and a larger capital raise scheduled for February 2026.
With a defined JORC resource, an experienced team,
and an established buyer for our concentrate, we’re
well-positioned for the next phase.
For and on behalf of the Board
Samantha Sharif
Chairman
New Talisman Gold Mines Limited

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
4 |
BOARD OF DIRECTORS
Ms Samantha Sharif, LLM (Hons), LLB (Hons),
Grad Dip CSP, CFInstD
Chair and Independent Non-executive Director
Samantha Sharif is a Professional Director with extensive
leadership experience in infrastructure, resources, safety
critical industries, as well as investment and capital
markets.
Ms Sharif is an experienced Board and Board Committee
Chair, and a Chartered Fellow of the Institute of Directors.
Samantha has experience as a CEO and has also
practised as a senior commercial lawyer, with
post-graduate legal and finance qualifications. Current
governance roles include: Chair Kiwifruit New Zealand,
Chair Carbn Group, SIL/MFL Mutual Funds – Director,
Edison Consulting Group - Director, Auto Stewardship NZ
- Trustee/Director.
First appointed 1 November 2021.
Terry Moynihan, B.Min.Tech (Mining), Class II
Hons
Independent Non-executive Director
Terry brings over three decades of mining industry
experience across New Zealand, Australia, and Papua
New Guinea, with a proven track record in mine
management, project development, and technical
leadership.
Terry has held senior roles including General Manager of
Resource Development and Technical Services Manager
at Bathurst Resources, and is Principal and Director of
Core Mining Consultants Ltd. His expertise spans gold,
base metals, tin, and coal operations, with a strong focus
on strategic planning, operational improvement, and
team leadership.
He holds a Bachelor of Mineral Technology (Mining) from
the University of Otago and has held mine manager
certifications in New Zealand, Queensland, and Victoria.
First appointed 3 November 2025
Michael Stiassny LLB, BCom, CFInstD
Independent Non-executive Director
Michael is currently Chair of Two Cheap Cars Limited,
Tower Limited and Being AI Limited and a director of LPF
Group Litigation Funding, Skyline Aviation Limited, Tegel
Foods Limited, Fiber Fresh GP Limited and a number of
private companies.
Michael is a Chartered Fellow of The Institute of Directors
in NZ (Inc) (CFInstD) and is also past President of the
Institute of Directors. He is also a life member of RITANZ.
First appointed 1 November 2021.
Mr Richard Tacon, FAusIMM
Independent Non-executive Director
Mr Tacon is an experienced Mine Operator and
Company Director with over 40 years of operational
experience in all facets of mining gained in New Zealand
and internationally. He has specialised expertise in
underground and open cast coal mining.
Richard’s experience includes project feasibility analysis,
management of operations and environmental
management. He is presently the CEO of Bathurst
Resources, an ASX listed resources company with
operations and projects in New Zealand and Canada.
Richard is also a director of BT Mining Limited (BT Mining),
an incorporated joint venture company with Talleys
Energy Ltd and of which BRL is a 65% owner. He sits on the
board of the New Zealand Mines Rescue Trust, Straterra,
and Minerals West Coast.
He studied Mineral Technology at Otago University, before
obtaining a coal mining certificate from TAFE (Technical
and Further Education) NSW in 1984. He holds first, second
and third class mining qualifications from NSW and First
Class Coal Mine Managers, A Grade Quarry and Senior
Site Executive Certificates of Competency in New Zealand.
First elected 7 September 2023.

Level 12, 23-29 Albert Street, Auckland 1010 T: +64 9 309 0463
PO Box 3899, Auckland 1140 F: +64 9 309 4544
New Zealand E: auckland@bakertillysr.nz
W: www.bakertillysr.nz
NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025 | 5
INDEPENDENT AUDITOR’S REVIEW REPORT
To the Shareholders of New Talisman Gold Mines Limited
Report on the Review of the Interim Consolidated Financial Statements
Disclaimer of Conclusion
We were engaged to review the interim consolidated financial statements of New Talisman Gold Mines
Limited and its subsidiaries (the ‘Group’) on pages 7 to 15, which comprise the consolidated statement of
financial position as at 30 September 2025, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the six months
ended on that date, and a summary of significant accounting policies and other explanatory information.
We do not express a conclusion on the accompanying interim consolidated financial statements of the
Group. Because of the significance of the matter described in the Basis for Disclaimer of Conclusion
section of our report, we have not been able to obtain sufficient evidence to provide a basis for a review
conclusion on these interim consolidated financial statements.
Our report is made solely to the Shareholders of the Group. Our review work has been undertaken so that
we might state to the Shareholders of the Group those matters we are required to state to them in the
review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders of the Group as a body, for our review procedures,
for this report or for the conclusion we have formed.
Basis for Disclaimer of Conclusion
The consolidated statement of financial position includes net assets totalling $15,809,473 related to the
Talisman Mine cash generating unit. This represents a substantial proportion of the Group’s consolidated
financial statements. As part of our review procedures, we have been unable to obtain sufficient evidence
in relation to the recoverable amount of the Talisman Mine cash-generating unit, in particular with respect
to the amount of gold to be recovered and timing of such recoveries within the intended mining plan and,
consequently, the extent of any forecast cash flows arising from the Talisman Mine project. We refer to
note 11 of the interim consolidated financial statements which details the Group’s approach to
impairment of assets.
As a result of this matter, we were unable to determine whether any adjustments were necessary in
respect of the elements of the Group’s Talisman Mine cash-generating unit and the elements making up
the consolidated statement of financial position, the consolidated statement of comprehensive income
and the consolidated statement of changes in equity.
Directors’ Responsibility for the Interim Consolidated Financial Statements
The Directors are responsible, on behalf of the Group, for the preparation and fair presentation of the
interim consolidated financial statements in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34: Interim
Financial Reporting and for such internal control as the Directors determine is necessary to enable the
preparation and fair presentation of the interim consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Consolidated Financial Statements
Our responsibility is to conduct a review of the interim consolidated financial statements in accordance
with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025 | 6
Entity. However, because of the matter described in the Basis for Disclaimer of Conclusion section of our
report, we were not able to obtain sufficient evidence to provide a basis for a review conclusion on the
interim consolidated financial statements.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor and assurance practitioner we have no relationship with, or interests
in the Group.
The engagement partner on the review resulting in this independent auditor’s review report is J A Daubney.
For and on behalf of:
Baker Tilly Staples Rodway Auckland
Auckland, New Zealand
11 December 2025

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
| 7
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Financial Position
As at 30 September 2025
Note30-Sep-25
$NZ
Unaudited
31-Mar-25
$NZ
Audited
30-Sep-24
$NZ
Unaudited
Equity
Share Capital846,639,22544,954,84344,309,061
Accumulated deficit(30,448,492)(29,316,758)(34,292,700)
Total Equity16,190,73315,638,08510,016,361
Non Current liabilities
Long Term Lease Liabilities
Provision for closure and rehabilitation
53,882
443,345
93,134
434,279
-
425,399
Total non current liabilities497,227527,413425,399
Current liabilities
Trade and Other Payables381,637399,696204,246
Convertible Note12-35,324165,014
Short term lease liabilities976,70973,829-
Total current liabilities458,346508,849369,260
Total liabilities955,5731,036,262794,659
Total equity and liabilities 17,146,30616,674,347 10,811,020
Current assets
Cash and cash equivalents498,945640,3951,208,703
Trade and Other Receivables581,089100,79080,925
Stock on Hand73,528--
Other Financial Assets71,26956834,558
Other Assets667,606180,905234,875
Total current assets722,437922,6581,559,061
Non-current assets
Other financial assets7175,000175,000175,000
Property, plant & equipment101,543,5201,043,785630,864
Mine Development1114,563,76914,354,3978,434,458
Exploration & Evaluation1111,63711,63711,637
Right of use assets9129,943166,870-
Total non-current assets16,423,86915,751,6899,251,959
Total assets17,146,30616,674,34710,811,020
Net tangible assets per security2.38 cents 2.44 cents1.60 cents
For and on behalf of the Board:
Michael Stiassny Samantha Sharif
Dated: 11 December 2025 Dated: 11 December 2025
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial
statements.

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
8 |
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Comprehensive Income
For six months ended 30 September 2025

Note6 Months
30-Sep-25
$NZ
Unaudited
6 Months
30-Sep-24
$NZ
Unaudited
Operations
Operating Income4,8496,116
Operating Expenses(509,514)(366,963)
Administrative Expenses(598,433)(480,405)
Gain/(Loss) from operations(1,103,098)(841,252)
Finance Costs(28,636)(93,115)
Net profit/(loss) for the period(1,131,734)(934,367)
Other Comprehensive Income/(Loss)--
Total comprehensive income/(loss) (1,131,734)(934,367)
Net loss attributable to equity holders of the parent(1,131,734)(934,367)
Comprehensive loss attributable to equity holders of the parent(1,131,734)(934,367)
Earnings per share
Basic earnings/(loss) per share from continuing operations(0.0017) (0.0019)
Diluted earnings/(loss) per share from continuing operations(0.0017) (0.0019)
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Changes in Equity
For six months ended 30 September 2025
Note6 months
30-Sep-25
$NZ
Unaudited
6 months
30-Sep-24
$NZ
Unaudited
Equity at beginning of period15,638,0858,111,509
Total comprehensive income/(loss)(1,131,734)(934,367)
Proceeds from share capital issued81,684,3822,839,219
Equity at end of period16,190,73310,016,361
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial
statements.

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
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NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For six months ended 30 September 2025
Note6 months
30-Sep-25
$NZ
Unaudited
6 months
30-Sep-24
$NZ
Unaudited
Cash flows from operating activities
Cash was provided from:
Interest received
7,1736,116
Total Cash Inflows7,1736,116
Cash was disbursed to:
Payments to Suppliers(1,000,151)(847,209)
Interest Paid(12,940)(50,043)
Total Cash outflows(1,013,091)(897,252)
Net cash outflows from operating activities13(1,005,918)(891,136)
Cash flows from investing activities
Cash inflow from sale of other financial assets707-
Cash outflows for Bonds-(100,000)
Cash outflows for Plant & Equipment(535,922)(545,996)
Cash outflows for mine development(209,372)(14,475)
Net cash (outflows)/inflows from investing activities(744,587)(660,471)
Cash flows from financing activities
Cash inflows from Share Capital Issued 1,677,3132,351,696
Cash outflows for share issue costs(28,255)(72,287)
Cash outflows for principal elements of lease payments(40,002)-
Net cash inflows from financing activities1,609,0562,279,409
Net increases / (decrease) in cash and cash equivalents held(141,449)727,706
Cash and cash equivalents at the beginning of period640,395480,997
Cash and cash equivalents at the end of period498,9451,208,703
CASH COMPRISES:
Cash at bank1,3057,653
Short term deposits497,6401,201,050
498,9451,208,703
This statement is to be read in conjunction with the accompanying notes and the previous year’s annual financial
statements.

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
10 |
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
1.General
New Talisman Gold Mines Limited is a profit-oriented company incorporated and domiciled in New Zealand, registered
under the Companies Act 1993 and listed on the New Zealand Stock Exchange (NZX).
The company is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013 The group consists
of New Talisman Gold Mines Limited (the “company”) and its subsidiaries (“Group”) and these financial statements are
the interim consolidated financial statements of the Group. The Group is engaged in mine development and mineral
exploration.
These financial statements were approved for issue by the Directors on xx December 2025.
Statement of compliance
These interim consolidated financial statements presented are for New Talisman Gold Mines Limited and its wholly-owned
subsidiaries, Coromandel Gold Limited, Critical Mineral Resources Limited and Rahu Resources Pty Limited (“Group”). The
information is presented in New Zealand dollars which is the company’s functional currency. The interim consolidated
financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand.
They comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. These consolidated financial
statements have not been audited. The comparative information for the year ended 31 March 2025 has been audited. The
comparative information for the six-month period ended 30 September 2024 has not been audited.
The interim consolidated financial statements do not include all the notes included in the annual report. Accordingly,
these interim consolidated financial statements should be read in conjunction with the annual report for the year ended
31 March 2025.
2.Accounting policies
The accounting policies and methods of computation adopted in the preparation of these interim consolidated 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.
3.Seasonality of operations
The results are unaffected to any significant extent by seasonality factors.
4.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 has identified conditions that may cast significant doubt on the Company’s ability to continue as a
going concern. These conditions include ongoing operating losses and negative cash flows from operations. In addition,
the Company currently has a low cash balance in relation to its usual cash demand, as a result, mining operations
have been suspended pending a review and capital raise.
The revised financial forecasts for FY26 and FY27 project sufficient cash being available to satisfy all financial
obligations in the ordinary course of business during the 12 months following approval of these interim consolidated
financial statements. 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 Company has announced a private placement closing
12 December 2025 and expects to open a wider capital raise in February 2026.
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.

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
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NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
5.Receivables
6 months
30-Sep-25
Unaudited
$NZ
Year Ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Sundry Receivable6,12123,768-
GST Receivable73,06472,79550,924
Interest Receivable1,9044,227-
Bond Receivable from DOC--30,000
Total Receivables81,089100,79080,924
6.Other Assets
6 months
30-Sep-25
Unaudited
$NZ
Year Ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Prepaid Mining Services-94,589181,668
Prepaid Listing Fee21,9104,32839,347
Prepaid Insurances45,69681,98813,027
Prepaid Exploration--833
Total Other Assets67,606180,905234,875
7.Other Financial Assets
6 months
30-Sep-25
Unaudited
$NZ
Year Ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Deposits held for Bonds175,000175,000175,000
Share Investments1,26956834,558
Total Other Financial Assets176,269175,568209,558
The deposits held form bonds include $100,000 held for Department of Conservation and $75,000 held for NZX.
Investment in listed companies are recorded at market value using price and exchange rates as at 30 September 2025.
8.Share Capital
Share Capital Movement6 months
30-Sep-25
Unaudited
Shares
6 months
30-Sep-25
Unaudited
$NZ
6 months
30-Sep-24
Unaudited
Shares
6 months
30-Sep-24
Unaudited
$NZ
Opening balance641,033,91444,954,843458,029,55541,471,042
Net Proceeds from Rights issues--133,918,6502,279,408
Net Proceeds from Private Placements37,305,0251,649,059
Proceeds from Conversion of Loan Note543,44235,32333,500,000558,611
Balance at end of period678,882,38146,639,225625,448,20544,309,061
At balance date 678,882,381 Ordinary shares were on issue.

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
12 |
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
9. Right of Use Assets
The company has recognised a right of use asset for the lease of the premises for the operating of the Processing Plant in
Waikato. The Group had entered into a lease agreement on 1 March 2025 for a lease term until 27 May 2027.
Movements in right of use assets are summarised below:
Right of Use Assets6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Opening balance166,870--
Additions-172,937-
Depreciation charge(36,927)(6,067)-
Balance at end of period129,943166,870-
A lease commitment has been recognised on the above right of use asset. Movements in the lease liability are summarised
below:
Lease Liability6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Opening balance166,963--
Leases entered into during the year-172,937-
Interest expense3,630693-
Principal and Interest repayments(40,002)(6,667)-
Balance at end of period130,591166,963-
Short term lease liabilities76,70973,829-
Long term lease liabilities53,88293,134-
130,591166,963-
10.Property Plant & Equipment
6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Carrying Amount at 1 April 1,043,785105,508105,508
Additions535,922971,774545,996
Disposals-(7,781)(7,781)
Depreciation(36,187)(25,716)(12,859)
Balance at end of period1,543,5201,043,785630,864
Cost1,823,3811,287,458877,813
Disposal--(7,781)
Accumulated Depreciation(279,861)(243,673)(239,168)
Balance at end of period1,543,5201,043,785630,864
During the year ended 31 March 2025 the Company acquired a processing plant, relocated it from overseas and installed it.
During the current period further additions and commissioning of the plant was undertaken.

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
| 13
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
11.Mining Tenements
Talisman Mine Development6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Carrying Amount at 1 April 14,354,3978,422,8358,422,835
Additions209,37275,98211,623
Reversal of Impairment of mine development-5,855,580-
Balance at end of period14,563,76914,354,3978,434,458
Cost14,563,76914,354,39714,290,038
Accumulated Impairment of Mine Assets--(5,855,580)
Balance at end of period14,563,76914,354,3978,434,458
Development expenditure consists of mining development costs, professional salaries, data acquisitions and a small portion
of overhead expenses relating to the operation of the mine. Management assesses the allocation of directly attributable
overheads at the end of each reporting date. Management also assesses the carrying value of development expenditure
to ensure it represents the fair value of the mine development asset. An independent Technical Valuation of the Talisman
Gold Project was provided by Geos Mining Minerals Consultants as at 30 September 2021. They concluded that a preferred
valuation of the Project was NZ $15.6 million. This valuation exceeds the carrying amount of Assets under construction as at 30
September 2025 of $14,360,981.
Furthermore, the mining permit consists of a two-year bulk sampling period and will require an application for full mining.
At each reporting date the Directors review factors that may indicate impairment.
In the year ended 31 March 2022 given the conditional nature of the mining permit, the difference in indicative valuation
between the abovementioned valuation, and that no commercial activity had yet been generated from mining activities,
the Directors concluded that an impairment to the Talisman mine development would be appropriate. The Talisman mine
development was therefore impaired down to a net book value of $9 million. The directors reviewed factors as at 31 March
2023 and determined a further adjustment of $1,205,483 be made to book value to reflect the value attributed to the assets
by the market. The directors further reviewed factors as at 31 March 2024 and determined there be no change to the value of
the asset.
At 31 March 2025 the Directors considered obtaining an updated mine valuation as part of their impairment review, however,
due to delays in issuing of permits the bulk sampling programme was not progressed to a stage that it could provide any
further data to inform a complete valuation of the asset. As the current mine plan is to bulk sample at the Mystery deposit
in the Talisman Mine where there is inferred JORC resource and not measured and indicated JORC resource, a valuation
based on discounted cashflows originating in that part of the mine could not be applied. It was agreed to defer an update
to the formal valuation until the bulk sampling programme had progressed sufficiently to more fully inform a valuation.
The Directors considered the cost to replace the assets and accessibility at the mine, along with the value attributed to the
assets by the market and concluded that there were no triggers for impairment at this time, further the sustained increase in
gold price together with the current status of permits and readiness of the mine gave rise to a conclusion to reverse previous
impairment charges. At 30 September 2025, there was no change made to the impairment provision.
Exploration and evaluation costs6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Carrying Amount at 1 April 11,63711,63711,637
Additions-13,4043,100
Impairment of prospecting costs-(13,404)(3,100)
Balance at end of period11,63711,63711,637
Cost2,843,1652,843,1652,829,761
Accumulated Impairment (2,831,528)(2,831,528)(2,818,124)
Balance at end of period11,63711,63711,637

NEW TALISMAN GOLD MINES HALF YEARLY REPORT 2025
14 |
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
12.Convertible Debt Security
Convertible Loan Note6 months
30-Sep-25
Unaudited
$NZ
Year ended
31-Mar-25
Audited
$NZ
6 months
30-Sep-24
Unaudited
$NZ
Opening balance35,324723,625723,625
Interest expense83738,82631,876
Interest repayments(837)(38,826)(31,876)
Conversion to shares(35,324)(688,301)(558,611)
Balance at end of period-35,324165,014
The Company issued a Convertible Debt Security with a principal value of NZ$1,000,000 on 24 August 2022. The Convertible
Debt Security has the following terms:
•Term, 18 months from drawdown,
•Drawdown of the Convertible Debt Security will be in one tranche,
•Annual Interest rate of 9.5%, payable quarterly in cash, there is no option to settle interest by any other means.
•Conversion to ordinary shares at the 18 month anniversary of drawdown at a 15% discount to the preceding 20 day VWAP
of the ordinary shares of the Company, or at the discretion of the Company repaid in cash on the 18 month anniversary
of drawdown, with no additional fees. In either case the principal amount to be repaid will be NZ$1,000,000.
•The Convertible Debt Security was unsecured and rank pari-passu with unsecured trade creditors.
The issue of the Convertible Debt Security was approved by shareholders at a special meeting held on 22 June 2022.
As the note is convertible into a variable quantity of shares, the Convertible Debt Security has been recognised as a financial
liability.
In February 2024 the security was rolled over on the same terms for another 18 month period.
On 26 February 2024 $276,375 was settled by way of issuance of shares. During the year ended 31 March 2025 $688,301 was
also settled by way of issuance of further shares. On 30 June 2025 the final portion of the Convertible Note, being $35,324, was
settled by way of issuance of shares.
13.Reconciliation of net loss and operating cash flow
6 months
Sep 2025
$NZ
Unaudited
6 months
Sep 2024
$NZ
Unaudited
Net loss (1,131,734)(841,252)
Adjusted for:
Depreciation73,11412,860
Impairment Charge-3,100
Finance Costs15,696-
Loss on disposal of fixed asset-7,781
Loss / (Gain) on revaluation of shares(707)(4,882)
88,10318,859
Add (less) movement in working capital:
Decrease (increase) in debtors19,7012,572
Decrease (increase) in other receivables(701)(3,756)
Increase (decrease) in creditors(21,058)(47,778)
Decrease (increase) in inventories(73,528)-
Decrease (increase) in Prepayments113,29914,770
37,713(34,192)
Net cash outflows from operating activities(1,005,918)(856,585)

NEW TALISMAN GOLD MINES
HALF YEARLY REPORT 2025
| 15
NEW TALISMAN GOLD MINES LIMITED
Notes to the interim financial statements
14.Commitments
Capital commitments at the end of the period were $nil.(March 2025 & Sept 2024: $Nil)
15.Directors and Related Party Transactions
Payments for directors fees and consulting services to companies in which directors and major shareholders have a
substantial interest amounted to NZ$232,000 and is broken down as follows:
Director6 months
30-Sep-25
Unaudited
Year ended
31-Mar-25
Audited
6 months
30-Sep-24
Unaudited
Samantha Sharif – Directors Fees30,00060,00030,000
Michael Stiassny – Directors Fees20,00020,00020,000
Richard Tacon – Directors Fees20,00023,33323,333
John Upperton – Directors Fees20,00020,00020,000
John Upperton – General Manager Contract82,000140.50041,000
S Jane Bell – Company Secretary Fees60,000120,00060,000
Total232,000383,833194,333
Director fees of $8,333 were payable at the end of the reporting period. Related party receivables at balance date were
$nil.
16.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 as Interim General Manager replacing John Upperton.
On 19th 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 28th November the Company sought a trading halt and it was granted.
The Company opened a private placement closing on 12 December. The placement price will be set at a 15% discount to
the 5-day volume-weighted average price (VWAP) prior to allotment (15 December 2025).

www.newtalisman.co.nz
COMPANY DIRECTORY
DIRECTORS
Terry Moynihan (Independent Non-executive Director)
Michael Stiassny (Independent Non-executive Director)
Samantha Sharif (Chair and Independent
Non-executive Director)
Richard Tacon (Independent Non-executive Director)
COMPANY SECRETARY
S Jane Bell
REGISTERED (HEAD) OFFICE
2b Gibraltar Cres, Parnell
Auckland, New Zealand
Telephone (+64 9) 303-1893
Email: info@newtalisman.co.nz
Website: www.newtalisman.co.nz
PRINCIPAL OFFICE IN AUSTRALIA
1st Floor, 25 Richardson Street
West Perth
Western Australia 6005
Telephone (+61 8) 9481-2040
Facsimile (+61 8) 9481-2041
BANKERS
Westpac Bank, Auckland
National Australia Bank, West Perth
AUDITORS
Baker Tilly Staples Rodway
Auckland
SOLICITORS
Chapman Tripp, Auckland
Maddocks, Sydney
Williams & Hughes, Perth
SECURITIES LISTED
New Zealand Stock Exchange
Code: Shares NTL
SHARE REGISTRARS
New Zealand:
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
159 Hurstmere Road
Takapuna, Auckland 0622.
New Zealand
Telephone (+64 9) 488 8777
Facsimile (+64 9) 488 8787
Managing your shareholding online:
To change your address, update your payment
instructions and view your investment portfolio
including transactions please visit
www.computershare.co.nz/investorcentre
General enquiries can be directed to:
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