NTL Quarterly Activities & Cashflow Report to 31 Dec 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

Michael Stiassny Independent Director
Richard Tacon Independent Director
Terry Moynihan Independent Director


Jane Bell Company Secretary/GM

Capital Structure
Ordinary Shares at 31 /12 /2025 711,840,938


Share Price
Share Price at 31/12/2025 (NZX) $0.025




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 31 December 2025.
Key Highlights include:
• Finalised a Contract with Ocean Partners UK to Buy Gold and Silver
Concentrate
• Finalised a Contract with Melody Gold Australia for lower grade ore
and tailings
• Appointed Terry Moynihan as Independent Director
• Appointed Jane Bell as Interim General Manager
• Farewelled John Upperton from Board and Management Roles
• Private Placement raises $679k
• Commenced review of Strategic Plan
Key Sales Contracts Finalised
During the quarter, NTL entered into an agreement with Ocean Partners UK
(OCP) to purchase NTL’s Gold Concentrate. OCP has committed to pur-
chasing 100% of New Talisman’s gold and silver concentrate production
until 30 April 2026.
Under this agreement NTL will receive a provisional payment of 90% of the
estimated value of the concentrate. The final price is based on 96.5% of
the gold price (or 90% of the silver price) calculated from final assays and
metal prices. Full details of the terms are set out in NTL’s 30 October 2025
announcement https://www.nzx.com/announcements/461622.
NTL also entered into an offtake agreement with Melody Gold Australia for
the:
• purchase of lower grade ore that would otherwise be uneconomic to
refine to a concentrate. This raw mineralized ore will be purchased
at 70% of the prevailing LBMA reference price
• removal of all tailings from existing and future stockpiles at the Tal-
isman processing site (provided at no cost). Melody will manage all
loading, transport, and processing at its own expense. Ownership
and risk transfer upon loading at NTL’s processing site.
The first shipments to OCP and Melody will take place in first quarter 2026.
Talisman Mine Operations
Mining at the Mystery vein has presented some challenges. The narrow
portal and restricted accessways slow material movement, the natural var-
iation of narrow vein has limited data analysis which makes predicting vein
trajectory difficult. While chip samples provide some guidance, the vein’s
tendency to pinch and swell adds complexity. This variability is typical in
narrow vein mining like we see at Talisman. In early December NTL paused
operations while the Board focused on finalising a more targeted forward
plan.
Quarterly Activities Report to 31 December 2025

2
The forward plan will likely include a first phase of analysing the technical data generated on
the Mystery drive to date to generate a more refined mining and exploration plan, a subse-
quent drilling programme, plus a focus on better optimizing the use of our mining teams when
on site. A revised Strategic Plan will be finalized early in 2026 when we also expect to launch
a capital raise to underpin this next phase of operations.
In January 2026 a significant weather event in the Hauraki District prompted HDC to declare
a state of emergency due to widespread flooding and slips, including in the Karangahake
Gorge. Once road access was restored, an inspection of the mine was completed. The access
road sustained minor washouts, fallen trees, and a blocked culvert near the site; however, the
underground workings appear to be unaffected.
Administration
At the beginning of November, the Board appointed Terry Moynihan as an Independent
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.
In mid November Mr John Upperton stepped down from his Board and operational roles. Jane
Bell was appointed interim General Manager, in addition to her existing roles as NTL’s CFO
and Company Secretary.
In December NTL completed a private placement, issuing 32,958,557 ordinary shares and
raising NZ$725k in working capital being $679k cash and $46k of fees in return for equity for
the three-month period from December to February 2026 from two NTL Directors and our
security supplier.
During the quarter:
• NZ$46,666 was paid or accrued in director fees to entities associated with directors and
major shareholders, of these fees $16,666 was settled by way of issue of shares.
• NZ$20,500 was paid to John Upperton, former General Manager, Mr Upperton retired on
14 November 2025.

Tenements
Talisman Mine – MP51326
Rahu - EP61017

We thank shareholders for their continued support as the company enters the next phase of
its strategic plan.

This report is approved for release by the NTL Board

Page | 1




Current
Quarter
$NZ



Year to Date
(9 Mths)
$NZ



Nil
(334,844)
(288,920)
(236,472)
Nil
276
(1,822)
Nil
Nil



Nil
(954,982)
(420,193)
(670,481)
Nil
7,449
(12,914)
Nil
Nil
(861,782) (2,051,121)


Nil
Nil
(96,793)
Nil
Nil
Nil
(1,425)
Nil
Nil


Nil
Nil
(712,733)
Nil
Nil
Nil
(13,393)
Nil
Nil


(98,218)

(726,126)



679,335
Nil
-
(-)
Nil
Nil



2,354,970
Nil
360,000
(360,000)
Nil
Nil

679,335

2,354,970

(280,665)
673,945
2

(422,277)
815,395
164

393,282

393,282



QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES
LIMITED

For Quarter ended 31 December 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
0

0 0

Current Quarter
$NZ

Following Quarter
$NZ

Nil Nil
300,000

150,000
300,000

150,000

Current Quarter
$NZ

Previous Quarter
$NZ

218,282


1,305


0

497,640

Nil

Nil

175,000

175,000


393,282



673,945

5. NON-CASH 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


..........................................................................................


..........................................................................................



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

711,840,938 711,840,938
SHARES
Issued during current
quarter:
32,958,557 32,958,557
Fully paid at NZ$0.0220
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
31 December 2025

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Rahu – EP61017