NTL 2026 Annual Report to Shareholders

ANNUAL REPORT 2026
www.newtalisman.co.nz

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
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ANNUAL REPORT 2026

NEW TALISMAN GOLD MINES
CONTENTS
Chair’s Letter 3
Business Update 4
Board of Directors 10
Audit Report 11
Financial Statements 13
Notes to the Financial Statements 17
Additional Information 33
Corporate Governance 34
Company Directory back page

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
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CHAIR’S LETTER
Dear Shareholders
Over the past year, New Talisman Gold Mines has made
steady progress in advancing its journey as a gold
explorer and emerging producer, while also resetting its
strategy to unlock the full value of its asset base.
During the year, the Board remained focused on
delivering several key operational milestones. We
successfully established a processing facility, produced
our first gold concentrate, and secured buyers for both
our gold concentrate and lower-grade material. These
achievements represent a significant step forward in
positioning the Company for ongoing production and
cash generation.
At the same time, it became clear that initial production
levels were not sufficient to sustain positive cash flows.
In response, the Board undertook a comprehensive
review of the Company’s strategic plan. This review has
led to a more integrated approach, combining targeted
exploration with disciplined mine development to improve
resource confidence, reduce operational risk, and support
long-term production growth.
New Talisman holds a substantial mineral resource of
approximately 350,000 ounces of gold equivalent at an
average grade of 17 g/t reported in accordance with the
JORC Code (2012), which we believe provides a strong
foundation for future value creation.
Our strategy is focused on increasing confidence in this
resource by converting inferred material into indicated
and measured categories – via modern 3-dimensional
detailed geological mapping and modelling. We are
also pursuing potential overall resource growth through
further drilling at key targets including Mystery, Dubbo,
and Rahu.
Operationally, the year highlighted both progress and
challenges. Mining at the Mystery vein demonstrated
the complexities of predicting the orebody orientation,
resulting from short scale geological variability, and
physical constraints due to the nature of the existing
workings, which are typical of epithermal narrow-vein
underground operations. These factors reinforced
the importance of improved geological modelling
and targeted drilling, both of which now form central
components of our forward plan.
We also strengthened our commercial position, entering
into agreements for the sale of gold and silver concentrate
and for the processing of lower-grade ore and tailings.
These arrangements provide revenue, reduce waste, and
support a more efficient operating model by removing
tailings from our processing site.
During the year, the Company completed capital raisings
to support our growth objectives, including a rights
offer that raised approximately $1.3 million, alongside
earlier placements. These funds are being applied to the
execution of the first phase of our revised strategic plan
(detailed geological modelling), although we recognise
that further capital will be required to fully implement all
phases.
The Board and management team have also evolved
over the period, with new appointments strengthening
our technical and operational mining capability, and with
a continued focus on cost discipline and organisational
efficiency.
Looking ahead, our priorities are clear:
• advancing geological modelling and drilling to
improve resource confidence,
• progressing rehabilitation and development to
enable multiple production faces,
• maintaining a disciplined and staged approach to
capital deployment, and
• positioning the Company for a future of sustainable
production.
While there is still considerable work ahead, we believe
the Company is now better positioned, with a clearer plan,
stronger technical foundation, and improved commercial
arrangements.
On behalf of the Board, I would like to thank our
shareholders for their continued support, as well as our
contractors, and partners for their dedication during the
year.
We remain committed to unlocking the full potential of
the Talisman project and delivering long-term value.
Samantha Sharif
Independent Chair, New Talisman Gold Mines Limited

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
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BUSINESS UPDATE
Over the past year, New Talisman advanced both operational activities and strategic planning at the Talisman Mine and
across its broader exploration portfolio.
Operations and Development
Development activities were primarily focused on the Mystery vein. While progress was made in advancing underground
access and extracting material, operations highlighted the inherent variability of narrow-vein deposits, including
challenges in predicting vein continuity and managing dilution.
In response, the Company paused development to allow for a more data-driven approach. This includes improved
geological modelling, targeted drilling, and refinement of mine planning to support more efficient and predictable future
operations.
The Company also continued to progress rehabilitation planning at the Dubbo area, with the objective of establishing a
second production face and increasing future mining flexibility.
Processing and Sales
During the period, New Talisman commissioned its processing capability and produced gold concentrate. Importantly,
the Company secured commercial offtake agreements:
with Ocean Partners UK for 100% of gold and silver concentrate production, and
with Melody Gold for lower-grade ore and tailings processing.
These agreements enhance revenue pathways, reduce stockpile challenges, and support more efficient processing.
Strategic Plan and Exploration
A key milestone during the year was the completion of a revised Strategic Plan. This plan expands the Company’s focus
beyond development to include targeted exploration across multiple areas: Mystery, Crown, Welcome, Dubbo, and Rahu.
Key components include:
• geological modelling of historical datasets,
• drilling aiming to improve resource confidence and extend mineralisation knowledge,
• rehabilitation of underground access, and
• exploration at the Rahu permit.
The objective is to increase the overall resource base and upgrade existing resources to higher confidence categories,
supporting future feasibility work and production planning.
EXPLORING | SCALING | CREATING VALUE
1. De risking and delivering:
Processing plant operational, first concentrate produced, and commercial offtake secured
— NTL is now an advanced explorer primed for production.
2. Strong asset base:
350,000 oz resource (reported in accordance with the JORC Code, 2012) and an operating
plant provide a robust foundation for sustained value creation.
3. Scalable production growth:
Multiple new work faces, active development, and improved grade control support step
change expansion in output.
4. Clear path to resource growth:
Targeted drilling at Mystery, Dubbo, and Rahu presents significant near term upside in
resource.
5. Positioned for long term success:
Operational efficiency gains, reduced overheads, and strengthened geological capability
set the platform for growth.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
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Resources and Growth Potential
The Talisman project has a mineral resource inventory of 350,000 ounces of gold equivalent at an average grade of 17g/t
reported in accordance with the JORC Code (2012) with additional upside potential from Crown/Welcome and Rahu.
The Company’s strategy is to:
• convert inferred resources to indicated and measured categories,
• expand known mineralisation through drilling, and
• leverage its existing infrastructure to support scalable production growth.
Funding and Capital Management
To support execution of the Strategic Plan, the Company undertook capital raising initiatives, including a rights offer
which raised approximately $1.3 million.
While this provides near-term funding, full implementation of the strategy is expected to require additional capital, and
the Board continues to evaluate funding options and prioritisation of activities accordingly.
Outlook
The Company is entering its next phase with a stronger technical focus and a more structured development pathway.
Near-term activities will prioritise drilling, modelling, and rehabilitation, with the aim of recommencing development on
a more informed and efficient basis.
New Talisman remains focused on responsibly advancing the Talisman Mine while building long-term value through
disciplined execution of its expanded exploration and development strategy.
Figure 1: Plan view of vein
and ore shoot locations

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
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Figure 2: Hauraki Gold Deposits
Figure 3: Exploration and mining
permits in the in the Hauraki district.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
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Talisman Mine - Overview
The Company holds Minerals Mining Permit 51326 (Figure 2), a 25 year mining permit granted in 2009 covering 299
hectares, including the former Talisman and Crown-Welcome mines. The permit lies between the towns of Waihi and
Paeroa in the Hauraki Goldfield and includes mines with total historical production (from the 1880s to 1992) of 1 million
ounces gold and 3 million ounces silver.
The Talisman permit and the adjoining Rahu exploration permit are located in the southern part of the Coromandel
Volcanic Zone (CVZ), a north-northwest trending zone of Miocene to early Quaternary sub-aerial calc-alkaline volcanics.
The permit area covers part of the Karangahake gold-silver deposit, one of the major deposits of the Hauraki Goldfield
(Figure 3), a 200 km long metallogenic zone of epithermal gold-silver and porphyry copper-gold mineralization that
extends from Great Barrier Island in the north to as far south as Te Aroha and Te Puke.
The main mineralised structures within the project are Maria Vein, Mystery Vein and Welcome/Crown Vein.
The Maria Vein has a strike length of approximately 1.5km with gold/silver mineralisation occurring in at least 4 shoots of
higher grade, known from north to south as the Woodstock, Talisman, Bonanza and Dubbo shoots.
The Welcome/Crown has a similar strike length to the Maria and consists of a 50-55 degree west dipping
vein,(Welcome) with a near vertical footwall vein, (the Crown Vein). In addition, there are several under-explored vein
structures known as the Sutro workings around 100m east of the Crown/Welcome.
Historically, the Karangahake deposits were divided into separate mines focused on different gold bearing veins or
lodes and where mining licence boundaries fell. The main ones being the Talisman and the Crown mines. The lodes are
sub-parallel and trend north-northeast. Mining has followed the Welcome/Crown and Maria Veins along strike with the
Welcome/Crown Veins defining the eastern extent of the main known mineralised structures and the Maria Vein defining
the western extent of the main known productive structures. The Mystery Vein (approx. 1m width) is located between
these two vein systems and was discovered in the late 1980’s during the construction of the Keillor’s crosscut, which
connects the 8 Level of the Talisman mine to the Welcome/Crown 5A Level.
Mystery
The Mystery Vein was discovered in the 1980’s, by then
operator Cyprus Mines Corporation in joint venture with New
Zealand Gold Fields Ltd, when developing Keillors Crosscut
to connect the Talisman Mine with the adjacent Crown Mine
(Figure 4). This crosscut intersected a previously unidentified
vein, now called Mystery Vein, approximately mid-way
between the historically productive Maria and Crown Vein
systems. It is believed that this vein had not been identified
previously because of its location on the boundary between
the two historic mining permits, although there is evidence
that the vein may have been encountered in the lower levels
of the Talisman Mine.
A focal point of the underground activities at the Talisman
was to extend the face of the Mystery north drive. In fill
sampling was carried out on the Mystery development drive.
This data was incorporated in the 2019 mineral resource
estimate, and the Company was greatly encouraged by the
increased grade of this resource, (14,000 tonnes at 25 g/t Au
equivalent grade for 11,000 ounces inferred). This estimate
supports NTL’s view of the future production potential of the
Mystery and as part of the ongoing drive to production from
this area and the strategic plan includes further drilling to
enhance the Company’s understanding of this vein, increase
resource confidence, potentially allowing conversion of some
of the inferred resource to indicated/measured to support
mine planning.
The Mystery shows similar geological characteristics to the
adjacent veins and follows a similar north south strike direction
The vein has been exposed in the development drive over a
strike length of some 60 to 65m and regular sampling carried
out by New Talisman (then called Heritage Gold) identified
channel samples on the face of Mystery with grades of up
to 52 g/t gold. The Rhoderick Dhu is exposed on the 7 Level
track approximately 500m to the north and has been traced
on surface by previous companies. New Talisman’s working
hypothesis is that these veins could be one and the same.
Figure 4: Location of Mystery Vein in relation to
Keillors crosscut.

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
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Dubbo
The Dubbo zone occurs on the Maria Vein some 800m inside the mine along No 8 Level and is the largest of the mines
existing ore blocks containing some 117,250 oz gold of the mines 350,000 oz mineral resource, (excluding Crown/
Welcome) at an average gold grade of 21.6 g/t Au.
Of particular significance to immediate extensions
to the current mineral resource is that historic
data acquired in 2015 includes plans showing data
that suggests potential depth extensions of the
Dubbo Zone. The extension of the Dubbo Zone lies
immediately below workings planned in the strategic
plan and can be accessed by creating drill positions
on the hanging wall to enable confirmatory drill
testing (Figure 5).
Rehabilitation work is planned to commence
from Keilers Cross cut to Dubbo to allow another
development face to be opened at Dubbo Cross
cut BM35 heading back toward Cross cut BM37.
Approximately 250 lineal metres of rehabilitation is
required to replace ground support that is some 20
years old. Existing drills holes lengths are 30 – 110 m
length from the current footwall drive but the new
program will involve deeper holes to target the gold
mineralised Maria Vein beneath the current indicated
resource. Total diamond drilling is assumed to be
around 1000m subject to detailed planning and drill
cuddy design. Further geological work is required to
plan the drill holes.
Rahu
In December 2024 NTL announced its wholly owned subsidiary Rahu
Resources Pty Ltd was granted Minerals Exploration Permit 61017 (Figure 6).
The Permit area covers some 387 hectares, in part adjoining and directly
north of New Talisman’s wholly owned Mining Permit 51326 where the
Talisman mine is located.
Rahu represents an exciting opportunity being the northern extensions of
the world class NE trending Karangahake mineralised structural corridor.
Previous exploration by New Talisman and more recently by Newcrest
Mining has demonstrated that the extensive gold and silver mineralisation
represent the upper levels of the more deeply eroded epithermal system
that hosts the Talisman gold deposits.
The mineralisation at Rahu lies between Talisman and the gold deposits
in the Waitekauri Valley that host the former Golden Cross mine (Figure
2) and deposits such as Jubilee that is currently being drilled by another
exploration company.
Previous programmes of surface mapping, geochemical sampling and
largely shallow drilling have given strong evidence that there is potential
for high grade gold mineralisation at depth. It shows many similarities to
other blind discoveries in the Waihi Gold District such as Favona.
The Rahu project requires a programme that will initially involve assessing
all previous surface and drill results plus new mapping and sampling to be
followed by drill hole planning to test for deeper high-grade gold and silver
mineralisation.
The mineral potential of Rahu is to provide a future source of ore to
increase the overall resource base and scale of the Talisman project.
The Permit has an initial 5-year term with a right of renewal for a further 5
years plus extensions for appraisal if a discovery has been made.
Tenements Held by the New Talisman Group of Companies
Current permits
Talisman Mine - Minerals Mining Permit 51326 (100% owned by the Company); and
Rahu Exploration– Minerals Exploration Permit 61017(100% owned by the Company).
Figure 5: Longsection of Dubbo 4 level to 9 level, with
existing drilling
Figure 6: Rahu permit EP 61017

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
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Talisman Mine Current Resources
The below table is the current mineral resource table which shows a substantial indicated and inferred resource of
350,000 ounces of gold equivalent remains in the Talisman mine with plenty of upside potential. The resource completed
in 2019 tabulated below is reported in accordance with the JORC code (2012).
The more detailed information, including JORC Table 1, was released to the market on 24 /06/2020. Please see the full
report found here.
Resource CategoryOre Zone/VeinTonnes
Grade g/t Bullion
equivalent
Ounces Bullion
equivalent
IndicatedTalisman Bonanza 29,0004.34,100
IndicatedDubbo 15,0009.04,400
IndicatedDubbo splay 4,30019.02,600
IndicatedWoodstock 35,0005.15,600
IndicatedWoodstock splay 22,0005.13,600
Total Indicated110,0006.020,000
InferredTalisman-Bonanza 300,00019.0190,000
InferredDubbo 150,00023.0110,000
InferredDubbo splay 56014.0250
InferredWoodstock 62,0005.611,000
InferredWoodstock splay 20,0004.72,900
InferredMystery 14,00025.011,000
Total Inferred

550,00019.0330,000
Total Resources
(* Crown excluded)
660,00017.0350,000
Note: – Data sources include historic bullion samples, drill holes and underground channel samples
Mineral Resources are reported on a 100% basis to a nominal 2.2 Bullion equivalent grams per tonne cut-off grade which
was determined in 2017 based on estimates of mining costs, metallurgical recoveries, treatment and refining costs,
general and administration costs, royalties, and commodity prices.
Ounces are estimates of metal contained in the Mineral Resource and do not include allowances for processing losses.
For reporting purposes, all resources are reported as equivalent bullion values, due to bullion values rather than gold
and silver grades being the only grade information that is available for historic channel samples. Conversion of more
recent gold and silver values to equivalent bullion values uses the formula: Equivalent bullion grade = Gold grade
+ (Silver grade * 0.031609), which is based on historical prices of gold and silver. The equivalent bullion value of the
resource is the same as an estimated gold equivalent grade due to the manner in which the historic and modern bullion
values have been determined. Bullion conversions by NTL were based on a constant gold price of at £4-6s-0d/oz or
USD20.47/oz during the period of historical production. Silver prices ranged from USD 0.49 to USD 1.03/oz.
Tonnage and grade measurements are in metric units. Gold ounces are reported as troy ounces. Rounding as required
by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal
content.
Competent Person Statement
The information in this report that relates to Exploration Results (geological interpretations, and vein modelling), for
the Talisman Project (including the Crown–Welcome, Maria, Dubbo, Mystery, and Roderick Dhu vein systems) is based
on, and fairly reflects, information compiled by Abraham Whaanga, a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy (AusIMM).
Mr Whaanga is an independent consultant employed by RSC Consulting Ltd and has no financial interests in New
Talisman Gold Mines Limited or any associated companies and was renumerated for this report on a standard fee for
time basis.
Mr Whaanga has more than five years’ experience in epithermal gold systems, narrow-vein structural geology, and 3D
geological modelling. This experience is directly relevant to the activities undertaken, including structural interpretation,
vein modelling, and data validation. As such, Mr Whaanga has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the JORC Code (2012).
Mr Whaanga consents to the inclusion in the report of the matters based on his information in the form and context in
which it appears.

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
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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, 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 four 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
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.
Michael Stiassny LLB, BCom, CFInstD
Independent Non-executive Director
Michael is an experienced director with an extensive
background serving on both public and private
commercial boards.
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. Retired 30 April 2026.
Mr John Upperton
Director
Mr Upperton has a background in both Commercial and
Residential Construction Project Management. Alongside
these projects, Mr Upperton has garnered considerable
experience in aspects of the RMA and District Planning
requirements, including successfully representing himself
in Environment Court.
Mr Upperton has 19 years’ experience as Managing Director
of a Limited Company. He has served on and chaired
several community organisations over a 25 year period. Mr
Upperton has also previously held a senior management
role for one of NZ’s leading Manuka Honey producers,
being responsible for the negotiation and placement of
bee hives across the North Island involving more than 300
landowners.
First elected September 29, 2021. Retired 14 November 2025.

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026 | 11
Level 12, 23-29 Albert Street, Auckland 1010
PO Box 3899, Auckland 1140
New Zealand
T: +64 9 309 0463
F: +64 9 309 4544
E: auckland@bakertillysr.nz
W: www.bakertillysr.nz

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of New Talisman Gold Mines Limited
Report on the Audit of the Consolidated Financial Statements

Disclaimer of Opinion
We were engaged to audit the consolidated financial statements of New Talisman Gold Mines Limited and its
subsidiaries ('the Group') on pages 13 to 32, which comprise the consolidated balance sheet as at 31 March 2026,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,
including material accounting policy information.

We do not express an opinion on the accompanying consolidated financial statements of the Group. Because of the
significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able
to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial
statements.

Our report is made solely to the Shareholders of the Group. Our audit 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 an auditor’s 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 audit work or for our report or for the opinions we have formed.

Basis for Disclaimer of Opinion
The consolidated balance sheet includes net assets totalling $15,583,116 related to the Talisman Mine cash-
generating unit. This represents a substantial proportion of the Group’s consolidated financial statements. As part of
our audit procedures, we have been unable to obtain sufficient appropriate audit 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 12 of the 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 balance
sheet, the consolidated statement of comprehensive income and the consolidated statement of changes in equity.

Other Matter
We were engaged to audit the consolidated financial statements of the Group for the year ended 31 March 2025 and
expressed a disclaimer of opinion on those statements on 25 June 2025.

Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards ('NZ
IFRS') and International Financial Reporting Standards ('IFRS'), and for such internal control as the Directors

12 | ANNUAL REPORT 2026 NEW TALISMAN GOLD MINES
determine is necessary to enable the preparation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our responsibility is to conduct an audit of the Group’s consolidated financial statements in accordance with
International Standards on Auditing (New Zealand) ('ISAs (NZ)') and to issue an auditor’s report. However, because
of the matter described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion on the consolidated financial statements

We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New
Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA
Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA
Code.

Other than in our capacity as auditor we have no relationship with, or interests in, New Talisman Gold Mines Limited
or any of its subsidiaries.

The engagement partner on the audit resulting in this independent auditor’s report is J A Daubney.



BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand
29 June 2026

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 13
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Comprehensive Income
For year ended 31 March 2026
Note2026
NZ$
2025
NZ$

Operating income252,79023,752
Operating expenses 3(1,369,395)(986,950)
Administrative expenses4, 6(895,686)(772,857)
Impairment losses12-(13,404)
Reversal of Impairment losses12-5,855,580
Gain/(loss) from operations (2,212,291)4,106,121
Finance Costs5(44,310)(63,347)
Net profit/(loss) for the year (2,256,601)4,042,774
Other Comprehensive Income / (Loss)--
Total comprehensive income/(loss)(2,256,601)4,042,774
Net profit/(loss) attributable to equity holders of the parent(2,256,601)4,042,774
Comprehensive profit/(loss) attributable to equity holders of the
parent
(2,256,601)4,042,774
Earnings per share
Basic earnings/(loss) per share
From continuing operations(0.0028) 0.0063
Diluted earnings/(loss) per share
From continuing operations(0.0028) 0.0063

The accompanying notes form part of these financial statements and should be read in conjunction with this statement

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
14 |
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Changes in Equity
For the Year Ended 31 March 2026
20262025
Note
Share
Capital
Capital
Reserves
Accumulated
Deficit
Total
Equity
Share
Capital
Capital
Reserves
Accumulated
Deficit
Total
Equity
NZ$
NZ$
NZ$NZ$NZ$
NZ$
NZ$NZ$
Equity at beginning of
year
44,954,843-(29,316,758)15,638,08541,471,041-(33,359,532)8,111,509
Profit/(Loss)--(2,256,601)(2,256,601)--4,042,7744,042,774
Net proceeds from
share capital issued
9
3,560,338--3,560,3382,795,501--2,795,501
Partial Conversion of
Loan Note
9
35,324--35,324688,301--688,301
Equity at end of year
9
48,550,505-(31,573,359)16,977,14644,954,843-(29,316,758)15,638,085
The accompanying notes form part of these financial statements and should be read in conjunction with this statement

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 15
NEW TALISMAN GOLD MINES LIMITED
Consolidated Balance Sheet
As at 31 March 2026
Note2026
NZ$
2025
NZ$
Equity
Share Capital948,550,50544,954,843
Accumulated Deficit(31,573,359)(29,316,758)
16,977,14615,638,085
Non current liabilities
Long Term lease liabilities2413,63993,134
Rehabilitation Reserve12452,599434,279
Total Non current liabilities466,238527,413
Current liabilities
Trade and Other Payables23372,165399,696
Convertible Note28-35,324
Short Term Lease Liabilities2479,49473,829
Total current liabilities451,659508,849
Total liabilities 917,8971,036,262
Total equity and liabilities 17,895,04316,674,347
Current assets
Cash and cash equivalents1,176,627640,395
Trade and other receivables2562,653100,790
Other Financial Assets271,754568
Other Assets26122,145180,905
Total current assets 1,363,179922,658
Non-current assets
Other Financial Assets27175,000175,000
Property, plant & equipment111,532,2571,043,785
Mine Development1214,720,87414,354,397
Exploration & Evaluation1211,63711,637
Right of use assets1392,096166,870
Total non-current assets 16,531,86415,751,689
Total assets 17,895,04316,674,347
For and on behalf of the Board:



S Sharif (Chair) R Tacon
Date: 29 June 2026 Date: 29 June 2026
The accompanying notes form part of these financial statements and should be read in conjunction with this statement

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
16 |
NEW TALISMAN GOLD MINES LIMITED
Consolidated Statement of Cash Flows
For year ended 31 March 2026
Note
2026
NZ$
2025
NZ$
Cash flows from operating activities
Cash was provided from:
Receipts from Customers40,103
Interest received9,35521,571
49,45821,571
Cash was disbursed to:
Interest expense on leases(6,341)(693)
Interest expense on loans & notes(19,648)(57,066)
Payments to suppliers & employees(1,991,135)(1,500,208)
(2,017,124)(1,557,967)
Net cash outflows used in operating activities17(1,967,666)(1,536,396)
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of shares-31,280
-31,280
Cash was applied to:
Prospecting and mine development expenditure(366,477)(89,388)
Purchase of property, plant and equipment(612,680)(971,774)
Purchase of Investments-(70,000)
(979,157)(1,131,162)
Net cash outflows used in investing activities (979,157)(1,099,882)
Cash flows from financing activities
Cash was provided from:
Issue of Shares3,664,8412,991,569
3,664,8412,991,569
Cash was applied to:
Issuance costs(104,503)(196,068)
Principal elements of lease payments(73,830)-
(178,333)(196,068)
Net cash inflows from/(used in) financing activities183,486,5082,795,501
Net (decrease) / increase in cash held539,685159,223
Effect of changes in exchange rates (3,453)175
Cash and cash equivalents at beginning of year640,395480,997
Cash and cash equivalents at end of year 1,176,627640,395
CASH AND CASH EQUIVALENTS COMPRISES:
Cash at bank1,176,627640,395
1,176,627640,395
All cash balances are available without restriction. The Company also has NZ$175,000 held on deposit as security for
guarantees issued by the bank. The bank holds a $75,000 bond on behalf of the NZ Stock Exchange for the term of
the exchange listing and a $100,000 bond on behalf of the Department of Conservation held for any potential mining
rehabilitation. The accompanying notes form part of these financial statements and should be read in conjunction with
this statement

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 17
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
1. STATEMENT OF ACCOUNTING POLICIES
Reporting entity
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 and the financial
statements have been prepared in accordance with the
Financial Reporting Act 2013 and the Companies Act 1993.
The consolidated financial statements comprise the results
of New Talisman Gold Mines Limited (the “Company”)
and its subsidiaries (together the “Group”). The group is
engaged in mine development and mineral exploration.
These financial statements were approved for issue by the
Directors on 29 June 2026.
The financial report has been prepared on a going concern
basis.
Statement of compliance
These consolidated financial statements have been
prepared in accordance with New Zealand generally
accepted accounting practice (NZ GAAP), and comply
with New Zealand equivalents to the International Financial
Reporting Standards (NZ IFRS) and with International
Financial Reporting Standards (IFRS).
The Company is a Tier 1 for profit entity.
Measurement base
The consolidated financial statements have been prepared
on a historical cost basis. The accrual basis of accounting
has been used unless otherwise stated and the financial
statements have been prepared on a going concern basis.
The consolidated financial statements are presented in
New Zealand dollars which is the company’s functional
currency.
Use of estimates and judgements
The preparation of financial statements in conformity
with NZ IFRS requires management to make judgements,
estimates and assumptions that affect the application
of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Where material,
information on significant assumptions and estimates
is provided in the relevant accounting policy or will be
provided in the relevant note.
The estimates and associated assumptions are based on
historical experience and other factors that are believed
to be reasonable under the circumstances. Actual results
may differ from these estimates.
The group has made significant accounting estimates in
respect of:
• the assessment of impairment to capitalised
exploration and development expenditure, the
assessment requires a degree of estimation and
judgement (refer to (g) in this report for further
details). and
• the anticipated rehabilitation costs at the conclusion
of mining. (refer to (d) in this report for further
details).
• The useful life of property, plant and equipment. (refer
to (e) in this report for further details).
• The recognition of deferred tax (refer to (q) in this
report for further details).
• Measure of leases (refer to (p) in this report for further
details)
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the year in which the estimates are revised
and in any future periods affected.
Specific accounting policies
The material accounting policies adopted in the preparation
of the consolidated financial statements are set out below.
The policies have been consistently applied to all the years
presented, unless otherwise stated.
(a) Inventories
Inventories are valued at the lower of weighted average
cost and net realisable value. Costs include mining and
production costs as well as commercial, environmental,
health and safety expenses, and stock movements.
(b) Exploration and evaluation costs
Exploration and evaluation costs have been capitalised
on the basis that the Group will commence commercial
production in the future, from which time the costs will be
amortised in proportion to the depletion of the mineral
resources. Key judgements are applied in considering costs
to be capitalised which includes determining expenditures
directly related to these activities and allocating overheads
between those that are expensed and capitalised. In
addition, costs are only capitalised that are expected to be
recovered either through successful development or sale
of the relevant mining interest. Factors that could impact
the future commercial production at the mine include the
level of reserves and resources, future technology changes,
which could impact the cost of mining, future legal changes
and changes in commodity prices. To the extent that
capitalised costs are determined not to be recoverable in
the future, they will be written off in the period in which this
determination is made.
In the event where exploration demonstrates a permit
area is no longer prospective for economically recoverable
reserves, or the exploration or prospecting permit
is relinquished, the value or cost of the tenement is
immediately recognised as an expense in the statement of
comprehensive income.
Prospecting costs are expected to be recovered from
future mining revenues. The recoverability of exploration
and evaluation assets is contingent upon future events,
such as technical success and commercial development,
sale of the area of interest, the results of further exploration,
agreements entered into with other parties, and also upon
meeting commitments under the terms of the permits.
(c) Mining tenements
When a tenement is assessed as capable of sustaining
commercial mining operations, capitalised exploration
and evaluation expenditure is reclassified as assets under
construction and is disclosed as a component of property,
plant and equipment. All subsequent development

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
18 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
expenditure, net of any proceeds from ore sales during the
development stage, is capitalised and classified as mine
development. Key judgements are applied in considering
costs to be capitalised which includes determining
expenditures directly related to these activities and
allocating overheads between those that are expensed
and capitalised. In addition, costs are only capitalised that
are expected to be recovered either through successful
development or sale of the relevant mining interest.
On completion of development, the value or cost of
accumulated exploration and development costs will be
reclassified as other mineral assets and amortised on the
basis of units of production over the expected productive
life of the mine. Provisions for closure and rehabilitation are
initially recognised when an environmental disturbance
first occurs. The estimate for the rehabilitation provision is
reviewed by management at each reporting date and an
assessment is made on whether the estimate continues
to reflect the company’s present legal and constructive
obligations.
(d) Rehabilitation Reserve
A provision has been made for the present value of
anticipated costs for future rehabilitation of land explored
or mined. The Group’s mining and exploration activities
are subject to various laws and regulations governing
the protection of the environment. The Group recognises
management’s best estimate for assets retirement
obligations and site rehabilitations in the period in which
they are incurred. Actual costs incurred in the future periods
could differ materially from the estimates. Additionally,
future changes to environmental laws and regulations,
life of mine estimates and discount rates could affect the
carrying amount of this provision.
(e) Property plant and equipment
All property, plant and equipment is initially recorded at
cost.
When an item of property, plant and equipment is disposed
of, the gain or loss is recognised in the profit or loss and is
calculated as the difference between the sale price and the
carrying value.
The Group employs significant estimates to determine the
estimated useful lives of property, plant and equipment,
considering industry trends such as technological
advancements, past experience, expected use and review
of asset lives. The Group reviews these decisions at least
once each year or when circumstances change. The
Group will change depreciation methods, depreciation
rates or asset useful lives if they are different from previous
estimates.
(f) Depreciation
Depreciation is provided on all tangible property, plant
and equipment on a straight line basis at rates calculated
to allocate the difference between the cost and residual
values of each asset over its estimated useful life. For this
purpose, the company has adopted the depreciation rates
set by the Inland Revenue Department as appropriate.
Rates used during the year were:
Office equipment Straight line 13.5-67%
Field equipment Straight line 7-30%
Fixtures and fittings Straight line 9-10%
Motor Vehicles Straight line 10.5-30
Mine Assets Units of production
(g) Impairment of assets
At each reporting date, the Group assesses impairment of
mine assets at by evaluating conditions specific to the Group
and to the particular assets that may lead to impairment.
If an impairment trigger exists, the recoverable amount of
the asset is determined. This involves fair value less costs
of disposal or value in use calculations, which incorporate a
number of key estimates and assumptions. It is reasonably
possible that the underlying metal price assumption may
change which may then impact the estimated life of mine
determinant and may then require a material adjustment
to the carrying value of mine assets. Furthermore,
the expected future cash flows used to determine the
value-in-use of these assets are inherently uncertain and
could materially change over time. They are significantly
affected by a number of factors including reserves and
production estimates, together with economic factors such
as metal spot prices, discount rates, estimates of costs to
produce reserves and future capital expenditure. If the
recoverable amount of an asset is less than its carrying
amount, the item is written down to its recoverable amount
and the write down recognised as an expense in the profit
or loss. Recoverable amount is the higher of fair value less
costs to sell and value in use.
(h) Segment information
Identification of reportable operating segments
The Group is organised into one operating segment,
being mining and exploration operations. This operating
segment is based on the internal reports that are reviewed
and used by the Board of Directors (who are identified
as the Chief Operating Decision Makers (‘CODM’)) in
assessing performance and in determining the allocation
of resources.
The CODM reviews EBITDA (earnings before interest, tax,
depreciation and amortisation). The accounting policies
adopted for internal reporting to the CODM are consistent
with those adopted in the financial statements.
The information reported to the CODM is on a quarterly
basis.
Types of products and services
The principal products and services of this operating
segment are the mining and exploration operations in New
Zealand.
Major customers
During the year ended 31 March 2026 the Company sold
Gold Concentrate to Ocean Partners UK Ltd.
(i) Income tax
The company is a mining company for New Zealand tax
purposes. All exploration and development expenditure,
including the cost of mining assets, is tax deductible in the
year the expenditure is incurred. Mining losses can be set
off against non-mining income in the ratio 3:2.
Deferred taxation assets are recognised in the financial
statements only to the extent that it is probable that there
will be future taxable profit to utilise them.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 19
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
(j) Share capital
Ordinary shares and options are classified as equity. Direct
costs of issuing shares and options are deducted from the
proceeds of the issue.
(k) Cash flows
For the purpose of the statement of cash flows, cash
includes cash on hand, deposits held at call with banks
and short-term highly liquid investments with original
maturities of three months or less.
(k) Foreign currencies
Transactions in foreign currencies are converted into NZ
currency at the rate of exchange ruling at the date of the
transaction. At balance date foreign monetary assets and
liabilities are translated at the closing rate and exchange
variations resulting from these translations are recognised
in the statement of comprehensive income.
(l) Basis of consolidation
The consolidated financial statements include the parent
company and all subsidiaries over which the parent
company has control. The company controls an investee if
all three of the following elements are present: power over
the investee, exposure to variable returns from the investee,
and the ability of the investor to use its power to affect those
variable returns. Control is reassessed whenever facts and
circumstances indicate that there may be a change in any
of these elements of control. The purchase method is used
to prepare the consolidated financial statements, which
involves adding together like assets, liabilities, income
and expenses on a line-by-line basis. All intercompany
transactions are eliminated on consolidation.
(m) Financial assets
(i) Classification
The Group classifies its financial assets in the
following measurement categories:
• those to be measured subsequently at
fair value (either through OCI or through profit or
loss), and
• those to be measured at amortised
cost. The classification depends on the Group’s
business model for managing the financial assets
and the contractual terms of the cash flows.
For assets measured at fair value, gains and
losses will either be recorded in profit or loss or
OCI. For investments in equity instruments that are
not held for trading, this will depend on whether
the Group has made an irrevocable election at
the time of initial recognition to account for the
equity investment at fair value through other
comprehensive income (FVOCI).
The Group reclassifies debt investments when
and only when its business model for managing
those assets changes.
(ii) Recognition and derecognition
Regular way purchases and sales of financial
assets are recognised on trade date, being the date
on which the Group commits to purchase or sell
the asset. Financial assets are derecognised when
the rights to receive cash flows from the financial
assets have expired or have been transferred and
the Group has transferred substantially all the risks
and rewards of ownership.
(iii) Measurement
At initial recognition, the Group measures a
financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit
or loss (FVPL), transaction costs that are directly
attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried
at FVPL are expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments
depends on the Group’s business model
for managing the asset and the cash flow
characteristics of the asset. There are three
measurement categories into which the Group
classifies its debt instruments:
• Amortised cost: Assets that are held
for collection of contractual cash flows where
those cash flows represent solely payments of
principal and interest are measured at amortised
cost. Interest income from these financial assets
is included in finance income using the effective
interest rate method. Any gain or loss arising
on derecognition is recognised directly in profit
or loss and presented in other gains/(losses)
together with foreign exchange gains and losses.
Impairment losses are presented as separate line
item in the statement of profit or loss.
• FVOCI: Assets that are held for collection
of contractual cash flows and for selling the
financial assets, where the assets’ cash flows
represent solely payments of principal and
interest, are measured at FVOCI. Movements
in the carrying amount are taken through OCI,
except for the recognition of impairment gains
or losses, interest income and foreign exchange
gains and losses, which are recognised in profit
or loss. When the financial asset is derecognised,
the cumulative gain or loss previously recognised
in OCI is reclassified from equity to profit or loss
and recognised in other gains/(losses). Interest
income from these financial assets is included in
finance income using the effective interest rate
method. Foreign exchange gains and losses are
presented in other gains/(losses) and impairment
expenses are presented as separate line item in
the statement of profit or loss.
• FVPL: Assets that do not meet the criteria
for amortised cost or FVOCI are measured at
FVPL. A gain or loss on a debt investment that is
subsequently measured at FVPL is recognised in
profit or loss and presented net within other gains/
(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
20 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
investments at fair value. Where the Group‘s
management has elected to present fair value
gains and losses on equity investments in OCI,
there is no subsequent reclassification of fair
value gains and losses to profit or loss following
the derecognition of the investment. Dividends
from such investments continue to be recognised
in profit or loss as other income when the Group’s
right to receive payments is established.
Changes in the fair value of financial assets at
FVPL are recognised in other gains/(losses) in
the statement of profit or loss as applicable.
Impairment losses (and reversal of impairment
losses) on equity investments measured at FVOCI
are not reported separately from other changes in
fair value.
(iv) Impairment
The Group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. For trade receivables, the Group applies the
simplified approach permitted by NZ IFRS 9, which
requires expected lifetime losses to be recognised
from initial recognition of the receivables.
(n) Trade and other payables
These amounts represent liabilities for goods and services
provided to the Group prior to the end of the financial year
which are unpaid. Trade and other payables are presented
as current liabilities unless payment is not due within 12
months after the reporting period. They are recognised
initially at their fair value and subsequently measured at
amortised cost using the effective interest method.
(o) Convertible Note
The proceeds received on issue of the Group’s convertible
note are allocated into their liability and equity components.
The amount initially attributed to the liability component
equals the discounted cash flows using a market rate of
interest that would be payable on a similar debt instrument
that does not include an option to convert. Subsequently,
the liability component is accounted for as a financial
liability measured at amortised cost until extinguished on
conversion or maturity of the note.
(p) Leases
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities
include the net present value of the following lease
payments:
• fixed payments (including in-substance fixed
payments), less any lease incentives receivable
• variable lease payments that are based on an index
or a rate, initially measured using the index or rate as
at the commencement date
• amounts expected to be payable by the Group under
residual value guarantees
• the exercise price of a purchase option if the Group is
reasonably certain to exercise that option, and
• payments of penalties for terminating the lease, if the
lease term reflects the Group exercising that option.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the
Group, the lessee’s incremental borrowing rate is used,
being the rate that the individual lessee would have to pay
to borrow the funds necessary to obtain an asset of similar
value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions.
Lease payments to be made under reasonably certain
extension options are also included in the measurement
of the liability. In determining the lease term, management
considers all facts and circumstances that create an
economic incentive to exercise an extension option, or not
exercise a termination option. Extension options (or periods
after termination options) are only included in the lease
term if the lease is reasonably certain to be extended (or
not terminated).
Lease payments are allocated between principal and
finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for
each period.
Right-of-use assets are measured at cost comprising the
following:
• the amount of the initial measurement of lease
liability
• any lease payments made at or before the
commencement date less any lease incentives
received
• any initial direct costs, and
• restoration costs
Right-of-use assets are depreciated over the shorter of
the asset’s useful life and the lease term on a straight-line
basis.
Payments associated with short-term leases of equipment
and vehicles and all leases of low-value assets are
recognised on a straight-line basis as an expense in profit
or loss. Short-term leases are leases with a lease term of 12
months or less without a purchase option. Low-value assets
comprise IT equipment and small items of office furniture.
(q) Deferred tax
Deferred tax is not recognised for deductible temporary
differences and carried forward tax losses as Management
considers that it is not probable that future taxable profits
will be available to utilise those temporary differences and
carried forward tax losses.
(r) Goods and Services Tax
All amounts are shown exclusive of Goods and Services Tax
(GST), except for receivables and payables that are stated
inclusive of GST. The net amount of GST recoverable or
payable is included as part of the receivables or payables
balance in the balance sheet.
(s) Earnings per share
The Group presents basic and diluted earnings per share
(EPS) data for its ordinary shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary
shareholders of the parent by the weighted average number

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 21
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
of ordinary shares outstanding during the year, adjusted
for own shares held. Diluted EPS is determined by adjusting
the profit or loss attributable to ordinary shareholders and
the weighted average number of ordinary shareholders
outstanding, adjusted for the effects of all dilutive potential
ordinary shares, comprising share options.
(t) Revenue recognition
Revenue is recognised at the fair value of the consideration
received net of the amount of GST.
(u) Going concern
The Group and Parent 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 Group currently has a low cash balance in relation to
its usual cash demand which may cast significant doubt
upon the Group’s ability to continue as a going concern.
The financial forecasts for FY27 and FY28 project sufficient
cash available to satisfy all financial obligations which
arise in the next 12 months from 31 March 2027. The forecast
cash flows are dependent on the key assumptions outlined
below.
• Achievement of production targets. In forecasting
the Companies cash requirements management has
made certain assumptions around the timing, volume
and grade of production. There is material uncertainty
as to the ability to achieve the production targets.
• 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.
• Ability to raise suitable capital to enable execution of
the strategic plan.
The forecast assumptions have been conservatively
prepared and stress tested against the practical constraints
of ore volumes. Should the Company be unable to achieve
the forecast cash flows mentioned above 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 at the date of signing the Group has cash and cash
equivalents of $695k. The Group’s revised strategic plan
requires cash flow in excess of the Group’s current cash
reserves. As a result management recognises that further
capital raises will be required to fully implement all phases
of the strategic plan and to discharge its liabilities and
commitments in the ordinary course of business.
As a result of the aforementioned material uncertainties,
significant doubt exists as to whether the Group will
continue as a going concern for a period of at least 12
months from issuance of these financial statements. If it is
unable to continue as a going concern the Group may be
unable to realise its assets and discharge its liabilities in the
normal course of business.
(v) New Accounting Standards and Interpretations not
yet mandatory or early adopted
NZ IFRS Standards and Interpretations that have recently
been issued or amended but are not yet mandatory, have
not been early adopted by the Group for the financial year
ended 31 March 2026. The Group has not yet assessed the
impact of these new or amended Accounting Standards
and Interpretations.
NZ IFRS 18 Presentation and Disclosure in Financial
Statements. The Group is currently assessing the effect of
these new accounting standards and amendments. NZ
IFRS 18 Presentation and Disclosure in Financial Statements
supersedes NZ IAS 1 and will result in major consequential
amendments to IFRS Accounting Standards including NZ
IAS 8 Basis of Preparation of Financial Statements (renamed
from Accounting Policies, Changes in Accounting Estimates
and Errors). Even though NZ IFRS 18 will not have any effect
on the recognition and measurement of items in the
consolidated financial statements, it is expected to have
a significant effect on the presentation and disclosure of
certain items. These changes include categorisation and
sub-totals in the statement of profit or loss, aggregation/
disaggregation and labelling of information, and disclosure
of management defined performance measures.
The Group does not expect any other standards issued by
the New Zealand Accounting Standards Board (NZASB) or
IASB, but not yet effective, to have a material impact on the
Group.
(w) New standards, interpretations and amendments
adopted from 1 April 2025
There were no new standards, interpretations and
amendments adopted during the financial year ended 31
March 2026.
2. OPERATING INCOME
Mar 2026
NZ$
Mar 2025
NZ$
Sale of Gold/Silver Concentrate44,707-
Interest8,08323,227
Sundry income-525
Total operating income52,79023,752

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
22 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
3. OPERATING EXPENSES
Mar 2026
NZ$
Mar 2025
NZ$
Management Consultants155,506140,500
Geological Consultants9,558-
Security197,818210,860
Mine Maintenance635,895634,550
Processing Costs398,6211,040
Less Closing Stock(28,003)-
Total operating expenses1,369,395986,950
4. ADMINISTRATION EXPENSES BY NATURE
Mar 2026
NZ$
Mar 2025
NZ$
Accountancy fees9,97314,653
Auditor’s fees – audit and review of the financial statements UHY
Haines Norton
3,95932,797
Auditor’s fees – audit or review of the financial statements - Baker
Tilly Staples Rodway Auckland
124,33180,000
Depreciation198,98231,783
Director fees (ref note 6)181,667183,333
Foreign exchange loss/(gain)6,322(1,950)
Insurance143,407103,457
Legal fees11,19654,442
Loss on Disposal of Fixed Assets-7,781
Rental and lease costs8,252-
Secretarial expenses120,000120,000
Shareholder Meetings & Reports7,81214,154
Share registry 35,29869,478
Share revaluation loss/(gain)(1,193)(2,087)
Stock exchange fees32,07146,624
Other13,60918,392
Total administration expenses895,686772,857
5. FINANCE COSTS
Mar 2026
NZ$
Mar 2025
NZ$
Interest paid on short term loans18,8126,250
Interest paid on Convertible Note83738,826
Interest on Rehabilitation Provision18,32017,579
Interest and finance charges paid on lease liabilities6,341692
Total operating income44,31063,347

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 23
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
6. KEY MANAGEMENT PERSONEL
Director and Officer remuneration2026
NZ$
2025
NZ$
R Tacon40,00043,333
T Moynihan16,667-
J K Upperton25,00040,000
M P Stiassny40,00040,000
S H Sharif60,00060,000
S J Bell120,000120,000
In addition to his directors fees Mr Upperton was engaged to provide general management services and received
consulting fees of $102,500 (2025 $140,500). Mr Upperton retired from both his Director role and General Manager role on
14 November 2025.
In addition to her Company Secretary fees Ms Bell was engaged as Interim General Manager from 17 November 2025
and received consulting fees of $42,805.(2025 $nil)
Whakapai Consulting Ltd a company in which Ms Bell is a Director and Shareholder was paid rent for lease of office at 2b
Gibraltar Cres, Parnell of $8,251.
Mr T Moynihan was appointed Director of the Company on 3 November 2025.
Subsequent to year end Mr M Stiassny retired from the Board on 30 April 2026.
There were no other changes to the board of directors during this period.
During the reporting period, no options were issued to directors or employees. In the prior year, no options were issued
to directors or employees.
Remuneration of Employees
There were no employees during the reporting period.
7. TAXATION
2026
NZ$
2025
NZ$
Net profit / (loss) before taxation(2,256,601)4,042,774
Prima facie income tax at 28%(631,848)1,131,977
Add/(subtract) the taxation effect of permanent differences:
Impairment of Assets(408)(1,635,809)
Loss on Investment(334)708
Other Non-Deductible Expenses26,0666,621
Tax losses not recognised(606,524)(496,503)
Temporary differences not recognised--
Income tax expense/(benefit) not recognised(606,524)(496,503)
The parent company has the following estimated taxation losses available:
(a) mining losses to offset against future mining income of NZ$11,922,025 (2025: NZ$10,919,653) and
(b) non-mining taxation losses of NZ$25,106,967 (2025: NZ$23,993,772).
The mining losses are currently being assessed by the IRD and the company is working closely with their representatives
to confirm balances brought forward from previous years. Such losses will only be available to be offset if:
(a) the company derives future assessable income of a nature and an amount sufficient to enable the benefit of
the losses to be realised;
(b) the company continues to comply with the conditions for deductibility imposed by the law;
(c) there are no adverse changes in tax legislation or tax rates which affect the company in realising the benefit
from the deduction for the losses.
At balance date the company’s imputation credit account balance was nil (2025: nil).

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
24 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
8. SEGMENT INFORMATION
During the current period, the Group had one business segment - mineral exploration and development, within New
Zealand. All the Group assets are held in New Zealand.
9. EQUITY & RESERVES
The group’s capital is managed with the objective of maintaining adequate working capital so that all obligations
can be met when they fall due. All components of equity are regarded as “capital”. All internal capital management
objectives have been met. There has been no change to the management of capital since the prior year.
Share capital
Ordinary shares
2026
Number
2025
Number
2026
NZ$
2025
NZ$
Balance beginning of year641,033,914458,029,55544,954,84341,471,041
Proceeds from Rights issues79,765,781133,918,6501,276,2532,413,569
Partial Conversion of Loan Note543,44236,650,00035,324688,301
Proceeds from Private Placements70,263,58212,435,7092,388,588578,000
Issuance Costs--(104,503)(196,068)
Balance at end of year791,606,719641,033,91448,550,50544,954,843
All authorised shares have been issued, have equal voting rights and will share equally in dividends and surplus on
winding up. The shares have no par value.
New Talisman Gold Mines Limited issued 150,572,805 ordinary shares during the period by way of:
• 79,765,781 Ordinary shares issued under a rights issue with a total value of $1,276,253.
• Issue of 70,262,582 Ordinary shares by way of private placements with a total value of $2,388,588.
• Issue of 543,442 Ordinary shares for a total value of $35,324 as the final partial conversion of the Convertible Debt
Security.
The company incurred issuance costs (stock exchange fees, registry costs and legal fees) of $104,503 in relation to these
activities.
Share based payments
There were no share-based payment arrangements that existed during the year. (2025: Nil)
Options
The Company has no listed or unlisted options (2025: Nil).
10. OTHER RELATED PARTY TRANSACTIONS
Payments for consulting services to companies in which directors and major shareholders have a substantial interest
amounted to NZ$102,500 (2025:NZ$140,500). These payments are detailed as follows:
2026
NZ$
2025
NZ$
Kohe Cottages (related to J K Upperton)102,500140,500
Total102,500140,000
At balance date, creditors included NZ$5,000 payable to related party individuals or companies (2025:NZ$49,907).
Related party debtors totalled nil at balance date (2025: nil) and no related party debts were written off during the year.
During the year the Group had loan facilities of up to $550,000 available from two Directors as follows:
Facility Interest Paid
Samantha Sharif $200,000 1,265
Richard Tacon $350,000 11,829
The facilities were unsecured, had an interest rate of 19% and a repayment date of 31 Dec 2025. The facilities were
partially drawn down during the year and then repaid. At the end of the term of the facilities they were not renewed.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 25
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
11. PROPERTY, PLANT & EQUIPMENT
Fixtures &
fittings
NZ$
Office
equipment
NZ$
Field
equipment
NZ$
Motor
Vehicles
NZ$
Total
NZ$
Year ended 31 March 2025
Carrying amount 1 April 2024684596,8767,781105,508
Additions--971,774-971,774
Disposals---(7,781)(7,781)
Depreciation(6)(299)(25,411)-(25,716)
Carrying amount-5461,043,239-1,043,785
31 March 2025
Cost1,26051,5471,234,652-1,287,459
Accumulated Depreciation(1,260)(51,001)(191,412)-(243,673)
Carrying amount-5461,043,239-1,043,785
Year ended 31 March 2026
Carrying amount 1 April 2025-5461,043,239-1,043,785
Additions--612,680-612,680
Disposals-----
Depreciation-(300)(123,908)-(124,208)
Carrying amount-2461,532,011-1,532,257
31 March 2026
Cost1,26051,5471,847,332-1,900,139
Accumulated Depreciation(1,260)(51,301)(315,321)-(367,882)
Carrying amount-2461,532,011-1,532,257

During the year ended 31 March 2026 the Group made additions to its processing plant and completed commissioning
of the plant. The total cost of additions to the processing plant during the year was $612,680.
12. MINE DEVELOPMENT & EXPLORATION AND EVALUATION
Mine development2026
NZ$
2025
NZ$
Carrying amount at 1 April14,354,3978,422,835
Additions366,47775,982
Impairment of mine development --
Reversal of impairment charge-5,855,580
Balance at end of year14,720,87414,354,397
2026
NZ$
2025
NZ$
Cost14,720,87414,354,397
Accumulated Impairment of mine assets --
Balance at end of year14,720,87414,354,397
A mine is currently being developed on the Talisman Mining permit.
Development expenditures are costs incurred to obtain access to proven and probable reserves and to provide facilities
for extracting, treating, gathering, transporting and storing the minerals. Development expenditures are capitalised to

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
26 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
the extent that they are necessary to bring the property to commercial production. Only costs attributable to an area
of interest or capable of being reasonably allocated to an area of interest are eligible for capitalisation. Development
expenditures can include both direct and indirect costs however indirect costs are included only if they can be directly
attributed with the area of interest. Costs associated with re-working engineering design errors or those attributed to
inefficiencies in development are not capitalised.
2026
NZ$
2025
NZ$
Rehabilitation Reserve
Carrying Amount at 1 April434,279416,700
Additions18,32017,579
Carrying Amount 31 March452,599434,279
The directors have provided for rehabilitation costs of the Talisman mine site on its closure. The estimated cost is
established from an independent valuation with annual interest charge applied.
2026
NZ$
2025
NZ$
Exploration and evaluation costs
Carrying Amount at 1 April11,63711,637
Additions-13,404
Impairment of prospecting costs-(13,404)
Carrying Amount 31 March11,63711,637
2026
NZ$
2025
NZ$
Exploration and evaluation
Cost2,843,1652,843,165
Accumulated Impairment(2,831,528)(2,831,528)
Carrying amount 31 March11,63711,637
Exploration and evaluation expenditure is recorded at cost. The Group recorded an impairment in the carrying value of
the Rahu exploration asset due to uncertainty around access to the land at that time.
Impairment of Assets
The Group assesses each mining development at the end of each period to determine whether there are any indicators
of impairment. Where an indicator of impairment exists, an estimate of the recoverable amount is made.
The key assumptions and factors considered as part of this assessment of impairment includes:
• The current state of the mine
• The status of the mining permits held
• A formal independent valuation report on the mine (if available)
• Market capitalisation
• The strategic plan
Talisman Mine Development
At each reporting date, the Directors assess whether indicators of impairment exist in accordance with NZ IAS 16.
An independent technical valuation of the Talisman Gold Project was prepared by Geos Mining Mineral Consultants as
at 30 September 2021, determining a preferred value of NZ$15.6 million based on a six-year discounted cash flow (DCF)
model.
Under a permit issued by NZP&M, the current local council resource consent authorizes a two-year bulk sampling program.
Transitioning to full-scale extraction will require a new, comprehensive resource consent from the local council.
In the year ended 31 March 2022, an impairment was recognised reflecting the conditional nature of the resource consent,
absence of commercial production, and variability in valuation outcomes. The carrying value was reduced to $9.0 million.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 27
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
At 31 March 2023, a further impairment of $1,205,483 was recognised based on observable market indicators. No
adjustment was recognised in the year ended 31 March 2024.
At 31 March 2026, the Directors considered obtaining an updated mine valuation as part of their impairment assessment,
however, 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. Furthermore, as the revised strategic plan was in the initial implementation stage
at balance date, the directors made the decision to delay obtaining a formal valuation until the geological modelling
and bulk sampling programme had progressed sufficiently to more fully inform a valuation. The Directors considered
alternative impairment indicators, including replacement cost, market capitalisation, and gold price trends, and
concluded that no impairment indicators existed, previous impairment provisions were reversed.
For the year ended 31 March 2026, the Directors performed an impairment assessment considering:
• Updated internal DCF modelling (valuation range $17.9 million to $83.6 million);
• Market-based benchmarks for in-ground resources (implied valuation range $6.6m to $25 million with the mid at
approximately $15.8 million);
• Market capitalisation and replacement cost benchmarks; and
• Operational and funding factors.
Based on this assessment, the Directors concluded that the recoverable amount exceeds the carrying value of the asset.
Accordingly, no impairment has been recognised for the year ended 31 March 2026.
The asset will continue to be monitored for impairment at each reporting date.
TENEMENT SCHEDULE:
Permits held by the Group:
51 326 Talisman (Mining) – Granted Tier 1 minerals mining permit, Coromandel, New Zealand
61017 Rahu (exploration) – Granted minerals exploration permit, Coromandel, New Zealand
13. RIGHT OF USE ASSETS
The Group has recognised a right of use asset for the lease of the premises for the operating of the Processing Plant in
Waikato. The Group had entered into a lease agreement on 1 March 2025 for a lease term until 27 May 2027.
Movements in right of use assets are summarised below:
2026
NZ$
2025
NZ$
Balance at beginning of year166,870-
Additions-172,937
Depreciation Charge(74,774)(6,067)
Balance at end of year92,096166,870
14. SUBSIDIARY COMPANIES
Percent held Incorp Balance Activity
2026 2025 in date
Subsidiaries
Coromandel Gold Limited 100% 100% NZ 31 March Share investment
Critical Minerals Resources Limited 100% 100% NZ 31 March Inactive
Rahu Resources Pty Limited 100% 100% NZ 31 March Minerals exploration
All subsidiaries are direct subsidiaries of the company.
15. FINANCIAL RISK MANAGEMENT
Financial risk management objectives
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk
and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the
unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the
Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include
sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and
beta analysis in respect of investment portfolios to determine market risk.

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
28 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
Risk management is carried out by management under policies approved by the Board of Directors (‘the Board’). These
policies include identification and analysis of the risk exposure of the consolidated entity and appropriate procedures,
controls and risk limits. Management identifies, evaluates and reports financial risks within the consolidated entity’s
operating units. Management reports to the Board on a quarterly basis.
Credit Risk
Financial instruments which potentially subject the Group to credit risk principally consist of bank balances and
receivables. Surplus funds are placed in interest bearing accounts with major trading banks and the Group does not
anticipate non-performance by those parties. Maximum exposure to credit risk at balance date is represented by the
carrying value of the financial instruments. No collateral is held on these assets and the balances are stated net of
recognised impairment losses. The group deals only with banks having at least an A credit rating.
Currency Risk
At present the Group does not hedge foreign currency transaction or translation exposures. The Group has exposure
to foreign exchange risk as a result of transactions from normal trading activities mainly denominated in Australian
currencies. The Group holds funds in an Australian currency bank account.
Liquidity Risk
Management supervises liquidity through cashflow forecasting, budgeting and by carefully controlling cash outflows
from existing cash resources. The group relies on new equity to fund exploration and mine development expenditure.
Remaining contractual maturities
The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been
drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial
liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial
position.
2026Weighted
average
interest rate
1 year or less
$
1 to 5 years
$
Over 5 years
$
Total
$
Trade and other payables0%372,165 - - 372,165
Lease liabilities5% 79,494 13,639 - 93,133
451,659 13,639 - 465,298
2025Weighted
average
interest rate
1 year or less
$
1 to 5 years
$
Over 5 years
$
Total
$
Trade and other payables0%399,696 - - 399,696
Lease liabilities5% 73,829 93,041 - 166,870
Convertible notes9.50% 35,324 - - 35,324
508,849 93,041 - 601,890
Price risk
The Group is exposed to commodity price risk arises from gold and other metals held as inventory. As the Group did not
produce a material amount of gold in the reporting period there is no material price risk at this time.
Interest Rate Risk
At balance date the Group had no material exposure to interest rate risks. The table below shows short term deposits
held at balance date:
Re-pricing AnalysisEffective Interest RateTotal
NZ$
6 months or less
NZ$
Short term bank deposits3.47-5.25%175,000175,000

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 29
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
16. FAIR VALUES
The carrying amount of financial instruments is a reasonable approximation of their fair value. Investments in listed
companies are measured at fair value based on quoted prices in active markets.
17. RECONCILIATION OF OPERATING CASHFLOW AND REPORTED DEFICIT
2026
NZ$
2025
NZ$
Net profit / (loss) after taxation(2,256,601)4,042,774
Add non-cash items:
Depreciation198,98225,716
Impairment of assets-13,404
Reversal of Impairment-(5,855,580)
Loss on disposal of property, plant & equipment-7,781
Share revaluation (gain)/loss(1,185)(2,172)
Exchange (gain)/loss3,452(175)
(2,055,352)(1,768,252)
Add (less) movement in working capital:
Decrease (increase) in debtors
13,042(16,564)
Increase (decrease) in creditors
(27,531)174,777
Increase (decrease) in rehabilitation reserve
18,32117,579
Decrease (increase) in interest receivable
1,272(1,656)
Decrease (increase) in stock held
(28,003)-
Decrease (increase) in prepayments
86,76389,468
Decrease (increase) in GST
23,822(31,748)
87,686231,856
Net cash outflows used in operating activities(1,967,666)(1,536,396)

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
30 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
18. RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING
ACTIVITIES
Convertible
Note
NZ$
Lease
Liabilities
NZ$
Share Capital
NZ$Total
NZ$
Opening Balance 1 April 2024
723,625-41,471,04142,194,666
Cashflows:
-Repayment
(5,974)-(5,974)
-Proceeds of shares issued-2,795,5012,795,501
Net Cash flows from Financing-(5,974)2,795,5012,789,527
Non Cash-
-New leases-172,937-172,937
-Interest expense693693
-Interest payments (presented as operating
cashflows) (693)(693)
-Conversion of note(688,301)688,301-
Total Non Cash(688,301)166,963688,301166,963
Balance 31 March 202535,324166,96344,954,84345,157,130
-Repayment(73,830)(73,830)
-Proceeds of shares issued-3,560,3383,560,338
Net Cash flows from Financing-(73,830)3,560,3383,486,508
Non Cash
-Interest expense6,3416,341
-Interest payments (presented as operating
cashflows)(6,341)(6,341)
-Conversion of note(35,324)-35,324-
-Fair Value----
Total Non Cash(35,324)-35,324-
Closing Balance 31 March 2026-93,13348,550,50548,643,638
19. COMMITMENTS
The group has no capital commitments at year end. (2025:Nil).
20. CONTINGENT LIABILITIES

Mar 2026
NZ$
Mar 2025
NZ$
Contingent liabilities175,000175,000
The Group has given two bank bonds as at 31 March 2026 of $75,000 to NZX and $100,000 to Department of Conservation.
21. NET TANGIBLE ASSETS PER SECURITY
Mar 2026
NZ$
Mar 2025
NZ$
Net tangible assets
Net tangible assets per security
16,977,146
$0.0214
15,638,085
$0.0244

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 31
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
22. EARNINGS PER SHARE
Mar 2026Mar 2025
Profit/(loss) from continuing operations
Weighted average number shares
(2,256,601)
672,822,434
4,042,774
565,911,939
Basic earnings per share
Diluted weighted average shares on issue
(0.0028)
672,822,434
0.0063
565,911,939
Diluted earnings per share(0.0028)0.0063
23. PAYABLES
Mar 2026
NZ$
Mar 2025
NZ$
Trade payables284,232315,526
Accruals87,93384,170
372,165399,696
Trade Payables
Trade payables are unsecured and are usually paid within 30 days of recognition.
24. LEASE LIABILITIES
Lease commitments under non-cancellable operating leases:
Mar 2026
NZ$
Mar 2025
NZ$
Balance at beginning of year166,963-
Additions-172,937
Interest Expense6,341693
Principal & Interest repayments(80,171)(6,667)
Balance at end of year93,133166,963
Short term lease liabilities79,49473,829
Long term lease liabilities13,63993,134
93,133166,963
In addition the Group has a short term rental of an industrial shed in Waihi of $869 per month and a short term rental of
the Company Registered Office at 2b Gibraltar Cres, Parnell of $1,850 per month.
25. TRADE AND OTHER RECEIVABLES
Mar 2026
NZ$
Mar 2025
NZ$
Gold/Silver Concentrate4,604-
Sundry receivable6,12223,768
GST receivable48,97172,795
Interest receivable2,9564,227
62,653100,790
Sundry receivables consists RWT receivable.
All financial assets are within the contractual terms. None are overdue and none are impaired. No collateral is held for
receivables.

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
32 |
NOTES TO THE FINANCIAL STATEMENTS
For year ended 31 March 2026
26. OTHER ASSETS
Mar 2026
NZ$
Mar 2025
NZ$
Prepayments94,142180,905
Stock held28,003-
122,145180,905
27. OTHER FINANCIAL ASSETS
Mar 2026
NZ$
Mar 2025
NZ$
Current
Listed shares held1,754568
Non Current
Deposits175,000175,000
Total Non Current 175,000175,000
Total Other Financial Assets 176,754175,568
28. CONVERTIBLE NOTE
Mar 2026
NZ$
Mar 2025
NZ$
Balance at the beginning of year35,324723,625
Convertible Note issued--
Issuance Costs
Amortisation of Issuance Costs--
Partial Conversion of Note(35,324)(688,301)
Repayments--
Balance at the end of year-35,324
During the period the Company fully converted the Convertible note. The note was drawn down on 24 August 2022,
incurred interest at 9.50% per annum, payable quarterly. The note may be repaid in cash or by way of conversion to
equity at the discretion of the Company. During the period the Company issued 543,442 ordinary shares for NZ$35,324 in
the final partial conversion of the note.
29. SIGNIFICANT EVENTS SINCE BALANCE DATE
Subsequent to 31 March 2026 the following has occurred:
On 8 April 2026 the Company issued 1,740,063 shares for NZ$27,841 in placement of shortfall from the Rights Offer to
shareholders that had concluded in March 2026.
On 30 April 2026 Mr M Stiassny retired from the Board.
No other significant events have occurred since balance date.

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
| 33
ADDITIONAL INFORMATION
DIRECTOR INFORMATION AND DISCLOSURE OF DIRECTORS INTERESTS
The following general disclosures of interest were received in relation to the year ended 31 March 2026:
DirectorRelevant interest in Ordinary SharesRelevant Interest in listed Options
Samantha Sharif10,550,854-
Richard Tacon13,894,457-
Holding RangeOrdinary Shares as of 29 May 2026
RangeTotal holdersShares Held% of Issued Capital
1 - 1,000507,3830.00
1,001 - 5,00045157,8910.02
5,001 - 10,00051442,1320.06
10,001 - 100,00064431,135,9263.92
100,001 Over495761,603,45096.00
Total1,285793,346,782100.00
TOP 20 ORDINARY SHAREHOLDERS as of 29 May 2026
RankNameUnits% of Units
1.HAMISH EDWARD ELLIOT BROWN153,000,00019.29
2.NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH
ACCOUNT>
116,762,46714.72
3.DAVID LYELL COLE (Deceased)18,000,0002.27
4.BEVERLEY IDA EVANS16,733,4552.11
5.TERRA FIRMA MINING LIMITED16,675,9552.10
6.CONTANGO SERVICES LIMITED13,894,4571.75
7.ROSS DIX HARVEY11,459,9931.44
8.SAMANTHA HIELKJE SHARIF10,550,8541.33
9.JOHN KILDARE UPPERTON10,540,0001.33
10.ALLAN MICHAEL NOBILO + LYNNE NOBILO10,411,8181.31
11.WILLIAM GEOFFREY KROON10,237,8231.29
12.FORSYTH BARR CUSTODIANS LIMITED 9,213,3821.16
13.LEVERAGED EQUITIES FINANCE LIMITED8,181,8191.03
14.PETER KENNETH HEWER8,179,0441.03
15.DAVID ANTHONY STEELE & PTM (STEELE) LIMITED6,944,4440.88
16.ROSS DIX HARVEY & BBW TRUSTEES LIMITED6.521,7150.82
17.ZHEN CHEN6,400,0000.81
18.CHRISTOPHER HUSTON CURLETT6,250,0000.79
19.COLIN MORRIS HEADS5,781,0280.73
20.CHUNG KAN CHOW5,762,9460.73
Total Top 20 holders of Ordinary Shares451,501,20056.91
Total issued Capital793,346,782

NEW TALISMAN GOLD MINES ANNUAL REPORT 2026
34 |
CORPORATE GOVERNANCE
In accordance with the NZX Corporate Governance Code January 2025 (“NZX Code”), New Talisman Gold Mines Ltd
(“Company”) has adopted systems of control and accountability as the basis for corporate governance best practice.
Policies and Charters (for the board and its committees), including the Company’s Code of Ethics and other policies and
procedures relating to the Board and its responsibilities are available on the Company’s website www.newtalismangold.
co.nz
Commensurate with the spirit of the NZX Code, the Company has followed each recommendation where the Board has
considered the recommendation to be an appropriate benchmark for its corporate governance practices, taking into
account factors such as the size of the Company and the Board, resources available and activities of the Company.
After due consideration by the Board during the Company’s 2025/2026 financial year (“reporting period”) the
Company’s corporate governance practices departed from the NZX Code only as set out below.
The information in this statement is current at 31 March 2026.
EXPLANATIONS FOR DEPARTURES FROM NZX CORPORATE GOVERNANCE CODE 2025
RecommendationNotification of DepartureExplanation for Departure
2.5: An issuer should have a written
diversity policy which includes
requirements for the board or a
relevant committee of the board
to set measurable objectives for
achieving diversity (which, at a
minimum, should address gender
diversity) and to assess annually
both the objectives and the entity’s
progress in achieving them. The
issuer should disclose the policy or a
summary of it.
The Company has established a
diversity policy, a copy of which is
disclosed on the Company’s website.
However, the policy does not include
requirements for the board to
establish measurable objectives for
achieving gender diversity, or for
the board to assess annually the
objectives and the progress towards
achieving them.
The Board considers the size of
the Company’s operations make it
impractical to establish meaningful
measurable objectives for achieving
gender diversity.
BOARD COMPOSITION AND EXPERTISE
The Company has established the functions reserved to the Board, and those delegated to senior executives and has
set out these functions in a Statement of Board and Management Functions, which is disclosed on the Company’s
website.
A profile of each director containing the skills, experience, expertise, formal qualifications and term of office of each
director is set out in the director profiles in this Annual Report.
The mix of skills and diversity that the Board is seeking to achieve in its membership is significant experience and
expertise in: mine development and underground operations, geological modelling, financial reporting, financial
markets, risk management, statutory compliance, resource management, health and safety and employment. Each
of these skills are represented in the Board’s current composition. The size of the Board and the development of the
Company’s projects places constraints on the mix of skills the Board is able to achieve.
It is the policy of the Board that in determining candidates for the Board, the following process shall occur:
(a) The Nomination Committee (or equivalent) evaluates the range of skills, experience and expertise of the
existing Board. In particular, the Nomination Committee (or equivalent) is to identify the particular skills that will best
increase the Board’s effectiveness. Consideration is also given to the balance of independent directors on the Board.
(b) A potential candidate is considered with reference to their skills and expertise in relation to other Board
members.
(c) If relevant, the Nomination Committee recommends an appropriate candidate for appointment to the Board.
Any appointment made by the Board is subject to ratification by shareholders at the next general meeting.
The Board recognises that Board renewal is critical to performance and the impact of Board tenure on succession
planning. Re-appointment of directors is not automatic. The Company’s Policy and Procedure for Selection and (Re)
Appointment of Directors is disclosed on the Company’s website.
IDENTIFICATION OF INDEPENDENT DIRECTORS
In considering independence of directors, the Board refers to the criteria for independence as set out in NZX Listing Rule
2.1.1. Applying the Independence Criteria during the reporting period and at balance date the Board comprises a majority
of independent directors. Ms Sharif, Mr Tacon and Mr Moynihan are independent directors of the Company.

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CORPORATE GOVERNANCE
STATEMENT CONCERNING AVAILABILITY OF INDEPENDENT PROFESSIONAL ADVICE
If a director considers it necessary to obtain independent professional advice to properly discharge the responsibility of
his/her office as a director then, provided the director first obtains approval for incurring such expense from the Chair,
the Company will pay the reasonable expenses associated with obtaining such advice.
DIRECTOR REMUNERATION
Details of remuneration are contained in the Notes to the Financial Statements forming part of this report.
The Company’s Remuneration Policy is disclosed on the Company’s website. Remuneration of Directors and senior
executives is set by reference to payments made by other companies of similar size and industry, and by reference to
the skills and experience of the Directors and executives.
There is currently no direct link between remuneration paid to any of the non-executive directors and corporate
performance such as bonus payments for achievement of key performance indicators. There are no termination,
retirement or Company superannuation scheme benefits for non-executive directors.
PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND SENIOR EXECUTIVES
The board reviews the size and composition of the board and the mix of existing and desired competencies across
members from time to time. Criteria considered by the directors when evaluating prospective candidates are contained
in the board’s charter. The chair of the board is responsible for ensuring a regular review of the performance of the
board, committees and individual directors occurs at least annually. The chair is responsible for determining the process
under which this evaluation takes place. The board reviews annually the size and composition of the board and the mix
of existing and desired competencies across members.
The board is responsible for evaluating the performance of senior executives. The board evaluates the performance of
senior executives via an ongoing process of assessment and a formal annual review in December. During the formal
review, the senior executive’s performance is measured against their role’s assessment criteria.
The Company’s Process for Performance Evaluations is disclosed on the Company’s website.
CORPORATE CODE OF CONDUCT
The board has adopted a Corporate Code of Conduct (available on the Company’s website). Directors, employees and
consultants must comply with the policies which the Board has endorsed to achieve ethical behaviour and efficiency
within the authorities and discretions designated to them, avoiding putting themselves in a position where they stand
to benefit personally or be accused of insider trading. Compliance with all laws and regulations and maintenance
of confidentiality and honesty is expected. The Corporate Code of Conduct forms part of every employment and
consultancy agreement. Failure to comply can result in disciplinary action, including, where appropriate, dismissal. The
Board has not adopted a Whistleblower Policy. However, personnel have direct access to the Chair and are encouraged
to contact the Chair with any suspected departure from the Company’s Code of Conduct.
GENDER DIVERSITY
The board has adopted a Diversity Policy (available on the Company’s website). As noted above, the Diversity Policy
does not include requirements for the board to establish measurable objectives for achieving gender diversity. Gender
diversity at balance date for the reporting period:
ComponentTotalFemale
Component
% Female
Component
Board of Directors3133%
Consultants11100%
TOTAL*4250%
* Total comprises the figures for the whole organisation.
The Board considers that the Company complied with its diversity policy during the reporting period.
AUDIT COMMITTEE
The Audit Committee as at the end of the reporting period consists of the full Board being: Richard Tacon (Chair),
Samantha Sharif, and Terry Moynihan. The Board deals with any conflicts of interest that may occur when convening in
the capacity of the Audit Committee by ensuring that any director with conflicting interests is not party to the relevant
discussions.
During the reporting period the Audit Committee had the opportunity to meet with the external auditor in respect of the
financial reports. The Audit Committee is responsible for reviewing Annual and Interim Financial Statements, related
stock exchange announcements and all other financial information published or released to the market; monitoring

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CORPORATE GOVERNANCE
and making recommendations for improvement in internal control environment, including effectiveness and efficiency
of operations, reliability of financial reporting and compliance with applicable laws and regulations; overseeing the
risk management and compliance framework; the appointment, removal and remuneration of the external auditors;
reviewing the terms of their engagement and the scope and quality of the audit, reviewing and approving the nature
and scope of non-audit services and ensuring rotation of the external audit engagement partner.
Details of each of the director’s qualifications are included in the Board of Director’s Profiles. All members of the
sub-committee consider themselves to be financially literate and have financial experience and industry knowledge.
Mr Tacon is an experienced mine operator with over 40 years of operational experience in all facets of mining gained in
New Zealand and internationally. He has specialized experience in underground and open cast gold mines. Ms Sharif is
a Professional Director with extensive leadership experience in infrastructure, resources, safety critical industries, as well
as investment and capital markets. Mr Moynihan is an experienced mine manager with over 40 years of international
operational experience, project management and technical leadership.
The Company has established a Procedure for the Selection, Appointment and Rotation of its External Auditor, which
is disclosed on the Company’s website. The Board is responsible for the initial appointment of the external auditor
and the appointment of a new external auditor when any vacancy arises, as recommended by the Audit Committee
(or its equivalent). Candidates for the position of external auditor must demonstrate complete independence from
the Company through the engagement period. The Board may otherwise select an external auditor based on criteria
relevant to the Company’s business and circumstances. The performance of the external auditor is reviewed on an
annual basis by the Audit Committee (or its equivalent) and any recommendations are made to the Board.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee (N&R) as at the end of the reporting period consists of the full Board
being: Samantha Sharif, Richard Tacon and Terry Moynihan. The responsibilities of the N&R Committee were also
addressed by the full Board at Board and Strategy meetings during the reporting period. The Board has adopted, and
the N&R Committee applies a Nomination Committee Charter and a Remuneration Policy which is available on the
Company’s website.
Duties of the N&R Committee includes reviewing remuneration of executive and non-executive directors, incentive
schemes and reviewing the Remuneration Committee Policy (disclosed on the Company’s website).
The Board has adopted, and the Remuneration Committee applies, a Remuneration Committee Charter which is
available on the Company’s website.
HEALTH SAFETY SECURITY AND ENVIRONMENT COMMITTEE
The Health Safety Security and Environment Committee (HSSE) as at the end of the reporting period consists of the full
Board being: Samantha Sharif, Richard Tacon and Terry Moynihan. The Board has adopted, and the HSSE Committee
applies a HSSE Committee Charter which is available on the Company’s website
The Company’s Policy for Trading, which is disclosed on the Company’s website, states that key management personnel
must not enter into transactions or arrangements which operate to limit the economic risk of their security holding in
the Company without first seeking and obtaining written acknowledgement from the Chair, Audit Committee Chair or
Executive Director; and Key Management Personnel are prohibited from entering into transactions or arrangements
which limit the economic risk of participating in unvested entitlements.
MEETING ATTENDANCE
Director/ConsultantBoard
J Upperton7/7
R Tacon19/20
M Stiassny20/20
S Sharif20/20
T Moynihan12/13
RISK MANAGEMENT
The Company has continued to develop its strategies for managing risk during the reporting period, particularly where
internal controls are concerned. The Company’s internal controls are reviewed by the external auditor twice a year, and
are monitored regularly by the independent directors. The Board relies on the sign-off of its contracted CFO with respect
to the financial reports, which sign-off has been provided in respect of the Company’s 2025/2026 financial statements.
The Company has adopted a Risk Management Policy (a summary is available on the Company’s website). Under the
Policy, the Board delegates day-to-day management of risk to the Chief Executive Officer and in the absence of a Chief
Executive Officer the responsibility falls to the General Manager and then the Chair of the Board. The Policy sets out the

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CORPORATE GOVERNANCE
role of the Chief Executive Officer and accountabilities. It also contains the Company’s risk profile and describes some of
the policies and practices the Company has in place to manage specific business risks.
The process of management of material business risks is allocated to the relevant business risk owners within the
management team or its contracted suppliers. The Board relies on risk controls being implemented effectively and the
primary risk controls reviewed monthly through a standing item on the Board agenda. The Company is in the process
of updating its Risk Management Policy to include formal processes to identify, manage and mitigate risk, using a risk
register. As the mine was not operational during the period there were no mining operational risk reports prepared.
Certain risks pertinent to the sector in which the Company operates are not able to be managed at this time, for
example the price of gold.
Material business risks reported on during the reporting period included statutory compliance, health and safety in the
operational environment, sustainability of the company’s ore resources, environmental risk, working in a conservation
estate, internal audit compliance, adequacy of computer systems, ethical conduct and business practice, retention of
key staff, financial reporting and liquidity risk.
The Board has required management to design, implement and maintain risk management and internal control
systems to manage the Company’s material business risks. The Board also requires management to report to
it confirming that those risks are being managed effectively. The Board receives on a regular basis reports from
management as to the effectiveness of the Company’s management of its material business risks, risk evaluation,
analysis and treatment. Risk management is a standing item on the Board agenda, giving opportunity for Board
discussion. The Audit Committee and the full Board addresses areas of risk and evaluates the effectiveness of controls.
ASSURANCES TO THE BOARD
The Board requires the contracted CFO to provide a declaration confirming that the financial reports for the reporting
period present a true and fair view, in all material respects, of the Company’s financial condition and operational results,
and are in accordance with relevant accounting standards. Assurance is also given that the financial statements are
founded on a sound system of risk management and internal compliance and control and that the Company’s risk
management and internal compliance and control is operating efficiently and effectively.
CONTINUOUS DISCLOSURE
The Company has adopted a Continuous Disclosure Policy which sets out obligations for directors, employees and
consultants in relation to continuous disclosure. Summaries of this document is available on the Company’s website.
In accordance with the NZX Listing Rules, the Company is required to disclose to the market matters which could be
expected to have a material effect on the price or value of the Company’s securities. Management processes are in
place to ensure that all material matters which may potentially require disclosure are promptly reported to the General
Manager or the Company Secretary who is responsible for ensuring that such information is not released to any person
until the NZX has confirmed its release to the market.
SHAREHOLDER COMMUNICATION
The Board has adopted a Shareholder Communication Policy, a copy of which is disclosed on the Company’s website.
DIRECTOR AND OFFICER LIABILITY INSURANCE
The Company maintains director and officer liability insurance and indemnifies directors and officers of the Company
against all liabilities which may arise out of the performance of normal duties as directors or officers, unless the liability
relates to conduct involving a lack of good faith. This includes indemnity of costs and expenses incurred in defending an
action that falls within the scope of the indemnity.
SHARE TRADING
The Company has adopted a Share Trading Policy to assist with compliance with insider trading regulations under the
Financial Markets Conduct Act 2013. This policy restricts directors, employees and consultants from trading in a number
of ways and is available on the Company’s website. Application must be made by directors, employees and consultants
to the Company for approval prior to trading in the Company’s securities. A requirement to comply with this policy
forms part of every employment or consultancy agreement.
POLITICAL DONATIONS
During the year the Company did not make any political donations.
SUMMARY OF WAIVERS
No waivers to the rules were requested to the Stock Exchanges during the reporting period.

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NOTES

NEW TALISMAN GOLD MINES
ANNUAL REPORT 2026
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NOTES

www.newtalisman.co.nz
COMPANY DIRECTORY
DIRECTORS
Samantha Sharif (Independent Chair)
Richard Tacon (Independent Director)
Terry Moynihan (Independent 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
BANKERS
Westpac Bank, Auckland
AUDITORS
Baker Tilly Staples Rodway
Auckland
SOLICITORS
Chapman Tripp, Auckland
Maddocks, Sydney
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:
enquiry@computershare.co.nz
Please assist our registrar by quoting your CSN or
shareholder number