Tech Review Underpins Growth Potential, Drill Plan Advances

_________________________________________________________________________
29 September 2026

ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED
(NZX: NTL)
FOR IMMEDIATE RELEASE


Technical Review Underpins Growth Potential & Advances Drill Planning at Talisman


New Talisman Gold Mines Limited ("NTL" or "the Company") is pleased to announce the
identification of an Exploration Target at the Talisman Project. This Exploration Target is
exclusive of, and additional to, the Company's existing 2019 Mineral Resource of 350,000 oz
gold equivalent, reported in accordance with the JORC Code (2012). The potential quantity
and grade of the Exploration Target is conceptual in nature, there has been insufficient
exploration to estimate a Mineral Resource and it is uncertain if further exploration will result
in the estimation of a Mineral Resource.
The Exploration Target is the outcome of an independent technical review and exploration
assessment that validated historical datasets, established a new 3D geological model, and
identified six priority mineralised structures for follow-up exploration.
The review has also delivered a targeted drill programme designed to test these priority
structures and advance geological understanding across areas considered prospective for
resource expansion.

Why this Matters
The independent technical review has identified an Exploration Target that is additional to New
Talisman’s existing Mineral Resource and confirms the prospectivity of multiple mineralised
structures across the Talisman Project.
Beyond defining the Exploration Target, the review has significantly improved the Company's
geological understanding through validation of historical datasets, construction of a modern
3D geological model, and identification of priority areas for follow-up drilling.
Importantly, the work provides a clear and systematic pathway for future exploration, with an
initial drill programme already designed to test key targets and increase geological confidence.
The quantity and grade of the Exploration Target are conceptual in nature; there has been
insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further
exploration will result in the estimation of a Mineral Resource.
The Board believes the review has materially advanced understanding of the Talisman Project
and provides a strong technical foundation for the next phase of exploration.
2b Gibraltar Cres,
Parnell, Auckland 1052
Office +64 9 303 1893
info@newtalisman.co.nz

Chairperson Samantha Sharif commented:
"This review represents an important step forward for New Talisman. The identification of an
Exploration Target beyond our existing Mineral Resource highlights the potential scale of the
Talisman Project and reinforces the opportunity presented by this historic gold system.
The work has also delivered a modern geological framework and a targeted drilling strategy,
giving the Company a clear roadmap for systematic exploration and evaluation of these priority
areas."

Key Highlights
 Independent technical review completed, defining an Exploration Target across six
priority mineralised structures that is exclusive of, and additional to, the Company's
existing 2019 Mineral Resource estimate.
 The Exploration Target identifies a substantial exploration opportunity beyond the
areas currently defined by the Company's Mineral Resource.
 Historical database validation and conversion to NZGD2000 completed, improving
confidence in the geological dataset and providing a platform for future resource
growth.
 A clear framework for testing the geological and grade potential of the Talisman Project
has been developed through geological modelling, drillhole spacing analysis and
planning.
 New 3-D geological, structural and mineralisation model built for the Maria (including
the Dubbo and Woodstock shoots), Woodstock Splay, Welcome/Crown, and Mystery
veins, integrating surface/underground mapping, historical drillholes, and channel
samples.
 Initial 18–20 hole drill programme designed to test geological interpretation and grade
continuity in areas considered prospective for resource expansion.
 New Talisman proposes to advance initial drilling of these drill targets in CYQ1 2027.
Subsequent to the receipt of these results, additional drilling will be planned to advance
definition of grade and geological continuity at the project in CYQ2 to CYQ4 2027.

Project Overview
The Talisman Project (the Project) is located in the south of the Coromandel Peninsula within
the Hauraki Goldfield, ~12 km east of Paeroa and ~10 km west of Waihī (Figure 1). The Project
is bounded to the north by the Ohinemuri River and the Coromandel Range and is centred on
Mt Karangahake (Figure 1), which marks the northern extent of the Kaimai Ranges. The
Project comprises the Talisman Tier 1 mining permit (MP 51326), covering 299.2 hectares of
Department of Conservation-administered indigenous forest.

Figure 1: Location of the Talisman Project, MP 51326.

Previously Reported Mineral Resource Estimate
A Mineral Resource estimate (MRE) for the Talisman Project was reported by New Talisman
Gold Mines in its ASX/NZX announcement dated 24 June 2020. The estimate comprised
Indicated Mineral Resources of 110 kt @ 6.0 g/t AuEq for 20 koz AuEq and Inferred Mineral
Resources of 550 kt @ 19.0 g/t AuEq for 330 koz AuEq, as outlined in Table 1
1
.
The MRE was prepared by Jackie Hobbins, a Member of the Australian Institute of
Geoscientists, and reported in accordance with the JORC Code (2012).
The Exploration Target reported in Table 2 is exclusive of, and in addition to, the MRE for the
Talisman Project reported on 24 June 2020 and summarised in Table 1. A cut-off grade of 2.2
g/t AuEq was used for the Mineral Resource estimate.
Table 1: Talisman 2019 Mineral Resource Estimate (Indicated and Inferred, effective 24 June 2020), restated for
reference.
Resource
Category
Zone/Vein Tonnes Bullion
Equivalent
Grade
g/t
Ounces Bullion
equivalent
Indicated Talisman
Bonanza
29,000 4.3 4,100
Indicated Dubbo 15,000 9.0 4,400
Indicated Dubbo splay 4,300 19.0 2,600
Indicated Woodstock 35,000 5.1 5,600
Indicated Woodstock splay 22,000 5.1 3,600
Total
Indicated
110,000 6.0 20,000
Inferred Talisman-
Bonanza
300,000 19.0 190,000
Inferred Dubbo 150,000 23.0 110,000
Inferred Dubbo splay 560 14.0 250
Inferred Woodstock 62,000 5.6 11,000
Inferred Woodstock splay 20,000 4.7 2,900
Inferred Mystery 14,000 25.0 11,000
Total
Inferred
550,000 19.0 330,000
Total
Resources
660,000 17.0 350,000
Notes:
 Data sources include historical bullion samples, drillholes, and underground channel samples.
 Mineral Resources are reported on a 100% basis to a nominal 2.2 g/t AuEq 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.
 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.
 Estimated grade reported as bullion equivalent based on the formula Bulleq = Au g/t + (Ag g/t x 0.031609)
in accordance with historical gold/silver valuations. There is insufficient data for detailed modelling of
gold:silver ratios or for modelling of density variation across the estimated domains.
Exploration Target

1
The Talisman 2019 Mineral Resource is extracted from the report entitled “2019 Mineral Resource Estimate
Update” created on 24 June 2020 and available to view at https://www.nzx.com/announcements/355173.

All geological and geochemical data for the project were imported into a new Leapfrog
workspace. Historical database issues
2
previously identified during the technical review were
addressed as far as the available records allow, including validation and reprojection of all
spatial datasets to the latest NZ datum (NZGD2000). The datasets were reprojected by Chris
Coll Surveying and RSC and verified by the Competent Person. The review highlighted
potential extensions of mineralised trends and structures. The review and database updates
provide increased confidence in the historical dataset, and provide the basis for the definition
of an Exploration Target along six key structures.
The Exploration Target is summarised in Table 2. The Competent Person has estimated an
Exploration Target in the range of approximately 1.3–1.9 Mt at 6–9 g/t Au and 16–23 g/t Ag
(weighted average) for 260,000–550,000 oz Au and 650,000–1,360,000 oz Ag at a cut-off
grade of 2 g/t Au, which is equivalent to a 2.2 g/t AuEq cut-off grade. The quantity and grade
of the Exploration Target are conceptual in nature; there has been insufficient exploration to
estimate a Mineral Resource, and it is uncertain whether further exploration will result in the
estimation of a Mineral Resource.
Table 2: Summary of the Talisman Exploration Targets (exclusive of the current 2019 Mineral Resource
Estimate).
Domain Tonnes
(Mt)
Au (g/t) Ag (g/t) Au (koz) Ag (koz)
Dubbo shoot (Maria) 0.43–0.53 8–11 20–27.5 110–190 280–470
Mystery vein 0.09–0.19 6–8 15–20 20–50 40–120
Welcome vein 0.40–0.50 5–8 12.5–20 60–130 160–320
Crown vein 0.10–0.20 5–8 12.5–20 20–50 40–130
Woodstock shoot
(Maria)
0.20–0.30 6–9 15–22.5 40–90 100–220
Woodstock splay
(Maria)
0.06–0.16 6–8 15–20 10–40 30–100
Total 1.3–1.9 6–9 16–23 260–550 650–1360

For the Exploration Target, drillhole and channel sample data were used to inform grade
ranges for each mineralised domain. Domain wireframes were constrained by mapped
geological structures and interpreted continuity along strike (Figure 2). The review identified
potential extensions to known mineralised trends and confirmed the prospectivity of several
key structures. The highest-grade component of the Exploration Target is the Dubbo shoot
within the Maria vein, which is estimated to contain 0.43–0.53 Mt at grades ranging from 8–11
g/t Au and 20–27.5 g/t Ag, equating to approximately 110–190 koz Au and 280–470 koz Ag.

2
NTL, 25 August 2026, Market Update, Competent Person: Abraham Whaanga: Project Advancement, including Technical
Review (NZX Announcement) https://api.nzx.com/public/announcement/478516/attachment/475362/478516-475362.pdf

Figure 2: 3-D view of the Exploration Target areas.
The Exploration Target reflects the Competent Person’s assessment of the historical
geological, sampling, and analytical data, including historical bullion assays with variable
Au/Ag values, together with revised structural interpretations that support extensions to known
mineralised trends. Defining an Exploration Target across known mineralised and prospective
corridors enables consideration of a substantial proportion of the mineralised structures at the
Talisman Project.
While the face and channel sampling data are considered sufficient to imply continuity of
mineralisation and grade, the Competent Person considers that they are insufficient to verify
continuity to the level required for Mineral Resource estimation. Limitations in the available
dataset, including historical coordinate transformation issues, limited QA/QC data associated
with geochemical analysis, reliance on historical bullion analytical methods, and uncertainty in
the spatial accuracy of some sampling locations, must be resolved through further exploration.
The Exploration Target provides a framework for prioritising future drilling aimed at increasing
geological confidence and supporting possible progression towards resource growth. It is
uncertain whether further exploration will result in the estimation of a Mineral Resource.
The Competent Person considers that the Exploration Target provides a sound basis for
further exploration and has reasonable potential to support future resource growth. Testing of
the Exploration Target will require additional drilling to improve geological and grade continuity,
implementation of strict QA/QC protocols, improved topographic control, collection of
representative bulk density data, and further metallurgical test work. There is no certainty that
further exploration will result in the estimation of a Mineral Resource.

Drill Planning
RSC has designed an initial drill programme comprising 18–20 drillholes to test the geological
interpretation and assess grade continuity within areas considered prospective for resource expansion.
New Talisman expects to complete this drilling in CYQ1 2027. The planned drillholes are intended to
provide an initial test of all the domains included in the Exploration Target described in this
announcement. Where possible, drillholes have been planned to intersect multiple mineralised veins
and maximise the efficiency of the programme. Examples of the drillhole layouts are presented in

Figure 3 and Figure 4.
Subject to successful intersection of the targeted structures and confirmation of geological and
grade continuity, the results will be used to refine future drill programmes designed to
progressively reduce drill spacing and improve confidence in the geological interpretation and
grade distribution. Follow-up drilling is expected to take place in CYQ2 to CYQ4 2027.

Figure 3: Cross-section along a planned drillhole to intersect the Mystery, Crown, and Welcome veins.

Figure 4: Cross-section along a planned drillhole to intersect both the Woodstock Splay and Maria veins.

RSC also completed a drillhole spacing analysis for the Talisman veins using a global
estimation variance methodology to determine drill spacings to support target confidence
levels typically associated with resource classification categories as defined by the JORC
Code (2012). These spacing guidelines have been used to design drill target locations across

the priority areas. The resulting drill programme provides a framework for systematically
testing the Exploration Target and, subject to data quality, confirmation of geological and grade
continuity, and reasonable prospects of economic extraction, advancing portions towards
potential Mineral Resource estimation.
Competent Person Statement
The information in this report that relates to the geological interpretation and vein modelling,
the Exploration Target, and the historical Exploration Results for the Talisman Project
(including the Crown–Welcome, Maria, and Mystery 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 employed by
RSC Consulting Ltd and has no financial interests in New Talisman Gold Mines Limited or any
associated companies and was remunerated 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. For the avoidance of doubt, Mr Whaanga does not take responsibility for the 2019
Talisman Mineral Resource Estimate that is referenced herein by NTL.
Reference to Previous Reports
The Talisman 2019 Mineral Resource is extracted from the report entitled “2019 Mineral
Resource Estimate Update” published on 24 June 2020 (released on NZX as “2019 Mineral
Resource Estimate Update”, https://www.nzx.com/announcements/355173).
New Talisman confirms that it is not aware of any new information or data that materially affects
the information included in that announcement, and that all material assumptions and technical
parameters underpinning the Talisman 2019 MRE continue to apply and have not materially
changed. New Talisman confirms that the form and context in which the Competent Person’s
(Jackie Hobbins) findings are presented have not been materially modified from the original
market announcement.
Ends
For further information, please contact: Jane Bell, General Manager, 021764224
jane@newtalisman.co.nz.

This announcement has been authorised for release by the Board of New Talisman Gold Mines Limited.

About New Talisman Gold Mines Limited
New Talisman Gold is an NZX-listed company (NZX: NTL) with over 1,250 shareholders who are mainly from New
Zealand. It is a leading New Zealand minerals exploration and development Company with a mining permit
encompassing the Talisman mine, one of New Zealand’s historically most productive gold mines and an exploration
permit covering a neighbouring permit area at Rahu. The company has commenced prospecting and upgrading
activities at the mine and is advancing the exploration project to increase its defined resources.
Forward-looking statements
This announcement contains forward-looking statements regarding the Company’s plans, exploration targets and
intentions. Forward-looking statements are subject to risks and uncertainties, many of which are outside the
Company’s control, and actual results may differ materially. The Company does not undertake to update any
forward-looking statement except as required by law.

11
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
 Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised industry standard measurement
tools appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).
These examples should not be taken as
limiting the broad meaning of sampling.
 Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.
 Aspects of the determination of mineralisation
that are Material to the Public Report.
 In cases where ‘industry standard’ work has
been done this would be relatively simple (eg
‘reverse circulation drilling was used to obtain
1 m samples from which 3 kg was pulverised
to produce a 30 g charge for fire assay’). In
other cases more explanation may be
required, such as where there is coarse gold
that has inherent sampling problems.
Unusual commodities or mineralisation types
(eg submarine nodules) may warrant
disclosure of detailed information.
 Techniques described in this table are for drilling and sampling conducted post-2004 by NTL.
Sampling methodology is not well-documented pre-2004. A number of earlier exploration drillholes
for which detailed methodology and QAQC are unavailable are included in the estimation data set
for Measured and Indicated Resources including 18 holes drilled by Cyprus, 5 by NZ Goldfields
and 1 by ACM. The basis for inclusion is that drilling, sampling and assaying are considered to
have been conducted by reputable companies and assays were subject to standard laboratory
QAQC.
 For historical channel samples (pre-1920) no sampling or assay methodology or QAQC is available.
Bullion grades from this early sampling have been used to estimate Inferred Resources on the
basis that data is adequate to imply but not verify geological and grade continuity and there is a
reasonable expectation of upgrading the resource with further exploration. Historical assay and
sample information is recorded systematically on plans signed off by mine management of the day
and is consistent with recorded production grades.
 Post-2004 channel sampling of Levels 7, 7A, 8 and Woodstock of the Talisman Mine and 5A level
of the Crown Mine was undertaken by NTL using handheld diamond saws.
Channel samples were taken at a nominal 5m spacing along strike of veins where exposed. Sample
widths across veins were determined by geological boundaries. Where vein width is greater than
1 m sample widths generally are 1 m and no more than 1.4 m.
Channels were cut to nominal dimensions of 5 cm by 10 cm to resemble half HQ diamond drill core
to provide similar sample support for resource estimation purposes.
Sample size was generally 5 kg and collected in bins by chipping out each sample with a small
pneumatic drill and by hand with cold chisels. The bins were cleaned between each sample to
reduce chance of contamination.
To ensure representivity, care was taken to ensure equal-mass extraction along the entire channel,
including fine material.
 Post-2004, diamond core was halved using diamond saw. Mineralised intervals were sampled at
nominal 1m lengths or to geological boundaries. Remainder of non-mineralised material sampled
on 2 m intervals.
 Historical channel samples were taken from raises throughout the Talisman mine. Sample widths
and bullion grades were recorded on long section plans signed by management. Details of
sampling techniques were not recorded.

12
Criteria JORC Code explanation Commentary
 Historical records (Jarman, 1911) describe secondary native gold between 11 Level and 12 Level.
Petrographic observations of post-2004 drillcore samples described coarse gold (>15 micron) as
hosted within quartz matrix not subject to loss in fine fraction. Gold assay data for 74 post-2004
crush duplicate samples from Talisman drillcore has a correlation coefficient close to one (1) at
0.9989, however most of the duplicate set represents low grade samples and therefore does not
provide adequate information about heterogeneity of high-grade mineralisation. For the historical
channel samples, given the lack of documentation of sampling techniques, there is potential for
sample error resulting from coarse gold.
Drilling
techniques
 Drill type (eg core, reverse circulation, open-
hole hammer, rotary air blast, auger, Bangka,
sonic, etc) and details (eg core diameter,
triple or standard tube, depth of diamond tails,
face-sampling bit or other type, whether core
is oriented and if so, by what method, etc).
 Most post-2004 drilling was by underground Longyear LM55 electric wireline rig with a LM75 power
pack (18 holes; 1058.55 m).
 Diamond core HQTT to target depths, reduced to NQ (core size NQTT) where ground conditions
dictated.
 All core was oriented using plasticine and holes surveyed with Eastman multi or single shot
cameras every 25m and at end of hole. A small conventional Kempe rig drilled 5 holes for 55.55m
in the Woodstock section at LTK60 diameter (KP series drillholes).
Drill sample
recovery
 Method of recording and assessing core and
chip sample recoveries and results assessed.
 Measures taken to maximise sample
recovery and ensure representative nature of
the samples.
 Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse material.
 Diamond core recovery was measured and recorded by site geologists. Triple tube drilling
maximises sample recovery and integrity of the sample. For the Kempe rig, the conventional core
was extracted carefully to minimise sample loss. Core recovery averaged 96% for wireline drilling
(18 holes; 1058.55 m) and 93% for conventional drilling (5 holes; 55.55 m). There is no known
relationship between sample grade and recovery that would indicate a sample bias.
Logging
 Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.
 Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc)
photography.
 The total length and percentage of the
relevant intersections logged.
 For post-2004 drilling, all core was logged to a level of detail to support appropriate Mineral
Resource estimation. A detailed regime of geological logging includes core orientations of
structures, lithology, mineralisation, core photography, geotechnical logging undertaken by
experienced geologists. All data were entered into spreadsheets using laptops producing
descriptive and graphic logs.
 Detailed geological descriptions are not available for channel samples.

Sub-sampling
techniques
 If core, whether cut or sawn and whether
quarter, half or all core taken.
 If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet or
 Post-2004 drillcore was sawn in half, with one half taken for sampling, one half retained for
reference logging, petrology, check logging, check sampling, metallurgy, geotechnical studies.
Underground channel samples were sub-sampled and prepared in the laboratory via industry

13
Criteria JORC Code explanation Commentary
and sample
preparation
dry.
 For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
 Quality control procedures adopted for all
sub-sampling stages to maximise
representivity of samples.
 Measures taken to ensure that the sampling
is representative of the in situ material
collected, including for instance results for
field duplicate/second-half sampling.
 Whether sample sizes are appropriate to the
grain size of the material being sampled.
standard methods (crushing using jaw/Boyd, followed by pulverising to 75 microns in LM2/5).
 Representivity of sub-sampling was ensured by using a set of QA measures recommended by
independent consultants RSG Global who reviewed the procedures in 2004. Quality control
included field duplicates (split from first coarse crush) which were taken every alternate 10
th
sample,
and a preparation duplicate (split from fine grind) taken every alternate 10
th
sample. Results show
good correlation between core duplicates/originals and coarse crush duplicates/originals.
Correlation coefficient for 74 crush duplicate samples from Talisman is close to one (1) at 0.9989.
 HQ half core is considered to provide a suitable sample support for Mineral Resource estimation
purposes for the type of material. No heterogeneity studies were carried out to investigate the
optimal sample size.

Quality of
assay data
and
laboratory
tests
 The nature, quality and appropriateness of
the assaying and laboratory procedures used
and whether the technique is considered
partial or total.
 For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.
 Nature of quality control procedures adopted
(eg standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and
precision have been established.
 Post-2004 all assays were carried out by SGS in Waihi, using their standard sample
preparation and analytical procedures and internal quality control procedures. All gold assays
used a 50g charge fire assay with AAS finish and a detection limit of 0.01 ppm. This is a total
assay technique and considered appropriate.
 The quality control procedures used include the following: o Blanks of barren material were
introduced every 30 samples, and certified reference materials, obtained from RockLabs were
inserted every 10
th
sample. These showed that there were no issues (e.g. no contamination, and
no statistically relevant bias between the certified mean of the CRMs and the laboratory mean of
assays for those CRMs).
 Assays for 24 earlier drillholes included in the estimation data set were carried out by certified
assay laboratories, however detailed documentation of assay and QAQC methods is not available
for these samples.
 Historical underground channel samples are believed to have been assayed using fire assay
technique that was standard practice at the time, and was generally carried out at the Thames
School of Mines by specialist assayer, however there is no relevant documentation available for
these samples other than bullion grades and sample widths.

Verification of
sampling and
assaying
 The verification of significant intersections by
either independent or alternative company
personnel.
 The use of twinned holes.
 Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
 Post-2004, ~10% of the samples from mineralised intervals were sent as umpire samples to Amdel
Laboratories at the Macraes site in Central Otago for check sampling against the original SGS
samples. These showed that there were no issues (e.g. no statistically relevant bias between the
two sets of results). High-grade drillcore samples from the BM37 zone of the Dubbo shoot (Cyprus,
1989) were verified by follow-up channel sampling by Southern Gold in 1991. No QC was
documented for historical sample results from the raise sampling programmes of the early 20
th

century, which are recorded as value in pounds, shillings and pence and plotted on mine plans
signed by the mine manager of the day. Most of the historical channel samples have sample widths

14
Criteria JORC Code explanation Commentary
 Discuss any adjustment to assay data.
recorded indicating they were collected in a systematic manner.
 Grades are consistent with those indicated in the Museum samples that are recorded by the then
mine superintendent Mr Stanfield of the Talisman Gold Mining Company Ltd.
Moreover, the recorded production from those levels and the tonnages recorded are broadly
consistent with the depletions indicated by estimation of the mined stopes.

Location of
data points
 Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and other
locations used in Mineral Resource
estimation.
 Specification of the grid system used.
 Quality and adequacy of topographic control.
 The grid system used historically was Mt Eden Circuit (1949). NTL adopted NZMG (based on
the NZGD1949 datum) and adjusted all earlier data locations to NZMG.
 In 2005 a levelling exercise was initially conducted in 8 Level for survey control with a datum
established outside No8 Level. A registered mine surveyor completed a full survey of 8 Level. All
sample locations were adjusted on the basis of this survey by company geologists.
 A historical rotation issue has been identified with digitised historical level plans. All surveyed
channel samples, drillholes and mine levels post the 2005 survey have been treated as
authoritative, with pre-2005 historical digitised level plans used for reference.
 Post-2004 channel samples were surveyed using peg ledgers and offsets. Each sample recorded
collar position, sample length and orientation to create drill hole data. These data are expected to
be accurate to cm resolution.
 Each drill hole collar was surveyed and downhole surveys recorded at 25 m intervals using
Eastman single or multi-shot cameras.
 Historical samples that have been used in the Exploration Target were captured from scanned
historical mine plans and checked against existing databases. These were then georeferenced to
intersect the geological model wireframe.
 Survey and topographic control are considered adequate for an Exploration Target but will require
further verification for reporting a Mineral Resource.
Data spacing
and
distribution
 Data spacing for reporting of Exploration
Results.
 Whether the data spacing and distribution is
sufficient to establish the degree of geological
and grade continuity appropriate for the
Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
 Whether sample compositing has been
applied.
 Data spacing and distribution is considered sufficient to establish the degree of geological and
grade continuity appropriate for the estimation methods used for the Exploration Target.
 The Dubbo zone was drilled to 25 m spacing.
 HGL (post-2004) channel samples were generally taken across the backs of exposed veins at 5m
intervals. The 5 m spacing was adequate and gave comparable results to earlier 2.5m spacing.
Where there was no exposure in the roof cut, channels were taken along the side walls where
oblique veins crossed the drives. Where possible both sides of the drives were sampled to give a
5m separation.
 Spacing for 2,065 historical underground channel samples used in the estimate ranges from less
than a metre to around 1.5 m apart within raises; the raises are generally around 40–80 m apart.
 Straight 1 m compositing was applied to remove any bias introduced by small high-grade samples.
Orientation of
data in
relation to
 Whether the orientation of sampling achieves
unbiased sampling of possible structures and
the extent to which this is known, considering
 The Maria Vein trends north to northeast over its strike length and dips to the west ranging from
45–85°. NTL channel samples where possible are oriented to be orthogonal to the strike of the vein
being sampled. Where this is not possible the channel orientation is reflected in the survey

15
Criteria JORC Code explanation Commentary
geological
structure
the deposit type.
 If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
information and is taken into account in the modelling software.
 Drillholes were designed to drill orthogonal to the strike of the mineralised vein where possible. Due
to restricted availability of drill platforms, several of the TM series holes in the Dubbo zone were
drilled down-dip from the footwall side of the Maria vein, which introduces potential for sampling
bias if grade is partitioned into structures within the vein such as banding. Examination of key
intercepts in core photos indicated that drillholes were not drilled parallel to target veins or at
unfavourably narrow angles of intercept. The true width of the vein is used in estimation.
 Historical channel sample data had no survey information other than collar coordinates and channel
sample length. A nominal orientation has been assigned in the databases at an azimuth of 095°
and a dip of -20° reflecting the orientation of the main structures, based on the assumption that
standard mine sampling practice in the early 20th century was well-developed for grade control
sampling and would have been taken across the backs of the veins from hanging wall to footwall
at right angles to strike and dip.
Sample
security
 The measures taken to ensure sample
security.
 Post-2004 samples were collected on site by NTL personnel, either senior field technician or site
geologist, transported to NTL’s core and sample handling facility in Waihi. Here samples were
prepared for dispatch to the assay laboratory. At night the facility was locked and during the drill
programme security patrols used. Once samples are prepared they are transported the approx.
100 m to the SGS assay facility for preparation and analysis. NTL has a system of order and
dispatch numbering for sample tracking. Once delivered to SGS their protocols for security apply.
 Modern drill sampling in the ET areas prior to New Talisman was conducted by reputable mining
companies such as Cyprus Mines Corporation, NZ Goldfields and Australian Consolidated Minerals
and assayed at ALS in Tauranga or SGS in Waihi. There is no evidence from the sample data
recorded that there are any issues with data validity or security.
Audits or
reviews
 The results of any audits or reviews of
sampling techniques and data.
 The Competent Person conducted a high-level review of the data for errors or spurious data in the
context of preparing updated geological models. Consolidation of historical digitised mine plans
and sampling data has identified legacy data issues (including historical survey rotation errors);
consequently, modern mapping has been prioritised as authoritative. Data was imported into a 3D
workspace and data from various sources were cross-referenced and validated. Underground
channels and diamond drillhole collar locations will be re-checked in a future programme.

16
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
 Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint
ventures, partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
 The security of the tenure held at the time of
reporting along with any known impediments
to obtaining a licence to operate in the area.
 The mine area is wholly owned by New Talisman Gold Mines Limited under Minerals Mining Permit
51326 which was granted on 03 December 2009 for a term of 25 years and expires on 02 December
2034. The permit area is 299.2 ha and lies within the Kaimai-Mamaku Forest Park, Coromandel, New
Zealand, which is Crown land administered by the Department of Conservation.
 The Company operates under an access arrangement with the Minister of Conservation with an
authority to enter and operate.
 In addition, the Company holds a resource consent issued by the Hauraki District Council to carry
out bulk sampling of up to 20,000 m
3
per annum.
 Tenure is secure at time of reporting.
Exploration
done by other
parties
 Acknowledgment and appraisal of
exploration by other parties.
 The Talisman permit area was held as a mining license by NZ Goldfields and predecessors from
1971 to 1992. During this time, they focused on small scale production from 8 level but also
completed substantial surface and underground exploration in their own right. They had a number of
joint venture partners during the term including Homestake Mines, Cyprus Mines Corporation, ACM
Minerals, and Waihi Gold. Cyprus Mines did the most extensive work driving around 300 m further
along 8 Level from historical workings and completing 51 drillholes. In 1991 NZ Goldfields went into
voluntary liquidation and the mining license was bought by two former directors who formed a private
company known as Southern Gold just prior to the mining license expiring.
Geology
 Deposit type, geological setting and style of
mineralisation.
 The Karangahake mineral deposit is a low-sulphidation epithermal gold-silver vein system with an
overall strike length of around 4 km, of which approximately 1.5 km lies within the NTL mining permit.
The deposit comprises several major veins, the most significant of which are the Maria Vein, in which
the Talisman Mine is developed, and the Welcome-Crown Veins. Historical mining has exploited the
deposit for around 1 km along strike and up to 700 m from surface outcrop to the deepest 16 level.
Fluid inclusion studies suggest the current highest level of exposure has seen 300 m of erosion from
the paleosurface.
Drill hole
Information
 A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level –
elevation above sea level in metres) of the
drill hole collar
 No new drillhole information has been acquired since 2020. Refer to public disclosure 24/06/2020
NZX 2019 Mineral Resource Estimate Update, for a description of previous drillhole information.
https://www.nzx.com/announcements/355173
 In 2017, New Talisman Gold Mines Ltd compiled an extensive database of geological and
geochemical data for the project from historical data and newly acquired data based on geological
mapping, geochemical sampling and surveying that has been used to inform the current Mineral
Resource estimate.
 NTL previously identified key representative drill hole information that is tabulated in the following

17
Criteria JORC Code explanation Commentary
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
 If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain why
this is the case.
table

Data
aggregation
methods
 In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually
Material and should be stated.
 Where aggregate intercepts incorporate short
lengths of high-grade results and longer
lengths of low-grade results, the procedure
used for such aggregation should be stated
and some typical examples of such
aggregations should be shown in detail.
 Channel samples are recorded as drillholes which along with drillhole data were length weighted
down hole.
 A lower cutoff of 0.5 g/t Au was applied to determine significant intersections. Occasionally short
intervals below cutoff are incorporated where it does not result in the interval overall falling below
cutoff.
 Where high grade samples form part of an overall intersection of lower grade material these also
reported separately so as not to misrepresent the overall width of intersection of significant grade.
 For instance; Hole TM002 assayed equivalent bullion grade of 2.22 g/t over 4.25 m and included
0.75 m at 4.75 g/t equivalent bullion.

18
Criteria JORC Code explanation Commentary
 The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
Relationship
between
mineralisation
widths and
intercept
lengths
 These relationships are particularly important
in the reporting of Exploration Results.
 If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.
 If it is not known and only the down hole
lengths are reported, there should be a clear
statement to this effect (eg ‘down hole length,
true width not known’).
 While generally holes transect the mineralised zones at appropriate angles the downhole intervals
can be slightly oblique.
 Differences in down hole intervals and true width are factored into the ET.

Diagrams
 Appropriate maps and sections (with scales)
and tabulations of intercepts should be
included for any significant discovery being
reported These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.
 Appropriate figures of the current geological modelling are incorporated in the body of the report.
Balanced
reporting
 Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high
grades and/or widths should be practiced to
avoid misleading reporting of Exploration
Results.
 All relevant information has been reported in a balanced manner and references are provided for
historical results.
Other
substantive
exploration
data
 Other exploration data, if meaningful and
material, should be reported including (but
not limited to): geological observations;
geophysical survey results; geochemical
survey results; bulk samples – size and
method of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
 All exploration data considered material to the Exploration Target are reported in this announcement.
No bulk density measurements, metallurgical test work or geotechnical studies have been completed
in support of the Exploration Target; these are identified as further work.
Further work
 The nature and scale of planned further work
(eg tests for lateral extensions or depth
extensions or large-scale step-out drilling).
 Diagrams clearly highlighting the areas of
possible extensions, including the main
 An initial programme of 18–20 diamond drillholes has been planned to test geological and grade
continuity across the six ET domains, including holes designed to intersect multiple veins (Figures 3
and 4).
 Drillhole spacing analysis has defined the spacings required to support each classification category,
including 50 m × 50 m for Inferred and 25 m × 25 m for Indicated; drill target points have been

19
Criteria JORC Code explanation Commentary
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.
designed at these spacings across the priority areas.
 Further work required before any Mineral Resource can be estimated includes strict QAQC protocols,
improved topographic and survey control, measurement of bulk densities, and additional
metallurgical test work.