Quarterly Activities Report to 30 Sept 2023 incl Cashflow

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
______________________

Commodity Exposure
GOLD and SILVER


Board

Samantha Sharif Chair/Independent Director

John Upperton Director
Michael Stiassny Independent Director
Richard Tacon Independent Director

Jane Bell Company Secretary

Capital Structure
Ordinary Shares at 30/9/2023 441,529,555


Share Price
Share Price at 30/10//2023 (NZX) $0.022
Share Price at 30/10//2023 (ASX) $0.020



New Talisman Gold Mines Limited

Address 2b Gibraltar Cres, Parnell,
Auckland
Phone +64 09 303 1893
Website
www.newtalisman.co.nz
Email info@newtalisman.co.nz

Market Announcement
For Immediate Release
New Talisman Gold Mines Limited (NTL) is pleased to present a report on
activities for the quarter ended 30 September 2023.
Highlights include:
• furthered engagement with key stakeholders associated with the re-
commencement of activities at the Talisman mine.
• Rehabilitated the mine compound area.
• Held the Annual meeting of shareholders
• Inspected underground workings and found all to be in good order.
• Supplied information to the Dept of Conservation for continuation of
Access Arrangements.
• Appointed the statutory positions
• Appointed a mine surveyor
• Investigated Processing options
• Obtained a two year extension of time for prospecting license
PL1851 in Vanuatu

Quarterly Activities Report to 30 September 2023

2
1. Annual meeting of Shareholders
We are pleased to advise that Mr John Upperton was re-elected to the Board and experienced
miner and CEO Mr Richard Tacon was also elected to the Board. Director, Mr Rabone, was
not returned to the board, we thank Mr Rabone for his service over the previous two years.
2. Talisman Mine
Site Inspection and Condition Report
Talisman Mine Operator, Terra Firma Mining Ltd, have undertaken a thorough above ground
and underground inspection of the Talisman Mine Site, including the surface compound,
Talisman 8 Level , Keillor's Crosscut and the 8 Level Mystery Drive.
Structural integrity is sound and all areas were found to be in good condition, with no adverse
impacts from the extreme weather events and earthquakes in the last two years. While the
mine has shown itself to be resilient over the 100+ years of operation, it is pleasing that the
company has not encountered any unforeseen difficulties or expenses from the extended
period of time that the mine has been idle.
Surface Compound
The Talisman compound outside the mine portal has been rehabilitated and remedial
maintenance work was required and has now been undertaken on the Electrical and
Ventilation infrastructure, but nothing unexpected considering the operating environment.

After liaising with the Department of Conservation, Terra Firma have also laid mustelid and
rodent traps, supporting conservation efforts and helping to minimise the risk of damage to
the site and equipment.

3

Second Egress
Terra Firma are currently assessing an interim Second Egress through an existing shaft which
will ensure a second means of escape from the active parts of the mine workings. In addition,
the plan is to achieve a permanent Second Egress through the advancement of Mystery Vein
Drive.

4
Statutory Positions
There are a number of statutory positions required of an operating mine e.g. site senior
executive, ventilation officer, electrical superintendent, mechanical superintendent etc. All
Statutory Positions have now been filled and notified to Worksafe.
Mine Survey
A Mine Surveyor has been appointed and undertaken the underground work to update the 8
Level, Keillor's Crosscut and Level 8 Mystery Drive Mine Plans. A drone survey of a rise in 8
Level was also successfully completed.
The finished survey will supply plans of the active areas of the mine in a digital format needed
for our operations and acceptable to both WorkSafe and NZPAM. The update of the Mine Plan
had also been an outstanding issue flagged by both WorkSafe and NZPAM to the previous
management.

5
Processing
NTL is investigating options with third parties to complete a pathway to processing Talisman
ore and has visited a number of potential sites in reasonable proximity to Talisman. An
independent peer review of test work and plant design is currently underway to confirm the
recovery rates by way of gravitation, removing the need for harsh chemicals. NTL is looking
to produce a concentrate ready to smelt to Gold/Silver Dore for further refining.
DoC Authority to Enter and Operate
NTL has had longstanding Access Arrangements to the Talisman Site from the Dept of
Conservation since the 1990s.
NTL has applied to continue these access arrangements and in early September received
official approval from the Department of Conservation for access underground in the Talisman
mine. This has enabled NTL to undertake the Mine Inspection work outlined above, as well as
detailed planning for a commencement of the Bulk Sampling Programme and advancing the
drive on Mystery vein.
However, until we receive our renewed Authority to Enter and Operate we are not able to fully
resume mining operations at Talisman. This puts NTL in a difficult position as NZPAM expects
us to progress our Permit for a Bulk Sampling Programme in a timely manner – and has an
expectation that we should commence production in the near future.
We continue to try to work productively with DOC to process our routine application in a
reasonable timeframe, noting that NTL is merely seeking a renewal of its longstanding
arrangements for this historic mine.
3. Stakeholder Engagement
We continue with our approach of proactive and collaborative stakeholder engagement.
We have been liaising with Worksafe, DOC and NZPAM, and have begun outreach to the
local community, including iwi, as we prepare for a resumption of operations at Talisman.
Recently, the Company Chair met with the new National Manager and team at NZ Petroleum
and Minerals (NZPAM). We have outlined NTL’s plans to return to production and resolved
outstanding issues from the previous NTL management.
4. Vanuatu
As previously announced in July, a 2 year extension to the Prospecting Licence PL 1851 was
granted by the Vanuatu government. The company has received interest from a number of
parties in relation to the Permit. NTL now invites all Expressions of Interest in relation to
this Permit to be submitted in confidence to john@newtalisman.co.nz
by 30 November
2023.
During the quarter the Company paid $47,406 for director fees to companies in which
directors and major shareholders have a substantial interest. The Company paid $17,500
to John Upperton in his capacity as Strategic Delivery Manager.
Tenements
Talisman Mine – MP51326
Capella Vanuatu – PL1851

Page | 1




Current
Quarter
$NZ



Year to Date
(6 Mths)
$NZ



Nil

(126,067)
Nil
(1 60,169)
Nil
10,979
(33,182)
Nil
Nil



Nil

(148,433)
Nil
(351,282)
Nil
23,823
(56,766)
Nil
Nil
(308,384) (532,657)



Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil



Nil
Nil
Nil
Nil
Nil
Nil
(3,233)
Nil
Nil


Nil

(3,233)



Nil
Nil
Nil
Nil
Nil
Nil



151,984
Nil
Nil
Nil
Nil
Nil

Nil

151,984

(308,384)
1,914,045
(89)

(383,906)
1,988,280
1,198

1,605,572

1,605,572

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 30 Sept 2023
(Referred to in this Quarter as the "Current Quarter")


Quarterly Report of Consolidated Cash Flows in accordance with
Listing Rule 10.8.4. These figures are based on accounts which are
*unaudited. If these figures are based on audited accounts, a
statement is required of any material qualification made by the
auditor. The Mi ning Issuer *has a formally constituted Audit
Committee of the Board of Directors.


1. CASH FLOWS RELATING TO OPERATING ACTIVITIES
(a) Receipts from product sales and related debtors
(b) Payments for exploration and evaluation
for development
for production
for administration
* see annexure 1

(c) Dividends received
(d) Interest and other items of a similar nature received
(e) Interest and other costs of finance paid
(f) Income taxes paid
(g) Other (provide details if material)

(h) NET OPERATING CASH FLOWS



2. CASH FLOWS RELATED TO INVESTING ACTIVITIES
(a) Cash paid for purchases of prospects
equity investments
other fixed assets
(b) Cash proceeds from sale of prospects
equity investments
other fixed assets

(c) Loans to other entities
(d) Loans repaid by other entities
(e) Other (provide details if material) - Sale of share investments


(f) NET INVESTING CASH FLOWS


3. CASH FLOWS RELATED TO FINANCING ACTIVITIES
(a) Cash proceeds from issues of shares, options, etc
(b) Proceeds from sale of forfeited shares
(c) Borrowings
(d) Repayments of borrowings
(e) Dividends paid
(f) Other (provide details if material)


(g) NET FINANCING CASH FLOWS


4. (a) *NET INCREASE (DECREASE) IN CASH HELD
(b) Cash at beginning of quarter/year to date
(c) Exchange rate adjustments to Item 4(a) above



(d) CASH AT END OF QUARTER

Page | 2


Amount Available
$NZ

Amount Used
$NZ





Current Quarter
$NZ

Following Quarter
$NZ

Nil

Nil

100,000

150,000

100,000

150,000


Current Quarter
$NZ

Previous Quarter
$NZ

26,590


94,042


1,473,982

1,715,003

Nil

Nil

105,000

105,000


1,605,572



1,914,045


5. NON-CASH FINANCING AND INVESTING ACTIVITIES

(a) Provide details of financing and investing transactions which have had a material effect on consolidated assets and
liabilities but did not involve cash flows:

Nil....................................................................................................................................................

(b) Provide details of outlays made by other entities to establish or increase their shares in projects in which the reporting
entity has an interest.

Nil..............................................................................................................................................................................

.
6. FINANCING FACILITIES AVAILABLE


Provide details of used and unused loan facilities and
credit standby arrangements, adding such notes as are
necessary for an understanding of the position.


N/A................................................................................


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


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



7. ESTIMATED OUTLAYS FOR SPECIFIED QUARTERS



(a) Exploration and evaluation



(b) Development



TOTAL




* The outlays to be shown in this column are the estimates made for this quarter in the previous quarterly report. Where
these estimates differ by more than 15% from the actual outlays reported in Item 1(b) of this report, provide an
explanation of the reason(s) for these differences as an attachment to this report – see Annexure 1.

8. RECONCILIATION OF CASH

For the purposes of this statement of cash flows, cash includes:

Petty cash, Westpac cheque & savings accounts, ANZ accounts, NAB & Macquarie accounts.


Cash at the end of the quarter as shown in the statement
of cash flows is re concil ed to the related items in th e
amounts as follows:


Cash on hand and at bank



Deposits at call and Term Deposits



Bank overdraft



Other (provide details) - Bond



TOTAL = CASH AT END OF QUARTER [Items
4(d)/4(b)]





*

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Tenement
Reference

Nature of
Interest

Interest at
Beginning
of Quarter

Interest at End
of Quarter

a) N/A



b) N/A


9. CHANGES IN INTERESTS IN MINING TENEMENTS


(a) Interests in mining
tenements relinquished,
reduced and/or lapsed

(b ) Interests in mining
tenements acquired
and/or increased

(c) Where changes are
reported in (a) and/or (b),
an amended list of
interests in mining
tenements is attached to
this statement.

10. ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER

Category of Securities Number Issued Number Quoted Paid-Up Value Cents
PREFERENCE SHARES Nil Nil
ORDINARY SHARES

441,529,555 441,529,555
SHARES
Issued during current
quarter:
18,025,955 18,025,955
CONVERTIBLE NOTES: Nil

Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

Quoted
Nil Nil
Issued during current
quarter
Nil Nil
Expired during current
quarter
Nil Nil
Not quoted and not
transferable



Nil

Nil


Issued during current
quarter

Nil

Nil

WARRANTS:
Nil Nil
DEBENTURES – totals
only:
Nil Nil
UNSECURED NOTES –

totals only:

Nil Nil


Jane Bell (Company Secretary)
Authorised Officer of Listed Issuer
30 Sept 2023

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851