Quarterly Activities Report to 31 Dec 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 31/12/2023 441,529,555


Share Price
Share Price at 30/01//2024 (NZX) $0.020
Share Price at 30/01//2024 (ASX) $0.017



New Talisman Gold Mines Limited

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

Market Announcement
For Immediate Release
New Talisman Gold Mines Limited (NTL) is pleased to present a report on
activities for the quarter ended 31 December 2023.
Highlights include:
• Completion of digitised survey plans that meet NZ Petroleum and
Minerals requirements. This longstanding required task is a signifi-
cant step forward in meeting permit requirements.
• Relocation of the auxiliary fan to Mystery vein and extension of elec-
trical services to the same area. Ventilation and electrical service to
the Mystery vein area are a prerequisite for production from the zone
and will enable advancing the face of Mystery vein once we com-
mence production.
• General maintenance of existing support structures, electrical and
ventilation systems.
• Environmental Monitoring Site Visit from DOC Rangers in Novem-
ber 2023. This visit continued the positive relationship built up with
the local DoC office over many years and highlights the problem free
nature of New Talisman’s above ground footprint in the area.
• Worksafe Chief Mines Inspector and Specialist Inspector site visit.
In November two of Worksafes’ senior inspectors undertook an un-
derground inspection at Talisman, giving the inspectors a better un-
derstanding of the operating environment and implementation of the
Health and Safety Management system. The visit was positive for
both parties.

Following on from our September quarterly report, New Talisman has been
able to progress the Talisman mine to a state of readiness to begin produc-
tion in the Quarter to December 2023. We have worked hard with the De-
partment of Conservation to ensure our access underground (interim ac-
cess arrangement) continued to allow us to get to this stage.
However, as highlighted in our September quarterly, unfortunately, the
Department of Conservation has continued to be extremely slow in
progressing our Authority to Enter and Operate, as well as being in our view
confused and unclear as to what information is relevant and legitimate for
the Department to seek in that regard.
New Talisman has all other approvals it needs to commence production
and it is extremely frustrating that DOC has made little to no progress with
our application for almost nine months.
Quarterly Activities Report to 31 December 2023

2

We have escalated our concerns to the Director General of the Department and the new
Minister of Conservation and Minister of Resources. In our most recent meeting with senior
members of the Department in January 2024 we have noticed a positive change in attitude
– and we will continue to press for a satisfactory outcome - noting that NTL is merely seeking
a renewal of its longstanding arrangements for this historic mine.
Processing
NTL has continued to investigate 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. Many of these sites have proven to be unsuitable for processing for a range of
reasons. However, we have now identified what we believe may well be a suitable option.
Final due diligence and commercial discussions are currently underway in relation to this
facility.
Vanuatu
Progress in coming to an agreement with a JV partner or sale for the Vanuatu permit has
been difficult, but we continue to engage with interested parties.
FMA action against Matthew Hill
The Company notes that last week former NTL CEO Matthew Hill admitted breaching
aspects of the Financial Markets Conduct Act. The statement from the FMA also notes that
New Talisman was not a party to proceedings. As followers of the NTL stock will be aware,
the Company severed ties with Mr Hill in 2021 after a vote to remove him as a Director at
the ASM and a subsequent reconfiguration of the Board.
Administration
During the quarter the Company paid $42,555 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

We thank shareholders for their continued support.

Page | 1




Current
Quarter
$NZ



Year to Date
(9 Mths)
$NZ



Nil

(202,388)
Nil
(275,390)
Nil
11,589
(14,607)
Nil
Nil



Nil

(350,822)
Nil
(626,670)
Nil
35,413
(71,372)
Nil
Nil
(480,795) (1,013,452)



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

(480,795)
1,605,572
(961)

(864,700)
1,988,280
236

1,123,816

1,123,816

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 31 December 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 Mining Issuer *has a formally constituted Audit
Committee of the Board of Directors.


1. CASH FLOWS RELATING TO OPERATING ACTIVITIES
(a) Receipts from product sales and related debtors
(b) Payments for exploration and evaluation
for development
for production
for administration
* 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
$1,000,000 $1,000,000




Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

202,000

250,000

202,000

250,000


Current Quarter
$NZ

Previous Quarter
$NZ

33,244


26,590


985,572

1,473,982

Nil

Nil

105,000

105,000


1,123,816



1,605,572


5. NON-C ASH 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.


Convertible Note...........................................................


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


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



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 reconciled to the related items in the
amounts as follows:


Cash on hand and at bank



Deposits at call and Term Deposits



Bank overdraft



Other (provide details) - Bond



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





*

Page | 3


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:
Nil Nil
CONVERTIBLE NOTES: Nil

Nil

Issued during current
quarter
Nil

Nil

OPTIONS:



Exercise Price / Expiry Date

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



Nil

Nil


Issued during current
quarter

Nil

Nil

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

totals only:

Nil Nil


Jane Bell (Company Secretary)
Authorised Officer of Listed Issuer
31 December 2023

Page | 4

Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Capella Vanuatu – PL1851