NTL Quarterly Activities Report incl Cashflow

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

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 /2024 625,448,205


Share Price
Share Price at 29/01/2025 (NZX) $0.046




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 2024.
Key activities include:
• Prepared and Shipped Processing Plant
• Voluntary Delisting from ASX
• Commenced process for dealing with unmarketable parcels
• Rahu Minerals Permit Granted
Processing
During the quarter NTL completed the purchase of the processing plant for
which it had paid a deposit in the June quarter. The plant went through an
extensive process of disassembly, collating and cleaning ahead of being
packed into 5 containers for shipping. The plant arrived in January with the
containers clearing Customs and MPI inspections late in the month. We
have now begun the process of laying out the plant ahead of assembly and
commissioning.
The Company is likely to send concentrate samples to a number of refiners
in the first instance to assess the best path to market the high grade con-
centrate the plant will produce.
Talisman Mine Operations
The NTL Board has considered it prudent to continue with the “timing its
run” policy with regards to ore sampling and stockpiling and thereby pre-
serving cash, limiting underground activity to some work on the Dawes
Shaft second egress. Mine Operator Terra Firma was able to divert re-
sources to other projects in the quarter.
NTL’s plans to commence production of concentrate through the plant in
the first calendar quarter of 2025 remain on track.
2025 is shaping as a pivotal year in New Talisman’s move to exploring pro-
ducer, with the culmination of NTL’ s Strategic Plan to Bulk Sample the
Mystery vein and produce a high-grade concentrate through the company’s
own plant. The revenue generating sampling will potentially enable addition
to the mine’s JORC Resource by providing logged data as the drive pro-
gresses while also creating another means of egress.
Fast Track Authorisation
The company submitted an application for the Talisman Mine Full Mining
Consent to be included in the first tranche of projects in the Fast Track Au-
thorisation Bill. While the application received a positive recommendation
from the Review Panel, the project was not included in the list attached to
the Bill that passed in the House just prior to Christmas. However, NTL in-
tends to utilise the Fast Track application process now enabled by the Bill
to ensure a seamless transition from Bulk Sampling to Full Mining.

Quarterly Activities Report to 31 December 2024

2
Voluntary Delisting from ASX
On 15 November 2024, the Company received formal ASX approval for its removal from the
official list of ASX subject to complying with certain conditions which are set out in detail in the
Company’s Delisting announcement dated 18 November 2024. All conditions were complied
with and the Company formally delisted from ASX effective 24 December 2024.
The key reasons for NTL seeking to delist from the ASX were as follows:
• NTL is based in New Zealand with its mining operations, current Directors and senior
management all based in New Zealand;
• a majority of NTL’s Shareholders are based in New Zealand with approximately
87.63% of NTL’s issued share capital held by New Zealand based Shareholders and
the majority of trading occurs on the NZX;
• NTL’s Shareholders are not obtaining the anticipated benefits of an ASX listing due
to a lack of liquidity in the market for NTL’s Shares on ASX;
• NTL’s secondary listing on the ASX has resulted in significant additional costs to the
Company and following Delisting, such funds can otherwise be used by NTL; and
• a significant portion of NTL’s management time is dedicated to matters, directly and
indirectly, relating to NTL’s ASX listing and obligations. Following Delisting, this
management time can be otherwise utilised to best benefit NTL and its Shareholders.
Based on the reasons set out above, the Board came to the view that it was in the best
interests of NTL and all Shareholders that NTL delist from the ASX at this time and continue
its listing on the NZX.
Rahu
In December 2024 NTL announced its wholly owned subsidiary Rahu Resources Pty Ltd was
granted Minerals Exploration Permit 61017.
The Permit area covers some 387 hectares, in part adjoining the Mining Permit that New
Talisman holds for the Talisman mine.

3
The Permit is for a period of 5 years which will coincide with the Talisman mine’s first
meaningful production in decades.
“Having a neighbouring Minerals Exploration Permit to our primary target of Talisman is an
exciting and logical step for the company” said NTL General Manager and Board member
John Upperton. “The opportunity to establish a possible new JORC Resource in vicinity to our
existing operation gives us the chance to build our Resource base and extend life of
operations beyond a single project” he added.
Administration
During the quarter the Company commenced the process of disposal of unmarketable Parcels.
The Company appreciates that Unmarketable Parcels can be difficult or expensive to sell, so
the Company has established the Facility to enable shareholders who hold Unmarketable
Parcels to sell their Shares without having to act through a broker or pay brokerage or handling
fees. The Company will pay all costs associated with the sale and transfer of Shares through
the Facility (excluding any tax consequences of the sale, which will be the responsibility of the
relevant shareholder).
The Facility, whilst benefiting small shareholders, will also benefit the Company as it is
expected to reduce the administration costs associated with maintaining a large number of
small shareholdings on the Company’s share register.
During the quarter the Company paid $45,000 for director fees to companies in which directors
and major shareholders have a substantial interest. The Company paid $41,000 to John
Upperton in his capacity as General Manager.
Tenements
Talisman Mine – MP51326
Rahu - EP61017
Capella Vanuatu – PL1851
We thank shareholders for their continued support as the company prepares for production
through Bulk Sampling of the Talisman Mine.

---

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Current
Quarter
$NZ



Year to Date
(9 Mths)
$NZ



Nil

(147,180)
Nil
(317,001)
Nil
7,527
(2,410)
Nil
Nil



Nil

(510,376)
Nil
(814,669)
Nil
11,071
(58,201)
Nil
Nil
(459,064) (1,372,175)



Nil
Nil
(121,406)
Nil
31,280
Nil
(1,788)
Nil
30,867



Nil
Nil
(658,965)
Nil
31,280
Nil
1,552
Nil
867


(61,048)

(628,370)



Nil
Nil
Nil
Nil
Nil
Nil



2,279,408
Nil
Nil
Nil
Nil
Nil

Nil

2,279,408

(520,112)
1,384,536
2,203

278,863
585,997
1,767

866,627

866,627

APPENDIX 11 (Rule10.8.4)


QUARTERLY REPORT OF CONSOLIDATED CASH
FLOWS
NEW TALISMAN GOLD MINES LIMITED
For Quarter ended 3 1 December 2024
(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) – Dept of Conservation Bond


(f) NET INVESTING CASH FLOWS


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


(g) NET FINANCING CASH FLOWS


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



(d) CASH AT END OF QUARTER

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Amount Available
$NZ

Amount Used
$NZ

Nil

$550,000 Nil


Current Quarter
$NZ

Follo wing Quarter
$NZ

Nil

Nil

0

200,000

0

200,000


Current Quarter
$NZ

Previous Quarter
$NZ

90,329


8,485


601,298

1,201,050

Nil

Nil

175,000

175,000


866,627



1,384,535


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.


Unsecured Loan Facilities (19% due 31/12/2025) $550,000


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


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



7. ESTIMATED OUTLAYS FOR SPECIFIED QUARTERS



(a) Exploration and evaluation



(b) Development



TOTAL




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

8. RECONCILIATION OF CASH

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

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


Cash at the end of the quarter as shown in the statement
of cash flows is reconciled to the related items in the
amounts as follows:


Cash on hand and at bank



Deposits at call and Term Deposits



Bank overdraft



Other (provide details) - Bond



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





*

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Tenement
Reference

Nature of
Interest

Interest at
Beginning
of Quarter

Interest at End
of Quarter

a) N/A



b) N/A


9. CHANGES IN INTERESTS IN MINING TENEMENTS


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

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

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

10. ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER

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

625,448,205 625,448,205
SHARES
Issued during current
quarter:
Nil
CONVERTIBLE NOTES:
$165,014
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 S ecretary)
Authorised Officer of Listed Issuer
31 December 2024

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Annexure 1


List of interest in mining permits:

Talisman Mine – MP51326
Rahu – EP61017
Capella Vanuatu – PL1851