NTL Market Update - Technical Progress & Modelling Advances

Page | 1


__________________________________________________________________________
12 May 2026

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

Technical Progress and Modelling Advances


New Talisman Gold Mines Limited (“NTL” or “the Company”) is pleased to provide a technical update
on ongoing geological modelling and data integration work at its Talisman Project for the March–April
2026 period.
Key Highlights
 Advanced modelling confirms structural continuity across the Welcome–Crown vein system
 Crown vein identified as largely unmined, presenting potential exploration upside
 Comprehensive consolidation of historical and modern datasets into a 3D geological model
 Additional mineralised structures (Roderick Dhu, Mystery, Dubbo) under active evaluation
 Work progressing in line with expectations and within early-stage budget parameters

Geological Modelling – Welcome–Crown Vein System
Geological modelling of the Welcome and Crown veins is well advanced, with updated interpretations
aligning with historical mine plans, modern mapping, and structural data (Figure 1).
Key outcomes include:
 Confirmation that the 5A level development follows the Crown vein, with the Welcome vein
intersecting above, consistent with underground observations
 Improved understanding of vein geometry, including surface projections and structural
relationships
 Identification of predictable structural controls, including faulting and relay structures, which
influence mineralisation distribution
Importantly, analysis of historical stoping indicates the Welcome vein has been extensively stoped to
level 14 while the Crown vein remains minimally stoped, indicating potential exploration upside.
2b Gibraltar Cres,
Parnell, Auckland 1052
Office +64 9 303 1893
info@newtalisman.co.nz

Page | 2


Figure 1: Cross section of Crown and Welcome veins illustrating vein interaction at the 5A level (looking North).
Data Compilation and Validation
The Company has substantially progressed the consolidation of multiple historical and modern datasets
into a unified 3D geological framework.
Achievements include:
 Adoption of the 2016 Resource Database as the primary dataset for interpretation and future
resource work
 Integration of historical drilling, underground channel sampling, and exploration datasets
 Validation of channel sample locations, enabling accurate three-dimensional modelling
 Identification of legacy data issues (including historical survey rotation errors), with modern
mapping prioritised as authoritative
Additional Targets and Modelling
Modelling has commenced on the Roderick Dhu, Mystery, and Dubbo vein systems, with early-stage
analysis indicating that these structures may be discrete rather than continuous.
This work highlights the potential for multiple mineralised systems within the project area, supporting
broader exploration upside.
Next Steps
Planned work programmes include:
 Continued refinement of geological and structural models
 Completion of drillhole spacing analysis to support resource classification
 Ongoing validation and incorporation of historical datasets
 Advancement of priority exploration targets for future drilling
Summary
The Company is encouraged by the progress made during the period. Improved geological
understanding, confirmation of under-explored areas, and the identification of multiple mineralised
structures reinforce the exploration potential of the Talisman Project.

This announcement was authorised for release by the Board of NTL.

Page | 3

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.

4
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.
 This NTL announcement discusses ongoing work relating to data
compilation, review, and validation, geological modelling and updated
interpretations.
 No new sampling data are reported in this report.
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).
 Not applicable as no new drilling results are reported.
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.
 Not applicable as no new drilling results are reported.
Logging
 Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
 Not applicable as no new drilling or sampling results are reported.

5
Criteria JORC Code explanation Commentary
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.
Sub-sampling
techniques
and sample
preparation
 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 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.
 Not applicable as no new drilling or sampling results are reported.
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.
 Not applicable as no new drilling or sampling results are reported.
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.
 Discuss any adjustment to assay data.
 No drilling intersections are reported.
 Data review of digital drill and channel databases, digital mapping
and level files with survey registered topographic maps and GIS data
exports, has identified minor transcription errors.
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.
 No new drillholes are reported.
 The grid system used historically was Mt Eden Circuit (1949). NTL
adopted and adjusted all earlier data to NZGD49 / New Zealand Map
Grid. A levelling exercise in 2005 was conducted by a registered mine

6
Criteria JORC Code explanation Commentary
 Quality and adequacy of topographic control.
surveyor with survey control at 8 level. All sample locations were
adjusted based on 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.
 Survey and topographic control are considered adequate for the
current purpose of identifying moderate confidence resources.
 Re-surveying of drillhole collars and underground workings will be
required to identify higher confidence resources.
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.
 Not applicable as no new drilling or sampling results are reported.
Orientation of
data in
relation to
geological
structure
 Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
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.
 Not applicable as no new drilling or sampling results are reported.
Sample
security
 The measures taken to ensure sample security.  Not applicable; no new samples were collected.
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 program.

7
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.

8
Criteria JORC Code explanation Commentary
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
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.
 No new drillhole information has been acquired since 2020. Refer to
public disclosure 26/06/2020 NZST 2019 Mineral Resource Estimate
Update, for a description of previous drillhole information.
https://www.nzx.com/announcements/355173
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.
 The assumptions used for any reporting of metal equivalent values
should be clearly stated.
 Not applicable as no drillhole intersections are reported.

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’).
 Not applicable as no drillhole intersections are reported.
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
 Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical
 The Company engaged RSC to prepare updated geological models
using the historical project data.

9
Criteria JORC Code explanation Commentary
exploration
data
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.
 Advanced geological modelling confirms structural continuity across
the Welcome-Crown vein system.
 The Crown vein has been modelled to intersect the Welcome vein
above the 5A level and has been identified as largely unmined on
lower levels, presenting exploration upside.
 Consolidation of historical digitised mine plans and sampling data has
identified legacy data issues (including historical survey rotation
errors); thus, modern mapping has been prioritized as authoritative.
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 geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
 Continued refinement of geological and structural models.
 Completion of drillhole spacing analysis to support resource infill drill
planning, targeting increasing resource classification.
 Ongoing validation and incorporation of historical datasets.
 Advancement of priority exploration targets for future drilling.