Saturday, 30 March 2024

Announcement

INTERIM: NTL: Half Year Report

13 Dec 2017 12:09NZX
REPORT TO THE SHAREHOLDERS OF NEW TALISMAN GOLD MINES LTD Half year ended 30
September 2017
Dear Shareholders The Directors of New Talisman Gold Mines Ltd are pleased to
provide the following report on progress your company has made in the period
to 30 September 2017 and its financial position at the end of the period.  We
are drawing to the end of what has been one of the busiest years in NTL''s
history and a year in which the Company has been reshaped on many levels.
Among the many accomplishments of the past year there are three that really
stand out: o Commencement of operations at the Talisman Mine - on the 6th of
June 2017 the Company mobilised to site and in six short months has executed
a significant body of work. The site is now fully established, appropriate
services are in place, we have rehabilitated approximately 600m of the
underground tunnel network and extraction of ore from underground has begun.
We are very pleased to note that this was all accomplished within budget and
that only one minor safety incident was reported. Progress on the underground
works is discussed in more detail further in this announcement. o Modelling
and resource estimation of the Talisman Deeps - Upgrading of a significant
portion of the mineral resource estimate to be compliant with JORC 2012
reporting standards. Three modules covering the Dubbo, Woodstock and the
Talisman/Bonanza zones, were released to the market between 12 July and 05
September, 2017. The net results of which were to more than double the mines
estimate of Mineral Resources from 229,000 Oz AuEq to 469,000 Oz AuEq at an
average grade of 15.1g/t AuEq. This total includes some 312,000 Oz AuEq at an
average grade of 21.98g/t  in the Dubbo Zone of the mine. This has set the
stage for building a highly profitable mine as your Company sets about
developing one of the highest-grade underground deposits in New Zealand and
beyond. o The acquisition of 100% of the Rahu gold project from Newcrest New
Zealand Ltd. NTL has long held the belief that the Rahu Project, located
immediately along the strike of the Maria vein which has been extensively
mined at Karangahake and historically produced gold at grade of 27.1g/t AuEq,
may host a significant epithermal gold system. An aggressive drilling
campaign is planned to test this theory and planning is at an advanced stage.
Based to the above significant achievements, investors showed their
confidence in the Company resulting in an increase in the share price from
0.5c to 1.6c after peaking at nearly 3.0c. This is a 220% increase based on
the current share price after the raising of a further approximately 2M NZD
from the SPP.  Corporate During the period under review the company completed
a successful SPP raising just under $2M at a premium to the prevailing share
price traded during the issue period. This demonstrates the significant
support for the project by current shareholders who have been rewarded with
an attached 1 for 5 option. This has a generous five-year term which has
recently traded at 0.7c providing shareholders with long term incentives. A
portion of the funds raised will be applied to the Rahu Project.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 3
Talisman Mine (100% New Talisman Gold Mines Limited) Following detailed
operational planning of the project, and securing financial resources through
the capital raising in mid-2016, the Company established itself at the mine
site in June 2017. The initial part of the project was focussed on
establishing the engineering infrastructure to support underground works and
refurbishing the underground tunnel network between the No8 Level Portal and
the Mystery workings. The refurbishment is now nearing completion while
prospecting is ramping up and extraction of ore from the underground workings
commenced in December 2017. Mine Refurbishment Refurbishment of the
underground workings continues with excellent progress being made by the
underground team. Remedial works have now progressed more than 600m into the
mine at the location of the second bypass which is the final step to make the
No 8 level drive fully trafficable all the way to the Mystery Workings. The
team have faced many geotechnical challenges along the way and have completed
the works to date without any serious incidents. With the focus of the
project now shifting from rehabilitation to prospecting and extraction, two
locations have been identified through which access to No''s 9 and 10 level
may be achieved. A detailed geotechnical assessment of these areas is
underway. Access to these levels will allow the team to undertake sampling
activities in the highly prospective areas of the high-grade Dubbo Zone
directly below the area delineated by the 2004 exploration programme. The
intersection of the Maria vein here in 1989 borehole BM37
assayed at 656g/t gold over 1.8m which included 1154g/t over 1.0m. This with
channel sampling and drilling by NTL confirmed the presence of a high-grade
shoot that has been further supported by modelling work of historic grade
data in the recent mineral resource upgrade. NTL announced on 05 December
2017 that extraction and stockpiling of ore has commenced at the Talisman
mine site. The ore is currently being stockpiled while treatment options are
being reviewed. Prospecting Prospecting activities continue in full swing at
the Talisman Mine with several sources of broken ore having been identified.
Grab samples taken of an ore stockpile on 7 Level have yielded assay results
of between 5.8g/t and 8.18g/t gold and between 16g/t and 70g/t silver. It is
thought that the pile may contain between 90 and 140 tonnes which is readily
available at a very low cost. Grab samples taken from broken ore flowing from
an historic stope adjacent to the No 8 Level Second Bypass have assayed at
between 4.53 and 7.68 g/t gold and 38 and 45 g/t silver. Transport of this
material to a stockpile close to the portal is now underway in preparation
for transport to an off-site stockpile location. Prospecting activities are
also underway at Taukani Hill where previous sampling of the quartz vein
outcrop yielded gold assay results ranging between 0.06g/t and 345g/t. The
Company wishes to increase its knowledge of this highly prospective area
along with other targets in the mining permit and develop a more detailed
exploration programme for inclusion into the broader mine development
schedule.
Figure 1 - Team members demonstrating the mono wheel stretcher carrier
purchased for underground rescue.
4 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
Mineral Resource Estimate In late 2016 the Company undertook a programme to
upgrade the Mineral Resource estimate to be compliant with JORC 2012
reporting standards. This exercise was prompted by the acquisition of a large
database of historic geological and geochemical information relating the
deeper extents of the Maria Vein. Information on this estimate was released
to the market in three modules covering the Dubbo, Woodstock and Talisman
Bonanza zones of the Maria vein. The net result of this exercise was to
revise the estimate of mineral resources available to the Talisman Project
from 917,000 tonnes at 6.9g/t Au for 204,000 Oz Au to 950,000 tonnes at
15.1g/t AuEq for 469,000 Oz AuEq. Tabulations of the Mineral Resource
estimate for the Dubbo, Woodstock and Bonanza blocks, reported in Compliance
with the 2012 JORC Code is set out in Table 1. The Table also contains the
Mineral Resource Estimate for the Crown and Mystery blocks, reported in
compliance with the 2004
JORC Code, and a consolidated table for the project area. Full details of the
methodology can be found in the individual company releases of 12 July 2017,
25 July 2017 and 05 September 2017. Small differences in tonnage, grade and
ounces are due to rounding.
Figure 3 - Long Section of the Maria vein showing the Woodstock Zone on the
left, Dubbo on the right and Talisman/Bonanza in the middle.
Woodstock Mystery Category Tonnes Aueq g/t Ounces Category Tonnes Aueq g/t
Ounces Measured 50,500       5.2 8,500      Measured 9,200   6.4 1,900
indicated 46,600    3.6 5,300   indicated 12,100     6.5 2,530
inferred 106,000     8.0 27,330    inferred 30,900     6.4 6,420      Total
resources 203,100     6.3 41,170    Total resources 52,200     6.5 10,840

Dubbo Crown Category Tonnes Aueq g/t Ounces Category Tonnes Aueq g/t Ounces
Measured 13,000        96.9 40,700    Measured 30,100   6.7 6,380
Indicated 3,100   74.9 7,500  indicated 35,900     6.7 7,770
Inferred 436,000     18.9 264,600 inferred 80,100     6.6 17,230    Total
Resources 452,100     22.0 312,829 Total resources 146,100   6.7 31,380
Bonanza 2004 Compliant Total Category Tonnes Aueq g/t Ounces Category Tonnes
Aueq g/t Ounces Measured        -    Measured 39,300     6.5
8,270    indicated     -        indicated 48,000     6.7
10,290   inferred 97,000  23.6 73,600 inferred 111,000   6.6 23,650
Total resources 97,000  23.6 73,601 Total resources 198,300   6.6
42,220
Total 2012 Compliant Mineral Resources Total NTL Category Tonnes Aueq g/t
Ounces Category Tonnes Aueq g/t Ounces Measured 63,500       24.1 49,200
Measured 102,800   17.4 57,480   Indicated 49,700   8.0 12,800
Indicated 97,700     7.4 23,100    Inferred 639,000 17.8 365,580 Inferred
750,000   15.9 389,200
Total Resources 752,200     17.6 427,600 Total Resources 950,500   15.1
469,800

JORC 2012 Compliant JORC 2004 Compliant
Table 1 - Mineral resource estimate of Maria Vein, Dubbo Zone
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 5
Gold equivalents have been used as the historic data is expressed in bullion
values. These have been converted to gold equivalents based on the gold price
during the main historic mining period to 1919 where gold price was a
constant ?4.25 or USD20.47.  All more recent exploration data has been
converted to gold equivalents at the same metal prices for consistency of
resource estimation and reporting. This cements the Talisman deposit firmly
amongst the ranks of the highest-grade gold deposits in New Zealand as can be
seen from the following graph. Beyond the Mineral Resource Estimate set out
above, the exercise also identified some 387,000m2  within the vein
wireframe, measured on the plane of the resource model, that can be
classified as an
exploration target. The mineralised zone is expected to range between 1.2 and
1.8 metres in thickness with a grade range of between 7.4 and 12.9 g/t AuEq
for between 277,000 Oz AuEq and 726,000 Oz AuEq. This target constitutes an
Exploration Target as defined in the 2012 JORC Code. The potential quantity
and grade is conceptual in nature and there has been insufficient exploration
to estimate a Mineral Resource. It is uncertain if further exploration will
result in the estimation of a Mineral Resource. Pre-feasabilility Study In
2013 the company completed a Pre-Feasibility Study on development of the
Talisman Mine. This study proposed a mine plan, focussed on the high
confidence areas adjacent to No 8 level, to produce some 32,000 ounces of
gold from 106,000 tonnes of ore over a five-year period with an average Run
of Mine grade of 9.9g/t Au. At a then gold price of USD 1,700/Oz and a USD:
NZD exchange rate of 1:0.8 the project yielded an indicative NPV10% of NZD
16.5 million at an on mine cash cost of below NZD700/Oz. The Company is in
the process of revisiting this study as we believe that several factors have
changed that will materially affect the project metrics positively. Chief
among these factors is the revised mineral resource estimate discussed in the
preceding section. This indicates that input grades to the mining plan are
likely to be higher than previously estimated. This is expected to have a
positive effect on production costs as more gold will be produced for the
same effort. Costs are based on tonnage not gold content i.e. one tonne of
low grade ore attracts the same cost profile as a tonne of high grade ore,
but the revenue profile varies along with the contained metal.
6 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
Scoping Study Good progress has been made on the Talisman Deeps scoping
study. This study aims to set out a blue print for the development of the
much larger Talisman Deeps operation based on the significantly expanded
469,000 AuEq Oz Mineral resource, as discussed earlier in this report. By its
nature a PFS is a technical study as defined in the JORC Code and can be used
for the purposes of defining an Ore Reserve. Because of this a PFS is
confined to examining only the higher confidence Measured and Indicated
Resources and cannot take account of the extensive information available
pertaining to the deeper extents of the mine where the Mineral Resources are
classified in the Inferred Resource category.  While indicative of the short
to medium term potential of the project this is not reflective of the
considerable value increase posed by the depth extensions of the vein system.
Mine design and production scheduling covering the much
larger, 469,000 Oz AuEq mineral resource, is likely to point towards a
significantly larger, longer life operation than has previously been
considered. It is equally likely that, considering the increased grade of the
recently upgraded mineral resource (6.6g/t AuEq vs 15.1 g/t AuEq), that
economic prospects for the project will increase significantly. A Scoping
Study, as referred to above, is based on low-level technical and economic
assessments, and is insufficient to support estimation of Ore Reserves or to
provide assurance of an economic development case at this stage, or to
provide certainty that the conclusions of the Scoping Study will be realised.
The study will also identify opportunities for the exploration activities to
be undertaken to gain the information required to increase confidence in
portions of the Exploration Target highlighted during the recent mineral
resource upgrade. Current information indicates that in the Talisman/ Bonanza
Zone this Exploration Target covers an
Figure 4 - Graph of gold price in NZD showing recovery since the lows of 2014

Figure 5 - Graph of the NZD gold price noting consolidation above $1600 over
the past year and $1750 since July 2017
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 7
area of some 154,000m2 on the plane of the Maria vein wireframe and is likely
to yield a vein width of between 1.6m and 2.4m with mean AuEq grade ranging
between 17.10g/t and 21.6g/t. This target constitutes an Exploration Target
as defined in the 2012 JORC Code. The potential quantity and grade is
conceptual in nature and there has been insufficient exploration to estimate
a Mineral Resource. It is uncertain if further exploration will result in the
estimation of a Mineral Resource. Gold price Since reaching its low point of
NZD1,450/Oz in mid-2014 the gold price has recovered appreciably and has
recently tested highs of NZD1,900/Oz last seen in 2013. Over the last quarter
the price has been consistently over NZD1,750/Oz and at the time of writing
is NZD 1,845/Oz. It is expected that this price will have a material effect
on investor confidence in the sector and your company is poised to take
advantage of the situation. Concentrator Plant Representative samples of ore
from both the Mystery and Dubbo veins have been despatched for metallurgical
test-work in South Africa. This test-work will inform the final design of the
plant to ensure that metal recovery is fit for purpose before deciding on
proceeding with a pilot plant. The current proposal includes a crushing and
grinding circuit followed by a gravity concentrator which may be supplemented
by a froth flotation
cell. A closed loop water system is proposed ensuring that no contamination
of natural water ways will take place. All metals contained in the feed stock
will be recovered to the concentrate while reject material will be completely
inert and suitable for placement as backfill. The plant being tested provides
the opportunity to produce a high-grade concentrate while still meeting the
requirements of traffic movement flows from the mine specified in the
existing resource consent.  Upon completion of this metallurgical programme
NTL will have a greater understanding of precious metal recoveries achievable
on low, medium and high-grade feedstock from the mine. NTL have been
approached by several parties regarding the potential for purchase of high
grade concentrate.  Tenure The Talisman Mine is held under a mining permit,
MMP51326, which was granted in 2009 for a period of 25 years, we are
compliant with the conditions of that permit. The operation is an existing
mine on conservation land and the Company holds all the necessary permits and
consents to execute the work programme. Low sovereign risk is one of the
factors that makes New Zealand an attractive destination for foreign
investors. It is considered unlikely that the New Zealand government would
take any drastic steps to upset the status quo.
8 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
Rahu Project  (wholly owned subsidiary 100% Rahu Resources Pty Ltd) NTL has a
long association with the Rahu project, completing during its tenure,
comprehensive exploration and evaluation work that identified what the
Company has interpreted as a 1.5 km plus long northern extension to the
mineralisation hosting the gold deposits at Talisman. In 2016 NTL entered
into a joint venture with Newcrest New Zealand Exploration Pty Ltd, a
subsidiary of Newcrest Mining Limited, to further explore and develop the
project. Initially, Newcrest held 80% of the project with the remaining 20%
held by NTL. On 22 September 2017, NTL entered into a sale and purchase
agreement with Newcrest which resulted in the successful acquisition of
Newcrest''s 80% share. During the time of their involvement with the project
the Newcrest team carried out a significant programme of work on the permit,
this included: o Extensive field investigations. o Spectral analysis of drill
core to identify hydrothermal clay alteration patterns that indicate
proximity to gold mineralisation. o Relogged drill core and reinterpreted the
rock type, structure and geochemistry; o Updated the geological model and
determined drill targets.
All data gathered during the period was transferred to NTL who have continued
with further analysis. Based on the Newcrest''s and NTL''s interpretive work,
the area selected for the first drill hole has distinctive clay hydrothermal
alteration patterns plus the mineral adularia, indicative of proximity to
gold mineralisation in Waihi Gold District epithermal vein systems. NTL has
previously delineated a small resource at Rahu, however the main target for a
high-grade extension of Talisman lies at depth. Newcrest were supportive of
NTL''s belief that geological evidence points towards to the area being the
upper extent of what could be a significant epithermal gold deposit. Your
company is completing its geological work to validate the deep target and
finalising its drill hole planning and administrative work for drilling in
the first quarter of the new year.
Figure 6 - Shows the projected mineralised structure (red dashed line) to be
targeted with the planned first deep drill hole.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 9
Valuation The current book value represents only the capitalised expenditure
and does not consider the resource and grade uplift, project development
status or changes to the ownership structure of the Rahu Project. The company
intends to complete a valuation encompassing the entire resource model by the
end of the financial year upon completion of all upgrades to 2012. This will
also include the adjusted pre-feasibility study. Tenement Holdings Project
Permit Number Ownership Talisman MMP 51326 100% New Talisman Gold Mines Ltd
Rahu MEP 60144 100% Rahu Resources Pty Ltd a 100% owned subsidiary of NTL
About New Talisman Gold Mines Ltd New Talisman Gold is a dual listed (NZSX &
ASX: NTL) with over 2800 shareholders who are mainly from Australia and New
Zealand and has been listed since 1986. It is a leading New Zealand minerals
development and exploration company with a mining permit encompassing the
Talisman mine, one of New Zealand''s historically most productive gold mines.
The company has commenced prospecting and upgrading activities at the mine,
and advance the exploration project and increase its considerable global
exploration target into JORC 2012 resources. Its gold properties near Paeroa
in the Hauraki District of New Zealand are a granted mining permit, including
New Zealand''s highest-grade underground gold mine, a JORC 2012 compliant
mineral resource of over 427,000 ounces AuEq at an average above 15 g/t AuEq
and a JORC compliant reserve statement. The company owns 100% of exploration
permit Rahu, which lies along strike from the Talisman mine of which 80% was
recently acquired from Newcrest Mining. The company will shortly commence
exploration activities at Rahu.
Figure 7 shows the results of a CSAMT geophysical survey that shows the top
of the host andesite host rock is nearest surface at the southern end of the
prospect.
10 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
Cautionary Statement for Public Release Certain information contained in this
public release may be deemed "forward-looking" within the meaning of
applicable securities laws. Forward-looking statements and information relate
to future performance and reflect the Company''s expectations regarding
execution of business strategy, business prospects and opportunities of New
Talisman Gold Mines and its related subsidiaries. Any statements that express
or involve discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or performance
are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially
from those expressed in the forward-looking statements and information. They
include, among others, the accuracy of mineral reserve and resource estimates
and related assumptions and inherent operating risks. There are no assurances
the Company can fulfil forward-looking statements and information. Such
forward-looking statements and information are only predictions based on
current information available to management as of the date that such
predictions are made; actual events or results may differ materially because
of risks facing the Company, some of which are beyond the Company''s control.
Although the Company believes that any forward-looking statements and
information contained in this press release is based on reasonable
assumptions, readers cannot be assured that actual outcomes or results will
be consistent with such statements. Accordingly, readers should not place
undue reliance on forward-looking statements and information. The Company
expressly disclaims any intention or obligation to update or revise any
forward-looking statements and information, whether because of new
information, events or otherwise, except as required by applicable securities
laws. The information contained in this release is not investment or
financial product advice.
Competent Person Statements The information in this report that relates to
exploration results, exploration targets and mineral resources is based on
information compiled by or supervised by Mr Murray Stevens and Mr Wayne
Chowles. Mr Stevens is a consulting geologist and director of New Talisman
Gold Mines Ltd, who is a corporate member of the AusIMM. Mr Stevens has
sufficient experience which 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 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves". Mr Chowles is a Mining Engineer and member of the AusIMM.
Mr Chowles is a full-time employee of New Talisman Gold Mines Limited, he has
sufficient experience which 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 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves". Both Mr Chowles and Mr Stevens consent to the inclusion in
this report of the matters based on his information in the form and context
in which it appears. The company confirms that it is not aware of any new
information or data that materially affects the information included in the
original market announcement and that all material assumptions and technical
parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed. The company confirms that
the form and context in which the Competent Persons findings are presented
have not been materially modified from the original market announcement.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 11
NEW TALISMAN GOLD MINES LIMITED Consolidated Statement of Financial Position
As at 30 September 2017 Note 30-Sep-17 $NZ Unaudited 31-Mar-17 $NZ Audited
30-Sep-16 $NZ Unaudited Restated Equity Attributable to parent company
shareholders 12,999,911   13,559,993 13,869,073 Term liabilities Provision
for closure and rehabilitation 16,755 Nil Nil Total term liabilities 16,755
Nil Nil Current liabilities Payables 222,096 103,866 148,696 Other 15,840 -
49,973 Employee benefits 40,558 30,147 29,302 Total current liabilities
278,494 134,013 227,971 Total liabilities 295,249 134,013 227,971 Total
equity and liabilities 13,295,160 13,694,006 14,097,044 Current assets Cash
4,370,016   5,754,398 6,460,024 Receivables and prepayments 208,625
53,790 83,780 Total current assets 4,578,641 5,808,188 6,543,804 Non-current
assets Property, plant & equipment 77,442 12,761 11,867 Assets under
construction 6 8,607,398 7,843,882 7,525,706 Intangible assets 5 15,637
11,637 1,162 Investments 16,042 17,538 14,505 Total non-current assets
8,716,519 7,885,818 7,553,240        Total assets 13,295,160 13,694,006
14,097,044
Net tangible assets per security 0.62 cents 0.80 cents 1.03 cents
For and on behalf of the Board:        Charbel Nader  M G Hill Dated: 6
December 2017  Dated: 6 December 2017
This statement is to be read in conjunction with the accompanying notes and
the previous year''s annual financial statements.
12 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
NEW TALISMAN GOLD MINES LIMITED Consolidated Statement of Comprehensive
Income For six months ended 30 September 2017 Note 6 Months 30-Sep-17 $NZ
Unaudited
6 Months 30-Sep-16 $NZ UnauditedContinuing Operations Interest received
75,076 8,423 Capital Loss on Disposal of Shares - (284,361) Gain/(Loss) on
share revaluation (1,496) 385,693 Operating and administrative expenses
(634,912) (502,039) Loss from operations  (561,332) (392,284) Loss
before tax for the period (561,332) (392,284) Income tax expense - Total
comprehensive income/(loss) (561,332) (392,284) Net loss attributable to
equity holders of the parent (561,332) (392,284) Comprehensive loss
attributable to equity holders of the parent (561,332) (392,284)
Earnings per share Basic earnings/(loss) per share from continuing operations

(0.027) cents (0.029) cents
Comprehensive earnings/(loss) per share from continuing operations
(0.026) cents (0.027) cents

NEW TALISMAN GOLD MINES LIMITED Consolidated Statement of Changes in Equity
For six months ended 30 September 2017 Note 6 months 30-Sep-17 $NZ Unaudited
6 months 30-Sep-16 $NZ Unaudited Total comprehensive income/(loss) (561,332)
(392,284) Proceeds from share capital issued 4 1,250 6,373,013 Equity at
beginning of period 13,559,993 7,888,344 Equity at end of period 12,999,911
13,869,073
This statement is to be read in conjunction with the accompanying notes and
the previous year''s annual financial statements.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 13
NEW TALISMAN GOLD MINES LIMITED Consolidated Statement of Cash Flows For six
months ended 30 September 2017
Note
6 months 30-Sep-17 $NZ Unaudited
6 months 30-Sep-16 $NZ Unaudited Cash flows from operating activities  Cash
inflows 1,547 7,913 Cash outflows (562,583) (464,967) Net cash outflows from
operating activities 7 (561,036) (457,054)
Cash flows from investing activities Cash inflows - 293,684 Cash outflows
(824,282) (234,225) Net cash inflows/(outflows) from investing activities
(824,282)
59,459
Cash flows from financing activities Cash inflows 4 1,250 6,422,986 Cash
outflows - Net cash inflows from financing activities 1,250 6,422,986
Net increase / (decrease) in cash held (1,384,068) 6,025,391 Effect of
changes in exchange rates (314) (21,548) Cash at beginning of period
5,754,398 456,181 Cash at end of period 4,370,016 6,460,024
CASH COMPRISES: Cash at bank 265,016 6,355,024 Short term deposits 4,105,000
105,000 4,370,016 6,460,024
This statement is to be read in conjunction with the accompanying notes and
the previous year''s annual financial statements.
14 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
NEW TALISMAN GOLD MINES LIMITED Notes to the interim financial statements 1.
General New Talisman Gold Mines Limited is a profit-oriented company
incorporated and domiciled in New Zealand, registered under the Companies Act
1993 and listed on the New Zealand Stock Exchange (NZX) and the Australian
Stock Exchange (ASX). The company is an FMC reporting entity for the purposes
of the Financial Markets Conduct Act 2013 and the financial statements of the
group have been prepared in accordance with the Financial Markets Conduct Act
2013 and comply with NZX Listing Rule 10.6.1. The group consists of New
Talisman Gold Mines Limited (the "company") and its subsidiaries ("Group")
and these financial statements are the consolidated financial statements of
the group. The group is engaged in mine development and mineral exploration.
These financial statements were approved for issue by the Directors on 6
December 2017. Statement of compliance These interim consolidated financial
statements presented are for New Talisman Gold Mines Limited and its
wholly-owned subsidiaries, Coromandel Gold Limited, Northland Minerals
Limited and Rahu Resources Pty Limited ("Group"). The information is
presented in New Zealand currency which is the company''s functional currency.
The interim financial statements are condensed in accordance with NZ IAS-34,
Interim Financial Reporting. These consolidated financial statements have not
been audited.  The comparative information for the year ended 31 March 2017
has been audited. The comparative information for the period ended 30
September 2016 has not been audited. 2. Accounting policies The accounting
policies and methods of computation adopted in the preparation of these
financial statements are the same as those adopted in the preparation of the
annual financial statements for the year ended 31 March 2017.  Those policies
are set out in the annual report for the year ended 31 March 2017.  There
have been no changes to those accounting policies. 3. Seasonality of
operations The results are unaffected to any significant extent by
seasonality factors. 4. Share Capital Share Capital Movement 6 months
30-Sep-17 $NZ 6 months 30-Sep-16 $NZ Share Capital Opening balance 35,164,939
28,791,926 Proceeds from Rights issues 1,250 6,373,013 Proceeds from private
placements - Balance at end of period 35,166,189 35,164,939
At balance date 2,157,271,250 shares, 134,321,508 listed options and
4,250,000 unlisted options were on issue. 5. Prospecting Costs
Prospecting costs & mining tenements
6 months 30-Sep-17 $NZ
Year ended 31 Mar 17 $NZ
6 months 30-Sep-16 $NZ Opening balance 11,637 1,162 1,162 Development
expenditure 4000 10,475 9,950 Less prospecting expenditure written off - -
(9,950) Balance at end of period 15,637 11,637 1,162 New Talisman Gold Mines
Limited purchased the shares in Newcrest New Zealand Exploration Pty Limited
on 21 September 2017. This purchase dissolves the joint venture agreement
between New Talisman Gold Mines and Newcrest Mining Limited for joint
ownership of the Rahu Minerals Exploration Permit No. 60144. The purchase of
the shares in New Zealand Exploration Pty Limited includes the permit
mentioned above.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 15
6. Mining Tenements         Restated
Restated Talisman Mine Development 6 months 30-Sep-17 $NZ Year ended 31 Mar
17 $NZ 6 months 30-Sep-16 $NZ Opening balance 7,843,882 7,290,672 7,290,672
Development expenditure 763,516 553,210 235,034 Balance at end of period
8,607,398 7,843,882 7,525,706
Development expenditure consists of mining development costs, professional
salaries, data acquisitions and a small portion of overhead expenses relating
to the operation of the mine. Management assesses the allocation of directly
attributable overheads at the end of each reporting date. 7. Reconciliation
of net deficit and operating cash flow 6 months Sep 2017 $NZ Unaudited 6
months Sep 2016 $NZ Unaudited Net deficit after taxation  (561,332) (392,284)
Add non-cash items: Depreciation 8,838 827 Exchange (gain)/loss 314 21,548
Share based payments for consultancy fees - Capital loss on disposal of
investment - 284,361 Loss / (Gain) on revaluation of shares 1,496 (389,520)
10,648 (82,784) Add (less) movement in working capital: Decrease (increase)
in debtors 535 Increase (decrease) in creditors 144,482 61,209 Decrease
(increase) in accrued income (73,530) (431) Decrease (increase) in
Prepayments (44,039) (9,927) Decrease (increase) in GST (37,800) (32,837)
(10,352) 18,014 Net cashflows from operating activities (561,036) (457,054)
8. Expenses A percentage of certain expenses including wages, consulting fees
and other operational expenditure are capitalised to exploration tenements
and assets under construction based on a calculation prepared by management
which is reviewed at each reporting date. 9. Commitments Capital commitments
at the end of the period were $nil. The company has signed a lease agreement
for office rental of $1,517.03 per month plus GST which expires in March
2018. 10. Going concern The financial report has been prepared on a going
concern basis. The company has raised sufficient funds to commence bulk
sampling. The directors expect to ensure that financial obligations can
continue to be met for longer than 12 months.
16 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
11. Events subsequent to balance date The company receipted approximately
$1.9 million in October 2017 through a successful equity offer to
shareholders which will be used to further the development of the Talisman
Mine and the Rahu project. 12.  Related Party Transactions Payments for
consulting services to companies in which directors and major shareholders
have a substantial interest amounted to NZ$247,982. Director fees of $65,657
were payable at the end of the reporting period. There were no related party
receivables at balance date and no related party debts were written off
during the year. 13.   Board Appointments and Retirements There were no
changes to the board of directors during this period.
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 17
18 
 NEW TALISMAN GOLD HALF YEARLY REPORT 2017
HALF YEARLY REPORT 2017 NEW TALISMAN GOLD 
 19
www.newtalisman.co.nz
COMPANY DIRECTORY DIRECTORS Charbel Nader (Chairman, Independent) J Murray
McKee (Independent Director) Tony Haworth (Independent Director) Murray R
Stevens (Non-executive Director) Matthew G Hill (Chief Executive Officer)
COMPANY SECRETARY S Jane Bell Registered (Head) Office 541 Parnell Road,
Parnell Auckland, New Zealand Telephone (+64 9) 303-1893 Facsimile (+64 9)
303-1612 Email: info@newtalisman.co.nz Website: www.newtalisman.co.nz
PRINCIPAL OFFICE IN AUSTRALIA 1st Floor, 25 Richardson Street West Perth
Western Australia 6005 Telephone (+61 8) 9481-2040 Facsimile (+61 8)
9481-2041 BANKERS Westpac Bank, Auckland National Australia Bank, West Perth
AUDITORS K S Black & Co Level 5 350 Kent Street, Sydney, 2000 SOLICITORS
Chapman Tripp, Auckland Simpson Grierson, Auckland Williams & Hughes, Perth
SECURITIES LISTED New Zealand Stock Exchange Code: Shares NTL; Options NTLOB
Australian Securities Exchange Code: Shares NTL; Options NTLOB SHARE
REGISTRARS New Zealand: Computershare Investor Services Limited Private Bag
92119 Auckland 1142 159 Hurstmere Road Takapuna, Auckland 0622 New Zealand
Telephone (+64 9) 488-8777 Facsimile (+64 9) 488-8787 Australia:
Computershare Investor Services Pty Limited Yarra Falls 452 Johnston Street
Abbotsford Victoria 3067, Australia Telephone 1300 850 505 Overseas callers
(+61 3) 9415-4000 Managing your shareholding online: To change your address,
update your payment instructions and view your investment portfolio including
transactions please visit www.computershare.co.nz/investorcentre General
enquiries can be directed to: enquiry@computershare.co.nz Please assist our
registrar by quoting your CSN or shareholder number
End CA:00311863 For:NTL    Type:INTERIM    Time:2017-12-13 12:09:06
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