New Talisman Gold Mines : Half Yearly Report and Accounts

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HALF YEARLY REPORT

to 30 September 2021

www.newtalisman.co.nz

personal use only

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REPORT TO THE SHAREHOLDERS OF NEW TALISMAN GOLD MINES LTD

Half year ended 30 September 2021

Recent months have without doubt been a turbulent time for the Company. Shareholder sentiment from the Annual Shareholder Meeting took effect with the departure of the Executive Director, Chairman, and other Directors along with the appointment of the new board. These events have largely overshadowed all of the activities that the Company has undertaken in the ast nine months. The new Board, Chaired

by	ewly elected member John Upperton and
i cluding post Annual Shareholder Meeting
appointees Michael Stiassny and Samantha Sharif,
along with Victor Rabone, set as their first priority
stabilising the Company. They then reviewed the
C	mpany objectives and reprioritising objectives
onlyto drive the Company forward. In the first month
the Board has had to focus on a number of issues
which we outline here.
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The Board has been tasked with answering a
number of regulatory questions pertaining to the
previous administration, preparing the half yearly
accounts (for a period when the new Board was
not involved) and are now engaged in devising

a f t re strategy which will be shared with the market once concluded.

As stated in a release dated 13 October 2021

NTL gave notice of termination to Asia Pacific personalCapital Group Ltd's management contract. On 28 October 2021, NTL received a significant claim by

M tthew Hill, asserting employment status. NTL refutes the claims made by Mr Hill.

HALFYEARLY REPORT 2021 r

An agreement to purchase Broken Hills Historic Gold Mine was signed in late September, by the previous Board, with the condition that the Mining Permit be transferred by NZPAM prior to 31 December 2021. It became apparent to the new Board that this condition could not be fulfilled and the decision to terminate the agreement was announced to the market in November, along with the shelving of a listing for subsidiary Coromandel Gold Ltd.

During the period the previous Board signed the Vanuatu Capella exploration acquisition and the exploration licence has been subsequently renewed with the Vanuatu government. The current NTL Board is reviewing the transaction.

The Board has set aside any capital raise until it has concluded its strategic framework and looks forward to delivering value to shareholders by unlocking the Company's potential.

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BOARD OF DIRECTORS

MR JOHN UPPERTON

Chairman and Independent Director

Mr Upperton has a background in both Commercial and Residential Construction Project Management. Alongside these projects, Mr Upperton has garnered considerable experience in aspects of the RMA and District Planning requirements, including successfully representing himself in Environment Court.

Mr Upperton has 16 years' experience as Managing Director of a Limited Company. He has served on and chaired several community organisations over a 25 year period.

Mr Upperton has also previously held a senior management role for one of NZ's leading Manuka Honey onlyproducers, being responsible for the negotiation and placement of bee hives across the North Island

involving more than 300 landowners.

Mr Upperton was appointed to the Board on 29 September 2021.

MR MICHAEL STIASSNY, LLB, BCom, FCA, CFInstD

I dependent Non-executive Director

Michael is a Chartered Fellow of The Institute of Directors in NZ (Inc) (CFInstD) and is also past President f the Institute of Directors. He is a Fellow of Chartered Accountants Australia and New Zealand (retired).

He has both a Commerce and Law degree. Mr Stiassny is currently Chairman of Tower Insurance and Ngati Whatua Orakei Whai Rawa Limited, and a director of a number of other companies.

Mr Stiassny was appointed to the Board on 1 November 2021.

useMS SAMANTHA SHARIF, LLB(Hons), LLM(Hons), Grad Dip CSP, CMInstD

Ind pendent Non-executive Director

Samantha Sharif is a Professional Director with extensive leadership experience in infrastructure, re ources, safety critical industries, as well as investment and capital markets. Ms Sharif is an experienced Board and Board Committee Chair, and a Chartered Member of the Institute of Directors. Samantha has experience as a CEO and has also practised as a senior commercial lawyer, with post-graduate legal and finance qualifications. Current governance roles include: SIL/MFL Mutual Funds

- Director, NZ Shareholders Association - Deputy Chair, Motor Trades Association Group - Director, Chair of Audit & Risk Committee, Chair of Investment Committee, Museum of Transport & Technology (MOTAT) - Director, Dept of Corrections Audit & Risk Committee - External Member

Ms Sharif was appointed to the Board on 1 November 2021.

personalMR VICTOR RABONE, BE(Civil Engineering)

Director

Mr R bone is a Geotechnical Engineer with over 20 years of operational experience in all facets of mining gai ed in New Zealand and internationally. He has specialised expertise in hard rock underground mining.

Victor's experience includes feasibility analysis, management of operations, geotechnical stability a alysis, ground support design and installation, drill and blast tunnel development, rail haulage system's design and installation, mineral processing, refining and environmental management.

Vict r holds a number of certifications required to manage a hard rock underground gold mining

peration including Controlled Substance License, Handlers Certificate for blasting, he holds an A

Grade Tunnel Manager certification and a Site Senior Executive qualification.

Victor has in recent years been dedicated fulltime to the planning and development of the Broken Hills Gold Mine in the Puketui valley, Coromandel Peninsula .

Victor is a member of a number of professional organisations; Engineering NZ, NZ Geomechanics Soci ty, NZ Tunnelling Society and the Railway Technical Society of Australasia.

Victor has had experience in the project management of a variety of construction activities such as installation of screw piles, seismic reinforcement using stone columns, geotechnical drilling programmes, alluvial mining operations and underground mining and tunnelling projects.

Ms Rabone was appointed to the Board on 13 September 2021.

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HALFYEARLY REPORT 2021

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