PFS 2018 and Ore reserve – AMENDMENT

HIGHLIGHTS o Value of Talisman project more than doubles on results of updated Pre-Feasibility Study, NPV9% increases from $15m to $36m; o Recovered gold increases by 50% to 51,000 Gold Equivalent Ounces; o Direct operating costs to produce an ounce reduced to $710 NZD per ounce ($490 USD/oz) o Ore Reserves increase by more than 40% from 30,500 to 44,100 Gold Equivalent Ounces. New Talisman Gold Mines Limited is pleased to announce the results of the updated Pre-Feasibility Study on the Talisman Gold Project. The results of the study, as set out in this announcement, reaffirm that the establishment of a highly profitable, small-scale operation, focused on extraction of the higher confidence Measured and Indicated Resources accessible from 8 Level, should provide for an excellent return on investment. CEO Matthew Hill stated "The updated study demonstrates the robustness of the project economics, showing an IRR of 118% demonstrating the significant value to investors of this world class mine. With a scoping study on Talisman Deeps being finalised in the coming days on the high grade resources and activity at the mine ramping up we are starting to see the results of the teams hard efforts. " In summary, revision of the 2013 Pre-Feasibility study in light of new information has demonstrated an increase in the Net Present Value, (NPV) from NZD15.4m to NZD35.9m at a 9% Discount Rate. The key drivers for this increase in value are discussed below: 1. Increased ounces available for extraction - this is a result of the 2017 (JORC 2012 compliant) Mineral Resource Estimate which saw gold equivalent ounces in the Measured and Indicated categories increase by some 18,000 ounces. These are included in the mining plan which has seen an increase in expected gold production of some 18,800 Oz AuEq. 2. Increased mine life - on the back of the increased ounces life of mine is extended by a year giving a current expectation of 6 years for this first stage of the larger project; 3. Grade - Run of Mine grade, on a gold equivalent basis, has increased from 11.2g/t to more than 27 g/t. 4. Breakeven gold price reduced substantially to $820 NZD per ounce. 5. Unit operating costs significantly reduced with costs to extract the ore and bring it to surface (C1 cost) of NZD 583 per ounce and cost to produce an economic ounce of gold (C2 cost) being NZD710 per ounce. With the NZD gold price currently sitting at NZD1882 per ounce this demonstrates the robust nature of the project. End CA:00319951 For:NTL Type:MKTUPDTE Time:2018-06-27 08:30:22