Quarterly Activities Report – 31 Dec 2019

QUARTER HIGHLIGHTS o Term Sheet signed for processing plant development o Planning Assessment for Resource Consent completed o Peer review of Mineral Resource Estimate nearing completion o Extraction at Dubbo initiated o Life of Mine planning for feasibility study underway With eyes firmly on the future the board of New Talisman Gold Mines Limited is pleased to announce that the 2019 Calendar year ended with great strides taken to secure the long-term future of its signature operation, the Talisman Gold Mine in Karangahake. Summary of the highlights during the quarter are summarized below: - ? OceanaGold have announced that the Waihi processing plant is to be placed on care and maintenance for an extended period, which closes out any near-term processing options for NTL. The strategy to build a non-chemical gravity plant implemented by management over the last 2 quarters has provided a self-sufficient alternate processing route. The final requirements for a larger plant consent, which requires data on both the recovery rate and sand produced after processing, is being accelerated in order for the processing of extracted ore to take place in the coming months. ? With planning for the near term extraction of high grade ore in Dubbo, by way of vertical development in and around BM37 in the process of completion, it is expected the removal of high grade ore, suitable for gravity processing in batches at either the pilot plant (with some upgrades) or the larger plant to commence in the near term. ? A processing route for ore from the Talisman Mine has been secured through signing of a term sheet detailing the conditions for development of a processing plant by Terra Firma Mining Limited. Other parties have approached the company with options for working with NTL on the project in various forms and these are also being reviewed with an aim to accelerating gold production from the bulk sampling project. ? The planning assessment for resource consent application for the long term mine has been completed and subject matter specialists are being recruited. Once the application is submitted the external stakeholders will determine the timing and pathway to long term consenting for the mine. With less than minor environmental effect from the mine development the company is confident in securing the resource consents to mine for the duration of the Mining Permit. End CA:00347808 For:NTL Type:GENERAL Time:2020-01-31 14:25:28