Quarterly Activities Report to 30 June 2020

QUARTER HIGHLIGHTS o Gold Price Soars Above 2011 Peak o Talisman Mine Site reopened following lockdown o Mineral Resource Estimate and Peer Review complete o Geological evaluation identifies 3 priority target areas Following the last quarter which ended in Level 4 lockdown, the team used the lockdown period as a good opportunity to focus on reviewing all of the geological modelling and, following receipt of the AMC review, commenced identifying prospective areas for near term underground exploration. Through the review of the extensive NTL/Heritage database, a number of low-cost activities were identified and prioritized by the highest resource potential. These areas and the accompanying activities currently being planned are aimed to commence alongside underground operations at Mystery as outlined. A summary of each target is outlined further in this report. During the quarter the company received an estimate for drilling the Mystery as part of the development program being costed alongside vein development at the Mystery face as previously announced. By the end of the quarter the company had completed remobilizing to site and reopening of the mine following lockdown when the site was secured. Terra Firma have now commenced the preparatory planning work including procuring consumables for the commencement of blasting the drive forward of the Mystery Vein. As previously outlined this work aims to test the continuity of the vein which has continued to prove high grades. Further sampling of continued high-grade gold could provide the potential for resource expansion and will increase stockpiles of ore for processing From a financial perspective with the additional cost cutting measures, the quarter resulted in expenditure of NZ$290k and cash at the end of the quarter of NZ$2.2m. Maintaining cash through reduced capital and operating expenditure while completing activities which add to the gold resources and/or provide further stockpiled paydirt are the near-term objectives while the processing route is secured. With a driving gold price reaching a record US$1,956 the highest gold price since 2011 and in NZD terms near its all-time highs at NZ$2,922, the market climate continues to support the accelerated development of the Talisman Gold Mine. End CA:00357244 For:NTL Type:GENERAL Time:2020-07-31 14:42:56