New Talisman Gold Mines (NTL) H1 2026 earnings summary

Executive summary

• Commissioned processing plant, achieving 70% recovery rates for gold and silver during early trials, with throughput increased to 10 tonnes/day and a target of 14–16 tonnes per 8-hour shift.

• First shipment of 1,005kg gold concentrate at 181g/t sent to Europe under a new six-month offtake agreement.

• Raised NZ$1.68 million via private placements and converted a major convertible loan note, strengthening working capital.

• Mining paused at Mystery Vein after encountering low grades (2.85g/t) in initial development; a more targeted plan is being developed.

• Board changes include welcoming Terry Moynihan as Independent Non-Executive Director and appointing a new auditor.

Financial highlights

• Net loss for the six months ended 30 September 2025 was NZ$1,131,734, compared to NZ$934,367 loss in the prior year period.

• Operating income was NZ$4,849, with operating and administrative expenses totaling NZ$1,107,947.

• Cash and cash equivalents at period end were NZ$498,945, down from NZ$1,208,703 a year earlier.

• Share capital increased to NZ$46,639,225 with 678,882,381 shares on issue after new placements and loan note conversion.

• Net tangible assets per security were 2.38 cents, up from 1.60 cents a year earlier.

Outlook and guidance

• Immediate priorities: develop a targeted mining plan, reduce overheads, and secure additional funding.

• NZ$550k in short-term funding pledges, private placement closing 12 December 2025, and a larger capital raise planned for February 2026.

• Revised forecasts project sufficient cash for the next 12 months, but depend on successful capital raising and production assumptions.