NTL - New Talisman Mine - New board & Directors

[Toddy]

Last time they wanted to raise $3.75m and only got $1.7m, so its likely they need a similar figure depending how well they spent the $1.7m should get an announcement next week about the raise I assume.

I agree, but things get very real from now on. So it's best to raise the capital, with a decent buffer for unexpected costs while the shareholders are excited.

Im sure that they will have a decent uptake this time on a raise as the funds are going to be used for 'mining'.

Everyone will be a winner if this venture is successful.

[Paint it Black]

I agree, but things get very real from now on. So it's best to raise the capital, with a decent buffer for unexpected costs while the shareholders are excited.

Im sure that they will have a decent uptake this time on a raise as the funds are going to be used for 'mining'.

Everyone will be a winner if this venture is successful.
A big hurdle has been cleared with the DoC approval. The delay has cost shareholders plenty but thankfully it is achieved. Just where the Board pitch the CR is now the next excitement. Way back in the past I remember an NTL CR discounted far too low which sucked the life out of small existing holdings patiently accumulated. Hopefully this won't happen and we have a balanced proposal which clearly sets out the processing route and timetable with any remaining consenting risks eg traffic management, siting of the processor etc.

[Landyman]

Given the positive (albeit delayed) progress over recent times, then one would expect a reasonably priced CR to be very successful.

How long it takes to ship, receive, commission, and test the machinery will be interesting - until there are some reasonable volumes, cashflow neutral then positive by 31 Dec??? Who knows - well Jonu will have a fair idea - more detail in the CR.

Im hoping for a 5x bagger!! Forever the optimist, hard thing to be after 15-20 years of HGD/NTL.

[Antipodean]

... Way back in the past I remember an NTL CR discounted far too low which sucked the life out of small existing holdings patiently accumulated.

Probably the 2017 CR... sad to look back now and think what could have been (https://www.sharetrader.co.nz/showthread.php?8988-NTL-New-Talisman-Mine-New-board-amp-Directors&p=763647&viewfull=1#post763647)

Best of luck to all holders hopefully this time is different.

[ThaiJohn]

https://announcements.nzx.com/detail/433627

[silverblizzard888]

Unless I've read it wrong NTL only holds a 2 year bulk sampling permit and once that is over will need to make an application for full mining. If after that two years a labour government were to come in then that would really complicate matters, lets hope they can fast track while they can.

"Whilst NTL already has a Bulk Sampling Permit in place – we intend to consider the option of Fast Track Consenting for projects of national significance for our full Mining Permit."

"Furthermore, the mining permit consists of a two year bulk sampling period and will require an application for full mining."

[Baa_Baa]

Unless I've read it wrong NTL only holds a 2 year bulk sampling permit and once that is over will need to make an application for full mining. If after that two years a labour government were to come in then that would really complicate matters, lets hope they can fast track while they can.

"Whilst NTL already has a Bulk Sampling Permit in place – we intend to consider the option of Fast Track Consenting for projects of national significance for our full Mining Permit."

"Furthermore, the mining permit consists of a two year bulk sampling period and will require an application for full mining."

And the other question is, did the bulk sampling permit start when it was granted, (ergo how long is left), or does it start when they start bulk sampling?

[ThaiJohn]

Pretty certain its the latter Baa Baa

[whatsup]

Why is there a" Suspension from quotation notice" in Aust tonight at 18.33 and nothing from the NZX ?

[Baa_Baa]

https://hotcopper.com.au/threads/ann-suspension-from-quotation.8071160/

[Daytr]

https://hotcopper.com.au/threads/ann-suspension-from-quotation.8071160/

Man do they need some money quick.
That doesn't sound good at all.

[Baa_Baa]

The thing is, that it's hard to know, understand or believe what what's being said. I think a fulsome update on all the facts relating to ability to dig up some ground, and how much, and process it, and expected gold and silver recovery, would be welcomed. Especially prior to a cap raise. Just tell the whole story, in full, right now, the truth and nothing but the truth.

For example, from as recently as Sept 2023:

Regarding regulatory approvals, we aim to maintain open and constructive relationships with all regulators. New Talisman holds a 25 year Mining Permit (MP 51326) and is consented to commence a Bulk Sampling Programme to help prove long term mining feasibility. We were pleased to announce that the Department of Conservation has granted access underground while we await approval of the Mine Workplan and issuance of the Authority to Enter and Operate.

[whatsup]

The thing is, that it's hard to know, understand or believe what what's being said. I think a fulsome update on all the facts relating to ability to dig up some ground, and how much, and process it, and expected gold and silver recovery, would be welcomed. Especially prior to a cap raise. Just tell the whole story, in full, right now, the truth and nothing but the truth.

For example, from as recently as Sept 2023:

Regarding regulatory approvals, we aim to maintain open and constructive relationships with all regulators. New Talisman holds a 25 year Mining Permit (MP 51326) and is consented to commence a Bulk Sampling Programme to help prove long term mining feasibility. We were pleased to announce that the Department of Conservation has granted access underground while we await approval of the Mine Workplan and issuance of the Authority to Enter and Operate.

B B

, Nothing to do with mining , its the auditors comments in the annual report , serious, very serious, very very serious !!

[Baa_Baa]

B B

, Nothing to do with mining , its the auditors comments in the annual report , serious, very serious, very very serious !!

Possibly, but the ASX regulator must be concerned, that the ASX listing rule 12.2 has been breached: https://www.asx.com.au/documents/rules/Chapter12.pdf

In lay terms, it's the financial 'going concern' rule.

"Going concern is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future. Certain expenses and assets may be deferred in financial reports if a company is assumed to be a going concern."

As Daytr said, they need money, and soon. But TBH, ASX is probably not too much of a concern with an average volume of AU$3,200 daily trades. Except for what it costs to be dual listed (like who would know why NTL continue to suffer that expense?)

[Toddy]

What does bulk sampling actually mean?

I. E what would be considered the maximum amount of ground that they can remove and sample before it becomes actual mining.

The CEO has stated that the company can be positive cashflow on sampling.

Or have I got it wrong.

I will stick with my 5mil cap raise target.

[Felonius]

Man do they need some money quick.
That doesn't sound good at all.

Very odd timing by the ASX given that DOC's approval for Long-Term Access has finally been granted following an unexpectedly long delay, and that the proposed cash issue which was dependent on receiving the approval is now imminent.

Frankly, I am suspicious of motivations behind the ASX announcement.

[silverblizzard888]

Very odd timing by the ASX given that DOC's approval for Long-Term Access has finally been granted following an unexpectedly long delay, and that the proposed cash issue which was dependent on receiving the approval is now imminent.

Frankly, I am suspicious of motivations behind the ASX announcement.

It was based off the annual report released today, thats why the ASX announcement was today and not a coincidence with the long-term access. Its the auditors comments that they could not be certain that NTL was a going concern in its current situation. They would have to raise capital and prove otherwise or they will be suspended from trading, not sure if they need the auditor to redo the comments after the raise though to prove otherwise.

[Felonius]

It was based off the annual report released today, thats why the ASX announcement was today and not a coincidence with the long-term access. Its the auditors comments that they could not be certain that NTL was a going concern in its current situation. They would have to raise capital and prove otherwise or they will be suspended from trading, not sure if they need the auditor to redo the comments after the raise though to prove otherwise.

Thank you S-B for your explanation.
Very plausible and I don't know why it didn't occur to me ...

[nztx]

What happened to the Work in Progress Stock Samplings that Matty had scribbled into the NTL books a few years back @ around $100K ?

Did they mysteriously disappear into a hidden chamber locked away never to be seen again or walk out all by themselves ? ;)

[Paint it Black]

Thank you S-B for your explanation.
Very plausible and I don't know why it didn't occur to me ...
As I've said in the past the sooner NTL exits the ASX the better. It is a hangover from the Hill's involvement which NTL has extracted itself from and it's not the first time the ASX has interfered with an NTL cap raise process. I would love the Board to stand up to the ASX and say they are happy to now only list on the NZX.

[whatsup]

As I've said in the past the sooner NTL exits the ASX the better. It is a hangover from the Hill's involvement which NTL has extracted itself from and it's not the first time the ASX has interfered with an NTL cap raise process. I would love the Board to stand up to the ASX and say they are happy to now only list on the NZX.

No it has to stay listed in Aust because there are not enough N Z " punters/investors " to sustain a sports board unlike Aust where they will bet on where a fly will land in the next 1 minute !

[Daytr]

As I've said in the past the sooner NTL exits the ASX the better. It is a hangover from the Hill's involvement which NTL has extracted itself from and it's not the first time the ASX has interfered with an NTL cap raise process. I would love the Board to stand up to the ASX and say they are happy to now only list on the NZX.

It's the ASX that has pulled up NTL on a few occasions in the past including their rights offer document but also other reporting. The ASX seems far more on the ball than the NZX and me personally I would rather my investment be regulated by an authority that 1) knows mining & 2) is quick to act when there's something published that's not quite right.

[nztx]

It's the ASX that has pulled up NTL on a few occasions in the past including their rights offer document but also other reporting. The ASX seems far more on the ball than the NZX and me personally I would rather my investment be regulated by an authority that 1) knows mining & 2) is quick to act when there's something published that's not quite right.


It did have it's uses over past years - - phone a cobber over the way for larger buckets full to fill a Cap Raise under the guidance of the earlier disgraced CEO ;)

A bit of a lifeline to ensure the top brass continued getting paid, after the band of friends locally was waning on back of more frequent hand outstretched moments and the chapters of recurring Spin to suggest some progress more than just planning for the next CR was actually happening .. :)

[nztx]

https://www.nzherald.co.nz/business/coromandel-gold-miner-new-talisman-suspended-from-asx-auditor-unable-to-form-opinion-on-accounts/CRPOWJNSZ5EAPPWTVDTSXBUOIA/

Coromandel gold miner New Talisman suspended from ASX, auditor unable to form opinion on accounts

Paywalled

Oh sh*t - so the Kangaroo Casino Board over yonder got a boomerang stuck in their bonnet ;)

Hope Matty dropped his bundle in time or was it forced to pay fines & costs ? ;)

Never mind ... with Matty gone all the rounds of ridiculous & weird dilutionary Cap raises from the phone a friend placement mob over the ditch won't be necessary - we can do it all here instead :)

And of course .. never one to miss an opportunity, our good cobber "StockVomit" adds his (or her) shallow 2c to the pile as well over on HC -

"When the company's owns auditor says he can't get sufficient information, what hope for the shareholders."

Matty musta been on the horn again by chance ? :)


Time for a new Auditor who knows mining a bit better now ? :)


Footnote: NTL should be least of ASX's worries - there are many other curious examples on their boards in the sector which exhibit extreme signs of uncertainty .. one of which is hanging out doing a bit of fossicking around on the west coast :)

[Toddy]

The Herald article was good in that it stuck to the facts.


Im still unsure about the statement that the 5 year DOC access deal was the final hurdle allowing NTL to progress Talisman mine to production.

Based on this statement. Can NTL mine. That is, I get confused around the Queens English on this. Do the Access Arrangements allow you to mine for gold like a real Gold Mining Company? Or are we back to bulk sampling, whatever that means.

Could someone clarify, as I think that this is very important.

[Baa_Baa]

The Herald article was good in that it stuck to the facts.


Im still unsure about the statement that the 5 year DOC access deal was the final hurdle allowing NTL to progress Talisman mine to production.

Based on this statement. Can NTL mine. That is, I get confused around the Queens English on this. Do the Access Arrangements allow you to mine for gold like a real Gold Mining Company? Or are we back to bulk sampling, whatever that means.

Could someone clarify, as I think that this is very important.

The path is clear to begin mining, assuming they remain solvent, under the consent for bulk sampling, which hopefully will produce some gold. The only caveat is that the bulk sampling is capped to the amount of ore that can be extracted. It is essentially to 'prove' the mines viability, it is not to sustain mining on an ongoing basis. Lets assume proof does comes from the bulk sampling, then they would apply for a full mining licence.

Feb 2023 'Rights Offer Document' ​https://www.listcorp.com/asx/ntl/new-talisman-gold-mines-limited/news/rights-offer-document-2834433.html How much ore are you expecting to extract on a daily/weekly/annual basis and what will this cost to extract and produce? We have resource consent for bulk sampling that allows for a maximum 20,000 m3 (approx. 50,000 tonnes) per annum. Initially we are looking to extract 7,000 tonnes per annum or 140 tonnes per week. Volumes will be constrained initially as we are only bulk sampling the Mystery Vein area but this can be increased over time as we identify new targets within the mine and improve our cashflow. We estimate that our costs will be $80,000 per week or about $4,000,000 per annum (inclusive of corporate overheads) depending on the amount extracted and other variables.

[Toddy]

The path is clear to begin mining, assuming they remain solvent, under the consent for bulk sampling, which hopefully will produce some gold. The only caveat is that the bulk sampling is capped to the amount of ore that can be extracted. It is essentially to 'prove' the mines viability, it is not to sustain mining on an ongoing basis. Lets assume proof does comes from the bulk sampling, then they would apply for a full mining licence.

Feb 2023 'Rights Offer Document' ​https://www.listcorp.com/asx/ntl/new-talisman-gold-mines-limited/news/rights-offer-document-2834433.htmlHow much ore are you expecting to extract on a daily/weekly/annual basis and what will this cost to extract and produce? We have resource consent for bulk sampling that allows for a maximum 20,000 m3 (approx. 50,000 tonnes) per annum. Initially we are looking to extract 7,000 tonnes per annum or 140 tonnes per week. Volumes will be constrained initially as we are only bulk sampling the Mystery Vein area but this can be increased over time as we identify new targets within the mine and improve our cashflow.We estimate that our costs will be $80,000 per week or about $4,000,000 per annum (inclusive of corporate overheads) depending on the amount extracted and other variables.
Thanks.


14 truck loads per week. $4m pa (I'm guessing that number does not include the cost of the new plant).

The capital raise is going to have to be a serious number. The ASX suspension will not be welcome news.

The clock is ticking so I whink we will receive news on the cap raise as early as next week.

[Daytr]

What I'm confused about, is how is NTL been allowed to stay trading on the NZX but not the ASX?

Surely any trades after the date of the issue of the report could be claimed against.

And the question could be asked, when should have the company been considered 'not a going concern' and should have the directors made a declaration re the company's position then.

I would suggest that goes back to prior to the loan being made by one of the directors.
And at the time Jonu posted on here, questioning how anyone couldn't see this as anything but a positive, and yet the company was in this position and nothing was said or declared.

The cash burn since the last CR seems mighty high with a lot spent on development considering there was no access to start mining, no plant in place & still no guarantee they have someone to process the concentrate.

Sure they didn't know the DOC consent would take so long, mind you a month or two later & the company would be most likely goneski.
Either way it's poor cashflow management, spending money without having in place the consent from DOC or a option for the concentrate.

The looming CR document will no doubt have more information, but can what is stated be trusted? Considering their track record and also that 15 months ago, in the last CR, there was also plenty of information, but unfortunately virtually none of it has come to fruition and the money is spent.

Do you buy on faith? Desperation?
Surely not trust nor competence.

I would want to know the following for the CR.
1) Cost of the plant including getting it to a state of being on site & operational.

2) Are there any further consents required for the plant or to begin mining?

3) That they have a confirmed off-take partner and agreement in place to process the concentrate to produce dore.

4) Estimated cost of production to produce dore. This could be tricky due to the lack of knowledge around grade etc, however a conservative estimate would perhaps give shareholders some confidence (if they can trust the number). If the company can operate below the conservative estimated cost, then no one is going to be unhappy are they.

Anything else from anyone that they think needs included in the CR document?

[Baa_Baa]

What I'm confused about, is how is NTL been allowed to stay trading on the NZX but not the ASX?

Why the confusion? The Annual Report was released to NZX 27/6 at 15:06, and to ASX 27/6 at 3:13pm. The ASX suspension from quotation was not released until after ASX market close, at 27/6 8:31pm. NZX of course was also closed, and it was closed the day after on 28/6 for Matariki holiday.

There is nothing yet to suggest NTL will or will not be suspended on NZX as well. We should know that on Monday, before market opens if they are to be suspended on NZX.

In short, no shares in NTL have traded on ASX or NZX since the ASX suspension from quotation.

The Herald reported on Friday 4pm "An NZX spokesman said: “NZ RegCo has noted the suspension of trading in NTL’s shares on the ASX and is engaging with the company and relevant parties.”

[Paint it Black]

The path is clear to begin mining, assuming they remain solvent, under the consent for bulk sampling, which hopefully will produce some gold. The only caveat is that the bulk sampling is capped to the amount of ore that can be extracted. It is essentially to 'prove' the mines viability, it is not to sustain mining on an ongoing basis. Lets assume proof does comes from the bulk sampling, then they would apply for a full mining licence.

Feb 2023 'Rights Offer Document' ​https://www.listcorp.com/asx/ntl/new-talisman-gold-mines-limited/news/rights-offer-document-2834433.html How much ore are you expecting to extract on a daily/weekly/annual basis and what will this cost to extract and produce? We have resource consent for bulk sampling that allows for a maximum 20,000 m3 (approx. 50,000 tonnes) per annum. Initially we are looking to extract 7,000 tonnes per annum or 140 tonnes per week. Volumes will be constrained initially as we are only bulk sampling the Mystery Vein area but this can be increased over time as we identify new targets within the mine and improve our cashflow. We estimate that our costs will be $80,000 per week or about $4,000,000 per annum (inclusive of corporate overheads) depending on the amount extracted and other variables.

Need to remember the Bulk Sampling consent is only for 2 years after triggering on the Mystery Vein,

[Paint it Black]

Why the confusion? The Annual Report was released to NZX 27/6 at 15:06, and to ASX 27/6 at 3:13pm. The ASX suspension from quotation was not released until after ASX market close, at 27/6 8:31pm. NZX of course was also closed, and it was closed the day after on 28/6 for Matariki holiday.

There is nothing yet to suggest NTL will or will not be suspended on NZX as well. We should know that on Monday, before market opens if they are to be suspended on NZX.

In short, no shares in NTL have traded on ASX or NZX since the ASX suspension from quotation.

The Herald reported on Friday 4pm "An NZX spokesman said: “NZ RegCo has noted the suspension of trading in NTL’s shares on the ASX and is engaging with the company and relevant parties.”

Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

[Toddy]

Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

This is NZ. The Financials came out approx two hours before closing for the public New Year holiday.

The ASX had time to run the ruler over the Regulatory listing rules, identify the breaches and act as per the ASX listing rules.

Im picking that when the NZX turn up to work on Monday they will make a decision before market opening. If listing rules have been broken then they will act accordingly.

Unless NTL beat them to the gun and release the Capital Raise announcement and docs before opening.

ASX is just doing it's job. It's not an emotive decision.

[Daytr]

Why the confusion? The Annual Report was released to NZX 27/6 at 15:06, and to ASX 27/6 at 3:13pm. The ASX suspension from quotation was not released until after ASX market close, at 27/6 8:31pm. NZX of course was also closed, and it was closed the day after on 28/6 for Matariki holiday.

There is nothing yet to suggest NTL will or will not be suspended on NZX as well. We should know that on Monday, before market opens if they are to be suspended on NZX.

In short, no shares in NTL have traded on ASX or NZX since the ASX suspension from quotation.

The Herald reported on Friday 4pm "An NZX spokesman said: “NZ RegCo has noted the suspension of trading in NTL’s shares on the ASX and is engaging with the company and relevant parties.”

Fair enough.
But it still begs the question if the directors should have notified the exchange earlier.
I bet Michael Stiassny is pleased to be well clear of all this. I also bet that the director that made the $300K loan had made it secured.


Thanks for that BB - good to see the NZX are diligent in engaging with the company first unlike our Oz mates.

Actually the ASX has done exactly the right thing as trades done if a company is considered insolvent would not only put the trades in jeopardy, the directors in jeopardy and the exchange for allowing it.

Suspend first, then send a please explain to the directors. I assume this is what the NZX has done and as Baa_Baa says we should no prior to the open on Monday.

[blackcap]

Fair enough.
But it still begs the question if the directors should have notified the exchange earlier.
I bet Michael Stiassny is pleased to be well clear of all this. I also bet that the director that made the $300K loan had made it secured.



Actually the ASX has done exactly the right thing as trades done if a company is considered insolvent would not only put the trades in jeopardy, the directors in jeopardy and the exchange for allowing it.

Suspend first, then send a please explain to the directors. I assume this is what the NZX has done and as Baa_Baa says we should no prior to the open on Monday.

Daytr,

The company is not insolvent and I am sure the Directors, Stiassny included, are quite aware of the rules around trading whilst insolvent.

I think you are conflating going concern (which has a 12 month timeframe) and solvency.

[Baa_Baa]

Fair enough.
But it still begs the question if the directors should have notified the exchange earlier.

Why? it's not at all uncommon for listed companies to file Reports with 'going concern' uncertainty in the Auditors report, and not notify the Exchange. Arguably filing the Report is notifying.


I bet Michael Stiassny is pleased to be well clear of all this.

Stiassny is still a company Director. Have a read of the Report. https://api.nzx.com/public/announcement/433627/attachment/421713/433627-421713.pdf


I also bet that the director that made the $300K loan had made it secured.

Richard Bacon provided the $300k loan unsecured. https://api.nzx.com/public/announcement/432034/attachment/419894/432034-419894.pdf


Actually the ASX has done exactly the right thing as trades done if a company is considered insolvent would not only put the trades in jeopardy, the directors in jeopardy and the exchange for allowing it.

The company is not insolvent, it has 'going concern' issues called out by the zAuditor and published in the Report

[whatsup]

Why? it's not at all uncommon for listed companies to file Reports with 'going concern' uncertainty in the Auditors report, and not notify the Exchange. Arguably filing the Report is notifying.



Stiassny is still a company Director. Have a read of the Report. https://api.nzx.com/public/announcement/433627/attachment/421713/433627-421713.pdf



Richard Bacon provided the $300k loan unsecured. https://api.nzx.com/public/announcement/432034/attachment/419894/432034-419894.pdf



The company is not insolvent, it has 'going concern' issues called out by the zAuditor and published in the Report

TOMORROW is going to be a very interesting day, one way or another, the understatement of the day !

[Daytr]

Why? it's not at all uncommon for listed companies to file Reports with 'going concern' uncertainty in the Auditors report, and not notify the Exchange. Arguably filing the Report is notifying.



Stiassny is still a company Director. Have a read of the Report. https://api.nzx.com/public/announcement/433627/attachment/421713/433627-421713.pdf



Richard Bacon provided the $300k loan unsecured. https://api.nzx.com/public/announcement/432034/attachment/419894/432034-419894.pdf



The company is not insolvent, it has 'going concern' issues called out by the zAuditor and published in the Report

Apologies I thought Stiassny had stood aside, him still being involved is certainly a good thing

[whatsup]

T H, looks like its catch up with ASX time now !! not a good look for the NZX that they have to take direction from the ASX !!

[Sideshow Bob]

https://www.nzx.com/announcements/433696

NZ RegCo has approved a trading halt application from New Talisman Gold Mines Limited (“NTL”). Trading in NTL ordinary shares was halted before market open today, Monday, 1 July 2024.

Attached is the trading halt application, for further information.

Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries.

[Sideshow Bob]

https://api.nzx.com/public/announcement/433696/attachment/421792/433696-421792.pdf

Reasons for trading halt: On 27 June 2024, the ASX suspended quotation of theCompany’s securities following release of the Company’s annual report, as the audit reportcontained in that annual report included a disclaimer of opinion. ASX noted that thesuspension will continue until the Company is able to demonstrate compliance with ASXListing Rule 12.2, relating to the financial condition of the Company. The Company wishesto halt trading of its securities on the NZX Main Board pending further consideration by theBoard of the steps necessary to demonstrate compliance with ASX Listing Rule 12.2. andthe potential implications for NTL’s intended Capital Raise.

[winner69]

T H, looks like its catch up with ASX time now !! not a good look for the NZX that they have to take direction from the ASX !!


Probably not in breach of NZX rules …company initiative to clear the muddy waters

[Paint it Black]

Time for Mr Stiassny to make a call to the ASX compliance team. Hope they have their hard hats on!

[Daytr]

Time for Mr Stiassny to make a call to the ASX compliance team. Hope they have their hard hats on!

I'm not sure you understand what is going on here.

[Paint it Black]

I'm not sure you understand what is going on here.

Just a joke! We all know the ASX is perfect and the NZX isn't.

[Landyman]

Im surprised this was allowed to happen - do the CR before the audit opinion is made - guess you only want to do it on the back of some good news, so the DOC delay really stuffed things up.

Still a gamble, but worth a punt IMHO.

[Paint it Black]

Im surprised this was allowed to happen - do the CR before the audit opinion is made - guess you only want to do it on the back of some good news, so the DOC delay really stuffed things up.

Still a gamble, but worth a punt IMHO.

NTL has always been a gamble but the odds have improved significantly recently with the DOC approval. IMHO the dust will soon clear with the exchanges. Auditors are very cautious with their liability and maintaining their PI insurances - a successful CR will quickly put the concerns to bed and surely some mechanism must be available with the exchanges to allow the CR to proceed.

[whatsup]

NTL has always been a gamble but the odds have improved significantly recently with the DOC approval. IMHO the dust will soon clear with the exchanges. Auditors are very cautious with their liability and maintaining their PI insurances - a successful CR will quickly put the concerns to bed and surely some mechanism must be available with the exchanges to allow the CR to proceed.

IMHO this is a chicken and egg situation !
The investors need need a good report from the auditors and the auditors need a C R from investors !!

[Toddy]

IMHO this is a chicken and egg situation !
The investors need need a good report from the auditors and the auditors need a C R from investors !!

Agree. The current shareholders can't afford to be chicken and cough up some decent cash to capitalise NTL. And I hope that shareholders don't end up with egg on their face.

The regulators are just doing their job which is to protect the shareholders.

The NTL board need to stop stalling and announce the terms and conditions of the capital raise.

Why were the cap raise documents not released straight after the DOC announcement. Especially since the Board knew that they were sitting on the Auditors report.

[Paint it Black]

Agree. The current shareholders can't afford to be chicken and cough up some decent cash to capitalise NTL. And I hope that shareholders don't end up with egg on their face.

The regulators are just doing their job which is to protect the shareholders.

The NTL board need to stop stalling and announce the terms and conditions of the capital raise.

Why were the cap raise documents not released straight after the DOC announcement. Especially since the Board knew that they were sitting on the Auditors report.
The Board did the right thing delaying the CR until the auditor issues are resolved. Extremely reckless and potentially illegal to do otherwise Toddy.

[Toddy]

The Board did the right thing delaying the CR until the auditor issues are resolved. Extremely reckless and potentially illegal to do otherwise Toddy.

So they get another director loan so that they are solvent and to satisfy the listing rules?

Then they can do the CR.

[blackcap]

So they get another director loan so that they are solvent and to satisfy the listing rules?

Then they can do the CR.

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....

[Toddy]

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....

So what's the going concern issue if it's NOT Cash?

[Baa_Baa]

So what's the going concern issue if it's NOT Cash?

Simply put, it is cash:
- Going concern - they will run out of cash (soon)
- Insolvent - they have run out of cash (now)

[blackcap]

So what's the going concern issue if it's NOT Cash?

Solvency is a technical term and has legal implications. Going concern does not. It is important to use the right term in context or you may mislead people. There is a huge difference between solvency and going concern.

Solvency, is they are solvent, they can meet their obligations. If the company were to be wound up, there would be money left over.

Going concern is purely an opinion. They may or may not be able to meet obligations some time in the future.

[nztx]

They are solvent. Lets get that straight. Its the going concern issues the auditor has raised.

Quite serious if you are trading and not solvent....



Time that NTL made the Auditor a gone away concern ;)

Lots more far serious cans of worms inhabiting ASX waters that should make Ozzie Checkers sit upright in fright in their beds in the early hours - but do they ? .. Let's put it down o a shower of fine Aussie dust that must of hit the nostrils of the checker of the books :)

[winner69]

Time that NTL made the Auditor a gone away concern ;)

Lots more far serious cans of worms inhabiting ASX waters that should make Ozzie Checkers sit upright in fright in their beds in the early hours - but do they ? .. Let's put it down o a shower of fine Aussie dust that must of hit the nostrils of the checker of the books :)

Auditor who wouldn't give an opinion apparently based in Oz already ....Sydney

Outfit does have NZ office

[Baa_Baa]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.

[Baa_Baa]

Auditor who wouldn't give an opinion apparently based in Oz already ....Sydney

Outfit does have NZ office

Relevance? None.

[nztx]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.


A loan due or convertible 2 years out wouldn't have caused an issue most likely ..

Going concern would be more of an issue if the bucket was near on empty and options / potential very limited .. perhaps a position the previous CEO was heading close to the wind with ..

[Landyman]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.


The auditor will have formed their opinion during the audit - with the books closing 31 March, then the audit will have given final view towards end of May (standard audit time frame for big companies 6-7 weeks from close). Ntl a bit smaller, so could have been faster. Given the timing of Tacons unsercured loan, my guess is that NTL were well aware of the going concern comment, and acted as such - probably just not fast enough to be given a "clean" bill of health.

[Daytr]

The auditor will have formed their opinion during the audit - with the books closing 31 March, then the audit will have given final view towards end of May (standard audit time frame for big companies 6-7 weeks from close). Ntl a bit smaller, so could have been faster. Given the timing of Tacons unsercured loan, my guess is that NTL were well aware of the going concern comment, and acted as such - probably just not fast enough to be given a "clean" bill of health.

I think that's why the loan had to be unsecured as well. Any loan at that point in time that ranked above shareholders would have been problematic from a regulatory standpoint point.

[blackcap]

Even unsecured, the loan ranks ahead of shareholders. Shareholders are always last.

[whatsup]

The auditor will have formed their opinion during the audit - with the books closing 31 March, then the audit will have given final view towards end of May (standard audit time frame for big companies 6-7 weeks from close). Ntl a bit smaller, so could have been faster. Given the timing of Tacons unsercured loan, my guess is that NTL were well aware of the going concern comment, and acted as such - probably just not fast enough to be given a "clean" bill of health.

Wouldnt there have been a note in the accounts noting the auditors concerns at balance date but subsequent to the balance date wouldnt he have noted the unsecured loan and its details that had been advanced to the company ?

[Landyman]

All very messy, but agree with earlier comment that its a storm in a tea cup. How much $$$ required to get processing, then cashflow neutral, and then to profit is what we need now - CR documents will be a good read.

[Baa_Baa]

Wouldnt there have been a note in the accounts noting the auditors concerns at balance date but subsequent to the balance date wouldnt he have noted the unsecured loan and its details that had been advanced to the company ?

Read the audit report, it is to balance date 31/3:

"I was engaged to audit the consolidated financial statements of New Talisman Gold Mines Limited(“the Company”) and its subsidiaries (“the Group”), which comprises:
• the consolidated statement of financial position as at 31 March 2024;
• the consolidated statement of comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements including a summary of significant
accounting policies."


"I do not express an opinion on the accompanying consolidated financial statements of the Group onpages 9 to 27. Because of the significance of the matters described in the Basis for Disclaimer ofOpinion section of my report, I have not been able to obtain sufficient appropriate audit evidence toprovide a basis for an audit opinion on these financial statements".

"Basis for Disclaimer of OpinionGoing Concern
Note 1(q) on page 15 to the consolidated financial statements discloses conditions that indicate the
existence of material uncertainties relating to matters surrounding the continuing use of the going
concern assumption in the preparation of these financial statements.

Due to the significant level of uncertainty associated with forecasting the Group’s future cashflows
and in determining the likely outcome of the debt or equity capital raise to fund its operations through
to production, I was unable to obtain sufficient appropriate audit evidence to enable me to form an
opinion as to whether the use of the going concern assumption is appropriate. Consequently, I was
unable to determine whether any adjustments were necessary in respect of the consolidated
statement of financial position of the Group as at 31 March 2024, the consolidated statement of
comprehensive income or consolidated statement of changes in equity.

I consider the impact of the above matters to be material and pervasive to the consolidated financial
statements of the Group."

[Toddy]

A decent cap raise of 5 mil will sort everything. It will enable them to buy the plant, set it up, resource consents etc and allow capital to slowly extract and cart rock from the shaft etc.

Anything much less than that amount then they run the risk of another 'going concern' trading interruption.

What's taking the paperwork so long on the CR?. Surely it was ready to go on the DOC announcement.

[Landyman]

Purchase of processing plant was conditional on successful CR - lets get this party started!

[Getty]

Anyone got the time or inclination to tally up all the money put into HZN & NTL over the years, and then approximate how much physical gold it would have bought on market at market prices over the same time frame?

[whatsup]

Anyone got the time or inclination to tally up all the money put into HZN & NTL over the years, and then approximate how much physical gold it would have bought on market at market prices over the same time frame?

Quite alot, some by me !

[winner69]

Anyone got the time or inclination to tally up all the money put into HZN & NTL over the years, and then approximate how much physical gold it would have bought on market at market prices over the same time frame?

Annual Report says shareholders have put in $31m …….accumulated losses $33m

But that doesn’t tell you how much they’ve actually spent eh

But the future is gold aplenty …as long as it doesn’t cost more than $4,000 oz to make well all be rich

[nztx]

Annual Report says shareholders have put in $31m …….accumulated losses $33m

But that doesn’t tell you how much they’ve actually spent eh

But the future is gold aplenty …as long as it doesn’t cost more than $4,000 oz to make well all be rich


That much gold gone while a previous bunch of bods were sitting at the table spinning golden yarns ? ;)

[clip]

New Talisman Gold Mines Limited is pleased to advise that it has arranged additional loan facilities whichhave provided NTL’s auditor with sufficient comfort to issue a revised unqualified audit report.

The revisedaudit report no longer contains a Disclaimer of Opinion, but instead notes an Emphasis of Matter in relationto NTL’s forward financial position for the next 12 months.

On 27 June 2024, the ASX suspended quotation of the Company’s securities following release of theCompany’s annual report, as the audit report contained in that annual report included a disclaimer of opinion.
ASX noted that the suspension will continue until the Company is able to demonstrate compliance with ASXListing Rule 12.2, relating to the financial condition of the Company.

The Company requested a trading haltof its securities on the NZX Main Board pending further consideration by the Board of the steps necessaryto demonstrate compliance with ASX Listing Rule 12.2. and the potential implications for NTL’s previouslyannounced intended capital raise.The loan facilities are as follows:

• NTL has varied the terms of the existing unsecured loan from Director Richard Tacon to increasethe loan amount from $300,000 to $350,000 and extend the final repayment date to 31 Dec 2025.The interest rate remains at 19% per annum.
• NTL has entered into an unsecured loan with Hamish Brown of $850,000. The loan has an interestrate of 19% per annum and is repayable by 31 Dec 2025.
• NTL has also entered into an unsecured loan with the Company Chair Samantha Sharif of aminimum of $50,000 and up to $200,000. The loan has an interest rate of 19% per annum and isrepayable by 31 Dec 2025.

None of these facilities have been drawn down to date. NTL anticipates making the first draw down of$100,000 later in July 2024.

[Toddy]

Well done. They are going to try and make it happen. I'm guessing that the CR will cover the loans so it's the same thing as 'secured' 19 percent loan.

[Landyman]

Crikey, Mr Brown has a lot of faith.......and a lot of money.

The storm in the teacup is now settled - time for a CR!!!!

[jonu]

Look, this whole thing with the ASX trading halt is a storm in a teacup. You will note that the Director Richard Tacon's agreement to provide a $300,000 unsecured loan facility was on 30/5/24, well after the balance close date of the Annual Report 31/3/24, which the Auditors reported on. Ergo, the loan facility negates the 'going concern' problem.

You might also note that NTL called for a halt on NZX with only two days to respond, indicating that this is easily cleared up and trading will likely resume on Wednesday, if not sooner.

The 'going concern' issue that the Auditor called out at balance date was ameliorated by the Director's loan on 30/5. This should grease the pathway to the CR without any concern for the interim period until capital is raised.

I, for obvious reasons have been unable to comment, but Baa Baa pretty much nailed it here. To be clear, I have no idea who Baa Baa is. But this and their earlier comments have been a pretty good assessment of the situation.

My hands are largely tied in commenting further, somewhat akin to a coach arguing about the ref after a game...it doesn't make any difference.

Onwards and upwards from here.

John Upperton
NTL Director

[moimoi]

Anyone got the time or inclination to tally up all the money put into HZN & NTL over the years, and then approximate how much physical gold it would have bought on market at market prices over the same time frame?

That is a very apt question to ask.

Just looking through the May 2002 renounceable rights issue offer to aquire 2 warrants (exerciseable @ 9 cents) for every 3 shares held in Heritage Gold Limited (HGD) back when the company had a modest 73M shares on issue.

Back then evidently "the Directors believe the property has potential for a 2 million ounce gold deposit in extensions and parallel structures to previously mined areas, amenable to underground mining."

Unfortunately the only mining that has occurred here has been from shareholders pockets..

[Paint it Black]

I, for obvious reasons have been unable to comment, but Baa Baa pretty much nailed it here. To be clear, I have no idea who Baa Baa is. But this and their earlier comments have been a pretty good assessment of the situation.

My hands are largely tied in commenting further, somewhat akin to a coach arguing about the ref after a game...it doesn't make any difference.

Onwards and upwards from here.

John Upperton
NTL Director

Thanks Jonu and Baa Baa. Storm in a tea cup all the way which I suspect some were keen to magnify so as to minimise their losses having sold down cheaply. It's also brilliant that the directors, as well as Hamish, have the confidence to lend further. I wonder now if the ASX will be as quick on the trigger to lift their trading stop as they were to apply the halt with the consequent damaging fanfare?

[Baa_Baa]

That is a very apt question to ask.

Just looking through the May 2002 renounceable rights issue offer to aquire 2 warrants (exerciseable @ 9 cents) for every 3 shares held in Heritage Gold Limited (HGD) back when the company had a modest 73M shares on issue.

Back then evidently "the Directors believe the property has potential for a 2 million ounce gold deposit in extensions and parallel structures to previously mined areas, amenable to underground mining."

Unfortunately the only mining that has occurred here has been from shareholders pockets..

That's a tired old worn out argument, looking in the rearview mirror imo. What we've seen is that the company was a recidivist lier under previous management for many years, sucking in untold $ to pay directors and management. That's on the previous shareholders and their gullibility.

Subsequently, Jonu launched a shareholder takeover supported by the Shareholders Association which was successful, brought in a heavy hitter (brilliant move by the way) turfed out the recidivist liars and troughers, even indirectly securing a criminal conviction of the chief liar. Well done.

Since then, despite unforeseen delays, the company is in the final straight, they can see a finish line that produces real gold! Now imo is not the time to reflect on a dysfunctional past, it is finally finally time to focus on that finish line, get them over it, dig up and produce the gold. There is no evidence that I can see not to trust the current management, partners and directors.

This is a massive turnaround in my sentiment towards NTL, I have been a detractor for many years, but now is the time imo to move on, not look backwards, focus on the future and decide whether trust and $ is well placed in supporting NTL going forwards.

It's like running a marathon, your coach was a crook and when you finally made it into the last mile, you realised that and got a new coach, you can see the finish line now, it's so close, but freak out and walk off the track? Yeah nah, there's better outcomes just around the corner.

Could it still go bad? Well of course it could. The anticipated gold might not be there, all sorts of hurdles could be encountered. But you don't buy mineral exploration wanting to move to production, without considering the risks.

Focus on the future, it's so close.

[Baa_Baa]

I, for obvious reasons have been unable to comment, but Baa Baa pretty much nailed it here. To be clear, I have no idea who Baa Baa is. But this and their earlier comments have been a pretty good assessment of the situation.

My hands are largely tied in commenting further, somewhat akin to a coach arguing about the ref after a game...it doesn't make any difference.

Onwards and upwards from here.

John Upperton
NTL Director

Hey thanks for the up's Jonu, but I have no secret sauce, I just read the words - all of them in detail - and form my views, which I have expressed here.

I suspect many people, judging by the questions and statements don't have the time or inclination to read the words, or maybe they're still cynical and don't believe them?

And to be clear, I have no affiliation to NTL, and I don't personally know anyone involved in the company, including Jonu.

All the best though, it's pretty exciting to see the path towards production.

[ThaiJohn]

I watch from the beach...far far away and *hic burp* have never felt more positive with the way things are turning out. :t_up:

[blackcap]

Well done. They are going to try and make it happen. I'm guessing that the CR will cover the loans so it's the same thing as 'secured' 19 percent loan.

The interest is only paid if the loans are drawn down. If the CR is successful, they won't have any need for the facility will they. (Except for the $100k that was signaled to be drawn in July)

[Toddy]

The interest is only paid if the loans are drawn down. If the CR is successful, they won't have any need for the facility will they. (Except for the $100k that was signaled to be drawn in July)

Thats entirely upto the NTL shareholders to make sure that they support the management with more $$$.

[Toddy]

I'm out of cash. IFT have cleaned me out.

[Daytr]

It will be interesting to see if any or all of the loans are converted to equity in the CR.

[Baa_Baa]

It will be interesting to see if any or all of the loans are converted to equity in the CR.

Yes true, but that would be a condition of the CR, which we don't know yet.

I'd be surprised TBH if the lenders of last resort (and wow, they came out of the woodwork didn't they, like supreme confidence) were interested in chancing their arm on converting loans at 19% return, to equity at 0% and the risk that the market didn't up-value the market cap by at least or more than their ROI at 19% return on debt.

What would you do if you were a lender at 19% interest, in an inevitable cap raise and a massive dilution event forthcoming? Convert debt to equity?, maybe, but yeah nah probably not? Time will tell.

[whatsup]

Yes true, but that would be a condition of the CR, which we don't know yet.

I'd be surprised TBH if the lenders of last resort (and wow, they came out of the woodwork didn't they, like supreme confidence) were interested in chancing their arm on converting loans at 19% return, to equity at 0% and the risk that the market didn't up-value the market cap by at least or more than their ROI at 19% return on debt.

What would you do if you were a lender at 19% interest, in an inevitable cap raise and a massive dilution event forthcoming? Convert debt to equity?, maybe, but yeah nah probably not? Time will tell.

B B , The old story, " the devil is in the detail " !!

[blackcap]

I don't think they are loans, it's a facility. Like an overdraft. Will only be used if needed. The company would be irresponsible to draw down at 19%, if they had cash in the back from a capital raise.

[Landyman]

Pages 3&4 of Annual report show pics of the beast that will be processing the ore - nice!!!

[Daytr]

Pages 3&4 of Annual report show pics of the beast that will be processing the ore - nice!!!

It didn't have a price tag still attached by chance did it?

So with the large amount of facilities in place what does that mean in regards what the amount the CR will be.
19% pa. Sounds like a lot, but if the CR is $5M then that's cost shareholders circa 50% in dilution.

And what level now for the CR?
To entice shareholders to raise maybe 3 times what they did last time, and considering they couldn't raise the full amount last time, and that the recent storm in a teacup has put a dent in the share price, at what level can they set the CR to confidently raise the amount required?

Hopefully they outline the purchase & installation cost of the plant. Confirm no more consents are required and even if they do that there is still one piece of the jigsaw missing.
Can they get their concentrate processed into dore or refined gold?

[Landyman]

It didn't have a price tag still attached by chance did it?

Its blue - a very expensive colour. But soon it will be gold, from all the dust floating round. Operator is going to end up look like C3PO

[whatsup]

It didn't have a price tag still attached by chance did it?

So with the large amount of facilities in place what does that mean in regards what the amount the CR will be.
19% pa. Sounds like a lot, but if the CR is $5M then that's cost shareholders circa 50% in dilution.

And what level now for the CR?
To entice shareholders to raise maybe 3 times what they did last time, and considering they couldn't raise the full amount last time, and that the recent storm in a teacup has put a dent in the share price, at what level can they set the CR to confidently raise the amount required?

Hopefully they outline the purchase & installation cost of the plant. Confirm no more consents are required and even if they do that there is still one piece of the jigsaw missing.
Can they get their concentrate processed into dore or refined gold?

Im picking @ .02

[Daytr]

Im picking @ .02

Is that with or without confirmation of a treatment agreement in place for the concentrate?

[Baa_Baa]

Is that with or without confirmation of a treatment agreement in place for the concentrate?

https://api.nzx.com/public/announcement/432968/attachment/420938/432968-420938.pdf

[whatsup]

https://api.nzx.com/public/announcement/432968/attachment/420938/432968-420938.pdf

B B , The 60 day with a C R clause will have to be amended imo as that time table is too tight now, but at lease we could be " on the road again " lets hope that the wheels dont fall off this time !

[Daytr]

https://api.nzx.com/public/announcement/432968/attachment/420938/432968-420938.pdf

Baa_Baa that's the plant to produce the concentrate.
I am referring to who will treat the concentrate into dore?

Perhaps the new plant will produce a higher grade concentrate that will be more widely accepted. But who knows, it's just another critical piece of information that shareholders need to know.

[Paint it Black]

https://api.nzx.com/public/announcement/432968/attachment/420938/432968-420938.pdf

Possibly Daytr is referring to the refining of the concentrate from the treatment process into dore bars. As the announcement says early discussions are underway with interested refiners. IMO this can be tendered at a later stage and need not delay the CR.

[haewai]

Possibly Daytr is referring to the refining of the concentrate from the treatment process into dore bars. As the announcement says early discussions are underway with interested refiners. IMO this can be tendered at a later stage and need not delay the CR.

Maybe a CR needs to have quantified business case. Which isn't possible (or at least very risky) unless there is a buyer for the concentrate output and known $.

[Daytr]

Possibly Daytr is referring to the refining of the concentrate from the treatment process into dore bars. As the announcement says early discussions are underway with interested refiners. IMO this can be tendered at a later stage and need not delay the CR.

That's exactly what I am referring to.
This is something that has proven difficult for the company to find, however that was producing a 1% concentrate underground.
It appears that's no longer the case, as they are buying a new plant that I understand wont be based underground.
So, no one knows what now will be produced, a 1% concentrate or something of higher grade and if they have somewhere then to on-process it into dore.
There is no point in any of this if no one is willing to process the concentrate.
It's such a small quantity of material for many operations it just wont be worth their while.

[Daytr]

Maybe a CR needs to have quantified business case. Which isn't possible (or at least very risky) unless there is a buyer for the concentrate output and known $.

Unlikely but that would be great wouldn't it.
There have been so many changes since the last CR on how the company is going about things.
I understand there is desperation among shareholders, but that's no reason not to insist that all the information is available before pouring more money in.
Hopefully it is all laid out and I might be tempted to get back in myself, but I need to see a lot more information than is available now.

[Paint it Black]

Unlikely but that would be great wouldn't it.
There have been so many changes since the last CR on how the company is going about things.
I understand there is desperation among shareholders, but that's no reason not to insist that all the information is available before pouring more money in.
Hopefully it is all laid out and I might be tempted to get back in myself, but I need to see a lot more information than is available now.

The beauty of the concentrate is that it is easily transportable - even overseas if need be - so the risk of not finding anyone to do it is minimal. To set up a contract now without having the concentrate produced would be difficult. As the announcement said refiners are already interested. IMO the best route is to produce the concentrate and then tender to interested parties.

[nztx]

Have to like how the NTL board's fast moves fixed the posturing Jabawokies on the Casino board over yonder
in one swift shot ;)

[Toddy]

Have to like how the NTL board's fast moves fixed the posturing Jabawokies on the Casino board over yonder
in one swift shot ;)

Taken straight out of the Todd Hoffman Gold mining playbook. Off to the shareholders for more $$$$. Always keeps the regulators off your back and you get to buy more flash machinery.

[nztx]

Taken straight out of the Todd Hoffman Gold mining playbook. Off to the shareholders for more $$$$. Always keeps the regulators off your back and you get to buy more flash machinery.


Yeah, but what would Matty have done if things had run out of options, dough & time ? .. drive things into the nearest ditch, run away, abandon the show in the closing minutes ? ;)

[Toddy]

Yeah, but what would Matty have done if things had run out of options, dough & time ? .. drive things into the nearest ditch, run away, abandon the show in the closing minutes ? ;)

It's definitely good that they are going to give it a decent crack and see if there is a real fortune to be made.

And definitely good if the shareholders all participate.

I will be watching and learning. I like the real stuff, like how many 10 tonne truck loads of pay can be extracted and carted from the mine shaft each day?

[nztx]

It's definitely good that they are going to give it a decent crack and see if there is a real fortune to be made.

And definitely good if the shareholders all participate.

I will be watching and learning. I like the real stuff, like how many 10 tonne truck loads of pay can be extracted and carted from the mine shaft each day?


Indeed .. similarly ASX:SMI down Otago way

[Daytr]

The beauty of the concentrate is that it is easily transportable - even overseas if need be - so the risk of not finding anyone to do it is minimal. To set up a contract now without having the concentrate produced would be difficult. As the announcement said refiners are already interested. IMO the best route is to produce the concentrate and then tender to interested parties.

That's not my experience in 15 years in the gold mining industry. 1% is a very low grade gold concentrate and typically refiners don't do dore they do pure gold bars. It's not to say there aren't any, but I do wonder if they meant smelter rather than refiner. Typically smelters are set up for copper / gold concentrates. One option could be blend NTLs concentrate with other ore, but trying to find someone to do that for such small quantities won't be easy.

As I said in an earlier post I wonder if the new plant will produce a much higher grade concentrate and that would be a real game changer as would probably give NTL more options.


Indeed .. similarly ASX:SMI down Otago way

Two very different propositions.

[Paint it Black]

That's not my experience in 15 years in the gold mining industry. 1% is a very low grade gold concentrate and typically refiners don't do dore they do pure gold bars. It's not to say there aren't any, but I do wonder if they meant smelter rather than refiner. Typically smelters are set up for copper / gold concentrates. One option could be blend NTLs concentrate with other ore, but trying to find someone to do that for such small quantities won't be easy.

As I said in an earlier post I wonder if the new plant will produce a much higher grade concentrate and that would be a real game changer as would probably give NTL more options.



Two very different propositions.

I very much doubt the Board would be going down a blind alley with this. Richard Tacon I'm sure with his mining experience and contacts knows what he is doing. But thanks anyway lending your experience.

[jonu]

I very much doubt the Board would be going down a blind alley with this. Richard Tacon I'm sure with his mining experience and contacts knows what he is doing. But thanks anyway lending your experience.

As I alluded to previously, one or two commenters gave a very good assessment of the recent ASX suspension issue. Others were way off and were extremely loose in their commentary regarding solvency and even erroneously naming Directors.

The continual reference to a 1% concentrate is curious.

Commenting is not something I want to be doing, but for goodness sake folks, take what you read on here with a grain of salt.

John Upperton
NTL Director

[Toddy]

Wow. Have I read that right. The market disclosure re the cap raise is asking all shareholders to double down. You don't see that very often.

Am I missing something here?

[Daytr]

As I alluded to previously, one or two commenters gave a very good assessment of the recent ASX suspension issue. Others were way off and were extremely loose in their commentary regarding solvency and even erroneously naming Directors.

The continual reference to a 1% concentrate is curious.

Commenting is not something I want to be doing, but for goodness sake folks, take what you read on here with a grain of salt.

John Upperton
NTL Director

Quite right it was 1 ounce per ton or 3% concentrate, still very low grade concentrate and that was producing concentrate underground.

The plan has now changed with a plant.
So we are all curious what that will produce.
We are all in the dark.

[Daytr]

Wow. Have I read that right. The market disclosure re the cap raise is asking all shareholders to double down. You don't see that very often.

Am I missing something here?

Yep that's how I read it.
At least double the amount I expected.

[jonu]

So now we have a poster declaring it wasn't 1% concentrate, but 3%....based on an ounce a tonne of something.

Mystery vein has chip sampled at something close to an ounce of gold per tonne....averaging over 30g/t.

Someone seems to be conflating the two and coming up with 3%?

It's a Mystery!

As I said....take what you read on here from anonymous posters with a grain of salt.

John Upperton
NTL Director

[Daytr]

So now we have a poster declaring it wasn't 1% concentrate, but 3%....based on an ounce a tonne of something.

Mystery vein has chip sampled at something close to an ounce of gold per tonne....averaging over 30g/t.

Someone seems to be conflating the two and coming up with 3%?

It's a Mystery!

As I said....take what you read on here from anonymous posters with a grain of salt.

John Upperton
NTL Director

Great when are you mining the mystery vein?
How much gold is there?
Chip sampled, wow there's something to bank. 🙄

Does the vein carry on? For 5M ? 10M? 100M or perhaps it just stops?
In which direction does it continue?

Seriously, act like a director of a company and be very careful what you say,.
As a shareholder you can get away with spruiking, not as a director.

[nztx]

Great when are you mining the mystery vein?
How much gold is there?
Seriously, act like a director of a company and be very careful what you say,.
As a shareholder you can get away with spruiking, not as a director.


They might be waiting for an otherwise invisible forum warrior to front and dirty his (or her) hands carrying the PPE & heavy gear in - are you volunteering ? ;)

[Daytr]

He might be waiting for a forum warrior to front to carry the PPE & heavy gear in - are you volunteering ? ;)

No, but it sounds like Jonu might be.

[nztx]

No, but it sounds like Jonu might be.


Not interested in advancing the on the spot knowledge of the ins & outs of the environment etc that NTL are operating within then ? :)

[Daytr]

Not interested in advancing the on the spot knowledge of the ins & outs of the environment etc that NTL are operating within then ? :)

How about I give you a flash light.
Onya go son, get down that hole & tell me what ya see. You would probably report back more than we know now.

[moimoi]

So instead of it being a mystery....

How about in the forthcoming capital raise documentation the company decides to provide a line by line itemisation, and forecasted costing, of every single requirement remaining to complete what is being suggested.!

In the alternative if that is unknowable or unforecastable to a degree of certainty then take it private.

30 years of cap raise's based on forecasts, promises, indications, possibles, potentials and aged inferred resources.

Take it private, 2 cents a share will do it.

Come back to market once its up and running and printing money like many of the believers on here passionately protest it will and cap raise for growth capital to expand at that time.

30 years...!! NO GOLD produced and sold!!

[Baa_Baa]

How about I give you a flash light.
Onya go son, get down that hole & tell me what ya see. You would probably report back more than we know now.

I don't know what others think but I'm leaning towards your commentary, conjecture, flippancy and lack of research or reading being unhelpful.

At this important juncture for NTL, I would prefer to see people come together, analyse what has been published and what is known, rather than speculate on ill-informed potential outcomes.

By all means, debate the interpretations, that is the luxury we have here. But be informed before entering the debate, there is no place now for ill-informed conjecture, mis-information, or flippancy, the window for investing decisions is closing and we would all be best to be fully informed enough to have our own views as to whether this is a place to put our money.

It's been a very long time and a lot of $ to get here, it is what the future holds now, not the past. Investors should only be interested in the future, and the risks, and whether that is worth their investment, now.

There's no doubt that there are risks with this venture, as there are with any mineral explorer, but it looks like you haven't actually researched this company or its prospects in any detail? Making statements that are inconsistent and frequently incorrect. As are others, so you are not alone.

Now you're winding up a Director and casting doubt on what has been published, but it's not clear from your statements now or in the past whether you've actually read anything, or any of it in detail.

Have you read the JORC? The assay's? The mine maps? The plan to production? The projections and assumptions? Anything? You seem to have joined the detractors making statements that all too often are quickly rebutted just by having read the announcements. Even your own recent argument shifts around, 1%, then 3%, like have you actually run the numbers yourself?

It's no wonder the Director gets a bit frustrated, but it's not just you, there is a lot of ill-informed off the cuff statements and opinions thrown around here that with just a modicum of reading and research are easily debunked.

This is not X.com soundbites from the ill-informed, this is a discussion group with unlimited space to talk it through. Informed discussion might be welcomed by other members here, whereas soundbites are probably not, especially if they are incorrect.

It should not be other posters or the Director who graciously posts here from time to time, who have to correct all this incorrect conjecture and mis information.

It is also not clear what motivates you or others (once bitten?) to be so skeptical when of all people, with your stated apparent experience, would know how to crunch the info and the numbers and draw an informed opinion, on whether this is investable. You probably do have a lot to contribute to our small community, but you choose to remain uninformed and snipe around the fringes. It's not clear why you continue to do this.

In any event, the CR terms are on the table. History will all be consigned to memory soon and whether or not the company raises the capital to continue their exploration into production remains to be seen.

[Toddy]

Will the offer be underwritten, and by whom. It's a big ask when expecting loyal shareholders to top up by 100 percent in the current economic environment.

[Baa_Baa]

Will the offer be underwritten, and by whom. It's a big ask when expecting loyal shareholders to top up by 100 percent in the current economic environment.

I don't know if it's underwritten, but I do agree it's optimistic targeting only existing shareholders who have taken a 23+ year hiding on their invested capital. I would have thought an open CR to any new and currently not invested investors might have a better chance of raising capital than achieving a 1:1 with current investors.

[Daytr]

I don't know what others think but I'm leaning towards your commentary, conjecture, flippancy and lack of research or reading being unhelpful.

At this important juncture for NTL, I would prefer to see people come together, analyse what has been published and what is known, rather than speculate on ill-informed potential outcomes.

By all means, debate the interpretations, that is the luxury we have here. But be informed before entering the debate, there is no place now for ill-informed conjecture, mis-information, or flippancy, the window for investing decisions is closing and we would all be best to be fully informed enough to have our own views as to whether this is a place to put our money.

It's been a very long time and a lot of $ to get here, it is what the future holds now, not the past. Investors should only be interested in the future, and the risks, and whether that is worth their investment, now.

There's no doubt that there are risks with this venture, as there are with any mineral explorer, but it looks like you haven't actually researched this company or its prospects in any detail? Making statements that are inconsistent and frequently incorrect. As are others, so you are not alone.

Now you're winding up a Director and casting doubt on what has been published, but it's not clear from your statements now or in the past whether you've actually read anything, or any of it in detail.

Have you read the JORC? The assay's? The mine maps? The plan to production? The projections and assumptions? Anything? You seem to have joined the detractors making statements that all too often are quickly rebutted just by having read the announcements. Even your own recent argument shifts around, 1%, then 3%, like have you actually run the numbers yourself?

It's no wonder the Director gets a bit frustrated, but it's not just you, there is a lot of ill-informed off the cuff statements and opinions thrown around here that with just a modicum of reading and research are easily debunked.

This is not X.com soundbites from the ill-informed, this is a discussion group with unlimited space to talk it through. Informed discussion might be welcomed by other members here, whereas soundbites are probably not, especially if they are incorrect.

It should not be other posters or the Director who graciously posts here from time to time, who have to correct all this incorrect conjecture and mis information.

It is also not clear what motivates you or others (once bitten?) to be so skeptical when of all people, with your stated apparent experience, would know how to crunch the info and the numbers and draw an informed opinion, on whether this is investable. You probably do have a lot to contribute to our small community, but you choose to remain uninformed and snipe around the fringes. It's not clear why you continue to do this.

In any event, the CR terms are on the table. History will all be consigned to memory soon and whether or not the company raises the capital to continue their exploration into production remains to be seen.

Buddy, I warned people off this company around 8 years ago.
The one toz per ton was discussed at length on this forum not long ago and as I said recently who knows what they will produce now as it's not the same underground method of processing the company were claiming to be going to use only a few months ago.
The point is nobody knows and nobody knows a lot of things, herein lies the problem.

I am probably one of the few who have actually made money out of NTL, although admittedly a small return, so no not once bitten.

The last CR was the final CR, ring any bells?
No plant purchae back then mentioned.

Anyhoo double down at your own risk obviously.
If fulfilled the market cap will basically double.
I suspect the 1:1 strategy is based on major shareholders committing and whoever else does, at least they will go in big, I.e double so they are looking for large amounts from those willing to gamble.

The directors get frustrated? Really?
Join the club.
Spruiking is not correcting and Jonu spruiked the hell out of this company for years.

You mention a plan to production. Which one?
It changes regularly.
The last CR had a plan to.

Do you know how much they will mine?
The cost of production?
The grade of the concentrate from the new plant?
The recoveries from the new plant?
The cost of the new plant?
Who will take the concentrate and smelt to dore?

Hopefully the CR document will outline some of these things in detail but there are many questions they simply can't answer.

[Weta]

NTL has made a couple of announcements recently, contingent on "A Successful Capital Raise".

https://api.nzx.com/public/announcement/432968/attachment/420938/432968-420938.pdf

I have not seen stated anywhere what "Successful" is defined as. To me that's a worry.


Another note, the processing plant they've signed on for is marked to be set up on the offsite location Terra Firma is preparing for NTL. The plant has a 100 tonnes per day capacity.

Wasn't the whole idea to process concentrate underground to avoid bulk materials being transported over the road?

[Flugenbear]

Hmmm, last comment a little marginal although you make some good points elsewhere. Let's see where this goes. I do agree looking beyond current shareholders would have been a good idea. Who knows, perhaps it's gone on behind the scenes.

[blackcap]

I don't know if it's underwritten, but I do agree it's optimistic targeting only existing shareholders who have taken a 23+ year hiding on their invested capital. I would have thought an open CR to any new and currently not invested investors might have a better chance of raising capital than achieving a 1:1 with current investors.

Anyone who wants can participate by purchasing rights on market and then converting them to shares. Rights will most likely trade at next to nothing (using current SP as a proxy). But that said, I would only commit money contingent on quite a few assurances.

[winner69]

Punters should feel good about the future ….especially as Jonu probably throwing another $183,000 plus into the kitty

[Daytr]

Anyone who wants can participate by purchasing rights on market and then converting them to shares. Rights will most likely trade at next to nothing (using current SP as a proxy). But that said, I would only commit money contingent on quite a few assurances.

I was expecting to see a refreshed plan, details on what the money will be used for, cost of the plant, when they will produce their first concentrate, what they expect from the plant in regards recoveries and what is the concentrate I.e 60:1 or better perhaps?
And that they have a smelter in place to take the concentrate and convert to dore.

Have I missed a document saying why & what they need the money for?
Last time it was less than 1/3rd this amount to get into production.

Is there another document to come at least covering some of this?

Or is this just a matter of, trust us and double down.

[Daytr]

Punters should feel good about the future ….especially as Jonu probably throwing another $183,000 plus into the kitty

Well Winner, he put a lot of money in already that ended up losing virtually all its value over the years, so not necessarily a good indicator.

But I get the jibe though, let's see if he puts up.

[jonu]

At the risk of spoon feeding those with 15 years experience in these matters....yes there are more documents to come. An actual read of yesterday's exchange announcements makes that clear. It's the way a Rights Issue works.

It looks like we missed out on Toddy's involvement. Good luck with IFT...I doubt you'll need luck, must be getting close to Blue Chip status aren't they?

Have fun in the sand pit folks. I'll try and remain quiet, but maybe folks might have a look back over the last few pages and draw some conclusions about the weight they should place on some of the opinions expressed on here.

John Upperton
NTL Director

[Getty]

I don't know if it's underwritten, but I do agree it's optimistic targeting only existing shareholders who have taken a 23+ year hiding on their invested capital. I would have thought an open CR to any new and currently not invested investors might have a better chance of raising capital than achieving a 1:1 with current investors.

Consider that existing and past shareholders have put in $31M over many years for no interim reward to get to a market cap of $6.8M @2c.

Obviously there has been churn in the share registry along the way.

Supposedly NTL is closer than ever to extracting commercial gold.

So it could be said the long and loyal shareholders/risk takers get precedent now, rather than Johnny come lately carpet baggers diluting out those who have endured thus far.

Whether they all rise to the occasion remains to be seen.

[Daytr]

At the risk of spoon feeding those with 15 years experience in these matters....yes there are more documents to come. An actual read of yesterday's exchange announcements makes that clear. It's the way a Rights Issue works.

It looks like we missed out on Toddy's involvement. Good luck with IFT...I doubt you'll need luck, must be getting close to Blue Chip status aren't they?

Have fun in the sand pit folks. I'll try and remain quiet, but maybe folks might have a look back over the last few pages and draw some conclusions about the weight they should place on some of the opinions expressed on here.

John Upperton
NTL Director

Excellent, I look forward to seeing it.
I suggest spoon feeding all shareholders wouldn't be a bad idea, but more importantly can the information be relied on and delivered on.
As the CR 15 months ago promised a lot including being the last CR... etc. and yet we are here, looking to raise 3 times that much.

[whatsup]

I was expecting to see a refreshed plan, details on what the money will be used for, cost of the plant, when they will produce their first concentrate, what they expect from the plant in regards recoveries and what is the concentrate I.e 60:1 or better perhaps?
And that they have a smelter in place to take the concentrate and convert to dore.

Have I missed a document saying why & what they need the money for?
Last time it was less than 1/3rd this amount to get into production.

Is there another document to come at least covering some of this?

Or is this just a matter of, trust us and double down.

Because of the mountain of s!uff ups that the previous fish heads have created IMHO I think that as part of the pending C R that a very detailed and accurate business plan needs to be submitted to all S Hers laying out exactly where any and all funds are to be applied and what we can expect in the way of achievements/mile stones, financials, returns and dividends.

[What the stock]

About as much rhetoric in this thread as a 2024 US presidential debate and like the US debates at least its got entertainment factor. Hope it works out for the NTL team - a lot spent getting it to this stage (even just paying previous persons who were essentially only keeping the company treading water) but would be good to see a listed working mine on the NZX.

[Daytr]

Because of the mountain of s!uff ups that the previous fish heads have created IMHO I think that as part of the pending C R that a very detailed and accurate business plan needs to be submitted to all S Hers laying out exactly where any and all funds are to be applied and what we can expect in the way of achievements/mile stones, financials, returns and dividends.

Financial returns will be difficult or impossible to estimate as a lot depends on grade and I assume that they haven't trialed the new plant.
But a general statement of when they will be cashflow positive like the last CR would be good.

The rest, yes they need to outline in detail.
Other than the list I have already outlined, a confirmation that no more consents are required to mine and or operate the plant.

Their statements need to be clear and concise and not have the ambiguity of past announcements.

[Getty]

Consider that existing and past shareholders have put in $31M over many years for no interim reward to get to a market cap of $6.8M @2c.

Obviously there has been churn in the share registry along the way.

Supposedly NTL is closer than ever to extracting commercial gold.

So it could be said the long and loyal shareholders/risk takers get precedent now, rather than Johnny come lately carpet baggers diluting out those who have endured thus far.

Whether they all rise to the occasion remains to be seen.

I speculate, prior to the CR proposal being drawn up, directors, top twenties and a few others had a discussion along the lines of;
"Righto boys, it's been a tough journey but we're on the home straight now.
We need a few more dollars to get to the finishing line.
Who's in and who's out"?

The consensus was Aye Aye!

[Toddy]

At the risk of spoon feeding those with 15 years experience in these matters....yes there are more documents to come. An actual read of yesterday's exchange announcements makes that clear. It's the way a Rights Issue works.

It looks like we missed out on Toddy's involvement. Good luck with IFT...I doubt you'll need luck, must be getting close to Blue Chip status aren't they?

Have fun in the sand pit folks. I'll try and remain quiet, but maybe folks might have a look back over the last few pages and draw some conclusions about the weight they should place on some of the opinions expressed on here.

John Upperton
NTL Director

Once the info docs come out and the share register gets a big shake out with the new volume of shares then I will consider investing.

Enough to keep me interested so that I follow the journey.

[Daytr]

I speculate, prior to the CR proposal being drawn up, directors, top twenties and a few others had a discussion along the lines of;
"Righto boys, it's been a tough journey but we're on the home straight now.
We need a few more dollars to get to the finishing line.
Who's in and who's out"?

The consensus was Aye Aye!

I would hope so, but the conversation had to be, not about a few dollars, but who is doubling down!

[Landyman]

TOP 20 ORDINARY SHAREHOLDERS as of 4 June 2024
Rank Name Units % of Units
1. HAMISH EDWARD ELLIOT BROWN 91,500,000 19.98
2. NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH ACCOUNT> 35,569,301 7.77
3. BEVERLEY IDA EVANS 18,100,000 3.95
4. DAVID LYELL COLE 18,000,000 3.93
5. COROMANDEL GOLD LIMITED 11,290,432 2.47
6. JOHN KILDARE UPPERTON 10,188,333 2.22
7. SHARESIES AUSTRALIA NOMINEE PTY LIMITED 7,411,909 1.62
8. ALLAN MICHAEL NOBILO + LYNNE NOBILO 5,700,000 1.24
9. TERRA FIRMA MINING LIMITED 5,385,523 1.18
10. PETER KENNETH HEWER 4,014,686 0.88

Where the big money will hopefully flow from.

[whatsup]

It didn't have a price tag still attached by chance did it?

So with the large amount of facilities in place what does that mean in regards what the amount the CR will be.
19% pa. Sounds like a lot, but if the CR is $5M then that's cost shareholders circa 50% in dilution.

And what level now for the CR?
To entice shareholders to raise maybe 3 times what they did last time, and considering they couldn't raise the full amount last time, and that the recent storm in a teacup has put a dent in the share price, at what level can they set the CR to confidently raise the amount required?

Hopefully they outline the purchase & installation cost of the plant. Confirm no more consents are required and even if they do that there is still one piece of the jigsaw missing.
Can they get their concentrate processed into dore or refined gold?

With todays fall back in price any C R is looking more like high teens every day !!

[Daytr]

With todays fall back in price any C R is looking more like high teens every day !!

I was picking 1.8c, seems about right.
As the top 10 shareholders own about 45% of the company, if they all stump up, there's roughly $4M.

I am curious though re Brown, as he is sitting just below the 20% threshold so he may only be up for a pro-rata of what they raise to maintain that equity level. I.e if they manage to raise 70% he will only take up 70% etc. Purely conjecture, but I think its interesting.

[clip]

I don't know what others think but I'm leaning towards your commentary, conjecture, flippancy and lack of research or reading being unhelpful.

At this important juncture for NTL, I would prefer to see people come together, analyse what has been published and what is known, rather than speculate on ill-informed potential outcomes.

By all means, debate the interpretations, that is the luxury we have here. But be informed before entering the debate, there is no place now for ill-informed conjecture, mis-information, or flippancy, the window for investing decisions is closing and we would all be best to be fully informed enough to have our own views as to whether this is a place to put our money.

It's been a very long time and a lot of $ to get here, it is what the future holds now, not the past. Investors should only be interested in the future, and the risks, and whether that is worth their investment, now.

There's no doubt that there are risks with this venture, as there are with any mineral explorer, but it looks like you haven't actually researched this company or its prospects in any detail? Making statements that are inconsistent and frequently incorrect. As are others, so you are not alone.

Now you're winding up a Director and casting doubt on what has been published, but it's not clear from your statements now or in the past whether you've actually read anything, or any of it in detail.

Have you read the JORC? The assay's? The mine maps? The plan to production? The projections and assumptions? Anything? You seem to have joined the detractors making statements that all too often are quickly rebutted just by having read the announcements. Even your own recent argument shifts around, 1%, then 3%, like have you actually run the numbers yourself?

It's no wonder the Director gets a bit frustrated, but it's not just you, there is a lot of ill-informed off the cuff statements and opinions thrown around here that with just a modicum of reading and research are easily debunked.

This is not X.com soundbites from the ill-informed, this is a discussion group with unlimited space to talk it through. Informed discussion might be welcomed by other members here, whereas soundbites are probably not, especially if they are incorrect.

It should not be other posters or the Director who graciously posts here from time to time, who have to correct all this incorrect conjecture and mis information.

It is also not clear what motivates you or others (once bitten?) to be so skeptical when of all people, with your stated apparent experience, would know how to crunch the info and the numbers and draw an informed opinion, on whether this is investable. You probably do have a lot to contribute to our small community, but you choose to remain uninformed and snipe around the fringes. It's not clear why you continue to do this.

In any event, the CR terms are on the table. History will all be consigned to memory soon and whether or not the company raises the capital to continue their exploration into production remains to be seen.

Great post, strongly agree

[Toddy]

Great post, strongly agree

Hotchopper admin have been deleting posts that are deemed offensive on the NTL thread.

Go check it out.

[jonu]

Hotchopper admin have been deleting posts that are deemed offensive on the NTL thread.

Go check it out.

Sadly hotcopper is a 3 headed conversation from one person at the moment. (Remind you of anyone?) HC admin are extremely lax in their standards and don't appear to be as tech savvy as sharetrader's Vince.

Stockcomment, PVoz and Johnnycomelately on HC are the same person we all know and deeply miss imho. All 3 are quoting out of context, misrepresenting basic information and taunting me to engage. It's the old story about wrestling with pigs from my point of view. And yes, I have further reason than is obvious on the HC website for my opinion as to who the 3 people really are.

John Upperton
NTL Director

[Toddy]

Sadly hotcopper is a 3 headed conversation from one person at the moment. (Remind you of anyone?) HC admin are extremely lax in their standards and don't appear to be as tech savvy as sharetrader's Vince.

Stockcomment, PVoz and Johnnycomelately on HC are the same person we all know and deeply miss imho. All 3 are quoting out of context, misrepresenting basic information and taunting me to engage. It's the old story about wrestling with pigs from my point of view. And yes, I have further reason than is obvious on the HC website for my opinion as to who the 3 people really are.

John Upperton
NTL Director

John, why worry about it. Shareholders know that mining is a risky business. The only way we can find out what's down there for real is to go and dig it up.

In the meantime, concentrate on executing the strategy (financial and mining) with military procession.

[Daytr]

I just took a look at Hot Copper and the very recent comments by Stockcomment & Johnnycomelately. Nothing I could see there that was untoward but I only looked at recent comments and there was one that appeared deleted that I couldn't see. Hey but I'm neutral.

Perhaps there are other comments that are further back that are untoward but in the recent comments they raise very valid points. Admittedly they mirror many of my own.

Just an FYI I haven't commented on Hot Copper regarding NTL in recent years & if I ever have it may have been 8 years ago or so.

[Getty]

So it could be said the long and loyal shareholders/risk takers get precedent now, rather than Johnny come lately carpet baggers diluting out those who have endured thus far.


I just want to say that my Johnny come lately comment above is in no way connected with any poster of that name on any site.

Any similarity is purely coincidental and not intentional.

[Daytr]

I just want to say that my Johnny come lately comment above is in no way connected with any poster of that name on any site.

Any similarity is purely coincidental and not intentional.

Oh come on Getty, you have been caught red handed. 🤣🤣🤣
The paranoia on these threads runs deep.

[ThaiJohn]

Shane Jones is really getting his teeth into this mining lurk from what I can see and hear ( given that I live in Asia )

[nztx]

Oh come on Getty, you have been caught red handed. ������
The paranoia on these threads runs deep.


Cripes .. one by stealth ? . don't tell us your middle name :)

[Hawkeye]

Hotchopper admin have been deleting posts that are deemed offensive on the NTL thread.

Go check it out.

Several of them are mine, and they are being reported by Matt because the guy doesn't like been called out, they even deleted some from last year, not HCs fault, some of the things I have said are pretty farcical, such as pretending to be other people on online forums, and it's easy to report that as untruthful.

I'm not so petty to report his mistruths, but I see someone has had a few of his deleted too.

[Landyman]

Matty still smarting from his FMA fine I guess.

[Daytr]

Several of them are mine, and they are being reported by Matt because the guy doesn't like been called out, they even deleted some from last year, not HCs fault, some of the things I have said are pretty farcical, such as pretending to be other people on online forums, and it's easy to report that as untruthful.

I'm not so petty to report his mistruths, but I see someone has had a few of his deleted too.

What Handle is Matt Hill using these days?

[whatsup]

What Handle is Matt Hill using these days?

I think that he used Johnnycomelately in H C

[Landyman]

Doc says - "We now seek your support to raise the minimum of approximately NZ$2m of funds needed to finally bring Talisman into production".
But trying to raise $8m - good idea to get some buffer in there.

Im going for it, 100% in, noting Im not Top 20, but getting closer.

Well done Jonu!

[Toddy]

That's better dislosure. The shareholders just need to get behind them and have a real dig.

Success won't happen overnight though, but atleast by Xmas everyone will know if there is a viable business and a large pot of gold in those hills.

[silverblizzard888]

Working Capital
NTL is seeking working capital of approximately NZ$2 million to fund our final push to production, covering:
• Final inspection and purchase of processing plant. ($360k)
• Shipping plant to New Zealand, transport to site and installation.($200k)
• 3 months operating and Stockpiling of ore while awaiting plant installation.($825k)
• Preparation and leasing of processing site. ($50k)
• Transport of ore to processing site daily.
• Engaging Terra Firma processing operations team to process Talisman ore.
• Fees for metallurgical and other experts required to support our path to production.($50k)
• Annual fees to DOC, plus Insurance and bond requirements. ($65k)
• Fees and expenses related to regulatory compliance (DOC, NZPAM, Worksafe etc

[whatsup]

With the latest and some would say the LAST C Ring is there any opportunity for us to have an EGM so that we the S Hers can get all concerns out there and satisfactory answers received to us ?

[Paint it Black]

Doc says - "We now seek your support to raise the minimum of approximately NZ$2m of funds needed to finally bring Talisman into production".
But trying to raise $8m - good idea to get some buffer in there.

Im going for it, 100% in, noting Im not Top 20, but getting closer.

Well done Jonu!

Agree. Being realistic with $2m minimum ought now to be easily achievable and not risking a significant shortfall which is the worry for smaller investors chipping in. It's good to read all regulatory approvals are achieved so I take it (but please advise if incorrect Board) we can assume the traffic management for carting the ore from the mine and processor approvals are in place.

[Daytr]

I find it odd that they say they only need a minimum of $2M when looking to raise as much $8M+ if it's all taken up. I can understand having a buffer, but having a buffer 3 times the size of the minimum?
I could speculate why that is, but I'll just get lambasted for saying so.

The cost of the 2nd hand plant seems very cheap, let's hope it's in good enough condition.

Pleased to see they are talking about smelters rather than refiners for the concentrate. I didn't see what the concentration would be from the 2nd hand plant, I.e underground processing was going to be 60:1, I assume with this external plant it will be better than that.

[silverblizzard888]

I find it odd that they say they only need a minimum of $2M when looking to raise as much $8M+ if it's all taken up. I can understand having a buffer, but having a buffer 3 times the size of the minimum?
I could speculate why that is, but I'll just get lambasted for saying so.

The cost of the 2nd hand plant seems very cheap, let's hope it's in good enough condition.



Pleased to see they are talking about smelters rather than refiners for the concentrate. I didn't see what the concentration would be from the 2nd hand plant, I.e underground processing was going to be 60:1, I assume with this external plant it will be better than that.

A good reason for extra capital will be for more exploration and working capital because they've budgeted for a 3 month delay for the ores before they can processed, but probably another couple more months before it officially gets sold and they get the money, so really need extra.

[Toddy]

A good reason for extra capital will be for more exploration and working capital because they've budgeted for a 3 month delay for the ores before they can processed, but probably another couple more months before it officially gets sold and they get the money, so really need extra.

I haven't invested yet. I will do at some stage for a bit of interest.
It's best to wait though to see how the capital raise goes and the progress on getting the mining operation underway.

I think both of these events will lead to a better sp entry price.

[Paint it Black]

I haven't invested yet. I will do at some stage for a bit of interest.
It's best to wait though to see how the capital raise goes and the progress on getting the mining operation underway.

I think both of these events will lead to a better sp entry price.

So you think the SP will drop below 1.8c after the capital raise?

[Toddy]

So you think the SP will drop below 1.8c after the capital raise?

Thats what I'm thinking. The market will be flooded with stock and there will be a significant period and dollars spent pre production.

Then I expect even more time once the dirt has been run before the Company announces income results.

With the flood of new script plus the time wait, then yes I would be surprised not to see the sp under pressure.

[Paint it Black]

Thats what I'm thinking. The market will be flooded with stock and there will be a significant period and dollars spent pre production.

Then I expect even more time once the dirt has been run before the Company announces income results.

With the flood of new script plus the time wait, then yes I would be surprised not to see the sp under pressure.

More likely a successful raise and the probability of gold sales outstripping costs before the cash runs out will soon make the SP rocket imho!