Originally Posted by
Landyman
FOR IMMEDIATE RELEASE
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED [ASX, NZSX: NTL]
Preliminary Announcement – Full Year Results
Current Reporting Period
31 March 2020
(12 months)
$ Previous Reporting Period
31 March 2019
(12 months)
$ Change
%
Revenue for ordinary activities 39,511 86,734 (54%)
Loss from ordinary activities attributable to members of the listed issuer 3,710,748 1,203,327 208%
Tenement expenditure 1,109,327 2,396,308 (54%)
Prospecting Expenditure 8,000 8,050 (1%)
Total Net Expenditure 4,828,075 3,607,685 34%
No dividend attributed to this period.
Loss from ordinary activities attributable to members of the listed issuer includes an impairment of prospecting costs of $2,757,313 due to uncertainty around access to the land (last year Nil).
Tenement expenditure for the reporting period was $1,109,327 compared to $2,396,308 in the previous reporting period.
At the end of the year the Company had a cash balance of $2,495,718.
HIGHLIGHTS OF THE YEAR
• First gold and concentrate produced from pilot plant
• Completion of successful capital raising of $3.6m.
• Refurbishment of the underground workings completed.
• Completion Metallurgical testwork – Gold and precious metals recovery rates achieved..
• Design and planning of a larger volume plant commenced.
• Life of mine level plan continues to be developed.
• Mineral resource estimate and peer review by AMC complete
SUMMARY
During the year the company completed a successful capital raising of $3.6m which enabled the company to complete refurbishment of the underground workings, establish the pilot plant, complete metallurgical testwork, produce the first gold concentrate and commence planning and consenting of a larger scale processing plant.
With the extraordinary circumstances of COVID-19 affecting operations in 2020, New Talisman was left, like many companies, restricted in operations while the New Zealand Government imposed complete lockdown on non-essential services by imposing COVID -19 level 4.
The highly anticipated Resource Estimate update and final review was received from AMC following the reporting period.
The primary focus is now on delivering a production route for the Talisman ore following completion of a majority of the testwork at the pilot plant.
NOTE: a Detailed report outlining the activities during the year is included in the Annual report which will be released later today.
Consolidated Statement of Comprehensive Income
Reporting Period
31 March 2020 Previous Reporting Period 31 March 2019
$ $
Revenue 39,511 86,734
Total revenue 39,511 86,734
Audit fees 33,119 34,058
Depreciation 51,708 46,906
Director fees 136,426 140,000
Foreign exchange loss 4,673 11,426
Fair Value of Investments Movement 2,615 44,685
Impairment of Prospecting Costs 2,757,313 -
Rent and leasing 23,414 25,508
Operating expenses 740,991 987,478
Total operating expenses 3,750,259 1,290,061
Loss from operations 3,710,748 1,203,327
Exploration Costs written off - -
Other Comprehensive Income - 1,783
Net deficit attributable to members 3,710,748 1,201,544
Earnings per share
Basic earnings/(loss) per share (0.15) cents (0.06) cents
Diluted earnings/(loss) per share (0.15) cents (0.06) cents
Consolidated Statement of Financial Position
Reporting Period
31 March 2020
Reporting Period
31 March 2019
$ $
Cash 2,495,718 1,243,656
Receivables and prepayments 178,626 172,066
Advances to related parties - -
Current assets 2,674,344 1,415,722
Property, plant & equipment 227,421 259,960
Assets Under Construction 13,143,901 12,034,575
Intangible assets (prospecting expenditure) 11,637 2,760,950
Investments 8,698 11,313
Non-current assets 13,391,657 15,066,798
Total assets 16,066,001 16,482,520
Payables 54,898 384,046
Other 17,613 18,000
Employee entitlements 18,240 19,997
Total Current liabilities 90,751 422,043
Total Non-Current liabilities 32,215 32,215
Total liabilities 122,966 454,258
Capital
38,216,371
34,590,849
Reserves - -
Retained profit/(loss) (22,273,336) (18,562,587)
Total equity 15,943,035 16,028,262
Total Equity and Liabilities 16,066,001 16,428,520
Net tangible assets per security
Net tangible assets 15,931,398 13,267,312
Net tangible assets per security 0.59 cent 0.61 cent
Consolidated Statement of Cash Flows
Reporting Period
31 March 2020
Reporting Period
31 March 2019
$ $
Cash flows relating to operating activities
Cash inflows 4,463 62,081
Cash outflows (1,236,755) (1,140,861)
Net operating cash flows (1,232,292) (1,078,780)
Cash flows relating to investing activities
Cash inflows - -
Cash outflows (1,136,495) (2,484,892)
Net investing cash flows (1,136,495) (2,484,892)
Cash flows relating to financial activities
Cash inflows 3,625,522 -
Cash outflows - -
Net financing cash flows 3,625,522 -
Net increase/(decrease) in cash held 1,256,735 (3,563,672)
Cash at beginning of period 1,243,656 4,828,750
Exchange rate gain/(loss) (4,673) (11,422)
Cash at end of period 2,495,718 1,243,656
Consolidated Statement of Changes in Equity
Reporting Period
31 March 2019
Reporting Period
31 March 2018
$ $
Equity at start of period 16,028,262 17,229,806
Net profit / (loss) (3,710,748) (1,203,327)
Shares issued 3,625,521 -
Prior Period Adjustment - 1,783
Equity at end of period 15,943,035 16,028,262