Producing gold in 2023!!!! Wow. Ask them how much!!
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Producing gold in 2023!!!! Wow. Ask them how much!!
Landym, a positive report from the Chairman under the circumstances which also indicated that they are aiming for gold production 2023, if this is the case the prefs are a interesting investment, one would have to ask , " what the he!! has the former board been doing over the last 5-10 years " !! ?
New Talisman – Chair’s Address to AGM 2022
September 28, 2022
Good Afternoon Ladies and Gentlemen,
Those of who attended last year's ASM will note there are only two familiar faces remaining
from last year. They are long serving Company Secretary Jane Bell, and Board member Victor
Rabone, who had been appointed just weeks before. The change demanded from
shareholders at the 2021 ASM is reflected in your new Board and we have taken up the
challenge of stabilising the company and focusing on a return to underground operations. We
do this work with two main drivers, Good Corporate Governance and Shareholder aspirations.
And of necessity, in that order. When we can have the two in alignment we will achieve great
things.
We have carried out extensive work and consultation with industry regulators to re-establish
their trust and confidence in the Company, which it is fair to say, were at a low ebb. I am
pleased to say, that while we still have work to do, the regulators have all indicated a
willingness to walk alongside our efforts to fully comply with their requirements.
This work has included addressing and successfully resolving many legacy issues predating the
current Board, including:
• Breaches of the NZX listing rules
• A rights issue to shareholders which was then cancelled.
• FMA enquiries into the former CEO’s postings on sharetrading forums
• FMA queries relating to financial reporting, particularly inventory
• Litigation commenced by the former CEO following our cancelling of the CEO’s
management contract provided through his company, Asia Pacific Capital.
• Two significant acquisitions in progress:
- Broken Hills – which was not completed, and
- Capella (in Vanuatu) – which we were bound to complete.
The major asset of the Talisman Mine also required independent appraisal in the 2022
financial year as it had not been done for some years. This was a planned appraisal and it
supported the value of the asset in our books, but of course does result in additional valuation
costs in the year in which it is done. It also results in additional audit costs to assess the
appraisal.
Subsequently, we also booked an impairment in the Annual Accounts, due to the Company's
share price trading at a significant discount to Asset Value. We are required to impairment
test at least annually and of course if our share price improves, we will revisit the impairment.
All of these issues have required significant input from our legal, accounting and audit
advisers, and have contributed to our Operating costs increasing from $764,000 to $1,067,000
between the 2021 and 2022 financial years.
As we go forward, we are focused on delivering value to shareholders and running a costeffective and efficient company.
We are bringing our accounts administration in-house, and actively examining exiting our
office in Parnell which will result in significant savings for the company.
Our main goal is to bring the Talisman mine into production. To this end - we outlined our
Strategic Plan in April 2022, which involves recommencing underground operations at the
Talisman Mine, and generating income by mining two faces on the Mystery vein.
As announced earlier this month, John Upperton has been appointed our Strategy Delivery
Manager – to focus on delivering our Strategic Plan. We hope to be producing gold in 2023.
John has already engaged with a variety of industry experts in geology, metallurgy and mining,
and we look forward to updating the market as decisions are made and milestones achieved.
We have successfully recapitalised the Company to fund the delivery of our Strategic Plan and
would like to encourage investors to participate in our current placement to help support this
goal.
We will also shortly be issuing loyalty shares to those shareholders who participated in the
private placement in September 2021. We thank those shareholders for their loyalty and
issue one share for every three shares that they continue to hold from that placement, as was
agreed at the time.
The Company has been through a rocky period, followed by the last year which has brought
systemic change and disciplinary rigor to its Governance. We consider the Company to have
turned a corner and is now in a position to concentrate on its core business.
We thank all our shareholders and stakeholders for your support as we endeavour to realise
the potential of the Company's core asset, the Talisman mine
I thought the meeting went pretty much as expected with Samantha doing all of the running. I hoped the other directors could have added a little more detail when answering the questions but this is what can happen with zoom meetings unfortunately. The second half of next year for gold processing advice was also longer than hoped and I really hope this is a conservative assessment to cover the timeline risks. It was good to see they are wanting to concentrate the ore at the mine site (even inside the mine) to minimise transportation effort before forwarding to a yet undecided final processor. All in all I feel much more confident NTL is on a good pathway with the right team. Now just need to be patient a bit longer while Jonu especially gets it all clicking together!
Was there any further comments on the FMA? Or the pending court case? UNtil resolved, I guess they cant say much.
Given all material info should be public knowledge, hopefully we see the Directors buying in on market again.
The only reference to the FMA case is in the Chairman's report. Perhaps a question should have been raised re any further details. I don't believe it was mentioned as a risk when the question regarding risk was responded to. Would be good to get this out of way to completely clear the decks though as I'm sure the directors are also keen to do! As can be seen in the Chairman's report a large amount of behind the scenes work has recently occurred to save the company and get it back on course.
I attended the meeting and from memory there were no questions on the FMA and no further comments apart from the initial Chair address. Material info should be public knowledge. As to directors buying on market, they may be loathe to do that whilst a capital raise is in progress?
The 1:3 gift of shares to those having held onto shares from 2021 offer will dilute the share pool even more....... geee, so many trillions of shares . No wonder the cost so little.
dic. Hold. Buy
hoping to get to ..004 by next Christmas 2023
Normally sell side at 0.003 is restocked to 16m+ whenever someone buys a million, seems to have stopped now and down to 13m - be interesting to see if that 0.003 wall starts to fall
How does NTL attract fresh investor - most of us here have been round long enough to know that is/was a dead duck, but that Jonu has got some life into it. After following this for over 15yrs, 2023 seems just round the corner.
Be nice to see some uplift!!