NTL - New Talisman Mine - New board & Directors

[Paint it Black]

So unfortunately we are none the wiser in regards proposed volume of mining.

There is no reason why a summary of the H&S report couldn't be released without disclosing IP.

As mentioned previously, the scale of mining / processing underground will dictate what is required in regards ventilation and dust extraction systems. The current H& S report apparently doesn't cover this.

These are all assumptions of course, due to the lack of information available to shareholders. Surely a company that says they are aiming to commence mining in the near term should be able to state, what the hurdles that need to be addressed to be able to start mining.

And critically, what volume they are looking to mine. Is it a slow build in volume over time?
In my time dealing with junior mining companies in Australia, they outline their ambition, I.e they are modeling to process X or a range between X Y. If they don't actually know then state that and set a time frame when they will be able to make that estimate.

It's great that Jonu has responded and also as a shareholder I'm comfortable with what he is saying ie not publishing any details. He is no doubt very aware of the Health and Safety at Work Act 2015 including the responsibilities of the directors and the tough consequences should they not follow them.

[Daytr]

It's great that Jonu has responded and also as a shareholder I'm comfortable with what he is saying ie not publishing any details. He is no doubt very aware of the Health and Safety at Work Act 2015 including the responsibilities of the directors and the tough consequences should they not follow them.

I find that a strange comment, that you are comfortable not to know anything substantial.
I understand after the quality of the previous management that the bar has been set pretty low by beaten up shareholders.

I'm not one of them, I.e only just bought in after watching this stock lose over 90% of its value.
I will continue to expect and demand better communication.

[Paint it Black]

I find that a strange comment, that you are comfortable not to know anything substantial.
I understand after the quality of the previous management that the bar has been set pretty low by beaten up shareholders.

I'm not one of them, I.e only just bought in after watching this stock lose over 90% of its value.
I will continue to expect and demand better communication.

My reason is that I am confident that Jonu knows what he is doing and I'd prefer the H&S system remains with management and their contractors. It is a living document and best kept in house. Last thing we want is Jonu or Terra Firma being distracted responding to trivial and potentially disruptive questions every step of the way. NTL directors are acutely aware of their responsibilities and we need to leave it in their hands. If you don't like this sell your shares.

[Daytr]

My reason is that I am confident that Jonu knows what he is doing and I'd prefer the H&S system remains with management and their contractors. It is a living document and best kept in house. Last thing we want is Jonu or Terra Firma being distracted responding to trivial and potentially disruptive questions every step of the way. NTL directors are acutely aware of their responsibilities and we need to leave it in their hands. If you don't like this sell your shares.

No, I will just continue to demand better communication.
Scale of production, cost of production, feasibility of a novel mining approach are not trivial but critical.
Blind faith, as you are suggesting, is not in my DNA.

[Hawkeye]

No, I will just continue to demand better communication.
Scale of production, cost of production, feasibility of a novel mining approach are not trivial but critical.
Blind faith, as you are suggesting, is not in my DNA.

Hmmm that's not entirely true is it? You must have a smidge of blind faith or you would not have purchased NTL in the first place.

I can understand you wanting to know more information, and I'm sure jonu and the board will let holders know relevant information when it can be released to the public.

The previous board indicated that the consents they were granted allowed for a slow build up of volume over time.

[Daytr]

Hmmm that's not entirely true is it? You must have a smidge of blind faith or you would not have purchased NTL in the first place.

I can understand you wanting to know more information, and I'm sure jonu and the board will let holders know relevant information when it can be released to the public.

The previous board indicated that the consents they were granted allowed for a slow build up of volume over time.

Hi Hawekeye, It's purely a punt from me. I purchased based on the grade and the raising of capital and the board announcement that the money was being raised to commence mining.
Now I want some details on what volume they are proposing to extract. Surely they had an idea when they raised the capital?
Extraction processes and production of the concentrate.

If I want blind faith, I will join a cult. 😅

[clip]

Hi Hawekeye, It's purely a punt from me. I purchased based on the grade and the raising of capital and the board announcement that the money was being raised to commence mining.
Now I want some details on what volume they are proposing to extract. Surely they had an idea when they raised the capital?
Extraction processes and production of the concentrate.

If I want blind faith, I will join a cult. 😅

Have you tried reading the material they have already provided, I think the information you want is publicly available in there isn't it?

"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."

[Daytr]

Hi Clip, what announcement is that information extracted from? I.e when was it made? Before or after the new novel mining strategy was announced?

[clip]

Hi Clip, what announcement is that information extracted from? I.e when was it made? Before or after the new novel mining strategy was announced?

It's from the rights offer document on 17th of Feb

[Baa_Baa]

It's from the rights offer document on 17th of Feb

Did I hear a deep breath intake? Uninformed by negligence leads to blind faith investment.

[Daytr]

It's from the rights offer document on 17th of Feb

Thanks. Take a look at their website now & that rights offer document you refer and particularly question 5 which is what you quoted. It's been removed & replaced.

The rights offer document was updated and this key information was removed. The only reason I could find it is that both versions are still lodged with the NZX.

If what they originally said is accurate, great! But then why did they remove it from the offer?

This should also be being mentioned in every quarterly, as new investors shouldn't have to look through every announcement to find fundamental information like this. It is their story and that's what needs promoting.
I am used to a very different approach from junior miners that I worked with for 15 years in Australia.

Anyway, so back to the question are those estimates on production still valid?
If so why were they removed?

[Daytr]

Just to add, I do remember the ASX pulling them up in regards what they deemed unsubstantiated information in the rights offer. I assume this could be why it's not being promoted and was removed from the rights offer.

Anyone else know?

[clip]

Just to add, I do remember the ASX pulling them up in regards what they deemed unsubstantiated information in the rights offer. I assume this could be why it's not being promoted and was removed from the rights offer.

Anyone else know?

The reason is in another nzx announcement following the first rights offer one

15th February 2023

ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED

(NZX: NTL, ASX: NTL)
FOR IMMEDIATE RELEASE
Rights Issue – Offer Document Updated
Further to the announcement made on 13 February 2023 and after consultation with ASX, New
Talisman Gold Mines Limited (NZX: NTL, ASX: NTL) has updated the Rights Offer document to NTL
shareholders in New Zealand and Australia, opening on Tuesday 21 February 2023. The offer of new
shares is made under NZX Listing Rule 4.3.1(a) and ASX Listing Rule 7.2, exception 1.
The key change to the document is to remove FAQs 5, 6 and 8 being items on page 10 and 11, which
were not consistent with ASX listing rule 5.16, as NTL does not have a reasonable basis for giving
production targets and forecast financial information. Consequently, owing to the retraction, investors
should not rely on the retracted information for their investment decisions.

[Daytr]

Thanks Clip

[fish]

The reason is in another nzx announcement following the first rights offer one

15th February 2023

ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED

(NZX: NTL, ASX: NTL)
FOR IMMEDIATE RELEASE
Rights Issue – Offer Document Updated
Further to the announcement made on 13 February 2023 and after consultation with ASX, New
Talisman Gold Mines Limited (NZX: NTL, ASX: NTL) has updated the Rights Offer document to NTL
shareholders in New Zealand and Australia, opening on Tuesday 21 February 2023. The offer of new
shares is made under NZX Listing Rule 4.3.1(a) and ASX Listing Rule 7.2, exception 1.
The key change to the document is to remove FAQs 5, 6 and 8 being items on page 10 and 11, which
were not consistent with ASX listing rule 5.16, as NTL does not have a reasonable basis for giving
production targets and forecast financial information. Consequently, owing to the retraction, investors
should not rely on the retracted information for their investment decisions.

Looks scary that ntl did not have a reasonable basis for giving production targets and forecast information and have had to withdraw this.

[Daytr]

Looks scary that ntl did not have a reasonable basis for giving production targets and forecast information and have had to withdraw this.

Not sure it's scary, just inexperience by a new board. My take is that it outlines their objectives, but objectives aren't bankable.

The nature of the geology means it will always be high risk as it can't be drilled out. It's visual mining, I.e following the vein by sight. Its a very high grade deposit so as long as they don't have a big Capex spend then it should be profitable, if they can extract even just a couple of thousand tons per annum to start with.

15 gpt dirt plus provides a lot of scope.
Like the old saying. Grade is King.

Check out the Gympie mining story in QLD. It did actually go broke, but ran profitably for a long time. Their big mistake was Capex spend funded by debt & a hedge book that locked in prices lower than the market over time.
This is a very similar geology and it's almost impossible to have long term plans as the vein can just stop beyond the next visual meter, alternatively it could get richer & richer. It's a real casino ore body. So piecemeal mining is required and probably will never be high volume, but the grade makes up for that.

I hope the board & management have read up about Gympie, as there are lots of lessons to be learnt that will apply here.

[Landyman]

I recall (faulty memory at best), that NTL anticipate being cashflow neutral by the end of 2023 - which should include operating and capex costs - hopefully that part wasnt retracted.

[Daytr]

I recall (faulty memory at best), that NTL anticipate being cashflow neutral by the end of 2023 - which should include operating and capex costs - hopefully that part wasnt retracted.

Let's hold them to that Landy. Tick tock, tick tock.

[Sideshow Bob]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/412275/395578.pdf

[winner69]

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/412275/395578.pdf

Jeez, for a moment I thought revenues were a miserly $6 ..... but then notice it was in $'000s

[Landyman]

Key comment as I read it "we are well-positioned to move forward and remain on track to commence bulk sampling on the Mystery Vein at Talisman in the second half of 2023"

If they are to be cashflow neutral by year end, given expenses will roll at $1m pa, and they only have few hundred thousand of stock on hand, then bulk sampling will be the source of the shortfall in cash.
That assumes cashflow neutral is to come from operations and not more rights issues ;-)

[nztx]

Jeez, for a moment I thought revenues were a miserly $6 ..... but then notice it was in $'000s


Be all Interest revenue - wouldn't it ? :)

[Sideshow Bob]

Jeez, for a moment I thought revenues were a miserly $6 ..... but then notice it was in $'000s

BGI reported $9k turnover this morning......:scared:

[steveb]

Well $1m a year is not a lot of gold now is it,300 odd ounces would do it approx 26 ounces a month.They could probably find that no probs

[whatsup]

Action aplenty today , .02-.022 first time in a long time that there has been a quote like this. KEEP GOING !!

[Daytr]

Action aplenty today , .02-.022 first time in a long time that there has been a quote like this. KEEP GOING !!

Yep good to see some movement.
With production imminent according to the company NTL should be on the radar of a few.

[RicharK]

No, I will just continue to demand better communication.
Scale of production, cost of production, feasibility of a novel mining approach are not trivial but critical.
Blind faith, as you are suggesting, is not in my DNA.
Well spoken.

[jonu]

A significant milestone for the project

https://www.nzx.com/announcements/412696

John Upperton NTL Director

[sandi]

Thank you.

[silverblizzard888]

A significant milestone for the project

https://www.nzx.com/announcements/412696

John Upperton NTL Director

One of the most positive moves in a long time, things are starting to look interesting.

[Chippie]

yes, this is excellent progress. Great to see Terra Firma investing $300K captial into NTL showing their confidence in the forward plan. nice work Jonu!

[Daytr]

One of the most positive moves in a long time, things are starting to look interesting.

It is, but I am a bit surprised they are still calling for more funds. The $300k was well signaled & its good to have the mine contractor with some skin in the game. Surely that should get them through if production is now imminent.

Why dilute further at such a low price?
Close it off & let the share price do its thing.

[silverblizzard888]

It is, but I am a bit surprised they are still calling for more funds. The $300k was well signaled & its good to have the mine contractor with some skin in the game. Surely that should get them through if production is now imminent.

Why dilute further at such a low price?
Close it off & let the share price do its thing.

They were trying to raise $3.45m last round and only got $1.718m, while hinting at a new shareholder taking $300k which we now know is Terra Firma Mining, along with a further shortfall of $155k was subscribed, which brings the total capital raised to $2.173m which is still well short of their goal. They will try to make the most of what they can do, which should probably get to the mining phase and boost shareholder morale, though its doing it on a shoe strings budget, which im sure they would like a bit more comfort room to work. Theres a good chance that theres one more capital raise from shareholders or somewhere else for working capital to come at the end of the year, though the share price could be much higher by then and it won't be a problem assuming they are getting gold out of the ground.

[Daytr]

I get that, however if they were smart they would close the capital raise, let the SP rise & then if they still need working capital in a few months time, either borrow it or go back to the market.
Debt gives a company discipline.
The SP only has to go up by 1c to avoid to convert a 10% dilution to 5%.
Equity raises is by far the most expensive form of debt.

[blackcap]

It is, but I am a bit surprised they are still calling for more funds. The $300k was well signaled & its good to have the mine contractor with some skin in the game. Surely that should get them through if production is now imminent.

Why dilute further at such a low price?
Close it off & let the share price do its thing.

It is only the ineligible rights which are being offered. About 1.3m of them. From the announcement: "There are 1,359,288 such shares still available (Ineligible person shares)" I think that works out at about $26k.

Ineligible rights are those rights that were not granted to people outside jurisdictions of NZ and Australia if I remember correctly.

So not material in any sense and not looking to raise more funds. Just an administrative task and possible a legal requirement to offer these. The dilution you mention will be minimal and almost nothing.

[Daytr]

OK fair enough i misread that.
If it's that little just close it off already.

[blackcap]

OK fair enough i misread that.
If it's that little just close it off already.

They probably can't. It will be a legal requirement. They have to get what money they can for the ineligible investors (they did not receive rights) and if the SP goes to say 2.3c then theoretically investors will be willing to pay 0.5c for these ineligible rights. This money is then taken by the company and given to the ineligible rights holders. I think the company is doing what is right and needs to be done.

[clip]

does this mean the shares have to be sold on ASX? Or on NZX?

It has been agreed that Ms Sharif is to sell the 2,700,000 shares on market over a 6-8 weekperiod. Further any profits on disposal of these shares will be donated to an NZ RegisteredCharity. An appendix 3Y recording the change of Ms Sharif’s interests will be lodged when thedisposal is complete.This announcement has been authorised by the board.

[Felonius]

does this mean the shares have to be sold on ASX? Or on NZX?

It has been agreed that Ms Sharif is to sell the 2,700,000 shares on market over a 6-8 weekperiod. Further any profits on disposal of these shares will be donated to an NZ RegisteredCharity. An appendix 3Y recording the change of Ms Sharif’s interests will be lodged when thedisposal is complete.This announcement has been authorised by the board.

No big deal.
Just a slip-up with what are numerous technical requirements.

[clip]

No big deal.
Just a slip-up with what are numerous technical requirements.


There isn't a significant amount of buy depth for her 2.7m shares to sell into though?

[Landyman]

Tenders for the ineligible shares closed Wednesday, guess we might hear something soon. Only 1.3m shares, but lets hope its fully subscribed

[whatsup]

Tenders for the ineligible shares closed Wednesday, guess we might hear something soon. Only 1.3m shares, but lets hope its fully subscribed

How many did u tender for ?

[sandi]

Lost here thought they were selling the left over shares on the stock exchange ?

[winner69]

Lost here thought they were selling the left over shares on the stock exchange ?

Two different issues

These 1.3m for the ineligible shares …tender

Sharif got 2.7 million she wasn’t entitled to so being sold on market

Think that’s what happening

[blackcap]

Two different issues

These 1.3m for the ineligible shares …tender

Sharif got 2.7 million she wasn’t entitled to so being sold on market

Think that’s what happening

I think you are spot on the money there winner.

[Landyman]

Just $1,500, last of the big spenders

[whatsup]

Great sign of confidence that all of the overhang shares from the SPP have now been taken up by believers, TWT if this is the start of a new dawn !

[winner69]

Great sign of confidence that all of the overhang shares from the SPP have now been taken up by believers, TWT if this is the start of a new dawn !

There’s still Sharif’s millions of shares to be sold

[whatsup]

There’s still Sharif’s millions of shares to be sold

They will be sold and a very nice parcel they are.

[haewai]

Great sign of confidence that all of the overhang shares from the SPP have now been taken up by believers, TWT if this is the start of a new dawn !

Ha, alternative view is that there just enough bids above the offer price. Three times as many low balling.

[Lion]

Great sign of confidence that all of the overhang shares from the SPP have now been taken up by believers, TWT if this is the start of a new dawn !

TWT = time will tell, in case anyone else didn't know this.

Bring on the new dawn!!

[Landyman]

Edging closer to cash neutral (we hope) as indicated by NTL earlier in the year.
For me, Terra Firma buying $300k of shares is a good indicator that its going the right direction - as consultants, they could just come in, do the work and get paid - buying in would seem to indicate that they have confidence that extraction and processing will work.

DYOR.

[haewai]

Edging closer to cash neutral (we hope) as indicated by NTL earlier in the year.



What makes you think there is cash inflow, other than through capital raises?

[clip]

What makes you think there is cash inflow, other than through capital raises?

the previous announcements saying they were going to be pulling gold out of the ground by the end of the year which was the purpose of the capital raises

[haewai]

Sure, but 'edging closer' suggests action in the mine, rather than capital raise after capital raise. But there's been no news on that. So was just wondering if I had missed something, or if the comment was just another hope.

[Landyman]

I think if you are an NTL (or even HGD) player, then hope is all we have at present - thus far Jonu has delivered on most of his promises though - doesnt seem the type to exaggerate - time will tell.

[Daytr]

I think if you are an NTL (or even HGD) player, then hope is all we have at present - thus far Jonu has delivered on most of his promises though - doesnt seem the type to exaggerate - time will tell.

Seriously? He exaggerated the value of this company for years. It's now lost something like 85% of its value.

Yes Jonu has since rescued the company from collapse and hopefully the company delivers on its program of mining commencing in the next few months.

Around 5 years ago I advised Jonu that this company was an absolute dog after having direct conversations with Matt Hill and looking at the geology and cost to get into production.

Now it's worth 10- 15% of what it was worth and they seem to have found away to mine and produce a concentrate without major capital outlay I have bought in as a small punt. Having the mine contractor investing does provide some confidence that the company is on the road to profitability and it won't take much for the company to triple or quadruple in value.

[Curly]

How many decades have they been saying this mine is close to production?

[Daytr]

How many decades have they been saying this mine is close to production?

Its a different board & they have appointed a mine contractor who has skin in the game I.e $300k of shares. This gives me confidence they are about to start producing in the next couple of months. Their target is to be cash neutral by the end of the year.

[whatsup]

Seriously? He exaggerated the value of this company for years. It's now lost something like 85% of its value.

Yes Jonu has since rescued the company from collapse and hopefully the company delivers on its program of mining commencing in the next few months.

Around 5 years ago I advised Jonu that this company was an absolute dog after having direct conversations with Matt Hill and looking at the geology and cost to get into production.

Now it's worth 10- 15% of what it was worth and they seem to have found away to mine and produce a concentrate without major capital outlay I have bought in as a small punt. Having the mine contractor investing does provide some confidence that the company is on the road to profitability and it won't take much for the company to triple or quadruple in value.

Did Mat really say that if the answer is yes then IMHO WHATT A MA$$OT he was just there to take home an absolute fortune as a pay packet and not believing in the company that he was working for a absolute discrase !!!!

[Landyman]

IMHO, Jonu just tended to believe in our Matty more than others - you could argue his posts were designed to pump up the price for his own self-interests.

My simple view, the working boss (Jonu) has skin the in game, the mine contractor does too - so they will do their best, success far from guaranteed.

[nztx]

How many decades have they been saying this mine is close to production?


Well it was already, wasn't it ? .. harvesting readies and putting them into former CEO's pocket for the next
of the chapters to be produced of the long and winding Saga :)

[sandi]

[QUOTE=nztx;1009628]Well it was already, wasn't it ? .. harvesting readies and putting them into former ⁹

I don't understand a lot about mining the latest report sounds like it's all coming together ! I read the over view on Sharesies (au) and it says Matthew Hillis the CEO and it also lists other mines that NTL has around the Pacific that are not mentioned on the NZ overview Sharesies, so does that mean if I buy my shares in the au site I get these other mines ? one thing I do understand is marketing, it is about clear facts and is as important as getting the gold out of the ground to achieve a robust share price. These are my thoughts .

[blackcap]

[QUOTE=nztx;1009628]Well it was already, wasn't it ? .. harvesting readies and putting them into former ⁹

I don't understand a lot about mining the latest report sounds like it's all coming together ! I read the over view on Sharesies (au) and it says Matthew Hillis the CEO and it also lists other mines that NTL has around the Pacific that are not mentioned on the NZ overview Sharesies, so does that mean if I buy my shares in the au site I get these other mines ? one thing I do understand is marketing, it is about clear facts and is as important as getting the gold out of the ground to achieve a robust share price. These are my thoughts .

It seems that the sharesies overview is probably wrong. The NTL company on the ASX is identical to the one on the NZX.
Matt Hill is definitely not the CEO and that is a good thing.

[Paint it Black]

The chair's letter just released continues to confirm they are looking forward to mining activity commencing in the 'coming months'. The aim of 'cashflow positive by late 2023' therefore looks to be still on. With all the skin now in the game there is plenty of incentive to make this happen. No further news about the concentrator development yet though there is a note NTL may even process the concentrate themselves? Could be a bridge too far!

[haewai]

What exactly is "mining activity" though? Could be anything, given it is a mining company.

[Daytr]

What exactly is "mining activity" though? Could be anything, given it is a mining company.

Well to be cashflow neutral as they are forecasting by the end of the year means they need to be producing & selling gold, so it's pretty clear what they mean.

[Daytr]

The chair's letter just released continues to confirm they are looking forward to mining activity commencing in the 'coming months'. The aim of 'cashflow positive by late 2023' therefore looks to be still on. With all the skin now in the game there is plenty of incentive to make this happen. No further news about the concentrator development yet though there is a note NTL may even process the concentrate themselves? Could be a bridge too far!

My impression is they (the mine contractor) will be producing a concentrate underground. 65% gold from memory that then will get sent off for refining. If they can achieve that it reduces the Capex dramatically. Would be good to have some more detail though.

[Charlie]

[QUOTE=nztx;1009628]Well it was already, wasn't it ? .. harvesting readies and putting them into former ⁹

I don't understand a lot about mining the latest report sounds like it's all coming together ! I read the over view on Sharesies (au) and it says Matthew Hillis the CEO and it also lists other mines that NTL has around the Pacific that are not mentioned on the NZ overview Sharesies, so does that mean if I buy my shares in the au site I get these other mines ? one thing I do understand is marketing, it is about clear facts and is as important as getting the gold out of the ground to achieve a robust share price. These are my thoughts .

Hi Sandi
this company has been trying to get gold out of the mine for MANY years, with little success. There is a new director on the block , not Mr Hill, and the new guy is very passionate, but this is a last ditch effort as far as I can see.
i would not invest in this any more than you are willing to loose. I have traded this stock for a long time and am well in the black, so am willing to loose some if there is no gold by Christmas. If there is no gold by then I think many will loose faith and move on .
Good luck with it. DYOR

[silverblizzard888]

Just saw this article about Snowy River Mine producing gold, which offers a nice sentiment for gold mining this year.

Gold struck at New Zealand's deepest mine could be worth $2b


"Gold was discovered there in early 1900s and the mine ran from about 1906 to 1951," Smith said.


Up to 750 ounces of gold was mined back then and the now-abandoned Waiuta township was abuzz.


This time the birthday reef is being mined about 3km beneath the old Blackwater mine workings.

"We're seeing record gold prices, way over $3000 an ounce, which is historically high," Development West Coast CEO Heath Milne said.

"We've spent nearly $70 million getting to where we are now, we've got 60 employees on now. That will grow over the next 12 months or so to 150 people on site," Smith said.

https://www.newshub.co.nz/home/money/2023/07/gold-struck-at-new-zealand-s-deepest-mine-could-be-worth-2b.html

[fish]

Thanks silver blizzard .
Great location to extract and importantly process gold .
Snowy river mine should do well .
Who is driving,financing it ?

[Daytr]

Thanks silver blizzard .
Great location to extract and importantly process gold .
Snowy river mine should do well .
Who is driving,financing it ?

I just read it previously mined 750,000 ounces up until 1951 when there was a mine collapse.

It's an inferred resource and at depth. Quartz vein deposits are notoriously hard to ascertain as it's almost impossible to drill out a reserve so it becomes visual mining following the vein & hoping it carries on.

Heavy hitting board & management, most the ex Sino guys. Boy Ben McCormick has lost weight since his Newcrest days!

They spent quite a bit of money already and a lot more to go.

Is Federation Mining listed?

Here's a fairly recent article.
https://i.stuff.co.nz/business/industries/130680957/10000m-of-tunnels-to-be-drilled-to-confirm-viability-of-goldmine-site

[Paint it Black]

My impression is they (the mine contractor) will be producing a concentrate underground. 65% gold from memory that then will get sent off for refining. If they can achieve that it reduces the Capex dramatically. Would be good to have some more detail though.

Reading the pilot plant preliminary results announcement linked below the gold proportion in the concentrate produced contains approximately 1 kg of gold per tonne of concentrate ie 0.1%. The recent Cap Raise documentation described a 6 to 12g of gold /tonne of ore excavated range therefore we have approximately a 100 to 1 concentration of the ore improvement with the plant which would bring very significant transportation benefits away from the mine towards the final gold refining location into ingots. The latest annual report mentions NTL could also look at doing the final refining from the concentrate to the ingots which I noted could be a 'bridge too far'.
https://www.nzx.com/announcements/341267

[jonu]

Just saw this article about Snowy River Mine producing gold, which offers a nice sentiment for gold mining this year.

Gold struck at New Zealand's deepest mine could be worth $2b


"Gold was discovered there in early 1900s and the mine ran from about 1906 to 1951," Smith said.


Up to 750 ounces of gold was mined back then and the now-abandoned Waiuta township was abuzz.


This time the birthday reef is being mined about 3km beneath the old Blackwater mine workings.

"We're seeing record gold prices, way over $3000 an ounce, which is historically high," Development West Coast CEO Heath Milne said.

"We've spent nearly $70 million getting to where we are now, we've got 60 employees on now. That will grow over the next 12 months or so to 150 people on site," Smith said.

https://www.newshub.co.nz/home/money/2023/07/gold-struck-at-new-zealand-s-deepest-mine-could-be-worth-2b.html

The "Smith said" person quoted is Lincoln Smith, Managing Director of Terra Firma Mining Ltd, who have been engaged by NTL to manage the Talisman mine and are also taking a $300k stake in NTL. Lincoln has been General Manager at Federation's Snowy River project the last 2 years and a number of Statutory positions at Snowy River were also held by Terra Firma staff.

We are delighted to have them aboard.

John Upperton, Director of New Talisman

[whatsup]

I just read it previously mined 750,000 ounces up until 1951 when there was a mine collapse.

It's an inferred resource and at depth. Quartz vein deposits are notoriously hard to ascertain as it's almost impossible to drill out a reserve so it becomes visual mining following the vein & hoping it carries on.

Heavy hitting board & management, most the ex Sino guys. Boy Ben McCormick has lost weight since his Newcrest days!

They spent quite a bit of money already and a lot more to go.

Is Federation Mining listed?

Here's a fairly recent article.
https://i.stuff.co.nz/business/industries/130680957/10000m-of-tunnels-to-be-drilled-to-confirm-viability-of-goldmine-site

So how many oz's of the shiny stuff has been identified on our ground ?

[Paint it Black]

So how many oz's of the shiny stuff has been identified on our ground ?

Reading the last annual report so far there is 350,000 oz bullion equivalent of indicated and inferred resource. With a processing plant currently being consented at Snowy River and Terra Firma formally on board this must offer a very significant alignment of expertise and plant with NTL.

[whatsup]

Reading the last annual report so far there is 350,000 oz bullion equivalent of indicated and inferred resource. With a processing plant currently being consented at Snowy River and Terra Firma formally on board this must offer a very significant alignment of expertise and plant with NTL.

So even if only 100,000 oz's is actually mined at a net cost of $1000.00 per oz thats $100,000,000.00 , for a bare bones outfit with approx 450,000 SOI , no wonder that peops were ready and willing to front up with more reddies ( me included ).
Im picking once there is confirmation of real progress that the S P wont be at these levels.

All numbers are in N Z $.

[Daytr]

So even if only 100,000 oz's is actually mined at a net cost of $1000.00 per oz thats $100,000,000.00 , for a bare bones outfit with approx 450,000 SOI , no wonder that peops were ready and willing to front up with more reddies ( me included ).
Im picking once there is confirmation of real progress that the S P wont be at these levels.

All numbers are in N Z $.

It's a private company so no real juice until it lists.

[Paint it Black]

It's a private company so no real juice until it lists.

Whatsup is referring to NTL here.

[Charlie]

The "Smith said" person quoted is Lincoln Smith, Managing Director of Terra Firma Mining Ltd, who have been engaged by NTL to manage the Talisman mine and are also taking a $300k stake in NTL. Lincoln has been General Manager at Federation's Snowy River project the last 2 years and a number of Statutory positions at Snowy River were also held by Terra Firma staff.

We are delighted to have them aboard.

John Upperton, Director of New Talisman

This seems to have gone un-commented on.
That is very good news . Well done for getting him on board, and a big boost to confidence. Looking forward to walking those golden hills again.. when the rain stops.
Awesome view from the TRIG point on top of the mountain by the way. Worth the climb.

[Charlie]

some buyers coming back into play at .018 and .019 .mmmmm
:)

[sandi]

Does anyone know the equation to use to work out what a share price could reach?

[Chippie]

Basic variables are Gold price/oz - cost to extract gold/oz x oz's gold extracted per annum. Then divide by number of shares on issue and apply a P/E ratio for possibe share price.

Obviously a few scenarios for each variable to come up with possible price range.

I did this years ago and in my own opinion decided there was a reasonable chance of 10x current share price (equiv to current price) if they can get average gold production per annum. Then upside if production levels are higher.

But definatley best to do your own research and calculations. I am also sure there are some more qualified people on this thread how probably have some flash spreadsheets with all these scenarios.

[Baa_Baa]

Basic variables are Gold price/oz - cost to extract gold/oz x oz's gold extracted per annum. Then divide by number of shares on issue and apply a P/E ratio for possibe share price.

It might not be a flaw in the calculation, but it has forever been the unknown, the highlighted bit is, just a guess, because there hasn't been any gold extracted for long time, well before this listed 20+ years ago, let alone processed and sold.

NTL cannot realistically be valued as an investment, at this point in time, it is pure speculation at the far end of gold exploration, just find some gold and prove it.

The real value is and will be for some time, the cumulative shareholder losses which can be offset at points in time against earnings, if there are any.

It really has been and still is just a punt, but some glimmer of hope is that this management might just get some of the shiny stuff out of the ground. Even then you're not talking about valuation, as it's never been about valuation, it's always been about what the market thinks the SP should be.

[Daytr]

Does anyone know the equation to use to work out what a share price could reach?

Pretty much impossible as we don't know how much gold they will produce & we haven't had updated costs of production since the 'novel' mining approach has been announced.

In my view the cost of production should be pretty low if they can produce a 65% concentrate underground. I think the last estimate was around $750/toz but that figure is likely to be well out of date by now.

But even if they only produced 5,000 toz per annum at cash costs of NZD1500 they generate $7.5M of free cashflow less management costs etc.

They are never going to be a large scale producer but I would hope they can get to producing at least 4 times that so 20,000 toz pa generating $30M of free cashflow plus.

This is just my guesstimate on the outlook as there is very little detail from the company to make an informed assessment.

So as Baa Baa says it's a punt but with a low market cap it wouldn't take much production for the SP to go up multiples.
If they don't produce then you do your chips.

[whatsup]

It might not be a flaw in the calculation, but it has forever been the unknown, the highlighted bit is, just a guess, because there hasn't been any gold extracted for long time, well before this listed 20+ years ago, let alone processed and sold.

NTL cannot realistically be valued as an investment, at this point in time, it is pure speculation at the far end of gold exploration, just find some gold and prove it.

The real value is and will be for some time, the cumulative shareholder losses which can be offset at points in time against earnings, if there are any.

It really has been and still is just a punt, but some glimmer of hope is that this management might just get some of the shiny stuff out of the ground. Even then you're not talking about valuation, as it's never been about valuation, it's always been about what the market thinks the SP should be.

Ba-Ba, try the early 80's, Crusader Minerals.

[Landyman]

Little bit of enthusiasm on market, with SP going up - I hope and pray for a NZX speeding ticket at some point in the next 12 months - "please explain your price increase". Optimistic, but still a strong chance of doing my dough -DYOR

[Daytr]

Little bit of enthusiasm on market, with SP going up - I hope and pray for a NZX speeding ticket at some point in the next 12 months - "please explain your price increase". Optimistic, but still a strong chance of doing my dough -DYOR

Even better that there is no explanation required as the board announces production is full steam ahead at the lower quartile of production costs and will produce X thousands of ounces per annum.

But that would be the normal way of doing things & let's face it there has been nothing normal about NTL.

[Paint it Black]

Even better that there is no explanation required as the board announces production is full steam ahead at the lower quartile of production costs and will produce X thousands of ounces per annum.

But that would be the normal way of doing things & let's face it there has been nothing normal about NTL.
Looks like the 0.020 asks are exhausted and very thin buying opportunity above that. Haven't seen this upside SP potential for many years.

[Landyman]

After the boss (Sam Sharif) had to sell those oversubscription shares on market, hopefully we see her buy on market in coming weeks - that would really get the SP going!

[clip]

After the boss (Sam Sharif) had to sell those oversubscription shares on market, hopefully we see her buy on market in coming weeks - that would really get the SP going!

Not too many to go, from the last few SSH's she had sold around 1.3m of I think 1.8m to dispose, which hasn't affected the price. I thought it would have had a bigger impact

[blackcap]

Not too many to go, from the last few SSH's she had sold around 1.3m of I think 1.8m to dispose, which hasn't affected the price. I thought it would have had a bigger impact

2.7m to dispose, 1m to go by my calculations.

[clip]

2.7m to dispose, 1m to go by my calculations.

Thanks, I'm way off, that's embarassing. Should have double checked, thanks for correcting

[whatsup]

Nice up 10% to .022 .

[Daytr]

Nice up 10% to .022 .

Make that bids of 0.023 now!
Someone know something?

[whatsup]

Nice up 10% to .022 .

+15% atm !

[Landyman]

Make that bids of 0.023 now!
Someone know something?

I know nothing, other than this could be an exciting ride for balance of 2023 - or it could all crash and burn - DYOR.
The day we get news of real production, and if it gets in the media (and attracts some new punters) then we could be in for fun!!

Volumes still pretty light though.

[Daytr]

I know nothing, other than this could be an exciting ride for balance of 2023 - or it could all crash and burn - DYOR.
The day we get news of real production, and if it gets in the media (and attracts some new punters) then we could be in for fun!!

Volumes still pretty light though.

Bigish seller just come through. Maybe the last of SSH's shares

[Waltzing]

There is nothing down there... its all fake gold ...

[winner69]

There is nothing down there... its all fake gold ...

You saying like a Michael Hill work shop:eek2:

[Charlie]

There is nothing down there... its all fake gold ...

Really? Your just being silly. Have you read the history?. Definaitly there, just need it get it out.

[fish]

Really? Your just being silly. Have you read the history?. Definaitly there, just need it get it out.

Are they planning to barge the ore to a chartered ship and then transport to au for processing ?

[Daytr]

Are they planning to barge the ore to a chartered ship and then transport to au for processing ?

They are going to produce a 65% concentrate underground and then ship. If it can be achieved they should have very low production costs.

[whatsup]

They are going to produce a 65% concentrate underground and then ship. If it can be achieved they should have very low production costs.

Yes once that is concentrated they will load into containers and ship, could be at Waihi or Aussie depending on price and conditions.

[Daytr]

Yes once that is concentrated they will load into containers and ship, could be at Waihi or Aussie depending on price and conditions.

Well 65% is Dore equivalent purity so the concentrate might be shipped directly to a refinery in Australia or Asia.

[whatsup]

Well 65% is Dore equivalent purity so the concentrate might be shipped directly to a refinery in Australia or Asia.

why not Waihi , N Z !

[Daytr]

why not Waihi , N Z !

Well the most obvious answer is that Waihi doesn't refine gold. It only produces dore that then needs refining which they send it to Perth for.

The nearest refiners of any scale are either Perth or in Asia

If they are only shipping small amounts they could look at Melbourne as an option.

[clip]

700k shares today, we must see another SSH soon showing S Sharif has finished offloading her 2.3m shares, wonder if that will have any affect on the SP

[blackcap]

700k shares today, we must see another SSH soon showing S Sharif has finished offloading her 2.3m shares, wonder if that will have any affect on the SP

2.7m but the difference is not material.

[clip]

Last time I don't double check before posting, promise ����

[whatsup]

Well the most obvious answer is that Waihi doesn't refine gold. It only produces dore that then needs refining which they send it to Perth for.

The nearest refiners of any scale are either Perth or in Asia

If they are only shipping small amounts they could look at Melbourne as an option.

Thx Dtr, where ever they send it that will be a blue ribbon day for long suffering holders, bring it on .

[clip]

From the annual report (a reminder for me, and for others):

Strategic Plan
This year the company has been fully focused on developing and progressing our Strategic Plan to bring the Talisman Mine toproduction – with the goal being the cost-effective production of gold.We have worked with industry experts, including Terra Firma, on the development and review of the Strategic Plan for Talisman. TerraFirma has significant knowledge of Talisman mine and has experience in developing underground gold mines in New Zealand.This work reviewed mining and processing methodologies and budget – to ensure the feasibility and robustness of the Plan. OurStrategic Plan aims to produce gold and generate revenues in the second half of 2023, with positive cashflow by late 2023.


​Here's hoping for some real, tangible, positive news this quarter about some gold production!

[winner69]

From the annual report (a reminder for me, and for others):

Strategic Plan
This year the company has been fully focused on developing and progressing our Strategic Plan to bring the Talisman Mine toproduction – with the goal being the cost-effective production of gold.We have worked with industry experts, including Terra Firma, on the development and review of the Strategic Plan for Talisman. TerraFirma has significant knowledge of Talisman mine and has experience in developing underground gold mines in New Zealand.This work reviewed mining and processing methodologies and budget – to ensure the feasibility and robustness of the Plan. OurStrategic Plan aims to produce gold and generate revenues in the second half of 2023, with positive cashflow by late 2023.


​Here's hoping for some real, tangible, positive news this quarter about some gold production!

Clocks ticking

[Daytr]

This is my post from 2013 re NTL on the Aussie Gold junior thread.
Only had to wait 10 years! 🤣

"I would be interested to understand what you see in NTL? Very low market cap but doesn't really seem to be that much going on. I must admit I'm not a big fan of mining in NZ generally. Too much political risk & too environmentally sensitive, especially when compared with Australia."

[Baa_Baa]

This is my post from 2013 re NTL on the Aussie Gold junior thread.
Only had to wait 10 years! 藍

"I would be interested to understand what you see in NTL? Very low market cap but doesn't really seem to be that much going on. I must admit I'm not a big fan of mining in NZ generally. Too much political risk & too environmentally sensitive, especially when compared with Australia."

And ten years later there's still no certainty that you were wrong, in saying that. Now that you are invested, there is still no certainty that you are right, or not. NTL has a lot to prove.

I once said I'd pay 10x the current SP for a profitable miner, but, they're still an explorer with much to prove. Bring it on, if they can.

[Daytr]

And ten years later there's still no certainty that you were wrong, in saying that. Now that you are invested, there is still no certainty that you are right, or not. NTL has a lot to prove.

I once said I'd pay 10x the current SP for a profitable miner, but, they're still an explorer with much to prove. Bring it on, if they can.

The difference now is we have a management team that actually wants to go into production & have considerable skin in the game, instead of Matt Hill who just wanted a big salary paid for by bleeding shareholders dry, with no interest in actually progressing the company.

I spoke to Matt Hill way back then and figured out pretty quickly what he was about as I had seen the same many times before among the Western Australian explorers.

Yes the management have to put runs on the board, but Terra Firma has also invested so they obviously believe they can pull it off.

We know the gold is there, the main question I have is how much will they be able to produce with this underground processing method being employed? I am assuming it will limit their production of ounces but it should also keep costs low with little Capex.

[Sideshow Bob]

Successful Extension of Vanuatu Prospecting Licence
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/415319/399179.pdf

[clip]

Hope it was free to extend and that they are not spending any time or money on this.. would be good if they had explained / given some more info on that in the announcement

[Landyman]

Once the boss (Sam) stops selling her shares, maybe we see some more SP upside - fingers crossed.

Jonu, show us the gold!!!

[Baa_Baa]

We know the gold is there

No we don't, you of all people should know the difference between 'proven' and 'probable'.

[winner69]

Successful exploration / mining companies need to be lucky. (Probably applies to most companies)

And generally they need to be lead by a lucky leader

As part of good fundamental analysis one should assess the fortunes of those running the company

Is this Jonu a ‘lucky’ person …where good fortune will follow?

[blackcap]

Successful exploration / mining companies need to be lucky. (Probably applies to most companies)

And generally they need to be lead by a lucky leader

As part of good fundamental analysis one should assess the fortunes of those running the company

Is this Jonu a ‘lucky’ person …where good fortune will follow?

When you put it like that winner, I will have to adjust my metrics for investing.

Never thought "lucky CEO, Lucky Chair" might be a criteria, but never too late to adapt.

(slightly tongue in cheek, but I wonder if there have been studies done. Taleb does go on about his theory that luck is worth more than anything else)

[winner69]

When you put it like that winner, I will have to adjust my metrics for investing.

Never thought "lucky CEO, Lucky Chair" might be a criteria, but never too late to adapt.

(slightly tongue in cheek, but I wonder if there have been studies done. Taleb does go on about his theory that luck is worth more than anything else)

Maybe easier to spot the ‘unlucky’ ones, easier to see.

Bad luck / ill fortunes dogs them …something always going wrong. I’ve seen many over the years and the fascinating thing is in many cases it seems to depend on leadership ….the CEO moves on to another company and Lo and behold that company seems to be become unlucky

Yes Taleb does go on about luck is worth a lot

Is this Jonu a lucky person which indicates NTL will be makes us all rich?

[clip]

Is Jonu a lucky person? How many people who believe in, and invest in a struggling/poorly managed company, get to step up and end up running the joint the way they want to? In that case I would say Jonu is indeed lucky

[winner69]

Is Jonu a lucky person? How many people who believe in, and invest in a struggling/poorly managed company, get to step up and end up running the joint the way they want to? In that case I would say Jonu is indeed lucky

Taleb also quoted as saying that “….that which came with the help of luck could be taken away by luck (and often rapidly and unexpectedly at that). “

[jonu]

Taleb also quoted as saying that “….that which came with the help of luck could be taken away by luck (and often rapidly and unexpectedly at that). “

Who was it that said, "The harder I work, the luckier I get". Well I know I just did!

We haven't pulled this back on track through luck. It's taken hard work and the support of shareholders. We have managed to attract two high quality directors in Samantha and Michael after "the coup" and as a Board have devised a strategy to take the company forward. None of that is luck. With that strategy in place we have attracted Terra Firma Mining Ltd to get skin in the game. That wasn't luck either. Remember TF know the mine intimately.

I must always be cautious in what I say here, but I much prefer to under promise and over deliver.

Thanks for all the support.

John Upperton NTL Director, Manager Strategic Delivery.

[Daytr]

No we don't, you of all people should know the difference between 'proven' and 'probable'.

Baa baa, It's visable gold in veins.. How much is the question.
I do know that it's unlikely to have a proven reserve due to the nature of the geology probably makes not worthwhile drilling out.

[Daytr]

Is Jonu a lucky person? How many people who believe in, and invest in a struggling/poorly managed company, get to step up and end up running the joint the way they want to? In that case I would say Jonu is indeed lucky

Desperate ones. If the capital raise failed then she was goneski.
Luckily some of the shareholders were willing to roll the dice one last time, as it was really an all or nothing type proposal.

Anyway, hopefully that's soon to be ancient history in the near future if that makes sense.

[winner69]

Who was it that said, "The harder I work, the luckier I get". Well I know I just did!

We haven't pulled this back on track through luck. It's taken hard work and the support of shareholders. We have managed to attract two high quality directors in Samantha and Michael after "the coup" and as a Board have devised a strategy to take the company forward. None of that is luck. With that strategy in place we have attracted Terra Firma Mining Ltd to get skin in the game. That wasn't luck either. Remember TF know the mine intimately.

I must always be cautious in what I say here, but I much prefer to under promise and over deliver.

Thanks for all the support.

John Upperton NTL Director, Manager Strategic Delivery.

Apparently Sam Goldwyn said that and he was pretty successful

You havecworked hard to get NTL where it is today, well done

Maybe Matt Hill was the unlucky one and you are indeed the lucky one so NTL should don well

All I can say is good luck …hope it happens

[Chippie]

Who was it that said, "The harder I work, the luckier I get". Well I know I just did!

We haven't pulled this back on track through luck. It's taken hard work and the support of shareholders. We have managed to attract two high quality directors in Samantha and Michael after "the coup" and as a Board have devised a strategy to take the company forward. None of that is luck. With that strategy in place we have attracted Terra Firma Mining Ltd to get skin in the game. That wasn't luck either. Remember TF know the mine intimately.

I must always be cautious in what I say here, but I much prefer to under promise and over deliver.

Thanks for all the support.

John Upperton NTL Director, Manager Strategic Delivery.

Thanks for all your hard work John. NTL and our shareholdings were gone without your efforts. Keep up the good work!

[Daytr]

Decent bid at 2.2c now. Was looking to top up, but might have missed the boat...

[blackcap]

you could always top up at 2.3 which by all accounts is only 5% more :)

Or alternatively you can buy them in Australia for 2c AUD which is 2.17 when expressed in NZD so getting them cheaper than 2.2.

[Daytr]

you could always top up at 2.3 which by all accounts is only 5% more :)

Or alternatively you can buy them in Australia for 2c AUD which is 2.17 when expressed in NZD so getting them cheaper than 2.2.

Yep. My bid is a bit lower.

[Sideshow Bob]

https://www.nzx.com/announcements/415469

Quarterly Activity Report

[winner69]

https://www.nzx.com/announcements/415469

Quarterly Activity Report

Hopefully the $1.9m will get them through to when they strike it lucky

[ThaiJohn]

Hopefully the $1.9m will get them through to when they strike it lucky

It will have to. If there's no gold on the table by years end...:sneaky2:

[Chippie]

John is working at a very discounted rate, $17,500 for 3 months work.

also I found the following interesting

"Withdrew a non-conforming application submitted by previous management for extension of land area of the Talisman permit over the
neighbouring tenement and substituted this with a conforming application with NZ Petroleum and Minerals for an exploration permit at
Rahu."

[Landyman]

John is working at a very discounted rate, $17,500 for 3 months work.

also I found the following interesting

"Withdrew a non-conforming application submitted by previous management for extension of land area of the Talisman permit over the
neighbouring tenement and substituted this with a conforming application with NZ Petroleum and Minerals for an exploration permit at
Rahu."

Good on Jonu - I do used to wonder why Matty Hill wouldnt take shares instead of his ridiculous salary - guess we know why (ignore listing regulations for my musing).
5 months to go in the year, and cashflow neutral still predicted.
Fingers crossed.

[silverblizzard888]

A lot of good working being done, a lot of grit and drive by the current team to get to the mining phase. Still a massive task ahead and a lot of capital spending to come. If they hit the right milestones without delay even if a capital raise is needed, I'm sure they will have no problem getting the rest of the capital to get the gold out of the ground. Share price is ticking upwards and it shows some renewed belief and shareholder confidence that this time is different.

[Daytr]

John is working at a very discounted rate, $17,500 for 3 months work.

also I found the following interesting

"Withdrew a non-conforming application submitted by previous management for extension of land area of the Talisman permit over the
neighbouring tenement and substituted this with a conforming application with NZ Petroleum and Minerals for an exploration permit at
Rahu."

Pretty sure Jonu will be charging a hourly rate so not a full time gig I would suggest. But whatever saves costs is a good thing.


A lot of good working being done, a lot of grit and drive by the current team to get to the mining phase. Still a massive task ahead and a lot of capital spending to come. If they hit the right milestones without delay even if a capital raise is needed, I'm sure they will have no problem getting the rest of the capital to get the gold out of the ground. Share price is ticking upwards and it shows some renewed belief and shareholder confidence that this time is different.

Why do you say there is a lot of capital spending to come?

[haewai]

A lot of good working being done, a lot of grit and drive by the current team to get to the mining phase. .

How did you get that from the quarterly report? It states nothing about progress towards mining. The interest expense was larger than the mine development spend. And the admin fees were ten times higher than either.

[haewai]

John is working at a very discounted rate, $17,500 for 3 months work.


Except there this was line immediately above that number: During the quarter the Company paid $45,082 for director fees tocompanies in which directors and major shareholders have a substantialinterest.

Page 21 of the annual report shows a tidy sum transferred to a company under Mr Upperton's control: Kohe Cottages. http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/414037/397701.pdf

There's no evidence to connect the two expenses though. That $45K could have gone to any or all directors. Just the annual report suggests otherwise.

[Daytr]

How did you get that from the quarterly report? It states nothing about progress towards mining. The interest expense was larger than the mine development spend. And the admin fees were ten times higher than either.

Haewai, they have previously stated they were targeting gold production and to be cashflow neutral in the 2nd half of 2023.
We are now one month in. I would expect the development or mining expenses to start to kick in over the next few months as they commence production.

[clip]

On 21 June 2023 NTL announced that the ASX had required Ms Shariff to sell on market 2,700,000shares that she had purchased as part of oversubscription in the Rights Issue earlier in the year. MsShariff has today lodged a Capital Change Notice(NZX) & 3Y(ASX) in relation to that disposal and hasnow completed the sale of the 2,700,000 shares. Any profit from the on market sales will be donatedto a NZ registered charity.


done and dusted

[Waltzing]

Has anyone actually seen this so called mining operation actually mining... and what have they found? has anyone checked this is not just a fake AI reality show...

[Daytr]

Has anyone actually seen this so called mining operation actually mining... and what have they found? has anyone checked this is not just a fake AI reality show...

Do some reading instead of posting BS like this.

[silverblizzard888]

Has anyone actually seen this so called mining operation actually mining... and what have they found? has anyone checked this is not just a fake AI reality show...

Wait a sec.. you mean they haven't been spending the money on magic beans? I thought they were going to grow a beanstalk to the sky and get the giants gold!

[Daytr]

There is nothing down there... its all fake gold ...


Has anyone actually seen this so called mining operation actually mining... and what have they found? has anyone checked this is not just a fake AI reality show...

A couple poor posts from you.
What's your motivation to post such rubbish?
Trying to pick up some cheap stock?

[Landyman]

Waltzing - is that another Matt Hill alias?

Looks like it Friday funnies!

[Daytr]

Waltzing - is that another Matt Hill alias?

Looks like it Friday funnies!

Yeah I was wondering the same.

[whatsup]

Waltzing - is that another Matt Hill alias?

Looks like it Friday funnies!

I thought that Matt was to have a day in court of sorts, any update ?

[Landyman]

I thought that Matt was to have a day in court of sorts, any update ?

Cant remember off top of my head, but it is due in front of the courts, but not for a while

[blackcap]

I thought that Matt was to have a day in court of sorts, any update ?

2024 sometime is the timing for that one. I think early 24.

[Waltzing]

Well the chart doesnt look like its a stock that is performing does it? Endless cap raises...

after how many decades income NILL.... http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/415469/399355.pdf


14700

[Daytr]

Well the chart doesnt look like its a stock that is performing does it? Endless cap raises...

after how many decades income NILL.... http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/415469/399355.pdf


14700

So don't buy it and move on.
You are so obviously acting as a troll.
I think everyone on here knows its history.
I called it a dog 10 years ago & it's lost 85% of its value in that time under the previous management who clearly had no intention of taking it into production.
New management and it's obviously a lot cheaper than it was.
It's a punt, but in my view a good one and the SP is up circa 30% since the last capital raise.

[Waltzing]

"it's a punt"

There might be new readers looking on that dont know it history....

It needs to come with a huge warning on its published documents...

https://en.wikipedia.org/wiki/Troll_(slang)

not at all....

[Daytr]

"it's a punt"

There might be new readers looking on that dont know it history....

It needs to come with a huge warning on its published documents...

https://en.wikipedia.org/wiki/Troll_(slang)

not at all....

Well then they should do some reading & research like everyone else should do before investing.
This is becoming monotonous & boring.

Are you a shareholder?

[Waltzing]

Ramping this stock we are not...

[Paint it Black]

Looks like the good old ASX has imposed itself on NZ again with NTL's arrangement with Terra Firma to pay for their shares. This follows their requirement that Samantha needed to sell her oversubscription share purchase. The Board must now have had enough of this ridiculous 'holier than thou' interference and delist from the ASX. Shareholders surely can safely rely on the NZX jurisdiction.

[whatsup]

Looks like the good old ASX has imposed itself on NZ again with NTL's arrangement with Terra Firma to pay for their shares. This follows their requirement that Samantha needed to sell her oversubscription share purchase. The Board must now have had enough of this ridiculous 'holier than thou' interference and delist from the ASX. Shareholders surely can safely rely on the NZX jurisdiction.

If that were to happen NTL wont get any traction from N Z punters as having being burnt for 20 years they have lost their appetite for the sports board, only Aust punters are interest in goldies atm.

[Daytr]

Looks like the good old ASX has imposed itself on NZ again with NTL's arrangement with Terra Firma to pay for their shares. This follows their requirement that Samantha needed to sell her oversubscription share purchase. The Board must now have had enough of this ridiculous 'holier than thou' interference and delist from the ASX. Shareholders surely can safely rely on the NZX jurisdiction.

Nope this looks like amateur hour by the new management to me.
Where was it declared that this placement would be offset against future invoices?
In fact in the stock exchange declaration in the capital change notice it says payment method was cash.
This is more the ASX doing the job that the NZX isn't.

This brings in a question of transparency of the management to shareholders. Have I missed an announcement that said these shares were to be issued against future invoices?
Happy to be corrected.

[dubya]

Nope this looks like amateur hour by the new management to me.
Where was it declared that this placement would be offset against future invoices?
In fact in the stock exchange declaration in the capital change notice it says payment method was cash.
This is more the ASX doing the job that the NZX isn't.

This brings in a question of transparency of the management to shareholders. Have I missed an announcement that said these shares were to be issued against future invoices?
Happy to be corrected.

Maybe it's this??

https://announcements.nzx.com/detail/414037


page 27
On 8 June 2023 the Company entered into an engagement to contract agreement with Terra Firma Mining Ltd to manage the operations of the bulk sampling program.
On 9 June a further 16,666,667 shares were issued to Coromandel Gold Ltd in relation to a subscription agreement that NTL entered into on 8 June 2023 with Terra Firma Mining Ltd the Subscription agreement allows Terra Firma to obtain shares as partial remuneration of the contracting agreement entered on 8 June 2023.

[Daytr]

Maybe it's this??

https://announcements.nzx.com/detail/414037


page 27
On 8 June 2023 the Company entered into an engagement to contract agreement with Terra Firma Mining Ltd to manage the operations of the bulk sampling program.
On 9 June a further 16,666,667 shares were issued to Coromandel Gold Ltd in relation to a subscription agreement that NTL entered into on 8 June 2023 with Terra Firma Mining Ltd the Subscription agreement allows Terra Firma to obtain shares as partial remuneration of the contracting agreement entered on 8 June 2023.

Either way it's not material. It's just clumsy when you combine it with the over subscription of shares by one of the directors.
It's just distractions that aren't required when the share price should be building in anticipation of near term production.
Perhaps a loan could be offered against the shares to Terra Firma to offset the share allocation until its absorbed by production costs.
Hopefully it's the last hiccup.

Now six weeks into the last half of the year which the management promised to be cashflow neutral at the end of, so looking forward to the announcement of production commencing.

[fish]

Either way it's not material. It's just clumsy when you combine it with the over subscription of shares by one of the directors.
It's just distractions that aren't required when the share price should be building in anticipation of near term production.
Perhaps a loan could be offered against the shares to Terra Firma to offset the share allocation until its absorbed by production costs.
Hopefully it's the last hiccup.

Now six weeks into the last half of the year which the management promised to be cashflow neutral at the end of, so looking forward to the announcement of production commencing.

A concern I have-and I do not know if it’s valid -Terra Firma,having inside knowledge ,will be at an advantage to trade shares .
Do they have to notify the market if they trade ?

[jonu]

A concern I have-and I do not know if it’s valid -Terra Firma,having inside knowledge ,will be at an advantage to trade shares .
Do they have to notify the market if they trade ?

Here's the answer to your concern fish. From NTL's announcement yesterday. Terra Firma will comply with the same restrictions as Directors and Officers of the Company.

"TFML has agreed to comply with NTL’s “inside information” securities dealings policy
before it trades any NTL shares"

John Upperton Director NTL

[Baa_Baa]

.... deleted

[Daytr]

Some big board changes being mooted

[winner69]

I’m just waiting for the Stockhead guys to come out and say NTL have got lucky

It’ll all be on then …even if rumoured board changes eventuate

[Daytr]

I’m just waiting for the Stockhead guys to come out and say NTL have got lucky

It’ll all be on then …even if rumoured board changes eventuate

Not rumored I received a letter for the AGM.

[Not too Flash]

Directors retiring by rotation and offering for re-election

Not a lot to see here

[haewai]

Directors retiring by rotation and offering for re-election

Not a lot to see here

- Another change of auditor
- two new directors nominated for election by shareholders alongside re-election of some incumbents

Plenty of see. Other opinions at hotcopper worth noting too.

[Daytr]

I agree, not a lot to see, I was just highlighting the news.

I do they will lack some corporate experience but that's probably something for later once they start producing some cash.

[sandi]

I agree, not a lot to see, I was just highlighting the news.

I do they will lack some corporate experience but that's probably something for later once they start producing some cash.


Hopefully September we will hear if they have started getting gold out.

[Landyman]

Hopefully September we will hear if they have started getting gold out.

If they do, lets hope they do it with trumpets and much fanfare. Will be a day to celebrate.

[ThaiJohn]

NTL is pleased to announce it has received official approval from the Department of Conservation for access underground in the Talisman mine. This is an important milestone for the company while it awaits the review of the Talisman Mine Workplan and issuance of the Authority to Enter and Operate by the Department . Our appointed mine operator, Terra Firma Mining Limited, will now be able to undertake a thorough inspection of the mine, including its structural integrity, and electrical and ventilation systems. Terra Firma will also now be able to carry out detailed planning for a commencement of the Bulk Sampling Programme and advancing the drive on Mystery vein.

[Landyman]

Great news - though a little scared what the inspection may or may not show.

Go NTL, you can do it!!

Jonu has given us more hope.

[sandi]

Very exciting GO NTL !👏🏻👏🏻

[Daytr]

I'm not impressed at all. What if they didn't get approval? Game over.
If it was an important milestone, why was it not stated they didn't have approval?
As they haven't even been in the mine yet, so they really know very little about the state of the mine and what will be required to start mining.
Best case is very little is required which is basically what is being assumed by management so effectively the status quo, but it appears they are 2 - 3 months behind schedule.
Not necessarily the worst case, is that a considerable amount of remediation work or development work is required and if that's the case I smell another capital raise in the coming months.
The worst case, well I think we all know what the worst case is.

Agree / disagree?
I find the communication from the company is sub par.
I know it was worse under the previous management but thats not a good barometer.

[winner69]

I'm not impressed at all. What if they didn't get approval? Game over.
If it was an important milestone, why was it not stated they didn't have approval?
As they haven't even been in the mine yet, so they really know very little about the state of the mine and what will be required to start mining.
Best case is very little is required which is basically what is being assumed by management so effectively the status quo, but it appears they are 2 - 3 months behind schedule.
Not necessarily the worst case, is that a considerable amount of remediation work or development work is required and if that's the case I smell another capital raise in the coming months.
The worst case, well I think we all know what the worst case is.

Agree / disagree?
I find the communication from the company is sub par.
I know it was worse under the previous management but thats not a good barometer.

Seems incredible that haven’t been in the mine for a while eh daytr …but that’s how the announcement works…they been working on old drawings and people memory of what it’s like down there

But maybe we just don’t get it

[Daytr]

Seems incredible that haven’t been in the mine for a while eh daytr …but that’s how the announcement works…they been working on old drawings and people memory of what it’s like down there

But maybe we just don’t get it

Well I just assumed that they had performed some sort of inspection to make the statements they have made about costs of starting production and timing of.

[sandi]

Well I just assumed that they had performed some sort of inspection to make the statements they have made about costs of starting production and timing of.
How would you get a safety certificate if you had not been in the mine?

[haewai]

How would you get a safety certificate if you had not been in the mine?

Wrong question.
What Daytr is questioning is how can the Board have been retaining confidence in being cashflow neutral by the end of the year, knowing the company had not entered the mine. There is a big information gap there.
The March quarterly report talks about 'resuming production' and finalising a health and safety regime. The June quarterly contains the line 'continuation of access arrangements'. But there has never been any mention of not having access in the meantime, until last week's report on only now being able to undertake a mine inspection. Hopefully shareholders will be able to ask the Board questions at the AGM on Wednesday without the question moderation that has troubled previous AGMs.

[jonu]

There is a lot of uninformed speculation occurring here about a process that none of the speculators appear to have any expertise in.
Having access and having the ability to go underground are two different things, one being very straight forward, the other needing to have a lot of regulatory things in place.

I'll leave it there, but uninformed mountains from molehills are not useful at any time, let alone where we are in the electoral cycle. We are doing things in the correct order heading towards the result everyone wants.

John Upperton NTL Director

[Daytr]

There is a lot of uninformed speculation occurring here about a process that none of the speculators appear to have any expertise in.
Having access and having the ability to go underground are two different things, one being very straight forward, the other needing to have a lot of regulatory things in place.

I'll leave it there, but uninformed mountains from molehills are not useful at any time, let alone where we are in the electoral cycle. We are doing things in the correct order heading towards the result everyone wants.

John Upperton NTL Director

Totally agree we are uninformed and all we can do is speculate and there lies the problem.
As for expertise, I will just let that one sit.

[Azz]

Totally agree we are uninformed and all we can do is speculate and there lies the problem.

Well at least you've done your research.

[moimoi]

So how long has it been since a recognised expert had access to and observed the underground workings of the mine...?

[haewai]

We are doing things in the correct order heading towards the result everyone wants.


Good to hear and thanks for posting.

[clip]

Totally agree we are uninformed and all we can do is speculate and there lies the problem.


On this thread this year there have been multiple times where you accuse the company of not providing information, when it has already been provided in company announcements this year. You need to do some more reading before speculating as often you are uninformed of your own accord i.e. willfully ignorant

[Daytr]

On this thread this year there have been multiple times where you accuse the company of not providing information, when it has already been provided in company announcements this year. You need to do some more reading before speculating as often you are uninformed of your own accord i.e. willfully ignorant

Hi Clip, so you knew that the company or Terra Firma hadn't been able to inspect the inside of the mine by now?
By the reaction of a few on here, I'm not the only one that was very surprised that they haven't been in the mine by now.

Yes, I have made similar assertions before, for someone to pull out the information from a report issued years go. Are shareholders supposed to continually go back through historic announcements etc.? A company that wants to promote their story well, keeps the full story current, up front and center and a in one place.

Here are "the facts" that company issued when they did the capital raise

Points 1) & 2) outline the process to get access highlighting the H&S plan & other regulatory hurdles. Nothing specific mentioned of this 'milestone' i.e. the DOC approval.

In point 2) it says they expect to be underground and mining before the end of the 2nd quarter of 2023. Well, Q2 2023 finished 30 June, so in order to be mining prior to then, those inspections and DOC approval needed to happen in April or May at the latest. Did they mean Q2 of financial year 2023/24?
If so, is it another clumsy mistake or they are at least 3 - 4 months behind what was only a 3 month program of work? "This process, including a Worksafe review period if required, we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter"


FREQUENTLY ASKED QUESTIONS NTL Capital Raise to Support Talisman Development (Mystery Vein)
1. Are there any regulatory hurdles before the mine can be re-entered? Re-entry requires renewed health and safety plans. We have engaged Terra Firma https://www.terrafirma.kiwi.nz/ to refresh the Health and Safety documentation in preparation for re-entering the mine, that documentation is anticipated to be completed by the end of February 2023 and will then potentially liaise with Worksafe prior to recommencing operations.
2. How soon are you able to start mining? Terra Firma are already busy preparing the health and safety management plan for the mine. There will also be additional planning and external inspections that need to occur before everyone is confident that it is safe to allow a crew underground, eg checking underground conditions, any hazards etc. This process, including a Worksafe review period if required, we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter.
3. What’s the current condition of the mine? Our contracted security firm checks the condition of the facilities regularly and carries out weeding/vermin management etc. We have recently carried out a visual inspection of the road, exterior and access areas of the mine and all look to be in good condition. That visual inspection has confirmed that recent rain events and earthquakes have not impacted the compound or portal and given the mine history of over 130 years and its resilience during that time, we do not anticipate the recent earthquakes to be an issue.
4. The processing route for the ore has been a long time problem. How have you solved this? We have considered a number of options for processing of ore. The preferred option at this stage is to produce a concentrate underground using innovative mining techniques. This would require purchase of some specialist machinery which is part of the expenditure planned from this capital raise.
5. You indicated that chip sampling showed promising levels of 39.35 grams per tonne of ore. Why are you indicating a range between 6g/t and 12g/t in your tables? The grade is diluted by the surrounding rock that is removed at the same time as the gold bearing material. In addition to this, levels of recovery can have an impact on the overall grades. We believe our planning to be conservative and is the most prudent way forward as we expect substantial variation in the material as the vein is explored further. In addition random chip sampled had promising levels of a weighted average 39.35g/t AU as can be found on the link https://www. asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf NTL confirms that it is not aware of any new information or data that materially affects the information included in the announcement. NTL further confirms that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. 6. What happens if you do not raise sufficient funds to get the mine to production? In reality there will be limited options. The most likely is that the company sells its assets- (hopefully for a reasonable price), winds up, and returns the surplus funds to shareholders."

Go to their website & try and pull up the half yearly report for March 2023 published in June.
What you will get is the 2022 report. I find to get the full picture you need to read through various releases or reports, some quite historic, as not all the information is in one place in full or its not included at all.

Under the previous management this company had a horrific record of keeping shareholders informed or not delivering. Surely this new management could have earnt from that & at least keep shareholders informed and I'm not referring to replies on this thread from Jonu, as a shareholders should have equal access to information. i.e. we are behind the stated schedule in capital raise document as we are still waiting on DOC approval to re-enter the mine or whatever detail they need to do to keep shareholders informed.

Anyway, I'm now out. Probably one of the few holders of NTL that has actually made a profit. It was always a punt for me as I have previously stated, but I assumed they were on schedule and were already underground and waiting on announcement that they had commenced mining. But right now, shareholders will be waiting to hear what the state of the underground is, how much remedial work is required and the cost of that. When was the last time this was mined? 1992? Hopefully it's a tickety-boo and mining commences in the next six months or so, who knows.

I'll keep an eye on it and I may re-enter at some point, but I happy to miss out if it finally delivers as there are plenty of other alternative investments that look far more attractive and much bigger upside.

Best of luck to all holders.

[Azz]

Anyway, I'm now out.

Might allow you more time to focus on completing your book: "How to Make Money Day-Trading International Markets While Being Asleep".

[whatsup]

Hi Clip, so you knew that the company or Terra Firma hadn't been able to inspect the inside of the mine by now?
By the reaction of a few on here, I'm not the only one that was very surprised that they haven't been in the mine by now.

Yes, I have made similar assertions before, for someone to pull out the information from a report issued years go. Are shareholders supposed to continually go back through historic announcements etc.? A company that wants to promote their story well, keeps the full story current, up front and center and a in one place.

Here are "the facts" that company issued when they did the capital raise

Points 1) & 2) outline the process to get access highlighting the H&S plan & other regulatory hurdles. Nothing specific mentioned of this 'milestone' i.e. the DOC approval.

In point 2) it says they expect to be underground and mining before the end of the 2nd quarter of 2023. Well, Q2 2023 finished 30 June, so in order to be mining prior to then, those inspections and DOC approval needed to happen in April or May at the latest. Did they mean Q2 of financial year 2023/24?
If so, is it another clumsy mistake or they are at least 3 - 4 months behind what was only a 3 month program of work? "This process, including a Worksafe review period if required, we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter"


FREQUENTLY ASKED QUESTIONS NTL Capital Raise to Support Talisman Development (Mystery Vein)
1. Are there any regulatory hurdles before the mine can be re-entered? Re-entry requires renewed health and safety plans. We have engaged Terra Firma https://www.terrafirma.kiwi.nz/ to refresh the Health and Safety documentation in preparation for re-entering the mine, that documentation is anticipated to be completed by the end of February 2023 and will then potentially liaise with Worksafe prior to recommencing operations.
2. How soon are you able to start mining? Terra Firma are already busy preparing the health and safety management plan for the mine. There will also be additional planning and external inspections that need to occur before everyone is confident that it is safe to allow a crew underground, eg checking underground conditions, any hazards etc. This process, including a Worksafe review period if required, we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter.
3. What’s the current condition of the mine? Our contracted security firm checks the condition of the facilities regularly and carries out weeding/vermin management etc. We have recently carried out a visual inspection of the road, exterior and access areas of the mine and all look to be in good condition. That visual inspection has confirmed that recent rain events and earthquakes have not impacted the compound or portal and given the mine history of over 130 years and its resilience during that time, we do not anticipate the recent earthquakes to be an issue.
4. The processing route for the ore has been a long time problem. How have you solved this? We have considered a number of options for processing of ore. The preferred option at this stage is to produce a concentrate underground using innovative mining techniques. This would require purchase of some specialist machinery which is part of the expenditure planned from this capital raise.
5. You indicated that chip sampling showed promising levels of 39.35 grams per tonne of ore. Why are you indicating a range between 6g/t and 12g/t in your tables? The grade is diluted by the surrounding rock that is removed at the same time as the gold bearing material. In addition to this, levels of recovery can have an impact on the overall grades. We believe our planning to be conservative and is the most prudent way forward as we expect substantial variation in the material as the vein is explored further. In addition random chip sampled had promising levels of a weighted average 39.35g/t AU as can be found on the link https://www. asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf NTL confirms that it is not aware of any new information or data that materially affects the information included in the announcement. NTL further confirms that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. 6. What happens if you do not raise sufficient funds to get the mine to production? In reality there will be limited options. The most likely is that the company sells its assets- (hopefully for a reasonable price), winds up, and returns the surplus funds to shareholders."

Go to their website & try and pull up the half yearly report for March 2023 published in June.
What you will get is the 2022 report. I find to get the full picture you need to read through various releases or reports, some quite historic, as not all the information is in one place in full or its not included at all.

Under the previous management this company had a horrific record of keeping shareholders informed or not delivering. Surely this new management could have earnt from that & at least keep shareholders informed and I'm not referring to replies on this thread from Jonu, as a shareholders should have equal access to information. i.e. we are behind the stated schedule in capital raise document as we are still waiting on DOC approval to re-enter the mine or whatever detail they need to do to keep shareholders informed.

Anyway, I'm now out. Probably one of the few holders of NTL that has actually made a profit. It was always a punt for me as I have previously stated, but I assumed they were on schedule and were already underground and waiting on announcement that they had commenced mining. But right now, shareholders will be waiting to hear what the state of the underground is, how much remedial work is required and the cost of that. When was the last time this was mined? 1992? Hopefully it's a tickety-boo and mining commences in the next six months or so, who knows.

I'll keep an eye on it and I may re-enter at some point, but I happy to miss out if it finally delivers as there are plenty of other alternative investments that look far more attractive and much bigger upside.

Best of luck to all holders.

Dter, thank you for your indepth comments, having posted Im sure that you will be missed, constructive criticism are always welcome, good or bad as we can learn from both.

I certainly look forward seeing you post again, take care.

[Paint it Black]

There is a lot of uninformed speculation occurring here about a process that none of the speculators appear to have any expertise in.
Having access and having the ability to go underground are two different things, one being very straight forward, the other needing to have a lot of regulatory things in place.

I'll leave it there, but uninformed mountains from molehills are not useful at any time, let alone where we are in the electoral cycle. We are doing things in the correct order heading towards the result everyone wants.

John Upperton NTL Director

Thanks Jonu. Looking forward to the virtual AGM tomorrow at 2pm. Any additional background you can provide during the meeting re the status and meaning of the regulatory requirements and their impact if any on NTL being cashflow neutral by the end of 2023 would be appreciated.

[Toddy]

It's such a beautiful place to walk or cycle. I wouldn't be surprised if this project is plagued with disruption from the local residents in the future as things become more visible.

[Charlie]

That happened 4-5 yrs ago too. This has been my biggest winner, so just free riding with what I have in , but it would be great to see some tailwind . I hope Jono can pull a rabbit out of the hat.

[Daytr]

Dter, thank you for your indepth comments, having posted Im sure that you will be missed, constructive criticism are always welcome, good or bad as we can learn from both.

I certainly look forward seeing you post again, take care.

Best of luck to you Whatsup

[whatsup]

So who is logging on to the AGM today, starts at 2-00

[Sideshow Bob]

Chairmans Address

https://www.nzx.com/announcements/417774

[winner69]

Chairmans Address

https://www.nzx.com/announcements/417774

Suppose it’s only an ASM so very boring

No mention of luck but a couple of ‘hopefuls’

[Paint it Black]

Chairmans Address

https://www.nzx.com/announcements/417774

I watched the second half of it. Fairly short and sweet. It will be interesting to see whether Victor remains on the Board with an experienced West Coaster ex Bathhurst Mining gets more votes following the counting. They said decisions are imminent on the processing route pending final peer review. Still uncertainties on the timing of entering the mine consents but confident ore stockpiling will occur before the end of 2023. Cash flow positive by the end of the 2023 financial year is programmed but will obviously advise shareholders if anything changes.

[clip]

Had a read of the update, looks pretty good - reads like an ASX delisting coming up which makes a lot of sense

[haewai]

... Cash flow positive by the end of the 2023 financial year is programmed but will obviously advise shareholders if anything changes.

For some reason I thought the goal was calender year end

[winner69]

For some reason I thought the goal was calender year end

Hopefully calendar year as financial year 23 ended last March

[Paint it Black]

Hopefully calendar year as financial year 23 ended last March

Sorry my bad - I believe Samantha said end of the financial year meaning March 31 2024. However below is excerpt from the December 22 quarterly report. Cashflow positive has now moved from late in 2023 as haewai (and others) thought to end March 24 it seems.

'worked with Terra Firma and other key industry experts on the development and review of the Strategic Plan for Talisman, mining
methodologies and budget. This plan aims to produce gold and
generate revenues in the second half of 2023, with positive cashflow
by late 2023'.

Slightly frustrating from the Chairman to not acknowledge the change with a reason. All we want is straight up information and if things change let us know. Most of us can readily accept programmes change if we know why.

[nztx]

Had a read of the update, looks pretty good - reads like an ASX delisting coming up which makes a lot of sense


Sacrificing the ASX listing expense might also mean sacrificing the Aussie punters kicking the ball higher on news of
everything flying along swimmingly well :)

[Daytr]

For some reason I thought the goal was calender year end

Well that's how it was written so you weren't wrong on what was published.
With 3.5 months to go in the year I can't see how they are cashflow positive in that time frame. Maybe end of Q1 2024 all going well, meanwhile they will keep burning cash.

[Daytr]

Had a read of the update, looks pretty good - reads like an ASX delisting coming up which makes a lot of sense

Short term maybe, however if production ramps up in NZ & Vanuatu became a mine, so they had two operations, the ASX listing would valuable. Seems strange to deny share holder access to a much larger economy, with much deeper capital markets & a country that gets mining.
I suppose they can always relist later but at quite some expense.

I also have liked the fact that the board has been monitored by an exchange that understands mining & what is appropriate to disclose or announce, as it has been the ASX that has picked up the errors made by the company, not the NZX.

[Landyman]

Given that mine is close to "production", and they edge closer to being cashflow neutral (assume positive sometime shortly after), the ASX delisting could be a little short-sighted - not sure how much dual listing is costing, but agree with Daytr, Aussies help keep it honest.

Rabone out, Tacon In

[Paint it Black]

[QUOTE=Daytr

I also have liked the fact that the board has been monitored by an exchange that understands mining & what is appropriate to disclose or announce, as it has been the ASX that has picked up the errors made by the company, not the NZX.[/QUOTE]

Condecending opinion from the "Guru" once again haha. Maybe a bit biased. If NZ can leave the Privy Council surely NTL can leave the ASX.

[Daytr]

Condecending opinion from the "Guru" once again haha. Maybe a bit biased. If NZ can leave the Privy Council surely NTL can leave the ASX.

You do realize that people don't choose the description such as "Guru" etc. It's a label that comes from the moderators or site algos, I think its based on feedback from other posters, but I don't care or pay attention to these things.

Not sure what was condescending about what I wrote, but I think 15 years in mine finance, mainly gold mines, I think gives me some expertise.

[winner69]

It seems NTL has a Plan on a Page ….that’s a good start

Seems when they finally get into the mine shouldn’t find any rats as some expense has gone into vermin control.

[Baa_Baa]

You do realize that people don't choose the description such as "Guru" etc. It's a label that comes from the moderators or site algos, I think it's based on feedback from other posters, but I don't care or pay attention to these things.

Off topic, but to clear this up:

The 'Guru' status is based solely on the number of posts you've made. You can override the system settings and choose whatever subtitle you want to.

The little green dots under a Members name are from 'reputation' given by other members. This is the measure of what the membership consider to be the value of members posts.

[Daytr]

Off topic, but to clear this up:

The 'Guru' status is based solely on the number of posts you've made. You can override the system settings and choose whatever subtitle you want to.

The little green dots under a Members name are from 'reputation' given by other members. This is the measure of what the membership consider to be the value of members posts.

Thanks. As I say I don't pay attention to it.

[winner69]

Should be getting another quarterly report any day now

That be interesting

[Landyman]

[QUOTE=winner69;1023184]Should be getting another quarterly report any day now

That be interesting[/QUO

Near end of month if they stay true to form.

[ThaiJohn]

Movement today. Something appears ..UP. :cool:

[Landyman]

Roll out the green arrows - indeed. Small turnover though, on no news, just a blip.

[Paint it Black]

Roll out the green arrows - indeed. Small turnover though, on no news, just a blip.

Australian gold stocks have jumped most in nearly 3 months from strong bullion prices in past two days reported on BUZZ. Probably due to Israel declaring war on the Gaza Strip.

[Lion]

Roll out the green arrows - indeed. Small turnover though, on no news, just a blip.

Not many sellers until you get to 3.0c. In fact fewer shares on offer there than have traded so far today. [Edit - almost, not quite]

[Landyman]

Not many sellers until you get to 3.0c. In fact fewer shares on offer there than have traded so far today. [Edit - almost, not quite]

If someone was keen, $2,300 would wipe out all the $0.028 and below how nice - might get an NZX speeding ticket!

[ThaiJohn]

I'll go ya halves..:t_up:

[nztx]

I'll go ya halves..:t_up:


You selling too ? :)

[sandi]

I was thinking of buying the lot today just to get the price going then thought theres no communication on updates or any positive encouragement from the board, the quarter report will come out and production or something will be pushed back and price will drop again.

[ThaiJohn]

*no communication on updates*

Par for the course unfortunately with these guys. I thought that might have changed with Jonu getting onboard but alas..no.

[Paint it Black]

*no communication on updates*

Par for the course unfortunately with these guys. I thought that might have changed with Jonu getting onboard but alas..no.

Agree the reporting lag (as it has always been with NTL) is frustrating. Having the AGM in September reporting on the financial year 6 months in the past and quarterlies a month in the past does not excite shareholders and I too was expecting more current messaging from the new management. Fingers crossed all is still on course for producing gold in 2023 as per the rights offer and no confusion occurs following the election.

[Landyman]

Few businesses publish monthly updates, but given that NTL is at such a critical point, a couple of paragraphs a month would be helpful.

"Today, we used a shovel and wheelbarrow to start production, we envisage that the gold produced from this first load will pay for the first hour of Jonus digging" - hahah, sorry for sarcasm, its Friday.

NTL - you can do it!!! Keep up the hard work Jonu, and good luck to all shareholders - me included.

[winner69]

Few businesses publish monthly updates, but given that NTL is at such a critical point, a couple of paragraphs a month would be helpful.

"Today, we used a shovel and wheelbarrow to start production, we envisage that the gold produced from this first load will pay for the first hour of Jonus digging" - hahah, sorry for sarcasm, its Friday.

NTL - you can do it!!! Keep up the hard work Jonu, and good luck to all shareholders - me included.

I was told ‘good luck’ doesn’t come into it …it’s all about hard yakka being rewarded

[nztx]

I was told ‘good luck’ doesn’t come into it …it’s all about hard yakka being rewarded

Did the Man say this could be a multibagger earlier ? :)

There probably is a bit of luck involved that previous Board didn't get to pull off selling it out to the Chinese,
or turn the Company upside down along the way .. top heavy with the then bods around the table successfully mining shareholders pockets repeatedly on very slow progress .. ;)

[Landyman]

Further strength on the NZX this morning - the (lucky) worm has turned?

[ThaiJohn]

0.024 all gone.
Sellers @0.025 now.

[winner69]

0.024 all gone.
Sellers @0.025 now.

Why are punters selling …no faith or something

[ThaiJohn]

Why are punters selling …no faith or something

Maybe they are pouring cash into OCA :p

[winner69]

Maybe they are pouring cash into OCA :p

No ..it’s all about FBU today I hear

[percy]

No ..it’s all about FBU today I hear
Similar investing.
Money down a big hole...lol.
10 years ago FBU's share price was $9.50.
5 """""""""""""""""""""""""""""""" $6.00
1 year'''''''''''''''''''''''''''''$4.80
Today...............................$4.45.
The down trend remains intact.

[ThaiJohn]

Price of gold on the uppity up.

C'mon guys..where are we at? Feed us some info. :glare:

[Landyman]

Price of gold on the uppity up.

C'mon guys..where are we at? Feed us some info. :glare:

Quarterly next Tuesday I believe.

[Landyman]

It isnt easy being green - quarterly is a fairly quick read. Excerpt below

However, until we receive our renewed Authority to Enter and Operate we are not able to fully
resume mining operations at Talisman. This puts NTL in a difficult position as NZPAM expects
us to progress our Permit for a Bulk Sampling Programme in a timely manner – and has an
expectation that we should commence production in the near future.
We continue to try to work productively with DOC to process our routine application in a
reasonable timeframe, noting that NTL is merely seeking a renewal of its longstanding
arrangements for this historic mine.

[Paint it Black]

It isnt easy being green - quarterly is a fairly quick read. Exert below

However, until we receive our renewed Authority to Enter and Operate we are not able to fully
resume mining operations at Talisman. This puts NTL in a difficult position as NZPAM expects
us to progress our Permit for a Bulk Sampling Programme in a timely manner – and has an
expectation that we should commence production in the near future.
We continue to try to work productively with DOC to process our routine application in a
reasonable timeframe, noting that NTL is merely seeking a renewal of its longstanding
arrangements for this historic mine.

Hopefully the new government will spur DOC into renewing this final Authority to operate. NZ cannot afford the frustration of what ought to be a formality from DOC potentially threatening the Bulk Sampling permit of another agency. National/ACT now have a mandate to streamline these bureaucracies and no doubt the Board will be appraising the new government of this delay next Monday!

[Toddy]

Am I reading this correctly. They have hired staff and contractors for mining jobs but have not received permission to mine from the appropriate authorities.


That's one risky way to run a business.

[haewai]

Probably part of the existing arrangements with Terra Firma. Not new staff / contractors.
More info on processing options and likelihood would be helpful. But I'm not a shareholder so can't really complain.

[jonu]

Am I reading this correctly. They have hired staff and contractors for mining jobs but have not received permission to mine from the appropriate authorities.


That's one risky way to run a business.

No, you are not reading it correctly

John Upperton
NTL Director

[Toddy]

No, you are not reading it correctly

John Upperton
NTL Director

What part am I not reading correctly.
They do have permission to mine?. They have not hired staff?

[ThaiJohn]

My patience is rapidly depleting...:mad ;:

[whatsup]

Page 900 now thats a milestone , lets hope that all of the necessary permits dont take this long

[moimoi]

Page 900 now thats a milestone , lets hope that all of the necessary permits dont take this long

And thats only under the NTL ticker..

Add in another 10,000 odd under its previous ticker HGD.

**Flog - Dead Horse.**

[nztx]

Is this what we are talking about from Quarterly Activities Report @ #8991 :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/420798/406160.pdf



Statutory Positions

There are a number of statutory positions required of an operating mine e.g. site senior
executive, ventilation officer, electrical superintendent, mechanical superintendent etc. All
Statutory Positions have now been filled and notified to Worksafe.

As a small diluted indirect holder I can't see reason for unhappiness with the levels of progress & reporting
coming through under the new Board in the past year..

Obviously NTL are stuck awaiting the "Authority" from DOC, which always was going to be a requirement going forward..

[blackcap]

Is this what we are talking about from Quarterly Activities Report @ #8991 :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/420798/406160.pdf




As a small diluted indirect holder I can't see reason for unhappiness with the levels of progress & reporting
coming through under the new Board in the past year..

Obviously NTL are stuck awaiting the "Authority" from DOC, which always was going to be a requirement going forward..

My guess is those statutory positions have been filled by the contractor and possible completed by one or two people taking on multiple roles in what would be very part time positions. Something along those lines.

Maybe John would care to elaborate so we are all informed and there is no ambiguity. Transparency is what shareholders really need and currently lack.

[blackcap]

Is this what we are talking about from Quarterly Activities Report @ #8991 :

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/NTL/420798/406160.pdf




As a small diluted indirect holder I can't see reason for unhappiness with the levels of progress & reporting
coming through under the new Board in the past year..

Obviously NTL are stuck awaiting the "Authority" from DOC, which always was going to be a requirement going forward..

My guess is those statutory positions have been filled by the contractor and possible completed by one or two people taking on multiple roles in what would be very part time positions. Something along those lines.

Maybe John would care to elaborate so we are all informed and there is no ambiguity. Transparency is what shareholders really need and currently lack.

[jonu]

My guess is those statutory positions have been filled by the contractor and possible completed by one or two people taking on multiple roles in what would be very part time positions. Something along those lines.

Maybe John would care to elaborate so we are all informed and there is no ambiguity. Transparency is what shareholders really need and currently lack.

Statutory roles don't cost until they are active. NTL has to notify to WorkSafe that it has competent people in those roles before operating. Chicken and Egg situation.

As for the Authority to Enter and Operate (AEO), it is part of a perfect government inter department overlap of bureaucracy, influenced heavily by the Pike River and White Island tragedies. The AEO is essentially DoC confirming NTL is a competent operator acting within the different regulations we have to comply with. It's a murky area of law that DoC is extremely cautious about due to where liabilities can be placed after a tragedy, as we saw just yesterday with regards to White Island.

NTL has no reason to believe the AEO won't be granted as we are in compliance with regulators and we aren't asking for anything we haven't had before.

Sorry if I was blunt with Toddy. It's just that sometimes these things are nuanced and possibly influenced by unrelated matters that have been before the Courts.

John Upperton
NTL Director

[blackcap]

Thanks for clarifying John. Much appreciated.

[Daytr]

They need better report writing skills.
The amount of times there has had to explanations as the obvious conclusions from what is stated in the report is actually not the reality.

Don't assume a thing despite how a report reads as it's probably not correct. Great!