Announcement PDF TALISMAN MINING LIMITED ABN 71 079 536 495 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 1 Corporate Directory DIRECTORS Mr Kerry Harmanis Mr Andrew Munckton Mr Jeremy Kirkwood Mr Brian Dawes Mr Peter Benjamin Non-Executive Chairman Managing Director Non-Executive Director Non-Executive Director Non-Executive Director COMPANY SECRETARY Mr Alex Neuling REGISTERED & PRINCIPAL OFFICE Suite 1 Ground Level – 33 Colin Street West Perth WA 6005 Telephone +61 8 9380 4230 Facsimile +61 8 9382 8200 Website: www.talismanmining.com.au AUDITORS HLB Mann Judd Level 4, 130 Stirling Street Perth, Western Australia 6000 Telephone +61 8 9227 7500 Facsimile +61 8 9227 7533 SHARE REGISTRY Link Market Services Level 12, QV1 Building 250 St Georges Terrace Perth, Western Australia 6000 Telephone +61 8 9211 6670 SECURITIES EXCHANGE LISTING Australian Securities Exchange Limited Level 40, Central Park 152-158 St Georges Terrace Perth, Western Australia 6000 ASX Code: TLM 2 TABLE OF CONTENTS Letter from the Chairman 4 Review of Operations 5 Directors’ Report 20 Remuneration Report 25 Consolidated Entity Disclosure Statement 32 Auditor’s Independence Declaration 33 Independent Auditor’s Report 34 Financial Statements 38 Notes to the Consolidated Financial Statements 42 Directors’ Declaration 60 Additional Securities Exchange Information 61 3 LETTER FROM THE CHAIRMAN Dear Talisman Shareholder, The past year has at times been one of great exhilaration and excitement as our team has taken important steps towards our goal of making breakthrough discoveries within our high-quality exploration portfolio in the Lachlan Fold Belt in NSW and South Australia’s Gawler Craton. Despite the ongoing frustrations of weather-related delays in NSW, we have been able to execute significant drill programs while continuing to expand our project pipeline with the addition of the Mabel Creek IOCG Project in South Australia and, more recently, the high-potential Yarindury Copper-Gold Project in NSW. These projects will help to ensure a more diverse and rounded portfolio where we will have the ability to achieve year-round access for exploration. In NSW, guided by an important strategic and technical re-think of our exploration priorities led by our Managing Director Andrew Munckton and Exploration Manager Tim Sharp, we embarked on a major drilling campaign in early September last year. This program initially tested four targets with two of them – Durnings and Rip N Tear – resulting in significant greenfields discoveries. At Rip N Tear, we have identified a large zone of silver-lead-zinc mineralisation extending over at least 1.8km. At Durnings, we have discovered multiple zones of very high-grade base metal and copper-gold mineralisation within what appears to be an extensive and significant mineralised system. Follow-up geophysical work suggests we have plenty of unfinished work here – with strong down-hole EM conductors identified recently which indicate the potential for extensions of the high-grade mineralisation in addition to adjacent GAIP conductors that highlight prospective new zones for investigation. We have a high degree of confidence in the potential of this discovery and we are looking forward to getting back on the ground with a drill rig at Durnings in the December 2024 Quarter and hopefully delivering further results that will change the face of the Company. The recent addition of the Yarindury Project in the Macquarie Arc is a real coup for Talisman. Yarindury lies just 20km from Alkane Resources’ Boda-Kaiser copper-gold Project and 100km north of Newmont’s world-class Cadia copper-gold mine. It sits on the same geological structures as a recent exciting discovery by Waratah Minerals, just 5km from Cadia. We are excited by this addition to our portfolio and, as we were finalising this report, a diamond drill rig is on its way to site to begin a 5-hole drilling program. Previous drilling at this project confirmed the prospective geology and returned anomalous copper but failed to test large magnetic geophysical anomalies. During the year, we commenced our maiden exploration program at Mabel Creek in South Australia, where Talisman has secured a significant land package approximately 30km west of Coober Pedy. Initial work has included the acquisition of geological and geophysical datasets from the SA government database, discussions and agreement with Traditional Owners and pastoral leaseholders on access to the project and a detailed geophysical survey covering the most prospective locations. This survey has revealed a number of targets worthy of drill testing and we expect to be on the ground drilling early next year. Talisman remains in a strong financial position after continuing to ‘live within our means’ during the year, reflecting our disciplined and frugal approach to our exploration and corporate management. During the 2024 financial year, we continued to receive monthly royalty payments from the operator of the Wonmunna Iron Ore Project, Mineral Resources Ltd (MinRes) under our uncapped 1% gross revenue royalty. In the 12 months to June 2024, MinRes delivered 10.4Mt of iron ore sales for its Pilbara Hub operations to Port Hedland in Western Australia with Talisman receiving $7.8 million in royalty payments. Guidance for FY25 from MinRes is for 9.0 to 10.0 million tonnes of iron ore sales from their Pilbara Hub. At year end, we retained $4.9 million in cash and $0.3 million of investments which – complemented by a $0.8 million royalty payment received on 1 July 2024 and a healthy ongoing royalty income stream – puts us in a strong financial position as we embark on a new phase of high-impact drilling. We remain committed explorers with the unequivocal goal of making one or more discoveries of a size and grade that will deliver a meaningful increase in shareholder value. With that in mind, the next 12 months promises to be an exciting time for Talisman and, together with my fellow directors, I would like to thank my fellow shareholders for your continued support and patience. Yours faithfully, Kerry Harmanis, Chairman 4 REVIEW OF OPERATIONS Overview The last 12 months has seen Talisman Mining Limited (Talisman or the Company) continue to progress exploration activities at the Lachlan Base Metals & Copper-Gold Project (Lachlan) in New South Wales and commence exploration at the highly prospective Mabel Creek Copper-Gold project in South Australia (Mabel Creek). In addition, throughout the financial year Talisman continued to review new precious and base metals growth opportunities throughout Australia, focusing on value-accretive transactions with the potential to create long-term shareholder value. This business development program resulted in the pegging of the Yarindury Porphyry Copper-Gold Project in the Macquarie Arc of NSW subsequent to the end of the reporting period. The Company continued to receive monthly royalty payments throughout the financial year from Mineral Resources Ltd (MinRes), the operator of the Wonmunna Mine, which forms part of MinRes’s Pilbara Hub Iron Ore operations in the Pilbara region of Western Australia. MinRes commenced production from Wonmunna in March 2021 and Talisman is entitled to an uncapped 1% gross revenue royalty on all metals produced and sold from the mine. The Pilbara Hub delivered 10.4 million tonnes of iron ore sales for the 12-month period ended 30 June 2024, with Talisman receiving $7.8 million in royalty payments from the Wonmunna Mine. The potential ongoing Wonmunna royalty revenue stream puts the Company in a unique funding position for a junior exploration company, allowing Talisman to pursue systematic exploration on an ongoing basis at its Lachlan, Mabel Creek and Yarindury Projects in combination with reviewing additional new metalliferous growth opportunities. Talisman holds a highly prospective exploration portfolio in the Lachlan Fold Belt region of NSW spanning approximately 6,000km2. The Company commenced a 7,200m Reverse Circulation (RC) drilling campaign in September 2023 to test four high-priority prospects at the Lachlan Project – Rip N Tear, Durnings, Noisy Ned and Carpina North – resulting in significant base metals and copper-gold discoveries at both Rip N Tear and Durnings. The Durnings breakthrough discovery will be followed up with extensive drilling programs in FY2025. At the Mabel Creek Project, a ground geophysical survey commenced in the June 2024 Quarter, representing the first on-ground exploration work to be undertaken on this project area for 14 years. The survey program will cover the entire 1,048sqkm holding, including a number of prospective magnetic anomalies in the Mabel Creek area, with results to be used to generate drill targets for a planned field program commencing in Q3 FY2025. Subsequent to the end of the financial year, Talisman was granted a new tenement, EL 9679, named the “Yarindury Project”, located 30km east of Dubbo in the Macquarie Volcanic Arc of central-western NSW. Yarindury contains a number of porphyry-style magnetic targets with confirmed prospective geology and copper-gold anomalism. An initial diamond drilling program comprising up to five holes has been planned to test large anomalies, with drilling scheduled to commence in the September quarter . Lachlan Lead-Zinc-Silver-Copper-Gold Project, NSW Talisman’s Lachlan Project consists of four discrete project areas – the Central Lachlan Lead-Zinc-Silver, Dandaloo Copper, Hillston Copper-Gold and Elvis Porphyry Copper-Gold Projects, which cover a combined area of over 6,000km2 of granted exploration tenure in the highly prospective Cobar Basin Rift and Junee-Narromine Volcanic mineral belts of NSW (Figure 1). These mineral belts are well-established mining districts with multiple operating long-life gold and base metal mines and several recent significant exploration discoveries including Aurelia Metals’ Federation polymetallic deposit and Peel Mining’s Mallee Bull, Wagga Tank and Southern Nights deposits. Following the appointment of Andrew Munckton as Managing Director in August 2023 and Tim Sharp as Exploration Manager in September 2023, Talisman undertook a review of ongoing exploration workstreams across the Lachlan Project. This review was informed by two regional-scale geophysical surveys completed in FY23 – a 15,456-linekilometre Airborne Gravity Gradiometric (AGG) survey and a 6,285-line-kilometre Airborne Electro-Magnetic (AEM) survey. These surveys revealed a multitude of geophysical targets that were integrated with ground-based geological and structural mapping programs and geochemical soil sampling. This exploration review determined that while the Company’s previous drill testing had focused mainly on geophysical targets, future programs would focus on those targets that were also supported by strong geological and geochemical evidence. This allowed Talisman to re-prioritise its exploration efforts, with a 7,200m RC drilling campaign commencing in September 2023 to test four high-priority prospects – Durnings, Rip & Tear, Noisy Ned and Carpina North (Figure 2). 5 Figure 1: Talisman’s Lachlan Pb-Zn-Ag-Cu-Au Project, showing key tenements, nearby mines and prospects and underlying magnetics. 6 Figure 2: Lachlan Project location plan highlighting prospect locations along the Canbelego Mineral-Hill Volcanic Belt DURNINGS The Durnings Prospect is located approximately 25km north of Condobolin and 35km south-east of the Rip N Tear discovery within the Lachlan Project area (see Figure 2 and Figure 3). Durnings is a lightly explored project defined by strongly anomalous base metal soil geochemistry and contains two large, coherent conductive GAIP anomalies located along strike from and to the east of previous RC drilling results returned from earlier exploration by Talisman Mining (see ASX announcement 15 May 2023). The prospect is situated within a complex structural setting associated with NNW trending faults interpreted to be part of the Mineral Hill Fault Zone, which provides a pathway for mineralised fluids to move upwards from deeper local granite intrusions. An initial program of RC drilling totalling six holes (DRRC0006-DRRC0011) for 1,710m was completed in late November 2023 targeted at the western GAIP anomaly. All six RC holes drilled at approximately 200m spacing were designed to target a buried GAIP anomaly modelled to between 50m and 200m below surface. Results from this program confirmed two broad zones of disseminated galena, silver, sphalerite, chalcopyrite and gold associated with strong sulphide mineralisation in sericite altered volcaniclastic rocks. Highlights from the program included: Southern Anomaly DRRC00061 7 • 24m at 1.5% Pb, 15.6g/t Ag, 0.2% Zn, 0.02% Cu, 0.04g/t Au from 18m to 42m and; • 42m at 2.3% Pb, 25.3g/t Ag, 1.3% Zn, 0.09% Cu, 0.43g/t Au from 244m to 286m end of hole (eoh) including: o 20m at 3.9% Pb, 45.2g/t Ag, 2.1% Zn, 0.16% Cu and 0.73g/t Au from 260m to 280m o 6m at 10.3% Pb, 126g/t Ag, 3.5% Zn, 0.4% Cu and 1.93g/t Au from 274m to 280m. DRRC00071 • 8m at 0.5% Pb, 2.1g/t Ag, 1.3% Zn, 0.02% Cu, 0.11g/t Au from170m-178m. Northern Anomaly DRRC00081 • 28m at 0.4% Pb, 7.8g/t Ag, 0.7% Zn, 0.02% Cu, 0.11g/t Au from 4m to 32m including: o • 10m at 0.5% Pb, 10.8g/t Ag, 1.8% Zn, 0.03% Cu, 0.15g/t Au from 22m to 32m 30m at 0.4% Pb, 2.7g/t Ag, 0.8% Zn, 0.01% Cu, 0.07g/t Au from 124m to 154m DRRC00091 • 4m at 0.1% Pb, 14.1g/t Ag, 0.1% Zn, 0.77% Cu, 0.42g/t Au from 32m to 36m and; • 6m at 0.5% Pb, 5.4g/t Ag, 0.7% Zn, 0.19% Cu, 0.29g/t Au from 74m to 80m. DRRC00101 • 10m at 0.9% Pb, 7.1g/t Ag, 2.2% Zn, 0.04% Cu, 0.24g/t Au from 156m to 166m and; • 10m at 0.4% Pb, 3.9g/t Ag, 0.7% Zn, 0.01% Cu, 0.39g/t Au from 232m to 242m end of hole. Follow-up RC and diamond drilling commenced at Durnings in March 2024, comprising four diamond cores drilled to extend RC holes from the November 2023 RC program (DRRC0006, DRRC0008, DRRC0010 and DRRC0011) that were suspended in mineralisation, as well as an additional eleven RC holes to test up-dip and immediately along strike from discovery hole, DRRC0006. Exceptional assay results from diamond drill-hole, DRRCD0019, drilled adjacent to the discovery hole DRRCD0006, confirmed two zones of strong, high-grade mineralisation in the Southern Durnings area – an Upper Zone of base metals mineralisation and a Lower Zone of copper-gold mineralisation. The Lower Zone target is coincident with a broad chargeability model located at approximately 300m below surface from re-processed Pole-Dipole Induced polarisation (PDIP) survey data over the area. The diamond core in DRRCD00192 intersected two significant zones of sulphide mineralisation containing galena, sphalerite and chalcopyrite in various styles and forms. These include: Base Metals Zones2 • 7.5m at 1.5% Pb, 2.2% Zn, 23.6g/t Ag, 0.3% Cu, 0.31g/t Au from 198m to 205.5m • 7.4m at 6.7% Pb, 2.9% Zn, 137g/t Ag, 0.2% Cu, 0.24g/t Au from 218.8m to 226.2m including: o 1.7m at 26.5% Pb, 7.8% Zn, 558g/t Ag, 0.7% Cu, 0.81g/t Au from 224.5m to 226.2m containing 1.1m of massive sulphide. Copper-Gold Zones2 • 28.3m at 4.03g/t Au, 0.9% Cu, 3.8% Pb, 0.7% Zn, and 26.5g/t Ag from 370.5m to 398.8m down-hole, including: o 10.0m at 7.94g/t Au, 1.0% Cu, 9.9% Pb, 1.5% Zn and 61.3g/t Ag from 374m to 384m downhole, including:  3.5m at 21.2g/t Au, 1.6% Cu, 11.8% Pb, 2.4% Zn and 84.7g/t Ag from 379.5m downhole; and  7.8m at 4.11g/t Au, 1.8% Cu, 1.0% Pb, 0.6% Zn, and 16.3g/t Ag from 391m to 398.8m. In addition, a new high-grade copper-gold and base metal zone was discovered in the Northern Durnings area in hole, DRDD00232, located 400m north-east of the intercepts in DRRCD0019 and DRRCD0006: • 4m at 12.6g/t Au, 0.5% Cu, 0.4% Pb, 0.6% Zn and 11.4g/t Ag from 90m, including: o • 1m at 44.4g/t Au, 1.1% Cu, 0.5% Pb, 0.6% Zn and 29.0g/t Ag 13m at 1.35g/t Au, 0.3% Cu, 2.7% Pb, 0.3% Zn and 18.1g/t Ag from 65m, including: o 7m at 2.79g/t Au, 0.5% Cu, 4.9% Pb, 0.5% Zn and 31.4g/t Ag from 65m, including:  1m at 12.2 g/t Au, 2.3% Cu, 1.6% Pb, 1.0% Zn and 47.4g/t Ag Note 1. ASX:TLM - 27 March & 29 April 2024. Note 2. ASX:TLM - 7 June 2024 8 This hole was drilled as a follow-up to RC hole DRRC00013 (completed in FY2023) which returned: • 8m at 6.3g/t Au, 0.77% Cu, 0.27% Pb, 0.36% Zn and 6.3g/t Ag from 82m, including: o 2m at 17.5g/t Au, 1.4% Cu, 0.32% Pb, 0.36% Zn and 12.8g/t Ag from 88m. Collectively, the results show that Durnings is emerging as a significant greenfields base and precious metal discovery, with substantial potential for Talisman’s shareholders. Figure 3: Durnings Project RC drilling and follow-up RC and diamond drilling over GAIP survey image. Durnings – Next Steps Stage 3 exploration at the Southern Durnings area is scheduled to commence in the September quarter and will consist of step-out drilling along strike and down/up dip guided by DHEM plates and modelled structural trends of the high-grade base metals and copper-gold zones intersected in DRRCD0006 and DRRCD0019. Step-out drilling will also target a high conductivity DHEM plate modelled between DRRC0015 and DRRCD0020, along strike from DRRCD0019. Further drilling at Durnings North will aim to extend up-dip and along strike with step-out drilling guided by modelled structural trends of the recent high-grade base metals and copper-gold zones intersected in DRDD0023. Planning and approval applications for Stage 3 drilling is complete with commencement of drilling awaiting access after an extended period of wet weather. RIP N TEAR Rip N Tear is located approximately 35km north of Condobolin on EL8615 and approximately 20km north-west of the Company’s Durnings discovery. The Rip N Tear prospect is an under-explored target defined by strongly anomalous base metal soil geochemistry containing two large, coherent conductive MLEM anomalies (ASX announcement 8 May 2023). The prospect is situated within a complex structural setting associated with NNE and NE trending faults which are interpreted to provide a pathway for mineralised fluids from local granite intrusions. Drilling at Rip N Tear during FY2024 was designed to test the two conductive anomalies at depth. Note 3. ASX:TLM 15 May 2023& ASX:TLM 6 June 2022. 9 Drilling results highlights included: Northern MLEM Anomaly4, 5 MYRC0002 • 192m at 1.32% Pb, 10.1g/t Ag, 0.06% Zn from 40m to 232m end-of-hole; MYRC0003 • 80m at 1.56% Pb, 14.7g/t Ag, 0.11% Zn from 188m to 268m end-of-hole; MYRC0008 • 26m at 0.5% Pb, 5.2 g/t Ag, 0.01% Zn, from 152 to 178m end-of-hole; MYRC0009 • 58m at 0.6% Pb, 5.2g/t Ag, 0.04% Zn from 100m to 158m • 4m at 0.4% Pb, 5.1g/t Ag, 0.06% Zn from 162m to 166m end-of-hole. MYRCD0002: Diamond wedge: • 70.1m at 1.31% Pb, 12.0g/t Ag, 0.01% Zn from 177.9m to 248m; and • 24m at 0.80% Pb, 9.9g/t Ag, 0.01% Zn from 270.6m to 294.6m Combining the parent RC hole with the diamond wedge results in: • 208.0m at 1.2% Pb, 8.9g/t Ag, 0.06% Zn from 40m to 248m; and • 24m at 0.80% Pb, 9.9g/t Ag, 0.01% Zn from 270.6m to 294.6m MYRCDD0003 Diamond Tail: • 41m at 0.3% Pb, 10.4g/t Ag, 0.02% Zn from 272m to 313m, including: o 21m at 0.5% Pb, 11.5g/t Ag, 0.02% Zn from 272m to 293m Combining the parent RC hole with the diamond tail results in: • 105.0m at 1.3% Pb, 13.5g/t Ag, 0.09% Zn from 188m to 293m. MYRCD0009 Diamond Tail: • 19m at 1.4% Pb, 12.2g/t Ag, from 167m to 186.0m Combining the parent RC hole with the diamond tail results in: • 86m at 0.8% Pb, 6.6/t Ag, 0.04% Zn from 100m to 186m MYDD0012 Diamond: • 87m at 0.5% Pb, 5.3g/t Ag, 0.05% Zn from 261m to 348m, including: • 38.4m at 0.6% Pb, 5.8g/t Ag, 0.04% Zn from 309.6m to 348m MYRCD0002W (Diamond Wedge from MYRCD0002) • 156m at 1.26% Pb, 12.6g/t Ag, 0.01% Zn from 148.0m to 304.0m, including: o 10m at 7.41% Pb, 59.2g/t Ag, 0.01% Zn from 294m to 394m MYDD0013 • 10 10.9m at 0.5% Pb, 10.1g/t Ag, 0.54% Zn from 183.1m to 194m. Southern MLEM Anomaly4, 5 • MYRC0004 – 18m at 0.28% Pb, 5.2g/t Ag and 0.01% Zn from 142m to 160m • MYRC0005 – 6m at 0.81% Pb and 5.6g/t Ag from 44m to 50m • MYRC0006 – 10m at 0.85% Pb, 3.3g/t Ag and 0.02% Zn from 246m to 256m • MYRC0007 – 10m at 0.81% Pb, 12.4g/t Ag and 0.04% Zn from 222m to 232m • MYRCD0004 – 59.2m at 0.77% Pb, 1.5g/t Ag, 0.05% Zn from 255m to 314.2m • MYRC0014 – 27m at 1.0% Pb, 3.3g/t Ag, from 56m to 83m • MYRC0015 – 31m at 0.8% Pb, 1.9g/t Ag, from 110m to 141m • MYRC0016 – 11m at 2.14% Pb, 3.5g/t Ag, 0.04% Zn from 58m to 69m • MYRC0017 – 15m at 1.19% Pb, 1.7g/t Ag, 0.07% Zn from 61m to 76m Figure 4: Rip n Tear RC and diamond drilling results over MLEM Geophysical survey image. True width in MYRCDD002, MYRCDD0002W and MYCRDD003 is approximately 40% to 50% of the down-hole intersection. True width in MYRCD0009, MYDD0012, MYDD0013, MYRC0014, MYRC0015, MYRC0016 and MYRC0017 is approximately 80% of the down-hole intersection. Rip N Tear – Next Steps Drilling has been completed in the short to medium term while the exploration team focuses on the recent discovery of high-grade base metals and gold mineralisation at Durnings and the Yarindury exploration opportunity. Additional test work and geological investigation will be completed on the high-grade zone intersected in MYRCD0002W to confirm the characteristics, orientation and nature of this section of the mineralised horizon. CARPINA NORTH & NOISY NED RC drilling at both Carpina North and Noisy Ned (Figure 2) was completed in November 2023. No significant assay results were received from either prospect in the 6-hole/1696m RC program completed at Carpina North or the 5hole/1,580m program completed at Noisy Ned. Both projects remain active exploration opportunities and have both been re-prioritised in light of the exploration results and ongoing work programs at Durnings and Rip N Tear. Note 4. ASX:TLM - 20 October & 6 November 2023. Note 5. ASX:TLM – 26 February 2024 11 Mabel Creek IOCG Project, South Australia Talisman acquired 100% ownership of the Mabel Creek IOCG Project in June 2023, providing ownership of a significant land package approximately 30km west of Coober Pedy. The land package covers 1,048km2 of tenure and spans a major deep-seated east-west trending fault system which is interpreted to host multiple intrusive lithologies, including the Hiltaba Granite Suite within the Gawler Craton. The region is prospective for large-scale Iron Oxide Copper-Gold (IOCG) discoveries and hosts numerous worldclass deposits such as Olympic Dam, Carrapateena and Prominent Hill as well as significant recent discoveries such as Oak Dam and Emmie Bluff (Figure 5). This region is fast becoming Australia’s premier copper producing area. Figure 5: Mabel Creek location plan highlighting prospect locations along the Gawler Craton IOCG belt. Following the completion of land access agreements with the Traditional Owners, Talisman commenced a ground gravity survey at the Mabel Creek Project during the June 2024 Quarter, representing the first on-ground exploration work to be undertaken on this project area for 14 years. The detailed gravity survey is being conducted on 250m to 500m station centres. The survey is being undertaken by Atlas Geophysics with 631sqkm of the 1,048sqkm holding covered by the end of the reporting period. The remainder of the survey is planned to be completed in Q1 FY2025. Survey results will be used to generate drill targets for the planned field program commencing in Q3 FY2025 Previous explorers have undertaken limited gravity surveys over small targets over the preceding 20 years of exploration. These gravity programs were located using regional-scale magnetics interpretation. The previous gravity programs have provided an in-adequate assessment of the prospectivity for IOCG style mineralisation across the structurally complex area. Historical drill holes within the project area have intersected basement with evidence of alteration. Detailed seismic surveys conducted by Geoscience Australia and the Geological Survey of South Australia, that traverse the project area have highlighted significant additional structural information on which the existing magnetics (shown in Figure 6) are now interpreted. This new interpretation highlights potential new IOCG targets in the area which have either regional only or nil gravity coverage. 12 Figure 6: Mabel Creek magnetics image with interpreted Fault positions and Hiltaba granite intrusion locations Yarindury Porphyry Copper-Gold Project, NSW Subsequent to the end of the reporting period, Talisman was granted a new tenement, EL 9679, named the “Yarindury Project”, located 30km east of Dubbo in the Macquarie Volcanic Arc of central-western NSW (Figure 7). The Yarindury Project contains a number of porphyry-style magnetic targets with confirmed prospective geology and copper-gold anomalism (Figure 8). Yarindury lies in the same highly prospective geological and mineralised belt as Alkane Resources’ (ASX: ALK) Boda-Kaiser copper-gold Project (located 20km to the south-east), which currently contains a Mineral Resource of 8.3Moz of contained gold and 1.5Mt of contained copper6,8. In addition, Yarindury displays rock units and geophysical anomalies similar to Newmont’s (NYSE: NEM) Cadia copper-gold mine (located 100km to the south), one of Australia’s largest gold and copper mining operations with Ore Reserves of 17Moz of gold and 3.6Mt of copper7,8. The Yarindury Project was previously held by Alice Queen Limited, who completed two diamond drill holes (MEMD0001 and MEMD0002) in JV with Newcrest in 2018. MEMD0001 intersected favourable rock units with weakly anomalous copper and gold. However, no drilling has been completed over the largest and strongest amplitude magnetic anomaly on the western boundary of the Molong Volcanic Belt. Talisman has signed a landholder access agreement and submitted an exploration application to the NSW Department of Primary Industries and Regional Development. The proposed maiden exploration program consists of five diamond drill holes targeted at the basement rocks at the large geophysical feature. Additional diamond drilling may be undertaken if initial geological prospectivity and presence of mineralisation is confirmed. Subject to NSW government approval, drilling is scheduled to commence in the September 2024 Quarter. Note 6. See ALK ASX Announcements dated 14 December 2023 and 29 April 2024. Note 7. https://Operations.newmont.com/australia/cadia Note 8. The existence, size and grade of the Mineral Resource estimates at Boda/Kaiser and Ore Reserve estimate at Cadia does not guarantee that such deposits are discoverable at the Yarindury project and Talisman has not done sufficient work yet in order to be able to classify its own MRE at the project. 13 Figure 7: Yarindury Project location plan highlighting prospect locations along the Molong Volcanic Belt. Porphyry Cu-Au deposits in the belt include Cadia-Ridgeway, Copper Hill, Junction Reefs and Boda-Kaiser. Other Talisman tenure in the area (to the north, south and east of Parkes in the Junee Narromine Volcanic Belt) is also shown. 14 Figure 8: Yarindury Prospect EL 9679 over regional magnetics. The elevated magnetic response in the centre of the image is known as the Molong High Volcanic Belt, part of the Macquarie Volcanic Arc. Strong magnetic features within and along the margins of the Molong High Volcanic Belt are excellent exploration targets for porphyry and intrusion related Cu-Au deposits. 15 Competent Persons’ Statement Information in this report that relates to Exploration Results and Exploration Targets is based on information completed by Mr Tim Sharp, who is a member of the Australasian Institute of Geoscientists. Mr Sharp is a full-time employee of Talisman Mining Limited and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Sharp consents to the inclusion in this report of the matters based on information in the form and context in which it appears. No new information that is considered material is included in this document. All information relating to exploration results has been previously released to the market and is appropriately referenced in this document. JORC tables are not considered necessary to accompany this document. Forward-Looking Statements This report may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Talisman Mining Limited’s current expectations, estimates and assumptions about the industry in which Talisman Mining Limited operates, and beliefs and assumptions regarding Talisman Mining Limited’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Talisman Mining Limited. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this report speak only at the date of issue of this report. Subject to any continuing obligations under applicable law and the ASX Listing Rules,