Talisman Mining: Quarterly Activities/Annex 5B Cash Flow Report

January 31, 2022

Quarterly activity report for December 2021

Talisman is preparing for a multi-pronged exploration in New South Wales in 2022

Strong points:

Lachlan Copper-Gold Project, NSW

  • Significant investments in large-scale geophysical surveys intended to improve Talisman’s understanding of the subterranean geology and structure of the Cobar Superbasin and are expected to shorten his tenure discovery schedule by several years.
  • This follows a review of regional targeting which indicates that airborne gravity surveys, which had not previously been tested in the region, can provide a radical change in the company’s targeting ability by revealing the presence of indiscriminate mineralization hidden under cover.
  • Targeting, planning and landowner consultation completed for these surveys, including the largest Airborne Gravity (AGG) survey (~15,500 line km) ever conducted in the district.
  • Airborne Contracted electromagnetic survey (AEM) using the VTEM™ Max system to fly over 6,285 line km over highly prospective target areas for sulphide vein-style copper-gold systems.
  • Four new exploration licenses (EL9302, EL9306, EL9315 and EL9324) granted following new concession applications submitted following the 2021 Independent Regional Targeting Review, expanding Talisman’s tenure portfolio in New Wales South to > 4,100 km2 of active exploration licenses.
  • Targeted geochemical exploration programs have begun on highly prospective areas on EL8571, with the aim of providing a continuous pipeline of targets for drill testing in 2022.
  • COVID-19[female[feminineprotocols in place and operational (including a testing regimen for the local Talisman exploration team).

Lucknow Gold Project, NSW

  • Land access negotiations for the next phase of exploration, targeting near-surface potential along strike of historic Lucknow Gold mine, delayed by regional impacts of COVID-19.

Business

  • Wonmunna Iron Ore Project royalty cash receipts of $0.73 million received for the quarter and an additional $0.3 million received after end of term1.
  • Continuing review of potential metalliferous mineral growth opportunities in WA and elsewhere.
  • Talisman remains well financed with available cash as of December 31 $10.2 million.
  • Refer to the Talisman ASX announcement dated April 15, 2021 for royalty details.

1

COVID-19[female

In response to the current COVID-19 situation on the Australian East Coast, the Company continues to maintain strict protocols and has updated its COVID-19 procedures across head office and exploration sites to protect the safety and well-being of our employees. , entrepreneurs and local communities.

Regular rapid antigen testing protocols are now in place for all Company exploration personnel working in New South Wales, while the majority of our employees and contractors working at New South Wales exploration sites South Wales are domiciled in New South Wales to reduce travel. The Company continues to monitor the global pandemic for any potential impact on current and future work activities.

Lachlan Copper-Gold Project, NSW

Activity during the December 2021 quarter focused on the planning and targeting of two major geophysical surveys commencing in late January 2022 over Talisman’s 4,183 km2 portfolio of buildings2 (Annex 2). An extensive prospectivity review was undertaken on Talisman’s property portfolio against known mineral systems in the area, focusing on key vectors of mineralization attributed to significant recent discoveries.

From this review, it is apparent that economic mineral systems in the Cobar Superbasin have key geophysical characteristics which can be detected remotely through the use of airborne geophysical surveys.

As a result of this work, Talisman entered into a contract to commence two large-scale regional geophysical surveys to provide an efficient and cost-effective “first pass” screening mechanism for geophysical anomalies associated with the Cobar and Mineral Hill analogue mineralizations. over most of its substantial exploration license area.

These large-scale surveys represent a significant investment in Talisman’s portfolio of high-potential properties and have the advantage potential to shorten Talisman’s tenure discovery timeline by several years focusing exploration efforts in areas considered most likely to generate an economic discovery, including potentially indicating the presence of indiscriminate mineralization hidden under cover.

The surveys will also significantly improve Talisman’s understanding of the geology and subsurface structure in the area and provide additional data for the interpretation of regional and prospect-scale structures hosting mineralization. The acquisition and interpretation of both data sets is expected to bring a step change to Talisman’s understanding of the region and its exploration efforts in 2022 and beyond.

Airborne Electromagnetic Survey – VTEM™ Max

Airborne Electromagnetic (AEM) have been used extensively in the Cobar Superbasin and have led to the discovery of high-grade sulphide deposits through the direct detection of conductive anomalies in basement rocks. Discoveries using AEM surveys as a key targeting tool include the Mallee Bull Cu-Au-Ag-Zn-Pb deposit, currently being developed by Peel Mining Ltd, and the recent Constellation Cu-Au-Ag discovery by Aeris Resources Ltd.

  • Refer to the Talisman ASX announcement dated January 17, 2022 for more details, including JORC tables.

2

Talisman has refined the target areas of the AEM survey to those deemed most promising for sulphide vein-type mineralization. The AEM survey beginning in late January was designed to cover 6,285 line kilometers covering four blocks in Talisman’s NSW exploration portfolio (refer to figure 1) including these priority target areas.

This includes three key target areas from the geological review conducted by independent exploration expert Dr Jon Hronsky in May 20213.

Figure 1: Talisman VTEM Survey Areas

  • Refer to the Talisman ASX announcement of July 30, 2021.

3

Talisman engaged UTS Geophysics Pty Ltd to undertake the AEM survey using the VTEM™ Max helicopter-borne AEM system (Figure 2). The study will cover five of Talisman’s exploration licenses and part of an exploration license application in the Lachlan project: EL8414 (87% TLM), EL8547, EL8658, EL8680, EL9298 and ELA6403 respectively. The AEM survey is scheduled to begin the last week of January 2022 and is expected to last approximately five weeks, subject to favorable weather conditions.

Figure 2: UTS Geophysics Helicopter AEM System

Regional Airborne Gravity Gradiometry Survey

During the quarter, a review of the literature and publicly available information was completed indicating that all known mineralized systems in the Cobar Superbasin exhibit an associated gravity anomaly, likely due to the emplacement of siliceous alteration and associated sulphide ores in lower density volcanic and volcanic rocks. – sedimentary host rocks. This rock density contrast has been used by other explorers in the region for prospect-scale vector exploration, but Talisman’s strategy of using gravity as a regional vectoring tool was never realized. previously implemented in the Cobar superbasin at this scale. The gravity survey will also resolve the regional structure to a significantly higher level of detail, allowing reinterpretation of structures known to host mineralization.

Talisman contracted XCalibur Aviation (Australia) Pty Ltd to fly an airborne gravity measuring device (AGG) survey using the proprietary FALCON® AGG system. FALCON is the world’s most advanced airborne gravity gradiometer technology and provides high quality gravity data with a resolution of 50m or better. The survey will be carried out using a Cessna C208 Grand Caravan aircraft, standard for this type of survey (picture 3).

Figure 3: FALCON AGG system flown using a Cessna C208 Grand Caravan aircraft

4

The AGG survey, which will be flown over a nominal distance of 15,500 line kilometers at 200 m spacing, represents the first application of airborne gravity techniques to the exploration of mineral systems in the Cobar area. This survey is due to begin the last week of January 2022 and is expected to last approximately six weeks, subject to favorable weather conditions. The areas subject to the AGG survey are indicated in Figure 4.

Figure 4: Talisman FALCON® AGG survey area

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Talisman Mining Limited published this content on January 30, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on January 30, 2022 21:30:05 UTC.

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Sales 2021 1.33M
0.93M
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Net income 2021 -2.17M
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Net cash 2021 9.90M
6.92 million
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PER 2021 ratio -17.6x
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Capitalization 31.9 million
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EV / Sales 2020 88.0x
EV / Sales 2021 21.4x
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Floating 73.9%

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