Talisman Mining Expands Gold Footprint at Sheepyard with New CEO in Place

Sheepyard Prospect Emerges as Major Gold Target

Talisman Mining (ASX:TLM) has extended the footprint of gold mineralisation at its Sheepyard Prospect within the Walkers Hill Gold Project in NSW, with recent aircore drilling revealing broad zones of shallow gold over an unconstrained strike length of approximately 800 metres. Highlights include 9 metres at 0.94g/t Au from 42 metres and 15 metres at 0.55g/t Au from 3 metres, confirming a large-scale gold system that coincides with the margins of a significant IP chargeability anomaly yet to be tested at depth.

The Sheepyard Prospect forms part of a 5.5-kilometre-long soil anomaly, suggesting substantial exploration upside. Follow-up aircore and reverse circulation drilling is planned to expand the mineralised footprint and test the deeper IP anomaly, potentially unlocking a major new gold discovery in the Lachlan Fold Belt.

East Peak Hill Drilling Highlights Gold and Base Metals

At East Peak Hill, Talisman’s maiden 5,546-metre aircore program across seven lines returned encouraging results, including 3 metres at 1.75g/t Au alongside elevated arsenic and antimony on Line 2, a geochemical signature akin to the nearby Tomingley gold operation. Further south on Line 7, broad zones of anomalous copper, cobalt, zinc and gold were intersected, indicating potential porphyry copper-style mineralisation adjacent to a large demagnetised geophysical target.

A follow-up aircore program commenced in late May to extend these trends, although drilling was paused due to weather. These results highlight East Peak Hill as a promising multi-metal target within the Macquarie Arc, warranting continued exploration.

Leadership Transition to Todd Ross

Effective 1 June 2026, Todd Ross took over as CEO, succeeding Andrew Munckton who will retire in August after a distinguished 42-year mining career and three years leading Talisman. Ross brings a wealth of experience from previous executive roles at DevEx Resources and Nordic Nickel, as well as senior banking positions at BNP Paribas. His appointment signals a strategic focus on advancing Talisman’s NSW exploration portfolio and pursuing growth opportunities.

Financial Position and Corporate Activity

Talisman received $150,000 in royalty payments this quarter from the Wonmunna Iron Ore Project, reflecting moderating production volumes and favourable iron ore pricing. Since production began in 2021, total royalties have reached $35.2 million. The company ended the quarter with $3.09 million in cash and investments valued at $165,000.

During the quarter, Talisman divested its 51% interest in the Lucknow JV and associated exploration licence for $35,000 cash plus a 1% net smelter return royalty. Exploration expenditure for the quarter was $859,000, focused on drilling and geological activities at the Lachlan Copper-Gold and Macquarie Arc Projects.

With a solid financial base and promising exploration results, Talisman is positioned to advance its NSW projects while exploring value-accretive acquisitions to build its growth pipeline.