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Higher loss for gold miner

New Talisman Gold Mines has posted a higher loss for the March year of $3.71m, a 208% increase on 2019’s loss of $1.20m.

Revenue for ordinary activities was $39,511 (FY19: $86,734 (54%)).

Tenement expenditure was $1,109,327 ($2,396,308 (54%)). Prospecting expenditure was $8,000 ($8,050 (1%)). Total net expenditure was $4,828,075 ($3,607,685 34%).

No dividend is attributed to this period.

The loss from ordinary activities attributable to members of the listed issuer includes an impairment of prospecting costs of $2,757,313 due to uncertainty around access to the land (last year Nil).

At the end of the year the company had a cash balance of $2,495,718.

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