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ASX ANNOUNCEMENT T ASX : TLM 18 October 2021 September 2021 Quarterly Activities Report Lachlan Copper - Gold Project , NSW • Highlights : Reverse Circulation ( RC ) drill program comprising 5 holes for 1,196m completed at the Noisy Ned Copper Prospect and assays received subsequent to quarter end¹ . • Assays also received for the 13 - hole / 2,424m RC drill program completed at the Cumbine Gold Prospect¹ . • Noisy Ned and Cumbine projects continuing to show promising signs of mineralisation , indicating further prospectivity for gold and base metals with further geochemical work and interpretation to be undertaken prior to planning further drilling . • Approval received from the NSW Resource Regulator for RC drilling programs at the Carpina North and Kaolin Shaft gold prospects¹ with drilling to commence subject to easing of COVID- 19 travel restrictions . • Two new Exploration Licences granted , EL9298 and EL9299 , as a result of new tenement applications submitted following the independent regional target review , expanding Talisman's tenure portfolio to > 3,100km² of active Exploration Licences . • COVID - 19 protocols in place and operational ( including a testing regime for Talisman's locally based exploration team ) , however ongoing COVID - 19 travel restrictions within NSW are restricting some field activities . Lucknow Gold Project , NSW • Data review and land access negotiations on - going for the next phase of exploration , targeting the near - surface potential along strike from the historical Lucknow Gold mine . Further geochemical program planning in progress . Corporate • • Royalty cash receipts from the Wonmunna Iron Ore Project of $ 1.97 million received for the quarter with a further $ 0.32 million received subsequent to quarter end² . Continuing review of multiple potential precious and base metal growth opportunities in WA and elsewhere . Talisman remains well funded with cash on hand at 30 September 2021 of $ 10.6 million . 1 Refer Talisman ASX announcement dated 7 October 2021 for full details including JORC tables . 2 Refer Talisman ASX announcement dated 15 April 2021 for royalty details . T TALISMAN MINING LIMITED ABN 71079 536 495 Suite 1 , Ground Floor , 33 Colin St , West Perth 6005 www.talismanmining.com.au 1