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Building Opportunity and Diversity in Copper and Nickel

Disclaimer

This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Talisman Mining Ltd (Talisman Mining or the Company) and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Talisman Mining Ltd, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Talisman Mining Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of Talisman Mining Ltd , but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Talisman Mining Ltd’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Talisman Mining Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

Competent Person’s Statement

Information in this presentation that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Graham Leaver, who is a member of the Australasian Institute of Geoscientists. Mr Leaver is a full time employee of Talisman Mining Ltd and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Leaver consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears.

Strong culture & corporate philosophy derived from prior employment with highly successful mid-tier companies
Key outcome being that focus is always on developing and executing strategies to build shareholder value
Experienced in managing rapid growth & the evolution from discovery through development to operations

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Capital Structure	Capital Structure
Shares on Issue 148.6M
Unlisted Options 6.25M
Market Cap (67c) ~$100M
Cash (31 July 2015) ~$11.4M
KeyShareholders
Kerry Harmanis Institutions (Australian and Overseas)	12.5% ~6.5%
Board
Alan Senior (Chairman) – ex Jubilee Mines
Gary Lethridge_(Managing Director) –_ex Jubilee Mines & LionOre
Brian Dawes (Non-Executive Director) – ex Jubilee Mines & LionOre
Karen Gadsby (Non-Executive Director) – ex North Ltd

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Exposure to Potential Copper-Gold Discoveries in an Emerging World-Class VMS Province

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3 prospective Doolgunna Projects:
Springfield (east of DeGrussa);
Halloween (west of DeGrussa); &
Halloween West (west of DeGrussa)
First regional discovery outside Sandfire’s DeGrussa VMS lenses has been made at Monty within the Springfield Project

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Monty
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First regional discovery outside Sandfire’s DeGrussa VMS lenses
High grade, and high tenor massive sulphides:
TLDD0004A - 11.9m @ 24.1% Cu and 2.4 g/t Au.
TLDD0005 – 9.2m @ 11.8% Cu and 3.9 g/t Au.
TLRC0004 – 18m visible massive sulphides
Looks like DeGrussa:
Similar host lithologies
Similar massive sulphides
Potentially structurally complex – to date may have identified 2 separate lens or two dislocated parts of one lens
Early days for full understanding, but clear potential exists for Monty to be significant

Intersection	Mineralisation
From (m) To (m) Intercept Down Hole	Cu (pct) Au (ppm) Ag (ppm) Zn (pct)
410.3 410.6 0.3	11.1 2.0 12.3 0.8
410.6 411.2 0.6	0.9 0.7 2.7 0.6
411.2 411.9 0.7	5.0 2.9 9.0 2.3
411.9 412.5 0.6	11.8 3.8 14.0 1.2
412.5 413 0.5	26.9 1.9 18.6 1.1
413 414 1	25.6 2.6 20.2 0.7
414 415 1	24.0 2.4 24.4 3.5
415 416 1	24.2 2.3 27.1 3.1
416 417 1	17.5 2.4 19.5 0.5
417 418 1	20.3 2.9 21.9 1.1
418 419 1	29.2 0.8 20.4 0.2
419 420 1	28.7 0.6 19.6 0.3
420 421 1	19.8 6.4 29.8 4.1
421 422 1	25.0 5.2 35.2 3.0
422 423 1	28.1 0.9 28.7 1.2
423 424 1	22.4 1.0 28.4 2.0
424 424.4 0.4	21.8 1.5 32.7 1.4
424.4 425 0.6	12.8 0.5 8.4 0.2
425 425.7 0.7	3.6 0.6 4.1 0.1

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Detailed Assay Results, TLDD0004A

Note: Calculation is based on a 0.5% cut-off, no more than 3m of internal dilution and a minimum composite grade of 1%. Intersection length (m), Cu (%), Au (ppm), Ag (ppm) and Zn (%) are rounded to 1 decimal point.

16.5m @ 18.9% Cu & 2.1g/t Au from 409.5m downhole Includes from 412.5m downhole 11.9m @ 24.1% Cu & 2.4g/t Au

Homer is located ~ 5km along strike to the east from DeGrussa
Two diamond holes drilled during the past year (450m apart) have:
Confirmed the continuation of Sandfire’s C5 VMS stratigraphic package;
Identified trace disseminated Cu mineralisation within that package; &
Demonstrated that Homer is indicative of a proximal VMS mineralising environment.
Follow-up exploration and drilling activity is anticipated

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Springfield Project is now clearly highly prospective for VMS discoveries across multiple prospects
Springfield hosts 4 prospective potential VMS corridors:
Monty;
Homer;
Central; &
Southern Volcanics
Monty may just be the first discovery
Much work remains to be done to fully assess Springfield’s potential
…and also at the Halloween Projects to the West of DeGrussa

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Looking for the next nickel discovery

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Sinclair Nickel Project – Overview
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Sinclair Nickel Project:

Advanced and underexplored West Australian nickel sulphide project
Located within the Agnew-Wiluna Greenstone belt, one of the world’s premier nickel provinces with reported endowment of over 9Mt of nickel and numerous world-class deposits
Acquisition completed in February 2015

Project hosts the Sinclair Nickel Mine:

Sinclair deposit discovered 2005, operated 2008 - 2013
Produced 1.58 Mt @ 2.44% Ni for 38,500t of contained Ni

Sinclair Project has potential for:

Multiple new nickel deposit discoveries;
Extensions to previously mined nickel deposit; and
A low-capital fast-track transition to production

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Regional Exploration Targeting
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Highly prospective 290km² tenement package
90 strike km of prospective ultramafics
Limited regional historic exploration
Particularly in past 5 years
Project wide exploration targeting exercise underway by highly experienced ex-Jubilee geologists
Delphi Prospect (4km south) identified as high priority
Surface EM survey to commence in August
Targeted drilling to follow EM survey
Other areas identified include
Fly Bore;
Cody Well;
Schmitz Well South; &
Mt Clifford

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Delphi Prospect – Potential for a New Discovery
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Starting 4km south of Sinclair for 6km’s in the same sequence. Limited historical drilling

• Regional targeting exercise has highlighted Delphi as high priority

  - _Geological reinterpretation completed – thin, complex, ultramafic rocks possible  Sinclair “lookalike”_

  - _Detailed interpretation of geophysical electromagnetic data has highlighted priority anomalies_

Similarities to Sinclair indicative of greater potential for massive sulphide deposits than
previously interpreted
Surface EM survey to commence shortly followed by targeted drilling

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Sinclair Nickel Deposit – Mine and Deposit Extension
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~445m
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200m 200m
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Historic production 1.58 Mt @ 2.44% Ni for 38,500t of contained Ni (to 445m below surface)
Wide-spaced drilling of the Sinclair Deposit for 1km beyond current mine development has returned significant intersections*.
Modelling and evaluation of Sinclair Deposit extension and remnants in progress as part of scenario planning.
Refer Talisman ASX Release 20[th] October 2014

• Talisman’s prudent & disciplined approach to managing risk and value creation represents a dual opportunity for growth in both:

VMS Copper / Gold (Doolgunna Copper-Gold Projects)
Sandfire funding & managing exploration under JV farm-in arrangement near DeGrussa
High grade Monty VMS discovery – first regional discovery outside DeGrussa
Springfield Project highly prospective for VMS discoveries across multiple prospects
Nickel sulphides (Sinclair Nickel Project)
Counter cyclical acquisition and exploration of Sinclair
Potential for new discoveries with high priority regional exploration commencing
Scenario planning underway as part of preparation to be “development ready”