TASMAN RESOURCES LTD — Annual Report 2016

Sep 26, 2016

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for the Year Ended 30 June 2016

Tasman Resources Ltd & Controlled Entities ABN: 85 009 253 187

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R E S O U R C E S LTD

Table of Contents

Table of Contents
Highlights for the Year to 30 June 2016	3
Corporate Directory	4
Review of Operations	5
Directors’ Report	10
Auditor’s Independence Declaration	15
Consolidated Statement of Profit or Loss and Other Comprehensive Income	16
Consolidated Statement of Financial Position	17
Consolidated Statement of Changes in Equity	18
Consolidated Statement of Cash Flows	19
Notes to the Financial Statements	20
Directors’ Declaration	38
Independent Auditor’s Report	39
Additional Information for Listed Public Companies	42
Tenement Schedule	42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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HIGHLIGHTS FOR THE YEAR TO 30 JUNE 2016

Eden Energy Ltd Investment (ASX Code: EDE)

• Tasman has a 42% interest in Eden Energy Ltd which develops and markets clean technology products. It currently produces and sells EdenCrete[TM] , a revolutionary high performance concrete admixture and OptiBlendTM, a world leading innovative retrofit dual fuel technology developed for diesel generator sets. During the year Eden made significant progress towards achieving its goal of having EdenCrete[TM] become a product that is widely used in the concrete market, particularly the huge US infrastructure market. Further progress was achieved in Eden’s collaborative research projects being conducted with the University of Queensland and Deakin University.

Parkinson Dam Epithermal Gold-Silver Project (EL 5602), South Australia

• No further exploration activities were conducted at this project. Further work, including follow-up drilling at the Corrie Dam prospect and possibly IP geophysical surveying over part of the original gold-silver discovery at Parkinson Dam is subject to funding being available and an upturn in global metal demand.

Vulcan IOCGU* Project (ELs 4857, 5465, 5499), South Australia

• No exploration was conducted at this project. Further exploration will be subject to sufficient funds being available and an upturn in global metal demand.

• (*IOCGU Iron-oxide copper-gold-uranium)

Corporate

• Tasman has a 14% interest in Conico Ltd. Conico owns 50% of the Mt Thirsty nickelcobalt-manganese oxide deposit in Western Australia.

• Tasman completed a non-renounceable pro-rata rights issues raising $1.05 million before costs.

ASX Code: TAS

Page 3 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CORPORATE DIRECTORY

DIRECTORS:

Gregory H Solomon LLB (Executive Chairman) Douglas H Solomon BJuris LLB (Hons) (Non-Executive) Guy T Le Page B.A., B.Sc. (Hons).,M.B.A., F.FIN., MAusIMM (Non-Executive)

COMPANY SECRETARY:

Aaron P Gates BCom CA AGIA

REGISTERED OFFICE:

Level 15 197 St Georges Terrace Perth Western Australia 6000 Tel +61 8 9282 5889 Fax +61 8 9282 5866 Email: mailroom@tasmanresources.com.au Website: www.tasmanresources.com.au

SOLICITORS:

Solomon Brothers Level 15 197 St Georges Terrace Perth WA 6000

Minter Ellison 1 King William Street Adelaide SA 5000

AUDITORS:

Nexia Perth Audit Services Pty Ltd Level 3 88 William Street Perth WA 6000

SHARE REGISTRY:

Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009

STOCK EXCHANGE LISTING:

ASX Code: TAS (ordinary shares) TASO (5 cent options expiring 31 March 2018)

Quotation has been granted for all the ordinary shares of the company on all Member Exchanges of the Australian Securities Exchange Limited.

ASX Code: TAS

Page 4 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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REVIEW OF OPERATIONS

INVESTMENT IN EDEN ENERGY LTD (ASX Code:EDE)

As at 30 June 2016, Tasman through its wholly owned subsidiary, Noble Energy Pty Ltd, held 493,198,298 fully paid shares in Eden (representing 42.37% of the total issued capital of Eden) and 101,356,779 EDEO options representing 45.81% of the issued EDEO options. Based on the closing prices on the ASX of EDE ($0.23) and EDEO ($0.205) on 30 June 2016, this investment had a market value of $134 million, which is equivalent to 35.3 cents for every currently issued TAS share.

The board of Tasman believes there is potentially significant further upside in its investment in Eden and as a major part of Tasman’s investment strategy it intends to continue to hold the Eden shares and options as a long term investment.

The Highlights of progress made by Eden during the year are as follows:

EdenCrete[TM]

• Georgia Department of Transportation (GDOT)

•  I-20 Interstate Highway field trial, using EdenCrete[TM ] added to GDOT’s 24 hour accelerated concrete repair mix in two trial slabs, was conducted (Augusta, August 2015) .

•  Results were 45.8% improvement in compressive strength, and a 56% reduction in the depth of wear in an abrasion resistance test.

•  Eden received formal approval from the GDOT New Products Evaluation Committee for use of EdenCrete[TM] in GDOT 24 hour accelerated concrete applications and Class B concrete applications and discussions commenced in relation to specifications for the use of 24-Hour Accelerated Concrete/ Class B Concrete.

•  Since the end of the financial year:

  • an inspection of the I-20 field trail slab shows it is showing no visible cracking or significant signs of wear after 11 months of highway wear, whereas the control section is already showing a significant crack developing; and

  • GDOT has advised it proposes to use EdenCrete[TM] in several state funded forthcoming suitable highway slab replacement projects in Georgia.

  • GDOT intends that the requests for tender in these selected projects will specify that EdenCrete[TM] be added to the concrete.

  • These will be the first commercial contracts for EdenCrete[TM] for US highway repair projects.

•  The GDOT field trial of EdenCrete[TM] in Class 1 concrete has been included in a new section of highway that is being tendered and is presently anticipated to take place in 2018 unless this timetable can be accelerated.

• Commercial order received for use of EdenCrete[TM] in replacing a section of a high strength concrete slab at an industrial site that is subject to extreme wear and abrasion, following an earlier successful field trial at the site (October 2015). This project was completed and since the end of the financial year, a second section of concrete slab has been replaced using concrete with EdenCrete[TM ] added.

• First commercial EdenCrete[TM] order received for an infrastructure project, for use at a new MARTA bus garage in Atlanta, Georgia and the project was undertaken, achieving the following improvements in performance:

	Compressive Strength Increase -	38%
	Split Tensile Strength Increase -	59%
	Modulus of Elasticity Increase -	24%
	Abrasion Resistance Increase -	47%
	Shrinkage Reduction (Improvement) -	9%

• Trials of EdenCrete[TM] with lower dosage rates of EdenCrete[TM] showed material improvement in performance characteristics of concrete, including a 46% reduction (improvement) in the rate of abrasion using ½ US gallon of EdenCrete[TM] / yard[3] of concrete, which would have added only approximately 3.5% - 4% to the installed cost of the concrete paid by GDOT on the I-20 field trial.

ASX Code: TAS

Page 5 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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• Eden completed the testing ASTM C494 S testing of the EdenCrete[TM] enriched concrete which showed:

•  41% increase in compressive strength at 28 days (ASTM C39);

•  32% increase in flexural strength at 28 days (ASTM C78);

•  29% increase in split tensile strength at 28 days (ASTM C496);

•  59% increase in abrasion resistance at 90 days (ASTM C779 Proc C);

•  61% reduction in ultimate shrinkage at 35 days (ASTM C105);

•  9.5% increase in freeze / thaw resistance at 180 days (from 88 to 96.4) (ASTM C666); and

•  3 minute delay in Time of Set (ASTM C403).

• The expansion of Eden’s Colorado based production capability of EdenCrete[TM] , from its present level of approximately 108,000 gallons per year to a targeted maximum of 2 million - 2.4 million gallons per year commenced and is on schedule to be operational by early in 2017. Plans are also underway to acquire the Colorado facility which has previously been occupied under a lease.

• Eden identified a suitable site in Augusta, Georgia for it to build its large scale, future global EdenCrete[TM] production facility and secured a financial assistance and incentives package (including a conditional land grant of 112 acres along with various exemptions and rebates from future taxes and levies) worth in aggregate US$24.76 million from Georgia Economic Development Authority and Augusta Economic Development Authority.

• Eden commenced assembling a US team of highly experienced concrete admixture sales staff and since the end of the financial year has engaged 5 full time sales staff appointed with a collective aggregate of 109 years’ experience covering more than 30 states in the USA. At least three further similarly experienced sales staff are also considering joining the Eden sales team.

• Eden finalised its agreement with Deakin University to proceed with a collaborative Australian Research Council (“ARC”) Linkage Grant research project into ultra-high strength carbon nanotube enriched concrete requiring little or no reinforcing steel.

CNT Enriched Polymers and Plastics- EdenPlast[TM]

• The ongoing collaborative research project between Eden and the University of Queensland (funded by the Australian Research Council to the extent of A$255,000 and commenced in 2014), into carbon nanotubes in plastics, achieved very encouraging preliminary results.

Optiblend™ Dual Fuel

• 24 units sold in India and the USA during the year, totalling $1.1 million.

Corporate

• Eden completed the sale of its 100% owned UK subsidiary that held all its UK gas assets to the parent of its UK Joint Venture partners in consideration for an earn-out arrangement.

• Eden raised A$17.45 million additional capital through a placement to two US investment funds, a placement to sophisticated and professional investors, a rights issue and the exercise of options.

Please refer to Eden Energy Ltd (ASX Code: EDE) Annual Report published on 31 August 2016 for further details.

EXPLORATION RESULTS

PARKINSON DAM GOLD-SILVER EPITHERMAL PROJECT, SOUTH AUSTRALIA, EL 5602 (TASMAN 100%)

No further field exploration or drilling was conducted at Corrie Dam Prospect during the quarter (Figure 1). Previous air core drilling at the prospect has intersected anomalous lead, silver and copper mineralisation at shallow depths, including 25m downhole from 60m averaging 0.36% Pb and 1.4g/t Ag in hole CDAC015 and 15m down hole from 55m at 6.6g/t Ag, 0.17% Cu and 0.11% Pb in drill hole CDAC 030 (true widths are not known). These results were reported previously to the ASX on 8 April 2015 and on 21 May 2015.

Further drilling, including deeper RC holes is being considered at Corrie Dam, subject to sufficient funds being available and an upturn in global metal demand. Possible IP geophysical surveying is also being considered (subject to funding) over the area containing the earlier gold-silver discoveries at Parkinson Dam, including drill hole PD 63 (see Figure 1).

ASX Code: TAS

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EL 5602
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Figure 1: Plan of Tasman’s Parkinson Dam Project (EL 5602) showing area of previously defined mineralisation and Corrie Dam Prospect adjacent to the Gawler Range Volcanics (GDA 94; Zone 53).

Background - Previous Exploration at Parkinson Dam

Tasman discovered outcropping epithermal gold – silver mineralisation at Parkinson Dam in 2005. Subsequent drilling confirmed the presence of widespread, but generally low-grade mineralisation over several square kilometres; however, in one area an intersection of 21m at 21g/t Au and 83g/t Ag was obtained. Selected intersections from drilling include:

• PD 63: 21m down hole from 179m at 21g/t Au and 83g/t Ag (including 9m from 179m at 31g/t Au and 152g/t Ag)

• PD 30: 20m down hole from 237m at 0.1g/t Au, 16g/t Ag, 1.2% Pb, 1.5% Zn (including 1.66m down hole from 254.34m at 1.2g/t Au, 120g/t Ag, 7.6% Pb and 10.5% Zn)

(This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported (refer ASX announcements 14[th] June 2007: “High-Grade Assay Results from Parkinson Dam” (PD 63) and 6[th] November 2006: “High Grade Lead and Zinc at Parkinson Dam” (PD 30), available to view on www.tasmanresources.com.au.))

ASX Code: TAS

Page 7 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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LAKE TORRENS IRON-OXIDE, COPPER-GOLD-URANIUM (IOCGU) PROJECT (100% TASMAN)

Vulcan Project

The Lake Torrens IOCGU Project is located approximately 15km north of Olympic Dam, and has been the focus of a significant exploration effort by Tasman over a number of years. During the Quarter, no further field exploration was conducted on this Project.

Background to Vulcan Discovery

Tasman identified Vulcan, within the Lake Torrens project area, as a prime IOCGU target in 2009, based on the presence of a very large gravity anomaly, supporting magnetic and seismic anomalies and Vulcan’s location close to key tectonic (structural) lineaments, which had previously been used in the original targeting of Olympic Dam by WMC in the mid-1970s. Tasman’s initial discovery drill hole, VUD 001, intersected the Vulcan IOCGU system late in 2009.

Eight diamond drill holes had been completed by Tasman at Vulcan between 2009 and early 2011. All exhibit IOCGU-style alteration and/or mineralisation, including copper, gold, uranium, silver, molybdenum and rare earth elements. Age dating of the mineralisation at about 1,590 million years confirms that Vulcan belongs to the same “family” of deposits as Olympic Dam, Prominent Hill and Carrapateena.

Tasman entered a Farm In / Joint Venture with Rio Tinto Exploration (RTX) covering the whole of EL 4322, including the Vulcan discovery. Under the Farm In, RTX paid to Tasman $10 million and Tasman managed an exploration program consisting of 12,000m of drilling. RTX withdrew from the Farm In in early 2014.

LUCAS HILL IOCGU PROJECT (100% TASMAN)

No further drilling was conducted during the year at Lucas Hill prospect on the Stuart Shelf, approximately 25km south east of Woomera. Alteration and weak copper mineralisation were intersected in the initial two holes completed by Tasman early in 2012.

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Figure 2: Location of Tasman’s Project Areas in South Australia

INVESTMENT IN CONICO LTD (ASX Code:CNJ)

Tasman has a 14% interest in Conico Ltd.

Mt Thirsty Oxide Deposit

Conico Ltd owns 50% of the Mt Thirsty Nickel-Cobalt Project in WA, with the other 50% held by Barra Resources Limited (ASX: BAR). Mt Thirsty is located 20 kilometres north-northwest of Norseman, Western Australia. Mt Thirsty has a JORC (2004) compliant Indicated Resource of 16.6 million tonnes at 0.14% Co, 0.60% Ni and 0.98% Mn and a JORC (2004) compliant Inferred Resource of 15.3 million tonnes at 0.11% Co, 0.51% Ni and 0.73% Mn over an apparent strike of 1.3 kilometres and a width of around 800 metres.

(This resource information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported, refer ASX Announcement 8[th] March 2011: “Resource Upgrade”, available to view on www.conico.com.au.)

ASX Code: TAS

Page 8 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CORPORATE

Non-renounceable Pro-Rata Rights Issue

During the year Tasman completed a non-renounceable pro-rata rights offer to Tasman shareholders of one (1) fully paid ordinary Tasman share for every nine (9) fully paid ordinary shares held, at a price of $0.042 per share, together with one (1) option for every two (2) shares acquired free of charge (each to acquire 1 share at an exercise price of $0.05 per share) raising $1,046,596.66 (before costs of the issue).

Placement

During the year Tasman completed a placement to sophisticated investors of 10,000,000 fully paid ordinary shares at $0.05 per share, together with one (1) option for every two (2) shares acquired free of charge (each to acquire 1 share at an exercise price of $0.05 per share) raising $500,000 (before costs of the issue).

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

Competent Persons Statement

The information in this quarterly report that relates to Exploration Results is based on and fairly represents information compiled by Robert N. Smith and Michael J. Glasson, Competent Persons who are members of the Australian Institute of Geoscientists.

Mr Smith and Mr Glasson are employees of the company. Mr Smith and Mr Glasson are share and option holders in the company.

Mr Smith and Mr Glasson have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Smith and Mr Glasson consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

ASX Code: TAS

Page 9 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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DIRECTORS’ REPORT

Your directors present their report on the company and its controlled entities for the financial year ended 30 June 2016.

Directors

The names of directors in office at any time during or since the end of the year are:

Gregory H Solomon

Douglas H Solomon

Guy T Le Page

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Company Secretary

The following person held the position of company secretary at the end of the financial year:

Mr Aaron P Gates has worked for Tasman Resources Ltd for the past 8 years. He is a Chartered Accountant and Chartered Secretary, has completed a Bachelor of Commerce (Curtin University) with majors in accounting and business law and completed a Diploma of Corporate Governance. Prior to joining Tasman he worked in public practice in audit and corporate finance roles.

Principal Activities

The principal activities of the group during the financial year ended 30 June 2016 were mineral exploration and through Eden Energy Ltd, the sale of high performance concrete admixture, EdenCrete[TM] and retrofit dual fuel technology, OptiBlend[TM] , developed for diesel generator sets.

Operating Results

The consolidated loss of the group after providing for income tax was $4,103,421 (2015 $6,288,176).

Dividends Paid or Recommended

No dividends were paid or declared for payment during the year.

Mineral Exploration Operations

Tasman’s primary focus during the year has been mineral exploration for a range of commodities within the Company’s tenements in South Australia. The principal exploration projects are Lake Torrens IOCGU-base metal project and the Parkinson Dam epithermal gold-silver (lead-zinc) project in South Australia. A review of the operations of the Group during the year ended 30 June 2016 is set out in the Review of Operations on Page 5.

Financial Position

The net assets of the consolidated group have increased by $12,784,239 from 30 June 2015 to $33,347,685 in 2016.

Significant Changes in State of Affairs

In the opinion of the directors, other than disclosed elsewhere in this report, there were no other significant changes in the state of affairs of the Group that occurred during the year.

After Balance Date Events

In September 2016 Eden completed a share placement raising $15 million, $6 million of which is subject to shareholder approval.

There were no other material events occurring after the reporting date.

ASX Code: TAS

Page 10 of 42

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DIRECTORS’ REPORT

Future Developments, Prospects and Business Strategies

The Company proposes to continue with its exploration program as detailed in the Review of Operations.

Environmental Issues

The Company is the subject of environmental regulation with respect to mining exploration and will comply fully with all requirements with respect to rehabilitation of exploration sites.

Information on Directors

Gregory H Solomon

Executive Chairman

Qualifications LLB

Experience

Interest in Shares and Options

Directorships held in other listed entities

Appointed chairman 1987. Board member since 1987. A solicitor with more than 30 years’ Australian and international experience in a wide range of areas including mining law, commercial negotiation (including numerous mining and exploration joint ventures) and corporate law. He is a partner in the Western Australian legal firm, Solomon Brothers and has previously held directorships of various public companies since 1984 including two mining/exploration companies. 70,023,520 Ordinary Shares 15,473,775 EDEO options Conico Limited (ASX:CNJ) Eden Energy Limited (ASX:EDE)

Douglas H Solomon

Non-Executive

Qualifications BJuris LLB (Hons)

Experience

Interest in Shares and Options

Board member since 3 April 2003. A Barrister and Solicitor with more than 20 years’ experience in the areas of mining, corporate, commercial and property law. He is a partner in the legal firm, Solomon Brothers.

75,351,259 Ordinary Shares 8,759,244 EDEO options

Directorships held in other listed entities

Conico Limited (ASX:CNJ)

Eden Energy Limited (ASX:EDE)

Guy T Le Page

Qualifications

Experience

Interest in Shares and Options

Directorships held in other listed entities

Non-Executive

B.A., B.Sc. (Hons).,M.B.A., F.FIN., MAusIMM Bachelor of Arts, Bachelor of Science, Masters Degree in Business Administration, Bachelor of Applied Science (Hons), Graduate Diploma in Applied Finance and Investment

Board member since February 2001. Currently a corporate adviser specialising in resources. He is actively involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting and corporate advisory roles. He previously spent 10 years as an exploration and mining geologist in Australia, Canada and the United States. His experience spans gold and base metal exploration and mining geology and he has acted as a consultant to private and public companies.

1,784,821 Ordinary shares

Eden Energy Limited (ASX:EDE) Conico Limited (ASX:CNJ) Mt Ridley Mines Ltd (ASX: AXC)

ASX Code: TAS

Page 11 of 42

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DIRECTORS’ REPORT

Remuneration Report (Audited)

This report details the nature and amount of remuneration for each director of Tasman Resources Ltd, and for the executives receiving the highest remuneration.

Remuneration Policy

The remuneration policy of Tasman Resources Ltd has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific longterm incentives based on key performance areas affecting the economic entity’s financial results. The board of Tasman Resources Ltd believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the economic entity, as well as create goal congruence between directors, executives and shareholders.

The Board’s policy for determining the nature and amount of remuneration for board members and senior executives of the group is that all executives receive a base salary (which is based on factors such as length of service and experience), superannuation, fringe benefits and options.

All directors and executives receive a superannuation guarantee contribution where required by the government, which is currently 9.5%, and do not receive any other retirement benefits. Some individuals, however, have chosen to sacrifice part of their salary to increase payments towards superannuation.

All remuneration paid to directors and executives is valued at the cost to the company and expensed. Any shares which may be issued to executives would be valued as the difference between the market price of those shares and the amount paid by the director or executive. Options are valued using the Black-Scholes methodology.

The board policy is to remunerate non-executive directors at market rates for time, commitment and responsibilities. The remuneration committee determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General meeting. Fees for non-executive directors are not linked to the performance of the economic entity. To align directors’ interests with shareholder interests, directors are encouraged to hold shares in the company and are able to participate in the employee option plan.

Performance based Remuneration

No performance based remuneration was paid during the year.

Options issued as part of remuneration for the year ended 30 June 2016

6,750,000 ESOP options were issued as part of remuneration during the year, of which 1,000,000 ESOP options were issued to key management personnel.

Shares Issued on Exercise of Compensation Options

During the year 4,300,000 ESOP options in the Group were exercised and 1,000,000 fully paid shares (ASX: TAS) in the Company and 3,300,000 fully paid shares in Eden Energy Ltd (ASX: EDE) were issued to employees. The amount paid per share upon the exercise of the options was $0.5 and $0.025.

Details of Remuneration for Year Ended 30 June 2016

The remuneration for each director and each of the executive officers of the Group during the year was as follows:

			Key Management Personnel Remuneration -	Key Management Personnel Remuneration -	Key Management Personnel Remuneration -	Key Management Personnel Remuneration -	Key Management Personnel Remuneration -	Key Management Personnel Remuneration -	2016
Key Management	Short-term Benefits				Post-employment		Termin-	Share-based		Total	Perfor-
Person					benefits		ation	payments			mance
	Salary	Cash	Other		Super-	Other	Other	Equity Options			Related
	and Fees	profit			annuation
		share
	$	$	$		$	$	$	$	$	$	%
Gregory H Solomon	^322,500	-		-	^30,637	-	-	-	-	353,137	-
Douglas H Solomon	^72,000	-		-	^6,840	-	-	-	-	78,840	-
Guy T Le Page	^72,000	-		-	^6,840	-	-	-	-	78,840	-
Aaron P Gates	(i)	-		-	-	-	-	-	16,000	16,000	-
Robert N Smith	42,918	-		-	34,911	-	-	-	-	77,829	-
Michael J Glasson	42,918	-		-	34,911	-	-	-	-	77,829	-
Richard J Beresford	36,000	-		-	3,420	-	-	-	-	39,420	-
Roger W Marmaro	408,854	-	32,467		19,014	-	-	-	16,000	476,335	-
	997,190	-	32,467		136,573	-	-	-	32,000	1,198,230	-

ASX Code: TAS

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DIRECTORS’ REPORT

Key Management Personnel Remuneration - 2015

	DIRECTORS’ REPORT Key Management Personnel Remuneration - 2015
Key Management Person Gregory H Solomon Douglas H Solomon Guy T Le Page Aaron P Gates Robert N Smith Michael J Glasson Richard J Beresford Roger W Marmaro	Short-term Benefits Post- employment benefits Termin- ation Share-based payments Total Perfor- mance Related Salary and Fees Cash profit share Other Super- annuatio n Other Other Equity Options $ $ $ $ $ $ $ $ $ % ^322,500 - - ^29,831 - - - - ^352,331 - ^72,000 - - ^6,660 - - - - ^78,660 - ^72,000 - - ^6,660 - - - - ^78,660 - (i) - - - - - - 2,355 2,355 - 202,295 - - 34,899 - - - 4,710 241,904 - 202,295 - - 34,899 - - - 4,710 241,904 - 36,000 - - 3,330 - - - - 39,330 - 347,808 - 27,602 14,976 - - - - 390,386 -
	1,254,898 - 27,602 131,255 - - - 11,775 1,425,530 -

• ^ This includes remuneration from both Tasman Resources Ltd and Eden Energy Ltd.

• (i) These management personnel are remunerated by Princebrook Pty Ltd under the Princebrook Management Services Contract, for which the Group paid $434,670 (2015: $434,670) during the year.

(ii) The appointment of Robert Smith and Michael Glasson may be terminated by giving not less than four weeks’ written notice.

Directors’ Meetings

During the financial year, 1 meeting of directors was held. Attendance by each director during the year was as follows:

	Number eligible to attend	Number attended
Gregory H Solomon	1	1
Douglas H Solomon	1	1
Guy T Le Page	1	1

Due to the nature of the operations and the size of the board, all the directors were in close communication throughout the year and most matters were attended to by way of circulatory resolution rather than formal directors’ meetings.

Indemnifying Officers or Auditor

The group has paid premiums to insure the directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the company, other than conduct involving a wilful breach of duty in relation to the company. The total premium paid for the year was $40,291.

Proceedings on Behalf of Group

No person has applied for leave of Court to bring proceedings on behalf of the group or intervene in any proceedings to which the group is a party for the purpose of taking responsibility on behalf of the group for all or any part of those proceedings.

The group was not a party to any such proceedings during the year.

Options

During the financial year the following options were issued to directors pursuant to a shareholders’ meeting to convert debt in equity:

Executive	Number Granted	Date of Expiry	Exercise Price	Company
Gregory H Solomon	12,367,635	30 September 2018	$0.03	Eden Energy Ltd
Douglas H Solomon	2,581,072	30 September 2018	$0.03	Eden Energy Ltd
Guy T Le Page	1,910,072	30 September 2018	$0.03	Eden Energy Ltd

ASX Code: TAS

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DIRECTORS’ REPORT

DIRECTORS’ REPORT	DIRECTORS’ REPORT
At the date of this report, the unissued ordinary shares of the Group under option are as follows: Company Grant Date Date of Expiry Exercise Price Number under Option Tasman Resources Ltd 6 January 2015 31 March 2018 $0.05 1,500,000 Tasman Resources Ltd Various 31 March 2018 $0.05 72,561,433 Eden Energy Ltd Various 30 September 2018 $0.03 216,784,796 Eden Energy Ltd 16 March 2016 28 February 2019 $0.095 6,550,000 Eden Energy Ltd 20 May 2016 19 May 2019 $0.31 22,500,000 Eden Energy Ltd 20 May 2016 19 May 2019 $0.2875 2,250,000 Eden Energy Ltd 20 May 2016 19 May 2019 $0.3875 1,125,000 323,271,229
Company Grant Date Date of Expiry Exercise Price Tasman Resources Ltd 6 January 2015 31 March 2018 $0.05 Tasman Resources Ltd Various 31 March 2018 $0.05 Eden Energy Ltd Various 30 September 2018 $0.03 Eden Energy Ltd 16 March 2016 28 February 2019 $0.095 Eden Energy Ltd 20 May 2016 19 May 2019 $0.31 Eden Energy Ltd 20 May 2016 19 May 2019 $0.2875 Eden Energy Ltd 20 May 2016 19 May 2019 $0.3875
	323,271,229

No person entitled to exercise an option had or has any right by virtue of the option to participate in any share issue of any other body corporate.

Non-audit Services

The Board of Directors is satisfied that the provision of non-audit services during the year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 . The directors are satisfied that the services disclosed below did not compromise the external auditor’s independence for the following reasons:

• all non-audit services are reviewed and approved prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and

• the nature of the services provided do not compromise the general principles relating to auditor independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the Accounting Professional and Ethical Standards Board.

No fees for non-audit services were paid/payable to the external auditors during the year ended 30 June 2016.

Auditor’s Independence Declaration

The auditor’s independence declaration for the year ended 30 June 2016 has been received and can be found on page 15.

Signed in accordance with a resolution of the Board of Directors.

---

Gregory H Solomon Dated this 27[th] day of September 2016

ASX Code: TAS

Page 14 of 42

Lead auditor’s independence declaration under section 307C of the Corporations Act 2001

To the directors of Tasman Resources Ltd

I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year ended 30 June 2016 there have been:

• (i) no contraventions of the auditor’s independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the audit.

Nexia Perth Audit Services Pty Ltd

TJ Spooner Director

Perth, 27 September 2016

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR YEAR ENDED 30 JUNE 2016

Note Revenue 2 Other income Raw materials and consumables used Changes in inventories Depreciation and amortisation expense Employee benefits expense 3 Exploration and evaluation written off Impairment expense Other financial items 4 Other expenses Loss before income tax Income tax (expense) / benefit 5 Loss from continuing operations Loss after tax from discontinued operations 12 Loss for the year Other Comprehensive Income / (Loss), net of income tax Items that may be reclassified subsequently to profit or loss Foreign currency translation reserve Income tax relating to comprehensive income Items reclassified to profit or loss Foreign currency translation reserve Total Other Comprehensive Income / (Loss), net of tax Total Comprehensive Income / (Loss) Profit/(Loss) attributable to: Owners of the parent Non-controlling interests Total comprehensive income / (loss) attributable to: Owners of the parent Non-controlling interests Basic/Diluted loss per share (cents per share) 7		Consolidated Group 2016 $ 2015 $ 1,206,849 1,947,436 16,626 76,845 (491,284) (738,050) (64,464) 124,349 (207,538) (116,141) (2,661,751) (2,385,999) - (28,598) - (9,962) 197,061 13,891 (2,212,168) (1,435,623)
		(4,216,669) (2,551,852) 139,842 -
		(4,076,827) (2,551,852) (26,594) (3,736,324)
		(4,103,421) (6,288,176) (125,048) 294,220 - - (519,189) -
		(644,237) 294,220
		(4,747,658) (5,993,956)
		(2,245,950) (3,349,355) (1,857,471) (2,938,821)
		(4,103,421) (6,288,176)
		(2,531,966) (3,212,360) (2,215,692) (2,781,596)
		(4,747,658) (5,993,956)
		(0.6443) (1.4039)

The accompanying notes form part of these financial statements.

ASX Code: TAS

Page 16 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

	Note	Consolidated	Group
		2016	2015
		$	$
ASSETS
CURRENT ASSETS
Cash and cash equivalents	9	12,166,347	1,275,918
Inventories	10	491,333	552,797
Other assets		75,392	121,111
Trade and other receivables	11	214,468	90,486
		12,947,540	2,040,312
Assets held for sale	12	-	647,131
TOTAL CURRENT ASSETS		12,947,540	2,687,443
NON-CURRENT ASSETS
Exploration and Evaluation expenditure	13	17,528,885	17,435,779
Financial assets		106,945	100,000
Intangibles	14	3,009,306	1,804,923
Property, plant and equipment	15	747,538	252,462
TOTAL NON-CURRENT ASSETS		21,392,674	19,593,164
TOTAL ASSETS		34,340,214	22,280,607
CURRENT LIABILITIES
Trade and other payables	16	773,938	898,106
Provisions	17	215,738	215,109
		989,676	1,113,215
Liabilities directly associated with the assets held for sale	12	-	595,818
TOTAL CURRENT LIABILITIES		989,676	1,709,033
NON-CURRENT LIABILITIES
Provisions	17	2,853	8,128
TOTAL NON-CURRENT LIABILITIES		2,853	8,128
TOTAL LIABILITIES		992,529	1,717,161
NET ASSETS		33,347,685	20,563,446
EQUITY
Issued capital	21	27,786,696	24,953,765
Reserves	22	6,149,107	1,456,207
Accumulated losses		(9,256,038)	(7,010,088)
Parent’s interest		24,679,765	19,399,884
Non-controlling interest		8,667,920	1,163,562
TOTAL EQUITY		33,347,685	20,563,446

The accompanying notes form part of these financial statements.

ASX Code: TAS

Page 17 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 JUNE 2016

Attributable to owners of the Company

	Issued	Option	Foreign	Other	Accumulated	Accumulated	Non-	Total
	Capital	Reserve	Currency	Equity		Losses	controlling
			Trans-				Interests
			lation
			Reserve
	$	$				$		$
Balance at 30 June 2014	23,505,526	978,110	204,293	54,078		(3,660,733)	2,906,574	23,987,848
Issue of shares	1,448,239	-	-		-	-	-	1,448,239
Issue of options	-	11,775	-		-	-	-	11,775
Issue of shares in subsidiary	-	-	-		-	-	1,109,540	1,109,540
Change in ownership of
subsidiary	-	-	-	70,956		-	(70,956)	-
Loss for the year	-	-	-		-	(3,349,355)	(2,938,821)	(6,288,176)
Other comprehensive loss	-	-	136,995		-	-	157,225	294,220
Total comprehensive loss	-	-	136,995		-	(3,349,355)	(2,781,596)	(5,993,956)
Balance at 30 June 2015	24,953,765	989,885	341,288	125,034		(7,010,088)	1,163,562	20,563,446
Issue of shares	2,832,931	-	-		-	-	-	2,832,931
Issue of options	-	601,869	-		-	-	-	601,869
Issue of shares in subsidiary	-	-	-		-	-	14,097,097	14,097,097
Change in ownership of
subsidiary	-	-	-	4,377,046		-	(4,377,046)	-
Loss for the year	-	-	-		-	(2,245,950)	(1,857,471)	(4,103,421)
Other comprehensive loss	-	-	(286,015)		-	-	(358,222)	(644,237)
Total comprehensive loss	-	-	(286,015)		-	(2,245,950)	(2,215,692)	(4,747,658)
Balance at 30 June 2016	27,786,696	1,591,754	55,273	4,502,080		(9,256,038)	8,667,920	33,347,685

The accompanying notes form part of these financial statements.

ASX Code: TAS

Page 18 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 JUNE 2016

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Other receipts Interest received Income taxes (paid) / rebates received Net cash used in continuing operations Net cash used in discontinuing operations Net cash used in operating activities 26 CASH FLOWS FROM INVESTING ACTIVITIES Exploration and evaluation expenditure Payments for development of intangible assets Purchase of property, plant and equipment Proceeds on sale of subsidiary, net of cash Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares, net of issue costs Net cash provided by financing activities Net increase (decrease) in cash held Net increase(decrease) due to foreign exchange movements Cash at beginning of financial year Cash at end of financial year 9	Consolidated Group 2016 $ 2015 $ 1,183,680 2,132,493 (5,141,882) (4,079,444) 27,113 26,112 8,488 19,018 139,842 -
	(3,782,759) (1,901,821) (30,297) (243,092)
	(3,813,056) (2,144,913)
	(93,106) (383,464) (1,329,650) (476,254) (510,588) (29,092) (34,189) -
	(1,967,533) (888,810)
	17,052,896 2,584,770
	17,052,896 2,584,770
	11,272,307 (448,953) (381,878) 39,633 1,275,918 1,685,238
	12,166,347 1,275,918

The accompanying notes form part of these financial statements.

ASX Code: TAS

Page 19 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 . The financial report of Tasman Resources Limited and controlled entities complies with all International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board in their entirety.

The financial report covers the consolidated group of Tasman Resources Ltd and controlled entities as at and for the year ended 30 June 2016. Tasman Resources Ltd is a listed public company, incorporated and domiciled in Australia. The Group is a for-profit entity and primarily is involved in mineral exploration in South Australia and clean energy technology through its subsidiary Eden Energy Ltd.

The financial report was authorised for issue on 27 September 2016 by the board of directors.

The following is a summary of the material accounting policies adopted by the group in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

Basis of Preparation

The accounting policies set out below have been consistently applied to all years presented.

Reporting Basis and Conventions

The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. These consolidated financial statements are presented in Australian dollars, which is Tasman Resources Ltd’s and Eden Energy Ltd’s functional currency. The functional currencies of Eden Energy Ltd’s subsidiaries are USD and INR.

Going Concern

These financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities the realisation of assets and extinguishment of liabilities in the ordinary course of business.

Accounting Policies

a. Principles of Consolidation

A controlled entity is any entity Tasman Resources Ltd is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. A list of controlled entities is contained in Note 18 to the financial statements. All controlled entities have a June financial year-end.

All inter-company balances and transactions between entities in the consolidated group, including any unrealised profits or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistencies with those policies applied by the parent.

• Non-controlling interests in the equity and results of the entities that are controlled are shown as a separate item in the consolidated financial report.

b. Income Tax

The charge for current income tax expense is based on the profit for the year adjusted for any nonassessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance sheet date.

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised. The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the group will derive sufficient future assessable income to enable the benefit to be realised.

Tasman Resources Ltd and Noble Energy Pty Ltd, its wholly-owned Australian subsidiary, have formed an income tax consolidated group under the tax consolidation regime. The Group notified the Australian Tax Office that it had formed an income tax consolidated group to apply from 1 July 2005. The tax consolidated group has entered a tax sharing agreement whereby each company in the group contributes to the income tax payable in proportion to their contribution to the net profit before tax of the tax consolidated group.

ASX Code: TAS

Page 20 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

c. Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct materials, direct labour and an appropriate portion of variable and fixed overheads. Costs are assigned on the basis of first-in, first-out.

d. Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses.

Plant and equipment

Plant and equipment are initially recognised at acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the Group’s management.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset’s employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset

Depreciation Rate

Plant and equipment 15 – 50% straight line

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement.

e. Exploration and Evaluation Expenditure

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward where the right to tenure is current and to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

f. Assets held for sale

Non-current assets are classified as held-for-sale if it is highly probable that they will be recovered through sale rather than continuing use.

Immediately before classification as held-for-sale, the assets are remeasured in accordance with the Group’s other accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held-forsale and subsequent gains or losses on remeasurement are recognised in profit or loss.

• g. Intangibles

Research and development

Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.

Development costs have a finite life and are amortised on a systematic basis matched to the future economic benefits over the useful life of the project.

Intellectual Property

Intellectual property, which includes trademarks and engineering knowledge, is included in the financial statements at cost, being their fair value on acquisition.

Intellectual property and trademarks are only amortised or written down where the useful lives are limited or impaired by specific circumstances, in such cases amortisation is charged on a straight line basis over their useful lives and write downs are charged fully when incurred. The directors have assessed the useful life of the intellectual property and have determined that it has a finite useful life of 10 to 20 years. The intellectual property is amortised on a systematic basis matched to the future economic benefits over the useful life of the project.

Intellectual property is amortised over 10-20 years in line with its useful life.

ASX Code: TAS

Page 21 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

• h. Financial Instruments

Recognition

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.

Impairment

At each reporting date, the Group assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether impairment has arisen. Impairment losses are recognised in the income statement.

• i. Foreign Currency Transactions and Balances

Functional and presentation currency

The functional currency of each of the Group’s entities is based on the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency.

Transaction and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the income statement, except where deferred in equity as a qualifying cash flow or net investment hedge.

Group companies

The financial results and position of foreign operations whose functional currency is different from the group’s presentation currency are translated as follows:

• assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;

• income and expenses are translated at average exchange rates for the period; and

• retained earnings are translated at historic rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the group’s foreign currency translation reserve in the balance sheet. These differences are recognised in the income statement in the period in which the operation is disposed of. Intercompany loans are treated as investments for foreign currency translation purposes.

• j. Impairment of Assets

At each reporting date, the Group reviews the carrying values of its non-financial tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

• k. Investments in Associates

Investments in associate companies are recognised in the financial statements by applying the equity method of accounting. The equity method of accounting recognises the group’s share of post-acquisition reserves of its associates.

ASX Code: TAS

Page 22 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

• l. Employee Benefits

Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Equity-settled compensation

The Group operates a number of share-based compensation plans. These include both a share option arrangement and an employee share scheme. The bonus element over the exercise price of the employee services rendered in exchange for the grant of shares and options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the shares of the options granted.

• m. Provisions

Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

• n. Cash and Cash Equivalents

• Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments and bank overdrafts.

• o. Revenue

Revenue from the sale of goods is recognised upon the delivery of goods to customers. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

p. Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

• q. New accounting standards and interpretations

A number of new and revised standards became effective for the first time to annual periods beginning on or after 1 July 2015. The more significant standard is AASB 2015-4 Amendments to Australian Accounting Standards – Financial Reporting Requirements for Australian Groups with a Foreign Parent, which amends AASB 128 Investments in Associates and Joint Ventures.

The adoption of this amendment has not had a material impact on the Group.

• r. Segment reporting

Segment results that are reported to the Group’s board of directors (the chief operating decision maker) include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

s. Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity.

t. New accounting standards and interpretations not yet adopted

A number of new standards and amendments to standards are effective for annual periods beginning after 1 July 2016, and have not been applied in preparing these consolidated financial statements. The Group does not plan to adopt these standards early.

ASX Code: TAS

Page 23 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

• u. Key estimates

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and internally.

Key Estimates – Exploration and evaluation

The Group’s policy for exploration and evaluation is discussed in Note 1(e). The application of this policy requires management to make certain assumptions as to future events and circumstances. Any such estimates and assumptions may change as new information becomes available. At the date of this report the Group has sufficient reason to believe:

• rights to explore in specific areas, once expired, will be renewed;

• substantive expenditure on exploration and evaluation in specific areas has been budgeted;

• exploration in specific areas is ongoing and the Group has not decided to discontinue; and

• no specific sufficient data exists that indicates that the carrying amount of the exploration and evaluation asset is unlikely to be recovered.

Key Estimates — Impairment

The group assesses impairment of assets held for sale and intangible assets at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. At the date of this report the Group has sufficient reason to believe that no impairment triggers exist for intangible assets.

There is a significant risk of actual outcomes being different from those forecasted due to changes in economic or market conditions and events.

Key Estimates — Share-based payment transactions

The consolidated entity measures the cost of equity settled transactions with suppliers by reference to the fair value of the equity instruments as at the date at which they are granted. The fair value is determined using a Black-Scholes model. Refer to Note 28 for the inputs to the Black-Scholes model.

NOTE 2: REVENUE a. Operating activities — sale of goods or services Total Revenue NOTE 3: EMPLOYEE BENEFITS Short-term employee benefits Post-employment benefits Share based payments Allocated to exploration and evaluation Total NOTE 4: OTHER FINANCIAL ITEMS Foreign exchange realisation on disposal of subsidiary Foreign exchange gain / (loss) Total	2016 $ 2015 $ 1,206,849 1,947,436
	1,206,849 1,947,436
	(2,268,756) (2,362,833) (221,579) (186,058) (216,000) (11,775) 44,584 174,667
	(2,661,751) (2,385,999)
	519,188 - (322,127) 13,891
	197,061 13,891

ASX Code: TAS

Page 24 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

		2016	2015
		$	$
NOTE	5: INCOME TAX EXPENSE
a.	The prima facie tax on profit/(loss) from ordinary activities before
	income tax is reconciled to the income tax as follows:
	Prima facie tax payable on profit/(loss) from ordinary activities at
	30% (2015: 30%)	(1,265,001)	(1,886,453)
		(1,265,001)	(1,886,453)
	Tax effect of:
	— Non-deductible expenses	161,438	3,533
	— Current year tax loss not recognised	2,846,383	1,161,401
	— Current year temporary differences not recognised	(1,726,906)	721,519
	— Non-assessable gains	(155,756)	-
	Income tax expense / (benefit) reported in the Income Statement	(139,842)	-	-
b.	Components of deferred tax
	Unrecognised deferred tax asset – losses	23,852,192	21,005,809
	Capital raising costs	227,015	52,162
	Provisions and accruals	65,577	122,444
	Exploration and evaluation	(5,281,283)	(6,576,828)
	Intangibles	(846,542)	(485,227)
	Total unrecognised deferred tax assets	18,016,959	14,118,360

Deferred tax assets have not been brought to account as it is not probable within the immediate future that tax profits will be available against which deductible temporary differences and tax losses can be utilised. The benefit of the tax losses will only be obtained if the Group complies with conditions imposed by the tax legislation.

NOTE 6: AUDITORS’ REMUNERATION

NOTE 6: AUDITORS’ REMUNERATION
Remuneration of the auditor of the Group for: — auditing or reviewing the financial report — Other services Remuneration of other auditors — auditing or reviewing the financial report — Other services NOTE 7: EARNINGS PER SHARE a. Reconciliation of earnings to profit or loss Profit/(loss) Earnings used to calculate basic EPS	69,225 67,580 1,200 - 33,129 31,360 4,636 - (2,245,950) (3,349,355)
	(2,245,950) (3,349,355) No. No.

b. Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS 348,608,729 238,577,630

The effect of share options on issue is not potentially dilutive at 30 June 2016 or 30 June 2015.

ASX Code: TAS

Page 25 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 8: KEY MANAGEMENT PERSONNEL COMPENSATION

• a. Names and positions held of key management personnel in office at any time during the financial year are:

Key Management Position Person Gregory H Solomon Executive Chairman Douglas H Solomon Non-Executive Director Guy T Le Page Non-Executive Director Richard Beresford Non-Executive Director – Eden Energy Aaron P Gates Company Secretary / CFO Robert N Smith Senior Geologist Michael J Glasson Senior Geologist Roger Marmaro President Eden Innovations Inc

b. Options and Rights Holdings	b. Options and Rights Holdings	b. Options and Rights Holdings
Number of Options		in the Company Held by Key Management Personnel - 2016
	Balance	Granted	Options	Net	Balance	Total	Total Exer-	Total
	1.7.2015	as	Exercised	Change	30.6.2016	Vested	cisable	Unexer-
		Compe-		Other*		30.6.2016	30.6.2016	cisable
		nsation						30.6.2016
A Gates	725,000	-	-	975,000	1,700,000	1,700,000	1,700,000	-
D Solomon	19,009,179	-	(13,350,000)	3,100,065	8,759,244	8,759,244	8,759,244	-
G Solomon	19,322,597	-	(7,000,000)	3,151,178	15,473,775	15,473,775	15,473,775	-
G Le Page	-	-	-	-	-	-	-	-
M Glasson	1,246,233	-	(500,000)	35,000	781,233	781,233	781,233	-
R Beresford	-	-	-	-	-	-	-	-
R Smith	1,049,600	-	(500,000)	(49,600)	500,000	500,000	500,000	-
R Marmaro	-	-	-	-	-	-	-	-
Total	41,352,609	-	(21,350,000)	7,211,643	27,214,252	27,214,252	27,214,252	-

*The Net Change Other reflected above includes those options that have lapsed, options issued pursuant to rights issues and options purchased on market during the year under review.

Number of Options in the Company Held	Number of Options in the Company Held	Number of Options in the Company Held	Number of Options in the Company Held	by Key Management Personnel - 2015	by Key Management Personnel - 2015	by Key Management Personnel - 2015	by Key Management Personnel - 2015
	Balance	Granted as	Options	Net Change	Balance	Total	Total Exer-	Total
	1.7.2014	Comp-	Exercis	Other*	30.6.2015	Vested	cisable	Unexer-
		ensation	ed			30.6.2015	30.6.2015	cisable
								30.6.2015
A Gates	-	500,000	-	225,000	725,000	725,000	725,000	-
D Solomon	-	-	-	19,009,179	19,009,179	19,009,179	19,009,179	-
G Solomon	-	-	-	19,322,597	19,322,597	19,322,597	19,322,597	-
G Le Page	-	-	-	-	-	-	-	-
M Glasson	-	1,000,000	-	246,233	1,246,233	1,246,233	1,246,233	-
R Beresford	-	-	-	-	-	-	-	-
R Smith	-	1,000,000	-	49,600	1,049,600	1,049,600	1,049,600	-
R Marmaro	-	-	-	-	-	-	-	-
Total	-	2,500,000	-	38,852,609	41,352,609	41,352,609	41,352,609	-

*The Net Change Other reflected above includes those options that have lapsed, options issued pursuant to rights issues and options purchased on market during the year under review.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 8: KEY MANAGEMENT PERSONNEL COMPENSATION CONTINUED

b. Options and Rights Holdings (Continued)

Number of Options in	Number of Options in	Eden Energy Ltd Held by Key Management	Eden Energy Ltd Held by Key Management	Eden Energy Ltd Held by Key Management	Eden Energy Ltd Held by Key Management	Personnel -	2016
	Balance	Granted	Options	Net	Balance	Total Total Exer-		Total
	1.7.15	as Comp-	Exercise	Change	30.6.2016	Vested	cisable	Unexer-
		ensation	d	Other*		30.6.2016	30.6.2016	cisable
								30.6.2016
A Gates	75,000	500,000	-	-	575,000	575,000	575,000	-
D Solomon	2,764,826	-	-	8,734,716	11,499,542	11,499,542	11,499,542	-
G Solomon	3,325,827	-	-	9,766,482	13,092,309	13,092,309	13,092,309	-
G Le Page	-	-	-	2,013,321	2,013,321	2,013,321	2,013,321	-
M Glasson	31,875	-	-	7,969	39,844	39,844	39,844	-
R Beresford	700,000	-	-	700,000	700,000	700,000	700,000	-
R Smith	-	-	-	-	-	-	-	-
R Marmaro	500,000	500,000	(500,000)	-	500,000	500,000	500,000	-
Total	7,397,528	1,000,000	(500,000)	21,222,488	28,420,016	28,420,016	28,420,016	-

*The Net Change Other reflected above includes those options that have lapsed, options issued pursuant to rights issues and options purchased on market during the year under review.

Number of Options in Eden Energy Ltd Held by Key Management Personnel - 2015

A Gates D Solomon G Solomon G Le Page M Glasson R Beresford R Smith R Marmaro Total

Balance 1.7.14 Granted as Comp- ensation Options Exercised Net Change Other Balance 30.6.2015 Total Vested 30.6.2015 Total Exer- cisable 30.6.2015 Total Unexer- cisable 30.6.2015* - - - 75,000 75,000 75,000 75,000 - - - - 2,764,826 2,764,826 2,764,826 2,764,826 - - - - 3,325,827 3,325,827 3,325,827 3,325,827 - - - - - - - - - - - - 31,875 31,875 31,875 31,875 - - - - 700,000 700,000 700,000 700,000 - - - - - - - - - 500,000 - - - 500,000 500,000 500,000 -

500,000 - - 6,897,528 7,397,528 7,397,528 7,397,528 -

*The Net Change Other reflected above includes those options that have lapsed, options issued pursuant to rights issues and options purchased on market during the year under review.

c. Shareholdings

Number of Shares held in the Company by Key Management Personnel

c. Shareholdings Number of Shares held in	the Company by Key Management Personnel
A Gates D Solomon G Solomon G Le Page M Glasson R Beresford R Smith R Marmaro Total	Balance 1.7.2015 Received as Compensation Options Exercised Net Change Other Balance 30.6.2016* 650,000 - - 350,000 1,000,000 55,801,131 - 13,350,000 6,200,128 75,351,259 56,721,167 - 7,000,000 6,302,353 70,023,520 1,784,821 - - - 1,784,821 630,000 - 500,000 70,000 1,200,000 - - - - - 195,600 - 500,000 (645,600) 50,000 - - - - -
	115,782,719 - 21,350,000 12,276,881 149,409,600

• Net Change Other refers to shares purchased or sold during the financial year.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 8: KEY MANAGEMENT PERSONNEL COMPENSATION CONTINUED c. Shareholdings continued Number of Shares held in the Company by Key Management Personnel continued

c. Shareholdings continued Number of Shares held in	the Company by Key Management Personnel continued
A Gates D Solomon G Solomon G Le Page M Glasson R Beresford R Smith R Marmaro Total	Balance 1.7.2014 Received as Compensation Options Exercised Net Change Other Balance 30.6.2015* 300,000 - - 350,000 650,000 30,659,960 - - 25,141,171 55,801,131 31,165,475 - - 25,555,692 56,721,167 1,784,821 - - - 1,784,821 307,535 - - 322,465 630,000 - - - - - - - - 195,600 195,600 - - - - -
	64,217,791 - - 51,564,928 115,782,719

• Net Change Other refers to shares purchased or sold during the financial year.

Number of Shares held in Eden Energy Ltd by Key Management Personnel

A Gates D Solomon G Solomon G Le Page M Glasson R Beresford R Smith R Marmaro Total	Balance 1.7.2015 Received as Compensation Options Exercised Net Change Other Balance 30.6.2016* 100,000 - - - 100,000 13,824,126 - - 9,808,946 23,633,072 16,629,130 - - 11,023,416 27,652,546 - - - 1,971,570 1,971,570 159,375 - - (34,062) 125,313 3,500,000 - - (350,000) 3,150,000 - - - - - 2,478,648 - - - 2,478,648
	36,691,279 - - 22,419,870 59,111,149

• Net Change Other refers to shares purchased or sold during the financial year.

A Gates D Solomon G Solomon G Le Page M Glasson R Beresford R Smith R Marmaro Total	Balance 1.7.2014 Received as Compensation Options Exercised Net Change Other Balance 30.6.2015* 25,000 - - 75,000 100,000 11,059,300 - - 2,764,826 13,824,126 13,303,303 - - 3,325,827 16,629,130 - - - - - 127,500 - - 31,875 159,375 2,800,000 - - 700,000 3,500,000 - - - - - 2,485,973 - - (7,325) 2,478,648
	29,801,076 - - 6,890,203 36,691,279

• Net Change Other refers to shares purchased or sold during the financial year.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 8: KEY MANAGEMENT PERSONNEL COMPENSATION CONTINUED

d. Remuneration

Refer to disclosures contained in the Remuneration Report section of the Directors’ Report. The totals of remuneration paid to key management personnel of the Group during the year are as follows:

Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Share based payments Total	2016 $ 2015 $ 1,029,657 1,282,500 136,573 131,255 - - - - 32,000 11,775
	1,198,230 1,425,530

NOTE 9: CASH AND CASH EQUIVALENTS

NOTE 9: CASH AND CASH EQUIVALENTS
Cash at bank and in hand	2016 $ 2015 $ 12,166,347 1,275,918
	12,166,347 1,275,918

Reconciliation of cash

Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows:

Cash and cash equivalents NOTE 10: INVENTORIES At cost NOTE 11: TRADE AND OTHER RECEIVABLES CURRENT Trade and other receivables	12,166,347 1,275,918
	12,166,347 1,275,918
	491,333 552,797
	491,333 552,797
	214,468 90,486
	214,468 90,486

NOTE 12: ASSETS HELD FOR SALE

On 29 May 2013, Eden announced a conditional contract to sell all of its interest in its UK Gas project. Since that date that conditional contract was terminated, a heads of terms with another purchaser was agreed and signed, to be subsequently terminated. Consequently, assets and liabilities allocable to Adamo Energy (UK) Ltd were classified as a disposal group in 2015. Revenue and expenses, gains and losses relating to the discontinuation of Adamo Energy (UK) Ltd have been eliminated from profit or loss from the Group’s continuing operations and are shown as a single line item on the face of the statement of profit or loss and other comprehensive income (see loss for the year from discontinued operations).

On 24 February 2016 the sale of Adamo Energy (UK) Ltd, the subsidiary company which holds the licences, was completed for £1.00 and an earn out arrangement based on a percentage of petroleum sales on the PEDL sold. This resulted in a loss of $5,020 before tax, primarily due to related selling costs.

The loss of Adamo Energy (UK) Ltd until the date of disposal and the loss from re-measurement of assets and liabilities classified as held for sale is summarised as follows:

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 12: ASSETS HELD FOR SALE CONTINUED

NOTE 12: ASSETS HELD FOR SALE CONTINUED
Accounting and audit Exploration costs written off Legal and other consultants Other Loss for the year Loss on re-measurement to fair value less costs to sell Loss for the year for discontinued operations Effect on disposal on the financial position of the Group: Trade and other receivables Exploration and evaluation expenditure Trade and other payables Net assets and liabilities Consideration received, financial asset (royalty) Net cash inflow / (outflow) NOTE 13: EXPLORATION AND EVALUATION EXPENDITURE Balance at the beginning of the financial year Expenditure incurred during the year Less provision for impairment Balance at the end of the financial year	2016 $ 2015 $ (5,088) (5,037) (20,401) (167,685) - (10,046) (1,105) (1,683)
	(26,594) (184,451) - (3,551,873)
	(26,594) (3,736,324)
	122,313 524,818 (595,818) 51,313 25,000 (34,189) 17,435,779 17,080,914 93,106 383,463 - (28,598)
	17,528,885 17,435,779

Recoverability of the carrying amount of exploration assets is dependent on the successful development and commercial exploitation or sale of respective mining areas.

commercial exploitation or sale of respective mining areas.	commercial exploitation or sale of respective mining areas.
The company’s exploration tenements include areas subject to native title claims. As a result,		mining and
exploration activities may be subject to exploration and mining restrictions or compensation payments.
Capitalised costs included in cash flows from investing activities in the
cash flow statement	93,106	609,790
NOTE 14: INTANGIBLE ASSETS
Intellectual property	12,644,958	11,315,409
Accumulated amortisation	(234,173)	(109,007)
Accumulated impairment expenses	(9,401,479)	(9,401,479)
Net carrying value	3,009,306	1,804,923
Balance at the beginning of the year	1,804,923	1,350,592
Additions	1,329,650	508,129
Amortisation expense	(125,267)	(51,397)
Impairment expense	-	(2,401)
Carrying amount at the end of the year	3,009,306	1,804,923

Intellectual property relates to pyrolysis technology, EdenCrete[TM] and OptiBlend[TM] . Capitalised costs amounting to $1,329,650 (2015: $476,254) have been included in cash flows from investing activities in the statement of cash flows.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 15: PROPERTY, PLANT AND EQUIPMENT Plant and equipment: At cost Accumulated depreciation Total plant and equipment Total Property, Plant and Equipment	2016 $ 2015 $ 1,499,070 926,970 (751,532) (674,508)
	747,538 252,462
	747,538 252,462

Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

Plant & Equipment Balance at the beginning of year Additions Net foreign exchange differences on translation Disposals Depreciation expense Carrying amount at the end of year	252,462 251,122 584,609 29,092 (5,697) 36,992 (1,464) - (82,372) (64,744)
	747,538 252,462

Capitalised costs amounting to $510,588 (2015: $29,092) have been included in cash flows from investing activities in the statement of cash flows for the Consolidated Group.

NOTE 16: TRADE AND OTHER PAYABLES

NOTE 16: TRADE AND OTHER PAYABLES
Trade and other payables NOTE 17: PROVISIONS CURRENT Employee entitlements and warranties NON-CURRENT Employee entitlements	773,938 898,106
	773,938 898,106
	215,738 215,109
	215,738 215,109
	2,853 8,128
	2,853 8,128

NOTE 18: CONTROLLED ENTITIES

18: CONTROLLED ENTITIES
	Country of	Percentage	Owned (%)*
Subsidiaries of Tasman Resources Ltd:	Incorporation	2016	2015
Noble Energy Pty Ltd	Australia	100	100
Eden Energy Ltd	Australia	42.4**	46.2**
Eden Energy Holdings Pty Ltd	Australia	42.4**	46.2**
Adamo Energy Ltd	Australia	42.4**	46.2**
Adamo Energy (UK) Ltd	UK	-	46.2**
Eden Innovations LLC	USA	42.4**	46.2**
EdenCrete Industries Inc	USA	42.4**	46.2**
Eden Energy India Pvt Limited	India	42.4**	46.2**
Eden Innovations Limited	Ireland	-	46.2**

* - Percentage of voting power is in proportion to ownership

** - The Group has control over Eden Energy Ltd and its subsidiaries on a de facto power basis, because the remaining voting rights in the investee are widely dispersed and there is no indication that all other shareholders exercise their votes collectively.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 19: ASSOCIATED COMPANIES

Interests are held in the following associated listed companies

Name Principal Activities Country of Incorporation Shares Ownership 2016 % Conico Ltd Mineral exploration Australia Ord 14.05 a. Movements During the Year in Equity Accounted Investment in Associate Balance at beginning of the financial year Less: Share of loss of associate Balance at end of the financial year b. Summarised Presentation of Aggregate Assets, Liabilities and Performance of Associate Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets Revenues Profit/(Loss) after income tax of associates c. The reporting date of Conico Ltd is 30 June. d. Market value of listed investment in associate — Conico Ltd - shares NOTE 20: COMMITMENTS a. Capital Expenditure Commitments — not later than 12 months — greater than 12 months	Interest Carry amount of investment 2015 % 2016 $ 2015 $ 18.88 - - 2016 $ 2015 $ - - - -
	- -
	464,001 26,588 14,780,214 14,741,163
	15,244,215 14,767,751
	93,017 1,222,886 275,000 250,000
	368,017 1,472,886
	14,876,198 13,294,865
	- -
	(54,113) (433,749)
	1,368,717 150,000
	1,368,717 150,000
	1,191,123 - - -
	1,191,123 -

Subsequent to the end of the year the Group issued purchase orders for equipment and building improvements totalling US$681,002 and prepaid US$396,229 against those orders.

b. Other Commitments

On 29 March 2016, Eden accepted an offer from AEDA to support construction of a manufacturing facility at Augusta Corporate Park. The agreement provides that for the first phase, within 4 years of receiving a Certificate of Occupancy, Eden must invest at least $67 million and create 251 jobs. If the goals are less than 80% complete at that time, it must purchase the Phase 1 property for $25,000 per acre, 112 acres.

c. Exploration commitments:

In order to maintain current rights of tenure to exploration tenements, the company is required to perform minimum exploration work to meet the requirements specified by State government. It is anticipated that minimum expenditure commitments for the twelve months will be tenement rentals of $20,000 (2015: $26,000) and exploration expenditure of $1,050,000 (2015: $900,000).

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

				2016	2015
				$	$
NOTE	21: ISSUED CAPITAL
379,502,960 (2015: 306,451,851) fully paid ordinary shares				27,786,696	24,953,765
				27,786,696	24,953,765
a.	Ordinary shares	2016	2015	2016	2015
		No.	No.	$	$
	At the beginning of reporting period	306,451,851	226,561,469	24,953,765	23,505,526
	Shares issued during the year:	73,051,109	79,890,382	3,192,931	1,448,239
	At reporting date	379,502,960	306,451,851	27,786,696	24,953,765

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held. At the shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

• b.

Options

For information relating to the Group’s employee option plan and options issued to key management personnel during the financial period, refer to Note 28 Share-based Payments.

• c.

Capital Management

Management controls the working capital of the Group in order to maximise the return to shareholders and ensure that the Group can fund its operations and continue as a going concern. Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in responses to changes in these risks and in the market. These responses include the management of expenditure and debt levels and share issues. There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year.

NOTE 22: RESERVES

a. Option Reserve

The option reserve records items recognised as expenses on valuation of share options.

• b. Financial Asset Reserve

The financial asset reserve records revaluations of non-current assets.

• c. Foreign Currency Translation Reserve

The foreign currency translation reserve records exchange differences arising on the translation of foreign controlled subsidiaries.

NOTE 23: EVENTS AFTER THE BALANCE SHEET DATE

In September 2016 Eden completed a share placement raising $15 million, $6 million of which is subject to shareholder approval.

There were no other material events occurring after the reporting date.

NOTE 24: CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Directors are not aware of any contingent assets or contingent liabilities at 30 June 2016.

ASX Code: TAS

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 25: SEGMENT REPORTING

The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision maker) in assessing performance.

Activities of the Group are managed on a Group structure basis and operating segments are therefore determined on the same basis. In this regard the following list of reportable segments has been identified.

• Tasman Resources Ltd – Mineral exploration in South Australia

• Eden Energy Ltd – EdenCrete[TM] production and sales in the USA and Optiblend[TM] sales and manufacturing in India and the USA.

30 June 2016 Total external revenue Inter-segment revenue Total segment revenue Segment profit / (loss) result Unallocated expenses Result from operating activities Interest revenue Interest expense Income tax (expense)/benefit Loss after income tax Segment Assets Unallocated assets Total Assets Segment Liabilities Unallocated Liabilities Total Liabilities Capital expenditure Depreciation and amortisation 30 June 2015 Total external revenue Inter-segment revenue Total segment revenue Segment profit / (loss) result Unallocated expenses Result from operating activities Interest revenue Interest expense Income tax (expense)/benefit Loss after income tax Segment Assets Unallocated assets Total Assets Segment Liabilities Unallocated Liabilities Total Liabilities Capital expenditure Depreciation and amortisation	Tasman Resources Ltd Eden Energy Ltd Eliminations $ $ $ - 1,206,849 - -	Consolidated Entity Discontinued Operations $ $ - 1,206,849 - - - -
	- 1,206,849	- 1,206,849 -
	(843,022) (3,382,350)	- (4,225,372) (26,594)
	- - (4,225,372) (26,594) 8,703 - - - 139,842 - (4,076,827) (26,594) 25,235,980 15,812,104 (6,707,870) 34,340,214 - - - 34,340,214 - 221,846 770,683 - 992,529 - - - 992,529 - 93,106 1,914,259 - 2,007,365 - 10,708 196,830 - 207,538 - - 1,947,436 - 1,947,436 - - - - - -	- -
		(4,225,372) (26,594) 8,703 - - - 139,842 -
		(4,076,827) (26,594)
		34,340,214 -
		- 992,529 - - -
		992,529 -
		- 2,007,365 - - 207,538 - - 1,947,436 - - - -
	- 1,947,436	- 1,947,436 -
	(872,949) (1,724,968)	- (2,597,917) (3,736,324)
	- - (2,597,917) (3,736,324) 46,065 - - - - - (2,551,852) (3,736,324) 22,628,815 3,189,006 (4,184,345) 21,633,476 647,131 - - 21,633,476 647,131 292,331 1,079,012 (250,000) 1,121,343 595,818 - - 1,121,343 595,818 383,463 505,346 - 888,809 226,326 13,149 102,992 - 116,141 -	- -
		(2,597,917) (3,736,324) 46,065 - - - - -
		(2,551,852) (3,736,324)
		1,121,343 595,818
		- 888,809 226,326 - 116,141 -

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

NOTE 26: CASH FLOW INFORMATION

a. Reconciliation of Cash Flow from Operations with Loss after Income Tax Profit/(Loss) after income tax Non-cash flows in profit and loss Depreciation and amortisation Exploration and evaluation written off Impairment expense Share based payments Other financial items Non-cash flows in discontinued operations Exploration and evaluation expenditure written off Loss on re-measurement to fair value less costs to sell Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries (Increase)/decrease in trade and term receivables (Increase)/decrease in inventories Increase/(decrease) in trade payables and accruals Increase/(decrease) in provisions Cash flow used in operations _ - Net of non-operating movements and amounts not settled with cash_ NOTE 27: PARENT COMPANY INFORMATION a. Parent Entity Assets Current assets Non-current assets Total Assets Liabilities Current liabilities Non-current liabilities Total liabilities Equity Issued Capital Retained Earnings Reserves Option reserve Total reserves Financial performance Profit / (Loss) for the year Other comprehensive income Total comprehensive loss Contingent Liabilities	2016 $ 2015 $ (4,103,421) (6,288,176) 207,538 116,141 - 28,598 25,000 9,962 216,000 11,775 197,061 - - 167,685 - 3,551,873 (123,982) 241,295 61,464 (124,349) (288,070) 370,101 (4,646) (3,492)
	(3,813,056) (1,918,587)
	940,903 840,961 27,280,562 24,844,227
	28,221,465 25,685,188 218,993 284,203 2,853 8,128
	221,846 292,331 27,786,696 24,953,765 (1,378,831) (545,055) 1,591,754 984,147
	1,591,754 984,147
	(833,776) (788,254) - -
	(833,776) (788,254)

The Directors are not aware of any contingent liabilities as at 30 June 2016.

ASX Code: TAS

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Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 28: SHARE-BASED PAYMENTS

The following share-based payment arrangements existed at 30 June 2016:

All options granted to key management personnel are for ordinary shares in either Tasman Resources Ltd or Eden Energy Ltd, which confer a right of one ordinary share for every option held.

The Tasman options outstanding at 30 June 2016 all had an exercise price of $0.05 and remaining contractual life of 1.75 years. The Eden options outstanding at 30 June 2016 all had an exercise price of $0.095 and remaining contractual life of 2.67 years.

Historical volatility has been the basis for determining expected share price volatility as it is assumed that this is indicative of future volitility, which may not eventuate. Volatility of 64% and a risk free rate of 1.5% were used in the Black-Scholes model for the options granted during the year. The life of the options is based on the historical exercise patterns, which may not eventuate in the future.

4,300,000 options were exercised during the year ended 30 June 2016. Included under employee benefits expense in the income statement is $216,000 (2015: $11,775) and relates, in full, to equity settled share-based payment transactions.

payment transactions.
	2016		2015
	Number of	Weighted	Number of	Weighted
	Options Avg Exercise		Options Avg Exercise
		Price		Price
Tasman’s Options
Outstanding at the beginning of the year	2,500,000	0.05	-	-
Granted	-	-	2,500,000	0.05
Exercised	(1,000,000)	0.05	-	-
Expired	-	-	-	-
Outstanding at year-end	1,500,000	0.05	2,500,000	0.05
Exercisable at year-end	1,500,000	0.05	2,500,000	0.05
Eden’s Options
Outstanding at the beginning of the year	3,375,000	0.025	3,375,000	0.025
Granted	6,750,000	0.095	-	-
Exercised	(3,300,000)	0.025	-	-
Lapsed	(275,000)	0.076	-	-
Outstanding at year-end	6,550,000	0.095	3,375,000	0.025
Exercisable at year-end	6,550,000	0.095	3,375,000	0.025
NOTE 29: RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms.			2016	2015
a. Key Management Personnel			$	$
Management and administration fees paid/payabe to Princebrook Pty Ltd, a
company in which Mr GH Solomon and Mr DH Solomon have		an interest. At
30 June 2016 an amount of $36,222 (2015: $254,529) was included in
Trade Payables as owing to Princebrook Pty Ltd.			434,670	434,670
Legal fees paid to Solomon Brothers, a firm	of which Mr GH Solomon and
Mr DH Solomon are partners.			98,809	75,316
Capital raising fees paid to RM Corporate Finance Pty Ltd, a company of
which Mr GT Le Page has an interest.			14,610	30,000
Capital raising fees paid to RM Capital Pty Ltd, a company in which Mr G T
Le Page has an interest.			10,000	-
Consulting fees paid to Orequest Pty Ltd, a company in which		Mr G T Le
Page has an interest.			3,400	1,200
b. Associated Companies
Reimbursement from Conico Ltd (in which Tasman has a 14% interest)
and its subsidiaries for employee costs on an hourly basis.			7,335	30,596

ASX Code: TAS

Page 36 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 30: FINANCIAL INSTRUMENTS

a. Financial Risk Management

The Group’s financial instruments consist mainly of deposits with banks and accounts payable.

The main purpose of non-derivative financial instruments is to raise finance for group operations.

i. Liquidity Risk

Responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring cash flows.

The remaining contractual maturities of the Group and Parent entity’s financial liabilities are:

6 months or less Total	2016 $ 2015 $ 773,938 1,493,924
	773,938 1,493,924

ii. Credit Risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, as disclosed in the balance sheet.

The Group does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the Group.

iii. Foreign currency risk

The Group is exposed to fluctuations in foreign currencies arising from the sale and purchase of goods and services in currencies other than the group’s measurement currency. At 30 June 2016, the effect on the loss and equity as a result of a 10% increase in the exchange rates, with all other variables remaining constant would be an decrease in loss by $717,000 (2015: $140,000) and an increase in equity by $717,000 (2015: $140,000).

iv. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The group’s has minimal exposure to interest rate risk, the only asset / liability affected by changes in market interest rates is Cash and cash equivalents.

b. Financial Instruments

• i. Net Fair Values

Aggregate net fair values and carrying amounts of financial assets and financial liabilities.

Financial Assets Cash and cash equivalents Trade and other receivables Financial assets Investments accounted for using the equity method Financial Liabilities Trade and sundry payables	2016 2015 Carrying Amount $ Net Fair Value $ Carrying Amount $ Net Fair Value $ 12,166,347 12,166,347 1,275,918 1,275,918 214,468 214,468 90,486 90,486 106,945 106,945 100,000 100,000 - 1,368,717 - 150,000
	12,487,760 13,856,477 1,466,404 1,616,404
	773,938 773,938 898,106 898,106
	773,938 773,938 898,106 898,106

NOTE 31: COMPANY DETAILS

The registered office of the company is:

The registered office of the company is: The principal place of business is: Tasman Resources Ltd Tasman Resources Ltd Level 15 Level 15 197 St Georges Terrace 197 St Georges Terrace Perth Perth Western Australia 6000 Western Australia 6000

ASX Code: TAS

Page 37 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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DIRECTORS’ DECLARATION

In the opinion of the directors of Tasman Resources Ltd (the “Company”):

• a. the financial statements and notes set out on pages 16 to 37, and the Remuneration disclosures that are contained in pages 12 to 14 of the Remuneration Report in the Directors’ Report, are in accordance with the Corporations Act 2001, including:

• (i) giving a true and fair view of the Group’s financial position as at 30 June 2016 and of its performance, for the financial year ended on that date; and

• (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

• (iii) complying with International Financial Reporting Standards as disclosed in Note 1.

• b. the remuneration disclosures that are contained in page 12 to 14 of the Remuneration Report in the Directors’ Report comply with Australian Accounting Standard AASB 124 Related Party Disclosures and

• c. there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

________ Gregory H Solomon Director

Dated this 27[th] day of September 2016

ASX Code: TAS

Page 38 of 42

Independent auditor’s report to the members of Tasman Resources Ltd

Report on the financial report

We have audited the accompanying financial report of Tasman Resources Ltd, which comprises the consolidated statement of financial position as at 30 June 2016, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial report

The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with the Australian Accounting Standards and the Corporations Act 2001 . This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In Note 1, the directors also state that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001 . We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of Tasman Resources Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report.

Opinion

In our opinion:

• (a) the financial report of Tasman Resources Ltd is in accordance with the Corporations Act 2001 , including:

• (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2016 and of its performance for the year ended on that date; and

• (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.

• (b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

Report on the remuneration report

We have audited the remuneration report included of the directors’ report for the year ended 30 June 2016. The directors of the company are responsible for the preparation and presentation of the remuneration report in accordance with Section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

Opinion

In our opinion, the remuneration report of Tasman Resources Ltd for the year ended 30 June 2016, complies with Section 300A of the Corporations Act 2001 .

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Nexia Perth Audit Services Pty Ltd

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TJ Spooner Director

Perth, 27 September 2016

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES

1. Shareholding as at 31 August 2016

2. a. Distribution of Shareholders

ADDITIONAL INFORMATION FOR LISTED PUBLIC COMPANIES areholding as at 31 August 2016
Distribution of Shareholders Category (size of holding) 1 – 1,000 1,001 – 5,000 5,001 – 10,000 10,001 – 100,000 100,001 – and over	Number Ordinary 131 308 385 1,278 396
	2,498

• b. The number of shareholdings held in less than marketable parcels at 31 August 2016 is 257.

• c. The names and relevant interests of the substantial shareholders listed in the company’s register as at 31 August 2016 are:

The names and relevant interests of the substantial 31 August 2016 are:	shareholders listed in the company’s register as at
Shareholder	Number Ordinary
Arkenstone Pty Ltd	70,023,520
March Bells Pty Ltd	75,351,259

• d. Voting Rights

Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands.

e. 20 Largest Shareholders — Ordinary Shares

Name 1. Arkenstone Pty Ltd 2. March Bells Pty Ltd 3. March Bells Pty Ltd 4. Arkenstone Pty Ltd 5. Kalsie Holdings Pty Ltd 6. Rosherville Pty Ltd 7. Endeavour River Pty Ltd 8. March Bells Pty Ltd 9. Dr Kok Kian Lim 10. Font SF Pty Ltd 11. Citicorp Nominees Pty Limited 12. Nirvana Now Pty Ltd 13. HSBC Custody Nominees (Australia) Ltd 14. Mr Thomas Fleet Scaife 15. Malenki Pty Ltd 16. NGY Holdings Pty Ltd 17. Mr Norman Maher 18. Mr Robert Gilder 19. Mr & Mrs Rogerson & Miss C Rogerson 20. 4 Eyes Limited

Number of Shares Held % of Issued Capital 52,398,743 13.767% 51,825,970 13.616% 17,182,823 4.515% 16,637,227 4.371% 12,222,223 3.211% 8,700,000 2.286% 7,000,000 1.839% 5,354,910 1.407% 5,170,000 1.358% 5,000,000 1.314% 4,272,588 1.123% 3,861,112 1.014% 3,789,656 0.996% 3,556,569 0.934% 3,110,667 0.817% 3,046,230 0.800% 2,689,744 0.707% 2,100,000 0.552% 1,835,553 0.482% 1,743,334 0.458%

211,497,349 55.567%

ASX Code: TAS

Page 41 of 42

Tasman Resources Ltd Annual Report for Year Ending 30 June 2016

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f. 20 Largest Optionholders — TASO

Name 1. Arkenstone Pty Ltd 2. Rosherville Pty Ltd 3 Kalsie Holdings Pty Ltd 4. March Bells Pty Ltd 5. Arkenstone Pty Ltd 6. Endeavour River Pty Ltd 7. Happy Giraffe Investments Pty Ltd 8. Mr Norman Maher 9. Dr Kok Kian Lim 10. March Bells Pty Ltd 11. Rivermore Pty Ltd 12. Malenki Pty Ltd 13. Font SF Pty Ltd 14. Roxsel Pty Ltd 15. NGY Holdings Pty Ltd 16. Archdeacon Philip John Newman 17. Mr Philip Newman & Mrs Rebecca Newman 18. 4 Eyes Limited 19. Mr Peter Cocks & Mrs Claire Atkins 20. Namwen Investments Pty Ltd

Number of Shares Held % of Issued Capital 9,188,894 12.632% 7,700,000 10.585% 7,611,112 10.463% 6,127,282 8.423% 5,932,726 8.156% 2,600,000 3.574% 2,536,948 3.487% 2,277,828 3.131% 2,016,000 2.771% 1,909,527 2.625% 1,200,000 1.650% 1,059,134 1.456% 1,000,000 1.375% 1,000,000 1.375% 984,991 1.354% 791,667 1.088% 791,667 1.088% 728,421 1.001% 521,725 0.717% 470,000 0.646%

56,447,922 77.597%

2. Unquoted Securities – Options as at 31 August 2016

nquoted Securities – Options as at 31 August 2016
Holder Name Date of Expiry Exercise Price Employee Share Options 31 March 2018 $0.05	Number on issue Number of holders 1,500,000 3
	1,500,000 3

TENEMENT SCHEDULE

Table 1: Tasman Resource Tenement Schedule

State	Licence Type	Number	% Interest	Locality	Location
SA	EL	4770	100	Lucas Hill	Approximately25 km south of Woomera
SA	EL	4857	100	Todds Dam	Approximately45 km west of Andamooka
SA	EL	5465	100	Andamooka	ImmediatelyENE of Andamooka
SA	EL	5499	100	Andamooka North	Approximately140 km northwest of Leigh Creek
SA	EL	5602	100	Iron Knob	Approximately50 km WSW of Port Augusta

ASX Code: TAS

Page 42 of 42