TASMAN RESOURCES LTD — Interim / Quarterly Report 2016

Apr 28, 2016

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ASX QUARTERLY REPORT

for the Period Ended 31[st] March 2016

SUMMARY

EDEN ENERGY LTD (ASX Code: EDE)

• Tasman through its wholly owned subsidiary, Noble Energy Pty Ltd, holds 493,198,298 fully paid shares in Eden (representing 44.48% of the total issued capital of Eden) and 101,356,779 EDEO options representing 43.82% of the issued EDEO options. Based on the closing prices on the ASX of EDE ($0.235) and EDEO ($0.20) on 27 April 2016, this investment had a market value of $136 million, which is equivalent to 36.1 cents for every currently issued TAS share.

• Highlights of Eden’s progress during the quarter are set out in the details following.

PARKINSON DAM EPITHERMAL GOLD-SILVER PROJECT

• No field activities were conducted at this project. Further work, including follow-up drilling at the Corrie Dam prospect is subject to funding being available and an upturn in global metal demand.

LAKE TORRENS COPPER-URANIUM-GOLD PROJECT

• No exploration was conducted at this project. Tasman has been previously awarded a PACE grant to assist with drilling by the South Australian Government, but this work will be subject to sufficient funds being available and an upturn in global metal demand.

CORPORATE

• Tasman completed a placement to sophisticated investors, at a price of $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).

Level 15, 197 St Georges Terrace, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Website: www.tasmanresources.com.au

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Report for March Quarter 2016

DETAILS

INVESTMENT IN EDEN ENERGY LTD (ASX Code: EDE)

Tasman through its wholly owned subsidiary, Noble Energy Pty Ltd, holds 493,198,298 fully paid shares in Eden (representing 44.48% of the total issued capital of Eden) and 101,356,779 EDEO options representing 43.82% of the issued EDEO options. Based on the closing prices on the ASX of EDE ($0.235) and EDEO ($0.20) on 27 April 2016, this investment had a market value of $136 million, which is equivalent to 36.1 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 quarter are as follows: EdenCrete[TM] / Carbon Nano Tubes

• U.S. commercial EdenCrete[TM] order received for use in replacing a high strength concrete slab located in an area of extreme wear and abrasion, following a successful field trial in October 2015. The new replacement EdenCrete[TM] slab was completed after the end of the quarter. Compared to a proposed alternative slab (which was to be constructed using new ultra high strength specifications but without added EdenCrete[TM] and which had a planned 5 year service life) the EdenCrete[TM] slab:

• delivered a total project cost saving of approximately 45%,

• was 50% thinner than the new ultra high strength slab design,

• used only fiberglass fibres and carbon nanotube reinforcement in lieu of

• traditional steel mesh or rebar,

• required little or no sub-base preparations, and

• is intended to provide at least a comparable 5-year service life for this project.

• Eden received the further results from the ongoing ASTM testing of the EdenCrete[TM] enriched concrete (measured after 90 days) which showed:

• 39% increase in compressive strength (ASTM C39)

• 59% reduction in the rate of abrasion (ASTM C105).

• Eden received a very positive market response to the potential of EdenCrete[TM] as a concrete admixture, at its maiden commercial launch at the World of Concrete 2016 held in Las Vegas from 2-5 February 2016.

• The current expansion of Eden’s Colorado based production capability of EdenCrete[TM] , from its current maximum level of approximately 190,000 gallons per year to a targeted maximum (operating on a 24 hour/day basis) of 2-2.4 million gallons per year (approximate market value US$50 - $60million) commenced during the quarter, and is on schedule to be in production by early in 2017.

• EdenCrete[TM] samples supplied to nine more U.S. companies for trialling.

• GDOT specifications for 24-Hour Accelerated Concrete/ Class B Concrete being prepared.

• Progress on proposed GDOT field trial for Class 1 concrete.

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Report for March Quarter 2016

• Subsequent to the end of the quarter Eden 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.

Optiblend™ Dual Fuel

• Orders received in the U.S. during the quarter for three units totalling US$110,000.

• Order received in India during the quarter for one unit valued at approx. AUD $32,000.

UK Gas Assets

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

Please refer to Eden Energy Ltd (ASX Code: EDE) Quarterly Report published on 29 April 2016 for further details.

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

Corrie Dam Prospect

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[th] April 2015 and on 21 May 2015.

Further drilling, including deeper RC holes is planned, subject to sufficient funds being available and an upturn in global metal demand.

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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).

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Report for March Quarter 2016

LAKE TORRENS PROJECT, SOUTH AUSTRALIA (TASMAN

100%)

The Lake Torrens IOCGU Project is located approximately 15km north and west 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. Tasman has been previously awarded a PACE grant to assist with drilling by the South Australian Government, but commencement of this work will be subject to sufficient funds being available and an upturn in global metal demand.

PROJECT LOCATIONS

No other exploration activity occurred on Tasman’s projects during the quarter.

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Figure 2: Location of Tasman Project Areas in South Australia

CORPORATE

Placement

Tasman completed a placement to sophisticated investors, at a price of $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).

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Report for March Quarter 2016

Investment in Conico Ltd (ASX Code: CNJ)

Tasman has a 15.3% interest in potential nickel-cobalt producer Conico Ltd (formerly named Fission Energy Ltd).

Mt Thirsty Nickel-Cobalt Project

Please refer to Conico Ltd (ASX: CNJ) Quarterly Report for further details.

Background

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.)

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Greg Solomon Executive Chairman

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.

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.

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Report for March Quarter 2016

Interests in Mining Tenements	Interests in Mining Tenements	Interests in Mining Tenements	Interests in Mining Tenements	Interests in Mining Tenements
Tenements	Location	Interest held at end of quarter	Acquired during the quarter	Disposed during the quarter
EL 4770	SA	100%
EL 4857	SA	100%
EL 5366	SA	100%
EL 5465	SA	100%
EL 5499	SA	100%
EL 5592	SA	100%
EL 5624	SA	100%
EL 5602	SA	100%

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity
TASMAN RESOURCES LTD
ABN 85 009 253 187	Quarter ended (“current quarter”)
85 009 253 187	31 March 2016

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Tax paid / received 1.7a Other (receipts) 1.7b Other Net Operating Cash Flows	Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Tax paid / received 1.7a Other (receipts) 1.7b Other Net Operating Cash Flows	Curent quarter $A’000	Year to March (9 months) $A’000
		- (18) - - (159) - 2 - - - -	- (66) - - (711) - 6 - - -
		(175)	(771)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (Eden) Net investing cash flows 1.13 Total operating and investing cash flows (carriedforward)		- (3) - - - - - - 1,288	- (29) - - - - - - (299)
		1,285	(328)
		1,110	(1,099)
	Notes:

THIS CONSOLIDATED STATEMENT OF CASHFLOWS REFLECTS THE CONSOLIDATED FINANCIAL STATEMENTS OF BOTH TASMAN RESOURCES LTD AND EDEN ENERGY LTD DUE TO TASMAN HOLDING 44% OF THE ISSUED CAPITAL OF EDEN.

1.12 – Relates to net cashflows of Eden Energy Ltd, an ASX listed company of which Tasman has a 43.9% interest in and is consolidated into Tasman.

• See chapter 19 for defined terms.

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Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (broughtforward)	1,110	(1,099)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	1,492 - - - - -	3,343 - - - - -
	1,492	3,343
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	2,602 897 (80)	2,244 1,279 (104)
	3,419	3,419

Notes:

1.22 – $2,531,000 is held by Eden Energy Ltd, an ASX listed company of which Tasman has a 44% interest.

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Curent quarter $A'000
		121
		-
1.25	Explanation necessaryforanunderstanding ofthe transactions
	Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors. Directors Fees and superannuation paid during the period.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest -

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount available $A’000	Amount used $A’000
		-	-
		-	-
Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration		$A’000
			30
			-
			-
			160
Total			190

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Curent quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (held by Eden Energy Ltd)	888 - - 2,531	287
		-
		-
		610
Total: cash at end of quarter(item 1.22)	3,419	897

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	376,937,232	376,937,232
	10,000,000 20,350,000	10,000,000 20,350,000	$0.050 $0.050	$0.050 $0.050
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	75,423,379 2,500,000	75,423,379 -	Exercise price 5 cents 5 cents	Expiry date 31 March 2018 31 March 2018
	5,000,000	5,000,000	5 cents	31 March 2018
	20,350,000	20,350,000	5 cents	31 March 2018
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act.

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

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Date: 29 April 2016

Company secretary

Print name: Aaron Gates

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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Appendix 5B Page 5