TASMAN RESOURCES LTD — Interim / Quarterly Report 2021

Jul 28, 2021

ASX QUARTERLY REPORT for the Period Ended 30 June 2021

==> picture [174 x 67] intentionally omitted <==

HIGHLIGHTS

SOUTH AUSTRALIAN EXPLORATION PROJECTS

Lake Torrens IOCG* Project - EL6416 (Fortescue Metals Group Ltd (Fortescue) earning 51%)

• Very wide interval of lower grade copper mineralisation intersected:

• 321m downhole[#] @ 0.33%[^] Cu (including 15m @ 1.25% Cu and 0.6 g/t Au)

• Strongly anomalous rare earth elements (up to 1.86% LREE over 9m) and anomalous gold and palladium.

• Very wide zones of copper mineralisation in VUD0018 and VUD0019, accompanied by elevated palladium, gold and rare earth element values, as well other elements, demonstrate the highly fertile nature of the Vulcan IOCG system.

• Iron oxide-copper-gold.

All widths and thicknesses referred to in this report are downhole widths as true widths are unknown at this stage. ^ At 0.1% Cu cut off.

MINERAL EXPLORATION

LAKE TORRENS PROJECTS, SOUTH AUSTRALIA

Lake Torrens IOCG Project – EL 6416 (Tasman 100%, Fortescue earning 51%).

Fortescue Agreement

Tasman Resources Ltd (“Tasman”) and FMG Resources Pty Ltd, a subsidiary of Fortescue Metals Group Ltd (ASX: FMG “Fortescue”) executed a Farm-in and Joint Venture Agreement (“Agreement”) over Tasman’s wholly owned Exploration Licence 6416 in June 2019 (Refer to TAS:ASX Announcement 14 June 2019).

EL6416 (refer Figure 1) hosts the Vulcan, Vulcan West and Titan iron oxide-copper-gold (“IOCG”) prospects, approximately 30km north of BHP’s Olympic Dam mine in South Australia.

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

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

==> picture [428 x 309] intentionally omitted <==

Figure 1: EL6416 showing Tasman IOCG prospects.

Work Carried Out During the Quarter by Fortescue

Drilling Program

Early this year Fortescue completed a two hole, deep diamond drilling program to test the Vulcan North gravity anomaly. Results from the first hole (VUD0018) were reported in the previous quarter. Assay results from the second hole (VUD0019) were received during the June quarter and final results were released in the recent TAS:ASX Announcement 30June 2021.

Drilling of hole VUD0019 commenced with a vertical reverse circulation (RC) hole before switching to diamond drilling followed by some navigational drilling near the base of the cover sequence to flatten the hole. Coring was then continued at a low angle through the basement across portions of the identified gravity anomaly. Hole locations and the drill traces are shown in Figure 2 over a new residual gravity image compiled by Fortescue from their 2019-2020 detailed gravity survey.

Hole VUD0019 was drilled to 1867.2m depth to test the southern lobe of the Vulcan North gravity anomaly (refer Figure 2) and intersected altered granite at 880.1m downhole below the Neoproterozoic cover. By end of hole the inclination had been flattened to 36o with an azimuth of 234 o.

Similar to VUD0018 a substantial zone of massive hematite and hematite breccias was intersected from 1302m to 1623m downhole with a very high frequency of 1m to 20m wide intervals of mafic dyke. The remainder of the hole comprised mostly altered felsic gneiss with mafic dykes and thin hydrothermal hematite breccias.

Chalcopyrite and pyrite mineralisation are visible in the hematite breccias and their presence and variability is complex (refer core photos Plates 1a to 1d).

2

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

==> picture [425 x 338] intentionally omitted <==

Figure 2: Vulcan Prospect, residual gravity image showing location of VUD0018 & VUD0019 and previous Tasman drill holes. The thick black lines on the drill hole traces are the surface projections of basement intercepts (Grid GDA 94, Z53).

Assay Results from VUD0019

Copper

As for VUD0018, assays from hole VUD0019 have delineated wide zones of low grade copper mineralisation:

• up to 321m downhole at 0.33% Cu (0.1% cut off) and 0.1g/t Au from 1319m to 1640m, mostly associated with hematite breccia:

• this 321m zone also includes two narrower but higher grade copper intervals of: o 1.25% Cu over 15m from 1411m to 1426m and

• 1.35% Cu over 2m from 1493m to 1495m.

All VUD0019 copper assay results above a 0.1% Cu cutoff are displayed in Table 2 (with Au, Ag, Fe and U3O8).

Gold

Elevated gold (Au) values were also intersected including:

• 0.80g/t over 3m from 1078m to 1081m

• 0.56g/t over 3m from 1106m to 1109m

• 0.88g/t over 2m from 1135m to 1137m

• 0.60g/t over 15m from 1411m to 1426m, including:

• 0.94g/t over 7m from 1412m to 1419m.

3

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

Palladium

The copper mineralised zones between 1244 and 1680m are also associated with elevated palladium (Pd) values in places, including:

• 0.94g/t over 8m from 1348m to 1356m including:

• 1.39g/t over 5m from 1351m to 1356m and including:

• 1.91g/t over 3m from 1352m to1355m; and

• 0.33g/t over 15m from 1601m to 1616m and including: o 1.37g/t over 2m from 1602m to 1604m; and

• 2.78g/t over 1m from 1660m.

Rare Earth Elements

Similar to VU0018, strongly elevated rare earth elements (REE) values were intersected, especially in the upper portions of the basement intersection and also below the main copper mineralised zone. Highest values (+1% LREE and HREE) include:

• 1.66% LREE and 302ppm HREE* from 964m to 967m (3m)

• 1.52% LREE and 208ppm HREE from 1045m to 1049m (4m)

• 1.78% LREE and 117ppm HREE from 1744m to 1749m (5m)

• 1.86% LREE and 112ppm HREE from 1756m to 1765m (9m)

• 1.13% LREE and 95ppm HREE from 1784m to 1788m (4m)

• 1.04% LREE and 135ppm HREE from 1795m to 1803m (8m)

• 1.15% LREE and 152ppm HREE from 1830m to 1833m (3m)

• 1.11% LREE and 151ppm HREE from 1836m to 1838m (2m)

• ** LREE – Light Rare Earth Elements ***HREE – Heavy Rare Earth Elements

Conclusion

The very wide zones of copper mineralisation in VUD0018 and VUD0019, accompanied by elevated palladium, gold and rare earth element values, as well other elements, demonstrate the highly fertile nature of the Vulcan IOCG system. This system covers an area of more than 11km[2] and has only been tested by 19 drill holes. Tasman look forward to continued exploration by Fortescue aimed at the delineation of significant areas of higher grade copper and other mineralisation.

Table 1: Drill Hole Collar Details

Hole No	North (m)	East (m)	RL (mASL)	Az. degrees	Incl. degrees	Depth (m)
	GDA94	Zone 53
VUD0018	6660897	693979	112	0	-90	1675.2
VUD0019	6660111	694339	118	0	-90	1867.2

4

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

Table 2: VUD019 Assay Results At Or Above 0.1% Cu

From	To	Interval#	Cu^	Au	Ag	Fe	U3O8
m	m	m	%	ppb	**g/t **	%	**kg/t **
875	881	6	0.21	3	3.8	5.13	0.01
932	934	2	0.74	102	1.5	21.81	0.02
938	940	2	0.14	29	0.6	14.82	0.02
1015	1017	2	0.10	33	0.7	12.76	0.08
1028	1033	5	0.56	191	0.3	10.99	0.02
1045	1047	2	0.15	58	0.2	12.69	0.03
1064	1068	4	0.36	118	0.3	16.18	0.02
1077	1097	20	0.42	208	0.4	15.62	0.08
includes
1078	1082	4	1.10	630	0.6	27.19	0.07
1101	1128	27	0.28	123	0.3	11.32	0.02
includes
1106	1109	3	0.97	**564 **	**0.4 **	15.07	**0.04 **
1135	1159	24	0.33	153	0.5	24.39	0.08
includes
1135	1137	2	1.41	880	0.9	41.63	0.03
1165	1200	35	0.29	81	0.6	14.69	0.03
1205	1297	92	0.24	66	0.4	19.11	0.03
includes
1244	1248	4	0.67	98	0.8	26.44	0.15
1309	1311	2	0.24	62	0.2	24.92	0.01
1319	1640	321	0.33	100	0.8	37.8	0.03
includes
1411	1426	15	1.25	603	1.2	52.86	0.03
1493	1495	2	1.32	131	1.3	57.1	0.01
1675	1681	6	0.14	28	1.0	41.21	0.03
1684	1686	2	0.14	66	0.8	27.91	0.07
1701	1704	3	0.12	19	0.8	37.46	0.25
1758	1768	10	0.27	129	1.9	15.03	0.08
1782	1788	6	0.23	75	1.0	16.13	0.06

• #downhole interval, true thickness unknown,

• ^no top cut applied, minimum downhole interval reported is 2m, maximum of 3m below cut off included.

5

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

==> picture [421 x 134] intentionally omitted <==

Plate 1a: VUD0019 - 1411.2m. Disseminated chalcopyrite and pyrite mineralisation in hematitie breccia. NQ2 ½ core.

==> picture [425 x 137] intentionally omitted <==

Plate 1b: VUD0019 - 1415.5m. Finely layered chalcopyrite and minor pyrite mineralisation in hematite breccia. NQ2 ½ core.

==> picture [426 x 113] intentionally omitted <==

Plate 1c: VUD0019 - 1416.1m. Layered chalcopyrite and lesser pyrite mineralisation in hematite breccia. NQ2 ½ core.

==> picture [422 x 147] intentionally omitted <==

Plate 1d: VUD0019 - 1452.5m. Disseminated and blebby pyrite and lesser chalcopyrite mineralisation in hematite-rich polymictic breccia. NQ2 ½ core.

6

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

Historical Exploration Data Review

Historic exploration activities continued during the quarter including evaluation of drilling, geochemical, and geophysical data. Fortescue has completed relogging of all drill holes from the Titan Prospect and basement-intersecting drillholes from the Marathon Prospect. Drill core from the Vulcan Prospect is continually being re-analysed and compared with the recently drilled Vulcan dill core.

Geophysics

Downhole geophysical surveys were completed by Borehole Wireline on the completed VUD0018 and VUD0019 holes. VUD0018 was completed to a depth of 1290m while VUD0019 was completed to a depth of 574m. This data is currently being evaluated alongside the recently drilled Vulcan drill core.

Analysis and reinterpretation of pre-existing geophysical data including gravity, IP, Seismic, and AMT surveys is ongoing. Contractors used for data collection have been contacted where necessary to access missing raw data. Preliminary target generation and geophysical modelling from said datasets is ongoing across the prospect.

Geochemistry

Fortescue has continued conducting a geochemical statistical vectoring analysis of existing assay data to quantify the copper-mineralisation potential of different areas of the Vulcan IOCG system. The results of these analyses will be compared to the HyLogger hyperspectral scanning results and iron-oxide speciation results to produce a three-dimensional vector toward prospective zones of the Vulcan IOCG system.

All Vulcan drill holes have been HyLogged, including the recently drilled VUD0018 and VUD0019. Internal analysis of HyLogged holes as detailed in previous quarterlies is ongoing.

Program for the September Quarter

Work planned for the September quarter by Fortescue includes:

• Continued historic data reviews;

• Continued geophysical modelling, interpretations, and target generation;

• Continued HyLogger interpretations and modelling for target generation;

• Review of geochemical assay results in combination with all other acquired datasets; and

• Continued target generation over the tenure at both the recently drilled Vulcan North area and other target areas.

==> picture [127 x 32] intentionally omitted <==

Greg Solomon Executive Chairman

7

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

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 Statements

Lake Torrens IOCG Project

The information in this quarterly report that relates to JORC Table 1 Section 1 Sampling Techniques and Data is based upon information compiled by Mr Stuart Robinson who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Robinson is a full time employee and shareholder of Fortescue Metals Group Ltd. Mr Robinson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Robinson consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this quarterly report that relates to Exploration Results is based on and fairly represents information compiled by Michael J. Glasson, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Glasson is a part time employee of the company. Mr Glasson is a share and option holder. .Mr Glasson has 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 a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glasson consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Exploration

Exploration expenditure for the quarter was $15k and was mainly related to the recently completed drilling program at Pernatty. There were no mining production or development activities during the quarter.

Description of Payments to related parties of the entity and their associates (LR 5.3.5)

1. Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors.

2. Director Fees and superannuation.

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 6416	SA	100%
EL 6495	SA	100%
EL 6137	SA	100%

8

Report for June Quarter 2021

==> picture [65 x 25] intentionally omitted <==

THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS FOR EL6416. VULCAN - DRILL HOLES VUD0018 AND 0019.

Section 1 Sampling techniques and data

(criteria in this group apply to all succeeding groups)

THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS FOR EL6416. VULCAN- DRILL HOLES VUD0018 AND 0019.	THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS FOR EL6416. VULCAN- DRILL HOLES VUD0018 AND 0019.	THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS FOR EL6416. VULCAN- DRILL HOLES VUD0018 AND 0019.
Section 1 Sampling techniques and data (criteria in this group apply to all succeeding groups)
Criteria	**JORC Code explanation **	Commentary
Sampling techniques.	 Nature and quality of sampling (EG cut channels, random chips or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report. In cases where “industry standard” work has been done this would be relatively simple (eg “reverse circulation drilling was used to obtain 1m samples from which 3 kg was pulverised to produce a 30g charge for fire assay”). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 All samples of basement core have been obtained by NQ2 diamond drill core.  Magnetic Susceptibility measurements are routinely recorded on site, via a spot reading every 25cm down the hole using a CoRMaGeo RT-1 handheld magnetometer. 4 readings per metre were averaged to provide a representative measurement of the magnetic susceptibility (SI units) of each metre interval.  Dry bulk density measurements are routinely recorded on site every 3-4m down the hole. A 10- 20cm long piece of drill core was weighed both dry and then when submersed in water to give a density in grams per cubic centimetre (g/cc) using Archimedes principal.  Radiation is routinely measured and recorded every 1m down the hole down hole using a Thermo Scientific RadEye B20 handheld Geiger counter. The RadEye B20 measures alpha, beta, gamma and X- Ray radiation in microseiverts per hour (µSv/hr). 4 readings per core tray are averaged to provide a representative measurement of the radiation per core tray.  Mineralisation at Vulcan is essentially disseminated in nature. Half core sampling, collected over one metre intervals is believed to be appropriate for the style of mineral system targeted.
Drilling techniques.	 Drill type (eg. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka etc.) and details (eg. core diametre, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	 Drilling was conducted using a Sandvick DE880 drill rig and included reverse circulation (RC), diamond and navigational techniques.  Vertical pre-collars were completed by 140mm diameter RC drilling to approximately 270-280m depth and cased with HWT drill pipe. Vertical HQ diamond drilling followed to approximately 580m depth and cased with HQ drill pipe, followed by NQ2 diamond to approximately 750m depth. Navigational directional drilling was then undertaken to depths of approximately 850-880m depth to lift the dip of the drill hole in the planned azimuth direction. No drill core is recovered during navigational drilling. NQ2 diamond drilling continued through basement to end of hole depth achieving natural lift to flatten the hole.  A combination of flexi-, standard- and chrome- barrels, reamers and drill bits were used in various configurations to control the drill hole orientation.  Standard core tubes were used.  NQ2 diamond drill core was oriented using a Reflex ACT III core orientation tool.

9

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

		Report for June Quarter 2021
Drill sample recovery.	 Whether core and chip sample recoveries have been properly recorded and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 RC drilling was not assessed for recovery and is not considered relevant to the style on mineral system targeted.  Drill core recovery was measured and recorded on site and input into the database. Drill core recovery was >99%. Minor core loss is measured and recorded by the geologist logging the core.  As sample recovery is excellent, drilling techniques such as triple tube have not been required.  In drill hole VUD0019, no drill core was recovered between 750m and 838.5m due to a short cycle of navigational drilling to correct the drill hole orientation.  As drill core recovery is excellent, no investigation of a potential relationship between grade and sample recoveryhas been conducted.
Logging.	 Whether core and chip samples have been logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc.) photography.  The total length and percentage of the relevant intersections logged.	 Geological logging is conducted in detail at the drill site by the site geologist, who routinely records lithology, rock textures, alteration, mineralisation, structures or any other relevant features.  RC chips and diamond drill core is logged both descriptively and with digital codes into software logging package and loaded into the Fortescue acQuire database. All basement drill core is logged in detail, while the overlying sedimentary cover sequence is logged in less detail.  Every tray of drill core is photographed dry and wet, two trays at a time. Separate photomicrographs of specific geological detail from drill core are also collected.  It is considered to be logged at a level of detail to support appropriate Mineral Resource estimation and mining studies.  Logging is qualitative in nature. All drill core in each hole is logged.
Sub-sampling techniques and sample preparation.	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split etc. and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected.  Whether sample sizes are appropriate to the grainsize of the material being sampled.	 NQ2 diamond drill core is cut in half by a core saw, with half core primarily sampled at 1m intervals and placed into the corresponding numbered calico bag.  Cutting is routinely completed to preserve the core orientation line for future geotechnical measurements.  Some sample interval depths have been slightly adjusted to reflect natural geological boundaries to permit geochemical segregation.  Some intervals where sulphides are visually absent are selected for composite sampling. Composite sampling is instructed by the geologist and implemented by the laboratory during sample preparation. The composite procedure maintains each individual 1m sample. The parent sample is crushed and milled, followed by the collection of 100g sub-sample. Up to 5 sub-samples are homogenised to 0.5kg, from which the required amount is taken for analytical preparation. Individual samples can be subsequently re-analysed if required.  Mineralisation at Vulcan is essentially disseminated in nature. Half core samples collected at one metre intervals is believed to be appropriate.

10

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

		Report for June Quarter 2021
Quality of assay data and laboratory tests.	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometer, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation etc.  Nature of quality control procedures adopted (eg. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie. lack of bias) and precision have been established.	 All samples were submitted to Bureau Veritas Minerals Pty Ltd in Adelaide for laboratory sample analysis in Adelaide and Perth.  A full suite of 69 elements were analysed.  40g Lead Collection Fire Assay with an Inductively Coupled Plasma - Optical Emission Spectrometry (ICP-OES) finish was used to measure Au, Pt and Pd (Adelaide).  Sodium Peroxide Fusion followed by Specific Ion Electrode was used to measure F (Adelaide).  Samples were cast using a 66:34 flux with 4% Lithium Nitrate to form a fused glass bead (Adelaide) for full suite major and trace element analysis (Perth).  X-Ray Fluorescence Spectrometry (XRF) was used to measure Si, Al, Fe, Ca, Mg, S, K, Na, Cr, Mn, Ti, P, Zn and Cl (Perth).  Laser Ablation Inductively Coupled Plasma - Mass Spectrometry (LA ICP-MS) ) was used to measure Ag, As, Ba, Be, Bi, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Ga, Gd, Ge, Hf, Ho, In, La, Lu, Mn, Mo, Nb, Nd, Ni, Pb, Pr, Rb, Re, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn and Zr (Perth).  Certified OREAS reference standards and blanks are routinely inserted at a 1:25 ratio for QAQC purposes. QAQC reports are generated to evaluate the statistics of analysed reference standards.  Bureau Veritas work to documented procedures in accordance to ISO 9001 Quality Management Systems. Blanks and reference materials are randomly inserted and 5% of all samples are analysed in duplicate to provide a measure of accuracy.
Verification of sampling and assaying.	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Significant intersections are determined by company personnel and checked internally.  No twinned holes have been drilled.  Individual sample numbers are generated and matched with down hole depths and loaded into the Fortescue acQuire database.  Analytical results reported by Bureau Veritas are loaded into the Fortescue acQuire database, validated and stored electronically, with industry standard systems and backups. Verification of data is managed and checked by company personnel with extensive experience.  Data is not subject to anyadjustments.
Location of data points.	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 Collar locations were determined by a Garmin GPSMAP 64st hand held GPS and are accurate to approximately +/- 3m (northing and easting).  Down hole surveying of drill holes was conducted with an Axis Champ North Seeking Gyroscopic tool, with readings taken every 12m on average.  The grid system used is Geodetic Datum of Australia 1994; MGA Zone 53.  Topographic control is not a significant issue due to thegenerallyflat topography.

11

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

		Report for June Quarter 2021
Data spacing and distribution.	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Drill holes are not spaced on a regular grid. One long angled hole is deemed sufficient to test the targets which are generated from the modelling of the potential field (ground gravity and magnetic) data.  No continuity or correlation between drill holes is implied at this stage.  Some intervals where sulphides are visually absent are selected for composite sampling procedure detailed above.
Orientation of data in relation to geological structure.	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Planned drill traces are designed with the intent to intersect orthogonal to the strike of geological interpretations and modelled potential field anomalies.  Drill hole VUD0018 is estimated to be within 30 degrees to right angles of the strike of the interpreted hematite body. Drill hole VUD0019 is estimated to be within 10 degrees to right angles of the strike of the interpreted hematite body. However at this stage, relationship between the orientation of geological features and the drill holes is not precisely known and would require additional drilling information.  Intersections are reported as down hole thicknesses and are not considered true widths.
Sample security	 The measures taken to ensure sample security.	 All core is contained in core trays, which are packed onto pallets at the drill site by company personnel. Pallets of core trays are covered, tightly secured with steel strapping and transported to the Adelaide core processing facility. No tampering has occurred to date.
Audits or reviews.	 The results of any audits or reviews of sampling techniques and data.	 No review or audits of sampling techniques or data have been conducted.

12

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

Section 2 Reporting of Exploration Results (Vulcan Project, EL 6416)

(criteria listed in the preceding group apply also to this group)

Report for June Quarter 2021	Report for June Quarter 2021	Report for June Quarter 2021
Section 2 Reporting of Exploration Results (Vulcan Project, EL 6416) (criteria listed in the preceding group apply also to this group)
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status.	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 Exploration Licence (EL) 6416 is located approximately 13km north of Olympic Dam, South Australia and owned 100% by Tasman Resources Ltd.  EL 6416 is subject to a Farm-In and Joint Venture Agreement between Tasman Resources Ltd and FMG Resources Pty Ltd, a subsidiary of Fortescue Metals Group. There are no partnerships or royalties involved.  EL 6416 is partially covered by the Kokatha Uwankara native title claim (SC2009/01), and agreements between the claimants and Tasman are designed to protect Aboriginal heritage sites. There are no historical or wilderness sites or national parks or known environmental settings that affect the Vulcan prospect.  Tasman has secure tenure over EL 6416 at the time of reporting and there are no known impediments to obtaining a licence to operate in the area.
Exploration done by other parties.	 Acknowledgment and appraisal of exploration by other parties.	 The first drill hole in the area was drilled in 1981 by WMC Resources, but was drilled off Tasman’s current Vulcan target, and no mineralisation was intersected. Tasman’s former joint venture partner WCP Resources Ltd conducted some ground gravity surveying, data processing and modelling, but did not drill at Vulcan. No other previous exploration has been conducted by other parties, apart from regional geophysical surveys by Government Departments. Tasman discovered the Vulcan prospect in November 2009, with the drilling of VUD001. A further 16 holes were drilled by Tasman including 9 as part of a previous JV with Rio Tinto.
Geology.	 Deposit type, geological setting and style of mineralisation.	 Vulcan has emerged as a major iron-oxide, copper gold type system (IOCG), with many geological similarities to Olympic Dam, about 30km south. Vulcan occurs within basement rocks beneath approximately 880m of younger, flat-lying sedimentary cover rocks. Vulcan has been dated at 1,586 +/- 8 million years old, the same at Olympic Dam (Proterozoic age).  Only a very limited number of drill holes have been completed within a very large target area, and there are still many questions to be resolved, such as host rocks, regional structural settingetc.
Drill hole information.	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  Easting and northing of the drill hole collar  Elevation or RL (Reduced Level-elevation above sea level in metres) of the drill hole collar  Dip and azimuth of the hole  Down hole length and interception depth  Hole length	 Refer to Table 1.

13

==> picture [65 x 25] intentionally omitted <==

Report for June Quarter 2021

		Report for June Quarter 2021
Data aggregation methods.	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg. cutting of high grades) and cut-off grades are usually material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No high grade cutting has been applied. All of the assay data has been reported at a 0.1% Cu cut off. A maximum of 3m of material below cut off has been incorporated in one of the wider intercepts. Assays have been weighted by sample length however in most cases sample lengths are 1m.  Generally assays are relatively consistent within averaged intervals. If particularly high grade samples diluted by lower grade samples were returned, then this would be highlighted specifically.  No metal equivalent values have been calculated.
Relationship between mineralisation widths and intercept lengths.	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down-hole lengths are reported, there should be a clear statement to this effect (eg. ‘downhole length, true width not known’).	 At the current stage of evaluation of Vulcan, the orientation of mineralisation is not known with any certainty, and hence all statements regarding drill hole intersections are clarified with the comment that intersections are “down hole”.
Diagrams.	 Where possible, maps and sections (with scales) and tabulations of intercepts should be included for any material discovery being reported if such diagrams significantly clarify the report.	 Diagrams showing a plan view of drill hole collar locations and any appropriate sectional view are included.
Balanced reporting.	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 All assay results above 0.1% Cu for hole VUD0019 are reported in Table 2.
Other substantive exploration data.	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 Any other substantive exploration data such as pertinent geological observations, petrographic data, geochronological data, geophysical results are included where appropriate.
Further work.	 The nature and scale of planned further work (eg. tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive	 This has not yet been finalised.

14

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity	Name of entity
Tasman Resources Ltd
ABN		Quarter ended (“current	quarter”)
85 009 253 187		30 June 2021
Consolidated statement of cash flows		Current quarter	Year to date (12
		$A’000	months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers	-	2
1.2	Payments for
	(a) exploration & evaluation	(49)	(1,228)
	(b) development	-	-
	(c) production	-	-
	(d) staff costs	(61)	(240)
	(e) administration and corporate costs	(57)	(425)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	-	-
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	10
1.9	Net cash from / (used in) operating	(167)	(1,881)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities	-	-
	(b) tenements	-	-
	(c) property, plant and equipment	-	-
	(d) exploration & evaluation	-	-
	(e) investments	(753)	(1,192)
	(f) other non-current assets	-	-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (12	Year to date (12
		$A’000	months)
			$A’000
2.2	Proceeds from the disposal of:
	(a) entities	-		-
	(b) tenements	-		-
	(c) property, plant and equipment	-		-
	(d) investments	-		-
	(e) other non-current assets	-		-
2.3	Cash flows from loans to other entities	-		-
2.4	Dividends received (see note 3)	-		-
2.5	Other (Eden)	(1,643)		786
2.6	Net cash from / (used in) investing	(2,396)		(406)
	activities
2.5 –	Relates to net cashflows of Eden Innovations Ltd, an ASX listed company of which Tasman has a			30.33%
	interest in and is consolidated into Tasman.
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	-		7,455
3.2	Proceeds from issue of convertible debt	-		-
	securities
3.3	Proceeds from exercise of options	-		7
3.4	Transaction costs related to issues of equity	-		(379)
	securities or convertible debt securities
3.5	Proceeds from borrowings	-		-
3.6	Repayment of borrowings	-		(228)
3.7	Transaction costs related to loans and	-		-
	borrowings
3.8	Dividends paid	-		-
3.9	Other (provide details if material)	-		-
3.10	Net cash from / (used in) financing	-		6,855
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	8,574		1,443
	period
4.2	Net cash from / (used in) operating	(167)	(1,881)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(2,396)		(406)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	-		6,855
	(item 3.10 above)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 2

Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date (12
		$A’000	months)
			$A’000
4.5	Effect of movement in exchange rates on	-	-
	cash held
4.6	Cash and cash equivalents at end of	6,011	6,011
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	3,836	4,756
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other (held by Eden Innovations Ltd)	2,175	3,818
5.5	Cash and cash equivalents at end of	6,011	8,574
	quarter (should equal item 4.6 above)

• 5.4 – Relates to cash held by Eden Innovations Ltd, an ASX listed company of which Tasman has a 30.33% interest in and is consolidated into Tasman for accounting purposes. Tasman does not have access to cash held by Eden Innovations Ltd.

6.	Payments to related parties of the entity and their	Current quarter
	associates	$A'000
6.1	Aggregate amount of payments to related parties and their	109
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their	-
	associates included in item 2

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

6.1

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.

Legal Fees and disbursements were paid during the quarter to a firm of which Mr GH Solomon and Mr DH Solomon are partners.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilities Total facility	Amount drawn at
	Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. amount at quarter end $A’000	quarter end $A’000
7.1	Loan facilities -	-
7.2	Credit standby arrangements -	-
7.3	Other (please specify) -	-
7.4	Total financing facilities -	-
7.5	Unused financing facilities available at quarter end	-
7.6	Include in the box below a description of each facility above, including the lender, interest
	rate, maturity date and whether it is secured or unsecured. If any additional financing
	facilities have been entered into or are proposed to be entered into after quarter end,
	include a note providing details of those facilities as well.
8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(167)
8.2	(Payments for exploration & evaluation classified as investing	-
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(167)
8.4	Cash and cash equivalents at quarter end (item 4.6)	3,836*
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	3,836*
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	23
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
	Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
	* - Excluding funds held by Eden Innovations Ltd
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current	level of net operating
	cash flows for the time being and, if not, why not?
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
	cash to fund its operations and, if so, what are those steps and how likely does it
	believe that they will be successful?
	Answer:

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 4

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

• 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

• Answer:

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

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

Date: 29 July 2021

Authorised by: Aaron P Gates

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, 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. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5