for the Year En

R

ded 30 June 2015

Tasman Resources Ltd

& Controlled Entities

ABN: 85 009 253 187

ESOURCES L TD‌‌‌‌‌‌‌‌‌‌

Table of Contents

Highlights for the Year to 30 June 2015 3

Corporate Directory 4

Review of Operations 5

Directors' Report 13

Auditor's Independence Declaration 18

Consolidated Statement of Profit or Loss and Other Comprehensive Income 19

Consolidated Statement of Financial Position 20

Consolidated Statement of Changes in Equity 21

Consolidated Statement of Cash Flows 22

Notes to the Financial Statements 23

Directors' Declaration 43

Independent Auditor's Report 44

Additional Information for Listed Public Companies 46

Tenement Schedule 47

HIGHLIGHTS FOR THE YEAR TO 30 JUNE 2015

Eden Energy Ltd Investment

• Tasman has a 45% interest in diversified clean energy company Eden Energy Ltd. Eden has interests in carbon nanotube & carbon fibre production, EdenCreteTM enriched concrete technology, OptiblendTM dual fuel technology, hydrogen production, storage &

  transport fuel systems, including the low emission HythaneTM hydrogen-methane blend, coal bed methane and shale gas in the UK.

  
  

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

• A new epithermal gold-silver (base metal) target was identified at the Corrie Dam prospect.

• An initial geochemical survey over the prospect defined drilling targets, and two phases of air core drilling were completed.

• Significant base metal mineralisation was intersected in the drilling, and the testing for deeper, more gold and silver-rich mineralisation is being considered, subject to funding and the necessary approvals being obtained.

  
  

  Vulcan IOCGU* Project (EL 5499), South Australia

• No further drilling was conducted at Tasman's Vulcan Project during the year. A review of available data has confirmed the northern gravity anomaly as the highest priority target for the next phase of drilling.

• Tasman was awarded a grant of $70,000 under the South Australian Government's PACE Discovery Drilling 2015 program for the testing of this northern gravity anomaly at Vulcan. Commencement of this drilling will be subject to funding and the necessary approvals being obtained.

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

  
  

  Corporate

• Tasman has a 19% interest in Conico Ltd (formerly Fission Energy Ltd). Conico owns 50% of the Mt Thirsty nickel-cobalt-manganese oxide deposit in Western Australia.

• Tasman completed two non-renounceable pro-rata rights issues raising $1.5 million before costs.

  
  

  
  

  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: [email protected] 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.

  REVIEW OF OPERATIONS

  
  

  The Company's Exploration Licences are all located in South Australia, where Tasman Resources Ltd holds a 100% interest in the following exploration projects:

• The Parkinson Dam Epithermal Gold - Silver Project (Exploration Licences 5592, 5602 and 5624).

• The Lake Torrens IOCGU Project (Exploration Licences 4857, 5366, 5465 and 5499).

• The Lucas Hill IOCGU Project (Exploration Licence 4770).

  
  

  EXPLORATION RESULTS

  During the year, the Company spent $380,000 on various exploration activities. Details of the results of the exploration are outlined below.

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

  Corrie Dam Prospect

  Tasman completed a large partial leach geochemical survey over the newly defined Corrie Dam prospect, highlighting several anomalous areas for more detailed sampling and ultimately shallow drilling.

  Two phases of shallow aircore drilling were completed during the year, and reported in ASX Announcements on 8th April 2015 and 21st May 2015.

  Anomalous silver, lead and some copper mineralisation were intersected over a relatively wide area at shallow depth, from less than 50m below surface. The more significant results include 25m down hole at 0.36% Pb and 1.4g/t Ag from 60m, including a 5m interval at 1.1% Pb and 2.6g/t Ag in CDAC 015 and 15m down hole from 55m at 6.6g/t Ag, 0.17% Cu and 0.11% Pb in drill hole CDAC 030 (the true widths are unknown at this stage). These results are consistent with the presence of a more significant and more gold and silver-rich mineralised system at depth, similar to Tasman's main Parkinson Dam gold-silver prospect, located about eight kilometres to the northeast.

  Accordingly, Tasman is considering follow up drilling with a number of deeper RC drill holes beneath the main anomalous zones from the aircore drilling, to test for more extensive and potentially higher-grade gold and silver mineralisation, subject to the necessary approvals being obtained and sufficient funds being available.

  The location of Corrie Dam prospect within EL 5602 is provided in Figure 1, and the silver geochemical anomaly which defines the prospect is shown in Figures 2 and 3. Figure 3 also includes the location of all holes drilled at Corrie Dam to date. A plan showing the distribution of the anomalous silver and lead values as histogram plots is provided in Figure 4.

  
  

  
  

  EL 5602

  
  

  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).

  
  

  
  

  Figure 2: Corrie Dam location plan showing the silver geochemical anomaly (coloured) and the location of sampling points. The location of the area of Figure 3 is shown as a rectangle (AGD 84; Zone 53)

  
  

  
  

  Figure 3: Corrie Dam prospect, drill hole location plan showing surface projections of inclined hole traces over portion of silver soil anomaly image shown in Figure 2 (AGD 84 Zone 53).

  
  

  Figure 4: Corrie Dam prospect, plan of southern drill hole locations showing Pb (green) and Ag (blue) bar graphs on 100m grid spacing. Highest Pb and Ag values are in drill hole CDAC 15 inclined to east (AGD 84, 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 14th June 2007: 'High-Grade Assay Results from Parkinson Dam' (PD 63) and 6th November 2006: 'High Grade Lead and Zinc at Parkinson Dam' (PD 30), available to view on www.tasmanresources.com.au.))

Lake Torrens Iron-oxide, Copper-Gold Uranium (IOCGU) Project (100% Tasman) Vulcan Project

The Lake Torrens IOCGU Project is located approximately 15km north and west of Olympic Dam (Figure 5), and has been the focus of a significant exploration effort by Tasman over a number of years. No further drilling was conducted at Vulcan during the year, and a review of available data has confirmed that the northern gravity anomaly as the highest priority target (see Figure 6) for the next phase of drilling.

Tasman was awarded a grant of $70,000 under the South Australian Government's PACE Discovery Drilling 2015 program for the testing of this northern gravity anomaly at Vulcan. Commencement of this drilling will be subject to funding and the necessary approvals being obtained.

EL 5499

Figure 5: Location Plan showing certain of Tasman's Lake Torrens tenements, the Vulcan IOCGU Project located within EL 5499 and nearby IOCGU deposits/systems. The dashed blue lines are some of the tectonic lineaments used in the original targeting of Olympic Dam.

Footprint of Carrapateena deposit

(at same scale)

Figure 6. Residual gravity image (coloured) showing the surface projection of existing holes (numbered) as linear traces, with the basement intersection in each shown in aqua (drill hole SHD 1 was drilled in 1981 by WMC). Also shown are the currently defined exploration targets - the larger, high priority targets are shown as green ellipses and secondary targets in yellow. Also shown at the same scale (as a superimposed white ellipse) is the area occupied by the Carrapateena deposit based on 2011 Inferred Resource (located approximately 120km to the south southeast). (Datum GDA 94; MGA Zone 53)

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 programme 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.

Figure 7: Location of Tasman's Project Areas in South Australia

Investment in Eden Energy Ltd (Tasman has a 46% interest in Eden Energy)

Highlights for the year are:

EdenCreteTM /Carbon Nanotubes/ Carbon Nanofibres/ Hydrogen

• Eden completed its first three commercial projects with Metro Mix, a Denver based concrete company, using its EdenCreteTM concrete admixture in projects in Colorado.

• Various US trials of EdenCrete500 enriched concrete delivered improvements of up to:

  • 48% Increase in Tensile Strength in Concrete

  • 29% Increase in Compressive Strength in Concrete

  • 55% Reduction (Improvement) in Permeability in Concrete

  • 48% Reduction (Improvement) in the rate of Abrasion in Concrete

• A second US concrete company (a large national company) trialled EdenCreteTM in Colorado and indicated it intended to undertake further trials before perhaps moving to commercial projects.

• Initial discussions with the Department of Transport in the State of Georgia resulted in the preliminary steps being initiated for laboratory and field trials of EdenCreteTM to be undertaken in conjunction with the Georgia DOT. These trials took place in August 2015.

• Short term US production scale-up commenced at Eden Innovation's Colorado based facility, to attempt to satisfy the anticipated future increase in demand for EdenCreteTM.

• Large scale US production scale-up design commenced and assessment of possible site selection and financing options commenced.

• Eden has incorporated EdenCreteTM Industries Inc., a wholly owned US subsidiary, to be the vehicle to undertake the production and marketing of EdenCreteTM in the US.

• An Australian Research Council linkage research grant of A$300,000 into use of carbon nanotubes in concrete was awarded jointly to Eden and Monash University. This will be transferred to Deakin University, where Dr Frank Collins, the primary investigator has been appointed Professor of Infrastructure Materials at its Institute for Frontier Materials.

• The CNT enriched polymer and plastics project with the University of Queensland ('UQ') commenced during the year.

  Optiblend™ Dual Fuel

• Sales in the USA during the year of 45 units having an aggregate value of US$1,619,000 (A$1,944,000).

• Following a dramatic slump during the year due to the drop in oil prices and great slow-down in US shale oil and gas exploration, an increased level of market interest in Optiblend™ dual fuel systems in both USA and India started to emerge late in the year. It is hoped that this will translate into increased sales into the next year.

  UK Gas Assets

• The conditional Eden and UKOG formal merger agreement was terminated by Eden's UK joint venture partner following the failure of all the conditions to be satisfied. Since the end of the year negotiations in relation to the possible sale of Eden's UK gas assets have continued.

INVESTMENTS OTHER

Investment in Conico Ltd. (Tasman has a 19% interest in Conico on a fully diluted basis) 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 8th March 2011: 'Resource Upgrade', available to view on www.conico.com.au.)

CORPORATE

Tasman completed two non-renounceable, pro-rata rights issue raising A$1.5 million.

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.