Tasman Resources Secures $4M Placement for Lake Torrens and Parkinson Dam Drilling

Tasman Resources Secures $4M Placement and Strengthens Board Ahead of Dual Drilling Programs

Tasman Resources' $4 million placement and Lake Torrens Parkinson Dam drilling plans represent a defining moment for this ASX-listed explorer. Tasman Resources Limited (ASX: TAS) has announced a trio of developments signalling a pivotal shift into active exploration mode: a $4,050,000 strategic placement at market price, the appointment of experienced director Adam Turnbull, and the advancement of two drill-ready programmes at its Lake Torrens IOCG joint venture and 100%-owned Parkinson Dam Project.

With over $5 million in cash set to be on hand post-placement, and a ~$16.9 million shareholding in Eden Innovations (ASX: EDE) sitting off the balance sheet, Tasman enters 2026 with material financial firepower and a clearly defined path to newsflow.

A Board Refreshed for an Active Exploration Phase

The appointment of Adam Turnbull as Non-Executive Director, effective immediately, coincides with the resignation of Doug Solomon, who has served the company since before its ASX listing in 2001. The board transition reflects Tasman's shift from a tenure-management phase to an execution-focused one.

Turnbull brings a career spanning construction, infrastructure, minerals, luxury goods, and capital markets. He currently holds a Non-Executive Director role at Forrestania Resources and has held multiple board positions across private enterprises, with expertise in governance, strategic development, and operational leadership.

Executive Chair Greg Solomon commented: "The Board welcomes Adam Turnbull to Tasman. Adam brings strong corporate, governance and execution experience that will be invaluable as we move into a particularly active period for the Company. I also thank Doug Solomon for his significant contribution and commitment to Tasman since the outset, and his great support and wise counsel over many years."

Subject to shareholder approval at the next general meeting, Turnbull will receive incentive options structured with meaningful performance hurdles, as detailed below:

The option structure aligns Turnbull's incentives directly with shareholder value creation, with each tranche only vesting if TAS shares reach the corresponding price level on a sustained basis.

$4M Placement: Fully Funded With No Broker Fees

Tasman Resources' $4 million placement and Lake Torrens Parkinson Dam drilling plans reflect the company's strategic approach to capital efficiency. The company-led placement is a notable structural point for investors. By conducting the raise without broker involvement, Tasman avoids placement fees that would otherwise reduce the capital available for exploration.

Placement Summary

Non-Executive Director Louis Varrasso has committed $25,000 of his own capital to the raise, a meaningful show of board-level conviction. Furthermore, post-placement, Tasman's financial position strengthens considerably:

• Over $5 million cash on hand
• ~$16.9 million in listed equity via its 13.0% stake in Eden Innovations (ASX: EDE), based on EDE's closing price of $0.22 on 22 May 2026

This places the company in a well-capitalised position relative to its planned exploration activities.

Two Transformative Drilling Programmes in the Pipeline for 2026

Placement proceeds are earmarked for an expanded drilling programme at Parkinson Dam, while the Lake Torrens joint venture drill programme is fully funded by Fortescue. Both programmes are in advanced planning, with Aboriginal Heritage Clearance processes underway for each.

Greg Solomon added: "With additional funding now secured, our focus turns to execution: progressing an expanded planned drill programme at Parkinson Dam, where we have already identified six high-priority targets from an independent review. Results from drilling at Parkinson, together with upcoming drilling at Titan West by Fortescue under the Lake Torrens joint venture, sees this year as potentially transformative for the Company and its shareholders."

Lake Torrens IOCG Project: Fortescue-Backed JV With Deep Targets

The Lake Torrens project covers approximately 1,079 km² of granted tenure within South Australia's Gawler Craton, situated roughly 30 km north of Olympic Dam — BHP's world-class IOCG operation and one of the largest known copper-uranium-gold-silver deposits on Earth.

Joint Venture Structure

Fortescue has already spent approximately A$7.3 million toward that A$11 million earn-in threshold. Consequently, the programme is substantially advanced and Tasman continues to benefit from fully funded exploration at no cost to the company.

What Is the Geophysics Telling Us?

Recent magnetotelluric (MT) surveying at the Titan West area has delivered a compelling result. A deep conductive feature has been identified, modelled as either:

• A conductor extending to ~1,000 m depth into basement from ~620 m below surface; or
• A conductive body with resistivity of approximately 30–50 ohm-metres, extending to depths of at least 2–3 km, correlating with a modelled dense body from gravity data

This type of geophysical signature is consistent with the kind of deep-seated, large-scale features associated with IOCG mineralisation systems. In addition, historic drilling at the Vulcan prospect within the same project area provides direct evidence of copper mineralisation at depth:

Fortescue has confirmed it intends to drill the Titan West prospect in CY 2026.

Parkinson Dam Project: Six Independent-Validated Drill Targets Across Multiple Commodity Types

The 100%-owned Parkinson Dam Project in South Australia is Tasman's primary self-funded exploration asset. It targets a large multi-metal hydrothermal system with exposure to gold, silver, copper, zinc, and lead, spanning multiple geological target styles including epithermal, IOCG, and porphyry.

What Sets Parkinson Dam Apart?

An independent geophysical review by Archimedes Consulting has validated six priority drill targets (T1–T5 and T2b) using integrated datasets including high-resolution gravity, magnetics, IP, and resistivity. The targets include:

• Pipe-like features extending to depths of >1,500 m and locally >5,000 m
• A newly interpreted circular gravity feature (~500 m radius) directly beneath the PD63 prospect at approximately 1,100 m depth, interpreted as a potential intrusive or feeder source to overlying mineralisation
• Drill hole designs completed for initial testing of all six targets

Historic High-Grade Gold-Silver at PD63

The PD63 prospect provides tangible evidence of the system's mineral potential:

These figures represent historically reported results from 2007 and are not indicative of a defined Mineral Resource. However, they do confirm that high-grade precious metals mineralisation exists within the system, and that the newly identified deep feeder structure sits directly beneath where those results were obtained.

Understanding IOCG Deposits: Why Does Location Matter?

What Is an IOCG Deposit?

IOCG stands for Iron Oxide Copper Gold. These are a class of ore deposits characterised by abundant iron oxide minerals (magnetite or hematite), low titanium content, copper and gold as the primary economic metals, and an association with large-scale crustal structures.

Why Does It Matter for Investors?

IOCG deposits can be genuinely world-scale. Olympic Dam, located approximately 30 km south of the Lake Torrens tenure, is one of the world's largest known copper deposits and also hosts significant uranium, gold, and silver.

The Gawler Craton, where Tasman's Lake Torrens project sits, is the same geological province that hosts Olympic Dam, making it a highly prospective address for IOCG exploration. The presence of large gravity anomalies, deep conductive features detected by MT surveying, and historic copper intersections all indicate a large-scale geological system consistent with this deposit style.

Glossary of Key Terms

2026 Milestones: What Are Investors Watching?

Both projects are at advanced planning stages, with drilling contingent on the completion of Aboriginal Heritage Clearance processes currently underway. Tasman Resources' $4 million placement and Lake Torrens Parkinson Dam drilling plans position the company for a news-rich year ahead.

The Investment Thesis: Dual Catalysts, Low-Cost Exposure

Tasman's current setup presents a relatively uncommon combination in small-cap exploration. Specifically, the following five factors underpin the thesis:

1. Carried interest in a Fortescue-funded JV — Tasman retains 49% of the Lake Torrens project without contributing further capital, while Fortescue advances an A$11 million earn-in programme. The drill programme at Titan West is fully funded by the JV partner.

2. 100% ownership of a multi-target gold-silver-copper project — Six independently validated targets at Parkinson Dam, with historic high-grade results and a newly identified deep feeder structure, provide multiple shots at discovery from a single programme.

3. Strong balance sheet — Post-placement cash of over $5 million, augmented by a ~$16.9 million listed equity holding in EDE, means Tasman is not reliant on further capital raises to execute its 2026 programmes.

4. No placement fees paid — The company-led raise preserves capital efficiency, with proceeds going directly to the drill bit rather than intermediaries.

5. Board alignment — Director participation in the placement and performance-hurdle-based option structures for the incoming director tie board interests closely to shareholder outcomes.

Why Should Investors Keep Tasman on Their Radar?

Tasman Resources sits at an inflection point. The combination of a strengthened board, a fully funded balance sheet, and two drill programmes scheduled for 2026 creates a concentrated window of potential newsflow.

The Lake Torrens joint venture with Fortescue provides exposure to one of Australia's most prospective IOCG provinces at no additional cost to Tasman shareholders. Meanwhile, Parkinson Dam, now backed by independent geophysical validation and six clearly defined targets, gives the company its own direct catalyst pathway.

The near-term period is defined by execution: clearances, drilling, and results. Each of these steps has the potential to materially re-rate the company's perceived value, particularly if drilling at either project confirms the presence of the large-scale mineralised systems the geophysics is suggesting.

"Tasman Resources has entered 2026 fully funded and operationally ready, with two drill programmes targeting high-priority IOCG and gold-silver-copper systems across the prospective Gawler Craton. With Fortescue funding the Lake Torrens programme and placement proceeds directed to Parkinson Dam, shareholders gain dual exploration exposure without proportional capital risk. The next several months could prove genuinely transformative."

Ultimately, Tasman Resources' $4 million placement and Lake Torrens Parkinson Dam drilling plans represent a strategic positioning for material exploration newsflow in 2026, with two distinct pathways to discovery backed by strong technical validation and full funding.

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