Tasman Resources Accelerates Copper-Gold Exploration at Lake Torrens and Parkinson Dam with Fortescue Drilling Set to Begin

Lake Torrens JV With Fortescue: Titan West Drilling to Commence Soon

Tasman Resources holds a 49% stake in the Lake Torrens project, situated about 30 kilometres north of BHP’s Olympic Dam mine in South Australia under Exploration Licence 6416. The project is operated by FMG Resources Pty Ltd, a Fortescue Ltd wholly owned subsidiary holding 51%, having earned its interest through a farm-in and joint venture agreement signed in May 2022. Fortescue has shown ongoing commitment, reporting $7.62 million in expenditures since the agreement and retaining the option to increase its interest to 80% by sole funding an additional $11 million.

The Lake Torrens project includes three key IOCG prospects: Vulcan, Titan, and Titan West. During the June 2026 quarter, Fortescue advanced preparations for a major drilling campaign targeting the Titan West prospect, an untested target within the iron oxide-copper-gold system. The program involves two diamond drill holes aimed at testing gravity, magnetic, and conductivity anomalies identified from prior geophysical studies. Fortescue has engaged a preferred drill contractor and plans to mobilise an RC rig for pre-collars followed by a diamond rig. Drilling is scheduled to start in late August or September 2026, with operations expected to be underway before the end of the September quarter.

Aboriginal Heritage Surveys and Regulatory Approvals Progress at Titan West

Significant regulatory and stakeholder engagement milestones were achieved during the quarter, with Aboriginal Heritage Surveys completed for Titan West. These surveys involved the Kokatha Aboriginal Corporation on 21 April 2026 and the Arabana Aboriginal Corporation on 9 June 2026, with final reports received by quarter-end. This engagement is a vital step in securing drilling approvals and underscores Tasman’s commitment to consulting native title holders and Aboriginal communities in South Australia.

A Program for Environment Protection and Rehabilitation (PEPR) application for the Titan West diamond drilling was submitted to the Department for Energy and Mining on 6 May 2026 and is awaiting approval. Ongoing engagement with the landholder and station manager continues, with weekly updates on exploration progress and scheduling. During the quarter, significant track maintenance and upgrades were conducted to repair damage from heavy rainfall earlier in the year, ensuring timely drilling mobilisation.

Geological and Geophysical Work Supports Titan West Drill Planning

Fortescue continued detailed geological and geophysical assessments of Titan West to refine drill targets. Four core samples from historic drillholes Ti05, Ti07, and Ti011 at Titan East were sent to Adelaide University for U-Pb geochronology analysis of zircons to better understand mineralisation age and genesis. Additionally, SCIP measurements, magnetic susceptibilities, and dry bulk densities were collected from 39 historic samples, while portable X-ray fluorescence (pXRF) data were gathered at 1-metre intervals on basement core from Ti06 and Ti07. Photographic records of core samples were created for future reference.

No new geophysical data was acquired this quarter, but existing 2D and 3D potential field models continue to be analysed to guide drill site selection. The two planned Titan West drill holes are strategically positioned to test gravity, magnetic, and conductivity anomalies, reflecting a data-driven approach to maximise exploration value.

Parkinson Dam 100% Owned by Tasman: Expanded 20-Hole Drilling Campaign Based on New Targets

Tasman’s Parkinson Dam project, located on the southeastern margin of South Australia’s Gawler Craton, is being developed as a district-scale exploration play targeting copper, gold, silver, lead, and zinc. During the quarter, Tasman completed a detailed project review with Archimedes Consulting and geologist Tony Belperio, identifying 20 new exploration targets spanning epithermal, IOCG, and porphyry deposit styles. These targets replace six earlier ones referenced since 2024, reflecting an evolved exploration strategy based on accumulated data.

The new target framework integrates recent geophysical data collected over two years, regional datasets, and results from an 80-hole drilling campaign conducted between 2006 and 2009. Historic drilling at the PD63 prospect confirmed high-grade gold and silver mineralisation, including a 21-metre intersection grading 21 g/t gold and 83 g/t silver, with a 9-metre higher-grade zone averaging 31 g/t gold and 152 g/t silver. These results validate the project’s significant mineral potential and support the expanded drilling plan.

Funding and Timeline for Parkinson Dam Drilling Program

Tasman has secured funding to support the expanded Parkinson Dam drilling through a $4.025 million placement completed on 8 June 2026 and $600,000 from Eden Innovations listed options sales, totalling $4.625 million. These funds enable the execution of the 20-hole drilling campaign.

Drilling is targeted to commence in September 2026, subject to rig availability. All 20 targets are untested by drilling. The company progressed its Aboriginal Heritage Survey application, initially submitted to the Barngarla Determination Aboriginal Corporation (BDAC) in November 2025. The survey was conducted on 1 July 2026, with the report pending. Following receipt, Tasman plans to lodge a PEPR application for drilling approval with South Australian authorities.

Historic Drilling Success and Mineralisation at Parkinson Dam

Between 2006 and 2009, Tasman completed 80 drill holes across Parkinson Dam, generating extensive geological and geochemical data. The PD63 prospect yielded notable high-grade gold-silver mineralisation, including a 21-metre intercept averaging 21 g/t gold and 83 g/t silver, with a 9-metre section grading 31 g/t gold and 152 g/t silver. These results, reported in company updates dated 14 and 19 June 2007, demonstrate the project’s capacity to host economically significant mineralisation.

The recent target redefinition by Archimedes Consulting and Tony Belperio builds on over 15 years of regional exploration, incorporating advances in geophysical techniques and target generation methodologies. The identification of 20 new targets across multiple deposit types broadens the exploration scope beyond previous priorities.

Regulatory and Native Title Engagement for Drilling Approvals

Both Lake Torrens and Parkinson Dam projects comply with South Australian regulations requiring Aboriginal community and government engagement before drilling. At Lake Torrens, Aboriginal Heritage Surveys with the Kokatha and Arabana Aboriginal Corporations were completed during the quarter, with final reports received. The PEPR application lodged on 6 May 2026 is pending government approval, a prerequisite for diamond drilling.

For Parkinson Dam, the Aboriginal Heritage Survey submitted to BDAC in November 2025 was completed on 1 July 2026. Once the report is finalised, Tasman will prepare and submit its PEPR application. This sequential process—heritage survey followed by government approval—is standard for mineral exploration drilling in South Australia. The Lake Torrens JV also maintains weekly communication with landholders and station managers on exploration progress and scheduling.

Exploration Risks and Operational Challenges

Tasman acknowledges that exploration timelines face operational and logistical risks. While Titan West drilling is expected before the end of September 2026, potential delays may arise from land access, stakeholder engagement, and drill contractor availability. Similarly, Parkinson Dam drilling depends on rig availability, which has already delayed Lake Torrens drilling from earlier planned dates to late August or September 2026.

Weather impacts were encountered, with heavy rainfall in early 2026 damaging access tracks at Lake Torrens, necessitating repairs before drilling could proceed. Exploration results are inherently uncertain, with no guarantee of intersecting targeted mineralisation. As an early-stage explorer, Tasman’s Titan West program involves only two drill holes, and all 20 Parkinson Dam targets remain untested. Exploration plans may be adjusted based on results or operational factors, and investment in exploration does not ensure economic mineral discoveries.

Fortescue’s Strategic Investment and Joint Venture Structure

Fortescue’s participation via FMG Resources in Lake Torrens reflects strong confidence in the project’s potential. Having earned a 51% interest through the May 2022 farm-in JV agreement, Fortescue has invested $7.62 million to date and retains the option to increase its stake to 80% by sole funding an additional $11 million. This earn-in structure allows Fortescue to expand its ownership as exploration progresses.

The farm-in arrangement ensures operational continuity with Fortescue managing exploration activities, while Tasman benefits from its partner’s technical expertise, resources, and capital. Fortescue’s ongoing investment in drilling and exploration during the quarter, despite industry cyclicality, highlights the project’s strategic importance. The planned two-hole diamond drilling program at Titan West validates the prospectivity of the project’s geology and geophysical targets identified through prior work.