Tasman Resources Reports $15.5M Cash and Plans Maiden Titan West Drill

Titan West Drilling Set to Unlock Untested IOCG Target

Tasman Resources Ltd (ASX:TAS) is preparing for a maiden drill hole at its Titan West prospect, located about 30 kilometres north of BHP’s Olympic Dam mine, a globally significant iron oxide copper gold (IOCG) system. The drilling, to be conducted by Fortescue Ltd (ASX:FMG) as part of their joint venture, aims to test a gravity and magnetic anomaly that was inadequately explored by Western Mining Corporation (WMC) in the 1970s due to an inaccurate drill hole location.

Recent magnetotelluric (MT) surveys have identified a deep conductive body extending up to 2-3 kilometres below surface, enhancing the prospectivity of the target. Fortescue plans to commence drilling in late June or July, contingent on heritage clearances and drill contractor availability. While heavy rains delayed heritage surveys earlier this year, clearances with Kokatha and Arabana Aboriginal Corporations are now scheduled for April and June respectively, representing critical milestones to access the site.

Parkinson Dam Drilling Faces Heritage Clearance Delays

Tasman’s 100%-owned Parkinson Dam project in South Australia’s Gawler Craton holds multiple untested targets across IOCG, epithermal, and porphyry styles. Historic drilling at the PD63 prospect confirmed high-grade gold and silver mineralisation, including intervals of 21 metres at 21 g/t gold and 83 g/t silver. A newly interpreted gravity anomaly beneath PD63 suggests a potential feeder source at depth, adding to the site’s exploration appeal.

However, the planned 2026 drill campaign awaits heritage clearance surveys from the Barngarla Determination Aboriginal Corporation, which has faced a backlog due to competing applications. Tasman is actively following up on survey scheduling, hopeful of progress in the coming months. These delays introduce uncertainty on the timing of drilling but do not diminish the significance of the targets identified through recent geophysical reviews.

Strong Financial Position Bolstered by Eden Innovations Stake

Financially, Tasman remains well capitalised with $15.5 million in cash and cash equivalents, including approximately $14.2 million represented by its 13.3% stake in Eden Innovations Ltd (ASX:EDE), valued at $0.185 per share as of 22 April 2026. This equity holding has grown substantially since the company’s initial investment and offers potential avenues for shareholder value realisation.

Operating cash outflows for the quarter were modest at $109,000, with the company maintaining an estimated 12 quarters of funding based on current expenditure rates. Corporate activity included welcoming 7 Enterprises Pty Ltd as a new substantial shareholder and applying for quotation of class options exercisable at $0.02 each, expiring in June 2028.

Joint Venture with Fortescue Advances Exploration

The Lake Torrens IOCG project, managed by Fortescue under a joint venture agreement, has seen $7.3 million spent to date by Fortescue toward earning a 51% interest, with potential to increase to 80% by funding a total of $11 million. The Titan West prospect is the current focus following the MT survey results and gravity modelling. Fortescue’s commitment to progressing the drilling program despite access challenges reflects confidence in the target’s potential.

This update builds on previous reporting of Fortescue’s heritage survey plans and drilling preparations earlier this year, highlighting the ongoing efforts to advance exploration amid logistical and regulatory hurdles heritage survey delays. Tasman’s active engagement with Aboriginal groups and pastoral stakeholders remains central to facilitating access and minimising delays.