Tasman Resources : EdenCrete - US Market Update

For personal use only

ACN 009 253 187

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

31 MAY 2022

EDENCRETE® - US MARKET UPDATE

Please see attached an ASX Announcement by Eden Innovations Ltd (ASX: EDE) for further details.

Background

Tasman through its wholly owned subsidiary, Noble Energy Pty Ltd, holds 684,534,029 fully paid shares in Eden representing 29.56% of the total issued capital of Eden Innovations Ltd.

Aaron Gates

Company Secretary

Level 15, 197 St George's Terrace, Perth, Western Australia 6000

Telephone: [phone]

Email: [e-mail]

For personal use only

ACN 109 200 900

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

31 May 2022

EDENCRETE® - US MARKET UPDATE

This EdenCrete® US market update, provided by Eden Innovations Ltd (Eden) (ASX: EDE), of recent activity where sales are occurring in 11 US states, in 4 states sales are considered likely, and high priority targets in other states and Canada.

HIGHLIGHTS

• EdenCrete® is now being sold in 11 US states:

• • Colorado
  • Florida
  • Georgia
  • Mississippi
  • Nevada
  • North Carolina
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
• EdenCrete® is considered likely to be sold in a further 4 US states:
• • Alabama
  • California
  • Louisiana
  • Massachusetts
• Canada and a number of other US states (particularly in mid-upper USA such as

Wisconsin, Minnesota and Iowa where there are a higher percentage of concrete highways currently in service) are high priority targets for future EdenCrete® sales.

• Major focus - Eden's current major market focus is on the following market sectors: o US infrastructure (including highways, bridges, ports, airports, dams and water
  services) with emphasis on sustainability and durability, o Shotcrete applications and swimming pools,
  o Warehouses and hard stand areas,
  o Low and high-rise construction, and stadiums, o Architectural and engineering firms.

Eden Innovations Ltd | Telephone [phone]

Level 15, 197 St George's Terrace, Perth, Western Australia 6000, Australia | EDENINNOVATIONS.COM

For personal use only

DETAILS

The following is a summary, state by state, of the most important, recent activity that has or is taking place, or is being planned for the US EdenCrete® market. Additionally, engagement with the Canadian market is also being planned.

This summary does not list all projects, and in particular does not list sales that are made to regular, repeat commercial customers, such as ready-mix suppliers and shotcrete contractors in a number of US states.

• California
• • Continuing to expand into CA swimming pool market

• • • Trials undertaken with multiple exposed aggregate pool finish companies representing multiple corporate entities in the pool market
  • Fire suppression permanent water storage tank
  • • EdenCrete® selected for use in Bayside, CA for a fire suppression, permanent water storage tank - a small job but opens an entirely new US EdenCrete® market.
  • Architectural panels
  • • Landmark Stone in Olivehurst, CA producing architectural panels using EdenCrete® that delivers up to 12,000 psi (82 MPa) compressive strength, which, without EdenCrete®, they previously could not achieve.
• Colorado
• • EdenCrete® specified in an elevated slab project by Martin & Martin Engineering firm (the same firm which has specified EdenCrete® for multiple Empower Field Stadium repair projects that have taken place)
  • • First pour -May 24 - concrete supplied by Smyrna Ready Mix (SMR):
    • The project includes installing a 6-inch concrete overlay on top of an elevated deck that is both an entrance round-about and roof for underground carpark.
    • Approximately 300 yd3 of concrete - EdenCrete® dosage rate of 1gal/ yd3
    • This is the first placement of EdenCrete® concrete being supplied by SMR.
  • EdenCrete® being used in flatwork, shotcrete, and vertical walls for the Trimble Hot Springs refurbishment project - requires more than 300 yd3 of concrete.
  • • Owner of Trimble Hot Springs is very pleased with the EdenCrete® enhanced concrete which was specified for use in the project by the project engineer.
    • An additional building for the same facility is planned to be built in 2023 and EdenCrete® is to be included in the concrete mix specifications.
  • Chimney Hollow Reservoir, Loveland , CO 4,000 yd3 shotcrete project
  • • This project is for facing in water tunnels (vertical and horizontal) used for both in-flowing (filling) and out-flowing (emptying) water.
    • Overhead shotcrete test to be conducted in coming weeks for stack-ability and over-hanging adherence. Permeability and abrasion resistance will also be evaluated, and EdenCrete® may also be considered for inclusion in dam spillway.
  • QTS Data Centre CO, design phase, 10,000 yd3 total concrete required.
  • • EdenCrete® being considered for abrasion resistance and durability. Project is expected to break ground in next 2-3 months

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• Adams Co Fire training facility, 3,000 yd3 total concrete required.

• • • Currently in funding phase with EdenCrete® being considered for durability.
    • Anticipated to begin next month.
  • Harvard Specialty Metal Recycling Transfer station slab
  • • EdenCrete® specified for abrasion resistance use at 1 gal/ yd3.
    • 400 yd3 slab to begin in next month
  • Growth in shotcrete and ready-mix markets
  • • Continuing customer and sales growth in Colorado shotcrete and ready markets
• Florida
• • Freedom Construction - Concrete company with volumetric trucks
    o Very successful trial of EdenCrete® in large shotcrete pool shell for Waterford Pools based in Jacksonville, FL.
    o Waterford have advised they will ask for EdenCrete® in all their pool shells and Freedom is a primary subcontractor for them
  • Growing shotcrete market in Florida
    o As is happening in other states, EdenCrete® is being more widely used in shotcrete applications.
• Georgia
• • GDOT - Current GDOT projects under construction or scheduled to start
  • • I675/75 Full depth slab replacement o Estimated 10,200 yd3 of concrete.
      o Estimated 21,400 gals of EdenCrete®. o $535,000.00 in revenue
      o Project partly completed.
      o The next tanker delivery anticipated in mid-June 2022
    • I-20repair near Thomson, GA
    • • Approx. 2200 yd3 for concrete
      • Approx. 4400 gallons for EdenCrete®
      • $110,000.00 in revenue

• • • 1,060 gallons ordered and delivered to date.
    • Approx. a further 3,340 gallons required to finish the job
  • Two-yearbridge trial on Little River bridge - testing of concrete
  • • Coring of the concrete for testing was undertaken on May 24, 2022.
    • Chloride ion diffusion analysis and Life Cycle improvements to be tested
    • Final results available in approximately 75 days.
  • GDOT # 2366 District 7 Maintenance and repair Fulton/Cobb Co
  • • 500 yd3 of concrete
    • 1000 gallons of EdenCrete®
    • $25,000.00 in revenue
    • Project, approx. 60% completed, currently on hold due to of concrete shortage.
• GDOT Upcoming Projects
• • GDOT Gwinnet County- Hwy 316
  • • Lawrenceville/Dacula Hwy 316
    • 1500 yd3 of concrete
    • 3,000 gallons of EdenCrete®

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• • • $75,000.00 in revenue
    • Start date likely in early July 2022.
  • GDOT T32-D7 PCC I-285
  • • Fulton Co Ga. maintenance slab replacement
    • 480 yd3s of concrete
    • 960 gallons of EdenCrete®
    • $24,000.00 in revenue
  • GDOT T32-D7 PCC Slab Replacement I-85 Fulton Exit
  • • Full depth slab replacement
    • 480 yd3of concrete
    • 960 gallons of EdenCrete®
    • $24,000.00 in revenue
  • GDOT T32-D7 PCC I285
  • • 750 yd3of concrete
    • 1,500 gallons of EdenCrete®
    • $37,000.00 in revenue
  • GDOT T32-D7 PCC I-75
  • • 250 yd3 of concrete
    • 500 gallons of EdenCrete®
    • $12, 500.00 in revenue.
• Massachusetts
• • United Shotcrete (https://unitedshotcrete.com/)
  • • Participated in the shotcrete trial with R&W in Pennsylvania
    • Very impressed with fresh properties of EdenCrete® enhanced concrete
    • Ongoing discussions for regular use and in exposed aggregate pool finishes
• Mississippi, Tennessee, Louisiana and Alabama
• • Delta Industries, with over 30 ready-mix plants in 4 states, entered into bulk supply agreement (see Eden ASX Announcement -26 May 2022)
  • • 3-yearbulk supply agreement -Tennessee, Mississippi, Louisiana and Alabama
    • Cancellation available by either party with 90-day notice after 18 months.
    • 3 x 1,000-gallon bulk storage tanks being supplied by Eden at 3 different facilities (2 in Tennessee and 1 in Mississippi).
    • First orders will be for an aggregate 3,000 gallons to fill all 3 tanks, delivered by tanker ($75,000 in revenue) starting in mid-June 2022.
    • Initial use for shotcrete projects - the customers will be shotcrete contractors who were involved in the trials and who are asking for EdenCrete® use
    • Delta plans to develop other EdenCrete® concrete mixes depending on the objectives of each project.
• North Carolina
• • Executive Pools (Charlotte, NC)

• Using EdenCrete® in all shotcrete pool shells-- concrete provided by Macleod Concrete.
• Featured in Aqua Magazine article on EdenCrete® in forthcoming June addition.

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