On April 21, 2022, Tasman Resources Ltd. (Tasman) announced that it had received a notice from FMG Resources Pty Ltd. (Fortescue), advising that it has satisfied the Initial Earning Obligation by expending in excess of the minimum Farm-in Expenditure of $4,000,000 within the Initial Earning Period on Exploration License 6416 (EL 6416), pursuant to the Lake Torrens Farm In & Joint Venture Agreement (Lake Torrens FJVA) entered into on June 13, 2019, and in consequence had earned a 51% Initial Interest in EL 6416 and a corresponding Joint Venture Interest. As also announced, Fortescue had 60 days from the earning of the Initial Interest of 51%, within which to give Tasman the notice of its election to earn an additional 29% Joint Venture Interest (Additional Interest). Subject to the terms of the Lake Torrens FJVA, Fortescue may earn the Additional Interest (and increase its Joint Venture Interest to 80%) by sole funding a further AUD 7,000,000 plus GST on exploration expenditure within a further 5-year period.

Fortescue will not be entitled to the Additional Interest if it does not sole fund this amount during the relevant period or elects to discontinue. On May 26, 2022, Fortescue gave notice to Tasman that it has elected to earn the Additional Interest subject to the terms of the Lake Torrens FJVA. Subject to the terms of the Lake Torrens FJVA, Fortescue will continue as the manager during the future operation of the Joint Venture.

Fortescue's current drilling program at Vulcan South is ongoing. Tasman will provide a market update when Fortescue provides further information.