During the 2012 Project year, Tasman Resources Ltd (Tasman) carried out the following exploration activities: • obtaining from the Kokatha Native Title claimant group's representatives, after considerable effort, some restricted Aboriginal heritage clearances that allowed for the company to drill a number of holes in the southern part of the target area at Vulcan; • drilling within said southern part of the Vulcan target in September-November 2012, 4 additional deep RC/diamond cored exploratory holes with a total penetration of 5171.8 m; • undertaking rehabilitation of these four drill sites, and further rehabilitation at previous drill sites; • maintaining geological documentation, reviewing it and making plans for ongoing investigations; • preparing a professional scientific paper in collaboration with DMITRE and other personnel who were involved under the PACE 2020 research programme, which discusses the geochronological results obtained from the dating of selected basement rock drill core samples from the Vulcan prospect [see Economic Geology, v. 108, pp. 883–894]; and • reaching an agreement with BHP Billiton for the sale/purchase by it of several of the Project's lower priority ELs/ELAs [N.B. BHP Billiton subsequently withdrew from this agreement]. All of the new holes (VUD009 to VUD012) were RC precollared through part of the sedimentary cover sequence to depths of between 96 m and 150 m, and were then continued with HQ/NQ2 diamond coring to total depths of between 1110.8 m and 1466.7 m. VUD009, drilled vertically on the western side of the main southern gravity anomaly, reached basement at 778.86 m depth, which consists of a series of IOCGU style highly altered and brecciated rocks that contain a very thick (242 m) zone of very haematite-rich breccias. Weak copper mineralisation (chalcopyrite) occurs throughout, and drill core sample assay results revealed anomalous gold mineralisation, particularly above the zone of haematite-rich breccias. VUD010 drilled with a 70 degrees south-eastwards declination was designed to test the eastern margin of the main gravity anomaly, where it was believed that the mineralised breccias found in VUD007 might join it. This hole reached basement at 858.6 m downhole depth, which consists of a variety of highly altered and weakly mineralised, IOCGU style breccias that continue to 1256.9 m (EOH). VUD011 drilled with a 70 degrees southwards declination to a total downhole depth of 1466.7 m was designed to test the central “core” of the large southern gravity anomaly. This hole reached basement at 835.66 m downhole depth, which consists of thick, IOCGU style hematite-sericite-carbonate-chlorite altered and brecciated rock. VUD012 was collared close to the collar position of VUD010, and was designed to further test the eastern margin of the main southern gravity anomaly. This hole was drilled with an 80 degrees southwards declination. It reached basement at a downhole depth of 819.7 m and was taken to a total downhole depth of 1337.4 m. The basement section drilled is again full of IOCGU style alteration and brecciation, but only weak mineralisation was intersected. During the 2013 Project year, Tasman performed more exploratory drilling at Vulcan, completing five new inclined diamond cored holes, VUD013 to VUD017, for 7171.1 m. In addition, Tasman facilitated the collection of research data for a University of Tasmania B.Sc. (Hons) student thesis project on Vulcan which was completed by G.J. Clarke (2013), entitled: "Origin of breccias in the Vulcan South IOCG prospect, Gawler Craton, South Australia". The latest holes were RC precollared through the upper part of the sedimentary cover sequence to depths of around 100 m, and were then continued on by HQ/NQ2 diamond coring. Summary results for each hole are as follows: - VUD013 was primarily designed to follow up the very thick haematitic breccias intersected in VUD009, but particularly to test the possibility that strongly mineralised rocks might be present either below or nearby to the east or west of the rocks intersected in VUD009. The hole was unsuccessful in intersecting significant mineralisation. - VUD014 was designed to again follow up the mineralisation and haematite-rich breccias intersected in VUD007, although the final collar location, azimuth and dip were varied slightly following detailed geophysical modelling by RTX personnel. It was considered unfortunate that this hole could not be drilled as a vertical or much steeper hole from a location further to the south-east; this was not possible due to Aboriginal heritage protection issues. This hole proved quite unsuccessful, failing to intersect any significant IOCGU style alteration or mineralisation. It was believed by the JV partners that the hole probably failed to reach the main mineralised trend passing through VUD007. - VUD015 was designed to test a large area of potentially dense rocks where there appeared to be a relative low in the magnetic response compared to areas immediately to the east and south-west (the nearby holes are mineralised, but VUD008 in particular had clearly shown basement rock characteristics consistent with a more “oxidised” environment favourable for higher grades). This hole intersected very encouraging thick, very haematite-rich alteration including thick haematitic breccias, as well as thick intervals of low to medium grade IOCGU mineralisation. Below 1191 m downhole depth, a 145 m thick interval averages 0.49% Cu, 0.26 g/t Au, 1 g/t Ag and 0.06 kg/t U3O8. The mineralisation in the lower part of the hole, below 1310 m downhole depth (21 m @ 1.69% Cu), exhibits a relatively high Cu/S ratio compared with other mineralisation so far intersected at Vulcan. - VUD016 was proposed after a two-month hiatus in the drilling programme aimed at obtaining from Aboriginal heritage custodians' permission to access at least one area for drilling within the large, southern portion of the main gravity anomaly at Vulcan. Access was not obtained, and therefore RTX proposed the drilling instead of a long, relatively flat trajectory (-60 degrees) hole from a site alongside the Brumby Dam access track, in an attempt to gain at least some information about this very large and possibly prospective southern area. This hole intersected a wide variety of rock types including highly altered and/or brecciated gneissic and granitic host rocks plus ?Wallaroo Group mica schist, massive grey and reddish haematitic breccias, quartz-rich grit and conglomerate, and altered igneous dyke (aplite, amphibolite) intrusive lithologies. Most of the upper part of the basement in this hole is barren, but a significant zone of low grade copper and gold mineralisation was intersected close to the bottom of the hole (from below 1475 m downhole depth, 25 m @ 0.28% Cu, 0.14 g/t Au, 0.4 g/t Ag and 0.03 kg/t U3O8). This result provided encouragement for finding new, possibly very large zones of mineralisation in the far south-western part of the Vulcan gravity anomaly. - VUD017 was designed to follow up the thick, mineralised haematitic breccias encountered in VUD007, but in a more “oxidised” part of the system, where the magnetic response is weaker and the grade of the mineralisation may be expected to be higher than VUD007. Some modifications were made to the final location of the hole collar as a result of abiding by Aboriginal heritage exclusions and in response to RTX's more detailed geophysical modelling of both magnetic and gravity data. This hole initially intersected altered and brecciated host rocks lacking significant mineralisation, before entering a thick (over 180 m) zone of mineralised haematite matrix - rich breccias. These latter rocks are very similar to those intersected in VUD007; grey haematite matrix breccias with disseminated pyrite and chalcopyrite, strong carbonate alteration, and increasingly conspicuous magnetite downhole. Drill core sample assay results for VUD017 show mineralised widths and metal tenors similar to those obtained in VUD007. The Cu/S ratio is slightly higher in VUD017 compared with VUD007, providing encouragement for finding higher grade zones further to the east. At the end of 2013, Tasman had completed a total of 12,000 m of drilling under the terms of the “Initial Exploration Agreement” it had made with Rio Tinto Exploration (RTX). At this point RTX was required to decide if it wished to withdraw from the farm-in JV arrangement, or else elect to continue by making a further cash payment to Tasman and by taking over management of exploration within EL 4322. During the 2014 Project year, Tasman did less new work than previously. Highlights included the following: - preparing an exploration summary report to fully inform RTX of current work status, as required under the terms of the EL 4322 farm in and joint venture agreement; - continuing attempts to obtain Aboriginal heritage clearances from the Native Title claimants to allow for the drilling of a number of holes within priority target areas at Vulcan; and - maintaining geological documentation, reviewing it and making plans for ongoing investigations. Early in 2014 RTX decided to withdraw from the joint venture agreement, and thereby not to contribute financially to ongoing exploration of EL 4322. This triggered an onus on Tasman to relinquish some of its project acreage in compliance with the terms of its Amalgamated Expenditure Agreement (AEA) made in 2008 with DSD. It thus relinquished, late in February 2014, ground comprising 9.4% of the area of its former holding, i.e. the whole of EL 4405 and part of EL 4206 (now EL 5366). Latterly, the licensee sought to attract potential new joint venture partners to help fund its planned exploration. In addition, it prepared a submission for a grant of support funding from DSD that was offered during December 2014 under the PACE Discovery Drilling 2015 programme. During the 2015 Project year, Tasman did no new work. The company was successful in receiving a grant of $100,000 in subsidy funds from the SA Government to help it perform further exploratory drilling at Vulcan prospect, as approved PACE Initiative Year 8 collaborative drilling project DPY8-02, but the start of the drilling campaign was postponed due to lack of availability of other necessary funds. During the 2016 Project year, Tasman entered discussions with a large overseas-based company who conducted an extensive review of available technical data for the project; however, no commercial agreement resulted from these endeavours. Consequently, Tasman remained on the hunt for a potential joint venture partner for the project. In January 2016, as part of a required tenement partial relinquishment for the year ending 31/12/2015 incurred because of not meeting its annual combined licence expenditure commitment, Tasman fully surrendered EL 5366 and also relinquished portions of ELs 5499 and 4857. Later in the year, again in accordance with the expenditure shortfall terms of the Lake Torrens Project AEA, Tasman relinquished another 10.4% of the project's combined tenement area. This consisted of the full surrender of ELs 4857 and 5465, meaning that Tasman now only held one tenement within the project, EL 5499 Andamooka North covering 1120 square km. Accordingly, it applied to to DSD for suspension of the AEA, effective from 1/1/2017. During the 2017 Project year, Tasman Resources undertook further rehabilitation at the Vulcan Prospect within EL 5499, and geophysical modelling utilising available data. Due restrictions in the availability of funds, no further field exploration work was undertaken. Discussions were entered into with potential companies and joint venture partners to extend the exploration potential of the tenement, to date no agreements had been signed. The geophysical modelling was carried out by consultant Jim Hanneson of Adelaide Mining Geophysics and highlighted the benefit of conducting further gravity surveying to the west of the Vulcan Prospect [see included report]. During the 2018 Project year, Tasman Resources undertook a detailed ground gravity survey over an area to the west of the Vulcan Prospect which was followed up with detailed geophysical modelling. Due to restrictions in the availability of funds, no further field exploration work was undertaken. Discussions were entered into with potential companies and joint venture partners to extend the exploration potential of the tenement, to date no agreements had been signed. Geophysical modelling was prepared by Jim Hannerson of Adelaide Mining Geophysics. The gravity survey was completed in January 2018 with 284 new gravity stations surveyed. The survey consisted of 2 grids with station spacings of 250 m and 500 m with line spacing of 250 m and 500 m.