The Gold Report

Tasman Metals Ltd. TICKER: TSM:TSX.V; TAS:NYSE.A; TASXF:OTCPK; T61:FSE Visit Company Website Tasman Metals Ltd. is a Canadian mineral exploration and development company focused on rare earth elements (REE) in Europe. Tasman's flagship project is Norra Karr, located in infrastructure-rich, mining-friendly Sweden. The project is the fourth-largest heavy rare earth element project in the world and the only NI-43-101-compliant REE mineral resource in mainland Europe. The Inferred resource of 60.5 Mt. averages 0.54% total rare earth oxide with 53% heavy rare earth oxide that is unusually rich in yttrium and dysprosium and can secure an REE metal supply for Europe for many years.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Critical Metals Report Interview with Carolyn Dennis (5/1/12) "Our first group is what we call the zirconosilicates. These deposits typically contain a high portion of heavies. The main mineral in this group is eudialyte. That has yet to be commercially processed, but advancements are being made. Tasman Metals Ltd. is one of the companies in this group. . .Tasman has a number of advantages besides being in mining-friendly Sweden and strategically located close to able and willing markets and infrastructure. The Norra Karr deposit ranked No. 1 on our critical elements list. The deposit has about 54% heavies, which should maintain their value over time and remain in demand. The deposit also has very low thorium and uranium contents and the potential to benefit from byproduct economics, including zirconium, which it is working on. . .its PEA said that it was going to produce a mixed REE carbonate. We believe it can sell it to either an end user that is a component manufacturer or potentially a midstream player that could process it and sell it to end users. Given Tasman's location, there are a number of chemical companies in Europe that could be interested." More >

The Critical Metals Report Interview with John Kaiser (4/24/12) "What distinguishes projects such as Tasman's Norra Karr. . .is that [its] deposit offers the full spectrum of rare earths from lights to heavies. Because NEO is also involved with the fabrication of zirconium metal products, I would expect Molcorp to be interested in. . .Tasman, whose heavy rare earth deposits will also include a zirconium credit. . .Tasman [is] just starting prefeasibility work. . .I would expect [Tasman] to break ground in mid-2016, followed by commercial production in 2017, assuming everything goes smoothly. . .the location of Norra Karr in southern Sweden close to infrastructure will shorten the development timeline." More >

David Zurbuchen, Seeking Alpha (4/20/12) "We identified Tasman Metals Ltd. as the key go-to heavy rare earth elements developer. . .grade of course is just one factor in valuing a deposit and perhaps more important is development potential—things like proximity to infrastructure and power, climate, the ability to mine using a low-cost open pit, etc.—Tasman's Norra Karr scores highly on all of these measures, while its heavy, heavy rare earths component actually means that its rock still ranks among the most valuable of its peers. . .in particular the low-strip open-pit potential, road access and low thorium/uranium content of the deposit are second to none."

The Gold Report Interview with Brien Lundin (4/6/12) "Another play that I like is Tasman Metals Ltd. It recently released an impressive PEA on its Norra Karr project in Sweden. The key to this project has always been its location as a source of critical metals and rare earth metals supply to Europe, breaking that market's lifeline to China. Then it released this PEA that showed a $1.46B NPV at a 10% discount rate. These numbers are stunning because most investors in the market regarded this project as being middle of the road. It's a really remarkable project and one of the most undervalued plays out there—much to my dismay because I am a long-time shareholder. But the company has much brighter days ahead of it." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/2/12) "Prospects for Tasman Metals Ltd.'s Norra Karr heavy rare earth and zirconium project in southern Sweden recently received a boost from the release of a preliminary economic assessment on the property; highlights from the study include a pretax net present value (discounted at 10%) of $1.46B and a pretax internal rate of return of 49.6%. Norra Karr is projected to generate $5.3B in revenue in its first 20 years of operation and $10.9B in revenue over the 40-year life of the mine. . .the company is still a Buy."

• Corporate Fact Sheet (1/1/12)
• Tasman Metals Story (3/28/11)

• Click Here for TSM's Corporate Presentation

(4/11/12) TSM: Building Momentum

(3/22/12) Tasman PEA Shows Unique Advantages

Tasman Metals Corporate Video

(1/26/12) TSM: Quality HREEs

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