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March 2014

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TASM

AN

MET

ALS

LT

D

www.tasmanmetals.com

Uniquely placed,

exploring for high

value critical

metals in Europe

Moving from

discovery to

development of one of

the worlds major REE resources

Mark Saxon – President & CEOmsaxon@tasmanmetals.com

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Corporate DisclaimerSome of the statements contained in the following material may be "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Tasman Metals Ltd. (“Tasman”) believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Tasman based on information currently available to Tasman.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Tasman to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Tasman. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete intended financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world metal markets, changes in equity markets, changes in laws or regulations, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Tasman disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Cautionary Note to U.S. Investors Concerning Mineral Resources and Reserves: In this presentation, the definitions of “mineral resources” are those used by the Canadian securities administrators and conform to the definitions utilized by CIM in the “CIM Standards on Mineral Resources and Reserves – Definitions and Guidelines” adopted on August 20, 2000 and amended December 11, 2005.

The standards employed in estimating the mineral resources referenced in this presentation differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”) and the resource information reported may not be comparable to similar information reported by United States companies. The term “resources” does not equate to “reserves” and normally may not be included in documents filed with the SEC. “Resources” are sometimes referred to as “mineralization” or “mineral deposits.” While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. The terms “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM. These definitions differ from the definitions in the SEC’s Industry Guide 7 (“SEC Industry Guide 7”) under the Securities Act of 1933. As such, information contained in this presentation concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by United States companies in SEC filings.

The estimation of measured, indicated and inferred mineral resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned (i) not to assume that measured or indicated resources will be converted into reserves and (ii) not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. It cannot be assumed that the Company will identify any viable mineral resources on its properties or that any mineral reserves, if any, can be recovered profitably, if at all.

The qualified person for the Company's exploration projects, Mark Saxon, President and Chief Executive Officer of Tasman and a Fellow of the Australasian Institute of Mining and Metallurgy and Member of the Australian Institute of Geoscientists, has reviewed and verified the contents of this presentation.

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Tasman’s Corporate Vision

“To provide the foundation to a long lived and sustainable European rare earth element

supply chain”

REE’s provide the ideal material properties for modern society …..…

Efficiency enhancementWeight reductionAccess to E - mobilityEmission reductionMiniaturisationDurabilityPerformance

..….. a European supply chain will be sustainable, secure and have a low environmental impact, so REE’s

can be engineered for generations to come.

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Tasman Snapshot

100% ownership of two of the worlds most

significant heavy rare earth element projects in a safe and stable mining

jurisdiction

100% ownership of northern Europe's

largest historic tungsten producer with extensive

exploration assets

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March 2014

5Standing out from the Crowd

Canadian company focused on “high-tech” metals in particular Rare Earth Elements (REE) in Europe ;

Tasman owns 100% of two Canadian Institute of Mines (CIM) compliant REE resources within the European Union ;

Flagship project is Norra Karr, the 4th largest heavy REE (HREE) deposit in the world. One of the highest percentage of HREE to TREE at over 50% ;

Secondary project is Olserum, with a simple mineralogy supporting a well established flow sheet ;

Projects have excellent on site infrastructure with power, roads and water on site as well as rail within 20km. Sweden is a mining country;

Norra Karr has a 40 year mine life or more. Deposit remains open at depth. Recently published very positive PEA – NPV of $1.46 billion (#) with conservative metal pricing.

Tasman was recently granted a Mining Lease for Norra Karr, which gives Europe the opportunity to be the leader in HREE from 2016 ;

Completed $5 million over-subscribed financing in February

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CANADA: TSXV : TSMNYSE-MKT: TASFRANKFURT: T61

DAILY TURNOVER: 50,000 shares

INSIDERS: 16%

MAJOR SHAREHOLDERS: NEW YORKSWITZERLAND

ANALYST COVERAGE 3 BROKERS

PEER COMPANIES: TSX: AVL, QRMASX: NTU

SHARES ON ISSUE: 64.8 M

FULLY DILUTED: 72.1 M

RECENT PRICE: C$ 1.60

52 WK HIGH/LOW: C$2.08/$0.51

MARKET CAP: C$ 82.9 M

CASH (March 2014): C$ 9.1* M

ENTERPRISE VALUE: C$ 78.5 M

Tasman – Capital Structure

* Recently closed $5 million financing @ $1.10

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REE’s – What Are They ?

RE - OxideREO Price

($/kg)

Light REO

Lanthanum (La) $ 7

Cerium (Ce) $ 7

Praseodymium

(Pr) $ 96

Neodymium (Nd) $ 63

Samarium (Sm)$ 9

Heavy

REO

Europium (Eu) $ 925

Gadolinium (Gd) $ 47

Terbium (Tb) $ 725

Dysprosium (Dy) $ 505

Holmium (Ho) N.A.

Erbium (Er) N.A.

Thulium (Tm) N.A.

Ytterbium (Yb) N.A.

Lutetium (Lu) N.A.

Yttrium (Y) $ 19

Sou

rce:

Met

als

Pag

es, A

ug 2

013

Rare Earth Elements (REE’s) are 15 metals that occur naturally in the environment ;

They have unique chemical characteristics that place them in demand for green technology, energy efficiency and medical applications ;

97% of REE supply is currently from Chinese mines ;

REE’s are often classed as HEAVY or LIGHT based on chemical characteristics ;

HEAVY and LIGHT REE’s have markedly different prices due to availability, cost of production and demand ;

REE’s do not occur in nature in same ratio they are consumed. There is no one single market for all REE’s ;

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REE Price History 2010 - 2013

Long Term $2 - 8 Long Term $60 - 100

Long Term $20 - 50 Long Term $600 - 800

“REE prices will stabilize, reflecting a “new REE paradigm”. This new paradigm shall be based on industrially acceptable pricing, and incorporate the environmental costs of the Chinese REE industry, whilst placing value on a secure REE supply

chain.”

Heavy REE pricing is stabilizing at 100 – 300% above 2010 prices. No Western world supply anticipated before 2016 ;

Light REE pricing is stabilizing at lower levels, due in part to stable supply from Lynas Corp (11,000 tpa) and Molycorp (19,050 tpa) ;

The price peak/scare of 2011 was short-lived, when consumers relied upon stockpiles. Some permanent Ce and La market was lost due to a greater investment in REE recycling in the glass polishing industries ;

Source: Metals Pages, 2013

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Pow

er

Long term low cost supply has lead to the

Jack Lifton, REE Industry Commentator : “Norra Karr is the most important deposit

Application of REE Permanent Magnets

in the western world for permanent magnets”

intensive use of REE magnets

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Application of REE Permanent Magnets

And today's magnets are smaller still….

Electric motors account for 45% of energy consumed, as

mechanical energy is converted to electrical energy

REE Bearing Permanent Magnet Motors are up to 20% More Efficient than

Induction Motors

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Tasman – A Unique Setting

Light REE Resource Project

Heavy REE Resource Project

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Wigu

Hill

Kanga

nkunde

Storkw

itz

Xiluvo

(JV)

Hoidas Lak

e

Sarfa

rtoq

Cummins Ran

ge

Clay-H

owells

Steen

kampskr

aal

Lofdal

Wolve

rine

Mountain Pass

Laverg

ne-Sprin

gerBoka

n

Ashram

MHREO

Glenove

r (JV)

Olseru

m

Kutessay

II

Foxtr

otArax

á

Two To

m

Songw

e

Nguall

a

Kipawa (

JV)

Mount Weld

CLD

Nolans B

ore

Mount Weld

Duncan

Montviel

Bear L

odge

Hastings

Zandko

psdrift

(JV)

Niobec DZP

Ashram

Main

Norra Kärr

Nechala

cho

Kvanefj

eld

Stran

ge La

ke

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

TO

TAL

MIL

LIO

NS

OF

TO

NN

ES O

F H

REO

IN R

ESO

UR

CEPotential Heavy REE Sources

REE Resource Projects with Grade > 0.1% : Projects Sorted by Contained HREO

Projects lie in northern parts of Canada and Greenland, requiring

substantial infrastructure and capital > US$1 billion

PEA capital estimate less than $300 million

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0 0.2 0.4 0.6 0.8 1 1.2 1.40

10

20

30

40

50

60

70

80

90

100

30.72

14.61

3.47

21.03La2O3CeO2Pr6O11Nd2O3Sm2O3Gd2O3Tb4O7Dy2O3OTHER REOY2O3

22.52

11.31

4.25

34.55

La2O3CeO2Pr6O11Nd2O3Sm2O3Gd2O3Tb4O7Dy2O3OTHER REOY2O3

Olserum (xenotime)

Norra Karr (eudialyte)

% H

RE

O/T

RE

O

HREO GRADE (%)

REE Distribution – High Value

Both Norra Karr and Olserum are enriched in the high value heavy REE’s. Norra Karr has potential to be a major global

supplier of Y, Dy and Tb.

Project grades are shown against all REE resource stage projects based on the data of Technology Metals Research. Projects with higher HREO/TREO % are less than 1/3 the size of Norra Karr

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Excellent Market Access

100 km

NORRA KARR

0.25 km

Intrusion outline

MAJOR MINE

MAJOR PORT

OLSERUM

Sweden is a net exporter of sulphuric acid, one of Tasman’s key process requirements. Sulphuric acid is transported regularly on the train line that passes Norra Karr

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Norra Kärr – Project History

Discovered in 1906;

Explored by Boliden AB for nepheline in the late 1940’s, and for Zr/Hf in the 70’s;

Relinquished in 2001 and data only made available in 2009;

Declared “project of National Interest” in 2002 preventing conflicting land use;

Tasman claimed the ground in mid-2009;

First drilling in December 2009, now in excess of 100 holes, 12,000 metres;

First CIM (NI43-101) compliant resource November 2010;

PEA in 2012 with a post-tax NPV > $900 million at 12% discount ;

25-year Mining Lease granted in late 2013

PFS underway to deliver late 2014

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Section D

Section B

Section BC

Section C

Section CD

Section EF

Section FG

Section F

Section DE

Section E

0 200m

Completed DDH:songoing program

Remaining DDH:sOngoing program

DDH:s earlier drill-program

Simple Geological ModelGTC (not in resource)0.3% TREO, 65% HREO

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AUG 2013

100 m

TREO = Total Rare Earth OxideHREO = Heavy Rare Earth Oxide

PGT (70% of resource)0.65% TREO, 50% HREO

GTM (30% of resource)0.5% TREO, 40% HREO

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Norra Karr - CIM Compliant Resource

HIGH POWER MAGNETS

LOW POWER LIGHTING

Tonnes TREO HREO LREO HREO/ Dy203 Pr203

Nd203

Sm203 Y203 Tb203

MT % % % TREO % % % % % % %

Indicated (1)

41.6

0.57 0.29 0.28 51 % 0.0250.01

60.06

30.017 0.197 0.004

Inferred(1) 16.5

0.64 0.31 0.33 49 % 0.0250.01

90.07

50.019 0.218 0.004

Mineral Resources – In Pit (40 Year Mine Life, Nominal Cut off 0.17% TREO)

ZrO2

Tonnes of Contained

TREO

Tonnes of

Contained HREO

%

Indicated (1) 1.70 237,120120,93

1

Inferred (1) 1.70 94,050 46,084

TREO = Total Rare Earth OxideHREO = Heavy Rare Earth Oxide

Note 1: The block model mineral inventory was sourced from the report titled “Amended and Restated Preliminary Economic Assessment N1 43-101 Technical Report for the Norra Kärr (REE-Y-Zr) Deposit Gränna, Sweden, dated May 11, 2012 as amended on July 9, 2013”, completed by Mr Geoffrey Reed, Senior Consulting Geologist of Minarco-Mineconsult (Australia), and is based on geological and geochemical data supplied by Tasman, audited by Mr Reed. Mr Reed is an independent qualified person for the purposes of NI 43-101 standards of disclosure for mineral projects of the Canadian Securities Administrators

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Norra Kärr 6800 TPA REO Scenario

Open pit, 0.8 LOM strip ratio

1.5 million tpa mining = > 40 year mine life to 200m depth

Crush + Grind

-60 micron

Solid / Liquid

Filtration

Purification

15% of MassAegerine product

60% of Mass Feldspar/Nepheline product

Neutralise with feldspar

Magnetic Sep 1

Effluent Treatment and Disposal

TAILING FACILITY

MINING BENEFICIATION

HYDROMETALLURGY

10% of MassNeutralised product

90%

hy

drom

et

reco

very

Magnetic Sep 2 (80%)

85%

be

nef

icia

tion

re

cove

ry

Dispatch to market

REE-Carbonate containing 6800

tonnes REO+

15,000 tonnes Zirconium

BiCarbonate

Sulphuric Acid Digestion of REE Minerals (25%)Room Temp +

Pressure

Magnetic Sep 3 (20%)

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PEA# Financial Highlights

$1,464 million after-tax Net Present Value (NPV at 8% discount rate) determined by independent consultants;

45% after-tax Internal Rate of Return (IRR);

After-tax payback period of 2.5 years;

$5.3 Billion in revenue over the first 20 years and $10.9 billion over the 40 year life of mine;

Initial capital expenditures of $266 million (includes contingency of $42.8 million or 20%)

Average annual operating expenses of $74.3 million or $10.93 per kg of mixed TREO concentrate output;

Conservative basket price of US$51 per kg versus current China FOB basket price of US$50.49

Assumptions that formed the basis of this PEA can be found on Sedar in a National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”) report titled “Amended and Restated Preliminary Economic Assessment NI43-101 Technical Report for the Norra Karr Deposit Granna, Sweden” dated 9th July 2013. as prepared by RungePincockMinarco Ltd.

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CRUSHING,GRINDING,

BENEFICIATION

ACID DISSOLUTION

PURIFICATION AND PRECIPITATION

PHOSPHOR POWDER

PHOSPHOR APPLIED AS COATINGS

LIGHT GLOBE

ASSEMBLY

END OF LIFE RECYCLING

SEPARATION TO RE-OXIDES

METAL MAKING

MAGNET PRODUCTION

FINAL PRODUCT ASSEMBLY

METALLURGYCERAMICSCATALYSTSPOLISHING

Secure European Supply Chain

END OF LIFE RECYCLING

MAGNET ALLOY

Recycling opportunities

transport

Nd, Pr, Dy, Gd, Tb

Y, Ce, La, Eu, Tb

HIGH STRENGTH MAGNET PRODUCTION

LIGHTING PHOSPHOR PRODUCTION

“….rare earth elements are the invisible metals of modern society. Their unique physical properties include strong magnetism, fluorescence, ignition at high temperature and high melting and boiling points.

It is these unique characteristics that has lead to today being embedded in modest amounts in most modern appliances. REE’s provide access to a 2 trillion dollar supply chain…”

10% pa growth

(vaccum melting)(powder metallurgy) (molten salt electrolysis)

MINING

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TASMANTASMANMETALS LIMITED

Suite 13051090 West Georgia St

Vancouver, BC V6E 3V7 CANADA

Ph: +1 (604) 685 9316 Fax: +1 (604) 683 1585

CORPORATE OFFICE FOR MORE INFORMATION

Mark SaxonPresident & CEO

msaxon@tasmanmetals.com

Jim PowellVice President, Corporate Development

jpowell@tasmanmetals.com