Tartana Minerals Boosts Copper Sales and Secures Major Strategic Metals Acquisition

Strong Production and Sales Momentum

Tartana Minerals Limited (ASX: TAT) has delivered a solid quarterly performance for the period ending 31 December 2024, with cash receipts of US$506,000 (A$803,000) from the sale of 192.5 tonnes of copper sulphate pentahydrate. This production momentum has continued into January 2025, with an additional 135 tonnes sold for US$328,000 (A$520,000), demonstrating the company’s resilience and operational readiness ahead of the challenging wet season in Far North Queensland.

The company’s proactive wet season preparations, including increased inventories of diesel and acid, have enabled uninterrupted production and shipments despite potential flooding risks affecting road access. Tartana is also exploring logistical alternatives, such as relocating finished product to Chillagoe, to mitigate these risks.

Strategic Acquisition Broadens Exploration Footprint

In a transformative move, Tartana completed the acquisition of Queensland Strategic Metals Pty Ltd (QSM) on 27 December 2024. This acquisition adds ten Exploration Permits for Minerals (EPMs) and one Mining Lease (ML), covering a substantial 771 km² area rich in critical and strategic metals including tin, tungsten, antimony, copper, gold, and silver.

The expanded portfolio significantly enhances Tartana’s exploration potential, particularly in underexplored regions such as the northern margin of the Featherbed caldera rim near the Nightflower Silver Project. The company has also lodged new EPM applications (Caldera Rim and Walsh North) to complement existing tenure, targeting polymetallic deposits with promising historical prospects.

Exploration and Resource Development Progress

Recent metallurgical testwork on copper mineralisation beneath the existing open pit has revealed encouraging results, including a higher-grade inferred resource zone grading 0.82% copper to 130 metres depth. Ore sorting trials have demonstrated a 72% grade increase and 71% copper recovery, supporting the potential for a saleable concentrate exceeding 20% copper content.

Exploration efforts are also advancing at the Mountain Maid gold and Cardross copper projects, with follow-up drilling planned to test open-ended mineralisation zones. Additionally, the company is pursuing funding to drill an 800-metre diamond hole at the Beefwood Gold Project, targeting basement rocks identified by geophysical and geochemical anomalies.

Financial Position and Funding Initiatives

Tartana ended the quarter with cash reserves of $340,000, prior to January sales receipts of $520,000. The company successfully raised $225,000 through equity from prior commitments and $900,000 via 12-month convertible notes, which were partly used to reduce existing loan facilities and trade creditor balances, including government fees. These measures have strengthened the company’s liquidity and positioned it to sustain operations through the wet season and ongoing exploration activities.

While the company reported a net operating cash outflow of $411,000 for the quarter, management anticipates this will improve as copper sulphate sales continue and creditor payments taper. Tartana remains engaged with its financiers to extend repayment terms where necessary and is actively reviewing further funding opportunities to support its growth trajectory.

Outlook

With a growing production base, a significantly expanded exploration portfolio, and a clear strategy to become a self-funded explorer and developer, Tartana Minerals is well positioned to capitalize on the demand for critical metals in Australia’s resource sector. The integration of Queensland Strategic Metals’ assets and ongoing exploration success will be key drivers to watch in the coming quarters.