Tartana Minerals has raised $1.55 million through a director-led unsecured loan facility and appointed Dr Alistair Lewis as its new Chairman, signaling a strategic push in exploration and project advancement.
- Director-led $1.55 million unsecured debt financing secured
- Loan led by directors Stephen Bartrop and Alistair Lewis
- Funds earmarked for exploration, Mungana venture, and debt repayment
- Alistair Lewis appointed Chairman, succeeding Jihad Malaeb
- Loan carries 15% interest, repayable on one month’s notice
Director-Led Financing Boosts Tartana’s Exploration Ambitions
Tartana Minerals Limited (ASX: TAT) has successfully secured firm commitments for a $1.55 million debt financing facility, primarily funded by two of its directors, Stephen Bartrop and Alistair Lewis. This unsecured loan, which has already delivered $700,000 to the company with the remainder expected imminently, is structured with a flexible repayment term of one month’s notice and carries a 15% simple interest rate.
The infusion of capital is set to accelerate Tartana’s near-term exploration activities and further the development of its Mungana venture, a key processing plant initiative. Additionally, the funds will be used to repay existing debt facilities, providing the company with improved financial flexibility as it advances its portfolio.
Leadership Transition Marks New Chapter
In tandem with the financing announcement, Tartana Minerals has appointed Dr Alistair Lewis as Chairman of the Board, succeeding Jihad Malaeb who steps down from the role but remains a non-executive director. Dr Lewis, a director since early 2024 and a seasoned entrepreneur with a background in emergency and occupational medicine, brings a fresh perspective to the company’s leadership. His prior involvement in critical metals exploration and the recent acquisition of Queensland Strategic Metals by Tartana positions him well to steer the company’s strategic ambitions.
Outgoing Chairman Malaeb reflected on his tenure with pride, highlighting the company’s milestones including the commencement of commercial copper sulphate production and the expansion of its exploration portfolio. His continued presence on the board ensures continuity as Tartana enters its next growth phase.
Strategic Outlook and Market Positioning
Dr Lewis emphasized his commitment to elevating Tartana’s profile as a leading mining company in Far North Queensland, underscoring the potential of its critical metals projects. The company’s diverse portfolio spans copper, zinc, gold, silver, and other metals across multiple project areas, reflecting a broad strategic approach to resource development.
The director-led nature of the financing signals strong internal confidence in Tartana’s prospects, though the unsecured status and relatively high interest rate reflect the company’s current capital market positioning. The possibility of refinancing the loan into convertible notes remains open but contingent on shareholder approval, adding an element of future capital structure flexibility.
Bottom Line?
Tartana’s director-backed financing and leadership change set the stage for intensified exploration and strategic growth, but investors will watch closely for execution and refinancing developments.
Questions in the middle?
- Will Tartana convert the current loan into convertible notes, and on what terms?
- How will Dr Alistair Lewis’ leadership influence the company’s exploration and project development pace?
- What progress can be expected soon on the Mungana venture and other key projects?