Tartana and Alt Resources Launch $2M JV to Unlock Queensland’s Strategic Metals
Tartana Minerals partners with Alt Resources in a $2 million joint venture to accelerate exploration of critical metals in Far North Queensland, focusing on tin, tungsten, and rare earth elements.
- Tartana sells 50% of Queensland Strategic Metals to Alt Resources for A$2 million in shares
- Alt Resources provides $500,000 convertible note to fund initial exploration
- Priority drilling set for Daisy Bell tin-tungsten project with promising historical results
- Tartana to manage exploration and gain a board seat on Alt Resources
- JV aims to define critical metal resources and pursue trade sale or separate listings
Strategic Partnership to Accelerate Exploration
Tartana Minerals Limited (ASX – TAT) has announced a significant joint venture with UK-based Alt Resources plc, aiming to fast-track the exploration and development of its Queensland Strategic Metals portfolio. This portfolio includes projects rich in tin, tungsten, antimony, and rare earth elements (REE) located in Far North Queensland, a region known for its mineral potential.
Under the agreement, Tartana will sell a 50% stake in Queensland Strategic Metals (QSM) to Alt Resources for A$2 million, paid in shares upon Alt Resources’ listing on the London Stock Exchange’s Alternative Investment Market (AIM). Additionally, Alt Resources will inject $500,000 through a convertible note to fund initial exploration activities, notably the priority drilling at the Daisy Bell tin-tungsten project.
Unlocking Value in Critical Metals
The joint venture is designed to leverage the complementary strengths of both companies. Tartana will retain operational control by managing exploration activities and securing a seat on Alt Resources’ board, ensuring alignment and strategic oversight. The partnership aims to define JORC-compliant resources, which could significantly enhance the valuation of these projects in a market increasingly focused on critical and strategic metals.
Daisy Bell stands out as a flagship project within the portfolio. Historical drilling from the 1970s revealed encouraging tin and tungsten mineralisation over substantial widths and strike lengths, with grades that suggest meaningful resource potential. The JV plans to build on these results with modern exploration techniques to rapidly delineate resources.
Market Context and Future Prospects
The timing of this joint venture aligns with rising global demand for critical metals, driven by their essential role in clean energy technologies and advanced manufacturing. The Far North Queensland region, with existing infrastructure and several care-and-maintenance plants, offers a strategic advantage for project development.
Looking ahead, the JV contemplates multiple pathways to realise value, including a trade sale to a third-party developer or separate public listings on ASX and AIM. These options provide flexibility to maximise shareholder returns as exploration advances and resources are defined.
Completion of the joint venture remains subject to due diligence, regulatory approvals, and Alt Resources’ successful AIM listing. Tartana’s Managing Director, Dr Stephen Bartrop, emphasised the strategic benefits, describing the deal as a “great win” that accelerates exploration and unlocks value for both parties.
Bottom Line?
This joint venture marks a pivotal step for Tartana, setting the stage for accelerated exploration and potential value uplift in Queensland’s critical metals sector.
Questions in the middle?
- How quickly will drilling results from Daisy Bell translate into JORC-compliant resources?
- What are the implications of Alt Resources’ AIM listing for the JV’s funding and timeline?
- Could the JV’s success trigger further strategic partnerships or asset sales in the region?
