Can Tartana Minerals Turn Cardross Gold and Copper Success Into Production Growth?

Exploration Success at Cardross

Tartana Minerals Limited (ASX, TAT) has delivered a robust quarterly update for the period ending 31 December 2025, highlighting significant progress in its Far North Queensland copper and gold projects. Prospect-scale rock chip sampling and mapping at the Cardross project have confirmed high grades of copper, gold, silver, and indium across multiple structurally controlled zones. These results underpin the existing Inferred Mineral Resource Estimate (MRE) of 50.4 million tonnes at 0.31 grams per tonne gold, equating to approximately 502,000 ounces, with an additional conceptual Exploration Target ranging from 23 to 72 million tonnes.

Copper Sulphate Production and Expansion Plans

Operationally, Tartana produced and sold 153 tonnes of copper sulphate pentahydrate during the quarter, a figure below forecasts due to declining copper grades in the ponds and delays caused by wet season flooding that hampered chiller repairs. Despite this, leach testwork on in-pit fill material has yielded encouraging results, with recovered copper grades up to 1.07% and an average extracted grade of 0.22%. These findings support the company’s plans to expand copper sulphate production by mining and stacking mineralised pit fill onto existing heap leach pads, a low-cost initiative that leverages rising copper prices.

Strategic Partnerships and Financing

On the corporate front, Tartana is finalising a venture agreement with Mt Garnet Mineral Finance Pty Ltd (MGMF) to refurbish the Mungana processing plant and develop primary copper resources. This partnership aims to establish crushing and ore sorting facilities to upgrade copper mineralisation before transport to the plant, potentially increasing throughput beyond the current 600,000 tonnes per annum capacity. Concurrently, Tartana announced a proposed joint venture with Alt Resources plc to accelerate exploration of its Queensland Strategic Metals portfolio, focusing on tin, tungsten, antimony, and rare earth elements. The deal includes a $2 million share consideration and an initial $500,000 convertible note investment from Alt Resources, contingent on its AIM listing.

Exploration and Drilling Updates

Exploration activities continue to advance, with regional rock chip sampling confirming polymetallic mineralisation at the Maid project, including peak gold assays of 11.4 grams per tonne and copper assays exceeding 13%. However, drilling at the Beefwood prospect was postponed due to wet conditions, with plans to resume in mid-2026 under a new government grant application. The company is actively pursuing further financing options, having raised $1 million in a recent placement and planning an additional $275,000 from directors, while also applying funds to retire existing debts.

Financial Position and Outlook

Despite operational progress, Tartana’s cash position remains tight, with only $11,000 in cash at quarter-end and an estimated funding runway of less than one-tenth of a quarter. The company is reliant on securing additional financing and successfully closing joint ventures to sustain operations and advance its projects. Management remains confident in continuing operations based on ongoing funding efforts and strategic partnerships.