Tartana Minerals secures $4.5 million to ramp up exploration at its Nightflower Silver-Lead-Zinc-Antimony project and appoints a new director to bolster governance.
- Placement raises $4.5 million at $0.03 per share with options subject to shareholder approval
- Over 10,000 metres of drilling planned for 2026 focused on Nightflower project in Queensland
- New non-executive director Sonny Didugu appointed to strengthen board governance
- Directors commit additional $0.255 million alongside prior $0.275 million placement commitment
- Funds also allocated to Copper Sulphate plant improvements and working capital
Capital Raise to Accelerate Exploration
Tartana Minerals Limited (ASX – TAT) has announced a $4.5 million placement led by Alpine Capital, aimed at advancing its critical and strategic metals exploration portfolio in 2026. The capital raise, priced at $0.03 per share, a 27% discount to the last closing price before the trading halt, will primarily fund an aggressive drilling campaign at the Nightflower Silver-Lead-Zinc-Antimony project in Queensland.
The company plans to undertake over 10,000 metres of drilling this year, signalling a significant step-up in exploration activity. This initiative aligns with Tartana’s strategy to expand its resource base and enhance shareholder value through systematic project development.
Strategic Board Appointment
In tandem with the capital raise, Tartana has appointed Sonny Didugu as a non-executive director. Mr Didugu, Managing Director of Reign Advisory, brings extensive expertise in corporate strategy, capital markets, and governance. His addition is expected to strengthen the company’s oversight and support its strategic objectives during this pivotal growth phase.
The board’s commitment is further underscored by directors pledging an additional $0.255 million in funding, supplementing a prior $0.275 million placement commitment from December 2025. This demonstrates confidence in the company’s exploration prospects and capital management.
Funding Allocation Beyond Drilling
While the bulk of the funds will drive exploration, Tartana also plans to invest in operational improvements at its Copper Sulphate plant located on its mining leases. Enhancements aimed at boosting production quality and throughput will complement ongoing cash inflows from copper sulphate sales, providing a diversified revenue stream to support exploration activities.
The placement will be executed in two tranches, with the first tranche of approximately $970,000 settling on 18 February 2026. The second tranche and the issuance of options to placement participants and advisors remain subject to shareholder approval, which will be sought at an upcoming meeting.
Options and Shareholder Considerations
Placement participants will receive options exercisable at $0.055 each, expiring three years from issue, on a ratio of one option for every two shares subscribed. The company also plans to issue options to transaction managers and advisors, subject to shareholder approval. These options provide potential upside for investors if Tartana’s exploration efforts translate into resource growth and share price appreciation.
Shareholders will be watching closely as the company navigates these approvals and begins its drilling program, which could unlock significant value given the high-grade silver and base metals potential of the Nightflower project.
Bottom Line?
Tartana’s fresh capital and strengthened board set the stage for a decisive exploration year, but shareholder approval remains the key hurdle ahead.
Questions in the middle?
- Will the shareholder meeting approve the second tranche of placement shares and options?
- What early results can investors expect from the planned 10,000 metres of drilling at Nightflower?
- How will operational improvements at the Copper Sulphate plant impact Tartana’s cash flow?