How Tartana’s Copper Venture Could Reshape Far North Queensland Mining

Progress on Strategic Copper Processing Venture

Tartana Minerals Limited (ASX – TAT) has reported significant progress in its proposed Tartana-MGMF Venture, aiming to process its primary copper resources through the Mungana processing plant in Far North Queensland. The quarter saw the completion of a detailed mine plan and a five-year production schedule, alongside a comprehensive review of the Mungana plant refurbishment requirements. Encouragingly, refurbishment costs are within budget, with an estimated three-month timeline to recommence production.

This venture represents a strategic opportunity for Tartana, leveraging the proximity of its copper resource; just 25 kilometres from the Mungana plant; to potentially enhance operational efficiencies and project economics, especially amid a favourable copper price environment.

Operational Performance and Production Challenges

During the quarter, Tartana produced 135 tonnes of copper sulphate pentahydrate, generating cash receipts of approximately A$588,000. Despite this steady output, production was impacted by a late-season rain event in April that temporarily blocked mine access, delaying reagent and diesel replenishment. Subsequent shipments in July and early August indicate a return to more consistent production levels.

Exploration and Resource Development

Exploration activities remain robust, with an 800-metre diamond drilling program planned for the Beefwood copper/gold target, funded by a Queensland government grant. Sampling at Muscleville and Cardross projects is underway, with assay results pending. Notably, the Cardross project has gained prominence due to historical drilling indicating extensive gold mineralisation, prompting further geophysical and resource estimation work.

Additionally, new exploration permits have been granted or are expected shortly, expanding Tartana’s footprint in the Ortona Copper Project and other key areas.

Financial Position and Capital Raising

Cash at quarter-end stood at a modest A$143,000, reflecting the impact of weather-related production delays and timing of shipments. However, Tartana successfully raised A$1.65 million in loans led by directors and other parties, demonstrating strong internal confidence in the company’s prospects. The company also repaid a $500,000 convertible note during the period and is exploring further non-dilutive financing options to support the Mungana venture and ongoing exploration.

Minor amendments to environmental approvals have been submitted to Queensland authorities to facilitate waste rock management, a necessary step before operations can commence at both Tartana and Mungana sites.

Governance and Outlook

The quarter also saw the retirement of board member Jihad Malaeb, who contributed positively since 2023. Looking ahead, finalisation of the venture agreements and securing project financing remain critical milestones. The company anticipates upgrading its current indicated resources to probable reserves under JORC 2012 guidelines, which would underpin the mine plan and support financing discussions.

Overall, Tartana’s blend of steady production, strategic partnerships, and active exploration positions it well to advance as a copper producer in Far North Queensland, though execution risks and financing remain key watchpoints.