Tartana Resources Puts Forth A Fresh Closing Date For An Interesting IPO Opportunity

  • Oct 24, 2019 AEDT
  • Team Kalkine
Tartana Resources Puts Forth A Fresh Closing Date For An Interesting IPO Opportunity

The Board of Tartana Resources Limited (ASX Proposed Code: TNA) has further extended its IPO closing date to 29 October 2019. As per the supplementary prospectus dated 20 September 2019, the offer was supposed to close on 21 October 2019. However, the Board resolved to extend the offer closing date by six more business days.

On 21 October 2019, the company released the following updated indicative timetable:

Tartana’s IPO

Under its IPO, Tartana is offering a minimum of 20 million ordinary shares and a maximum of 30 million ordinary shares at an issue price of $0.20 each to raise a minimum subscription amount of $4 million and a maximum subscription amount of $6 million.

In line with its mission of growing itself into a significant copper-zinc company, Tartana intends to use the funds raised from the offer to develop Tartana’s existing projects.

Currently, the company has the following Projects:

  • Tartana Copper and Zinc Project located in Northern Queensland
  • Zeehan Zinc Slag Project, located in Western Tasmania
  • Mt Hess Copper- Gold Project, located in Queensland
  • Amber Creek-Molybdenum-Tin-Tungsten Project, located in Queensland

To know more about Tartana’s Project Portfolio, Click here.

The funds raised from the IPO is expected to be utilized towards following developmet activities:

  • Queen Grade Zinc Project: - Drilling to establish a coherent geological model and resource, and carry out metallurgical studies;
  • Tartana Copper Sulphide Project - Drill deeper parts of the copper mineralisation to follow the mineralised zones and also test for byproduct metals that may enhance project economics such as cobalt;
  • Tartana Copper Oxide Project - Drill the oxide mineralisation north of the existing open to potentially define a resource capable of supporting the restarting of Heap Leach - Solvent Extraction - Crystallisation plant to produce copper sulphate for sales to external customers;
  • Valentino Project: - Step out drilling of the Valentino copper, gold, silver, cobalt mineralised areas;
  • Zeehan Zinc Slag Project - Negotiations/Agreements with various potential processors/offtakers;
  • Exploration activities (mapping, costeaning and sampling) on the Mt Hess and Amber Creek projects.

Exploration activities are expected to dominate the first two years following the date of the company’s initial prospectus. It is to be noted that Tartana Copper Oxide Project as well as Zeehan Zinc Slag Project offer the potential to generate early cash flows.

A Macro tailwind for Tartana

The outlook for both zinc and copper is in favour of Tartana. The company expects these commodities to experience future supply/demand deficits, and particularly in the case of copper with increasing demand from electric vehicles.

Earlier this year a Rio Tinto Copper CEO highlighted that the world will require the same amount of copper in the upcoming twenty-five years as it has produced in the last 500 years. This statement demonstrates that there will be a strong demand for copper in the near future

As per prospectus dated 24 June 2019, in terms of world demand, it is forecasted that that global demand for refined zinc metal will exceed supply in 2019 with the extent of the deficit forecast at 121,000 tonnes. According to the International Lead and Zinc Study Group the global zinc mine production is expected to increase by 6.2 per cent to 13.48 million tonnes in the year 2019. The company expects the zinc price to remain highly leveraged to any upturn in perceived world economic growth.

In the light of the above scenario, it can be said that Tartana has secured right projects at the right time.

Tartana’s Strong Board

The company believes that its management team has the required skills to execute its growth plan through the experience accumulated over many years in the mining and finance industries. The company’s management includes:

  • Stephen Bruce Bartrop (Executive Chairman) – He has more than 30 years of experience in both the mining industry and financial sector;
  • Bruce Hills (Executive Director) – He has around 35 years of experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk;
  • Peter Rohner (Executive Director)- He has over 30 years’ experience in the mining industry and has been involved in mineral processing technology development including development of the Jameson flotation cell, IsaMill fine grinding and more recently had significant involvement in the further development of Glencore’s Albion Process technology;
  • Robert Waring (Non-Executive Director) – He has over 40 years’ experience in financial accounting and company secretarial roles;
  • Craig Nettelbeck (Non-Executive Director)- He has worked in the international sports and entertainment industry for 20 years.

To know more About Tartana’s IPO, Click here.


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