Why Tartana Minerals (ASX:TAT) is reviewing its stalled Queensland copper sulphate operation as its new board drills for silver and copper

Sonal Goyal

12 November 2026 02:07 PM AEDT

Why Tartana Minerals (ASX:TAT) is reviewing its stalled Queensland copper sulphate operation as its new board drills for silver and copper

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Key Highlights

A new board led by executive chairman Sonny Didugu launched a strategic review and a broad field programme after an August meeting removed two executive directors.
The company drilled two diamond holes at Nightflower, the first drilling there in 18 years, and about 1,500 metres around the Tartana open pit.
Cash was $1.35 million at 30 September with no Debt facilities, and the company estimates 1.21 quarters of funding.
Cash payments for staff, administration and corporate costs roughly halved quarter on quarter to $565,000.

Tartana Minerals (ASX:TAT) is a Far North Queensland explorer that also runs a small copper sulphate operation at its Tartana project near Chillagoe. Since an extraordinary general meeting on 17 August 2026, which removed two executive directors, the company has been run by a new board led by executive chairman Sonny Didugu. The new board launched a strategic review and a broad field programme. The programme includes the first drilling in 18 years at the Nightflower silver-lead project.

The review also covers copper sulphate, the company's only revenue-producing activity. In its September quarter report, released on 30 October 2026, Tartana said a restart in July had not achieved sustained production and that output in 2026 had been minimal. An independent technical and economic review of the plant and heap began in September.

Leadership change and cost cuts

At the August meeting, shareholders removed Stephen Bartrop and Mat Hancock. Former chairman Alistair Lewis had resigned three days earlier. The board now has three members. The company says cash payments for staff, administration and corporate costs roughly halved quarter on quarter to $565,000, though this period still included payments to departing management. Mr Didugu's salary has been set at $295,000 a year. The company contrasts this with combined FY2026 remuneration of about $967,000 for the three former leaders. Tartana's auditor is also changing: Armada Audit & Assurance is proposed to replace BDJ Partners, subject to a Shareholder vote.

Exploration under way

Two diamond holes were completed at Nightflower, testing the historical Digger Lode system. About 1,500 metres of drilling was also finished around the existing Tartana open pit. That drilling targets extensions to a 2023 indicated and inferred resource of about 45,000 tonnes of contained copper at 0.45% copper. Assays for both programmes are pending.

Surface sampling results have been released since quarter end. On 16 October the company reported up to 17.1% copper from selective mullock samples at OK-Bellevue. On 26 October it reported up to 26.7% copper at Ortona and 6.14% tin at Daisy Bell. These are selective samples of high-grade material and historical workings. They help rank targets but do not establish widths or tonnages.

Cash and funding

Tartana completed a $2.30 million Placement to Xingye Gold (Hong Kong), part of the Shenzhen-listed Xingye Silver & Tin group, on 11 August. It issued 43.5 million shares at 5.3 cents, giving Xingye a 9.99% stake. A planned second Tranche did not proceed, and Xingye has no board or operational rights.

The Appendix 5B shows $1.35 million in cash at 30 September and no debt facilities. It reports net operating outflows of $890,000, including $304,000 of copper sulphate production costs, plus $223,000 of capitalised exploration. That gives an estimated 1.21 quarters of funding. With under two quarters of runway and drilling and the plant review continuing, this suggests Tartana will need more funding in the near term, and an Equity raising would dilute shareholders.

Risks and milestones

Chillagoe is a long-established Mining district with a history of copper production. Tartana's own risks are its short runway, the uncertain Economics of restarting copper sulphate, and execution after a contested board change. The Annual General Meeting is at 10.00am (AEDT) on 24 November 2026 in Sydney, and shareholders will vote on the auditor appointment there. Assays from Nightflower and the Tartana extension drilling, and the findings of the copper sulphate review, are the next milestones the company has flagged.

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