Tartana Minerals signs A$5.18M two-tranche placement with Xingye Gold at a 165% premium to the last trade. Proceeds target silver, tin, copper, and zinc exploration across Queensland.
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Tartana Minerals (ASX: TAT) has signed a two-tranche placement agreement with Xingye Gold (Hong Kong) Mining Company worth roughly A$5.18 million. The deal would make Xingye the explorer's largest shareholder with a 19.99% voting interest and a long-term strategic partner.
The issue price of A$0.053 per share sits 165% above Tartana's last traded price of A$0.02 and 112% above its 15-day volume-weighted average price.
Completion depends on Xingye's due diligence, Chinese regulatory clearances, and Foreign Investment Review Board (FIRB) approval for the second tranche. The first tranche covers 43.46 million shares raising about A$2.3 million, lifting Xingye's voting interest to roughly 9.99%. Subject to FIRB sign-off, a second issue of about 54.33 million shares would raise another A$2.88 million and push the stake to 19.99%. All conditions must be satisfied by 16 November 2026.
Tartana plans to direct the proceeds mainly toward exploration at Nightflower and Montalbion for silver and across its mining leases for copper and zinc. Tin exploration across the broader Montalbion district – including Victoria Amalgamated, Daisy Bell, De Wett, Comeno, and Lady Agnes – is also on the table. Copper sulphate production is excluded from the planned spend.
Executive chair Sonny Didugu called the investment a strong endorsement of Tartana's exploration portfolio. "Securing a major international mining group to become our largest shareholder and a long-term strategic partner – at a substantial premium to our market price – provides both the capital and technical capability to accelerate exploration across our silver and tin projects, as well as expand our copper, zinc, and gold resource base," he said.
Xingye CEO Shucheng Zhang said the company was "excited to partner with Tartana" and believed it had assembled "an exceptional portfolio of tin, silver, copper, zinc, and gold assets in Australia, the best tier one jurisdiction in the world." He added that Xingye looked forward to applying its technical expertise alongside the Tartana team as due diligence progressed.
After the first tranche and FIRB clearance, Xingye may nominate one or two directors depending on board size and may also provide geologists at its own cost for exploration strategy, geological modelling, drill planning, and field execution.
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