Tartana Minerals (Tartana) has signed a binding Heads of...

Tartana Minerals (Tartana) has signed a binding Heads of Agreement with Mt Garnet Mineral Finance
Pty Ltd (MGMF) as mortgagee in possession of the assets of Aurora Metals Limited (in liquidation) and
its related subsidiaries (also in liquidation) (Aurora Group) to create a Venture
• The Venture will focus on mining copper ore from the Tartana open pit and processing in the Mungana
processing plant to initially target a 5,000 – 10,000 tonnes range of copper in concentrate for sale to
third party smelters.
• Mining Consultants MEC has completed an open pit optimisation and is currently completing a mine
plan. A separate team has been reviewing the Mungana plant to assess the refurbishment work required
to commence production.
• Encouragingly, while preparatory crushing and ore sorting will be conducted at the Tartana mine site,
there is initial higher grade mineralisation which can be fed directly into the Mungana plant in the first
few months and reducing immediate upfront capex.
• The proposed transaction documents to which the HOA relates are being finalised and commencement
of operations will be subject precedents including timely Queensland Government permitting, inter
alia.There is not proposed transfer of any assets under the terms of the HOA.
• Cash flow generated after copper in concentrates sales will be equally shared after operating, financing
and debt repayment costs are paid.
• Restart capex is estimated at less than $10 million and can be staged thereby reducing the initial upfront
capital requirement. Tartana has been in discussions with several financiers to provide a facility and which
includes potential offtakers.