Tartana Minerals, an Australia-based mining company, has announced its intention to acquire Queensland Strategic Metals (QSM), a private exploration company.
The company has signed a non-binding term sheet with QSM in this regard.
Under the terms of the agreement, Tartana agreed to issue 25 million of its shares at A$0.05 ($0.33) each and 12.5 million options exercisable at A$0.10, expiring on 31 December 2025.
In recent years, QSM has consolidated ten EPMs and one mining lease, spanning 771km2 in the far north of Queensland.
The company has obtained these tenements through various transactions with tenure holders, aiming to discover hard rock critical and strategic metal projects, particularly tin, tungsten and copper.
This includes two copper projects known for their high-grade surface mineralisation, along with several EPMs focused on critical mineral prospects.
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QSM’s EPMs and mining lease will enhance Tartana’s current exploration portfolio.
The acquisition is contingent upon several conditions, including shareholder approval, which Tartana is looking to obtain at its annual general meeting by the end of the year.
Formal documentation, due diligence and the renewal of QSM’s exploration permits are also required for the deal to proceed.
An entity recently demerged from QSM, Queensland Alluvial Resources, along with other parties, will retain alluvial development rights over the tenements held by QSM.
The terms of this arrangement are still to be finalised between Tartana and those parties.
Among QSM’s projects, the Daisy Bell prospect is the most advanced, featuring a mineralised greisen dyke that has yielded promising historical drilling results.
The acquisition is expected to complement Tartana’s current exploration activities by adding new copper targets and enhancing its exposure to critical metals.
