# TAT: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tat-annual-report-to-shareholders--3c21286b-dfb8-414b-95a1-7d535fd85053 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146696 Publisher: asx Original announcement: 2026-09-30T08:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:30:09.908Z Atlas analysis updated: 2026-09-30T09:30:09.908Z - Company: Tartana Minerals Limited - Ticker: TAT - Exchange: ASX - Region: Queensland - Primary commodity: Copper - Secondary commodities: Gold, Zinc, Silver, Tin, Tungsten - Document categories: Resource update, Capital raise, Drill results - Extracted: 2026-09-30 09:30:10 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary Tartana Minerals Limited's annual report for FY2026 highlights a mixed year with significant operational challenges at its copper sulphate plant, leading to a net loss and a material uncertainty regarding its going concern status. Despite these financial difficulties, the company reported a maiden Inferred Mineral Resource for the Cardross gold project and commenced new drilling programs at Tartana Copper and Nightflower. Post-year-end, the company secured a A$2.3 million placement from Xingye Gold, providing crucial funding. Reasoning: The company faces severe financial and operational challenges, including a going concern warning and declining production from its key asset. While a maiden gold resource and a recent capital raise offer some positive developments, the overall outlook remains uncertain due to the magnitude of the financial issues and corporate instability. - Positive factor: Maiden gold resource reported for Cardross project. - Positive factor: Successful capital raise from strategic investor Xingye Gold provides crucial funding. - Positive factor: New drilling programs commenced at Nightflower and Tartana Copper. - Positive factor: Resource estimates are JORC compliant and signed off by a Competent Person. - Negative factor: Material uncertainty regarding the company's ability to continue as a going concern. - Negative factor: Significant net loss and gross loss from copper sulphate operations. - Negative factor: Declining copper sulphate production and operational issues at the plant. - Negative factor: Company has net current liabilities. - Negative factor: Convertible notes with significant face value are maturing soon. - Negative factor: Board changes and an EGM for director removal indicate corporate instability. - Negative factor: Historical resource estimates for Tartana Copper, Queen Grade Zinc, and Mountain Maid Gold were not updated with new figures in this report. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 2 ## Classification and evidence **Going Concern Warning** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Group's cash position, operating cash outflows, net current liabilities and dependence on future funding give rise to a material uncertainty that may cast significant doubt on its ability to continue as a going concern. Evidence · text > The Group's cash position, operating cash outflows, net current liabilities and dependence on future funding give rise to a material uncertainty that may cast significant doubt on its ability to continue as a going concern. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: At Cardross, the Company published a maiden Inferred Mineral Resource in October 2025 of 50.4 million tonnes at 0.31 grams per tonne gold for 502,000 ounces of gold, using a 0.1 grams per tonne cut-off. Evidence · text > At Cardross, the Company published a maiden Inferred Mineral Resource in October 2025 of 50.4 million tonnes at 0.31 grams per tonne gold for 502,000 ounces of gold, using a 0.1 grams per tonne cut-off. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Cardross gold resource is reported as a maiden Inferred Mineral Resource, indicating a lower level of geological confidence. Evidence · text > At Cardross, the Company published a maiden Inferred Mineral Resource in October 2025 of 50.4 million tonnes at 0.31 grams per tonne gold for 502,000 ounces of gold, using a 0.1 grams per tonne cut-off. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Michael Thirnbeck has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Evidence · text > Michael Thirnbeck has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Michael Thirnbeck is responsible for the form and context of the Resource statements above. Michael Thirnbeck is a Non-Executive Director of Tartana Minerals Limited. He is a Member of the AusIMM and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Evidence · text > Michael Thirnbeck is responsible for the form and context of the Resource statements above. Michael Thirnbeck is a Non-Executive Director of Tartana Minerals Limited. He is a Member of the AusIMM and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The Cardross gold resource was reported using a 0.1 grams per tonne cut-off, providing transparency on the estimation parameters. Evidence · text > At Cardross, the Company published a maiden Inferred Mineral Resource in October 2025 of 50.4 million tonnes at 0.31 grams per tonne gold for 502,000 ounces of gold, using a 0.1 grams per tonne cut-off. **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed a placement of 43,460,678 shares to Xingye Gold \(Hong Kong\) Mining Company Limited, raising A$2.303 million. Evidence · text > On 11 August 2026, the Company completed a placement of 43,460,678 shares to Xingye Gold \(Hong Kong\) Mining Company Limited at $0.053 per share, raising A$2.303 million and giving Xingye a 9.99% interest in the Company. **Dilution** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The capital raise involved the issuance of 43,460,678 new shares, which will dilute existing shareholders. Evidence · text > On 11 August 2026, the Company completed a placement of 43,460,678 shares to Xingye Gold \(Hong Kong\) Mining Company Limited at $0.053 per share, raising A$2.303 million and giving Xingye a 9.99% interest in the Company. **Operational Issues** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Copper sulphate performance weakened during FY2026, primarily due to depletion of the remaining copper within the existing heaps and ponds. A failure of the crystallisation chiller in late December 2025 caused a further interruption. Evidence · text > Copper sulphate performance weakened during FY2026, primarily due to depletion of the remaining copper within the existing heaps and ponds. A failure of the crystallisation chiller in late December 2025 caused a further interruption. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Tartana Pit Copper Resource, Queen Grade Zinc Resource, and Mountain Maid Gold Resource were first reported in February 2023, making them stale in this 2026 annual report without updated figures. Evidence · text > The above resource \[Tartana Pit Copper Resource\] was first reported to the ASX on 9 February 2023... The above resource \[Queen Grade Zinc Resource\] was first reported to the ASX on 14 February 2023... Global inferred mineral resource including oxide resource \[Mountain Maid Gold Resource\] \(first table\) and oxide resource only \(second table\). First reported to the ASX on 20 February 2023. ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tat-annual-report-to-shareholders--3c21286b-dfb8-414b-95a1-7d535fd85053#fact-resource-facts-0) Cardross · gold #### Identity - Project: Cardross - Commodity: gold - Region: australia\_qld - Reported Region: Far North Queensland - Ticker: TAT #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Michael Thirnbeck - Resource group id: resource:dac4e90d194126d26563 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 50400000 - Grade: 0.31 - Grade Unit: g/t - Contained Metal: 502000 - Contained Unit: oz - Cutoff Grade: 0.1 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-10-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource for Cardross Gold is a significant positive development, establishing a substantial gold inventory for the project. However, its entirely Inferred classification and relatively low grade indicate early-stage confidence and potential economic challenges. - Positive factor: Maiden resource establishes a baseline for the project. - Positive factor: Significant contained gold ounces \(502,000 oz\). - Positive factor: JORC compliant and signed off by a Competent Person. - Positive factor: Cut-off grade is disclosed, providing transparency. - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence. - Negative factor: Grade of 0.31 g/t Au is relatively low, even for an open pit scenario. Evidence · text > At Cardross, the Company published a maiden Inferred Mineral Resource in October 2025 of 50.4 million tonnes at 0.31 grams per tonne gold for 502,000 ounces of gold, using a 0.1 grams per tonne cut-off. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/tat-annual-report-to-shareholders--3c21286b-dfb8-414b-95a1-7d535fd85053#fact-resource-facts-1) #### Identity - Ticker: TAT #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The capital raise is a significant positive event, providing much-needed funding and attracting a strategic investor, which helps to alleviate immediate liquidity concerns and signals external confidence in the company's prospects despite its financial challenges. - Positive factor: Provides crucial funding \(A$2.303 million\) to address liquidity issues. - Positive factor: Attracts a strategic investor \(Xingye Gold\) with a significant stake \(9.99%\). - Positive factor: Placement was completed at a premium to the market price, indicating investor confidence. - Negative factor: Results in dilution for existing shareholders. - Negative factor: The amount raised may not be sufficient to fully resolve the company's going concern issues. Evidence · text > On 11 August 2026, the Company completed a placement of 43,460,678 shares to Xingye Gold \(Hong Kong\) Mining Company Limited at $0.053 per share, raising A$2.303 million and giving Xingye a 9.99% interest in the Company. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.