
- WORLD EDITIONAustraliaNorth AmericaWorld
March 26, 2024
$0.5 million partial underwrite of the Rights Issue & $1.0 million in further debt or equity to be raised by end April 2024
R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to provide an update on the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023.
Key Points:
- Firm commitment received from Breakaway Investment Group (controlled by director Dr Stephen Bartrop) to underwrite the Rights Issue of up to $500,000
- Additional firm commitment received from Breakaway Research (also controlled by director Dr Stephen Bartrop) to raise $1 million for the Company from third party investors through debt, equity or hybrid instruments by 30 April 2024
- Rights Issue to be extended until 10 April 2024 to enable eligible shareholders to participate on the same terms following the underwriting
- Underwriting Agreements, firm commitment agreements, and further disclosures are to be made upon formal documents being executed over the coming days
- Copper Sulphate production at Tartana has restarted and the Company is targeting to achieve a minimum production rate of fifteen bags of Copper Sulphate a week during the month of April 2024
- Production since restart during March has totalled twenty bags
Partial Underwriting of Rights Issue & Firm Commitment to Further Capital Raising
Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has provided the Company with a firm commitment to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting), subject to formal agreement.
Additionally, Breakaway Research Pty Ltd (Breakaway Research) an entity also controlled by Dr Stephen Bartrop has provided a further firm commitment to raise $1 million for the Company through debt, equity, or hybrid instruments by 30 April 2024 (the $1m Commitment), again subject to formal agreement. To the extent that Shares and Attaching Options are placed, the Company may use shortfall from the Rights Issue for this purpose. The terms of this raising will be settled between the Company and Breakaway Research in the ordinary course. Breakaway Research is an AFSL holder and accordingly the funds are not expected to be raised from Dr Bartrop but rather parties introduced through Breakaway Research. Accordingly, the Company does not expect shareholder approval to be required for the placement of those securities (except if necessary for placement capacity reasons or if the underlying clients are also Chapter 10 parties).
The Company Is in discussions with each of Breakaway Investment and Breakaway Research towards execution of full-form documents to give effect to this commitment. On those discussions resulting in a binding agreement the Company will issue a further Supplementary Prospectus and will provide the requisite disclosure under ASX Listing Rules as to the full terms of this Underwriting and the $1m Commitment.
The Company will ensure that such terms are arms’ length.
Additionally, it is not expected that the Underwriting or $1m Commitment will result in Dr Bartrop materially increasing his holding in R3D with sub-underwriting and sub-commitment arrangements to be put in place by Breakaway Investment and Breakaway Research at their discretion. Neither Breakaway Investment nor Breakaway Research are being paid fees for their commitments to the Company.
The Company expects that the final terms of the $1m Commitment will include a condition precedent that the Company completes production of at least fifteen 1.2 tonne bags of Copper Sulphate a week from 1 April to 28 April 2024 (calculated on average over the period, totalling 60 bags). The directors (excluding Dr Bartrop) have considered this condition, and have formed the view that it is reasonable to the Company and Breakaway Research. Further, the Company is confident that this will be achievable noting that production in March to date has been twenty bags whilst still being impacted by weather conditions.
Commenting on the status of production at Tartana, Dr Bartrop said:
“We are pleased to report that we have recommenced production at Tartana following a prolonged run of unexpected poor weather that limited site access for staff and input materials. Although the weather continues to affect site operations and access, we are confident in achieving a minimum production at Tartana of at least fifteen bags per week, but hopefully well in excess of that as conditions improve.”
Further Extension of Rights Issue
Eligible Shareholders can review the Rights Issue Prospectus and apply from the Company’s website: www.r3dresources.com.au or at www.computersharecas.com.au/r3dnrri.
Having regard to the impending underwriting, the Company intends to further extend the Rights Issue offer open period until 10 April 2024 which will allow time for eligible shareholders to consider participating on the same terms as the Underwriters.
A Supplementary Prospectus in relation to the extension of the Rights Issue offer open period is annexed, and a copy is being lodged with ASIC.
Click here for the full ASX Release
This article includes content from R3D Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
R3D:AU
The Conversation (0)
30 June 2022
R3D Resources Limited
Overview
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
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Copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland, Australia
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Over 50% Q-o-Q Production Growth Targeted
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John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now
John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.
He also discusses the potential he sees in junior miners.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project
Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.
“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.
In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.
“This is a new parallel zone that we think is being expressed and defined here. And so that's very exciting that this deposit continues to grow in scale,” Marotta said.
The chief executive noted that more news about the other 10 drill holes completed at the Creek zone is anticipated in the coming months, with additional drilling also being undertaken in other areas of the property.
Watch the full interview with Niel Marotta, CEO of Sun Summit Minerals, above.
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Angkor Resources
Investor Insight
Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
Overview
Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.
On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.
On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.
Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.
Key Projects
Onshore Cambodia – Block VIII Oil & Gas Concession
Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.
The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.
Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.
Canadian Energy & Carbon Capture – EnerCam Exploration
In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.
A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.
Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.
Cambodia Mineral Properties – Copper and Gold Portfolio
Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.
The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.
At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.
Management Team
Delayne Weeks – CEO
With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.
Mike Weeks – President, Executive VP Operations
Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.
Dennis Ouellette – VP Exploration, Minerals
Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association
Keith Edwards – Technical Manager, EnerCam Resources Cambodia
Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.
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Gold Sector Consolidation Ramps Up with Newmont, Alamos and First Nordic Deals
The gold sector is undergoing another wave of portfolio reshuffling.
Fresh deals across the sector signal a growing shift toward consolidation and selective asset sales as stakeholders seek further growth during the yellow metal’s historic price run.
Newmont to sell Coffee Project in Yukon
Newmont (TSX:NGT,NYSE:NEM,ASX:NEM), the world’s largest gold producer, announced that it has reached an agreement to sell its Coffee project to Vancouver-based explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF).
Under the terms of the deal, Newmont will receive US$10 million in cash at closing and US$40 million in Fuerte shares; it will also retain a 3 percent net smelter return royalty. Fuerte has the option to repurchase the royalty for up to $100 million, potentially bringing total consideration for the transaction to US$150 million.
For Fuerte, the acquisition marks a step in its strategy to build a copper and precious metals portfolio across the Americas. The company is backed by Pierre Lassonde, Newmont’s former president, and Trinity Capital Partners.
Yukon-based Coffee has long been considered prospective, but has faced permitting and financing hurdles.
Upon completion of the deal, Newmont will have fully implemented its plan of divesting six operations and two projects deemed non-core following its US$15 billion takeover of Newcrest Mining in 2023.
The divestment comes just days after Newmont said it will delist from the Toronto Stock Exchange at the close of trading on September 24. The company cited low trading volumes on the TSX, noting that the move will cut costs and simplify administration as it focuses on its largest and most profitable mines.
Shares will continue to trade on the New York Stock Exchange, where Newmont maintains its primary listing, as well as on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.
Alamos to exit Turkey with US$470 million asset sale
Alamos Gold (TSX:AGI,NYSE:AGI) is shedding problematic overseas ventures to redirect capital closer to home.
The company recently announced a definitive agreement to sell Doğu Biga Madencilik Sanayi ve Ticaret, its wholly owned Turkish subsidiary, to Tümad Madencilik, a unit of Nurol Holding, for US$470 million in cash.
The subsidiary controls three gold and silver projects in Northwestern Turkey: Kirazlı, Ağı Dağı and Çamyurt. Kirazlı has been frozen since 2019 after Ankara declined to renew its mining license, sparking a US$1 billion arbitration claim by Alamos under the Netherlands-Turkey bilateral investment treaty.
Under the agreement, Alamos will receive US$160 million at closing, expected in the fourth quarter of 2025, followed by US$160 million one year later and US$150 million after two years. Arbitration proceedings against Turkey will be suspended and ultimately discontinued once contractual milestones are met.
“This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects,” said Alamos President and CEO John A. McCluskey in a Sunday (September 14) press release. Those projects include the Island Gold Phase 3+ expansion in Ontario, the Lynn Lake project in Manitoba and Puerto Del Aire in Mexico.
For Tümad, the purchase consolidates its position as a leading domestic miner. The company already operates two producing gold and silver mines in Turkey and will now add a trio of advanced development assets to its pipeline.
First Nordic, Mawson to merge and form NordCo Gold
First Nordic Metals (TSXV:FNM,OTCQX:FNMCF) announced it will acquire Mawson Finland (TSXV:MFL,OTC Pink:MFLDF) in an all-share transaction that will create a new company called NordCo Gold.
The combined entity will control over 123,000 hectares of exploration ground across Sweden and Finland, anchored by First Nordic’s Barsele joint venture with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Mawson’s Rajapalot gold-cobalt project. In total, NordCo will hold an inferred resource of 2.1 million gold equivalent ounces, along with 0.3 million gold equivalent ounces in measured and indicated attributable resources.
Taj Singh, CEO of First Nordic, described the deal as “about scale, quality and execution,” adding that the company sees “multiple meaningful deposits to be discovered and delineated over the coming years.”
NordCo will have a pro forma market capitalization of about C$259 million and a cash balance of roughly C$50 million following a C$30 million concurrent financing.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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6h
Prince Silver: Advancing the Large-scale Prince Silver Project in Nevada
Prince Silver (CSE:PRNC,OTC:HWTNF) is a Vancouver-based exploration company advancing the Prince Silver project in southeastern Nevada. In July 2025, the company completed the transformational acquisition of Stampede Metals Corporation and rebranded from Hawthorn Resources to Prince Silver Corp. The flagship Prince project is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined for silver and base metals in the early to mid-1900s.
Fully funded and technically refreshed, the company’s near-term priority is to validate and build upon the 129 historic drill holes (over 16,600 m) completed on the property, with the goal of converting the large JORC-compliant exploration target into a maiden NI 43-101 mineral resource.
A drill program is scheduled to begin in early September 2025, targeting the validation of legacy data, step-outs along mineralized trends, and continuity across the deposit’s multiple mantos, veins, and breccia zones. In parallel, the company will undertake metallurgical test work, geophysical refinement, and updated geological modeling to support a modern pit-constrained resource and underpin a longer-term development strategy.
Company Highlights
- Flagship project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit with a 25 to 43 Mt exploration target and strong historic grades.
- The company’s second project, Stampede Gap, is about 15 km north west of the Prince mine. Stampede Gap is a large porphyry copper-gold-molybdenum with an extensive alteration zone that presents a deep seated exploration target.
- Clean corporate reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025, issuing 15 million shares for the acquisition and raising ~C$4 million in gross proceeds to fund drilling.
- Fully funded summer drill program: ~6,500-m reverse-circulation set to begin early Sept 2025 to validate historic holes and step out along strike/dip to expand known mineralization and potential resources. .
- Tight share structure: 45.9 million shares outstanding post-financing; Stampede shareholders voluntarily locked-up for 12 months.
- Experienced, hands-on leadership: President Ralph Shearing, plus new directors Robert Wrixon and Darrell Rader, add mine-building, corporate and capital-markets depth to the company’s leadership team.
This Prince Silver profile is part of a paid investor education campaign.*
Click here to connect with Prince Silver (CSE:PRNC) to receive an Investor Presentation
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