Copper/gold and zinc focused explorer and developer with a leading position in the Chillagoe Region north QLD

Live R3D Resources Ltd ASX: R3D

OnMarket | R3D Resources Ltd | ASX: R3D

Fixed Priced OfferType of Offer
03 Jun 21Offer Open
21 Jun 21Pay By
$0.20Price
$4.25 millionSize of Offer
$2,000 Minimum Investment
Sanlam Private WealthLead Manager

Key Highlights

Introduction

R3D Resources Limited (ASX: R3D) is acquiring Tartana Resources, a company which was established in 2007 and which has aggregated a portfolio of copper-gold exploration and mining assets in the Chillagoe Region in north Queensland. The objective of the acquisition is to grow R3D Resources into a significant copper-zinc producer through exploring and developing these assets.  Tartana’s projects vary in maturity with most advanced being the Tartana mining leases which contain an existing heap leach – solvent extraction – crystallisation plant being held in care and maintenance.  Work has begun to restart this plant to provide future cash flow through the sale of copper sulphate.

In Tasmania, Tartana has secured permits to excavate and screen to export a further 335,000 tonnes of low-grade zinc furnace slag/matte from its Zeehan stockpiles in Western Tasmania, and recently commenced its 5th 22,000 tonne shipment of zinc slag to South Korea.

Terms of the Offer

R3D Resources Limited is conducting a reverse takeover of Tartana Resources and at the same time is conducting a capital raising through a prospectus to raise $4.25 million via the issue of 21.25 million shares under the Offer at an offer price of $0.20.  The company is also offering Options on a 1 for 5 basis, exercisable at $0.40 within 5 years from the date of issue. The company will have an indicative market capitalisation of approximately $21.46 million on completion of the offer. 

R3D Resources Ltd (ASX: R3D) is an ASX listed company. On 2 March 2020, the Company’s securities were suspended from trading on the Official List of the ASX. In February, the company commenced a formal takeover of Tartana Resources Ltd. As a result of the Company’s proposed acquisition of Tartana Resources, the Company obtained Shareholder approval for a change of nature and scale of activities and is required to comply with Chapters 1 and 2 of the ASX Listing Rules for re-admission to the Official List.

R3D Resources lodged a prospectus in February this year, which was oversubscribed, but unfortunately had to withdraw it following some concerns raised by the ASX. These concerns have been addressed in this document.  The offer is being undertaken to recapitalise the Company (and to allow reinstatement on the ASX)

Business Plan

Tartana Resources was revitalised in September 2017 with the objective of becoming a significant copper, gold and zinc company. The project portfolio has taken more than three years to assemble and provides an exciting base for our future growth.

This resulted in the acquisition of the exploration properties and the Tartana Copper-Zinc Project during the third quarter of 2017, followed by the acquisition of the Zeehan Zinc Slag Project early 2018. 

The Projects

Tartana Resources has several projects with varying exploration maturity levels.

  • Tartana Copper and Zinc Project in north Queensland: Mining Leases ML 20489, ML 4819, ML 4820 and ML 5312 which includes the Tartana Copper Oxide Project, the Queen Grade Zinc Project and two copper sulphide projects which are the Deeper Copper Sulphide Project below the existing open pit as well as the nearby Valentino Copper-Gold-Silver-Cobalt Project. The Mining Leases contains heap leach pads and a solvent extraction-crystallisation plant which are being kept on care and maintenance and a partially rehabilitated open pit which historically yielded 1.2 million tonnes at 0.8% Cu oxide ore while deeper copper sulphide mineralisation below the oxide mineralisation has only been partially explored.
  • The Bellevue and Dry River exploration projects (EPMs 27304 and 25970) which cover 25 km of the prospective OK member stratigraphy contain at least 10 copper/gold prospects and also surround the historic OK mines and nearby smelter site. The company has recently applied for excluded land within EPM 25970 including the OK mine which recorded small scale historical production of 80,000 tonnes at 9.2% Cu between 1901 to 1909.
  • The Dimbulah Porphyry Copper project (EPM 27089) covers a copper-mineralised, multi-phase porphyry intrusive identified from historical drill intersections, mapping and geophysics.
  • Mining Lease Applications ML 100271 and ML 100270 and EPM Application EPM 27735 covering the Mountain Maid and Cardross Projects copper/gold projects. These projects have been the subject of several drilling programmes by previous explorers with the results supporting further exploration. Axiom Mining implemented drilling programs which culminated in the ASX announcement of a JORC 2004 Compliant Inferred Gold Resource to a depth of 200 m. However, under the JORC 2012 Code our Independent Geologist, SRK believes that this resource is best presented as an Exploration Target. Tartana will undertake further geological review/ modelling work and potentially carry out additional site exploration work to support upgrading of the Exploration Target to resource status which meets JORC Code (2012) guidelines. At Cardross, small scale historical production is recorded at 24,000 tonnes yielding 2,000 tonnes of Cu, 2,200 oz Au and 87,000 oz Ag from the Chieftan mine.
  • An option agreement to purchase the Nightflower Silver Project (EPM application 27959). The Nightflower Mineral Resource Estimate is an Exploration Target of 0.21-0.59 Mt at a grade of 180–200 g/t Ag, 3.5-5% Pb, 1.7-2.2% Zn and 0.1-0.2% Cu, with excellent exploration potential.
  • A sale and purchase agreement with Newcrest Mining Limited covering its 1250 km2 Bulimba project north of Chillagoe.
  • Tasmanian Zinc Project at Zeehan is a low-grade furnace slag/matte project which contains a JORC 2012 compliant Indicated Resource of 469,000 tonnes at 13.3% Zn, 1.7% Pb and 53 g/t Ag in two stockpiles. Tartana Resources has exported four approximately 22,000 tonne trial shipments to South Korea with a fifth trial being processed. It has recently been granted a permit to excavate and screen a further 335,000 tonnes for export.

In addition, it has two earlier stage small exploration properties:

  • Mount Hess Copper-Gold Project in Central Queensland comprising EPM 18864 where historical exploration has identified zones up to 10 metres wide containing elevated copper and gold grades with strike lengths in excess of 200 metres.
  • Amber Creek Molybdenum-Tin-Tungsten Project, north Queensland: EPM 18865 where previous exploration has identified extensive and cross-cutting mineralised veins.

Heap leach pads and Solvent Extraction plant at theTartana Copper and Zinc Project. Accommodation village in the background

Board and Management

R3D Resources will be led by a Board with management that has extensive experience in geology and mining in a variety of commodities and has ready access to metallurgical processing and product marketing expertise.  At the Completion of the takeover and ASX re-admission the Board will comprise of:

Richard Ash - Independent Non-Executive Chairman

Richard Ash has more than 30 years of experience in funds management, finance and principal investment in Australia, Asia and the UK. Prior to forming AAP Capital to advise Family offices on investments, Mr Ash was a Managing Director, Head of Asset Finance for Developed Asia and a member of the Australian executive team for Nomura Australia. Richard is Chairman of Lakes Blue Energy. He has also worked at Westpac, Macquarie Bank and KPMG.  Richard has a keen interest in decarbonisation and the associated structural change

Dr Stephen Bartrop - Managing Director

Steve’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Steve has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, Steve has been involved in research, corporate transactions and IPOs spanning a period of more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.

Bruce Hills - Executive Director and Joint Company Secretary

Bruce is an accountant and is currently an Executive Director of Breakaway Investment Group Pty Limited which operates the Breakaway Private Equity Emerging Resources Fund. Bruce is a Director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Bruce has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.

Robert Waring - Non-Executive Director

Robert Waring has over 40 years’ experience in financial accounting and company secretarial roles, principally in the resources industry.  He is involved as Company Secretary of a number of public companies listed on the Australian Securities Exchange.

Michael Thirnbeck-  Non-Executive Director

Mr Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a Member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc. (Hons.) degree from University of Queensland.

Mr Wayne (Tom) Saunders - Technical Exploration Manager (to be appointed)

Tom has 40 years’ experience in the mining and exploration industries in Australia and Asia Pacific rising to Chief Geologist of a public company before becoming a consultant. He also spent 12 years in DNRME Mining Tenure Unit rising to Director. Tom has a number of significant discoveries under his belt, as well as a reputation for progressing projects through from exploration to feasibility and then development and mining phases. Tom has put the discovery drill holes into multiple deposits in Queensland including the King Vol zinc deposit, Beaverbrook, Monte Video and the Tartana Heap Leach copper oxide.

Mr Geoff Reed - Consultant Resource Geologist

Geoff’s experience spans 20 years with a significant focus on GIS and 3D technical work within the Exploration and Mining Industries. Geoff has experience in underground and open cut metalliferous mining and various metalliferous exploration and resource projects. Geoff has undertaken geological and resource management roles Cobar NSW, Mt Isa QLD, Broken Hill NSW, Townsville QLD, and Sydney.

Key Offer Statistics

Use of Funds

Funds raised from the Offer will be applied as follows:

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 4 of the prospectus, R3D Resources Limited is subject to a range of risks, including but not limited to re-quotation of shares on ASX, competition risk, capital structure, reliance on key personnel, exploration and development, development and acquisition opportunities and Tenements, Native Title and Land access and environmental risks.

 

Section 734(6) disclosure: The issuer of the securities is R3D Resources Limited ACN 111 398 040. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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