Shares in thinly traded Tartana Minerals (ASX:TAT) were down -2.17% in the first hour of trade on Monday – despite making its first copper sulphate shipment while prices stay raised.
The microcap company has already received payment for the truckload of sulphate from offtake partner Kanins.
Tartana reported on Monday that further shipments are “targeted” for more regular send-off. The company is working on ramping up production on-site its recently revamped copper plant.
“Recent Copper price improvements directly increase the profitability of this project as Copper Sulphate is priced by reference to its Copper weight plus a premium,” Tartana chief Stephen Bartrop said.
“Our first shipment … is a significant step towards recommencing commercial steady-state production and reflects a coalescence of over two years of work in recommissioning this plant.
“We now look towards moving into a more regular rhythm of shipments being completed.”
But if the company was hoping for a strong start to the trading week, it hasn’t had one. Only $12,000 worth of shares have traded hands in the first hour of trade.
TAT stocks are up 36% over the last month, though, this needs to be contextualised against a market cap of $8M.
Year on year, copper prices are up 17.2%; up 7.37% over the last month but down -1.8% on a weekly basis.
(Commodity watchers may be interested to know zinc prices are up 10% over the last month – also leading to a rise in byproduct indium, up nearly 80% YoY.)
TAT last traded at 4.5cps.