Tennant Minerals

What Tennant Minerals does

Tennant Minerals Limited (ASX: TMS; also listed on the Frankfurt Stock Exchange since March 2022) is an Australian base and precious metal exploration and development company headquartered in West Perth, Western Australia, with exploration operations in the Northern Territory. The company holds 100% of two granted exploration licences: the Barkly Project (EL 28620), located approximately 32km east of the Tennant Creek Mineral Field and host to the greenfield Bluebird high-grade copper-gold discovery, and the Babbler Project (EL 30701), which covers a magnetic corridor over 6km long directly south of Barkly. The cornerstone asset is the Bluebird discovery, for which a maiden Mineral Resource Estimate of 1.58Mt @ 3.00% CuEq (47,400t contained CuEq) was announced in October 2025, comprising Indicated Resources of 1.07Mt @ 3.43% CuEq and Inferred Resources of 0.51Mt @ 2.08% CuEq to 180m below surface, with mineralisation extending over a 500m strike length and to at least 400m depth.

The company's technology stack is conventional for hard-rock mineral exploration: reverse circulation and diamond drilling, geophysical survey analysis covering gravity, magnetics and IP chargeability/resistivity modelling, and metallurgical test work that has demonstrated a simple processing pathway producing a 24-29% Cu concentrate with >90% copper recovery and 58-79% gold recovery. Tennant participates in the Tennant Creek Copper (and Gold) Alliance (TCCA), a strategic alliance formed in October 2024 with CuFe Limited and Emmerson Resources structured around a hub-and-spoke shared processing facility model for the district.

Tennant Minerals is pre-revenue and has no commercial product sales; its business model is to fund exploration and resource definition through successive equity raisings on the ASX, with cumulative disclosed capital raises of approximately A$17.1M across April 2022 (A$4.5M), February 2023 (A$5M), April 2024 (A$4.8M) and May 2026 (A$2.8M). As of 5 March 2026 the company had a market capitalisation of A$7.46M, an enterprise value of A$6.90M, 1,065.89M shares on issue, and a cash position of A$548k as of 31 December 2025. Future revenue, if any, would derive from the sale of copper, gold, silver and by-product bismuth and cobalt concentrates once a resource is developed into production.

Name

Tennant Minerals

Legal name

Tennant Minerals Limited

Website

https://tennantminerals.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Tennant Minerals Limited (ASX: TMS) is a pre-revenue Australian copper-gold explorer focused on the Bluebird high-grade discovery and Babbler Project in the Tennant Creek Mineral Field, Northern Territory, funded by successive equity raises and partnered in the TCCA shared-processing alliance with CuFe and Emmerson Resources.

Ownership category

akta.pro rank

Product category

Mining and Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Silver Mining (IMAKAEAB)

Keywords

• Copper-gold exploration
• Mineral resource development
• Base metals exploration
• Drilling programs
• Mineral resource estimation

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Pre-Revenue Exploration Stage: Tennant Minerals is a pre-revenue exploration and development company. The company is focused on expanding the Bluebird high-grade copper-gold discovery and exploring for new deposits. Revenue generation is contingent on successful resource definition and future development decisions. Potential future revenue would come from copper, gold, silver, and by-product bismuth and cobalt sales.

Go-to-market motion1 record

Marketing channels6 records

Core offering

Tennant Minerals is a base and precious metal exploration and development company that identifies, drills, and defines high-grade copper-gold mineral resources at its 100%-owned Barkly and Babbler Projects in the Northern Territory of Australia. The flagship offering is the Bluebird high-grade copper-gold discovery, with a maiden open-pit Mineral Resource Estimate of 1.58Mt @ 3.00% CuEq. Revenue would eventually come from sale of copper, gold, silver, and by-product bismuth and cobalt concentrates.

Product overview

Tennant Minerals is a copper-gold exploration and development company operating in the Northern Territory, Australia. The company holds a 100% interest in two key exploration projects: the Barkly Project (EL 28620) and the Babbler Project (EL 30701), located approximately 32km east of Tennant Creek. The flagship asset is the Bluebird high-grade copper-gold discovery, which forms the basis of the company's maiden Mineral Resource Estimate announced in October 2025. The company is also collaborating in the Tennant Creek Copper Alliance (TCCA) with CuFe Limited and Emmerson Resources to investigate potential shared processing facilities. The product portfolio centres on mineral exploration and resource development rather than commercial software products.

Differentiator

Problem solved

Functional benefit

Products and services

• Barkly Project A 100%-owned copper-gold exploration project comprising Exploration Licence EL 28620 located approximately 32km east of Tennant Creek in the Northern Territory. The project hosts the Bluebird high-grade copper-gold discovery on the eastern margin of the Tennant Creek Mineral Field, and is the focus of the company's exploration and resource-definition drilling.
• Babbler Project A 100%-owned copper-gold exploration project (Exploration Licence EL 30701) located directly south of the Barkly Project, covering a magnetic corridor over 6km long. The project is prospective for Tennant Creek-style copper-gold mineralisation within the underlying Warramunga Formation.
• Bluebird Copper-Gold Discovery A greenfields high-grade copper-gold discovery within the Barkly Project. The maiden Mineral Resource Estimate (October 2025) for the portion to 180m below surface is 1.58Mt @ 3.00% CuEq containing 47,400t CuEq. Mineralisation includes malachite, native copper, and visible gold at shallow depths, transitioning to primary sulphides including chalcocite, bornite, and chalcopyrite at depth. Continuous mineralisation has been delineated over 500m strike length and 400m depth.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Tennant Creek Copper (and Gold) Alliance (TCCA)coreStrategic or Co-development Partner · 28 October 2024Strategic alliance formed between CuFe Limited (CUF), Emmerson Resources Limited (ERM) and Tennant Minerals Limited (TMS) to investigate potential for development of a single, multi-user processing facility for Copper, Gold and other Critical Metals in the Tennant Creek region. The alliance follows a hub-and-spoke model similar to historical operations in the district. Initial Scoping Study completed; funding in place for Pre-Feasibility Study.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aeris Resources: ASX-listed (AIS) copper-gold producer (Tritton, Cracow). Comparable as an Australian mid-tier copper-gold operator with a similar polymetallic profile.
• Sandfire Resources: ASX-listed (SFR) copper-gold producer (DeGrussa, MATSA). A broader incumbent copper-gold operator; not a Tennant Creek peer but represents the type of larger producer that could become a corporate or offtake counterparty.
• Oz Minerals (BHP): Mid-tier copper-gold producer (Prominent Hill, Carrapateena) now part of BHP. Provides a benchmark for Australian copper-gold majors and potential acquirer profile for high-grade juniors.
• Ramelius Resources: ASX-listed (RMS) gold producer with operations in Western Australia. Useful benchmark for valuation of Australian gold-exposed juniors, though not directly overlapping in copper-gold geology.
• Aurelia Metals: ASX-listed (AMI) base and precious metals producer (Peak Mines, Hera). Comparable as an Australian polymetallic (Cu-Au-Zn-Pb) operator of similar scale, providing a relevant valuation analogue.

Direct peers

• Emmerson Resources: ASX-listed explorer (ERM) operating in the Tennant Creek Mineral Field and partner in the Tennant Creek Copper Alliance (TCCA) alongside Tennant Minerals and CuFe Limited. Directly comparable on geology, jurisdiction and processing-hub thesis.
• KGL Resources: ASX-listed (KGL) copper developer with the Jervois copper-gold project in the Northern Territory. Comparable as an Australian copper-focused junior advancing a polymetallic resource through feasibility.
• CuFe Limited: ASX-listed (CUF) copper-focused explorer and Tennant Creek Copper Alliance partner. Highly comparable as a junior copper developer in the same district pursuing the shared multi-user processing facility model.

Emerging players

• Alkane Resources: ASX-listed (ALK) gold-copper explorer/developer with the Tomingley gold operations and Northern Molong porphyry project in NSW. Comparable as an emerging Australian gold-copper developer transitioning from explorer to producer.
• Encounter Resources: ASX-listed (ENR) critical minerals and copper-gold explorer. Comparable as a small-cap Australian exploration peer focused on copper-gold discovery, with similar funding-via-equity model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TennantMinerals
• LinkedInlinkedin.com/company/tennant-minerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tennant Minerals