Key Highlights:
• Tennant Minerals (ASX:TMS) reported high-grade gold-bismuth-copper drill results at Bluebird.
• The latest intersection extends mineralisation beyond the existing open-pit resource.
• High bismuth grades add a distinct component to the project’s metal mix.
• The mineralised zone remains open to the west and at depth.
• Further assays and testing are expected to refine recovery and resource potential.

Tennant Minerals (ASX:TMS) shares were trading at AUD 0.0070 as of 30 April 2026 (1:17 pm GMT+10), showing no immediate price movement despite the release of updated drilling results from its Bluebird discovery. While the market reaction remained muted in the session, the underlying update points to evolving project potential, particularly as the company continues to define high-grade zones within its Barkly Project in the Northern Territory.

The latest announcement centres on diamond drilling results that have extended mineralisation beyond the recently defined open-pit Mineral Resource, adding a new dimension to the project’s development narrative.

High-Grade Intersection at Bluebird

The standout result from the recent drilling program is a significant intersection that combines gold, copper, and bismuth mineralisation. The reported interval includes 18 metres grading 10.1 g/t gold equivalent, incorporating higher-grade sections within the broader intercept.

Within this zone, narrower intervals delivered substantially higher grades, including sections with elevated gold, copper, and bismuth concentrations. These results highlight the presence of a high-grade core within the mineralised system, which could influence future exploration and development strategies.

The intersection is located below and to the west of the existing open-pit resource, suggesting continuity of mineralisation beyond previously defined limits.

Extension of Mineralisation Footprint

The drilling results indicate that the high-grade zone remains open, particularly toward the west where geological modelling points to a potential extension linked to a gravity anomaly. This interpretation suggests that mineralised structures may continue over a broader area than currently delineated.

According to the company, the mineralised ironstone associated with the Bluebird system could extend for more than 400 metres beyond the drilled high-grade zone. If confirmed through further drilling, this could alter the scale of the resource footprint.

The company has submitted a proposal for co-funding to test this target area, which reflects a step toward advancing exploration beyond the currently defined zones.

Multi-Metal Composition Adds Complexity

A notable feature of the Bluebird discovery is its multi-metal composition, particularly the presence of bismuth alongside gold and copper. The reported grades include significant bismuth concentrations, which distinguish the project from conventional gold-copper systems.

This combination introduces additional considerations for processing and recovery, as well as potential exposure to different Commodity markets. The presence of coarse gold and native copper in some intervals has prompted further sample screening and re-assaying to refine the dataset.

The company expects updated assay results within one to two weeks, which may provide additional clarity on grade distribution and recovery characteristics.

Development Context at Barkly Project

The Bluebird discovery forms part of Tennant Minerals’ broader Barkly Project, located in the Tennant Creek Mineral Field. This region has a long history of gold and copper production, providing geological context for ongoing exploration.

The project sits within an area that has seen renewed interest in resource development, including initiatives aimed at expanding production capacity. Tennant Minerals’ exploration activities are aligned with this broader trend, as it seeks to define and potentially expand its resource base.

About the Company

Tennant Minerals (ASX:TMS) is an exploration company focused on copper, gold, and associated metals in Australia. Its key asset is the Barkly Project in the Northern Territory, where it is advancing discoveries such as Bluebird.

Industry Trends and Market Context

The broader resource sector continues to be shaped by Demand for both precious and industrial metals. Gold remains sensitive to macroeconomic conditions, including interest rates and currency movements, while copper is often linked to infrastructure and electrification trends. Bismuth, though less commonly discussed, has gained attention due to Supply constraints and evolving industrial applications.

For companies operating in multi-metal systems, exposure to different Commodity cycles can provide Diversification but also introduces complexity in project evaluation and development planning.

Investment Risks and Challenges

Exploration-stage projects carry uncertainties related to resource continuity, grade variability, and geological interpretation. While high-grade intersections can attract attention, translating these into economically viable resources requires further drilling and technical validation.

Metallurgical complexity, particularly in multi-metal systems, may affect recovery rates and processing design. Funding requirements for ongoing exploration and development remain a consideration, as does potential Volatility in underlying Commodity prices.

Bullish vs Bearish Perspectives

From a bullish perspective, the identification of high-grade mineralisation and the extension of known zones could support future resource growth. The presence of multiple metals may also offer broader exposure to different Commodity markets.

From a bearish standpoint, the project remains in an exploration phase, where results are subject to further verification. The absence of immediate market reaction may reflect caution among investors, as the pathway from discovery to development remains uncertain.