Communicators

-          New Open-Pit Copper-Gold-Silver-Bismuth Mineral Resource shows substantial early-production potential through the Tennant Creek Copper Alliance processing plan

-          Underground extensions are open to the west where new gravity modelling has greatly expanded the resource target and highlighted potential for long term operations

-          Tennant Minerals is pleased to announce its maiden, high-grade, copper–gold Mineral Resource Estimate for the portion of the Bluebird discovery amenable to open-pit mining (to 180m below surface)

-          The Maiden Bluebird Copper (Cu) – Gold (Au) – Silver (Ag) – Bismuth (Bi) Mineral Resource contains:

• 1.58 million tonnes @ 3.00% Copper Equivalent (CuEq*) (1.30% Cu, 1.04g/t Au, 2.67g/t Ag, 839g/t Bi) containing 47,400t CuEq* (20,600t Cu, 52,900oz Au, 135,600oz Ag & 1,326t Bi), including:

• Indicated Resource:  1,070,000t @ 3.43% CuEq* (1.43% Cu, 1.26g/t Au, 3.47g/t Ag, 824g/t Bi) containing 36,800t CuEq* (15,400t Cu, 43,500oz Au, 119,300 oz Ag, 882t Bi)
• Inferred Resource:  510,000t @ 2.08% CuEq* (1.02% Cu, 0.57g/t Au, 0.99g/t Ag, 871g/t Bi) containing 10,600t CuEq* (5,200t Cu, 9,400oz Au, 16,300Oz Ag, 444t Bi)

• The Indicated portion of the Mineral Resource is a high 78% by contained copper-equivalent metal (36,800t CuEq*) and 82% of the contained gold (34,000oz Au) in 68% of the total tonnage
• The reported Mineral Resource has reasonable prospects of economic extraction to 180m below surface, based on open pit evaluation, as part of the ongoing Tennant Creek Alliance Scoping Study1

-          Previous drilling generated a number of high-grade copper and gold intersections below this open-pit resource.  These intersections are within a shallowly plunging mineralised zone which is open to the west at a relatively shallow less than 300m below surface. These high-grade intersections include:

• 24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu in BBDD00212

• 14m @ 3.0 g/t Au, 0.8% Cu from 233m incl. 5m @ 8.3 g/t Au, 2.0% Cu, 0.27% Bi in BBRC00403
• 17.8m @ 3.7 % Cu, 0.34 g/t Au from 277m incl. 9.5m @ 6.0 % Cu, 0.48 g/t Au in BBDD00154

-          New modeling has highlighted a large gravity high extending west, along strike, from the Bluebird mineralised structure, indicating extensions to the west within a thickly developed ironstone body.  This large ironstone-target shows potential to greatly extend the Bluebird footprint and build a long-term high-grade underground Mineral Resource through continued exploration (see Figures 1 to 3, below)

-          New gravity data and magnetics modeling is in progress within the greater, 3km strike-length, Bluebird East to Perseverance target corridor. Historical high-grade gold intersections at Perseverance and highly anomalous copper results at Bluebird East show potential for new discoveries within these zones

-          New exploration programs will be planned for Bluebird extensions and the other target areas, and aim to greatly expand resources to support long term critical and precious metals development at Bluebird  

The Tennant Minerals Board commented:

“We are very pleased to release this substantial, high-grade, open pit Mineral Resource for the Bluebird copper-gold-silver-bismuth discovery, which is a major milestone for the Company.

The high-quality and density of predominantly diamond drilling to 180m below surface, has enabled the classification of approximately 78% of the Copper Equivalent metal into the Indicated Resource category. This high-proportion of Indicated Resources will support development studies and conversion to Ore Reserves, potentially representing the first component of the Tennant Creek Cu-Au Alliance Scoping Study processing plan.

The Company’s very successful drilling programs over the past three years at Bluebird have not only led to this high-grade copper-gold Maiden Mineral Resource but have also intersected high-grade extensions of the deposit which remain open to the west at a shallow depth below the open pit resource.

The drilling has allowed us to develop a strong geological and structural understanding of this high-grade copper-gold-silver-bismuth discovery. The style of mineralisation at Bluebird is consistent with the major high-grade copper-gold orebodies historically mined in the Tennant Creek Mineral Field. These deposits are hosted in iron enriched zones or ‘ironstones’, which can be detected through modelling of magnetics and gravity data.

Inversion modeling of new gravity and magnetics data indicates the Bluebird mineralised fault-structure continues west of the drilled high-grade zone within a large body of ironstone. This copper-gold-ironstone target shows potential for major extensions of the high-grade copper-gold-silver-bismuth zone, which will be targeted for further drill-testing with potential to define large scale, long-term, underground Mineral Resources.

New gravity and magnetics modelling is also in progress for other target zones within the more than three kilometre corridor from Bluebird East to Perseverance West. These areas have historical high-grade gold intersections and copper anomalies which remain un-tested at depth.

The Company is committed to continued exploration of targets which offer opportunities to grow the resource base, while pursuing the early-stage development and processing – cashflow opportunity presented by the Tennant Creek Copper-Gold Alliance”.

Tennant Minerals Ltd (“Tennant Minerals” or “the Company”) is pleased to announce a Maiden Mineral Resource Estimate (MRE) for the Bluebird high-grade copper (Cu) – gold (Au) with silver (Ag) and bismuth (Bi) discovery, located 32 km east of Tennant Creek, in the Northern Territory of Australia (see Figures 3 and 4).

The Bluebird discovery is within the Company’s 100% owned Barkly Project tenement, which is located on the eastern edge of the renowned and richly endowed Tennant Creek Mineral Field, which has produced over 25Mt at 6.9 g/t gold and 2.8% copper for a world-class 5.5Moz of gold and 700kt of copper from 1934 to 20055.

The new Mineral Resource is based on drilling carried out between 2021 and 2024, which produced multiple, significant, high-grade copper and gold intersections within a more than 300m strike-length zone of up to 30m thick mineralisation, which plunges to the west and remains open in this direction (see Figure 1, below).

The defined Mineral Resource presented in this report has been estimated over a strike length of approximately 250m and limited to a lower depth boundary of 180m below the surface (150m RL) (see Figure 1). This represents the level to which the Mineral Resource has reasonable prospects of economic extraction by open-pit mining and centralised processing, at this interim stage.

The maiden Bluebird Mineral Resource Estimate for the portion that is amenable to open-pit mining includes:

Total Mineral Resource:

-          1,580,000t @ 3.00% CuEq* (1.30% Cu, 1.04g/t Au, 2.67g/t Ag, 839 g/t Bi) containing 47,400t CuEq,

including Indicated Resources of:

• 1,070,000t @ 3.43% CuEq* (1.43% Cu, 1.26 g/t Au, 3.47 g/t Ag, 824 g/t Bi) containing 36,800t CuEq,

including Inferred Resources of:

• 510,000t @ 2.08% CuEq* (1.02% Cu, 0.57 g/t Au, 0.99 g/t Ag, 871 g/t Bi), containing 10,600t CuEq.

The Indicated component of the Mineral Resource tonnage (1.07Mt @ 3.43% CuEq*) is a high 78% by contained copper-equivalent metal (36,800t CuEq) and 82% of the contained gold (43,500oz Au) in 68% of the tonnage.

Figure 1. Mineral Resource blocks with the resource classification boundaries projected in longitudinal view, on a sliced section of the gravity inversion model, looking north.

The drilled mineralisation at Bluebird is typical of the high-grade copper and gold orebodies in the Tennant Creek Mineral Field (TCMF). The high-grade drilled mineralisation includes minor secondary/supergene malachite (copper-carbonate) and native copper in the upper parts of the deposit, which transitions to primary hypogene sulphides – including chalcocite, bornite and chalcopyrite dominant in the majority of the drilled zone. Free gold has been observed in high-grade intervals associated with hematite alteration and bismuth sulphide minerals.

Previous metallurgical test-work on bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046 included crushing, grinding and flotation as well as gravity concentration tests. This work demonstrated excellent copper recoveries of up to 90% into concentrate grading 24 to 29% copper6. Gold reporting to the copper concentrate (grading between 1.5 g/t Au and 4 g/t Au) showed gold recoveries of up to 79% Au6. Gold reporting to flotation tails will be the subject of further gravity and cyanidation test-work. Further drilling is required to generate material for a higher-grade gold, silver and bismuth bulk sample for further metallurgical testing under the Copper Alliance initiative. This work will aim to optimise recovery of these highly valuable metals, which represent over 50% of the value of the CuEq grade calculation (Appendix 1).

Exploration Potential for Major Extensions of the high-grade copper-gold mineralised zone

The Bluebird MRE does not include mineralisation identified below 180m below surface, which has not been drilled to sufficient density over a large enough area to constitute a defined underground Mineral Resource, at this stage. However, significant, previously announced, high-grade copper and gold intersections occur at the base of the open-pit resource (including 24m @ 11.8 g/t Au 0.66% Cu with 5.7m @ 49.3 g/t Au, 0.74% Cu in BBDD00212), and within extensions of the mineralised zone, below the open pit Mineral Resource. These significant, high-grade, intersections include:

-          17.8m @ 3.7 % Cu, 0.34 g/t Au from 277m incl. 9.5m @ 6.0 % Cu, 0.48 g/t Au in BBDD00154

-          14m @ 0.8% Cu, 3.0 g/t Au from 233m incl. 5m at 8.3 g/t Au, 2.0% Cu, 0.27% Bi in BBRC00403.

-          18m @ 1.1% Cu, 0.22 g/t Au from 260m incl. 8m @ 2.1% Cu, 0.48 g/t Au in BBRC00443

-          3m @ 3.7% Cu, 0.19 g/t Au, 3.4 g/t Ag from 342m in BBRC00413

-          28m @ 1.6% Cu, 0.5 g/t Au from 146m incl. 16m @ 2.5% Cu, 0.62 g/t Au in BBRC00343

These high-grade mineralised drilling intersections from below the current Mineral Resource have been contoured by copper% x drilling interval metres thickness, showing extensions to the high-grade copper and gold mineralised zone which remain open to the west and at depth (see Figure 1). This zone shows potential for definition of significant extensions to the high-grade copper-gold-silver and bismuth resource within a zone which remains above 300m below surface - a relatively shallow depth for underground mining.

The intimate association of the mineralisation with deformed and altered iron-enriched units or ‘ironstone’, has allowed the Company to develop a predictive model for locating prospective mineralised zones using geophysics. Iron enriched zones or ironstone are associated with gravity (density) ‘highs’ and the mineralisation is associated with hematite, which is non-magnetic, and recrystallised magnetite - which has a remnant negative magnetic ‘fingerprint’.

Inversion modeling of recent gravity data, shown as shaded slice along the trend of the Bluebird mineralised structure on the extended longitudinal section shown in Figure 2, below, shows evidence of a large body of ironstone along the projections of the Bluebird mineralised fault structure which continues west of the drilled. This large copper-gold ironstone target shows potential for the discovery of major, shallow westerly plunging, extensions of the high-grade copper-gold mineralisation at Bluebird.

Figure 2. Bluebird Mineralisation Block Model Long Projection with Drilling Highlights, Known High-Grade Extensions and Potential Extension Indicated by New Gravity Data and Modelling

The plan-projection of the Bluebird deposit is shown on Figure 2, below, including the gravity inversion model. This shows the Bluebird mineralised structure and its projected intersection with the modelled gravity high – ironstone target, immediately to the west. This zone shows potential to more than double the footprint of the Bluebird mineralisation through further exploration in this area.

Figure 3. Bluebird mineralisation model with drilling to date and gravity inversion/ironstone model and target zone

Tennant Creek Copper Alliance

Tennant Minerals continues its involvement in the Tennant Creek Copper Alliance Scoping Study (the “Alliance”)1, which is analysing a shared processing facility at Tennant Creek. The Alliance is a strategic collaboration between Tennant Minerals and two other companies with projects in the Tennant Creek Mineral Field, CuFe Ltd (ASX:CUF), and Emmerson Resources Ltd (ASX:ERM). The aim of the Alliance is to jointly develop copper, gold, and critical metals projects in the Tennant Creek region, and to pool resources to develop a single, multi-user processing facility, which is expected to lower costs, reduce environmental impact, and create more economically viable projects through economies of scale.

The proposed plant would produce copper-gold-bismuth concentrates and gold doré from orebodies across the Barkly region. The Alliance is reviewing a combined Federal and Territory critical mineral grant scheme which, if successful, would extend the Alliance evaluation into a mining and processing pre-feasibility study (PFS). A PFS would allow Tennant Minerals to convert the open-pit Mineral Resource at Bluebird to Ore Reserves, which would represent early-feed for the contemplated Alliance processing facility.

DETAILS OF THE BLUEBIRD MINERAL RESOURCE ESTIMATE

Introduction

The Barkly Project is situated approximately 32 km due east of the Tennant Creek township, south of the Barkly Highway in the Northern Territory (see Figure 4).

The mineralisation at Bluebird is typical of the high-grade copper-gold orebodies in the Tennant Creek Mineral Field. The high-grade mineralisation is associated with intense hematite alteration and brecciation with minor secondary malachite (copper-carbonate) in the upper parts as well as minor native copper, which transitions to primary sulphide mineralisation at shallow depths, including mainly chalcopyrite with associated chalcocite and bornite in the majority of the mineralisation.

Figure 4. Location of the Barkly Project and major historical mines in the Tennant Creek Mineral Field.

The mineralised package at Bluebird extends over a strike length of up to 500m and over a vertical extent of over 300m, within an overall 3km strike-length mineralised ironstone unit. The Mineral Resource has been estimated and presented in this report over a strike length of 250m and limited to a lower boundary of 180m (150mRL) below the surface (see Figure 2 and Figure 3).

A mineralisation model has been developed in a 3-dimensional software package, and the metal concentrations have been estimated using ordinary kriging into a wireframed constrained 3-dimensional block model.

Figure 1 & Figure 2 (above) show the Mineral Resource blocks with the resource classification boundaries projected in longitudinal view, looking north. The latest gravity data collected recently and modelled in 2025, is also shown as a shaded model (gravity inversion model). Drilling results (namely copper % x drilling interval thickness) are shown as shaded contours on Figures 1 and 2 to illustrate the known high-grades already drilled below the current resource and the potential for significant further extensions of high-grade mineralisation.

A total of 107 holes for 8,599m of diamond drilling (with 3,793m of pre-collars) and 11,942m of RC drilling have tested the Bluebird mineralised zone. Drilling density within the Mineral Resource zone averages approximately 20m x 30m, whereas drilling density below the resource ranges from 40m to 60m spaced pierce points. Drilling results at Bluebird included thick, high-grade copper and gold intersections with significant silver and bismuth, associated with an ironstone-hosted mineralised structure which is thickest (up to 30m thick) associated with a shallow westerly plunging flexure in the structure (see cross sections, Figures 5 and 6, below.

Previous drilling highlights from the Mineral Resource area include:

-          63m @ 2.1% Cu, 4.6 g/t Au from 153m incl. 27.55m @ 3.6% Cu, 10.0 g/t Au in BBDD00127

-          14.1m @ 7.6% Cu, 2.4 g/t Au from 90.64m incl. 2.6m @ 18.8% Cu, 12.3 g/t Au in BBDD00428

-          17.95m @ 11.1 g/t Au, 2.7% Cu from 131m incl. 5.1m @ 38.6 g/t Au, 6.1% Cu, 4.5% Bi in BBDD00269

-          61.8m @ 2.3% Cu, 0.4 g/t Au from 149.2m incl. 6.8m @ 17% Cu, 0.5 g/t Au in BBDD004510

-          30.5m @ 6.2% Cu, 6.8 g/t Au from 153.6m incl. 17.8m @ 5.2% Cu, 11.5 g/t Au in BBDD001811

-          50m @ 2.7% Cu, 0.52 g/t Au from 158m incl. 24m @ 5.0% Cu, 1.0 g/t Au in BBDD000712

-          24m @ 0.66% Cu, 11.8 g/t Au from 161m incl. 5.7m @ 0.74% Cu, 49.3 g/t Au in BBDD00212

Cross sections through Bluebird deposit, shown below in Figure 5 (448,380mE) and Figure 6 (448,340mE), illustrate the drilling density in the Bluebird resource zone and selected high-grade intersections below the Mineral Resource.

Summary of the Mineral Resource Estimate

The Maiden Bluebird Copper (Cu) – Gold (Au) – Silver (Ag) – Bismuth (Bi) Mineral Resource contains:

-          1.58 million tonnes @ 3.00% Copper Equivalent (CuEq*) (1.30% Cu, 1.04g/t Au, 2.67g/t Ag, 839g/t Bi), containing 47,400t CuEq (20,600t Cu, 52,900oz Au, 135,600oz Ag & 1,326t Bi), including:

• Indicated Resource: 1,070,000t @ 3.43% CuEq* (1.43% Cu, 1.26g/t Au, 3.47g/t Ag, 824g/t Bi), containing 36,800t CuEq (15,400t Cu, 43,500oz Au, 119,300oz Ag, 882t Bi)
• Inferred Resource:  510,000t @ 2.08% CuEq* (1.02% Cu, 0.57g/t Au, 0.99g/t Ag, 871g/t Bi), containing 10,600t CuEq (5,200t Cu, 9,400oz Au, 16,300oz Ag, 444t Bi)

The Mineral Resource Estimate for the open-pit portion of Bluebird is summarised in Table 1 below:

Table 1. Bluebird Mineral Resource Estimate by Classification October 2025 (0.3% Copper cut-off)

Note: Inconsistencies in total tonnages and metal reporting may be because of rounding.

COMPETENT PERSONS DECLARATION

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled and/or reviewed by Mr Chris Ramsay. Mr Ramsay is the General Manager of Geology at Tennant Minerals Ltd and a Fellow of the Australian Institute of Mining and Metallurgy (‘FAusIMM’). Mr Ramsay has sufficient experience, including over 25 years’ experience in exploration, resource evaluation, mine geology, and development studies, relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (‘JORC’) Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Ramsay consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Figure 5. Block Model Cross Section 448,380mE

Figure 6. Block Model Cross Section 448,340mE

Refer above (Figure 5) for detail.

*Refer Appendix 1 for copper equivalent (CuEq) calculations.