Case study: Tennant Mining

Revitalising large-scale gold and copper mining in the Barkly region

Tennant Mines is a gold and copper focused resource company with a portfolio of tenements across the Tennant Creek Mineral Goldfield.

Background

Tennant Mines is building a central processing facility at its Nobles project area 14 km east of Tennant Creek to process gold and then copper mined from its project areas across the Tennant Creek Mineral Field.

Commissioned ahead of schedule in May 2025, an initial 50,000 ounces of gold per annum will be produced, before expanding to a series of open-cut and underground mines, with plans to increase production to around 100,000 ounces per annum over the medium term.

Phase 1 of this A$94 million project will focus on mining historical stockpiles, tailings, and new open pits and underground mines across the Nobles and other satellite project areas over the initial eight years.

Phase 2 will extend production to 15-20+ years through an ongoing exploration program and plans to add a polymetallic circuit to also process copper and critical minerals including bismuth and cobalt.

In a vote of confidence in Tennant Mine’s project and growth plans, Pan African Resources PLC became a 100% shareholder in the company in late 2024.

Approach

Extensive collaboration took place over two years to ensure the business case and feasibility studies met investment guidelines.

Solution

In December 2023, Tennant Mines secured a A$10 million concessional loan from the Northern Territory Government.

This backing enabled the company to unlock private sector debt and equity financing to achieve financial close (FID) and progress into construction, and eventually commencement of operations in May 2025.

Delivering local jobs, skills and economic participation

Through its Territory Benefits Plan, Tennant Mines is delivering strong, measurable outcomes for local communities:

244 direct jobs created, including 233 based in Tennant Creek, with additional indirect employment generated across the Barkly region, the Northern Territory and interstate supply chains

Of its 54 direct employees:

• 43 are based in Tennant Creek
• 41% are Northern Territory residents
• 5.4% identify as Indigenous

Supporting local business and industry

A$26.9 million spent with 284 Northern Territory suppliers since construction commenced in April 2024 including:

• 126 Barkly region suppliers
• 33 Indigenous-owned businesses
• 9 Traditional Owner enterprise suppliers

Outcomes

Tennant Mines’s Nobles Gold Project and growth plans signal the revitalisation of the Barkly Region as a leading mining hub.

It also reinforces the Northern Territory’s position as an attractive, globally competitive destination for minerals processing and advanced manufacturing to support the global energy transition.

With gold resources of 1.3 Moz and reserves of 400,000 oz, the Nobles Gold Project is expected to inject A$69.9 million to the Northern Territory’s economy each year.

At-a-glance