Source: Kapitales ResearchHighlights

• Tennant Minerals completed its AU$2.8 million placement, providing funding to commence an expanded drilling campaign targeting extensions of the high-grade Bluebird copper-gold-bismuth discovery and new exploration targets across the Barkly Project.
• The immediate drilling program will target high-grade mineralisation following recent drilling that intersected 18 metres at 10.0g/t AuEq, including 4.55 metres at 34.3g/t AuEq and 0.55 metres grading 47.2g/t gold, 9.3% copper and 12.0% bismuth.
• Additional geological modelling, metallurgical studies and exploration targeting across the 2.5-kilometre Bluebird-Perseverance corridor aim to identify further high-grade discoveries capable of supporting a larger-scale mining operation.

Tennant Minerals Limited (ASX: TMS) traded 7.142% higher at AU$0.007 after completing the second tranche of its AU$2.8 million placement, providing the financial capacity to accelerate exploration and development activities at its Bluebird copper-gold-bismuth discovery. The funding enables the company to commence an expanded drilling campaign targeting extensions of recently identified high-grade mineralisation while advancing technical studies designed to evaluate the broader resource potential across the Barkly Project.Placement Strengthens Exploration FundingThe second tranche of the placement resulted in the issue of 164.3 million new fully paid ordinary shares following shareholder approval received on 7 July 2026. Combined with the first tranche completed in May, the placement successfully raised AU$2.8 million from institutional and sophisticated investors. The company will also issue 430.8 million options to placement participants together with 68.9 million options to GBA Capital Pty Ltd for lead manager services. All options are exercisable at AU$0.013 until 30 June 2030.High-Grade Bluebird Discovery Set for Expanded DrillingThe immediate focus of the exploration program is to extend the high-grade gold-bismuth-copper zone identified at Bluebird. Recent diamond drilling returned an exceptional intersection of 18 metres grading 10.0g/t gold equivalent from 178 metres, including 4.55 metres at 34.3g/t gold equivalent and a peak interval of 0.55 metres grading 47.2g/t gold, 9.3% copper and 12.0% bismuth. The mineralisation remains open, with geological modelling indicating potential extensions along a shallowly plunging corridor beyond the current Mineral Resource boundary.Exploration Targets Extend Across 2.5 KilometresBeyond the immediate Bluebird resource area, Tennant Minerals is progressing detailed gravity, magnetic and induced polarisation modelling across the 2.5-kilometre Bluebird-Perseverance corridor to identify additional high-priority drilling targets. Management believes the corridor has the potential to host multiple high-grade deposits comparable with historic copper-gold systems within the Tennant Creek Mineral Field, significantly increasing the project's long-term development potential.Technical Studies Continue Alongside DrillingThe company is simultaneously advancing metallurgical test work designed to improve recoveries of gold, copper, bismuth and silver from the Bluebird mineralisation. The studies will support ongoing pre-feasibility work associated with the Tennant Creek Copper Alliance processing initiative while also evaluating the potential for a future standalone processing facility. Planned geological modelling and target generation will further refine exploration priorities as drilling progresses.Management Sees Opportunity for a Larger Resource BaseGeneral Manager Chris Ramsay said completion of the placement enables the company to immediately drill-test extensions of the Bluebird discovery while evaluating numerous additional targets throughout the Bluebird-Perseverance corridor. With the existing discovery tested over less than 500 metres of strike within a prospective 2.5-kilometre trend, management believes continued exploration could define additional high-grade mineralisation capable of supporting a substantially larger copper-gold-bismuth resource and future standalone mining operation.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. 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