Tennant Mines
Tennant Mines is the latest addition to Pan African Resources’ growing portfolio of high-quality mining assets.
Situated in the highly prospective Tennant Creek Mineral Field in Australia’s Northern Territory, it marks a key step in our global expansion strategy – bringing low-cost, near-term gold production and long-term exploration potential in a Tier 1 mining jurisdiction.
Performance
Tennant Mines
Gold Produced
n/a Ounces
Contractors
69
Employees
70
Annual Capacity
50,000 Oz/Annum
Life of Mine
8 Years
Aisc
1,300 $/Oz
Tennant Mines Acquisition Figures
Production Forecast
50,000 Ounces per annum from surface stockpiles and tailings
This will increase to over 100,000 ounces/year with full development of Warrego.
Net Present Value (NPV)
$129.7 million based on current Mineral Reserves at a gold price of $2,600/oz.
This figure excludes further upside from inferred resources and expansion drilling, which are likely to increase the project’s overall value.
Project Internal Rate of Return (IRR)
144% (real ungeared)
This high return is driven by low capital intensity, early-stage stockpile processing, and a fast payback period of under three years.
Fully Funded Development
$35.7 million, including a $6.7 million loan from the Northern Territory Government.
Aisc
US$1,300/oz
This low-cost profile supports high-margin production, even at conservative gold price scenarios.
Life of Mine
8 Years Initially
Expandable beyond 15 years through the staged development of underground operations and copper-rich polymetallic assets at Warrego.
Our Operations
Why Tennant Mines
Pan African Resources acquired Tennant Mines to unlock high-impact gold opportunities in Australia’s Tier 1 mining jurisdiction.
Located in the historically rich Tennant Creek Mineral Field, it offers near-term production from existing stockpiles and long-term growth from extensive exploration potential.
With a skilled on-site team, a fully funded development plan, and the potential to boost annual gold production by over 20%, Tennant is a transformational addition to our portfolio.
Geographical Diversification
The Tennant Consolidated Mining Group (TCMG) acquisition marks Pan African Resources’ first venture into the Australian mining landscape, expanding our operational footprint beyond Southern Africa and into a Tier 1 mining jurisdiction.
Australia’s Northern Territory offers promising exploration opportunities, with only 8% of underground drilling extending below a depth of 150m.
Mining methods will utilise standard high-capacity mobile underground mining equipment. Production level intervals have been carefully chosen to suit limitations of the proposed mining fleet and to ensure the ground remains stable and safe.
This indicates exceptional potential for resource expansion, multiple deposit processing and future opportunities in this gold processing facility.
Strategic Growth Potential
With the Nobles Gold Project at its core, Tennant Mines is set to contribute approximately 50,000 ounces of gold annually.
Through phased development of Nobles, Warrego and nearby underground operations, annual production could exceed 100,000 ounces, supported by over 1,700 km² of exploration ground.
Targeted exploration spend has been planned for the next 2 years to increase Mineral Reserve, and a number of near-term prospects are also forecast to drive further production growth.
In addition to the current reserves found at Mauretania, Nobles, Warrego, Shaft 12 and Chariot Pit, new, unexplored areas have also shown early signs of gold being close to the surface.
Marathon and White Devil deposits are examples of opportunities that could be mined in the near future, including extensions of existing pits and new nearby deposits.
Low-Risk, High-Reward Opportunity
Tennant Mines offers immediate production from processing existing stockpiles and tailings, backed by a robust feasibility study and a clear path to production.
This, along with initial financing phases from the Northern Territory Government de-risks the operation and assures investors of consistent early returns.
Alignment with Pan African Resources' Values
Tennant Mines commitment to health and safety, operational excellence, and inclusive growth aligns with Pan African Resources’ core values of Ownership, Teamwork, Resilience, and Excellence.
Much like Pan African Resources’ initiatives for local communities in Barberton, the Tennant Mining Project fosters strong partnerships with local stakeholders and government support through the Local Jobs Fund.
The local management team brings further deep regional expertise and a strong ESG mindset, ensuring responsible mining and long-term community benefits.
The Nobles Gold Project
At the heart of Tennant Mines is the Nobles Gold Project, a high-potential mining operation that promises both near-term commercial production and significant exploration upside.
The project benefits from established infrastructure, including a gold processing plant being reconstructed by COMO Engineers, with commissioning expected by mid-2025.
The Warrego Project
The Warrego Project is the next phase of growth for Tennant Mines, targeting expanded gold and copper production through a fully scoped polymetallic strategy.
With a Mineral Resource of 16.5 Mt at 1.3% Cu and 1.1g/t Au, Warrego has the potential to add 10–15kt of copper and boost gold produced to over 100,000 ounces annually. A copper flotation circuit and definitive feasibility study are planned, with future funding supported by project cash flows.
A Vision for Sustainable Growth
Our investment in Tennant Mines underscores Pan African Resources’ strategy of delivering long-term value to shareholders through responsible and sustainable mining.
By leveraging our proven expertise and applying our disciplined approach to project development, we aim to unlock the full potential of Tennant Creek while maintaining our focus on safety, efficiency, and community well-being.
As we integrate Tennant into our operations, we invite our shareholders, partners, and potential investors to join us in this exciting new chapter. Together, we are not just mining gold, we are Mining for a Future.
Tennant Mines in Action
Mining For A Future
Pan African Resources Blog
Stay informed with the latest news on Pan African Resources’ gold production, operation progress of our surface and underground mines, and any updates on the acquisition of Tennant Consolidated Mining Group (TCMG).
The larger-scale mining production across the Tennant Creek region complements our existing commitment to innovation, responsible mining, and long-term value creation for shareholders.
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FAQ's
Frequently Asked Questions About TCMG
What is the Tennant Mines project?
Tennant Mines is a newly acquired Australian gold and polymetallic asset owned by Pan African Resources. It includes the Nobles Gold Project and Warrego Project areas, both located in the highly prospective Tennant Creek Goldfield in the Northern Territory.
When will gold production begin at Tennant Mines?
Gold production is expected to begin in Q1 FY2026, with the Nobles gold processing facility commissioned by June 2025.
How much gold will Tennant Mines produce annually?
Initial production will be around 50,000 ounces per year, increasing to over 100,000 ounces annually with the full development of Warrego and underground operations.
What is the expected life of mine for Tennant Mines?
The current life of mine is 8 years, with potential to extend to 15 years or more through additional exploration and staged project expansion.
Will Tennant Mines produce copper as well?
Yes. The Warrego Project includes copper resources and will introduce a copper circuit in later phases, targeting 10 – 15ktpa of copper alongside gold produced.
What ESG measures are in place at Tennant Mines?
Tennant Mines is committed to responsible and sustainable mining practices that minimise environmental impact and support community well-being.
A key initiative is the use of dry stacking to store mine residue at the Nobles Project. Unlike traditional tailings dams, dry stacking forms compact, stable landforms that significantly reduce environmental risk. This method lowers water use, prevents contamination, eliminates the risk of dam failure, and requires less land.
All major environmental approvals are in place, and Tennant Mines continues to engage with local stakeholders and traditional owners to ensure safe, inclusive development.