TMS: Annual Report to shareholders
Original announcement by asx on
- Company
- Tennant Minerals Limited
- Ticker
- TMS
- Exchange
- ASX
- Region
- Northern Territory, Australia
- Primary commodity
- Copper
- Secondary commodities
- Gold, Silver, Bismuth
- Document categories
- Drill results, Resource update, Metallurgy
- Extracted
- 2026-09-29 15:28:01 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Tennant Minerals Limited announced a maiden Open-Pit Mineral Resource Estimate for its Bluebird copper-gold discovery, totaling 1.58 Mt at 3.00% CuEq, with 78% of contained copper equivalent metal in the Indicated category. New diamond drilling results from BBDD0050 confirmed high-grade gold, copper, and bismuth mineralization, extending the zone down-plunge. Historical metallurgical test work demonstrated excellent copper recoveries of up to 90% into a high-grade concentrate.
Reasoning: Tennant Minerals Limited announced a maiden, high-grade copper-gold Mineral Resource Estimate with a high proportion of Indicated resources, confirmed new high-grade gold-copper-bismuth drill intercepts extending mineralization, and reported excellent copper recoveries from historical metallurgical test work, all of which significantly de-risk and advance the Bluebird project.
Positive factors
- Maiden MRE establishes a significant resource base for the project.
- High proportion of Indicated resources (78% contained CuEq) de-risks the project.
- New high-grade drill intercepts extend mineralization down-plunge and to the west.
- Re-assaying confirmed repeatability of high-grade drill results, increasing confidence.
- Excellent copper recoveries demonstrated in metallurgical test work.
Negative factors
- Metal equivalent assumptions for MRE and drill results are not disclosed in this document.
- Gold recovery from flotation needs further test work (gravity and cyanidation).
- Drill intercepts are reported as downhole lengths without true width disclosure.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 24
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document announces the company's first formal Mineral Resource Estimate for the Bluebird discovery.
Evidence · text
“The Company announced its maiden, high-grade, copper-gold Open-Pit Mineral Resource Estimate (MRE) for the portion of the Bluebird discovery (to 180m below surface)”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The MRE includes a significant portion classified as Indicated, indicating reasonable geological confidence.
Evidence · text
“Indicated: 1.07Mt @ 3.43%CuEq*”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes a portion classified as Inferred, which is a speculative category with limited drilling.
Evidence · text
“Inferred: 0.51Mt @ 2.08% CuEq*”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The report includes a Competent Persons Declaration by Mr Chris Ramsay, a Fellow of the AusIMM, for exploration results which underpin the MRE.
Evidence · text
“The information in this report that relates to exploration results is based on information compiled and/or reviewed by Mr Chris Ramsay. Mr Ramsay is the General Manager Geology at Tennant Minerals Ltd and a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM).”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource Estimate is stated to be compiled under the JORC 2012 reporting guidelines.
Evidence · text
“The Bluebird Deposit has a new Mineral Resource Estimate compiled in October 2025 under the ‘Joint Ore Reserves Committee’ (JORC) 2012 reporting guidelines.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The MRE table explicitly states the 0.3% Copper Equivalent cut-off grade used.
Evidence · text
“Table 1. Bluebird Mineral Resource Estimate by Classification October 2025 (0.3% Copper Equivalent1 cut-off)”
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: The copper equivalent grades are reported without disclosing the price, recovery, or payability assumptions used in this document.
Evidence · text
“1.58Mt @ 3.00%CuEq* (1.30% Cu, 1.04g/t Au, 2.67g/t Ag, 839 g/t Bi) containing 47,400t CuEq, incl.,”
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: The drill intercept in BBDD0050 includes a sub-interval of 0.55m at 47.2 g/t Au, 9.3% Cu and 12.0% Bi, which are exceptionally high grades.
Evidence · text
“incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.”
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: The new drilling in BBDD0050 extended the high-grade zone down-plunge and to the west, beyond previous results.
Evidence · text
“extended the thick high-grade zone of mineralisation at Bluebird down-plunge and to the west below previous gold assays results”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release mentions re-testing of very high-grade core samples to evaluate repeatability, confirming the high-grade results.
Evidence · text
“The re-testing of the diamond drilling intersection in BBDD0050, which included 18m of intense hematite-quartz/jasper-sulphide breccia mineralisation with native copper, bismuth sulphides and specks of visible gold8, has confirmed and demonstrated the repeatability of the high-grade results.”
Apparent Width Onlynegative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: Drill intercepts are reported as downhole lengths (e.g., '18m downhole') without any mention of true width or drill orientation relative to mineralization.
Evidence · text
“18m @ 10.0g/t AuEq* (4.0 g/t Au, 1.9% Cu, 0.9% Bi,) from 178m downhole;”
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: The drill results consistently report significant bismuth grades, which can be a penalty element.
Evidence · text
“sub-intervals carrying high-grade gold, copper and bismuth grades”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The document re-states historical drill results from BBDD0021, referencing a news release from March 2023, without new assays or reinterpretation.
Evidence · text
“24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD00219”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Metallurgical test work demonstrated excellent copper recoveries of up to 90%, which is at the exceptional band for flotation.
Evidence · text
“excellent copper recoveries of up to 90% into concentrate grading 24 to 29% copper”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The metallurgical test work was conducted on 'bulk samples' and described as 'initial test-work', implying bench-scale rather than pilot-scale continuous operation.
Evidence · text
“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.”
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: Gold is explicitly mentioned as 'Gold reporting to the copper concentrate', indicating it is a byproduct rather than the primary focus of the flotation circuit.
Evidence · text
“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% Au.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
Extracted facts
Stored fact records: 24. Some facts used in scoring do not have a stored record.
Drill Results (14)
BBDD0050Barkly · goldGrade: 4Grade Unit: g/tIntercept: 18 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 4
- Grade Unit
- g/t
- Intercept
- 18 m
- From
- 178 m
- To
- 196 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-196
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 10
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This new 18m intercept at 4.0 g/t Au (10.0 g/t AuEq) in BBDD0050 is a strong result, extending the high-grade gold zone and confirming mineralization at depth, with re-assays validating the grades.
Positive factors
- High-grade gold intercept (4.0 g/t Au) over a significant width (18m).
- Intercept extends mineralization down-plunge and to the west.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · text
“18m @ 10.0g/t AuEq* (4.0 g/t Au, 1.9% Cu, 0.9% Bi,) from 178m downhole;”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · copperGrade: 1.9Grade Unit: %Intercept: 18 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 1.9
- Grade Unit
- %
- Intercept
- 18 m
- From
- 178 m
- To
- 196 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-196
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 10
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This new 18m intercept at 1.9% Cu (10.0 g/t AuEq) in BBDD0050 is a strong result, extending the high-grade copper zone and confirming mineralization at depth, with re-assays validating the grades.
Positive factors
- High-grade copper intercept (1.9% Cu) over a significant width (18m).
- Intercept extends mineralization down-plunge and to the west.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · text
“18m @ 10.0g/t AuEq* (4.0 g/t Au, 1.9% Cu, 0.9% Bi,) from 178m downhole;”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · bismuthGrade: 0.9Grade Unit: %Intercept: 18 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 0.9
- Grade Unit
- %
- Intercept
- 18 m
- From
- 178 m
- To
- 196 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-196
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 10
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This new 18m intercept at 0.9% Bi (10.0 g/t AuEq) in BBDD0050 is a strong result for a critical mineral, extending the high-grade zone, though bismuth can be a deleterious element.
Positive factors
- Significant bismuth grade (0.9% Bi) over a substantial width (18m).
- Bismuth is a critical mineral, adding value to the intercept.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
- Bismuth is a deleterious element, potentially incurring penalties.
Evidence · text
“18m @ 10.0g/t AuEq* (4.0 g/t Au, 1.9% Cu, 0.9% Bi,) from 178m downhole;”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · goldGrade: 15.4Grade Unit: g/tIntercept: 4.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 15.4
- Grade Unit
- g/t
- Intercept
- 4.55 m
- From
- 178 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 34.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This sub-interval of 4.55m at 15.4 g/t Au (34.3 g/t AuEq) is an exceptional high-grade result within BBDD0050, confirming a bonanza gold zone.
Positive factors
- Very high-grade gold intercept (15.4 g/t Au) over a good width (4.55m).
- This sub-interval significantly enhances the overall intercept's value.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · text
“incl. 4.55m @ 34.3 g/t AuEq* (15.4 g/t Au, 4.0% Cu and 3.5% Bi) from 178m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · copperGrade: 4Grade Unit: %Intercept: 4.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 4
- Grade Unit
- %
- Intercept
- 4.55 m
- From
- 178 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 34.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This sub-interval of 4.55m at 4.0% Cu (34.3 g/t AuEq) is an exceptional high-grade result within BBDD0050, confirming a bonanza copper zone.
Positive factors
- Very high-grade copper intercept (4.0% Cu) over a good width (4.55m).
- This sub-interval significantly enhances the overall intercept's value.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · text
“incl. 4.55m @ 34.3 g/t AuEq* (15.4 g/t Au, 4.0% Cu and 3.5% Bi) from 178m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · bismuthGrade: 3.5Grade Unit: %Intercept: 4.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 3.5
- Grade Unit
- %
- Intercept
- 4.55 m
- From
- 178 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:178-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Metal Eq. Grade
- 34.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This sub-interval of 4.55m at 3.5% Bi (34.3 g/t AuEq) is an exceptional high-grade result for a critical mineral within BBDD0050, though bismuth can be a deleterious element.
Positive factors
- Exceptional bismuth grade (3.5% Bi) over a good width (4.55m).
- Bismuth is a critical mineral, adding significant value to the intercept.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Reported as downhole length only, true width not disclosed.
- Metal equivalent assumptions are not disclosed in this document.
- Bismuth is a deleterious element, potentially incurring penalties.
Evidence · text
“incl. 4.55m @ 34.3 g/t AuEq* (15.4 g/t Au, 4.0% Cu and 3.5% Bi) from 178m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Metal Equivalent Opaquenegative
Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.
Why it applies: an equivalent grade is reported without its assumptions
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · goldGrade: 47.2Grade Unit: g/tIntercept: 0.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 47.2
- Grade Unit
- g/t
- Intercept
- 0.55 m
- From
- 182 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:182-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This very high-grade gold intercept of 0.55m at 47.2 g/t Au in BBDD0050 is a bonanza result, though its narrow width limits overall materiality, with re-assays validating the grades.
Positive factors
- Bonanza grade gold intercept (47.2 g/t Au).
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Very narrow intercept (0.55m).
- Reported as downhole length only, true width not disclosed.
Evidence · text
“incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · copperGrade: 9.3Grade Unit: %Intercept: 0.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 9.3
- Grade Unit
- %
- Intercept
- 0.55 m
- From
- 182 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:182-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This very high-grade copper intercept of 0.55m at 9.3% Cu in BBDD0050 is a bonanza result, though its narrow width limits overall materiality, with re-assays validating the grades.
Positive factors
- Bonanza grade copper intercept (9.3% Cu).
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Very narrow intercept (0.55m).
- Reported as downhole length only, true width not disclosed.
Evidence · text
“incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0050Barkly · bismuthGrade: 12Grade Unit: %Intercept: 0.55 mView all detailsHide details
Identity
- Hole ID
- BBDD0050
- Project
- Barkly
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 12
- Grade Unit
- %
- Intercept
- 0.55 m
- From
- 182 m
- To
- 182.55 m
- Intercept Depth
- 178 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0050:182-182.55
Location
- Location
- Main Zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This very high-grade bismuth intercept of 0.55m at 12.0% Bi in BBDD0050 is a bonanza result for a critical mineral, though its narrow width limits overall materiality, and bismuth can be a deleterious element.
Positive factors
- Bonanza grade bismuth intercept (12.0% Bi).
- Bismuth is a critical mineral, adding significant value.
- Re-assaying confirmed repeatability of high-grade results.
Negative factors
- Very narrow intercept (0.55m).
- Reported as downhole length only, true width not disclosed.
- Bismuth is a deleterious element, potentially incurring penalties.
Evidence · text
“incl. 0.55m @ 47.2 g/t Au, 9.3% Cu and 12.0% Bi from 182m.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
BBDD0021Barkly · goldGrade: 11.8Grade Unit: g/tIntercept: 24 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BBDD0021
- Project
- Barkly
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 11.8
- Grade Unit
- g/t
- Intercept
- 24 m
- From
- 163 m
- To
- 187 m
- Intercept Depth
- 163 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0021:163-187
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2023-03-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical intercept of 24m at 11.8 g/t Au in BBDD0021 is a strong result, but it is a re-statement of previously released data, limiting its novelty.
Positive factors
- High-grade gold intercept (11.8 g/t Au) over a significant width (24m).
Negative factors
- This is a historical result, not new information in this document.
- Reported as downhole length only, true width not disclosed.
Evidence · text
“24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BBDD0021Barkly · copperGrade: 0.66Grade Unit: %Intercept: 24 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BBDD0021
- Project
- Barkly
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 0.66
- Grade Unit
- %
- Intercept
- 24 m
- From
- 163 m
- To
- 187 m
- Intercept Depth
- 163 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0021:163-187
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2023-03-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical intercept of 24m at 0.66% Cu in BBDD0021 is a moderate result, but it is a re-statement of previously released data, limiting its novelty.
Negative factors
- This is a historical result, not new information in this document.
- Reported as downhole length only, true width not disclosed.
Evidence · text
“24m @ 11.8 g/t Au, 0.66% Cu from 163m incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BBDD0021Barkly · goldGrade: 49.3Grade Unit: g/tIntercept: 5.7 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BBDD0021
- Project
- Barkly
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 49.3
- Grade Unit
- g/t
- Intercept
- 5.7 m
- From
- 163 m
- To
- 168.7 m
- Intercept Depth
- 163 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0021:163-168.7
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2023-03-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical sub-interval of 5.7m at 49.3 g/t Au in BBDD0021 is a bonanza result, but it is a re-statement of previously released data, limiting its novelty.
Positive factors
- Bonanza grade gold intercept (49.3 g/t Au).
Negative factors
- This is a historical result, not new information in this document.
- Reported as downhole length only, true width not disclosed.
Evidence · text
“incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BBDD0021Barkly · copperGrade: 0.74Grade Unit: %Intercept: 5.7 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BBDD0021
- Project
- Barkly
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 0.74
- Grade Unit
- %
- Intercept
- 5.7 m
- From
- 163 m
- To
- 168.7 m
- Intercept Depth
- 163 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0021:163-168.7
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2023-03-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical sub-interval of 5.7m at 0.74% Cu in BBDD0021 is a moderate result, but it is a re-statement of previously released data, limiting its novelty.
Negative factors
- This is a historical result, not new information in this document.
- Reported as downhole length only, true width not disclosed.
Evidence · text
“incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
BBDD0021Barkly · bismuthGrade: 0.72Grade Unit: %Intercept: 5.7 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- BBDD0021
- Project
- Barkly
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- australia_nt
- Ticker
- TMS
Geometry
- Grade
- 0.72
- Grade Unit
- %
- Intercept
- 5.7 m
- From
- 163 m
- To
- 168.7 m
- Intercept Depth
- 163 m
Classification
- Deposit Type
- iocg
- Program
- exploration
- Sample Type
- drill
- Group ID
- BBDD0021:163-168.7
QA/QC
- QP Signed
- Yes
Deleterious
- Deleterious Flag
- Yes
- Deleterious Elements
- bismuth
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2023-03-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This historical sub-interval of 5.7m at 0.72% Bi in BBDD0021 is a significant result for a critical mineral, but it is a re-statement of previously released data, limiting its novelty.
Positive factors
- Significant bismuth grade (0.72% Bi) for a critical mineral.
Negative factors
- This is a historical result, not new information in this document.
- Reported as downhole length only, true width not disclosed.
- Bismuth is a deleterious element, potentially incurring penalties.
Evidence · text
“incl. 5.7m@ 49.3 g/t Au, 0.74% Cu, 0.72% Bi in BBDD0021”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Deleterious Elements Presentnegative
Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.
Why it applies: deleterious_flag is true
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
Resource Estimates (8)
indicatedBarkly Project · copperTonnes: 1070000Grade: 1.43Grade Unit: %Contained Metal: 15400Contained Unit: tView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:cd6f8482a7104b1c8991
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1070000
- Grade
- 1.43
- Grade Unit
- %
- Contained Metal
- 15400
- Contained Unit
- t
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 3.43
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The maiden Indicated resource of 1.07 Mt at 1.43% Cu is a significant and high-confidence component of the overall resource, providing a strong basis for future studies.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
- High proportion of Indicated category (68% of tonnage) indicates good geological confidence.
- Grade of 1.43% Cu is strong for an open-pit IOCG deposit.
Negative factors
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“1.43”
Context: 1,070,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarkly Project · goldTonnes: 1070000Grade: 1.26Grade Unit: g/tContained Metal: 43500Contained Unit: ozView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:cd6f8482a7104b1c8991
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1070000
- Grade
- 1.26
- Grade Unit
- g/t
- Contained Metal
- 43500
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 3.43
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The maiden Indicated resource of 1.07 Mt at 1.26 g/t Au is a significant and high-confidence component of the overall resource, contributing to the project's polymetallic nature.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
- High proportion of Indicated category (68% of tonnage) indicates good geological confidence.
- Grade of 1.26 g/t Au is moderate for an open-pit IOCG deposit.
Negative factors
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“1.26”
Context: 1,070,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarkly Project · silverTonnes: 1070000Grade: 3.47Grade Unit: g/tContained Metal: 119300Contained Unit: ozView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- silver
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:cd6f8482a7104b1c8991
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1070000
- Grade
- 3.47
- Grade Unit
- g/t
- Contained Metal
- 119300
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 3.43
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The maiden Indicated resource includes 3.47 g/t Ag, adding to the polymetallic nature of the deposit, though silver grades are not exceptionally high.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
- High proportion of Indicated category (68% of tonnage) indicates good geological confidence.
Negative factors
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“3.47”
Context: 1,070,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBarkly Project · bismuthTonnes: 1070000Grade: 824Grade Unit: g/tContained Metal: 882Contained Unit: tView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:cd6f8482a7104b1c8991
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1070000
- Grade
- 824
- Grade Unit
- g/t
- Contained Metal
- 882
- Contained Unit
- t
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 3.43
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The maiden Indicated resource includes 824 g/t Bi, which is a significant grade for a critical mineral, enhancing the project's overall value proposition.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
- High proportion of Indicated category (68% of tonnage) indicates good geological confidence.
- Bismuth is a critical mineral and its presence adds value.
Negative factors
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“824”
Context: 1,070,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarkly Project · copperTonnes: 510000Grade: 1.02Grade Unit: %Contained Metal: 5200Contained Unit: tView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:63f0f912202d5050fa25
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 510000
- Grade
- 1.02
- Grade Unit
- %
- Contained Metal
- 5200
- Contained Unit
- t
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 2.08
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Inferred resource of 0.51 Mt at 1.02% Cu adds to the overall resource but carries lower confidence and grade compared to the Indicated portion.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
Negative factors
- Inferred category has lower geological confidence.
- Grade of 1.02% Cu is lower than the Indicated portion.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“1.02”
Context: 510,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarkly Project · goldTonnes: 510000Grade: 0.57Grade Unit: g/tContained Metal: 9400Contained Unit: ozView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:63f0f912202d5050fa25
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 510000
- Grade
- 0.57
- Grade Unit
- g/t
- Contained Metal
- 9400
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 2.08
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Inferred resource of 0.51 Mt at 0.57 g/t Au adds to the overall resource but carries lower confidence and grade compared to the Indicated portion.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
Negative factors
- Inferred category has lower geological confidence.
- Grade of 0.57 g/t Au is lower than the Indicated portion.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“0.57”
Context: 510,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarkly Project · silverTonnes: 510000Grade: 0.99Grade Unit: g/tContained Metal: 16300Contained Unit: ozView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- silver
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:63f0f912202d5050fa25
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 510000
- Grade
- 0.99
- Grade Unit
- g/t
- Contained Metal
- 16300
- Contained Unit
- oz
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 2.08
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Inferred resource includes 0.99 g/t Ag, contributing to the overall metal content but with lower confidence and grade.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
Negative factors
- Inferred category has lower geological confidence.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“0.99”
Context: 510,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBarkly Project · bismuthTonnes: 510000Grade: 871Grade Unit: g/tContained Metal: 444Contained Unit: tView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- bismuth
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Chris Ramsay
- Resource group id
- resource:63f0f912202d5050fa25
- Mining method
- combined
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 510000
- Grade
- 871
- Grade Unit
- g/t
- Contained Metal
- 444
- Contained Unit
- t
- Cutoff Grade
- 0.3
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-10-28
Metal Equivalent
- Metal Eq. Grade
- 2.08
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- No
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Inferred resource includes 871 g/t Bi, which is a significant grade for a critical mineral, but with lower confidence.
Positive factors
- Maiden resource estimate provides a solid technical foundation.
- Bismuth is a critical mineral and its presence adds value.
Negative factors
- Inferred category has lower geological confidence.
- Metal equivalent assumptions are not disclosed in this document.
Evidence · table
“871”
Context: 510,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (2)
flotationBarkly Project · copperRecovery: 90 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- copper
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation
- Sample
- bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046
Recovery
- Recovery
- 90 %
- Recovery Basis
- actual_test
- Conc. Grade
- 24
- Conc. Grade Unit
- %
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-26T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical metallurgical test work demonstrated excellent copper recoveries of up to 90% into a high-grade concentrate, which is a strong positive for the project's processability, though it is not new information.
Positive factors
- Excellent copper recoveries (up to 90%) demonstrated.
- High concentrate grade (24-29% copper) indicates good product quality.
Negative factors
- This is a historical result, not new information in this document.
- Test work was on bulk samples, not necessarily representative of all ore domains.
Evidence · text
“excellent copper recoveries of up to 90% into concentrate grading 24 to 29% copper”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationBarkly Project · goldRecovery: 79 %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Barkly Project
- Commodity
- gold
- Region
- australia_nt
- Reported Region
- Northern Territory, Australia
- Ticker
- TMS
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- crushing, grinding, flotation
- Sample
- bulk samples from high-grade copper, lower grade gold diamond drillholes BBDD0045 and BBDD0046
Recovery
- Recovery
- 79 %
- Recovery Basis
- actual_test
- Conc. Grade
- 1.5
- Conc. Grade Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-03-26T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Historical gold recoveries of up to 79% into the copper concentrate provide a valuable byproduct, but further test work is planned for gold in flotation tails, indicating incomplete optimization.
Positive factors
- Gold recovery of up to 79% into copper concentrate is a positive byproduct credit.
Negative factors
- This is a historical result, not new information in this document.
- Further test work (gravity and cyanidation) is required for gold reporting to flotation tails.
- Test work was on bulk samples, not necessarily representative of all ore domains.
Evidence · text
“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% Au.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 79% is below the weak band (80%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.