Tennant Minerals : Interim Financial Report HY 31 Dec 2021

For personal use only

ABN 25 086 471 007

(Formerly Tennant Minerals NL)

INTERIM FINANCIAL REPORT

for the half-year ended 31 December 2021

only

TENNANT MINERALS LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES		31 December 2021
ABN 25 086 471 007
(Formerly Tennant Minerals NL)
Corporate directory
Current Directors
Matthew Driscoll	Non-executive Chairman
Gino D'Anna	Non-executive Director
Neville Bassett	Non-executive Director
Michael Scivolo	Non-executive Director

Company Secretary

Stuart Usher

For personal use

Registered Office
Street:	Level 1, 247 Oxford Street
	WEST LEEDERVILLE WA 6007
Postal:	PO Box 52
	WEST PERTH WA 6872
Telephone:	[phone]
Facsimile:	[phone]
Website:	www.Tennantminerals.com.au

Securities Exchange

Australian Securities Exchange

Level 40, Central Park, 152-158 St Georges Terrace Perth WA 6000

Telephone:	131 ASX (131 279) (within Australia)
Telephone:	[phone]
Facsimile:	[phone]
Website:	www.asx.com.au
ASX Code:	TMS

Share Registry

Advanced Share Registry Limited

Street + Postal: 110 Stirling Highway

	NEDLANDS WA 6009
Telephone:	1300 113 258 (within Australia)
	+61	(0)8 9389 8033 (International)
Facsimile:	+61	(0)8 6370 4203
Email:	[e-mail]
Website:	www.advancedshare.com.au

Auditor

Nexia Perth Audit Services Pty Ltd

Level 3, 88 William Street

Perth WA 6000

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INTERIM FINANCIAL REPORT	TENNANT MINERALS LIMITED
31 December 2021		AND CONTROLLED ENTITIES
		ABN 25 086 471 007
		(Formerly Tennant Minerals NL)
Contents
Directors' report ........................................................................................................................................................................	1
Auditor's independence declaration .......................................................................................................................................	10
Condensed Consolidated statement of profit or loss and other comprehensive income	.......................................................11
Condensed Consolidated statement of financial position.......................................................................................................	12
Condensed Consolidated statement of changes in equity ......................................................................................................	13
Condensed Consolidated statement of cash flows..................................................................................................................	14
Notes to the consolidated financial statements......................................................................................................................	15
Directors' Declaration..............................................................................................................................................................	27
Independent Auditor's Report.................................................................................................................................................	28

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TENNANT MINERALS LIMITED	INTERIM FINANCIAL REPORT
AND CONTROLLED ENTITIES	31 December 2021
ABN 25 086 471 007
(Formerly Tennant Minerals NL)
Directors' report

Your directors present their report on the consolidated entity, consisting of Tennant Minerals Limited (Formerly Tennant Minerals NL) (Tennant or the Company) and its controlled entities (collectively the Group), for the half-year ended 31 December 2021.

1. Directors

The names of Directors in office at any time during or since the end of the half-year are:

Mr Matthew Driscoll	Non-executive Chairman
Mr Gino D'Anna	Non-executive Director
Mr Neville Bassett	Non-executive Director
Mr Michael Scivolo	Non-executive Director

(the Directors or the Board)

Directors have been in office since the start of the half-year to the date of this report unless otherwise stated.

2. Dividends paid or recommended

There were no dividends paid or recommended during the half-year ended 31 December 2021 (2020: $nil).

3. Operating and financial review

1. Nature of operations principal activities
   The principal activity of the Group during the course of the financial year has been the evaluation of gold and copper projects across a broad range of geographies. All projects are subjected to a rigorous technical, commercial and legal due diligence.
2. Operations review Summary and Highlights:
   During the 6 months to 31 December 2021, the Company completed a very successful diamond drilling program at the Bluebird Copper-Gold Prospect on its Barkly project, located approximately 45km east of Tennant Creek in the
   Northern Territory (see Figure 5 in "About the Barkly Project").
   The program included five diamond drillholes for 1,048m, testing the entire thickness of the high-gradecopper-gold zone at Bluebird, as well as stepping out down-plunge to the southwest to explore for extensions.
   All five diamond drillholes have intersected significant intervals of haematite alteration with visible copper mineralisation, including malachite, chalcocite and native copper.

Importantly, the drilling contractors, Titeline Drilling, were able to test the mineralisation beyond previously abandoned hole BBRC019, that finished in 3.9 g/t Au, 4.8% Cu1 after intersecting 15m of mineralisation. The new holes include the following intensely mineralised intersections:

1. BBDD009 intersected a 50m zone from 165.6m of intense haematite-silica breccia with minor to abundant malachite with chalcocite (copper sulphide), and,

1. BBDD0010, tested the mineralised zone 20m down plunge from BBDD0009, intersecting over 35m of quartz veining, haematite alteration and copper mineralisation (including native copper) from 190m.

In addition, the final diamond hole in the program, BBDD0011, a step out of over 30m west of any previous intersections, intersected 27m of haematite with malachite, chalcocite and, on closer inspection, native copper. This intersection remains open down-plunge to the southwest as well as up and down dip.

Results were received for the first three holes (BBDD0007, 0008 and 0009) post the end of the Quarter and are summarised under results received post the end of the reporting period below.

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INTERIM FINANCIAL REPORT	TENNANT MINERALS LIMITED
31 December 2021	AND CONTROLLED ENTITIES
	ABN 25 086 471 007
	(Formerly Tennant Minerals NL)

Overview

During the 6 months to 31 December 2021, the Company successfully completed a diamond drilling exploration program focused on the high-grade Bluebird Copper-Gold Prospect located within the Barkly Project, located in the Tennant Creek region of the Northern Territory. A total of 5 diamond drill holes were completed for 1,048m.

All five holes intersected intense haematite alteration with visible copper mineralisation including malachite and/or chalcocite (copper sulphide) and native copper.

All of the core from the program were logged, cut and sampled with the samples prepared and submitted for a full ICP suite of analyses, initially for sample preparation at Intertek laboratories in Alice Springs, then to Townsville or Perth for final analyses post then end of the 6 months period.

The first three (3) diamond drillholes intersected intense haematite alteration with visible copper mineralisation (malachite and/or chalcocite) in the main target zone. Drillhole BBDD0008 and BBDD009, were continued into the footwall of the main target and both intersected an intense haematite altered breccia with copper mineralisation (malachite). This zone represents a new discovery of mineralisation parallel to and in the footwall of the main zone.

The third hole of the program tested the centre of the currently identified high-grade shoot on section 448,380mE (see longitudinal projection Figure 2). Diamond drillhole BBDD009 intersected a 50m zone from 165.6m of intense haematite- silica breccia with minor to abundant malachite with chalcocite (copper sulphide) in the main target zone, continuing into the newly discovered footwall zone to 216m. This is the first time the footwall of the main zone has been tested on this section, a previous hole, BBRC019, having been abandoned in 3.9 g/t Au, 4.8% Cu1 at end of hole after intersecting "only" 15m of mineralisation.

Figure 1: Bluebird cross-section 448,360mE with the BBDD0010 mineralised intersection below previous intersection

BBRC0019 that was abandoned in 4.8% Cu, 3.96 g/t Au1,2

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