Tennant Mines delivered 32,124oz in its first full year of production (FY25: 1,513oz), at an AISC of US$2,261/oz, generating Adjusted EBITDA of US$43.0 million. The ramp-up was slower than initially anticipated, with the first processing plant to be set up in the region in decades, but the business is now positioned for FY27 production of approximately 48,000-52,000oz as the high-grade White Devil open pit (3Mt at 3.8g/t, remaining open at depth) becomes the principal near-term feed source.
In early July 2026, the Group completed the acquisition of Emmerson Resources, consolidating 100% ownership of the Tennant Creek assets and removing joint-venture complexity, alongside a new ASX listing that broadens Pan African’s institutional shareholder base in Australia.
For investors assessing execution risk in a new jurisdiction, the sequencing is clear: throughput and grade stabilised first, now backed by full district ownership and a phased path toward 100,000oz per year through Warrego, Juno and Golden Forty.