This　study　aims　to　characterize　the　whole　reaction　process　of　(i)　emulsion　explosive　matrix　and　sulfide　ores,　and　(ii)　ammonium　nitrate　and　pyrite　by　the　thermodynamics　analysis　method.　A　series　of　experiments　were　carried　out　at　atmospheric　pressure　from　25　°C　to　350　°C　at　four　heating　rates　(3,　5,　10,　and　15　K/min)　and　the　Coats–Redfern　method　was　applied　to　calculate　the　apparent　activation　energy　of　samples　at　different　heating　rates.　The　results　show　that　the　thermogravimetric　(TG)　curve　of　sulfide　ores　and　emulsion　explosive　matrix　can　be　divided　into　four　stages:　the　water　evaporation　stage,　the　dynamic　balance　stage,　the　thermal　decomposition　stage,　and　the　extinguishment　stage.　However,　the　thermal　decomposition　process　of　ammonium　nitrate　and　pyrite　can　be　divided　into　the　dynamic　balance　stage,　the　thermal　decomposition　stage,　and　the　burnout　stage.　The　ignition　temperature　(T0)　and　maximum　peak　temperature　(Tm)　of　the　samples　increased　with　the　heating　rate,　but　the　shape　of　the　TG/DTG　(Derivative　Thermogravimetric)　curve　was　not　affected.　The　results　show　that　the　reaction　process　of　sulfide　ores　and　emulsion　explosive　matrix　is　similar　to　the　reaction　process　of　pyrite　and　ammonium　nitrate.　The　thermal　stability　of　emulsion　explosive　matrix　decreases　when　sulfide　ores　are　added.　By　contrast,　when　pyrite　is　added,　the　thermal　stability　of　the　ammonium　nitrate　decreases　more　significantly.　©　2022　by　the　authors.