RCS - Tertiary Minerals - Update: KoBold's New Mingomba Copper Discovery

Tertiary MineralsAnnouncement

06/02/2024 14:00

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RNS Number : 2212C  Tertiary Minerals PLC  06 February 2024

6 February 2024

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

Update: KoBold Metals' New Mingomba Copper Discovery

 

The Company notes the article that appeared in the Financial Times yesterday,
5 February 2024, regarding KoBold Metals' ("KoBold") Mingomba Copper Project.
It is reported that KoBold now believes that the Mingomba Project will become
one of the world's top three high-grade copper mines. The article reports that
KoBold aims to start producing copper at the US$2 billion mine by the early
2030s. The Mingomba Project is located approximately 2km northeast of
Tertiary's Konkola West Project where KoBold has signed a definitive earn-in
agreement.

 

As announced on 19 December 2023, subject to Government approvals, KoBold is
planning to drill test the projected down dip extensions to the copper
ore-shale which hosts its new discovery and which is also mined at the
adjacent Konkola Copper Mine where Vedanta is currently committed to investing
approximately US$1billion to expand production. KoBold is committed to
drilling at least two deep drill holes (for a total of at least 2,000m of
drilling) at Konkola West in the coming months.

 

KoBold Metals is a US-based, privately held, mineral exploration company that
couples geoscience, data science, machine learning, and artificial
intelligence to search for the critical minerals needed for the clean energy
transition and to accelerate growth in electric vehicles. KoBold is backed by
technology investors including Breakthrough Energy Ventures (initiated by Bill
Gates) and Silicon Valley venture capital firm Andreessen Horowitz, as well as
institutional investors such as T. Rowe Price and Canadian Pension Plan
Investment Board.

For more information:

Website: www.tertiaryminerals.com

Contacts:

 Patrick Cheetham, Executive Chairman      +44 (0) 1625 838 679
 SP Angel Corporate Finance LLP

 Nominated Adviser and Broker
 Richard Morrison                          +44 (0) 203 470 0470
 Harry Davies-Ball
 Peterhouse Capital Limited

 Joint Broker
 Lucy Williams        + 44 (0) 207 469 0930
 Duncan Vasey

 

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