REG - Tertiary Minerals - Half-Yearly Report 2025
27/06/2025 14:00
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RNS Number : 8018O Tertiary Minerals PLC 27 June 2025
27 June 2025
("Tertiary" or "the Company")
HALF-YEARLY REPORT 2025
Tertiary Minerals plc is pleased to announce its unaudited interim results for
the six-month period ended 31 March 2025 and to provide an update on
operational progress since the release of the Company's Annual Report in early
February 2025.
A copy of this report is also available on the Company's website,
www.tertiaryminerals.com (http://www.tertiaryminerals.com) .
OPERATIONAL HIGHLIGHTS
During the reporting period, the Company has continued its focus on copper and
precious metal exploration in Zambia and Nevada, USA, and in particular on its
exciting Mushima North Project in Zambia
Mushima North Project (Silver-Copper-Zinc, Zambia)
· Results of analysis of 2024 drill samples reveal thick intervals
of near surface silver mineralisation associated with broader intervals of
previously reported copper and zinc mineralisation at Target A1 including:
Ø 57m at 25 g/t Ag, 0.20% Cu, 0.15% Zn from 14m downhole (24TMNAC-004).
Ø 65m at 23 g/t Ag, 0.14% Cu, 0.27% Zn from 9m downhole (24TMNAC-005).
(Including: 5m at 73 g/t Ag, 0.16% Cu, 0.31% Zn from 69m downhole.)
Ø 66m at 26 g/t Ag, 0.13% Cu, 0.26% Zn from 13m downhole (24TMNAC-006P).
(Including: 20m at 40 g/t Ag, 0.21% Cu, 0.40% Zn from 23m downhole.)
Ø 37m at 24 g/t Ag, 0.11% Cu, 0.34% Zn from 46m downhole (24TMNAC-008P).
(Including: 19m at 27 g/t Ag, 0.09% Cu, 0.16% Zn from 64m downhole.)
· Mineralisation is open-ended and the majority of holes end in
mineralisation along drill line 1.
· Mineralisation extends across a width of at least 250m along
drill line 1 and is associated with a silver-in-soil anomaly (1.3 by 0.3km),
which is coincidental with a broader 1.7 by 0.5km zinc-in-soil anomaly, and a
kilometre-scale copper-in-soil anomaly.
· Mushima North represents the Company's highest priority sole
funded project in Zambia. Further drilling is warranted and is expected to
commence in the next few weeks.
Konkola West Project (Copper, Zambia)
· Silicon-valley funded KoBold Metals is earning into the Project
by completing two deep drill holes for a minimum of 2,000m for an initial 51%
ownership of the Project.
· Targeting deep extensions to the 15km long large Konkola-Musoshi
line of copper mines.
· First drill hole extended to a depth of 2,711m, the deepest
exploration borehole ever drilled in Zambia, but terminated short of target
due to technical issues.
· Exploration continues and the second drill hole is in progress.
Mukai Project (Copper, Zambia)
· Exploration is under management of First Quantum Minerals, where
First Quantum Minerals has an initial 24-month due diligence period during
which it is required to spend a minimum of US$1.5 million (US$0.5 million in
Year 1) on exploration expenditure, prior to advancing to the earn-in stage.
· Results from three scout drill holes drilled in late 2024 to test
the western Tirosa sedimentary basin and a copper-in-soil geochemical anomaly
intersected near surface anomalous copper mineralisation, including:
Ø 0.12% Cu over 3.8m from 1.6m downhole (TARDD0023).
Ø 0.17% Cu over 2m from 4m downhole (TARDD0024).
· Near surface and thick intervals of anomalous (>500 ppm)
nickel mineralisation also intersected, including: 558 ppm Ni over 63.1m from
10m downhole.
· Exploration programme/next steps currently under review.
Brunton Pass Project (Copper-Gold-Silver, Nevada USA)
· Results received from four reverse circulation percussion drill
holes completed in late 2024:
Ø All four holes intersected thick intervals containing anomalous copper
values associated with fresh and oxidised pyrite and trace chalcopyrite.
Ø Cumulative drill thicknesses up to 210m grading 170ppm copper (24TBPRC002)
with values up to 0.19% copper over 1.53m.
Ø Anomalous copper values extend to at least 212m vertical depth, in an area
630m east-west and 560m north-south.
· Deeper diamond drilling is justified to test the core of the
target geophysical anomaly.
Storuman Project (Fluorspar, Sweden)
· Storuman Fluorspar Project contains combined Indicated and
Inferred Mineral Resources of 27.7 million tonnes grading 10.2% fluorspar.
Fluorspar is an EU designated critical mineral.
· Detailed submission made in March 2025 to supplement the
September 2024 appeal against the Mining Inspector's decision to refuse the
Company's mining concession application. The Company awaits a response.
FINANCIAL SUMMARY FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2025:
· The Group Operating Loss after crediting interest income of £10
was £248,460 and comprises:
Ø Revenue of £100,839; less administration costs of £339,832 (which
includes non-cash share-based payments of £1,550).
Ø Pre-licence and reconnaissance exploration refund totalling £2,788.
Ø Impairment of deferred exploration asset totalling £12,255.
· Project expenditure of £342,348 was capitalised during the
six-month period.
Funding and Cash Position:
· The Company's closing cash (and cash equivalents) position at the
end of the period was £93,502.
· Revenue during the reporting period comprises Sunrise Management
recharges of £67,436, Sunrise Overhead recharges of £9,787 and Other Revenue
of £23,626, including interest.
· The Company relies upon periodic capital fundraisings until such
time as regular cashflow can be derived either from the sale or development of
the Company's projects. Following the end of the reporting period, on 6 June
2025, the Company announced that it had raised £350,000 through a placing of
new ordinary shares.
Further Information:
Tertiary Minerals plc:
Richard Belcher, Managing Director +44 (0) 1625 838 679
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison/Jen Clarke +44 (0) 203 470 0470
Peterhouse Capital Limited
Joint Broker
Lucy Williams/Duncan Vasey +44 (0) 207 469 0930
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Chairman's Statement
I am pleased to present our unaudited interim results for the six-month period
ended 31 March 2025 and to update on operational progress since the release
of our Annual Report in early February 2025.
In this period, we have continued sole funding of our exciting Mushima North
silver-copper-zinc discovery in Zambia whilst our joint venture partners
continue to fund substantial expenditures on our Konkola West and Mukai copper
projects in Zambia.
Operational Progress
Zambia
Mushima North
Much of our news flow since the publication of our last Annual Report has been
in connection with the Mushima North Project where we have been reporting
unexpectedly high silver results from assaying of previously reported copper
and zinc mineralisation. These results show that thick intervals of silver
mineralisation are commonly associated with zinc and/or copper at Target A1,
including 26 g/t silver over 66m from 13m downhole (24TMNAC-006P).
Polymetallic mineralisation is now intersected in multiple 50m spaced holes.
With only a small section of the soil geochemical anomaly tested so far (the
initial drill programme was <1500m), and many of the holes ending in
mineralisation, including 73 g/t Ag over 5m at the end of hole 24TMNAC-005, we
feel we have only just scratched the surface of this exciting target.
Mukai
Evaluation of our Mukai Copper Project was a priority for First Quantum
Minerals (FQM) in 2024 due to the Company's earlier delineation of a
substantial copper-in-soil anomaly in prospective stratigraphy, adjacent to
its Trident mining complex. Recent results from three scout holes drilled by
FQM in late 2024 show near surface anomalous copper and nickel mineralisation.
Given the limited drilling completed to date, and with only one hole testing
the target units and much of the soil anomaly untested, we believe there is
still potential upside to this project. We are currently in discussions with
FQM on the next steps for exploration. FQM has reported that the drilling and
other preparatory work completed reaches their minimum expenditure of US$0.5
million for Year 1 as part of the 24-month due diligence period.
Konkola West
At Konkola West, our earn-in partner, KoBold Metals, is continuing its joint
venture earn-in by sole funding the second of two deep drill holes targeting
potential deep extensions to the copper ore-shale being mined at the nearby
world-class Musoshi, Lubambe and Konkola Mines.
Drilling of the first hole, KWDD001, was terminated at a depth of 2,711m due
to technical difficulties and prior to reaching the targeted ore-shale
horizon. Nevertheless, the geological data collected as part of the drilling
has been instrumental in better understanding the previously unknown
geological architecture of the host sedimentary basin and has been used to
inform the siting of the second drill hole which is now in progress. KWDD001
is believed to be the deepest mineral exploration drill hole to ever be
drilled in the Zambian Copperbelt and marks a significant milestone within the
industry.
Nevada
Brunton Pass
In late 2024 we completed a short (~890m) drilling programme, our first at
Brunton Pass. This confirmed that the main target's geophysical anomaly is due
to sulphide mineralisation and thick intervals of anomalous copper. Mercury
and arsenic, indicators for precious metal mineralisation, have been found in
association with this anomaly over a wide area. However, only the peripheral
parts of the IP geophysical anomaly have been intersected at depth so far and
the stronger parts of the anomaly remain untested. Results to-date suggest
we may have drilled within the halo of a porphyry-copper system and that
deeper drilling is justified to test the unexamined portions of the IP
anomaly.
Sweden
Storuman Fluorspar Project
Following the Mining Inspector's latest decision to refuse the Company's
mining concession for the Storuman fluorspar deposit, a detailed submission
was submitted to the Swedish Government in March 2025 to supplement the
Company's earlier appeal against that decision. Fluorspar is considered a
critical minerals by the EU and the US, and Storuman hosts a large JORC
compliant mineral resource. We believe the Company has a strong case and we
remain optimistic for a positive outcome. The Swedish Government has indicated
that it may take up to 12 months for a decision to be made.
Corporate Developments
In February this year we were pleased to announce the appointment of our new
Managing Director, Dr. Richard Belcher. Richard, a geologist with a Masters in
Finance, brings a wealth of knowledge and experience across a range of
commodities, with a strong emphasis on Africa where his extensive field
experience includes significant work in Zambia.
We have recently engaged Bromham Communications & Investment Limited to
support our investor relations outreach efforts and provide access to the
StockBox Investor Platform. We also continue to work with Mining & Metals
Research Corporation to enhance our social media presence. A number of
interviews and updates are now available through these channels and on our
website.
Looking Forward
Our focus for the remainder of the year will be on Zambia and, now that the
wet season is over and with a fundraising behind us, we are keen to start a
follow up drilling programme at our Mushima North Project where our ambition
is to scope out the size and grade of the newly discovered silver-copper-zinc
at the A1 target.
In the meantime, we eagerly await the progress of the second drill hole being
drilled at Konkola West. We are incredibly excited for Tertiary to be involved
in this extraordinary project and remain extremely positive on the potential
future outcomes.
Patrick L Cheetham
Executive Chairman
27 June 2025
Consolidated Income Statement
for the six-month period to 31 March 2025
Six months Six months Twelve months
to 31 March to 31 March to 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Revenue 100,839 77,385 162,658
Administration costs (339,832) (312,671) (670,118)
Pre-licence exploration costs/impairment costs 2,788 (33,798) (43,691)
Impairment of deferred exploration asset (12,255) (577) -
Operating loss (248,460) (269,661) (551,151)
Interest receivable 10 176 217
Loss before taxation (248,450) (269,485) (550,934)
Loss for the period attributable to equity holders of the parent
(248,450) (269,485) (550,934)
Loss per share - basic and diluted (pence) (Note 2) (0.01) (0.01) (0.02)
Consolidated Statement of Comprehensive Income
for the six-month period to 31 March 2025
Six months to Six months to Twelve months to
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Loss for the period
(248,450) (269,485) (550,934)
Items that could be reclassified subsequently
to the Income Statement:
Foreign exchange translation differences on foreign currency net investments
in subsidiaries
13,338 24,071 (17,057)
Items that will not be reclassified to the Income Statement:
Changes in the fair value of other investments (6,476) (6,038) (6,038)
Total comprehensive loss for the period attributable to equity holders of the
parent
(241,588) (251,452) (574,029)
Company Registration Number 03821411
Consolidated Statement of Financial Position
at 31 March 2025
As at As at As at
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Non-current assets
Intangible assets 1,218,750 686,298 845,385
Property, plant & equipment 6,971 6,216 8,300
Other investments 3,952 10,428 10,428
1,229,673 702,942 864,113
Current assets
Receivables 147,515 139,656 90,081
Cash and cash equivalents 93,502 251,135 775,747
241,017 390,791 865,828
Current liabilities
Trade and other payables (93,187) (64,440) (140,346)
Net current assets 147,830 326,351 725,482
Provisions for liabilities (9,413) (9,591) (9,143)
Net assets 1,368,090 1,019,702 1,580,452
Equity
Called up share capital 371,300 257,483 367,483
Share premium account 13,784,797 13,034,938 13,760,938
Capital redemption reserve 2,644,061 2,644,061 2,644,061
Merger reserve 131,096 131,096 131,096
Share option reserve 53,236 69,585 67,941
Fair value reserve (34,714) (28,238) (28,238)
Foreign currency reserve 433,139 422,287 419,801
Accumulated losses (16,014,825) (15,511,510) (15,782,630)
Equity attributable to the owners of the parent 1,368,090 1,019,702 1,580,452
Consolidated Statement of Changes in Equity
Capital
Ordinary Share Redemption Share Fair Foreign
Share Premium Reserve Merger Option Value Currency Accumulated
Capital Account Reserve Reserve Reserve Reserve Losses Total
£ £ £ £ £ £ £ £ £
At 30 September 2023 198,108 12,599,278 2,644,061 131,096 88,562 (22,200) 436,857 (15,280,667) 795,095
Loss for the period - - - - - - - (269,485) (269,485)
Change in fair value - - - - - (6,038) - - (6,038)
Exchange differences - - - - - - (14,569) - (14,569)
Total comprehensive loss for the period - - - - - (6,038) (14,569) (269,485) (290,092)
Share issue 59,375 435,660 - - - - - - 495,035
Share based payments expense - - - - 19,664 - - - 19,664
Transfer of expired warrants - - - - (38,641) - - 38,641 -
At 31 March 2024 257,483 13,034,938 2,644,061 131,096 69,585 (28,238) 422,288 (15,511,511) 1,019,702
Loss for the period - - - - - - - (281,450) (281,450)
Change in fair value - - - - - - - - -
Exchange differences - - - - - - (2,487) - (2,487)
Total comprehensive loss for the period - - - - - - (2,487) (281,450) (283,937)
Share issue 110,000 726,000 - - - - - - 836,000
Share based payments expense - - - - 8,687 - - - 8,687
Transfer of expired warrants - - - - (10,331) - - 10,331 -
At 30 September 2024 367,483 13,760,938 2,644,061 131,096 67,941 (28,238) 419,81 (15,782,630) 1,580,452
Loss for the period - - - - - - - (248.450) (248,450)
Change in fair value - - - - - (6,476) - - (6,476)
Exchange differences - - - - - - 13,338 - 13,338
Total comprehensive loss for the period - - - - - (6,476) 13,338 (248,450) (241,588)
Share issue 3,817 23,859 - - - - - - 27,676
Share based payments expense - - - - 1,550 - - - 1,550
Transfer of expired warrants - - - - (16,255) - - 16,255 -
At 31 March 2025 371,300 13,784,797 2,644,061 131,096 53,236 (34,714) 433,139 (16,014,825) 1,368,090
Consolidated Statement of Cash Flows
for the six-month period to 31 March 2025
Six months Six months Twelve months
to 31 March to 31 March to 30 September
2025 2024 2024
Unaudited Unaudited Audited
£ £ £
Operating activity
Operating Loss (248,460) (269,661) (551,151)
Depreciation charge 1,393 1,093 2,298
Share based payment charge 14,705 19,664 28,350
Shares issued in lieu of bonus 27,676 - -
Reclamation provision - - (1,494)
(Increase)/decrease in receivables (57,434) (25,224) 24,351
Increase/(decrease) in payables (47,159) (5,395) 70,511
Net cash outflow from operating activity (309,279) (279,523) (427,135)
Investing activity
Interest received 10 176 217
Exploration and development expenditures (342,348) (85,903) (279,853)
Purchase of property, plant & equipment (64) (4,073) (7,364)
Net cash outflow from investing activity (342,402) (89,800) (287,000)
Financing activity
Issue of share capital (net of expenses) - 495,035 1,331,035
Net cash inflow from financing activity - 495,035 1,331,035
Net increase/(decrease) in cash and cash equivalents 616,900
(651,681) 125,712
Cash and cash equivalents at start of period 775,747 121,813 121,813
Exchange differences (30,564) 3,610 37,034
775,747
Cash and cash equivalents at end of period 93,502 251,135
Notes to the Interim Statement
1. Basis of preparation
The consolidated interim financial information has been prepared in accordance
with the accounting policies that are expected to be adopted in the Group's
full financial statements for the year ending 30 September 2025 which are not
expected to be significantly different to those set out in Note 1 of the
Group's audited financial statements for the year ended 30 September 2024.
These are based on the recognition and measurement requirements of applicable
law and UK adopted International Accounting Standards. The financial
information has not been prepared (and is not required to be prepared) in
accordance with IAS 34. The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of this financial
information.
The financial information in this statement relating to the six-month period
ended 31 March 2025 and the six-month period ended 31 March 2024 has neither
been audited nor reviewed by the Independent Auditor, pursuant to guidance
issued by the Auditing Practices Board. The financial information presented
for the year ended 30 September 2024 does not constitute the full statutory
accounts for that period. The Annual Report and Financial Statements for the
year ended 30 September 2024 have been filed with the Registrar of
Companies. The Independent Auditor's Report on the Annual Report and
Financial Statement for the year ended 30 September 2024 was unqualified,
although it did draw attention to matters by way of emphasis in relation to
going concern, and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006.
The directors prepare annual budgets and cash flow projections for a 15-month
period. These projections include the proceeds of future fundraising necessary
within the period to meet the Company's and the Group's planned discretionary
project expenditures and to maintain the Company and the Group as a going
concern. Although the Company has been successful in raising finance in the
past, there is no assurance that it will obtain adequate finance in the
future. These factors represent a material uncertainty related to events or
conditions which may cast significant doubt on the entity's ability to
continue as a going concern and, therefore, that it may be unable to realise
its assets and discharge its liabilities in the normal course of business.
However, the directors have a reasonable expectation that they will secure
additional funding when required to continue meeting corporate overheads and
exploration costs for the foreseeable future and therefore believe that the
going concern basis is appropriate for the preparation of the financial
statements.
2. Loss per share
Loss per share has been calculated on the attributable loss for the period and
the weighted average number of shares in issue during the period.
Six months Six months Twelve months
to 31 March to 31 March to 30 September
2025 2024 2024
Unaudited Unaudited Audited
Loss for the period (£) (248,450) (269,485) (550,934)
Weighted average shares in issue (No.) 3,702,579,375 2,203,762,645 2,489,386,949
Basic and diluted loss per share (pence) (0.01) (0.01) (0.02)
The loss attributable to ordinary shareholders and the weighted average number
of ordinary shares used for the purpose of calculating diluted earnings per
share are identical to those used to calculate the basic earnings per ordinary
share. This is because the exercise of share warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of IAS33.
3. Share capital
During the six-month period to 31 March 2025 the following share issue took
place:
Mr P L Cheetham was issued with 38,174,524 Ordinary Shares of 0.01p nominal
value each, at an issue price of 0.0725p per share, in settlement of a bonus
award relating to the 2023 calendar year, amounting to a total consideration
of £27,676 (29 October 2024).
The total number of Ordinary Shares in issue on 31 March 2025 was
3,713,009,573 (30 September 2024: 3,674,835,049).
4. Warrants
No warrants were issued in the period 1 October 2024 to 31 March 2025.
The total number of warrants in issue at 31 March 2025 was 87,100,000, with
subscription prices ranging from 0.080 to 1.50 pence per share.
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