REG - Tertiary Minerals - Jacks Copper Project Zambia - JV Agreement

Tertiary MineralsAnnouncement

04/11/2022 11:00

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RNS Number : 3747F  Tertiary Minerals PLC  04 November 2022

4 November 2022

 

Tertiary Minerals plc

("Tertiary" or "the Company")

 

Jacks Copper Project, Zambia - Joint Venture Agreement

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and
development company, is pleased to announce that its 96% owned Zambian
subsidiary, Tertiary Minerals (Zambia) Limited ("TMZ"), has now executed a
full Joint Venture and Shareholders' Agreement (the "JV Agreement") with
Mwashia Resources Limited ("Mwashia") to govern their future relationship for
the Jacks Copper Project Exploration Licence 27069-HQ-LEL (the "Jacks
Licence").

The JV Agreement has been made pursuant to the option agreement between TMZ
(formerly Luangwa Minerals Limited) and Mwashia detailed in the Company's news
release dated

2 August 2021 (the "Option Agreement").

The JV Agreement provides that a new Zambian company ("Newco") will be formed
to be owned 90% by TMZ and 10% by Mwashia to own and operate the Jacks
Project. Mwashia will then transfer the Jacks Licence to Newco. Newco will be
funded by TMZ and/or Tertiary and TMZ will hold an option, exercisable at any
time, to purchase Mwashia's 10% interest for the amount of US$3.5 million. A
payment of US$30,000 will now be made by Tertiary to Mwashia as required by
the Option Agreement.

Commenting today, Executive Chairman Patrick Cheetham said:

"We are pleased to be announcing this agreement which cements our relationship
with Mwashia and provides a mechanism for TMZ to move to 100% ownership of the
Jacks Licence in future. Since signing the Option Agreement, we have worked
closely with Mwashia as our local partner. Mwashia has been instrumental in
the tribal and stakeholder engagement process that has allowed for the smooth
running of our drilling programme at Jacks earlier this year and more recently
for the soil sampling programme where we expect to release provisional results
shortly.

In addition to Jacks, we also hold options over four further licences held by
Mwashia in Zambia and we anticipate this new agreement will from a template
for those licences should TMZ compete its expenditure requirements under the
terms of those options."

 

For more information, please contact

 Tertiary Minerals plc:
 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
 Caroline Rowe
 Peterhouse Capital Limited - Joint Broker
 Lucy Williams        + 44 (0) 207 469 0930
 Duncan Vasey

 

Note to Editors

Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and
development company whose strategic focus is on energy transition metals. The
Company's projects are located in stable and democratic, geologically
prospective, mining-friendly jurisdictions. Tertiary's current principal
activities are the discovery and development of mineral resources in Nevada,
USA, and in Zambia.

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(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.

 

 

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