REG - Tertiary Minerals - Kobold to advance Konkola West Project Agreement

Tertiary MineralsAnnouncement

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RNS Number : 4102F  Tertiary Minerals PLC  30 October 2025

30 October 2025

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

Kobold to advance Konkola West Project Agreement to Stage 2

Tertiary Minerals plc (AIM: TYM) is pleased to announce that KoBold Metals
Company ("KoBold") has successfully completed its Stage 1 Earn-In requirements
on the Konkola West Copper Project ("Project") and has confirmed it will
proceed to Stage 2 under the Earn-In Agreement ("Agreement") with cumulative
exploration expenditure of up to US$6 million.

 

Highlights

·    Completion of Stage 1 Earn-In requirements with 2 drill holes for an
accumulative 4,153m of drilling, significantly surpassing the minimum drilling
requirement of 2,000m.

·    New Joint venture company to be incorporated.

·    KoBold confirms its intention to proceed to Stage 2, which includes
cumulative exploration expenditure of up to US$6 million.

·    KoBold is currently undertaking extensive analysis of the two holes
completed to date. This work includes full geochemical analysis, downhole
geophysics, and stratigraphic interpretation, all of which will improve the
targeting for the next phase of exploration.

·    Location and depth of the next drill hole to be confirmed once all
the data from previous drilling is reviewed and incorporated into the updated
exploration model.

 

Drilling Summary

Hole KWDD001

Hole KWDD001 was collared in the northeast of the licence area and targeted
down-dip extensions of mineralisation to the southwest of Mingomba and Konkola
Deeps (Figure 1). The drillhole was drilled to a depth of 2,711m but was
terminated due to technical difficulties before reaching the targeted horizon
(Ore Shale, Copperbelt Orebody Member). KWDD001 is believed to be the deepest
mineral exploration drill hole to have ever been drilled in the Zambian
Copperbelt and marks a significant milestone within the industry.

Hole KWDD002

Hole KWDD002 is collared on the eastern side of the licence area and is
targeting down-dip extensions of known mineralisation southeast of the Konkola
Mine (Figure 1). The drillhole was drilled to a depth of 1,802m but was
recently terminated due to technical difficulties.

Notwithstanding the drilling difficulties, both drillholes have yielded
invaluable geological information which is now being incorporated into
KoBold's geological model for the Konkola region and will be used as part of
the planning process for the Stage 2 drilling.

 

Earn-In Agreement

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local
partner, Mwashia Resources Limited, and Mwinilunga Exploration Limited, a
subsidiary of KoBold.

Under the amended Earn-in Agreement, KoBold was required to drill two holes
and carry out a minimum of 2,000m of drilling within 24 months of signing the
Earn-in Agreement (prior to 19 December 2025) to achieve the Stage 1 Earn-In.

Following the completion of Stage 1 and KoBold having elected to proceed to
Stage 2, a joint venture company between Tertiary Minerals Zambia, Mwashia
Resources Limited and Mwinilunga Exploration Limited will be formed, where the
participating interests in the joint venture company will be: 39%, 51%, and
10%, respectively.

In order to complete the requirements of Stage 2, KoBold is required to spend
a cumulative amount of up to US$6 million on exploration expenditure within a
further 24-month period. If these requirements are achieved, then KoBold will
increase its participating interest, and the shareholdings in the joint
venture company will then be: 20% Tertiary Minerals (Zambia) Ltd, 70%
Mwinilunga Exploration Limited, and 10% Mwashia Resources Limited.

In addition, a provision of the Earn-In Agreement has been made to ensure that
KoBold's newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will
also be held under the terms of the Earn-in Agreement for the benefit of all
the parties.

 

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

"We are delighted that KoBold has completed Stage 1 of the Earn-In Agreement
requirements and has opted to proceed to Stage 2, despite the technical
drilling challenges in this groundbreaking exploration programme. This marks a
major milestone not only for the Project but the collaboration between our
respective companies with the formation of a new joint venture company. Such a
move underlines the continuing commitment and strategic importance of this
Project within the world- renowned Central African Copperbelt.

"The continuation of exploration under the Earn-In Agreement provides
significant upside for Tertiary to any future Project advancement while
limiting downside in terms of risk and capital expenditure. The Company looks
forward to continuing this relationship and I look forward to providing
further updates in due course."

 

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

"We have learned a lot from the first two holes drilled at the Konkola West
property that will go into planning future work on the licence area. We are
pleased to have fulfilled Stage 1 of our Earn-In Agreement and look forward to
continuing to work with Tertiary and Mwashia in Stage 2 of our Earn-In
Agreement."

 

 

Figure 1. Location map of the Konkola West Copper Project and collar position
of the two drill holes.

 

Project Summary

Konkola West (Licences 27067-HQ-LEL and 38615-HQ-LEL) is located approximately
5km to the southwest of KoBold's Mingomba deposit and 3km southwest of Konkola
Deep Mine, which forms part of the Lubambe-Mingomba-Konkola group of copper
deposits of the Zambian Copperbelt. The aim of the drill programme is to test
the potential continuations of mineralisation being mined at the World-Class
Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment of over
775Mt grading 2-3% copper). KoBold's Mingomba project, is reported by KoBold
to be one of the largest undeveloped copper deposits in the world. KoBold is
using its propriety AI-driven models of the regional geology to support its
mineral exploration targeting.

 

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
 AlbR 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.

 

Cautionary Note Regarding Forward-Looking Statements

The news release may contain certain statements and expressions of belief,
expectation or opinion which are forward looking statements, and which relate,
inter alia, to the Company's proposed strategy, plans and objectives or to the
expectations or intentions of the Company's directors. Such forward-looking
statements involve known and unknown risks, uncertainties, and other important
factors beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially different from
such forward-looking statements. Accordingly, you should not rely on any
forward-looking statements and, save as required by the AIM Rules for
Companies or by law, the Company does not accept any obligation to disseminate
any updates or revisions to such forward-looking statements.

 

Competent Persons Statement

The technical information in this release has been compiled and reviewed by
Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the
purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher
is a chartered fellow of the Geological Society of London and holds the
European Geologist title with the European Federation of Geologists.

 

About Tertiary Minerals plc

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

 

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