Tertiary Minerals - Half-Yearly Report 2025

Tertiary Minerals

27/06/2025 14:00

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.

 

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
to 31 March
2025
Unaudited
Six months
to 31 March
2024
Unaudited
Twelve months
to 30 September
2024
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
31 March
2025
Unaudited
Six months to
31 March
2024
Unaudited
Twelve months to
30 September
2024
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
31 March
2025
Unaudited
As at
31 March
2024
Unaudited
As at
30 September
2024
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

                                     

Ordinary
Share
Capital
Share
Premium
Account
Capital
Redemption
Reserve
Merger
Reserve
Share
Option
Reserve
Fair
Value
Reserve
Foreign
Currency
Reserve
Accumulated
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
to 31 March
2025
Unaudited
Six months
to 31 March
2024
Unaudited
Twelve months
to 30 September
2024
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
(651,681)
125,712
616,900
Cash and cash equivalents at start of period
775,747
121,813
121,813
Exchange differences
(30,564)
3,610
37,034
Cash and cash equivalents at end of period
93,502
251,135
775,747


 

 

 

 

 

 

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
to 31 March
2025
Unaudited
Six months
to 31 March
2024
Unaudited
Twelve months
to30 September
2024
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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