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Tertiary Minerals #TYM – Formation of Zambian Subsidiary
Formation of Zambian Subsidiary – Luangwa Minerals Limited
Tertiary Minerals plc is pleased to announce that the Company is forming a Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), targeting copper exploration and development opportunities in Zambia.
The Company has retained geologist Marcel Nally who, it is expected, will be appointed Luangwa’s exploration manager in due course. Mr. Nally was previously a director of private Zambian copper producer, Moxico Resources plc, and was responsible for the identification and acquisition of its principal mining projects. The Company has also retained Mr. Shangwa Chime as Luangwa’s Government Liaison Officer.
Tertiary will hold 96% of Luangwa, with 3% being held by Mr. Nally and 1% held by Mr. Chime.
Commenting today, Executive Chairman Patrick Cheetham said:
“Given that the Board has many years of experience with Zambian mining projects, we are excited to take this next step in the development of Tertiary’s mineral business. Copper is increasingly a focus for the Company and with Zambia one of the world’s top 10 copper producing countries, producing nearly 900,000 tonnes of copper in 2020, we expect Luangwa to be a valuable addition to the Tertiary asset portfolio.”
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Tertiary Minerals (TYM) – Notification of Major Holdings – Bergen Asset Management
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: |
Tertiary Minerals PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligationiv |
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Name |
Bergen Asset Management, LLC |
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City and country of registered office (if applicable) |
Delaware, USA |
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4. Full name of shareholder(s) (if different from 3.)v |
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Name |
BNP Paribas Securities Services as Custodian for Bergen Global Opportunity Fund, LP. |
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City and country of registered office (if applicable) |
New York, USA |
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5. Date on which the threshold was crossed or reachedvi: |
26 November 2019 |
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6. Date on which issuer notified (DD/MM/YYYY): |
28 November 2019 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
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Resulting situation on the date on which threshold was crossed or reached |
7.32% |
N/A |
7.32% |
478,075,665 |
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Position of previous notification (if applicable) |
N/A |
N/A |
N/A |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rightsix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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35,000,000 |
7.32% |
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SUBTOTAL 8. A |
35,000,000 |
7.32% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlementxii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
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Full chain of controlled undertakings through which the voting rights and/or the |
X |
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Namexv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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Bergen Global Opportunity Fund, LP |
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Bergen Asset Management, LLC |
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Eugene Tablis |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional informationxvi |
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Place of completion |
Florida, USA |
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Date of completion |
27 November 2019 |
END
Tertiary Minerals (TYM) Issue of Convertible Security
The Company hereby announces that on 26 November 2019 it has issued a convertible security with the nominal value of £263,000 (at the purchase price of £232,000) pursuant to, and on and subject to the terms and conditions set out in, the convertible securities issuance deed dated 19 November 2019, the details of which were disclosed to the market on 20 November 2019.
For more information please contact:
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Tertiary Minerals plc: |
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Richard Clemmey, Managing Director |
+44 (0) 1625 838 679 |
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Patrick Cheetham, Chairman |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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About Tertiary Minerals plc
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Cranswick #CWK Tertiary Minerals #TYM Open Orphan #ORPH
Tertiary Minerals plc (TYM) Secures up to £622,000 Investment by way of Convertible Securities
Highlights:
- Up to a nominal amount of £653,000 in zero coupon convertible securities allows Tertiary Minerals plc to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster Polymetallic Projects in Nevada and for general working capital purposes.
- Funding provided by U.S. based fund, Bergen Global Opportunity Fund, LP, an institutional investor.
- Staged funding potentially minimises dilution to existing shareholders.
The Company announces that it has entered into a convertible securities issuance deed (the “Agreement”) with Bergen Global Opportunity Fund, LP (the “Investor”), a U.S. based institutional investment fund, in connection with an issuance by the Company of zero coupon convertible securities having a nominal amount of up to £653,000 (the “Convertible Securities”).
The Convertible Securities will (subject to satisfaction of certain conditions) be issued in tranches and the Company will make an announcement of the issue of each Convertible Security. The initial Convertible Security will have the purchase price of £232,000 and the nominal value of £263,000 and will be issued shortly. Any subsequent Convertible Securities will be issued at a time agreed between the Company and Investor and will be purchased at their nominal value. The aggregate nominal value of any subsequent Convertible Securities issued will be determined by mutual consent of the Company and Investor but will not exceed £390,000.
Each of the Convertible Securities will have a term of 24 months.
The Convertible Securities will (subject to the satisfaction of certain conditions) be convertible into ordinary shares of the Company (the “Shares”), in whole or in part, at the option of Investor. The Company will make an announcement each time any Convertible Securities are converted in whole or in part and will specify in such announcement the relevant conversion price, which will be, at Investor’s election: (a) 95% of the average of five daily volume-weighted average prices of the Shares on AIM during a specified period preceding the relevant conversion or (b) 135% of the average of the daily volume-weighted average prices of the Shares for the 20 consecutive trading days immediately prior to 19 November 2019.
The Investor has agreed to certain, substantial, limitations on its ability to dispose of the Shares following a conversion of the Convertible Securities. The Investor is also contractually precluded from shorting the Company’s shares.
The Company will have the right to repurchase the initial Convertible Security for cash at 100% of its nominal value (and without a fee or penalty) within 120 days of the issue date of the initial Convertible Security.
In connection with the Agreement:
(A) the Company will issue to the Investor 17,000,000 Shares by way of a commencement fee in relation to the overall funding (“Commencement Fee Shares”);
(B) the Company will issue to the Investor 18,000,000 Shares at par to collateralise the investment (“Collateral Shares”). Investor may be required to make a further payment to the Company once all of the obligations of the Company under the Agreement have been finally met and no amount remains outstanding to the Investor, depending on the price of Shares at such time; and
(C) the Company has agreed that it will issue 22,000,000 warrants with an exercise period of 48 months from the date of issue (the “Warrants”) to the Investor entitling the Investor (or any subsequent holder of the Warrants) to subscribe for one Share per Warrant at the exercise price equal to 0.33588 pence.
The Company has applied for admission of the Commencement Fee Shares and Collateral Shares to trading on AIM, and this is expected to become effective at 8:00a.m. on or around 26 November 2019.
Application will be made to the London Stock Exchange for any Shares issued and allotted on exercise of the Warrants or conversion of the Convertible Securities to be admitted to trading on AIM. The Convertible Securities will only be issued to the extent that the Company has corporate authority to do so.
The proceeds for the issue of the Shares and the Convertible Securities will be used by the Company to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster Polymetallic Projects in Nevada and for general working capital purposes.
Total Voting Rights
Following admission of the Commencement Fee Shares and Collateral Shares, the Company will have 478,075,665 Shares in issue with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company is therefore 478,075,665 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Richard Clemmey, Managing Director of the Company, commented today: “The current market for natural resource companies remains very challenging and we are therefore pleased to have secured a flexible method of financing as opposed to a straight equity raise which, in the current market, often come at a large discount to the share price and would be highly dilutive.”
“The staged funding now enables the Company to move ahead with exploration and development on our two new exciting projects, Pyramid and Paymaster.”
About Tertiary Minerals plc
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.
About Bergen Asset Management LLC
Based in the U.S., Bergen Asset Management, LLC is an institutional investor with a particular focus on direct investments in small-cap companies around the world, and a track record of success.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For more information please contact:
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Tertiary Minerals plc: |
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Richard Clemmey, Managing Director |
+44 (0) 1625 838 679 |
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Patrick Cheetham, Chairman |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Tertiary Minerals: A bargain catch in a monster mining region
- Nevada continues to shine
- A change in direction for Tertiary Minerals
- Paymaster project shows promise
- Pyramid Project: A golden catch
- Gold and Silver on the rise
Nevada continues to shine
Ranked as the world’s top jurisdiction for mining investment – when it comes to fishing for metals, Nevada looks to be the place to net a winner.
At the beginning of July mining super-heavy-weights Barrick Gold and Newmont Goldcorp announced the official launch of their huge joint gold mining venture in Northern Nevada – marking another prestigious boost for the world-class mining jurisdiction.
Following a visit to the joint projects Nevada Governor Steve Sisolak commented:
“There’s a reason why Nevada is ranked as one of the more attractive jurisdictions in the world for mining investment. It’s not only the geological attractiveness, but that we have a true partnership with the state and federal government in growing a responsible, safe, and beneficial industry for our local communities”
Tertiary Minerals a fresh strategy kick starts with Nevada Prospects
Another company that’s been hooked by Nevada’s outstanding mining opportunities is AIM- traded mineral exploration and development company Tertiary Minerals (AIM:TYM).
Over the last year the company has made a strategic move to broaden its portfolio beyond the existing focus on fluorspar. As well as maintaining projects for the EU listed critical mineral, Tertiary are now aiming to build a multi-commodity project portfolio including precious metals, base metals and industrial minerals.
The company are hopeful that by targeting a number of mining friendly jurisdictions they can provide shareholders with exciting projects capable of generating revenue across a shorter timescale, as well as earlier stage projects which can be developed organically.
With its rich mining history, geology and supportive government the company have set their sights on Nevada to provide this, announcing the acquisition of two new projects in the state; the Paymaster polymetallic project and the Pyramid gold project.
Paymaster project shows promise
Back in February, Tertiary staked claim to the Paymaster zinc-copper-silver-Cobalt-Tellurium prospect, an area of more than 390 acres located approximately 30km south west of Tonopah, Nevada.
The project showed immediate promise with Tertiary revealing that grab samples had produced significant assays up to 21% zinc, 6.5% lead, 3.3% copper and 253g/t silver as well as high levels of high-tech metals tellurium and cobalt. 
Shareholders were left waiting in anticipation until July for further sample results. But the wait appears to have been well worth it.
Soil sampling revealed two large zones of zinc-silver mineralisation for follow-up exploration, with rock sampling from their Valley Prospect providing assays of 7.5% zinc, 4.3% lead and 180g/t silver.
Richard Clemmey, Managing Director of the Company, commented: “We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project.”
Pyramid Project a golden opportunity
Quick to keep developing their portfolio, Tertiary soon set their sights on Gold, securing a 20-year lease (with the option to buy) over a group of nine patented claims in the Walker Lane area.
With Walker Lane rated such a highly prospective area for gold mining,, Tertiary did extremely well to snap up the site. Particularly considering that historic drilling results at hole PYR9 intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole.
As commented by MD Mr Clemmey “Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.”
Gold and Silver shine demonstrating safe haven potential
Now looks as good a time as ever for Tertiary to be digging for gold and silver. The precious metals have once again demonstrated their safe-haven qualities during the recent periods of economic uncertainty.
Earlier in August gold prices surged through $1,500 a troy ounce for the first time in over six years, whilst silver broke above the $17 a troy ounce mark for the first time since the 14th June 2018. These results perhaps a demonstration of the unique security that gold and silver stocks can offer during economic slowdowns.
Meanwhile, Tertiary will be pleased to hear that Commerzbank’s raw materials analyst Daniel Briesmann has predicted that prices for the metal are on the up. He’s forecast a three-month price of $2,800 per tonne at the end of 2019. Zinc is currently at around $2,260 per tonne.
“I don’t see production coming back onto the market at current levels, so I think we will see a supply deficit, which has already been recorded for the first months of the year” said Briesmann.
Tertiary a bargain
All said, sat just above it’s lowest price of 0.18p, at just 25p, Tertiary looks to be a bargain catch for investors, and offering significant upside potential.
As well as the two highly promising additions discussed, Tertiary’s portfolio includes three strategic fluorspar deposits located in Europe and the USA containing JORC compliant Mineral Resources of over 13 million tonnes of fluorspar mineral.
Fluorspar is an EU listed critical mineral used primarily in metallurgical, ceramics, and chemical industries; as well as for, optical, lapidary, and other important uses.
However, it’s Tertiary’s Paymaster and Pyramid projects which I’d recommend keeping your eyes on. As news starts to flow from these projects and investors catch on I’d expect to see the share price jump.
Back to our analogy ‘fishing for metals’.. always remember, good things come to those who bait! Sorry, I mean wait. These projects are in their early stages. So set out your camping chair, cast your lines and wait to reel it in.
By Harry Dacres-Dixon
Sources:
Brand Communications – Treasure Hunting in Nevada with Tertiary Minerals (TYM): Walker Lane marks the spot for gold
Brand Communications – Tertiary Minerals plc (TYM) New Project Acquisition and MB Project Update
Brand Communications – Tertiary Minerals (TYM) – New Project Acquisition in the Pyramid Mining District of Nevada, USA
Fastmarkets AMM – Analysts divided on 2019 zinc price forecast
Financial Times – Gold prices top $1,500 as haven rally accelerates
Kitco – Gold and Silver Prices Explode to the Upside
Gold Keeps Climbing – Mining Beacon
Mining Beacon April 17 2019
Recent research reports from S&P Global Market Intelligence highlight record gold production in 2018, and outline some of the reasons for the increased appetite for gold mergers and acquisitions.
Global gold production increased in 2018 for the 10th consecutive year to reach a total of 107.3 Moz, according to a recent report from S&P Global Market Intelligence (SPGMI). As signaled in the recent HindeSight bog, although the year-over-year increase of just under 1% was the smallest in the past decade, output of the precious metal has now risen 40% since 2008.
SPGMI forecasts further growth, of 2.3 Moz, this year. If so, it will be the strongest growth of the past three years. As the report’s author, Chris Galbraith, wrote; it will debunk the commentary of “peak gold”.
Looking at the current project pipeline, and without large-scale moves in the gold price or any speculative estimates on additions through exploration activity, SPGMI expects gold output to stay steady until 2022 and decline thereafter. Indeed, more than 15% of gold production by 2024 will be coming from mines that are not yet producing.
More than half of this year’s increase is projected to come from mines that are expected to come on stream in 2019. Examples of those include the Gruyere JV in Western Australia (Gold Fields Ltd and Gold Road Resources Ltd), Meliadine in Nunavut (Agnico Eagle Mines Ltd), Sigma-Lamaque in Quebec (Eldorado Gold Corp.), and the restarted operations at Obuasi in Ghana (AngloGold Ashanti Ltd) and Aurizona in Brazil (Equinox Gold Corp.), both of which have been idle since 2015.
SPGMI notes that the ramp-up at PJSC Polyus’s Natalka operation and commissioning at Nord Gold SE’s Gross mine are significant contributors to a continued increase in Russia’s gold production. The country’s production is expected to equal Australia’s gold output in 2020, and then surpass it. In Canada, the startup of Meliadine and continued ramp-up of Rainy River, Eleonore and Hope Bay, among others, will drive amongst the fastest national growth over the next few years. This year, Canada is projected to pass the US in national gold production to become the fourth-largest gold producing country.
Although SPGMI expects global production to start declining after 2022, not all jurisdictions will have shrinking production. Of the 99 gold-producing countries monitored, 49 are expected to produce less in 2024 compared with 2018, 27 to produce more and 23 are expected to maintain production.
Australia’s production is expected to fall the most. The current second-largest gold producing nation, behind China, is expected to fall to fourth place globally by 2024. The underlying reason for Australia’s fall is the depletion of several long-lived assets, such as St Ives, Paddington, Telfer, Edna May, Southern Cross and Agnew/Lawlers. The expected commissioning of Mt Todd and reactivation of Union Reefs Operations Centre will only partly mitigate the loss from existing operations.
Although Indonesia’s gold production will be substantially lower in 2024 than it was last year, the country’s production in 2018 was anomalously high primarily due to the unusually large output at Grasberg. Peru’s production, however, is clearly trending downward, with Orcopampa, La Zanja and Tambomayo all facing depletion before 2024. With closure only a few years further out, SPGMI notes that Lagunas Norte and Yanacocha will also be producing far less gold in 2024 than they have historically.
Grades are Key
From 2014 through 2018, ore throughput at primary gold mines rose 1.2% but the weighted-average gold grade increased 4.5%. As a result, gold production from primary gold mines increased by 6% during the period.
The increase in grade is projected to continue through 2020 but in 2021 SPGMI expects ore throughput to remain steady and grade to fall by 2% year over year. These two factors are expected to account for around 1.6 Moz in reduced production. By 2024, around 241 Mt less ore is expected to be fed through gold mills compared with 2019, while the gold grade will be almost 2% higher overall. Owing to that drop in throughput, the related drop in production from primary gold mines will be almost 9 Moz.
SPGMI estimates that 11% of global gold production came from polymetallic base metal mines in 2018. Gold production from those mines will fall this year and in 2020 but the share from polymetallic mines is expected to increase gradually thereafter. With falling production from primary gold mines after 2020, and minor increases from polymetallic mines, a growing share of the world’s gold production will come from sources where gold is a byproduct. Less than 10% of the world’s production is expected to come from secondary sources in 2020, but this amount is expected to grow to more than 11% again by 2024.
Reason for Gold M&A
In a separate SPGMI article on April 3, Richard Foy commented that the market capitalisation of gold-mining companies has halved since 2012. This devaluation, and a recent push for consolidation, has increased M&A activity, with majors capitalising on the reduction in enterprise value (EV) in 2018.
Recent M&A deals have reflected this theme as companies look to unlock synergistic cost savings. This has seen gold production remain relatively constant among the top 30 listed gold-mining equities between 2014 and 2018, at about 43 Moz/y, with a 3% increase expected in 2019. The consensus earnings margin outlook of 30% for gold-mining equities is supported by SPGMI’s view on 2019 all-in sustaining cost margins at 33%.
In 2019, the ratio of the EV to EBITDA of the 30 largest gold miners is expected to go below 7.0 for the first time in six years, according to SPGMI. This is the result of a modest decline in EV (due to declining net debt offsetting a rise in market capitalisation) along with an expected increase in earnings. This drop in the ratio could explain the heightened M&A activity among the gold majors.
Tertiary Minerals (TYM) – Half-Yearly Report 2019
Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2019.
OPERATIONAL SUMMARY FOR THE SIX MONTHS ENDING 31 MARCH 2019:
Paymaster Project and Acquisition Opportunities
· The Company has staked claim to the Paymaster zinc-copper-silver-cobalt-tellurium prospect in Nevada, USA
· Grab samples assay up to 21% zinc (Zn), 6.5% lead (Pb), 3.3% copper (Cu) and 253g/t silver (Ag)
· Mineralisation intermittently exposed and sampled over 1.7km strike length
· Samples also contain high levels of high-tech metals tellurium and cobalt (Co)
· Successful soil sampling programme recently completed:
Ø 165 soil samples
Ø Significant elevated levels of Ag, Cu, Zn, Co and Pb over a strike length of over 2,000 metres, maximum values:
- § Ag: 17.5 ppm
- § Cu: 896 ppm
- § Zn: 872 ppm
- § Co: 33 ppm
- § Pb: 2251 ppm
- The Company will now conduct follow-up field work to define drilling targets
- Several new projects are currently being assessed in line with the Company’s strategy to build a new multi-commodity project portfolio to enable the Company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value
Storuman Fluorspar Project, Sweden – Exploitation (Mine) Permit Progress
- The Company, together with its Swedish Lawyers, has prepared and submitted, on the 3 May 2019, a detailed appeal to the Swedish government against the decision by the Swedish Mining Inspectorate to reject Tertiary’s Exploitation (Mine) Permit in its current form
MB Fluorspar Project, Nevada, USA – Metallurgical Testwork Progress
- Scoping Study level bench scale metallurgical testwork progressing at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar and mica
- Testwork has indicated that some of the ore is metallurgically complex, presenting certain processing challenges, and therefore the Company has engaged the services of one of the world’s leading consultant fluorspar metallurgists to assist with the testwork
Lassedalen Fluorspar Project, Norway
- The project continues to be a lower priority for the Company given the commitments on its other larger/more advanced fluorspar projects, acquisition opportunities and new Paymaster Project
Kaaresselkä and Kiekerömaa Gold Projects, Finland
- The Company retains pre-production and net smelter royalty interest in two gold projects owned by Aurion Resources.
- Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation are also significant shareholders of Aurion.
Partnership with Global Commodities Trading Group
- Possehl continues to support the Tertiary management team with the development of its fluorspar operations and the evaluation of potential acquisition targets
Financial Results – Summary:
Operating Loss for the six-month period of £183,018 comprises:
- Revenue of £106,747; less
- Administration costs of £240,163 (which includes non-cash share-based payments of £3,013); and
- Pre-licence and reconnaissance exploration costs totalling £49,602
Total Group Loss of £182,873 is after crediting:
- Interest income of £145
83,333,333 Ordinary Shares were issued during the reporting period by way of placing at a price of 0.3 pence per share.
418,578 Ordinary Shares were issued during the reporting period to a director in satisfaction of outstanding directors fees at a price of 0.325 pence per share
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Enquiries
Tertiary Minerals plc Patrick Cheetham, Executive Chairman Richard Clemmey, Managing Director
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+44 (0)1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Lindsay Mair/Caroline Rowe
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+44 (0) 20 3470 0470 |
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SVS Securities plc Joint Broker Elliot Hance
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+44 (0) 203 700 0093 |
Chairman’s Statement
I am pleased to present our Interim Report for the six-month period ended 31 March 2019.
Following my 2018 annual report to shareholders we received the unwelcome news, in January this year, that the Mining Inspector in Sweden had rejected our Mine Permit application for the Storuman Fluorspar Project, siding with the view of the County Administration that the proposed mine tailings site could not coexist with traditional herding activities in that area. The Company and its legal team strongly believes that the Mining Inspector has not properly considered the Company’s submission on avoidance and mitigating measures and so, this month, we submitted an appeal of the decision to the Swedish Government together with a letter of support from the local Storuman municipal government. We await the outcome.
We are continuing our scoping level work on the large MB Fluorspar Project in Nevada, USA, where a programme of metallurgical testwork is in progress to address metallurgical complexities in those deposits that have been considered for early production. The project contains multiple zones of fluorspar mineralisation with different metallurgical characteristics and consideration is being given to a further drill programme to test for high-grade and metallurgically more-amenable deposits.
The fluorspar market remains strong and we continue to enjoy the support of global trading commodities group Possehl in the continuing evaluation of our fluorspar projects. However, the Board recognises that, whilst its key fluorspar deposits are large and potentially valuable, the current development hurdles have progressively eroded investor interest in the Company. The Board is actively addressing this and in the past few months we have been advancing a programme of low-cost mineral exploration and claim staking in the western USA to expand and diversify the Company’s project portfolio and lower the Company’s exposure to commodity and permitting risk.
The first of these projects – Paymaster, in Nevada – was staked to cover high-grade base metal-silver-cobalt-tellurium surface showings in a skarn environment in the highly productive Walker Lane mineral belt. Similar geological environments host world-class base and precious-metal deposits elsewhere in the western USA.
The Company is now pleased to announce the results of a soil sampling programme at Paymaster where significant values of silver, copper, cobalt, lead and zinc have been found over a strike length of 2km. Values of over half an ounce of silver per ton and 0.2% lead in soil are standout results. Follow up work is now planned to define drill targets.
Our most recent project acquisition is the Pyramid Gold Project in Nevada where we have secured an option to purchase a group of patented mining claims containing high-grade epithermal gold mineralisation which was discovered by drilling in the 1980s but never followed up. The scope of this exciting target is highlighted by an associated 750m long gold-in-soil anomaly and widespread gold-bearing surface samples. Nevada is ranked as the best mining jurisdiction in the world by the Frazer Institute and such targets are hard to find in this mature exploration province. We hope to move quickly to carry out confirmatory and follow-up drilling.
We continue to watch with interest the progress of Aurion Resources in Finland where our pre-production and net smelter royalty interests in two gold projects held by Aurion have been brought into sharper focus by Aurion’s high-grade gold discoveries on the neighbouring Risti project. Aurion has a large land package and is being supported financially by large gold producer Kinross Gold Corporation.
The Company’s financial results for the half-year are in line with expectations and largely reflect the Company’s project and administration expenditures and enabling fundraising.
My expectation is that the Company’s recent initiatives in Nevada, USA, will result in a higher level of news flow and investor interest than has been the case in the past several months and so look forward to keeping shareholders informed of further developments.
Patrick L Cheetham
Executive Chairman
30 May 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
CAUTIONARY NOTICE
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.
Consolidated Income Statement
for the six months to 31 March 2019
|
Six months to 31 March 2019 Unaudited |
Six months to 31 March 2018 Unaudited |
Twelve months to 30 September 2018 Audited |
|||
|
£ |
£ |
£ |
|||
Revenue |
106,747 |
110,554 |
218,841 |
||
|
|
|||||
Administration costs |
(240,163) |
(269,480) |
(507,931) |
||
|
|
|||||
Pre-licence exploration costs |
(49,602) |
(11,954) |
(38,725) |
||
|
Impairment of deferred exploration asset |
– |
– |
(1,976,618) |
||
|
|
|||||
|
Operating loss |
(183,018) |
(170,880) |
(2,304,433) |
||
|
Gain on disposal of available for sale investment |
– |
37,263 |
37,094 |
||
|
Interest receivable |
145 |
78 |
142 |
||
|
Loss before income tax |
(182,873) |
(133,539) |
(2,267,197) |
||
|
Income tax |
– |
– |
– |
||
|
Loss for the period attributable to equity holders of the parent |
(182,873) |
(133,539) |
(2,267,197)
|
||
|
Loss per share – basic and diluted (pence) (Note 2) |
(0.05) |
(0.04) |
(0.65) |
Consolidated Statement of Comprehensive Income
for the six months to 31 March 2019
|
Six months to 31 March 2019 Unaudited |
Six months to 31 March 2018 Unaudited |
Twelve months to 30 September 2018 Audited |
|
|
£ |
£ |
£ |
|
Loss for the period |
(182,873) |
(133,539) |
(2,267,197) |
|
Other comprehensive income:
|
|||
Items that have been reclassified subsequentlyto the Income Statement:
|
|||
Disposal from available for sale investment reserve |
– |
(37,263) |
(38,634)
|
|
|
– |
(37,263) |
(38,634) |
Items that could be reclassified subsequentlyto the Income Statement:
|
|||
Foreign exchange translation differences on foreign currency net investments in subsidiaries |
(1,180) |
(209,948) |
(62,575) |
Fair value movement on available for sale investment reserve |
– |
(111,316) |
(72,010)
|
|
(1,180) |
(321,264) |
(134,585) |
|
Items that will not be reclassified to the Income Statement:
|
|||
|
Changes in the fair value of equity investments
|
(69,550) |
– |
– |
|
(69,550) |
– |
– |
|
Total comprehensive loss for the period attributable to equity holders of the parent |
(253,603) |
(492,066) |
(2,440,416)
|
Company Registration Number 03821411
Consolidated Statement of Financial Position
at 31 March 2019
|
As at 31 March 2019 Unaudited |
As at 31 March 2018 Unaudited |
As at 30 September 2018 Audited |
|||
|
£ |
£ |
£ |
|||
Non-current assets |
|||||
Intangible assets |
2,730,899 |
4,406,689 |
2,670,386 |
||
|
Property, plant & equipment |
2,658 |
2,463 |
3,308 |
||
|
Available for sale investment |
– |
164,391 |
202,328 |
||
|
Financial assets at fair value through other comprehensive income |
132,778 |
– |
– |
||
|
2,866,335 |
4,573,543 |
2,876,022 |
|||
|
Current assets |
|||||
|
Receivables |
67,786 |
95,668 |
96,653 |
||
|
Cash and cash equivalents |
217,432 |
474,052 |
218,297 |
||
|
285,218 |
569,720 |
314,950 |
|||
|
Current liabilities |
|||||
|
Trade and other payables |
(44,974) |
(75,464) |
(65,163) |
||
Net current assets |
240,244 |
494,256 |
249,787 |
||
Net assets |
3,106,579 |
5,067,799 |
3,125,809 |
||
Equity |
|||||
Called up Ordinary Shares |
44,307 |
35,910 |
35,932 |
||
Deferred Shares |
2,644,062 |
2,644,062 |
2,644,062 |
||
Share premium account |
10,008,687 |
9,784,363 |
9,785,702 |
||
Merger reserve |
131,096 |
131,096 |
131,096 |
||
Share option reserve |
112,952 |
204,522 |
168,923 |
||
Fair value reserve |
(6,324) |
25,291 |
63,226 |
||
Foreign currency reserve |
303,157 |
156,964 |
304,337 |
||
Accumulated losses |
(10,131,358) |
(7,914,409) |
(10,007,469)
|
||
Equity attributable to the owners of the parent |
3,106,579 |
5,067,799 |
3,125,809
|
Consolidated Statement of Changes in Equity
|
Ordinary Share Capital |
Deferred Shares |
Share Premium Account |
Merger Reserve |
Share Warrant Reserve |
Fair Value Reserve |
Foreign Currency Reserve |
Accumulated Losses |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
At 30 September 2017 |
31,708 |
2,644,062 |
9,331,768 |
131,096 |
259,690 |
173,870 |
366,912 |
(7,840,036) |
5,099,070 |
|
Loss for the period |
– |
– |
– |
– |
– |
– |
– |
(170,802) |
(170,802) |
|
Change in fair value |
– |
– |
– |
– |
– |
(111,316) |
– |
– |
(111,316) |
|
Transfer of disposals to income statement |
– |
– |
– |
– |
– |
(37,263) |
– |
37,263 |
– |
|
Exchange differences |
– |
– |
– |
– |
– |
– |
(209,948) |
– |
(209,948) |
|
Total comprehensive loss for the period |
– |
– |
– |
– |
– |
(148,579) |
(209,948) |
(133,539) |
(492,066) |
|
Share issue |
4,202 |
– |
452,595 |
– |
– |
– |
– |
– |
456,797 |
|
Share based payments expense |
– |
– |
– |
– |
3,998 |
– |
– |
– |
3,998 |
|
Transfer of expired warrants |
– |
– |
– |
– |
(59,166) |
– |
– |
59,166 |
– |
|
At 31 March 2018 |
35,910 |
2,644,062 |
9,784,363 |
131,096 |
204,522 |
25,291 |
156,964 |
(7,914,409) |
5,067,799 |
|
Loss for the period |
– |
– |
– |
– |
– |
– |
– |
(2,135,029) |
(2,135,029) |
|
Change in fair value |
– |
– |
– |
– |
– |
39,306 |
– |
– |
39,306 |
|
Transfer of disposals to income statement |
– |
– |
– |
– |
– |
(1,371) |
– |
1,371 |
– |
|
Exchange differences |
– |
– |
– |
– |
– |
– |
147,373 |
– |
147,373 |
|
Total comprehensive loss for the period |
– |
– |
– |
– |
– |
37,935 |
147,373 |
(2,133,658) |
(1,948,350) |
|
Share issue |
22 |
– |
1,339 |
– |
– |
– |
– |
– |
1,361 |
|
Share based payments expense |
– |
– |
– |
4,999 |
– |
– |
– |
4,999 |
|
|
Transfer of expired warrants |
– |
– |
– |
(40,598) |
– |
– |
40,598 |
– |
|
|
At 30 September 2018 |
35,932 |
2,644,062 |
9,785,702 |
131,096 |
168,923 |
63,226 |
304,337 |
(10,007,469) |
3,125,809 |
|
Loss for the period |
– |
– |
– |
– |
– |
– |
– |
(182,873) |
(182,873) |
|
Change in fair value |
– |
– |
– |
– |
– |
(69,550) |
– |
– |
(69,550) |
|
Exchange differences |
– |
– |
– |
– |
– |
– |
(1,180) |
– |
(1,180) |
|
Total comprehensive loss for the period |
– |
– |
– |
– |
– |
(69,550) |
(1,180) |
(182,873) |
(253,603) |
|
Share issue |
8,375 |
– |
222,985 |
– |
– |
– |
– |
– |
231,360 |
|
Share based payments expense |
– |
– |
– |
– |
3,013 |
– |
– |
– |
3,013 |
|
Transfer of expired warrants |
– |
– |
– |
– |
(58,984) |
– |
– |
58,984 |
– |
At 31 March 2019 |
44,307 |
2,644,062 |
10,008,687 |
131,096 |
112,952 |
(6,324) |
303,157 |
(10,131,358) |
3,106,579 |
Consolidated Statement of Cash Flows
for the six months to 31 March 2019
|
Six months to 31 March 2019 Unaudited |
Six months to 31 March 2018 Unaudited |
Twelve months to 30 September 2018 Audited |
|||
|
£ |
£ |
£ |
|||
Operating activity |
|||||
|
|
|||||
|
Total loss after tax excluding interest received |
(183,018) |
(170,880) |
(2,267,339) |
||
|
Depreciation charge |
812 |
2,003 |
4,019 |
||
|
Shares issued in settlement of outstanding wages |
1,360 |
6,797 |
8,158 |
||
|
Share based payment charge |
3,013 |
3,998 |
8,997 |
||
|
Impairment charge – deferred exploration asset |
– |
– |
1,976,618 |
||
|
Gain on disposal of available for sale investment |
– |
– |
(37,094) |
||
|
(Increase)/decrease in receivables |
28,867 |
(1,415) |
(2,400) |
||
|
Increase/(decrease) in payables |
(20,189) |
(344) |
(10,645) |
||
|
Net cash outflow from operating activity |
(169,155) |
(159,841) |
(319,686) |
||
|
Investing activity |
|||||
|
Interest received |
145 |
78 |
142 |
||
|
Exploration and development expenditures |
(61,318) |
(102,415) |
(201,622) |
||
|
Disposal of development asset |
– |
– |
– |
||
|
Disposal of available for sale investment |
– |
133,264 |
133,094 |
||
|
Purchase of property, plant & equipment |
(162) |
(105) |
(2,966) |
||
|
Net cash (outflow)/inflow from investing activity |
(61,335) |
30,822 |
(71,352) |
||
|
Financing activity |
|||||
|
Issue of share capital (net of expenses) |
230,000 |
450,000 |
450,000 |
||
|
Net cash inflow from financing activity |
230,000 |
450,000 |
450,000 |
||
|
Net (decrease)/increase in cash and cash equivalents |
(490) |
320,981 |
58,962 |
||
|
Cash and cash equivalents at start of period |
218,297 |
159,278 |
159,278 |
||
|
Exchange differences |
(375) |
(6,207) |
57 |
||
|
Cash and cash equivalents at end of period |
217,432 |
474,052 |
218,297
|
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 2019 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 2018. These are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) or that are expected to be adopted and effective at 30 September 2019. The implementation of new standards and interpretations has not led to any changes in the Group’s accounting policies (other than presentation and disclosure) or had any other material impact on its financial position. 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 months ended 31 March 2019 and the six months ended 31 March 2018 has neither been audited nor reviewed by the Auditors, pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 30 September 2018 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 30 September 2018 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 2018 was unqualified, although 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 Group’s planned discretionary project expenditures and to maintain the Company and 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. This represents 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 2019 Unaudited |
Six months to 31 March 2018 Unaudited |
Twelve months to 30 September 2018 Audited |
|
Loss for the period (£) |
(182,873) |
(133,539) |
(2,267,197) |
|
Weighted average shares in issue (No.) |
389,173,054 |
343,522,305 |
351,361,810 |
|
Basic and diluted loss per share (pence) |
(0.05) |
(0.04) |
(0.65) |
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 months to 31 March 2019 the following share issues took place:
An issue of 83,333,333 0.01p Ordinary Shares at 0.3p per share, by way of a placing, for a total consideration of £250,000 before expenses (25 January 2019).
An issue of 418,578 0.01p Ordinary Shares at 0.325p per share, to a director, in satisfaction of outstanding directors’ fees, for a total consideration of £1,360 (21 February 2019).