Tertiary Minerals (TYM) H1 2025 earnings summary

Executive summary

• Focused on copper and precious metal exploration in Zambia and Nevada, with Mushima North (Zambia) as the highest priority project.

• Joint venture partners are funding significant expenditures at Konkola West and Mukai copper projects in Zambia.

• New Managing Director appointed and investor relations initiatives expanded.

Financial highlights

• Group operating loss for the six months ended 31 March 2025 was £248,460, compared to £269,661 for the same period last year.

• Revenue for the period was £100,839, up from £77,385 year-over-year.

• Cash and cash equivalents at period end were £93,502, down from £251,135 at 31 March 2024.

• Project expenditure of £342,348 was capitalised during the period.

• Impairment of deferred exploration asset totaled £12,255.

Outlook and guidance

• Further drilling at Mushima North is planned for the coming weeks to scope out the size and grade of the silver-copper-zinc discovery.

• Awaiting results from the second deep drill hole at Konkola West.

• Ongoing discussions with First Quantum Minerals regarding next steps at Mukai.

• Awaiting a decision from the Swedish Government on the Storuman Fluorspar Project mining concession appeal, which may take up to 12 months.