Tertiary Minerals (TYM) H1 2026 earnings summary

Executive summary

• Significant progress at Mushima North Project in Zambia, with high-grade silver-copper-zinc intersections and a newly published JORC Exploration Target of 15–30 million tonnes at 40–60g/t silver equivalent.

• Joint ventures advancing at Konkola West (KoBold Metals) and Mukai (First Quantum Minerals), with deep drilling and extended due diligence periods.

• Raised £550,000 during the period and an additional £1 million post-period to fund ongoing exploration and resource delineation.

Financial highlights

• Revenue for the six months ended 31 March 2026 was £65,717, down from £100,839 in the prior year period.

• Pre-tax loss of £328,231, compared to £248,450 for the same period last year.

• Administration costs increased to £369,372, including £5,048 in non-cash share-based payments.

• Cash and cash equivalents at period end were £77,730.

• Project expenditure of £111,075 was capitalised.

Outlook and guidance

• Drilling at Mushima North to resume shortly, aiming for a maiden Mineral Resource Estimate by year-end 2026.

• Anticipated catalysts include further exploration in Zambia, developments in Nevada and Sweden, and a decision on the Storuman Project mining lease appeal in Sweden expected in summer 2026.