Tertiary Minerals (TYM) H2 2024 earnings summary

Executive summary

• Focused on copper exploration in Zambia and copper/gold in Nevada, USA, with legacy fluorspar interests in Sweden.

• 2024 saw significant corporate restructuring, new joint ventures, and the highest drilling activity in company history.

• Key partnerships formed with KoBold Metals and First Quantum Minerals (FQM) in Zambia, advancing major copper projects.

• Nevada drilling completed at Brunton Pass; results pending.

• Ongoing legal appeal for the Storuman Fluorspar Project in Sweden after permit denial.

Financial highlights

• Reported loss for the year: £550,934 (2023: £541,341).

• Administration costs increased to £670,118 (2023: £572,604), partly due to higher audit/adviser fees and share-based payments.

• Revenue: £162,658 (2023: £181,429), mainly from management services and project arrangements.

• Net current assets at year-end: £725,482 (2023: £166,410).

• Cash and cash equivalents at year-end: £775,747 (2023: £121,813).

• Raised £1,405,000 before expenses via three share placings during the year.

Outlook and guidance

• High level of drilling activity expected to continue in 2025 in both Zambia and Nevada.

• Further joint venture interest anticipated in 100% controlled projects.

• Additional fundraising will be required within the next 12 months to meet overheads and project expenditure.