Tertiary Minerals (TYM) H2 2025 earnings summary

Executive summary

• Focused exploration in Zambia and Nevada, with significant progress at Mushima North Copper-Silver-Zinc Project, now the lead project due to promising drill results and joint ventures with First Quantum Minerals (FQM) and KoBold Metals.

• In Nevada, initial drilling at Brunton Pass confirmed mineralisation, with further exploration planned; legacy interests in Sweden continue, with an appeal ongoing for the Storuman Fluorspar Project.

• Corporate developments included a new Managing Director, Dr. Richard Belcher, and successful fundraising through share placings and a convertible loan to support ongoing exploration.

Financial highlights

• Reported a loss of £583,916 for the year ended 30 September 2025, compared to £550,934 in 2024, reflecting higher administration costs and ongoing exploration expenses.

• Revenue was £200,569, mainly from management services and project arrangements.

• Net current assets at year-end were £16,433, down from £725,482 in 2024, with cash and cash equivalents of £70,797.

• Raised £375,000 during the year via share placing and directors' subscription, with an additional £550,000 raised post year-end through equity and a convertible loan.

Outlook and guidance

• Bullish outlook for copper and silver, with plans to aggressively advance Mushima North and define a maiden mineral resource in 2026.

• Further news expected from joint ventures and ongoing exploration in Zambia and Nevada.