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Tertiary Minerals plc (TYM) Sale of shares in Sunrise Resources Plc

The Company announces that on 17 July 2019, it sold 31,500,000 shares in Sunrise at a price of 0.08 p per share for a total consideration of £25,200.  Tertiary now owns 79,454,787 shares in Sunrise, being 2.89% of Sunrise’s issued share capital.

The shares were bought by Patrick Cheetham, Chairman of Tertiary (and Sunrise). Mr Cheetham is a related party to the Company, as defined by the AIM Rules for Companies.  The independent directors of Tertiary, having consulted with the Company’s Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

 

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Lindsay Mair/Caroline Rowe

+44 (0) 203 470 0470

SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

 

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 company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

 

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.

 

Tertiary Minerals plc (TYM) Paymaster Polymetallic Project Update

Further to the Company’s announcements of 21 February 2019 and 30 May 2019, Tertiary Minerals plc is pleased to advise that initial follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling. 

Highlights: 

Valley Prospect

  • New thick skarn zone observed in the field: Approximately 350m long and up to 8m thick
  • Rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver

East Slope Prospect

  • 650m long zinc soil anomaly (100-250 ppm zinc) surrounding previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation, including 175m long 250-500 ppm zinc soil anomaly
  • Previous rock sample assays up to 20.9% zinc, 0.11% cobalt and 198 ppm silver within the prospect
  • Infill soil sampling and trenching proposed to better define drill target

Additional soil anomalies require further evaluation

Richard Clemmey, Managing Director of the Company, commented today: 

“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. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined.

These results demonstrate how value can be added at low cost as we build up a new portfolio of base and precious metal projects in the western USA.”

 

Enquiries
Tertiary Minerals plcRichard Clemmey, Managing DirectorPatrick Cheetham, Chairman  
+44 (0) 1625 838 679             
SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker 

Lindsay Mair/Caroline Rowe

+44 (0) 203 470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

 

Australian dollar gold price at all-time high – Mining Journal

Mining Journal 18th June

The gold price was on the rise today as geopolitical tensions remain an undercurrent and the market ponders the likelihood of a rate cut at this week’s US Federal Reserve meeting.

The Australian spot gold price rose to a fresh all-time high today and was worth A$1,962.60 an ounce at the time of writing.

The US dollar gold price was near a 14-month high at US$$1,341.89/oz, having been close to $1,360/oz on Friday.

Market futures were mixed after most key indices closed higher yesterday.

Gold miners were unsurprisingly gaining in afternoon Australian trade.

Western Australian producer Saracen Mineral Holdings (ASX: SAR) was up more than 3% in late trade.

Newmont Goldcorp (NYSE: NEM) had closed up 0.8% in New York yesterday.

It had announced it was ramping up its Peñasquito mine in Mexico after an illegal blockade was lifted and a government-sponsored dialogue process established, with the company saying it was committed to a fair resolution of contract and water availability issues.

The gold-heavy Toronto metals and mining stocks closed about 1.3% higher yesterday.

Dual-listed Alacer Gold (TSX: ASR; ASX: AQG) gained 10.2% in Toronto to close at C$4.43 and is up almost 76% year-to-date.

It had declared commercial production at its Çöpler sulphide expansion project last week and a one-third increase in oxide gold production for 2019 at its flagship operation in Turkey.

Macquarie reinstated coverage of Alacer with a recommendation of outperform and a price target of $4.50, Bloomberg noted.

 

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.

Nevada’s Walker Lane Gold Trend Ripe for Discovery – Gold Investing News – Tertiary Minerals #TYM

Some of the world’s most important gold mining districts are found in Nevada’s three major northwest trending belts: the Carlin trend, the Cortez trend and the Walker Lane trend.

Together these three trends have contributed the most to the nearly 170 million ounces of gold produced in Nevada between 1835 and 2018. While Nevada’s long gold mining history and prolific production may lead some to believe all the low-hanging fruit has been picked, there still exists plenty of upside and the potential for new discoveries in the Walker Lane trend.

Nevada: Where the world goes for gold

Nevada ranks as the world’s third top mining jurisdiction and fifth largest gold producer. The state owes its top dog status to its immense mineral wealth, well-established infrastructure and stable regulatory environment. Transparent, easy-to-navigate regulations and permitting processes, and an attractive tax regime with a low net profits tax and no income tax are all very inviting for the world’s gold miners. Global giants Newmont Mining (NYSE:NEM), Barrick Gold (TSX:ABX,NYSE:GOLD) and Kinross Gold (TSX:K,NYSE:KGC) all have producing mines in the state.

Walker Lane gold trend: Future of gold mining in Nevada

The Carlin trend may have generated the most heat in the Nevada desert over the past decades when it comes to gold, but most of the best properties are already controlled by majors Newmont, Barrick and Kinross. The high cost of exploring for the often blind and deeper targets that remain on the trend is a big turn off for junior explorers. Today’s mineral exploration companies looking for the next big play are staking claims in one of the state’s other prominent gold trends, the Walker Lane, which offers less expensive exploration with the added upside of plenty of blue sky potential in a relatively underexplored landscape with known high-grade potential.

The north-west trending Walker Lane, one of the largest structural lineaments in Nevada, has played an integral role in the history of the state beginning with the 1859 discovery of the Comstock Lode, representing 8.5 million ounces of gold and about 400 million ounces of silver. The lure of all that wealth led to the gold rush that would eventually build up Nevada’s population enough to earn statehood in 1864.

Unlike the Carlin trend, where most mines are producing ore of less than a gram of gold per tonne, Walker Lane stands out with exceptional high-grade assays. In fact, Walker Lane hosts a number of high-grade districts including Tonopah and Goldfield. Also in the region is Kinross’ Round Mountain mine, which produced approximately 437,000 ounces of gold equivalent in 2017. The giant gold mine’s current reserves plus past production total 29 million ounces of gold. Other prolific mines in the area include Mineral Ridge with 4 million ounces of gold and 6.4 million ounces of silver; and Bullfrog with 3.7 million ounces of gold and 4.6 million ounces of silver.

Promising projects in the Walker Lane gold trend

A few recent successes at Walker Lane include Northern Empire’s US$90 million acquisition by Coeur Mining (NYSE:CDE) in 2018 on the basis of the Sterling gold project, which hosts four distinct deposits including a fully-permitted, open-pit mine set to become one of the highest-grade heap leach mines in the Western United States.

Corvus Gold (TSX:KOR,OTCQX:CORVF) is focused on its near-term North Bullfrog and Mother Lode gold-silver mining projects near Beatty, Nevada. Results from exploration drilling at Mother Lode continue to show high potential for expanding the deposit and raising the possibility of identifying a much larger mineralization system. Corvus’ success has attracted C$2 million in additional funding for resource expansion programs at both Mother Lode and North Bullfrog.

Newrange Gold’s (TSXV:NRG,OTC Pink:NRGOF) Pamlico gold project represents another high-grade, district-scale opportunity on the Walker Lane trend. The project includes the historic Pamlico Mines on Pamlico Ridge, together with the Central, Sunset, Good Hope, Gold Bar and various unnamed mines and prospects. The 1,670-hectare property has been in private hands since 1896 with less than half of 1 percent of the property ever touched by a modern exploration drill. Newrange acquired Pamlico in 2016 and since then has launched an aggressive exploration campaign which has resulted in numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne.

Newrange is advancing the project toward a resource estimate. In February 2019, the company completed preliminary metallurgical testing which achieved gold extractions as high as 97.1 percent and calculated head grades as high as 79.4 grams gold per metric tonne. These grades were substantially higher than what was originally indicated by drill sample assays, suggesting the potential for a much larger and potentially heap leachable gold system at Pamlico.

Brand Communications – Tertiary Minerals (AIM: TYM) announced that it had secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada on May 28th 2019. The project is located 25 miles northwest of Reno and is easily accessible by sealed highway. Full details here

Takeaway

The recent discoveries and continued resource expansion along Nevada’s Walker Lane gold trend is a great example of what the state’s mineral largess still has to offer for gold exploration companies and their shareholders.

Article by Melissa Pistilli, Gold Investing News

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

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Lindsay Mair/Caroline Rowe

 

 

+44 (0) 20 3470 0470

SVS Securities plc

Joint Broker

Elliot Hance

 

 

+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 subsequently
to the Income Statement:

Disposal from available for sale investment reserve

(37,263)

(38,634)

 

(37,263)

(38,634)

Items that could be reclassified subsequently
to 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).

Brand CEO Alan Green talks Thomas Cook #TCG, Tertiary Minerals #TYM, Cadence Minerals #KDNC & Bidstack #BIDS on Vox Markets podcast

Brand CEO Alan Green discusses Thomas Cook #TCG, Tertiary Minerals #TYM, Cadence Minerals #KDNC & Bidstack #BIDS with Justin Waite on the Vox Markets podcast. Interview is 9 minutes 50 seconds in.

Tertiary Minerals #TYM – New Project Acquisition in the Pyramid Mining District of Nevada, USA.

Tertiary Minerals plc is pleased to advise that it has secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada. The project is located 25 miles northwest of Reno and is easily accessible by sealed highway.

Pyramid Project Highlights:

  • 20-year lease secured over group of 9 patented claims with option to purchase (subject to underlying royalties).
  • Additional 25 mining claims staked to cover additional targets along strike.
  • Located in productive Walker Lane porphyry copper/epithermal gold belt.
  • Limited historical exploration (1989-90) has defined priority epithermal vein drill target:
  • Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
  • PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth.
  • PYR 9 was only drill hole to effectively test a cohesive 750m long open-ended gold-mercury-arsenic soil geochemical anomaly.
  • Claims contain a number of untested epithermal veins and stockwork target zones – 43 widespread surface samples assayed up to 7.27 g/t Au and averaged 1.3 g/t Au

 

  • The State of Nevada:
  • 5th largest gold producer in world.
  • 6 M oz of gold produced in 2017.
  • 1 M oz of gold produced 1835-2018.
  • Ranked #1 most desirable mining jurisdiction in the world by The Fraser Institute.

Commenting today, Managing Director, Richard Clemmey said:  “We are delighted to have acquired an interest in the Pyramid Project.  Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.  This acquisition follows the staking of the Paymaster Project earlier this year and is in line with our strategy to build a new project portfolio which will enable the Company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value”. 

Maps showing the location of various features described in this news release will be available on the Company’s website in due course.

 

 

Enquiries

 

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Chairman

 

 

 

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Lindsay Mair/Caroline Rowe

 

+44 (0) 20 3470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

Detailed Information

Location

Tertiary’s Pyramid Project is located 40km northwest of Reno in the Pyramid Mining District and is readily accessible from State Highway 445 which crosses the northwest tip of the project.

The Property

The Company has secured a 20-year lease with option to purchase a group of 9 patented mining claims. In addition, the Company has staked a further 25 unpatented mining claims adjoining the patents to cover potential extensions along strike.

Patented mining claims are considered as private property under US law and have the advantage that mineral exploration and surface disturbance below 5 acres can be carried out without permits and, in general, mine permitting is a more straightforward process.

Geology & Mineralisation

The Pyramid Mining District lies at the northwest end of the Walker Lane mineral belt a major northwest trending structural deformation zone and a highly productive gold, silver and copper producing region which is host to numerous past and currently producing multi-million ounce epithermal gold deposits as well porphyry copper and porphyry molybdenum deposits.

Within the Pyramid Mining District, the Company’s Pyramid Project is underlain by a thick sequence of mid-late Tertiary age (23 Ma old) rhyolitic tuffs interpreted by the Nevada Bureau of Mines & Geology to have formed within an east-west elongated Caldera structure named the Perry Canyon Caldera.

The gold veins at Pyramid lie within the Perry Canyon Caldera and are interpreted from historical mapping and mineral exploration to lie on the margins of a large and deeply buried porphyry system in the southeast part of the district that is currently claimed by copper producer Asarco LLC (a division part of Groupo Mexico). At the higher erosional levels currently preserved at Pyramid such porphyry systems are prospective for high-sulphidation gold deposits (in more central areas) such as those found further south in the Walker Lane at the Goldfield Mining District (4 million ounces of past production at 1oz gold/ton) and  low and intermediate-sulphidation epithermal deposits (of which there are many examples in the Walker Lane) in more peripheral areas where the Company’s claims are located. This pattern of mineralisation is similar to that of many large porphyry systems in the US, Peru and the Pacific basin countries.

In the main part of the Pyramid District precious metals were mined from three moderately to steeply dipping, northwest-striking vein systems named after the prominent mines that occur along them – Ruth, Burrus, and Bluebird. The Company’s claim interests cover the Ruth vein system and a number of parallel vein systems and zones of alteration.  In addition to abundant quartz and pyrite, vein minerals in unoxidized ore from the Ruth vein system include barite, anglesite, galena, sphalerite, acanthite, gold and cassiterite.

Past Mining & Exploration

The Pyramid Mining District was established in 1866 with only small-scale production reported. Modern exploration in the Pyramid District has focussed primarily on the search for porphyry copper mineralisation with only limited exploration having been carried out for gold.

The only documented field exploration in the area of the Company’s claims was carried out by Battle Mountain Gold Mining (“Battle Mountain”) who leased the project from the current lessors, Golden Crescent Corporation, in the period 1988-89. Battle Mountain carried out surface sampling, soil sampling and drilled 10 shallow exploration holes for a total of 1,006m of drilling to depths between 43 and 140m.

Soil sampling was conducted on a 30 x 120m grid within a confined area 600m x 600m centred on Battle Mountain’s main target area, the Ruth Mine vein system and associated vein stockwork. This identified a series of gold-in-soil anomalies and eight of their ten drill holes were designed to test a broad gold anomaly located just northwest of the Ruth Mine. These intersected areas of anomalous gold up to 1.5m grading 1.64 grammes/tonne gold (g/t Au) in hole PYR 1 from 10.7m depth.

Battle Mountain’s two other drill holes were designed to test a parallel vein west of the Ruth vein system which correlates with a separate strong gold-arsenic-mercury soil anomaly, mercury and arsenic being strongly associated with gold in epithermal gold deposits. This soil anomaly is open ended and continues strongly to the northwest and southeast boundaries of the sampled area.

Drill hole PYR 9 on this western line intersected high-grade gold mineralisation and visible gold within a sample thickness of 1.52m grading 17.8 g/t Au from 94.5m downhole. A broad zone of low-grade mineralisation continued to the end of the hole at 115.8m where the last 1.52m sample graded 2.6 g/t Au.

PYR 10 targeted the same western line soil anomaly some 150m to the southwest but was interpreted to have been drilled in the wrong direction and made no significant gold intersections.

Battle Mountain did not carry out any follow up exploration.

Proposed Mineral Exploration – Tertiary Minerals plc

The association of high-grade gold mineralisation in a previous drill hole associated with a strong and open-ended gold soil anomaly supported strongly by epithermal pathfinder elements mercury and arsenic presents a compelling drill target.

Similar narrow high-grade epithermal gold deposits in Nevada have hosted multi-million-ounce deposits such as the producing Midas Mine where the mainveins produced more than 2.2 million ounces of gold and 26.9 million ounces of silver between 1998 and 2013.

Tertiary Minerals intends to follow up Battle Mountain’s drilling and soil sampling results with an initial RC and core drilling programme as soon as possible. Core drilling is recommended as water, which can affect sample quality, was encountered in drilling both holes PYR 9 & 10.

The broader potential of the vein systems on the Project area are highlighted by the results of 43 surface chip samples taken by Battle Mountain from various outcropping veins and old mine workings within the Company’s Project area. These assayed up to 7.27 g/t Au and averaged 1.3 g/t Au.

This high prospectivity was confirmed by surface grab carried out by the Nevada Bureau of Mines & Geology during a regional assessment in 1999 when samples from the 1km long Ruth vein System averaged 1.3 g/t gold and 131 g/t silver (Garside et al 2003). The highest gold content, 8 g/t Au, was from the Surefire Mine area which has never been drill tested.

A series of maps illustrating the features described in the News Release will be uploaded to the Company’s website in due course.

Summary of Terms of Lease/Option

Advanced Annual Minimum Royalty Payments:

  • $15,000 payable on signing
  • $12,500 payable on or before 12 months from date of agreement
  • $12,500 payable on or before 18 months from date of agreement
  • $20,000 payable on or before 24 months from date of agreement
  • $20,000 payable on or before 30 months from date of agreement
  • $27,500 payable on or before 36 months from date of agreement
  • $27,500 payable on or before 42 months from date of agreement
  • $35,000 payable every 6 months from 48 months after the date of the agreement

Option to buy property (required to purchase property prior to commencement of mining):

  • $1,500,000 – At any time before the end of Lease Year 5
  • $2,000,000 – At any time after Lease Year 5 and before the end of Lease Year 10
  • $2,500,000 – At any time after Lease Year 10 and before the end of Lease Year 20

Royalty Payable:

  • 2% Net Smelter Return
  • Where underlying pre-existing Royalties exist2on a particular claim then the 2% Royalty payment on that claim will be reduced by a variable amount to minimise the impost of multiple royalty payments
  • Advanced Royalty Payments credited against royalty payment entitlements
  • Royalty Area of Interest: 0.5 miles
  • Right to buy one half of royalty for $1,000,000 at any time before start of mine and/or plant construction
  • Advanced royalty payments not credited against royalty buyout
  • Royalty retained after property buyout (subject to half purchase right)

References:

Nevada Bureau of Mines and Geology Map 146. 2003. Geology of the Fraser Flat Quadrangle and the west half of the Moses Rock Quadrangle, Washoe County, Nevada. Larry J. Garside, Stephen B. Castor, Craig M. dePolo, and David A. Davis, with a section on aeromagnetic lineament analysis, Warm Springs Valley, by Michael C. Widmer.

Notes:

  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
  2. Three of the nine claims subject to the lease agreement are known to be subject to a third party underlying 4% gross proceeds royalty.

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.

Tertiary Minerals (TYM) – Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), the total issued share capital of the Company with voting rights is 443,075,665 ordinary shares.

The above figure of 443,075,665 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

 

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

 +44 (0)1625 838 679           

 

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Lindsay Mair/Caroline Rowe

 

 

+44 (0) 20 3470 0470

SVS Securities plc

Joint Broker

Elliot Hance

 

 

+44 (0)203 700 0093

 Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Brand CEO Alan Green talks #CORA, #CER, #GKP, EOG & #TYM on the Vox Markets podcast

Alan Green CEO of Brand Communications discusses Cora Gold #CORA, Cerillion #CER, Gulf Keystone Petroleum #GKP, Europa Oil & Gas #EOG & Tertiary Minerals #TYM with Justin Waite. Interview starts at 13 minutes 16 seconds.

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