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Tertiary Minerals #TYM – Afzal Valli Major Shareholding

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Tertiary Minerals Plc 

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Afzal Valli

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

13th August 2019

6. Date on which issuer notified (DD/MM/YYYY):

14th August 2019

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

3.03%

3.03%

13,430,165

Position of previous notification (if

applicable)

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0008854563

13,430,165

3.03%

SUBTOTAL 8. A

13,430,165

3.03%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period 
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

N/A

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

UK

Date of completion

13 August 2019

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

 

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).

Tertiary Minerals #TYM – Director Dealing, Issue of Equity, Total Voting Rights and Warrants

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that a non-executive director of the Company is receiving settlement of a portion of his outstanding fees in ordinary shares of 0.01 pence each in the Company (“Ordinary Shares”) calculated with reference to the closing mid-market price on the trading day prior to the issue of the Ordinary Shares.

On 21 February 2019, the Company resolved to issue a total of 418,578 Ordinary Shares to Donald McAlister for the six-month fee period ended 31 December 2018.

These Ordinary Shares were issued at a price of 0.325 pence per share, being the closing mid-market price on 20 February 2019. 

The following table shows the number of Ordinary Shares issued to Donald McAlister together with his total holdings following the issue of the Ordinary Shares: 

Director

Number of Ordinary Shares issued

Price of Ordinary Shares issued

Interest in total number of Ordinary Shares following Admission

% of Company’s issued share capital following Admission

Donald McAlister

418,578

0.325 pence

1,295,343

0.292%

Application has been made to the London Stock Exchange for 418,578 Ordinary Shares to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 28 February 2019. 

Total Voting Rights

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 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.

Grant of Warrants

As part of the remuneration of employees and directors the Company also announces that on 21 February 2019 the Board of the Company granted a total of 8.5 million warrants to subscribe for Ordinary Shares as follows:

Grantee

No. of Warrants

Warrant exercise price (pence per share)

Employees (4)

 

(Total of) 1,600,000

0.35

Company Secretary

Mr Colin Fitch

400,000

0.35

Managing Director

Mr Richard Clemmey

3,000,000

0.35

Non-Executive Director

Mr Donald McAlister

1,500,000

0.50

Executive Chairman

Mr Patrick Cheetham

2,000,000

0.50

Each warrant entitles the holder to subscribe for one ordinary share in the Company at their respective warrant exercise prices at any time within 4 years from 21 February 2020. 

Market Abuse Regulation

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the issue of ordinary shares to a director.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Donald McAlister (1stsubmission)

2.     

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.01p each

 
GB0008854563

b)

Nature of the transaction:

Issue of new ordinary shares in lieu of fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.325 pence

418,578

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.325 pence

418,578

 

e)

Date of the transaction:

21 February 2019

14:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Donald McAlister (2nd submission)

2.     

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 
GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise price of 0.5 pence

1,500,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.5 pence

1,500,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Judith Hayes

2.     

Reason for the notification

a)

Position/status:

Administration Manager

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.35 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

400,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Celia Jill Barnard-Blom

2.     

Reason for the notification

a)

Position/status:

Company Accountant

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.35 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

400,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Jaelithe Talboom

2.     

Reason for the notification

a)

Position/status:

Business Assistant

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.35 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

400,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Joel Cheetham

2.     

Reason for the notification

a)

Position/status:

Data Analyst

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.35 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

400,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Colin Fitch

2.     

Reason for the notification

a)

Position/status:

Company Secretary

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.35 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

400,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Richard Clemmey

2.     

Reason for the notification

a)

Position/status:

Managing Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 
GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise price of 0.35 pence

3,000,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.35 pence

3,000,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Patrick Cheetham

2.     

Reason for the notification

a)

Position/status:

Executive Chairman

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:  

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.5 pence

2,000,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.5 pence

2,000,000 warrants

 

e)

Date of the transaction:

21 February 2019

16:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

 

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

Ewan Leggat /Lindsay Mair

+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).

Tertiary Minerals #TYM – Placing to Raise £250,000 to develop MB Project, Storuman & Progress Acquisition Opportunities

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce that it has raised £250,000 before expenses by way of a placing of 83,333,333 new ordinary shares (the “Placing Shares”) at 0.3 pence per share (the “Placing”). The Placing Shares will rank pari-passu with all existing ordinary shares in the Company. The Placing was arranged by SVS Securities Plc (“SVS”) and SVS has been appointed as a Joint Broker to the Company.

The funds raised will provide additional working capital for the Company to fund development work for its projects, to include:

MB Fluorspar Project, Nevada, USA

  • Commence second phase of Scoping Study level bench scale metallurgical testwork at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar
  • Commence Scoping Study on successful completion of the metallurgical testwork

Storuman Fluorspar Project, Sweden

  •  Progressing the appeal process of the Exploitation (Mine) Permit with the Swedish Government

Project Acquisition

  • Progressing the evaluation and due diligence of acquisition opportunities

The Placing is being made under existing shareholder authorities. Application will be made to the London Stock Exchange for 83,333,333 ordinary shares of 0.01 pence in Tertiary to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 8 February 2019.

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 442,657,087 ordinary shares.

The above figure of 442,657,087 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 DTR. 

Richard Clemmey, Managing Director of the Company, commented today: “In the current challenging market conditions we are pleased to have raised the funds necessary to commence the next important phase of development work on our MB Fluorspar project in Nevada. Alongside this we continue to progress the Storuman Mine Permit appeal with the Swedish Government and increase our focus on potential acquisition targets as the appeal progress runs its course”.


Michael Fanger from Possehl commented today:
 “We are very pleased that Tertiary has attracted further investment in these tough market conditions. Possehl continues to support the Tertiary management team with the development of their fluorspar operations and evaluation of potential acquisition targets as we look forward to a long and fruitful relationship with the Company”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive 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 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).

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 – Storuman Project Mine Permit Update

Further to the operational update provided in the RNS dated 12 December 2018, Tertiary Minerals #TYM, the AIM traded company building a strategic position in the fluorspar sector, has today received news from its Swedish Lawyers regarding the Exploitation (Mine) Permit re-assessment for the Company’s Storuman Fluorspar Project in Sweden. Summary as follows:

  • The Swedish Mining Inspectorate (“Mining Inspectorate”) has chosen to agree with the County Administrative Board of Västerbotten (“CAB”) assessment and it has rejected Tertiary’s application.
  • This is despite the fact that the Mining Inspectorate simultaneously states in their decision that the economic aspects point in favour of granting the exploitation concession, that a permit regarding Natura 2000-area is unnecessary, that fluorspar is included in the EU list of critical materials and that a mining establishment would mean positive socio-economic benefit for the municipality of Storuman.
  • The Mining Inspectorate has however agreed with the CAB’s assessment that the protective/mitigation measures suggested by Tertiary are not sufficient to enable coexistence between mining and reindeer husbandry.
  • The Company’s Swedish lawyer has commented that the Mining Inspectorate has not fully assessed the case regarding the protective/mitigation measures suggested by Tertiary and has instead only taken the CAB’s assessment into account. It has recommended that Tertiary appeal the decision to the Government.
  • Tertiary will now fully assess the decision and intends to lodge an appeal with the Swedish Government in line with the advice of it’s Swedish lawyer

Commenting today, Managing Director, Richard Clemmey said: “We are disappointed that the Mining Inspectorate has taken this decision based on the application in its current form. We, together with our Swedish Lawyers, will appeal the decision to the Swedish Government and will now assess the future options available to the Company”.

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Lindsay Mair/Caroline Rowe

+44 (0) 20 3470 0470

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 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).

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 – Storuman Project Mine Permit Update

Further to detailed information provided in the RNS dated 17 April 2018, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, now provides an update on the Exploitation (Mine) Permit re-assessment for the Company’s Storuman Fluorspar Project in Sweden.

Summary:

  • The Swedish Mining Inspectorate (“Mining Inspectorate”) has now received the opinion of The County Administrative Board of Västerbotten (“CAB”) in response to the recent supplementary reports submitted by the Company in connection with its application for a Mine Permit.

Key comments:

Ø Natura 2000 area: The CAB is satisfied with the supplementary in-depth analysis and has concluded that a supplementary Natura 2000 permit is not required.

Ø Tailings Storage Facility (“TSF”): The CAB is not satisfied that the mitigation measures proposed by the Company enable the co-existence of reindeer husbandry and the TSF operation. The CAB has expressed the view that the proposed TSF location should be protected to secure reindeer husbandry.

Ø The CAB has therefore advised against grant of the Mine Permit in its current form.

  • The Company has now been asked to provide comments regarding the CAB’s opinion back to the Mining Inspectorate.

Commenting today, Managing Director, Richard Clemmey said: “I am pleased that the CAB has accepted that we do not require an additional Natura 2000 permit, which would be a costly and time consuming process. It is however disappointing that the CAB has not accepted the extensive mitigation measures proposed for the TSF location. Whilst we, our Swedish consultants and our lawyers remain of the strong opinion that the mitigation measures proposed are more than adequate to enable the co-existence of reindeer husbandry and the TSF operation, we, together with our consultants and lawyers, now need to review the CAB’s response in full and decide on the best course of action in order to overcome this hurdle”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Background Information – Storuman Mine Permit

The Company submitted its Exploitation (Mine) Permit application in July 2014 to the Swedish Mining Inspectorate and following an extensive consultation process the 25-year Exploitation (Mine) Permit was granted on 18 February 2016.

However, as a consequence of the Supreme Court’s decision to overturn the grant of a third-party mining company’s Mine Permit in the south of Sweden (Norra Karr Mine Permit – rare earth element project, owned by Leading Edge Minerals) the government returned the Storuman Mine Permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment in December 2016. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. Earlier in 2017 the Swedish Mining Inspectorate requested additional information from the Company relating to the original Environmental Impact Assessment (EIA) and the wider area. The Company provided the additional information to the Swedish Mining Inspectorate in the form of an updated EIA in May 2017. The additional information was accepted by the Mining Inspectorate which subsequently invited all stakeholders to provide comments on the application and additional information, the deadline for responses was 27 October 2017.

In response to stakeholder responses the Swedish Mining Inspectorate requested further detail from the Company in relation to the impact of proposed operations on the Natura 2000 and reindeer herding within the wider surrounding area and were granted a deadline of 16 April 2018 to respond. Given that the level of detail required for the wider area has changed in response to the new case law, the Company engaged with its Swedish legal advisors, the Swedish Mining Inspectorate and The County Administrative Board of Västerbotten to establish the requirements prior to the work being executed and submitted.

The supplementary reports and legal statement were submitted to the Mining Inspectorate on 16 April 2018. Any ratification of the grant of the mining concession will, however, be open to appeal and the Company will therefore not spend any further money on exploration or development of the Storuman Project until the matter is resolved.

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 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).

 

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 – Half yearly report 2018 – focussed on near term revenue generating acquisition

Tertiary Minerals plc, the AIM-traded company building a strategic position in the fluorspar sector, announces its unaudited interim results for the six months ended 31 March 2018.

Operational Summary for the six months ending 31 March 2018:

Acquisition Opportunities

·      Following the evaluation of a number of potential fluorspar project acquisitions, the Company is now focusing its efforts on one particular project that has the potential to generate revenue in the near term

·      Early stage due diligence and negotiations are progressing

·      There is no guarantee that the acquisition will proceed at this stage

Partnership with Global Commodities Trading Group

·      Non-binding Memorandum of Understanding signed with Possehl Erzkontor GmbH & Co. KG (wholly owned subsidiary of CREMER) in November 2017

·      Intention for Possehl and the Company to enter into a definitive sales and purchase agreement, if and when the Tertiary projects reach commercial viability, whereby Possehl commit to purchase a minimum of 70% of commercial grade acid-spar to be produced at Tertiary’s three fluorspar projects

·      As a condition of the Offtake Agreement Possehl, will provide part of the pre-financing to Tertiary, where funds will be advanced by Possehl to Tertiary to assist the Company in meeting its working capital needs and/or its capital investment needs for the development of its current and future fluorspar projects

Storuman Fluorspar Project, Sweden – Exploitation (Mine) Permit Progress

·      Recent positive meetings have been held between the head of The Swedish Mining Inspectorate, The County Administrative Board of Västerbotten and the Company

·      Comprehensive supplementary reports and a legal statement have been submitted to Swedish Mining Inspectorate – requested as part of the Mine Permit re-assessment process

·      The in-depth analysis shows that the Company’s proposed mining operations at Storuman, with mitigation measures proposed, will have only a minimal impact on reindeer husbandry and that there will be no impact on the Natura 2000 area

·      The Swedish Mining Inspectorate will now assess feedback from key stakeholders and the Company remains hopeful for a positive decision regarding the award of the Mine Permit in the near future

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

·      Early testwork has indicated that 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

·      The Company along with the consultant metallurgist are now scoping the next phase of testwork following recent positive developments

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 and acquisition opportunities

·      The Company has made the decision not to proceed with the purchase of land and historic mine workings from Norwegian aluminium producer, Hydro, on which part of the Lassedalen fluorspar project sits

·      The Company continues to control exploration rights on the Hydro land and all other landholder parcels on which the project sits, through a combination of expropriation rights, exploration licences and landholder agreements

Kaaresselkä and Kiekerömaa Gold Projects, Finland

·      Following the sale of the two projects in March 2017 to Aurion Resources, the Company sold its shares in Aurion Resources (paid as part initial consideration) in November 2017, resulting in a profit of £31,264

·      The Company retains pre-production and net smelter royalty interest in the projects

·      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.

Financial Results – Summary:

·      Operating Loss for the six-month period of £170,880 comprises:

Revenue of £110,554; less

Administration costs of £269,480 (which includes non-cash share based payments of £3,998); and

Pre-licence and reconnaissance exploration costs totalling £11,954

·      Total Group Loss of £133,539 is after charging:

Gain on disposal of available for sale investment of £37,263

Interest income of £78

·      362,554 Ordinary Shares were issued during the reporting period to directors in lieu of fees at a price of 1.875 pence per share

·      41,666,670 Ordinary Shares were issued during the reporting period by way of placing, in December 2017, at a price of 1.2 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

Ewan Leggat / Lindsay Mair

 

 

+44 (0) 20 3470 0470

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 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).

 

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.

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2018.

The Company’s plan to build a strategic position in the fluorspar sector has attracted the support of global commodities trading group, Possehl, part of the CREMER Group, with the signing of an important Memorandum of Understanding. This (“MOU”), whilst non-binding, paves the way for a definitive sales and purchase agreement for fluorspar from the Company’s projects and, importantly, extends to the provision of pre-financing for commercial production and lends support to the Company’s ambitions to develop not only its existing projects but to acquire a near-term revenue generating project.

The Company has evaluated a number of possible acquisition opportunities in the reporting period. Whilst most of these have been rejected for various reasons, one project opportunity is currently being taken forward through early due diligence and negotiations with the current owners. There is no guarantee that the acquisition will proceed at this stage.

Work on the Company’s existing fluorspar projects in Europe and North America has largely focused on the Storuman Project in Sweden. The re-assessment process for the Company’s Exploitation (Mine) Permit application for our Storuman Fluorspar Project in Sweden has consumed considerable management time to meet an April 2018 deadline for the submission of supplementary reports and legal statements in support of the grant of the permit.

Whilst the Storuman mine permit was originally granted in 2016, the government returned the permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment following a Supreme Court decision to overturn the grant of a third-party mining company’s mine permit in the south of Sweden. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. The Company has addressed these issues with detailed impact and mitigation studies and, after consultation with certain stakeholders, has submitted comprehensive additional information that demonstrates minimal impact with the mitigation measures proposed. We are hopeful of a favourable outcome in the near future.

In Nevada, USA, our previous exploration on the MB Project has defined a very large fluorspar resource with varying metallurgical characteristics in different zones. The zone of mineralisation that is most immediately accessible to open-pit mining is the most metallurgically complex. Nevertheless, I am pleased that progress is now being made in scoping study level testwork towards production of acid-grade fluorspar as well as a by-product industrial filler grade mica. Testwork continues under the guidance of our specialist consultants.

In Norway, work at our Lassedalen Fluorspar Project has assumed a lower priority due to its smaller fluorspar resource and a decision was made not to proceed with the purchase of land from large Norwegian aluminium producer, Hydro, a forerunner company of which was responsible for mining fluorspar at Lassedalen in World War II.

The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.

Earlier in the reporting period we announced the sale of our shareholding in Canadian TSX-listed Aurion Resources Ltd which we received as part payment for the sale of our Finnish gold projects. This resulted in a profit of £31,264 on the original transactional value and with good timing we achieved a price per share substantially above the current prevailing price. We will, however, continue to share in any of Aurion’s future success on these projects as we are entitled to further payments on the definition of Ore Reserves and Mineral Resources and a royalty on production.

We look forward to reporting further progress through the rest of this financial year.

Patrick L Cheetham

Executive Chairman

22 May 2018

 

Consolidated Income Statement

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

 to 30 September

2017

Audited

£

£

£

Revenue

110,554

134,885

241,024

 
Administration costs

(269,480)

(286,654)

(550,229)

 
Pre-licence and other exploration costs

(11,954)

(4,371)

(30,617)

 

Operating loss

(170,880)

(156,140)

(339,822)

Impairment of available for sale investment

(55,987)

(55,987)

Profit on disposal of available for sale investment

37,263

Interest receivable

78

277

277

Loss before income tax

(133,539)

(211,850)

(395,532)

Income tax

Loss for the period attributable to equity holders of the parent

(133,539)

(211,850)

(395,532)

Loss per share – basic and diluted (pence) (Note 2)

(0.04)

(0.08)

(0.14)

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2018

Six months to 31 March

2018

Unaudited

Six months to

31 March

2017

Unaudited

Twelve months to

30 September

2017

Audited

£

£

£

Loss for the period

(133,539)

(211,850)

(395,532)

 

Other comprehensive income:

Items that could be reclassified subsequently
to the Income Statement:
 
Fair value movement on available for sale investment

(111,316)

(54,755)

122,753

 
Foreign exchange translation differences on foreign currency net investments in subsidiaries

(209,948)

59,852

(15,442)

Items that have been reclassified subsequently

to the Income Statement:

Amount reclassified on disposal of available for sale investment

(37,263)

Total comprehensive income/(loss) for the period attributable to equity holders of the parent

(492,066)

(206,753)

(288,221)


Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2018

As at

31 March

2018

Unaudited

As at

31 March

2017

Unaudited

As at

30 September

2017

Audited

£

£

£

Non-current assets
Intangible assets

4,406,689

4,497,712

4,508,015

Property, plant & equipment

2,463

6,607

4,361

Available for sale investment

164,391

231,463

408,971

4,573,543

4,735,782

4,921,347

Current assets

Receivables

95,668

86,975

94,253

Cash and cash equivalents

474,052

145,212

159,278

569,720

232,187

253,531

Current liabilities

Trade and other payables

(75,464)

(62,555)

(75,808)

Net current assets

494,256

169,632

177,723

Net assets

5,067,799

4,905,414

5,099,070

Equity
Called up Ordinary Shares

35,910

2,670,769

31,708

Deferred Shares

2,644,062

2,644,062

Share premium account

9,784,363

9,066,769

9,331,768

Merger reserve

131,096

131,096

131,096

Share option reserve

204,522

254,566

259,690

Available for sale investment reserve

25,291

(3,638)

173,870

Foreign currency reserve

156,964

442,206

366,912

Accumulated losses

(7,914,409)

(7,656,354)

(7,840,036)

Equity attributable to the owners of the parent

5,067,799

4,905,414

5,099,070

 

                Consolidated Statement of Changes in Equity

Ordinary

Share

Capital

Deferred

Shares

Share

Premium

 Account

Merger

Reserve

Share

Warrant

Reserve

Available

for Sale

Reserve

Foreign

Currency

Reserve

Accumulated

Losses

Total

£

£

£

£

£

£

£

£

£

At 30 September 2016

2,669,442

9,066,735

131,096

343,486

51,117

382,354

(7,539,696)

5,104,534

Loss for the period

(211,850)

(211,850)

Change in fair value

(54,755)

(110,742)

Exchange differences

59,852

59,852

Total comprehensive loss for the period

(54,755)

59,852

(211,850)

(206,753)

Share issue

1,327

34

1,361

Share based payments expense

6,272

6,272

Transfer of expired warrants

(95,192)

95,192

At 31 March 2017

2,670,769

9,066,769

131,096

254,566

(3,638)

442,206

(7,656,354)

4,905,414

Loss for the period

(183,682)

(183,682)

Change in fair value

177,508

177,508

Exchange differences

(75,294)

(75,294)

Total comprehensive loss for the period

177,508

(75,294)

(183,682)

(81,468)

Share split

(2,644,062)

2,644,062

Share issue

5,001

264,999

270,000

Share based payments expense

5,124

5,124

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

Consolidated Statement of Cash Flows

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

£

£

£

Operating activity
 

Operating loss

(170,880)

(156,140)

(339,822)

Depreciation charge

2,003

3,265

5,910

Shares issued in lieu of net wages

6,797

1,361

1,361

Share based payment charge

3,998

6,272

11,396

Non-cash additions to available for sale investment

(52,735)

(52,735)

(Increase)/decrease in receivables

(1,415)

18,057

10,779

Increase/(decrease) in payables

(344)

(29,933)

(16,680)

Net cash outflow from operating activity

(159,841)

(209,853)

(379,791)

Investing activity

Interest received

78

277

277

Development expenditures

(102,415)

(108,558)

(190,172)

Disposal of exploration asset

15,000

15,000

Disposal of available for sale investment

133,264

Purchase of property, plant & equipment

(105)

(87)

(486)

Net cash outflow from investing activity

30,822

(93,368)

(175,381)

Financing activity

Issue of share capital (net of expenses)

450,000

270,000

Net cash inflow from financing activity

450,000

270,000

Net (decrease)/increase in cash and cash

equivalents

320,981

(303,221)

(285,172)

Cash and cash equivalents at start of period

159,278

448,474

448,474

Exchange differences

(6,207)

(41)

(4,024)

Cash and cash equivalents at end of period

474,052

145,212

159,278

 

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 2018 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 2017. 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 2018.  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 2018 and the six months ended 31 March 2017 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 2017 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for the year ended 30 September 2017 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 2017 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

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

Loss for the period (£)

(133,539)

(211,850)

(395,532)

Weighted average shares in issue (No.)

343,522,305

266,987,238

284,429,468

Basic and diluted loss per share (pence)

(0.04)

(0.08)

(0.14)

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 2018 the following share issues took place:

An issue of 41,666,670 0.01p Ordinary Shares at 1.2p per share, by way of placing, for a total consideration of £500,000 before expenses (6 December 2017).

An issue of 72,554 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £1,360 (31 January 2018).

An issue of 290,000 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £5,437 (31 January 2018).

Tertiary Minerals #TYM – Storuman project Mine Permit update

Further to detailed information provided in the Company’s Audited Results for the year to 30 September 2017 (RNS Dated 13 December 2017), Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to provide an update on the Exploitation (Mine) Permit re-assessment for the Company’s Storuman Fluorspar Project in Sweden.

Highlights:

  • Recent positive meetings have been held between the head of The Swedish Mining Inspectorate, The County Administrative Board of Västerbotten and the Company
  • Comprehensive supplementary reports and a legal statement have now been submitted to Swedish Mining Inspectorate – requested as part of the Mine Permit re-assessment process (deadline 16 April 2018):
    • Ø In-depth analysis of reindeer herding
    • Ø Reindeer herding and reindeer grazing conditions in the area of planned mining operations
    • Ø Description of vegetation and reindeer conditions in the area of the planned tailings storage facility
    • Ø In-depth analysis of impact on the Natura 2000 area, Kyrkbergstjärnen
  • Summary: The in-depth analysis shows that the Company’s proposed mining operations at Storuman, with mitigation measures proposed, will have only a minimal impact on reindeer husbandry and that there will be no impact on the Natura 2000 area.

Commenting today, Managing Director, Richard Clemmey said: “We are pleased with the positive findings from the in-depth analysis and the high quality of the reports produced. Given that we continue to have support from the majority of key stakeholders, we remain hopeful of a positive resolution to the Mine Permit re-assessment process in the near future.  It is, however, worth noting that the Company has no influence on the speed at which the re-assessment of the grant of the mining permit is being processed by the Authorities”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Background Information – Storuman Mine Permit

The Company submitted its Exploitation (Mine) Permit application in July 2014 to the Swedish Mining Inspectorate and following an extensive consultation process the 25-year Exploitation (Mine) Permit was granted on 18 February 2016.

However, as a consequence of the Supreme Court’s decision to overturn the grant of a third-party mining company’s Mine Permit in the south of Sweden (Norra Karr Mine Permit – rare earth element project, owned by Leading Edge Minerals) the government returned the Storuman Mine Permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment in December 2016. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. Earlier in 2017 the Swedish Mining Inspectorate requested additional information from the Company relating to the original Environmental Impact Assessment (EIA) and the wider area. The Company provided the additional information to the Swedish Mining Inspectorate in the form of an updated EIA in May 2017. The additional information was accepted by the Mining Inspectorate which subsequently invited all stakeholders to provide comments on the application and additional information, the deadline for responses was 27 October 2017. 

In response to stakeholder responses the Swedish Mining Inspectorate requested further detail from the Company in relation to the impact of proposed operations on the Natura 2000 and reindeer herding within the wider surrounding area and were granted a deadline of 16 April 2018 to respond. Given that the level of detail required for the wider area has changed in response to the new case law, the Company engaged with its Swedish legal advisors, the Swedish Mining Inspectorate and The County Administrative Board of Västerbotten to establish the requirements prior to the work being executed and submitted.

The supplementary reports and legal statement were submitted to the Mining Inspectorate on 16 April 2018. Any ratification of the grant of the mining concession will, however, be open to appeal and the Company will therefore not spend any further money on exploration or development of the Storuman Project until the matter is resolved. 

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 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).

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.

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