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Brand CEO Alan Green talks Tertiary Minerals (TYM), Andalas Energy (ADL) and the BlackCabbieTrader site launch on VOX Markets podcast.

AGTipTVBrand CEO Alan Green discusses Tertiary Minerals (TYM), Andalas Energy (ADL) and the BlackCabbieTrader site launch with Justin Waite on the VOX Markets podcast.

Link here to listen to the podcast.

Beaufort Securities – Re-assessing the Tertiary Minerals (TYM) opportunity – Speculative Buy

TYM1Strategic fluorspar assets

Tertiary is a fluorspar mine development company with large scale projects in Europe and the U.S. Its two main assets, the MB Project in Nevada and Storuman in Sweden, both have potential to be average to low cost operations with targeted production costs of between $150 and $200/t of acid grade fluorspar. Tertiary’s strategy is to advance both projects during this current down-cycle,so they are construction ready when mine finance conditions improve. Management expects this to also coincide with a shortage of new fluorspar mines and potentially higher fluorspar prices. We have updated our valuation to reflect the current depressed fluorspar price, offset by progress made at MB and Storuman. We calculate a 9.0p target price, 4.5x the current share price.

TYMCritical mineral in Europe, Strategic in the U.S.

Fluorspar is probably the most essential raw material that no one’s heard of. It’s one of 20 raw materials on the European Commission’s critical list, while in the U.S. fluorspar is classified as a Strategic Material. Both regions are in need of a long term, local and reliable source of supply and Tertiary’s two main projects suit this requirement.

MB Project – Nevada

Despite lagging Tertiary’s Storuman project in the mine development process, in our opinion MB is of similar importance and potentially higher value. It is very large scale and located in a stable and mining friendly jurisdiction. Also very important is the U.S’s reliance on imported fluorspar, mainly from Mexico, which makes MB a strategic asset.

Storuman – Exploitation Concession granted

On February 18 2016 Tertiary Minerals was granted a 25 year Mining Concession for Storuman. Although the permitting process is not finished (the next stage is the Environmental Permit) this is a major step forward which adds value to the project and reflects strong support from the Swedish Mining Inspectorate.

Fluorspar prices – positive outlook

Both acid and metallurgical fluorspar prices are at 5 year lows. Although downside risks remain (perhaps from weaker China macro), over the medium to long term the outlook is positive, driven by global demand growth of fluorine containing products. Valuation and recommendation Our Tertiary valuation is based on a sum-of-the-parts approach with values for MB and Storuman, based on conceptual mine models and discounted to reflect funding dilution and other execution risks. We calculate a $26.5m valuation which equates to £19.6m or 9.0p per share, and a BUY recommendation.

Target price – 9p

Full Beaufort Securities research note here Tertiary-Minerals–9-_S

Tertiary Minerals (TYM) – Total Voting Rights

TYM1Tertiary Minerals plc (TYM), 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, the total issued share capital of the Company with voting rights is 216,845,276 ordinary shares.

The above figure of 216,845,276 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.




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 / Tercel Moore                     



+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

Brand Communications

Alan Green

Tertiary Minerals (TYM) – Storuman Mine Permit Appeals

TYM1Tertiary Minerals plc (TYM) has been informed by the Swedish Mining Inspectorate that two appeals have been lodged against the Exploitation (Mine) Permit for the Storuman fluorspar project in Sweden (granted on the 18 February 2016). The appeals have been submitted by the Sami Reindeer Husbandry Community and Urbergsgruppen, a Swedish environmental action group who oppose all mining activities throughout Sweden.

The appeals will be decided by the Swedish Government following their review of information from the original Exploitation (Mine) Permit application made by the Company, the Mine Permit approval, the appeal documents and all key stakeholder groups, including:

  • Landowners
  • Storumans Kommun (local municipality/council)
  • County Administrative Board of Västerbotten (regional council)
  • Trafikverket (Swedish transport administration)
  • Vattenfall (Swedish electricity producer)
  • Skanova (Swedish telecommunications provider)
  • Sami Reindeer Husbandry Community

The Company is expecting the appeals to be rejected for the following reasons:

  • 6 of the 7 key stakeholder groups have given their support for the Storuman fluorspar project
  • The project will provide critical regional economic growth and employment opportunities – supporting regional development plans
  • Fluorspar is classified as a critical raw material by the European Commission – a key factor taken into consideration by the Swedish Mining Inspectorate when awarding the Exploitation (Mine) Permit

The time frame in which the Swedish government will deal with the appeals is unknown at this stage and the Company will provide updates on the progress as and when information becomes available.


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

Ewan Leggat/Tercel Moore

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

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). 


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.

Daily Actions – UK Main & AIM markets 22032016

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