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Tertiary Minerals #TYM – Issue of Equity and Total Voting Rights

The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 20,000,000 ordinary shares (the “Shares”) to PMCG on 8 March 2021. The purchase price of the Shares (being 0.30 pence per share or an aggregate of £60,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Following the issue of the Shares there will be no prepayment outstanding and no further shares in relation that investment remain to be issued.

Application will therefore be made for the 20,000,000 ordinary shares to be admitted to trading on AIM with admission expected to take place on 8 March 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020.

Total Voting Rights

Following admission of the Shares, the Company’s enlarged issued share capital will comprise                        1,183,322,445 ordinary shares with voting rights. This figure of 1,183,322,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

About Tertiary Minerals plc

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.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Alan Green talks Avacta #AVCT, Catenae Innovation #CTEA, Rambler Metals #RMM & Tertiary Minerals #TYM on Vox Markets podcast

Alan Green discusses Avacta #AVCT, Catenae Innovation #CTEA, Rambler Metals #RMM & Tertiary Minerals #TYM with Justin Waite on the Vox Markets podcast. Interview is 14 minutes in.

Tertiary Minerals #TYM – Lucky Copper Project Drilling

Tertiary Minerals plc is pleased to advise that drilling is scheduled to start today on the Company’s Lucky Copper Project in Nevada, USA.

The target is a disseminated sediment hosted, intrusion-related copper deposit and details of the project and the planned drill hole can be found in the Company’s announcements of 29 May 2020 and 11 January 2021.

Results of the drilling will be advised once analytical results become available.

Commenting today, Executive Chairman Patrick Cheetham said:

“We have decided to drill at an early stage on this project as historical exploration results present an immediate target with reported copper mineralisation that needs to be confirmed and put into a better geological context.   We look forward to reporting results as they become available.” 

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

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.

Note: 

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.

Note to Editors:

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

Tertiary Minerals #TYM TR1 – Sanderson Capital Partners now hold 3.26%

TR-1: S tandard 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 attached ii :

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

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

SANDERSON CAPITAL PARTNERS LTD & RELATED PARTIES

City and country of registered office (if applicable)

LONDON, UK

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

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

18/02/2021

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

18/02/2021

 

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 issuer vii

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

3.26%

3.26%

1,163,322,445

Position of previous notification (if

applicable)

 

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

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% 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)

37,971,154

3.26%

SUBTOTAL 8. A

 

 

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

settlement xii

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) issuer xiii

X

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)

Name xv

% 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

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 information xvi

Place of completion

UK

Date of completion

18/2/2021

Tertiary Minerals #TYM – Paymaster Polymetallic Project – Exploration Update

Further to its announcement of 11 January 2021, Tertiary Minerals plc is pleased to advise that it has now received results from soil sampling and a detailed magnetic survey at its Paymaster Polymetallic Project in Nevada, USA.

Paymaster Zinc-Silver Project

  • Infill soil sampling completed over East Slope Prospect – Zinc-silver soil anomalies defined over 450m, open to the east.
  • Maximum values of 34.9 ppm silver (1.02 ounces per ton) and 5.65% zinc (single sample) in soil samples (close to high grade outcropping mineralisation).
  • Magnetic Vector Inversion modelling defines magnetic bodies associated with East Slope and Valley Prospects and additional targets for exploration.
  • Field mapping and trenching proposed for spring/summer.

Maps and images showing the location and distribution of the soil and magnetic anomalies will be available on the Company’s website at:

https://www.tertiaryminerals.com/paymaster-polymetallic-project-nevada-usa

Commenting today, Executive Chairman Patrick Cheetham said:

“I am pleased to be reporting further progress at Paymaster with existing targets being better defined, and new targets generated. We hope to be able to advance the project to the drill stage in the next few months alongside a number of our other projects in Nevada where the results of our autumn exploration programmes are expected soon.”

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

 

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.

Detailed information

The Paymaster Polymetallic Project is located approximately 30km southwest of Tonopah in north central Nevada. The project was acquired in 2019 to evaluate areas of polymetallic  skarn-type mineralisation within a 1.7km long zone of widely spaced, shallow, prospector pits.

In July 2019, Tertiary announced the results of a broadly spaced soil sampling programme which identified several soil anomalies including the East Slope Prospect and infill soil sampling was completed in late 2020. A total of 134 soil samples were collected on a 40m by 20m grid.

As a result of the infill soil sampling the original East Slope soil anomaly has been confirmed and resolved to a zone of zinc and silver soil anomalism with values in excess of 200 ppm (parts per million) zinc and 0.5 ppm silver (80thpercentile values) occurring over a strike length of 450m and a width of 90m. Within this, the highest values of zinc and silver were 34.9ppm silver (1.02 ounces/ton) and 5.65% zinc adjacent to a prospector pit where previous rock chip samples had returned chip samples of 6.84% zinc and 117ppm silver over an approximately 2m width.

In autumn 2020 a UAV (drone) high resolution photogrammetric and magnetic survey was carried out and comprised 28.4-line km of flying on traverses 100m apart on a linear grid approximately 1000m north-south and 1600m in width across the main Project Area. More detailed surveys were completed over the East Slope and Valley Prospects with a line spacing of 20m (north-south) and 20m (east-west), respectively.

The magnetic data was processed by consulting geologist, Brian Williams using Geosoft Magnetic Vector Inversion software to create a magnetic susceptibility model aligned with the size and orientation of any magnetic zones.

A north-south trending magnetic body was defined at the East Slope Prospect coincident with the newly resolved zinc-silver soil anomaly. The anomaly terminates at its western end  on the eastern flank of the magnetic structure. This magnetic anomaly is interpreted to represent an intrusive body and may be the source of mineralisation within more permeable east-west trending sediments.

At the Valley Prospect a small magnetic lobe was modelled coincident with the surface mineralisation where an earlier rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver. This modelled magnetic body, approximately 70m in length and 50m wide, is a target for further work and may be due to magnetite within the skarn zone. The Valley Prospect also lies adjacent to a larger magnetic body which may also  be related to the skarn mineralisation.

Both the East Slope and Valley Prospects sit within discrete magnetic lows zones within the host sedimentary rocks adjacent to magnetic hights interpreted to represent granite intrusions. A number of other targets can be defined on this basis and require field evaluation. The Company also proposes to carry out trenching at the East Slope and Valley Prospects in order to better expose, map and sample the observed mineralisation.

This work will likely be carried out in late spring or summer due to the high elevation of the project area.

Notes:

  1. Samples were submitted to ALS (Reno, Nevada) and prepared using method code PREP-41 where soil was screened and the -180-micron fraction was reserved for analysis. Analysis was perform using method code AuME-TL43 – Trace detection limit method for Au plus multi-element package by aqua regia digestion and ICP-MS finish. ALS internal QAQC samples were inserted and returned satisfactory values. 
  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.
  1. 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.

Note to Editors: 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

Tertiary Minerals #TYM – Issue of Equity and Total Voting Rights

The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 56,250,000 ordinary shares to PMCG on 23 February 2021. The purchase price of the Shares (being 0.24 pence per share or an aggregate of £135,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Shares in relation to £60,000 of that investment remain to be issued.

Application will therefore be made for the 56,250,000 ordinary shares to be admitted to trading on AIM with admission expected to take place on 23 February 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020. 

Total Voting Rights  

Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,163,322,445 ordinary shares with voting rights. This figure of 1,163,322,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority. 

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

 

 About Tertiary Minerals plc

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.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Tertiary Minerals #TYM – Warrant Exercise & TVR

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio, is pleased to announce it has received notice to exercise warrants over 5,000,000, new ordinary shares of 0.01 pence each in the Company.

The exercise price of the Warrant Shares is 0.275 pence per Warrant Share and subscription monies of £13,750.00 have been received by the Company.

The Warrant Shares will rank pari passu with the existing ordinary shares and application will be made to the London Stock Exchange for the Warrant Shares to be admitted to trading on AIM. It is expected that Admission will occur on or around Friday 12 February 2021. 

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Board of Tertiary hereby notifies the market that, further to Admission, the Company’s issued share capital will consist of 1,107,072,445 ordinary shares with a nominal value of 0.01p each, with voting rights. The Company does not hold any ordinary shares in Treasury.

This figure of 1,107,072,445 ordinary shares may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

This announcement contains inside information as defined in Article 7 of EU Regulation 596/2014. 

Further information:

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0)203 470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

+44 (0)207 469 0930

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.

Tertiary Minerals #TYM – Issue of Equity

The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 54,166,667 ordinary shares (the “Shares”) to PMCG. The purchase price of the Shares (being 0.24 pence per share or an aggregate of £130,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Shares in relation to £195,000 of that investment remain to be issued.

Application has therefore been made for the 54,166,667 ordinary shares to be admitted to trading on AIM with admission expected to take place on 9 February 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020.

Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,102,072,445 ordinary shares with voting rights. This figure of 1,102,072,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

About Tertiary Minerals plc

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.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Tertiary Minerals #TYM – Mt Tobin Project – Exploration Update

Further to its announcement of 11 January 2021, Tertiary Minerals plc is pleased to advise that it has now completed evaluation of its results from soil sampling and magnetic surveying at its Mt Tobin Silver Project in Nevada, USA.

Mt Tobin Silver Prospect

  • Associated soil and magnetic anomalies defined over substantial strike length.
  • Silver-in-soil anomalies defined over strike length of 1,200m and widths of 75-200m.
  • Maximum value of 15.7ppm silver (0.46 ounces per ton) in soils against anomaly thresholds of 0.5 and 1ppm silver.
  • Inversion modelling of magnetic data defines sub-horizontal pipe structure that closely follows the silver-in-soil anomaly along its full length.
  • Anomalies are open along strike.
  • Field mapping and evaluation of anomalies now planned for spring/summer this year.

Maps and images showing the location and distribution of the soil and magnetic anomalies will be available on the Company’s website at:
https://www.tertiaryminerals.com/mt-tobin-silver-gold-prospect-nevada-usa

Commenting today, Executive Chairman Patrick Cheetham said:

“It is pleasing to report positive results from our continuing exploration at Mt Tobin. The strong association of magnetic and silver-in-soil anomalies containing up to 15.7ppm silver makes for an exciting exploration target. Follow up field evaluation of these anomalies is now planned.” 

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

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.

Detailed information

The Mt Tobin Project is located 73km south of Winnemucca in north central Nevada and was acquired to follow up historical reports of silver mineralisation in chert and silicified sediments.

In summer 2020, Tertiary carried out an initial reconnaissance prospecting visit that confirmed the earlier reports when rock samples taken from prospector hand-dug pits returned silver values up to 107 grammes/tonne (3.12 ounces/ton) with several other samples returning between 15 and 91g/t silver.

This was followed up in autumn 2020 with a UAV (drone) high resolution photogrammetric and magnetic surveys and a soil sampling programme.

The magnetic survey comprised 23.6-line km of flying on traverses 50m apart on a linear grid approximately 1,500m north-south and 750m in width. A total of 304 soil samples were collected on a 40m by 100m grid over the same area.

The soil analytical results have now been received and an initial interpretation of results has been carried out.

Soil samples were sieved and the minus 0.18mm fraction was submitted for geochemical analysis1. for silver, gold and various pathfinder elements. Samples were found to contain up to 15.7 parts per million (ppm) silver (0.46 ounces/ton) and anomaly thresholds were defined at 0.5ppm and 1ppm (being above the 80th and 90th percentile respectively).

At a 0.5ppm silver contour level the silver-in-soil anomaly extends over a strike length of 1,200m and contains areas over the 1ppm contour up to 500m in length and with widths between 40 and 150m. Gold values were anomalous up to 128 parts per billion (ppb), but silver shows a higher correlation with geochemical values of mercury, zinc, antimony and lead.

The magnetic data was processed by consulting geologist, Brian Williams, by inversion using Geosoft Magnetic Vector Inversion software to create a magnetic susceptibility model aligned with the size and orientation of magnetic bodies.

A low level but distinctive magnetic anomaly was defined with a sub-horizontal pipe shape extending north from a larger magnetic body at the south end of the survey grid. Mostly the magnetic anomaly does not outcrop but lies between 20m and 100m below surface. The magnetic anomaly shows a strong association parallel and immediately west of the silver-in-soil anomaly. In places it is coincident with a weathered diabase body at surface, but it is not dyke-like in form. The magnetic body may be caused by pyrrhotite associated with the silver mineralisation as the silver bearing rock samples referred to above were veined with stockworks of iron-oxides formed from oxidation of sulphide minerals.

The associated magnetic and silver-in-soil anomalies present attractive exploration targets and further work is now planned to include additional mapping and field evaluation of the anomalies.

This work will likely be carried out in late spring or summer this year due to the high elevation of the project area.

Notes:

  1. Samples were submitted to ALS (Reno, Nevada) and prepared using method code PREP-41 where soil was screened and the -180-micron fraction was reserved for analysis. Analysis was performed using method code AuME-TL43 – Trace detection limit method for Au plus multi-element package by aqua regia digestion and ICP-MS finish. ALS internal QAQC samples were inserted and returned satisfactory values. 
  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.
  1. 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.

Note to Editors: 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio

Tertiary Minerals #TYM – Result of AGM

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio, held its Annual General Meeting (“AGM”) today. All resolutions were passed with the exception of Resolution 5 (being the resolution to disapply pre-emption rights for share issues) which did not achieve the 75% majority of the votes required to pass.

The meeting was held behind closed doors due to Covid-19 restrictions and all proxies received appointed the Chairman as their proxy. Voting on all resolutions was carried out by poll.

The proxies received for each resolution were as follows and include the two shareholders present at the meeting.  Consequently “Votes for” and “Against” numbers also reflect the results of the poll. Votes withheld are not counted in a poll.

Resolutions 1-4 were passed and Resolution 5 was not passed.

1. Ordinary Resolution:  To receive the Accounts and Reports of the Directors and of the Auditors
Votes For % of votes cast Against

% of votes cast At holders’ discretion % of votes cast No. Withheld
26,486,089 99.81 50,000 0.19 0 0.00 8,839,206

 

2. Ordinary Resolution:  To re-elect Mr D A R McAlister as a director
Votes For % of votes cast Against

% of votes cast At holders’ discretion % of votes cast No. Withheld
20,127,016 65.02 10,827,303 34.98 0 0.00 4,420,976

 

3. Ordinary Resolution:  To reappoint Crowe U.K. LLP as Auditor of the Company
Votes For % of votes cast Against

% of votes cast At holders’ discretion % of votes cast No. Withheld
20,473,805 92.47 1,666,109 7.53 0 0.00 13,235,381

 

4. Ordinary Resolution:  To authorise the directors to allot shares
Votes For % of votes cast Against

% of votes cast At holders’ discretion % of votes cast No. Withheld
23,877,013 68.78 10,837,303 31.22 0 0.00 660,979

 

5. Special Resolution:  To approve dis-application of pre-emption rights
Votes For % of votes cast Against

% of votes cast At holders’ discretion % of votes cast No. Withheld
20,034,117 57.71 14,680,199 42.29 0 0.00 660,979

 

The Board is disappointed to note that only 4.25% of the total number of shares on issue were voted at the meeting and would encourage all shareholders to use their vote in future.

It is assumed that those shareholders who did not vote had no strong objections to the resolutions being put to the meeting but due to the low voting participation more than 30% of the votes cast were against Resolutions 2, 4 and 5. However, only a very limited number of individual shareholders, representing less than 1.8% of the total number of shares in issue, voted against these resolutions. The Company had not received any indication from dissenting shareholders that they would vote against these resolutions and would encourage any dissenting shareholder to contact the Company in order to discuss their concerns.

In line with its corporate governance policy the Board would like to make the following statement.

Resolution 2 (the reappointment of Donald McAlister as a non-executive director)

Mr McAlister is considered independent of management and free from any business or other relationship which could materially interfere with the exercise of his independent judgement. Given that Mr McAlister has served the Company as a non-executive director for more than nine years, he is proposed for re-election every year rather than every three years which is the usual requirement. We propose that this practice continues.

We have also recently increased the number of independent non-executive directors on the Board. Dr Mike Armitage’s appointment as an independent non-executive director, which was announced in the Company’s news release dated 16 December 2020, took effect immediately on the closing of the AGM. This brings the Company into line with the QCA Corporate Governance Code’s recommendation for small and medium sized companies to have a minimum of two independent non-executive directors.

Resolutions 4 & 5

Resolution 5 (the resolution to disapply pre-emption rights for share issues) was conditional upon the passing of Resolutions 4 (granting the directors the authority to issue shares).

We recognise that Resolutions 4 and 5 are always the most contentious of the resolutions that are normally proposed at our AGM and, on occasion, a few shareholders vote against them. We believe this to be either because they do not wish to see any further shares issued that may dilute their interest in the Company, or that they want any such share issues to be issued by way of a rights issue so that they can participate.

These are legitimate concerns. However, for a junior quoted exploration company it is vital for management to possess authorities to issue shares and to disapply pre-emption rights without the need for recourse to shareholders in order to allow the Company the flexibility to react to events. Rights issues are prohibitively expensive and in any event rights issues do require the passing of a resolution to allow for the general issue of shares and a resolution to disapply the pre-emption rights which would otherwise apply on a strictly proportional basis. Furthermore, the passing of the latter resolution is required to allow for the practical aspects of conducting any rights issue such as rounding up or down of fractional entitlements or for shareholders to be excluded in certain legal jurisdictions.

Currently the Company is well funded and the failure to pass Resolution 5 on this rare occasion will not have a material effect on the Company’s foreseeable future. However, such resolutions are essential for small listed non-revenue generating companies like Tertiary Minerals plc to reach their full potential and continue as going concerns.

We will increase our efforts in future to engage with shareholders although this has to date been challenging given the large proportion of shareholders holding their shares in nominee accounts. We will also examine ways in which shareholders can participate in any future share issues.

Patrick Cheetham, the Executive Chairman is always available to engage with shareholders and we would like to take this opportunity to encourage shareholders to contact him to discuss any Company issues affecting them. He can be contacted at info@tertiaryminerals.com.

Executive Chairman Patrick Cheetham commented: “Our thanks go out to shareholders that were able to participate and vote at our AGM in the middle of the COVID crisis. Your company is well funded following the recent placing, and while the failure to pass Resolution 5 will have no material effect for the foreseeable future, it is essential that we pass such a resolution in future so we are able to respond rapidly to opportunities as they arise. To this end, and in line with our evolution as a multi-commodity project company, we will be further developing and enhancing our investor communication as the year progresses. I look forward to communicating our next steps in this regard.”

Further information:

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

info@tertiaryminerals.com

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0)203 470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

+44 (0)207 469 0930

Notes to Editors. 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio including industrial minerals, base, and precious metals.

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