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Share Name Share Symbol Market Type Share ISIN Share Description
Tertiary Minerals Plc LSE:TYM London Ordinary Share GB0008854563 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 4.26% 0.245 0.23 0.26 0.25 0.235 0.235 11,212,093 15:26:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.2 -0.8 -0.2 - 2

Tertiary Minerals PLC Half-Yearly Report 2020

29/05/2020 1:15pm

UK Regulatory (RNS & others)


Tertiary Minerals (LSE:TYM)
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TIDMTYM

RNS Number : 4054O

Tertiary Minerals PLC

29 May 2020

29 May 2020

TERTIARY MINERALS PLC

("Tertiary" or "the Company")

HALF-YEARLY REPORT 2020

Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2020.

OPERATIONAL SUMMARY:

Pyramid Gold Project, Nevada, USA

-- The Company's first drill hole on the project was successfully completed ahead of schedule and drilled to a total depth of 137m

-- Intersection of 0.55m grading 2.01 g/t Au from 82.6m down hole, confirming that the target zone is gold-mineralised

-- Further planned exploration work: Soil sampling to fully delineate the gold, silver and multi-element soil geochemical anomaly and to define further drill targets

Paymaster Polymetallic Project, Nevada, USA

-- A US based consulting geologist with a background in the evaluation of skarn deposits has now completed an extensive programme of mapping and sampling and to help define potential drilling

New Project Acquisitions

   --      Three new projects acquired by low costs claim staking - Peg Leg, Mt Tobin and Lucky 

MB Fluorspar Project, Nevada, USA

-- Following the recent fundraisings, the Company has re-commenced the Scoping Study level metallurgical testwork at SGS Lakefield in Canada

Storuman Fluorspar Project, Sweden

-- The Mine Permit appeal process is ongoing with the Swedish Government with no commitment to a decision timeframe

Kaaresselkä and Kiekerömaa Gold Projects, Finland

-- The Company retains pre-production and net smelter royalty interest in two gold projects owned by Aurion Resources

-- Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation is a significant shareholder of Aurion

Strategic Relationship with Possehl Erzkontor GmbH & Co. KG

-- The Company signed a fluorspar marketing Memorandum of Understanding (MOU) in 2017 with leading global commodities trading group, Possehl Erzkontor GmbH & Co. KG ("Possehl"), a wholly owned subsidiary of CREMER

   --      The MOU remains in place with Possehl 

FINANCIAL SUMMARY FOR THE SIX MONTHSING 31 MARCH 2020:

   --      Operating Loss of GBP278,934 comprises: 

o Revenue of GBP94,691; less Administration costs of GBP352,914 (which includes non-cash share-based payments of GBP25,224); and

o Pre-licence and reconnaissance exploration costs totalling GBP20,711

o Total Group Loss of GBP278,780 is after crediting Interest income of GBP154

   --      Project expenditure of GBP43,513 was capitalised during the quarter. 

Funding and Cash Position:

-- The Company has completed two fundraisings in the period with Bergen Global Opportunity Fund, LP (Bergen) and through Peterhouse Capital Limited

   --      The closing cash (and cash equivalent) position at the end of the period was GBP407,807 

-- Since the period end, a subsequent lump sum investment of GBP600,000 was made by Precious Metals Capital Group LLC on 7 April 2020, further strengthening the Company's cash position (circa GBP800,000 on 26 May 2020) during the current challenging times as well as enabling the Company to progress its planned exploration on its Paymaster Polymetallic and Pyramid Gold Projects in Nevada

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 for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For more information please contact:

 
 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 
  Richard Morrison/Caroline Rowe          +44 (0) 20 3470 0470 
 Peterhouse Capital Limited 
  Joint Broker 
  Lucy Williams/Duncan Vasey            +44 (0) 207 469 0930 
 

Chairman's Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2020.

During this reporting period we have seen a significant improvement in market sentiment for junior mining companies, particularly in relation to precious metals, which has allowed us to improve our financial position and to kick-start work on a number of our existing projects. Much of this activity has taken place since the period end and has focused on our projects in Nevada, USA.

At Pyramid, the Company is targeting high-grade epithermal style gold mineralisation. An initial drill hole designed to confirm a high-grade gold intersection made by a previous explorer demonstrated the target zone to be gold bearing but did not deliver the same high-grade results. The target zone is defined by an extensive gold-in-soil anomaly and widespread gold bearing surface samples and warrants further work over the next few months.

Mineral exploration is high risk and the process of discovery is not linear but high rewards can come from successful discoveries. Recent mapping and sampling at our Paymaster Zinc-Silver Skarn Project by a specialist consulting geologist has confirmed a large-scale target for zinc skarn mineralisation and drawn analogies with the setting and style of the large Taylor Zinc discovery, in the neighbouring state Arizona, now owned by South 32 after the $2 billion takeover of Arizona Mining in 2018. We are now awaiting the report and recommendations for further work.

We seek to spread the risk of mineral exploration and increase our chance of discovery through a portfolio-based approach. In line with this strategy we are steadily re-building our portfolio of projects with a continuing focus on Nevada. We have recently staked additional ground on three new projects targeting precious and base metal deposits - the Peg Leg, Mt Tobin and Lucky Projects. In each case the projects have been acquired at low cost by staking claims and they share the characteristics that they can be evaluated with low cost programmes initially and brought to the drill stage relatively quickly. Programmes are being designed and permitted and will be executed over the coming months.

At our large MB Fluorspar Project in Nevada we have commenced a programme of scoping level metallurgical testwork at SGS Lakefield in Canada aimed at improving recoveries and concentrate grade for fluorspar mineralisation in the Central Zone of the deposit. To date, this has been problematic and a breakthrough is needed if the potential of this large low-grade resource is to be realised.

There is nothing substantive to report on our Storuman Fluorspar Project in Sweden, where the mine permit appeal process is ongoing with the Swedish Government, or on our Lassedalen Fluorspar Project in Norway which is a low priority for further work.

The Company's financial results for the half-year are in line with expectations and reflect the Company's project and administration expenditures. The financial markets have shown remarkable resilience in the face of the Covid-19 pandemic and this has allowed us to continue funding our activities and improve the Company's financial position at the year end through a GBP600,000 fundraising with US Precious Metals Capital Group in April 2020.

The mining industry in Nevada has continued to operate as an essential industry and our programmes have so far been unaffected. Our staff continue to work effectively from home. The future of this pandemic is, however, unpredictable and has potential to affect our operations and the markets in which we operate in the future. We will continue to operate in line with World Health Organisation and Governments' advice and to manage our expenditure prudently.

I would like to thank all of our employees and directors for their hard work during the reporting period and to wish Richard Clemmey well as he leaves the Company at the end of June to return to employment in the UK quarrying industry. I will continue to act in an executive capacity until the time is right to make a new executive director appointment.

Patrick L Cheetham

Executive Chairman

29 May 2020

Consolidated Income Statement

for the six months to 31 March 2020

 
 
                                               Six months     Six months      Twelve months 
                                              to 31 March    to 31 March    to 30 September 
                                                     2020           2019               2019 
                                                Unaudited      Unaudited            Audited 
                                                      GBP            GBP                GBP 
------------------------------------------  -------------  -------------  ----------------- 
 
 Revenue                                           94,691        106,747            189,742 
------------------------------------------  -------------  -------------  ----------------- 
 
 Administration costs                           (352,914)      (240,163)          (502,788) 
 
 Pre-licence exploration costs/impairment 
  costs                                          (20,711)       (49,602)           (75,778) 
  Impairment of deferred exploration 
   asset                                                -              -          (442,917) 
 
 
 Operating loss                                 (278,934)      (183,018)          (831,741) 
 
 Gain on disposal of available                          -              -                  - 
  for sale investment 
 
 Interest receivable                                  154            145                234 
 
 
 Loss before income tax                         (278,780)      (182,873)          (831,507) 
 
 Income tax                                             -              -                  - 
------------------------------------------  -------------  -------------  ----------------- 
 
 Loss for the period attributable 
  to equity holders of the parent               (278,780)      (182,873)          (831,507) 
==========================================  =============  =============  ================= 
 
 Loss per share - basic and diluted 
  (pence) 
  (Note 2)                                         (0.05)         (0.05)             (0.19) 
==========================================  =============  =============  ================= 
 

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2020

 
                                               Six months   Six months   Twelve months 
                                              to 31 March           to              to 
                                                     2020     31 March    30 September 
                                                Unaudited         2019            2019 
                                                             Unaudited         Audited 
                                                      GBP          GBP             GBP 
------------------------------------------  -------------  -----------  -------------- 
 
  Loss for the period                           (278,780)    (182,873)       (831,507) 
------------------------------------------  -------------  -----------  -------------- 
  Items that could be reclassified 
   subsequently to the Income Statement: 
 Foreign exchange translation differences 
  on foreign currency net investments 
  in subsidiaries                                (10,352)      (1,180)         115,415 
                                                 (10,352)      (1,180)         115,415 
                                            -------------  -----------  -------------- 
 
 Items that will not be reclassified 
  to the Income Statement: 
 Changes in the fair value of equity 
  investments                                    (12,963)     (69,550)        (71,670) 
                                                 (12,963)     (69,550)        (71,670) 
------------------------------------------  -------------  -----------  -------------- 
  Total comprehensive loss for the 
   period attributable to equity holders 
   of the parent                                (302,095)    (253,603)       (787,762) 
==========================================  =============  ===========  ============== 
 
 

Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2020

 
 
                                             As at          As at           As at 
                                          31 March       31 March    30 September 
                                              2020           2019            2019 
                                         Unaudited      Unaudited         Audited 
                                               GBP            GBP             GBP 
-----------------------------------  -------------  -------------  -------------- 
 Non-current assets 
 Intangible assets                       2,492,717      2,730,899       2,461,972 
 Property, plant & equipment                 4,220          2,658           4,182 
 Other investments                          19,759        132,778          89,775 
-----------------------------------  -------------  -------------  -------------- 
 
                                         2,516,696      2,866,335       2,555,929 
-----------------------------------  -------------  -------------  -------------- 
 
 Current assets 
 Receivables                                55,348         67,786          41,568 
 Cash and cash equivalents                 407,807        217,432          50,617 
 
                                           463,155        285,218          92,185 
-----------------------------------  -------------  -------------  -------------- 
 
 Current liabilities 
 Trade and other payables                 (89,506)       (44,974)        (70,686) 
 
 
  Net current assets                       373,649        240,244          21,499 
-----------------------------------  -------------  -------------  -------------- 
 
 Net assets                              2,890,345      3,106,579       2,577,428 
===================================  =============  =============  ============== 
 
 Equity 
 Called up Ordinary Shares                  73,383         44,307          44,307 
 Deferred Shares                         2,644,062      2,644,062       2,644,062 
 Share premium account                  10,569,399     10,008,687      10,008,687 
 Merger reserve                            131,096        131,096         131,096 
 Share option reserve                       66,830        112,952          67,468 
 Fair value reserve                       (21,407)        (6,324)         (8,444) 
 Foreign currency reserve                  409,400        303,157         419,752 
 Accumulated losses                   (10,982,418)   (10,131,358)    (10,729,500) 
-----------------------------------  -------------  -------------  -------------- 
 
 Equity attributable to the owners 
  of the parent                          2,890,345      3,106,579       2,577,428 
===================================  =============  =============  ============== 
 

Consolidated Statement of Changes in Equity

 
                   Ordinary    Deferred        Share     Merger      Share       Fair     Foreign    Accumulated       Total 
                      Share      Shares      Premium    Reserve    Warrant      Value    Currency         Losses 
                    Capital                  Account               Reserve    Reserve     Reserve 
                        GBP         GBP          GBP        GBP        GBP        GBP         GBP            GBP         GBP 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 At 30 
  September 
  2018               35,932   2,644,062    9,785,702    131,096    168,923     63,226     304,337   (10,007,469)   3,125,809 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Loss for the 
  period                  -           -            -          -          -          -           -      (182,873)   (182,873) 
 Change in fair 
  value                   -           -            -          -          -   (69,550)           -              -    (69,550) 
 Exchange 
  differences             -           -            -          -          -          -     (1,180)              -     (1,180) 
 Total 
  comprehensive 
  loss for 
  the period              -           -            -          -          -   (69,550)     (1,180)      (182,873)   (253,603) 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Share issue          8,375           -      222,985          -          -          -           -              -     231,360 
 Share based 
  payments 
  expense                 -           -            -          -      3,013          -           -              -       3,013 
 Transfer of 
  expired 
  warrants                -           -            -          -   (58,984)          -           -         58,984           - 
--------------- 
 At 31 March 
  2019               44,307   2,644,062   10,008,687    131,096    112,952    (6,324)     303,157   (10,131,358)   3,106,579 
 Loss for the 
  period                  -           -            -          -          -          -           -      (648,634)   (648,634) 
 Change in fair 
  value                   -           -            -          -          -    (2,120)           -              -     (2,120) 
 Exchange 
  differences             -           -            -          -          -          -     116,595              -     116,595 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Total 
  comprehensive 
  loss for 
  the period              -           -            -          -          -    (2,120)     116,595      (648,634)   (534,159) 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Share issue              -           -            -          -          -          -           -              -           - 
 Share based 
  payments 
  expense                 -           -            -          -      5,008          -           -              -       5,008 
 Transfer of 
  expired 
  warrants                -           -            -          -   (50,492)          -           -         50,492           - 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 At 30 
  September 
  2019               44,307   2,644,062   10,008,687    131,096     67,468    (8,444)     419,752   (10,729,500)   2,577,428 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Loss for the 
  period                  -           -            -          -          -          -           -      (278,780)   (278,780) 
 Change in fair 
  value                   -           -            -          -          -   (12,963)           -              -    (12,963) 
 Exchange 
  differences             -           -            -          -          -          -    (10,352)              -    (10,352) 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Total 
  comprehensive 
  loss for 
  the period              -           -            -          -          -   (12,963)    (10,352)      (278,780)   (302,095) 
---------------  ----------  ----------  -----------  ---------  ---------  ---------  ----------  -------------  ---------- 
 Share issue         29,076           -      560,712          -          -          -           -              -     589,788 
 Share based 
  payments 
  expense                 -           -            -          -     25,224          -           -              -      25,224 
 Transfer of 
  expired 
  warrants                -           -            -          -   (25,862)          -           -         25,862           - 
 At 31 March 
  2020               73,383   2,644,062   10,569,399    131,096     66,830   (21,407)     409,400   (10,982,418)   2,890,345 
===============  ==========  ==========  ===========  =========  =========  =========  ==========  =============  ========== 
 

Consolidated Statement of Cash Flows

for the six months to 31 March 2020

 
 
                                               Six months     Six months      Twelve months 
                                              to 31 March    to 31 March    to 30 September 
                                                     2020           2019               2019 
                                                Unaudited      Unaudited            Audited 
                                                      GBP            GBP                GBP 
------------------------------------------  -------------  -------------  ----------------- 
 Operating activity 
 
 Total loss after tax excluding 
  interest received                             (278,934)      (183,018)          (831,741) 
 Depreciation charge                                  886            812              1,635 
 Shares issued in settlement of 
  outstanding wages                                 2,738          1,360              1,360 
 Share based payment charge                        25,224          3,013              8,021 
 Impairment charge - deferred exploration 
  asset                                                 -              -            442,917 
 (Increase)/decrease in receivables              (13,779)         28,867             55,084 
 Increase/(decrease) in payables                   18,820       (20,189)              5,523 
 
 
 Net cash outflow from operating 
  activity                                      (245,045)      (169,155)          (317,201) 
------------------------------------------  -------------  -------------  ----------------- 
 
 Investing activity 
 
 Interest received                                    154            145                234 
 Exploration and development expenditures        (43,513)       (61,318)          (121,967) 
 Disposal of other investments                     57,052              -             40,883 
 Purchase of property, plant & 
  equipment                                         (924)          (162)            (2,509) 
 
 
 Net cash (outflow)/inflow from 
  investing activity                               12,769       (61,335)           (83,359) 
------------------------------------------  -------------  -------------  ----------------- 
 
 Financing activity 
 
 Issue of share capital (net of 
  expenses)                                       587,050        230,000            230,000 
 
 
 Net cash inflow from financing 
  activity                                        587,050        230,000            230,000 
------------------------------------------  -------------  -------------  ----------------- 
 
 Net (decrease)/increase in cash 
  and cash 
  equivalents                                     354,774          (490)          (170,560) 
 
 Cash and cash equivalents at start 
  of period                                        50,617        218,297            218,297 
 Exchange differences                               2,416          (375)              2,880 
 
  Cash and cash equivalents at end 
   of period                                      407,807        217,432             50,617 
==========================================  =============  =============  ================= 
 

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 2020 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 2019. 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 2020. The implementation of new standards and interpretations has not led to any changes in the Group's accounting policies (other than presentation and disclosure) or had any other material impact on its financial position. The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this financial information.

The financial information in this statement relating to the six months ended 31 March 2020 and the six months ended 31 March 2019 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 2019 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 30 September 2019 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 2019 was unqualified, although it 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 months' 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. There is also an, as yet unknown, impact that the COVID-19 pandemic may have on the capital markets. These factors 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     Six months      Twelve months 
                                to 31 March    to 31 March    to 30 September 
                                       2020           2019               2019 
                                  Unaudited      Unaudited            Audited 
----------------------------  -------------  -------------  ----------------- 
 
 Loss for the period (GBP)        (278,780)      (182,873)          (831,507) 
 Weighted average shares 
  in issue (No.)                513,084,724    389,173,054        416,198,199 
 Basic and diluted loss per 
  share (pence)                      (0.05)         (0.05)             (0.19) 
============================  =============  =============  ================= 
 

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 2020 the following share issues took place:

An issue of 18,000,000 0.01p Ordinary Shares, to Bergen as collateral shares relating to the convertible securities issuance deed (19 November 2019).

An issue of 17,000,000 0.01p Ordinary Shares, to Bergen for settlement of commencement fee (19 November 2019).

An issue of 651,900 0.01p Ordinary Shares at 0.21p per share, to a director, in satisfaction of

directors' fees, for a total consideration of GBP1,369 (2 December 2019).

An issue of 154,705,883 0.01p Ordinary Shares at 0.17p per share, by exercise of conversion rights (Bergen convertible loan note), for a total consideration of GBP263,000 before expenses (18 February 2020).

An issue of 100,000,000 0.01p Ordinary Shares at 0.275p per share, by way of placing, for a total consideration of GBP275,000 before expenses (25 February 2020).

An issue of 402,644 0.01p Ordinary Shares at 0.34p per share, to a director, in satisfaction of

directors' fees, for a total consideration of GBP1,369 (27 February 2020).

   4.       Event after the Balance Sheet date 

On 2 April 2020, the Company announced entry into a share subscription deed with Precious Metals Capital Group LLC ("PMCG"), a US based institutional specialist investor. PMCG would be making an investment of GBP600,000, by way of subscription for Company shares. PMCG made the lump sum investment of GBP600,000 on the 7 April 2020.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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