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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.09 | 0.08 | 0.10 | 0.09 | 0.09 | 0.09 | 527,105 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 181k | -541k | -0.0003 | -3.00 | 1.9M |
From May 2021 to May 2024
TIDMTYM
RNS Number : 8637Z
Tertiary Minerals PLC
26 May 2021
26 May 2021
TERTIARY MINERALS PLC
("Tertiary" or "the Company")
HALF-YEARLY REPORT 2021
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 2021.
OPERATIONAL HIGHLIGHTS:
NEVADA, USA
Pyramid Gold-Silver Project, Nevada (Lease held 100% by Tertiary)
-- Soil sampling and follow-up prospecting completed.
-- Rock chip samples from the North Ruth and Western Line soil anomalies returned high grade silver values.
-- Additional soil sampling completed over possible strike extension to the Western Line Anomaly. Results awaited.
-- Phase 1 trenching and mapping completed on the North Ruth and Western Line anomalies. Results awaited.
Paymaster Zinc-Silver Project, Nevada (100% owned by Tertiary)
-- Infill soil sampling completed over East Slope Prospect - Zinc-silver soil anomalies defined over 450m, open to the east.
-- Magnetic Vector Inversion modelling has defined magnetic anomalies associated with the East Slope and Valley Prospects and provided additional targets for exploration.
-- Field mapping and trenching proposed for spring/summer 2021.
Brunton Pass Copper Project, Nevada (100% owned by Tertiary)
-- New project staked with copper mineralisation spread over a 1km x 0.6km target area.
-- Samples collected by United States Bureau of Mines contain up to 6.91% copper. Follow up sampling by the Company confirmed widespread copper mineralisation and included an 8ft channel sample grading 4.66% copper over 2.44m (8ft).
-- Drone magnetic survey and soil sampling completed. Results awaited. Mt Tobin Silver Prospect, Nevada (100% owned by Tertiary)
-- Associated silver-in-soil and magnetic anomalies defined over a strike length of 1,200m and widths of 75-200m.
-- Anomalies are open along strike. Field evaluation planned for summer 2021.
Lucky Copper Project, Nevada (100% owned by Tertiary)
-- Hole 21TLRC001 was drilled to a depth of 108.24m. -- Two magnetic gossan zones intersected containing low-grade copper (+/-gold) mineralisation.
-- Follow up magnetic survey completed to target replacement style mineralisation. Results awaited.
ZAMBIA
-- New subsidiary, Luangwa Minerals Limited, formed after period-end to acquire copper exploration and development projects in Zambia.
FINANCIAL SUMMARY FOR THE SIX MONTHSED 31 MARCH 2021:
-- Operating Loss of GBP223,690 comprises:
o Revenue of GBP81,495; less Administration costs of GBP243,851 (which includes non-cash share-based payments of GBP11,608).
o Pre-licence and reconnaissance exploration costs totalling GBP48,449.
o Impairment of deferred exploration asset of GBP12,885.
-- Total Group Loss of GBP223,663 is after crediting interest income of GBP27. -- Project expenditure of GBP112,494 was capitalised during the 6-month period.
Funding and Cash Position:
-- The Company completed a fundraising in the period with Peterhouse Capital Limited raising GBP450,000 before expenses.
-- Warrants were exercised providing GBP13,750 of funds.
-- Precious Metal Capital Group LLC (PMCG) subscribed for shares during the six months period in the amount of GBP420,000, which was prepaid in April 2020. No further share issues are due to PMCG.
-- The closing cash (and cash equivalent) position at the end of the period was GBP743,497.
For more information please contact:
Enquiries Tertiary Minerals plc Patrick Cheetham, Executive Chairman +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
COVID-19
The Company has applied all government guidelines in its day-to-day operations and administration. The restrictions on international travel have impacted the ability of the Company to supervise local operations. Fortunately, this has caused only minor delays and setbacks in the advancement of corporate objectives. Management and staff have carried out their duties diligently and efficiently in the circumstances of the "work-from-home" rules and social distancing. The Company is pleased to report that, to date, it has not incurred any positive cases of Coronavirus amongst its staff.
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.
MARKET ABUSE REGULATION (MAR) DISCLOSURE
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Chairman's Statement
I am pleased to present our Interim Report for the six-month period ended 31 March 2021 and to be reporting further progress in the Company's transition from a fluorspar focused company to a broader based company exploring for copper, gold, and silver. We now hold five active projects in Nevada, USA, with exploration programmes in progress across the portfolio.
We have maintained our position in the Storuman fluorspar development project in Sweden where the Company's mining concession application remains under government review, although, it seems, with little prospect of an imminent decision.
At the Pyramid Gold-Silver Project near Reno, Nevada, which we hold under lease, we are awaiting assay results from a trenching programme completed to test mineralisation found at surface in a follow-up of an earlier soil sampling programme. Infill soil sampling has also been completed, analytical results are awaited and are expected to generate targets for a second phase of trenching.
The Brunton Pass Copper-Gold Project is a newly acquired project which we staked to follow up widespread occurrences of copper oxide minerals at surface and where our own sampling included a 2.44m channel sample grading 4.66% copper. We have moved quickly to carry out a drone magnetic survey and a project-wide soil sampling programme where results are awaited.
An initial drill hole was recently completed at the Lucky Copper Project intersecting narrow zones of gossan containing low copper values. The mineralisation has a magnetic response and is of a replacement type that can include large copper deposits and a drone magnetic survey is now underway to identify larger targets for drilling.
Further work is also scheduled for the Paymaster base metal and Mt Tobin silver projects where there is a strong association of magnetic and geochemical anomalies which present exciting exploration targets and where follow up field evaluation is now planned for the summer.
Copper is increasingly a focus for the Company. It is a key metal in electric vehicles, prices are at record levels and the long-term market outlook is very favourable. After reviewing data on a number of projects around the world, the Company has formed a Zambian subsidiary, Luangwa Minerals Limited, which will target copper exploration and development opportunities in Zambia, one of the world's top 10 copper producing countries with nearly 900,000 tonnes of copper produced in 2020. Tertiary's Board has many years of experience with Zambian mining projects and has put together a small team with a successful background in exploring and developing copper projects in Zambia.
We continue to hold our pre-production and production royalties on the Kaaresselkä and Kiekerömaa gold projects in Finland which are being explored by Aurion Resources and an Aurion/B2B Gold joint venture company respectively. These project areas are close to Rupert Resources' Ikkari gold discovery which is attracting strong investor interest.
Our activities during the period have been funded through existing cash resources, a share placing with joint broker Peterhouse Capital Limited that raised GBP450,000 (before expenses), and also an exercise of warrants which raised GBP13,750. Precious Metals Capital Group (PMCG) was issued with shares during the reporting period to the value of GBP420,000 and the GBP600,000 placing & prepayment agreement signed in April 2020 is now settled in full. No further share issues are due to PMCG.
The Net Current Assets of the Group at the period end were GBP761,220 including cash and cash equivalents of GBP743,497.
On the corporate front we were pleased that Dr Mike Armitage has joined the Board as an independent non-executive director during the reporting period and we expect Mike's wide global experience with SRK Consulting will be a valuable asset for the Company going forward.
We anticipate regular news flow over the remainder of the financial year and look forward to advising shareholders of our progress.
Patrick L Cheetham
Executive Chairman
26 May 2021
Consolidated Income Statement
for the six months to 31 March 2021
Hot Features
Premium
Six months Six months Twelve months
to 31 March to 31 March to 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------------------ ------------- ------------- -----------------
Revenue 81,495 94,691 175,750
------------------------------------------ ------------- ------------- -----------------
Administration costs (243,851) (352,914) (597,994)
Pre-licence exploration costs/impairment
costs (48,449) (20,711) (49,360)
Impairment of deferred exploration
asset (12,885) - (2,027,000)
Operating loss (223,690) (278,934) (2,498,604)
Gain on disposal of available - - -
for sale investment
Interest receivable 27 154 437
Loss before income tax (223,663) (278,780) (2,498,167)
Income tax - - -
------------------------------------------ ------------- ------------- -----------------
Loss for the period attributable
to equity holders of the parent (223,663) (278,780) (2,498,167)
========================================== ============= ============= =================
Loss per share - basic and diluted
(pence)
(Note 2) (0.02) (0.05) (0.38)
========================================== ============= ============= =================
Consolidated Statement of Comprehensive Income
for the six months to 31 March 2021
Six months Six months Twelve months
to 31 March to to
2021 31 March 30 September
Unaudited 2020 2020
Unaudited Audited
GBP GBP GBP
------------------------------------------ ------------- ------------ --------------
Loss for the period (223,663) (278,780) (2,498,167)
------------------------------------------ ------------- ------------ --------------
Items that could be reclassified
subsequently to the Income Statement:
Foreign exchange translation differences
on foreign currency net investments
in subsidiaries (10,876) (10,352) (94,278)
(10,876) (10,352) (94,278)
------------- ------------ --------------
Items that will not be reclassified
to the Income Statement:
Changes in the fair value of equity
investments (6,587) (12,963) 23,263
(6,587) (12,963) 23,263
------------------------------------------ ------------- ------------ --------------
Total comprehensive loss for the
period attributable to equity holders
of the parent (241,126) (302,095) (2,569,182)
========================================== ============= ============ ==============
Company Registration Number 03821411
Consolidated Statement of Financial Position
at 31 March 2021
As at As at As at
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP GBP GBP
----------------------------------- ------------- ------------- --------------
Non-current assets
Intangible assets 627,631 2,492,717 541,958
Property, plant & equipment 2,346 4,220 3,369
Other investments 49,398 19,759 55,985
----------------------------------- ------------- ------------- --------------
679,375 2,516,696 601,312
----------------------------------- ------------- ------------- --------------
Current assets
Receivables 82,855 55,348 71,695
Cash and cash equivalents 743,497 407,807 622,859
826,352 463,155 694,554
----------------------------------- ------------- ------------- --------------
Current liabilities
Trade and other payables (50,181) (89,506) (66,189)
Share subscription loan - - (420,000)
Reclamation liability (14,951) - -
Net current assets 761,220 373,649 208,365
----------------------------------- ------------- ------------- --------------
Net assets 1,440,595 2,890,345 809,677
=================================== ============= ============= ==============
Equity
Called up Ordinary Shares 118,332 73,383 83,164
Deferred Shares - 2,644,062 -
Share premium account 11,567,054 10,569,399 10,740,972
Capital redemption reserve 2,644,061 - 2,644,061
Merger reserve 131,096 131,096 131,096
Share option reserve 78,088 66,830 71,897
Fair value reserve 8,232 (21,407) 14,819
Foreign currency reserve 314,598 409,400 325,474
Accumulated losses (13,420,866) (10,982,418) (13,201,806)
----------------------------------- ------------- ------------- --------------
Equity attributable to the owners
of the parent 1,440,595 2,890,345 809,677
=================================== ============= ============= ==============
Consolidated Statement of Changes in Equity
Ordinary Deferred Share Capital Merger Share Fair Foreign Accumulated Total
Share Shares Premium redemption Reserve Warrant Value Currency Losses
Capital Account reserve Reserve Reserve Reserve
GBP GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------
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
Loss for the
period - - - - - - - - (2,219,388) (2,219,388)
Change in fair
value - - - - - - 36,226 - - 36,226
Exchange
differences - - - - - - - (83,926) - (83,926) --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ Total comprehensive loss for the period - - - - - - 36,226 (83,926) (2,219,388) (2,267,088) --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ Share issue 9,781 - 171,572 - - - - - - 181,353 Cancellation of deferred shares - (2,644,062) 1 2,644,061 - - - - - - Share based payments expense - - - - - 5,067 - - - 5,067 Transfer of - - - - - - - - - - expired warrants --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ At 30 September 2020 83,164 - 10,740,972 2,644,061 131,096 71,897 14,819 325,474 (13,201,806) 809,677 --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ Loss for the period - - - - - - - - (223,663) (223,663) Change in fair value - - - - - - (6,587) - - (6,587) Exchange differences - - - - - - - (10,876) - (10,876) --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ Total comprehensive loss for the period - - - - - - (6,587) (10,876) (223,663) (241,126) --------------- ---------- ------------ ----------- ----------- --------- --------- --------- ---------- ------------- ------------ Share issue 35,168 - 826,082 - - - - - - 861,250 Share based payments expense - - - - - 10,794 - - - 10,794 Transfer of expired warrants - - - - - (4,603) - - 4,603 - At 31 March 2021 118,332 - 11,567,054 2,644,061 131,096 78,088 8,232 314,598 (13,420,866) 1,440,595 =============== ========== ============ =========== =========== ========= ========= ========= ========== ============= ============
Consolidated Statement of Cash Flows
for the six months to 31 March 2021
Six months Six months Twelve months
to 31 March to 31 March to 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------------------ ------------- ------------- -----------------
Operating activity
Total loss after tax excluding
interest received (223,690) (278,934) (2,498,604)
Depreciation charge 1,023 886 1,850
Shares issued in settlement of
outstanding salaries - 2,738 4,090
Share based payment charge 10,794 25,224 30,290
Impairment of deferred exploration
asset 12,885 - 2,027,000
Provision for reclamation cost 14,951 - -
(Increase)/decrease in receivables (11,160) (13,779) (30,127)
Increase/(decrease) in payables (16,007) 18,820 (4,497)
Net cash outflow from operating
activity (211,204) (245,045) (469,998)
------------------------------------------ ------------- ------------- -----------------
Investing activity
Interest received 27 154 437
Exploration and development expenditures (112,494) (43,513) (200,071)
Disposal of other investments - 57,052 57,053
Purchase of property, plant &
equipment - (924) (1,037)
Net cash (outflow)/inflow from
investing activity (112,467) 12,769 (143,618)
------------------------------------------ ------------- ------------- -----------------
Financing activity
Issue of share capital (net of
expenses) 441,250 587,050 767,051
Share subscription loan - - 420,000
Net cash inflow from financing
activity 441,250 587,050 1,187,051
------------------------------------------ ------------- ------------- -----------------
Net (decrease)/increase in cash
and cash
equivalents 117,579 354,774 573,435
Cash and cash equivalents at start
of period 622,859 50,617 50,617
Exchange differences 3,059 2,416 (1,193)
Cash and cash equivalents at end
of period 743,497 407,807 622,859
========================================== ============= ============= =================
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 2021 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 2020. 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 on 30 September 2021. 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 2021 and the six months ended 31 March 2020 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 2020 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 30 September 2020 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 2020 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. These factors represent 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
2021 2020 2020
Unaudited Unaudited Audited
---------------------------- ------------- ------------- -----------------
Loss for the period (GBP) (223,663) (278,780) (2,498,167)
Weighted average shares
in issue (No.) 945,938,531 513,084,724 661,815,154
Basic and diluted loss per
share (pence) (0.02) (0.05) (0.38)
============================ ============= ============= =================
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 2021 the following share issues took place:
An issue of 43,181,818 0.01p Ordinary Shares at 0.22p per share to PMCG, pursuant to a subscription deed, for a total consideration of GBP95,000 (21 January 2021), prepaid in April 2020.
An issue of 173,076,923 0.01p Ordinary Shares at 0.26p per share, by way of a share placing, for a total consideration of GBP450,000 before expenses (26 January 2021).
An issue of 54,166,667 0.01p Ordinary Shares at 0.24p per share to PMCG, pursuant to a subscription deed, for a total consideration of GBP130,000 (3 February 2021), prepaid in April 2020.
An issue of 5,000,000 0.01p Ordinary Shares at 0.275p per share, following an exercise of warrants, for a total consideration of GBP13,750 (8 February 2021).
An issue of 56,250,000 0.01p Ordinary Shares at 0.24p per share to PMCG, pursuant to a subscription deed, for a total consideration of GBP135,000 (10 February 2021), prepaid in April 2020.
An issue of 20,000,000 0.01p Ordinary Shares at 0.3p per share to PMCG, pursuant to a subscription deed, for a total consideration of GBP60,000 (24 February 2021), prepaid in April 2020.
4. Event after the Balance Sheet date
A new subsidiary, Luangwa Minerals Ltd, was formed after the period end to acquire copper exploration and development projects in Zambia.
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.
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END
IR AFMRTMTJTMLB
(END) Dow Jones Newswires
May 26, 2021 03:43 ET (07:43 GMT)
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