Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: UK£0 (vs UK£0 in FY 2024) Full year 2025 results: EPS: UK£0 (in line with FY 2024). Revenue: UK£200.6k (up 23% from FY 2024). Net loss: UK£583.9k (loss widened 6.0% from FY 2024). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Tertiary Minerals plc, Annual General Meeting, Mar 19, 2026 Tertiary Minerals plc, Annual General Meeting, Mar 19, 2026. Announcement • Feb 06
Tertiary Minerals plc Announces Laboratory Results for the Four Holes Completed During the Phase 3 Drilling Programme At Target A1 At Its Mushima North Project in Zambia Tertiary Minerals plc announced laboratory results for the four holes completed during the Phase 3 drilling programme at Target A1 at its Mushima North Project in Zambia ("Mushima North" or the "Project") prior to the programme being curtailed by the early start to the wet season. Preliminary results from portable X-Ray Fluorescence ("pXRF") analysis of drill samples were notified on 13 November 2025. The laboratory analytical results indicate further high-grade silver and copper mineralisation in the north of Target A1, which has a mineralisation footprint of 450m by up to 400m wide area, and remains open to the northwest, south/southeast and at depth. Mushima North is located in the prospective Iron-Oxide-Copper-Gold region of Zambia. Target A1 is a polymetallic, silver-copper-zinc prospect located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment and is one of several targets to be evaluated at the Project. Highlights: Drill intersections include (downhole widths, true widths unknown): o 97m at 56 g/t Ag, 0.43% Cu and 0.19% Zn (85 g/t Ag equivalent or 1.42% Cu equivalent) from 6m downhole (hole 25TMNRC-043). Including: SS 42m at 81 g/t Ag, 0.,70% Cu and 0.24% Zn from 55m downhole, and SS 27m at 98 g/t Ag, 0".91% Cu and 0.25% Zn from 70m downhole, and SS 13m at 77 g/t Ag, 1.46% Cu and 0.23% Zn (168 g/t Ag equivalent or 2.80% Cu equivalent) from 84m downhole. o 11m at 18 g/t Ag, 0.'18% Cu and 0.20% Zn (32 g/t Ag equivalent or 0.54% Cu equivalent) from 20m downhole (hole 25 TMNRC-044). o 17m at 14 g/t Ag, 0;25% Cu and 0.41% Zn (36 g/t Ag equivalent or0.60% Cu equivalent) from 51m downhole (hole 25™NRC-044). Best copper drill intersection to date: 13m at 1.46% Cu (2.8 0 % Cu equivalent) from 84m, with individual metre samples of up to 3.17% Cu (hole 25TMNRC -043). Silver mineralisation occurs over a 450m by 400m surface area and depth of mineralisation extended from 84m to 103m. O Mineralisation footprint remains open to the northwest, South/southeast and at depth extent remains to be fully tested. O JORC Exploration Target to be finalised in the coming weeks. Phase 3 Drill Programme A programme of approximately 1,000m Reverse Circulation ("RC") drilling was planned as part of the Phase 3 Drill Programme before heavy and earlier than expected rains cut this short. Four vertical holes were completed to a maximum depth of 127m testing the northern extent of the mineralisation footprint. The four drill holes now being reported, and described below, are located on two 100m spaced east-west drill lines, 8507275N and 8507375N. Drill line 8507375N represents the most northern drill traverse drilled to date. 25TMNRC-041: Located on a two drill-hole line with 25TMNRC-042. The drill hole was drilled vertically to a downhole depth of 112m. The hole was designed to test the continuation of the mineralisation to the north of drill line 8507275N. The Project lies 20km to the east of the Kalengwa copper mine in northwest Zambia, one of the highest-grade copper deposits ever to be mined in the country. In the 1970s, high-grade ore, average approximately 11% copper, was trucked for direct smelting at other mines in the Copperbelt. The Kalengwa mine is currently under redevelopment and is expected to produce 15,000 tonnes of copper annually. Numerous other geochemical and is expected to produce 15. Numerous other geochemical and/or geochemical and/or geophysical targets (A2,000 tonnes of copper annually; Numerous other geophysical targets (A2. Numerous other geophysical targets (NRC) are yet to be drill tested (A2, B1,000 tonnes of copper annually.; Numerous other geophysical targets (a2, B2, B2,000 tonnes of drill tested (A2,000 tonnes the east of the east of these are yet to be drill tested. Numerous other geophysical targets ("A2,000 tonnes of the historic Kalengwa mine is yet to be drill tested. numerous other geochemical and/or Geochemical and/or geophysical target A2, B. New Risk • Jan 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m (UK£186k revenue, or US$251k). Market cap is less than US$10m (UK£3.87m market cap, or US$5.21m). Minor Risk Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Announcement • Nov 14
Tertiary Minerals plc Provides an Update on Work Programme At Target A1 and Preliminary Results from Portable X-Ray Fluorescence Analysis of Drill Samples Tertiary Minerals plc provided an update on work programmes at Target A1 and preliminary results from portable X-Ray Fluorescence ("pXRF") analysis of drill samples. Target A1 is a polymetallic (silver-copper-zinc) prospect, part of the Mushima North Project ("Mushima North" or the "Project") and is located in the prospective Iron-Oxide-Copper-Gold region of Zambia. Target A1 is located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment. Highlights: 4 holes completed in this Phase 3 drill programme for a total of 481m with the deepest hole having been drilled to a depth 127m. Remaining programme put on hold due to the early start of unusually heavy rains. Including: 47m at 0.58% Cu from 58m downhole, and SS 25m at 0.75% Cu from 80m downhole, and 8m at 1.13% Cu from 89m downhole. 30m at 0.17% Cu from 12m downhole (hole 25TMNRC-044). Including: 25m at 0.23% Cu from 51m downhole, and SS 3m at 0.6% Cu from 60m downhole. Initial mineralogy identifies native silver and native copper, along with other copper-bearing minerals. JORC Exploration Target work to now commence. Phase 3 Drill Programme A programme of approximately 1,000m Reverse Circulation ("RC") was planned as part of Phase 3 drilling. Initially drilling proved very promising, but heavy and earlier than expected rains have resulted in the pause of this programme until after the rains, most likely in March/April 2026. Four vertical holes were completed with a maximum depth of 127m testing the northern extent of the currently open-ended mineralisation footprint. The four drill holes now being reported, and described below, are located on two east-west drill lines, 8507275N and 8507375N. Drill line 8507375N represents the most northern drill traverse drilled to date. 25TMNRC-041: Located on a two drill-hole line with 25TMNRC-042. The drill hole was drilled vertically to a downhole depth of 112m. The hole was designed to test the continuation of the mineralisation to the north from drill line 8507275N. 25TMNRC-04 2: Located on a two drill - line with 25TMN RC-042: Located on a two drill the north from drill line 850 7275N. 25TMNRRC-042: Located on an two drill-hole line with25TMNRC-042; Located on a two drill- hole line with 25 TMNRC-042. Announcement • Nov 01
Tertiary Minerals plc Announces Upcoming Phase 3 Drill Programme At Target A1, Mushima North Project, Zambia Tertiary Minerals plc announced details of the upcoming Phase 3 drill programme at Target A1, its silver-copper-zinc prospect within the Mushima North Project ("Mushima North" or the "Project"). Mushima North is located in the prospective Iron-Oxide-Copper-Gold region of Zambia, and Target A1 is a polymetallic, silver-copper-z Inc. prospect located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment. Highlights: Planned drilling programme of approximately 1,000m of Reverse Circulation drilling. Drilling to test: further lateral extensions of the known mineralisation, particularly around the high-grade silver and copper mineralisation in the north. the continuity of mineralisation between wider-spaced drill lines, by obtaining additional mineralisation intersections. the depth extension of the known mineralisation. Phase 2 drilling of this target in mid-2025 returned drill intersections including (downhole widths, true widths unknown): 58m at 49 g/t Ag, 0.26% Cu and 0.16% Zn (72 g/t Ag equivalent or 0.94% copper equivalent) from 8m downhole (hole 25TMNAC-038). Including: 20m at 86 g/t Ag, 0.,44% Cu and 0.24% Zn from 46m downhole. Drilling again before the rains, rather than waiting until the start of the next dry season in March-April next year, shows resolve to aggressively advance this Project and add shareholder value. "Target A1 now has a surface footprint of approximately 450m by 400m, with mineralisation intersected to a vertical depth of up to 84m. However, the mineralisation remains open to the north/northwest, south/southeast and at depth. This drill programme will test the potential continuation of mineralisation along strike and at depth, as well as providing additional infill drilling. This work is aimed at bringing closer to goal of producing a maiden mineral resource in the next 12 months. Drilling Programme A programme of approximately 1,000 m of Reverse Circulation ("RC") drilling is planned as a series of east-west drill lines spaced approximately 100m apart (north-south). Holes will be collared approximately 50 to 100m apart along the east-west lines and drilled to a nominal depth of approximately 100m. De De De De Deceal holes (approximately 150m) will also be undertaken in key areas to further understand the potential continuation of mineralisation at depth. The drill programme at Target A1 is designed to test: further lateral extensionsof the known mineralisation, particularly across the high-grade silver and Copper mineralisation previously intersected in drillhole 25TMNAC- 038; the continuity of mineralisation between wide-spaced drill lines, By obtaining additional mineralisation intersections; the depth extension of the known Mineral Resource Estimate, if future drilling results warrant such an approach. The drill programme is being conducted by Ox Drilling which also completed the Phase 1 and Phase 2 drill programmes. The drill programme is expected to commence in early November, will take approximately 2 weeks to complete and is planned to be finished prior to the on-set of the heavy rains in the area which will inhibit further on-the-ground exploration until March-April 2026. Samples will be initially analysed on site using a portable X-Ray Fluorescence ("pXRF") analyser for copper and zinc. Phase 1 drilling (1,486m) in 2024 targeted the copper-in-soil anomaly and returned broad but generally low-grade copper mineralisation as reported in the news release dated 28 October 2024 (e.g. 57m at 0.20% Cu from 14m downhole, hole 24TMNAC-004). Higher grade copper mineralisation was also intersected within these broader zones (e.g. 6m at 0.58% Cu within 35m at 0.21% Cu within 35m at 22m downhole, from 22m downhole, hole 24m downhole, hole 24 TMNAC-024). Drilling over the silver-2025N) to the silver-soil anomaly (drill line: 8506925N) to the east identified wide and zinc-in-soil anomaly (drilling over the east identified wide and thick, near and zinc-soil anomaly (drill intersections including the silver-2025NAC-2025NAC-soil anomaly (dr Drill line: 8m downhole 24TMNAC-2025Nac-2025NAC-2NAC-2025N). Drilling over the east-2025NAC-t Ag, hole 24TMN) to the east identifiedwide and zinc-2025NAC-to the east identified wide and Zn). 
