Tertiary Minerals Reports Encouraging Drilling Results and Outlines 2026 Strategy in Annual Results

Tertiary Minerals’ 2025 Results: Mushima North steps into the spotlight

Here’s the short version: Tertiary Minerals has had a busy year on the rigs in Zambia, a steadier one in Nevada, and it’s set up 2026 with clear catalysts. The standout is Mushima North, where shallow copper-silver-zinc mineralisation is taking shape nicely. Financially, losses edged up as you’d expect for an explorer, cash was tight at year-end, and fresh funding has since come in to keep the drills turning.

Mushima North discovery: shallow, broad, and open in multiple directions

Mushima North (Zambia) is now the Company’s lead project, and with good reason. Initial copper hits in 2024 were followed in 2025 by silver assays that materially upgraded the picture. Since then, Tertiary has completed two more drilling phases and delivered thick, shallow intercepts with encouraging grades. The current mineralised footprint is roughly 450m by 400m and remains open to the north/northwest and south/southeast. The team also believes the deeper, primary sulphide potential is largely untested.

• Phase 2 highlight: 58m at 49 g/t silver, 0.26% copper and 0.16% zinc from 8m downhole (72 g/t AgEq or 0.94% CuEq), ending in mineralisation.
• Phase 3 highlight (despite rains cutting the programme short): 97m at 55 g/t silver, 0.42% copper and 0.19% zinc from 6m, including 13m at 77 g/t silver, 1.43% copper and 0.23% zinc from 84m (192 g/t AgEq or 2.49% CuEq).

Why this matters: the intercepts are near surface (from as little as 6–11m downhole), thick (50m–100m plus), and many holes end in mineralisation. Early mineralogy suggests both oxide (near-surface) and signs of sulphide phases. That combination can be compelling if continuity holds and metallurgy co-operates.

What’s next: Tertiary plans to resume drilling in Q2 2026 (post-wet season), publish a JORC-compliant Exploration Target in late Q1 2026, continue mineralogical/metallurgical work, and aim for a maiden Mineral Resource Statement later in 2026. For newer investors, “JORC” is the industry standard for reporting exploration results and resources; an Exploration Target is an independent, early estimate of potential size/grade, not yet a Mineral Resource.

Deep copper hunt with KoBold at Konkola West

Over at Konkola West, KoBold Metals has earned 51% after completing two deep diamond holes (a combined 4,153m), with one believed to be the deepest exploration hole drilled in Zambia at 2,711m. Technical problems stopped both holes short of the key ore horizon, but KoBold has committed to sole fund a third deep hole this coming field season. Reported spend in the last financial year was approximately US$3.7 million.

The structure now moves to a joint venture company: KoBold 51%, Tertiary Minerals (via TMZ) 39%, and Mwashia 10% free carried (purchasable by KoBold for US$3.5 million). KoBold can move to 70% on cumulative exploration spend of US$6 million within 4 years, at which point TMZ would hold 20%. This is big-game, high-commitment exploration on the doorstep of the world-class Konkola-Lubambe-Musoshi belt – high risk, but you want partners with deep pockets when you’re drilling kilometres into the Copperbelt.

FQM partnership at Mukai: early anomalies, more work in 2026

First Quantum Minerals has the right to earn into Mukai by hitting resource and study milestones. They completed three scout diamond holes in late 2024, returning near-surface anomalous copper and broad intervals of anomalous nickel. They’ve so far paid US$50,000 and are in a due diligence phase targeting a minimum US$1.5 million spend over 24 months from August 2024. Further exploration is planned for the 2026 season.

Nevada: Brunton Pass points to sulphides, deeper tests to come

The first drill programme at Brunton Pass confirmed the main geophysical anomaly is linked to sulphide mineralisation. Intervals of anomalous copper, arsenic and mercury were cut over wide zones, including 134.11m at 199 ppm copper from 19.81m and 103.64m at 142 ppm copper, 488 ppm arsenic and 3.5 ppm mercury from 9.14m. Crucially, only the periphery of the IP anomaly has been tested so far – the stronger parts remain untested. The working thesis is an epithermal precious metal/porphyry copper system – deeper drilling is justified and planned for 2026.

Storuman appeal in Sweden: decision by end of March 2026 at the earliest

Tertiary has appealed the 2024 decision not to grant the Storuman mine concession. The project holds a JORC Mineral Resource (Inferred: 25.0 Mt at 10.26% CaF2; Indicated: 2.7 Mt at 9.87% CaF2) and a 2010 Scoping Study NPV of US$33 million (8% discount, payback within 3 years). The appeal argues for coexistence with Sami reindeer herding, the critical-mineral status of fluorspar, and recent precedent decisions. A decision is not expected before at least the end of March 2026.

FY25 financials: classic explorer’s profile, cash tight at year-end

Metric (year to 30 Sep 2025)	Figure
Revenue	£200,569
Loss for the year	£583,916 (2024: £550,934)
Administration costs	£767,192
Cash at year-end	£70,797
Net current assets	£16,433
Intangible assets (capitalised exploration)	£1,341,482 (2024: £845,385)
Shares in issue (30 Sep 2025)	4,963,009,573
Loss per share	(0.01)p

Funding in focus:

• June 2025 placing raised £350,000, with a directors’ subscription adding £25,000 – total £375,000 during the year.
• October 2025: £100,000 placing post year-end.
• November 2025: £450,000 unsecured convertible loan to fund Mushima North. If converted in the next 12 months, the Company notes it is likely to be at a considerable premium to the share price at the time of the loan.

Going concern: With £70,797 cash at year-end and ongoing project plans, further fundraisings will be required within 12 months. The Board expects to secure additional funding and has prepared budgets on that basis.

Governance, leadership and AGM

Dr Richard Belcher joined as Managing Director in March 2025. Founder Patrick Cheetham moved from Executive Chairman to Non-Executive Chairman on 1 January 2026. The AGM is on 19 March 2026, with resolutions to re-authorise share issuance and re-elections for Patrick Cheetham, Donald McAlister and Richard Belcher. The Company has updated its governance disclosures to reflect the 2023 QCA Code.

My take: why this matters for investors

The positives

• Mushima North is shaping up as a genuine grassroots discovery with thick, shallow intercepts and scale potential. The step-up in silver content adds value and optionality.
• Clear 2026 catalysts: Exploration Target in late Q1 2026, drilling resumption in Q2, metallurgy updates, and an aim for a maiden Mineral Resource Statement later in 2026.
• High-quality partners: KoBold pressing on with a third deep hole at Konkola West and FQM advancing Mukai. This reduces capital burden and brings tier-one technical heft.
• Capitalised exploration rose to £1.34 million, a sign of tangible work advancing the asset base.

The watch-outs

• Funding: cash was tight at year-end and the business remains reliant on equity and instruments like convertibles. Dilution risk is part of the package, albeit the near-term CLN conversion is likely at a premium.
• Konkola West geology is deep and tricky; the two holes missed target due to technical issues. Success there may take patience.
• Metallurgy remains a key de-risking step at Mushima North, especially given the oxide-sulphide mix. Processing routes and recoveries will matter.

What to watch in 2026

• Mushima North Exploration Target (late Q1 2026) – a first independent handle on potential size/grade.
• Drilling restart at Mushima North in Q2 2026 – testing extensions and the deeper sulphide potential.
• Metallurgical and mineralogical testwork updates – economic drivers for copper and silver recovery.
• KoBold’s third deep hole at Konkola West – high-impact, binary-style exploration.
• FQM’s next steps at Mukai – follow-up on copper and nickel anomalies.
• Storuman appeal decision timing – not before at least end of March 2026.

Bottom line

This update reads like a company doubling down on a promising discovery while keeping optionality alive through joint ventures. The grades at Mushima North won’t win headlines on copper alone, but the thickness, shallow position, and significant silver content are doing the heavy lifting. With a clear runway of news and partners funding the deep and the district-scale plays, Tertiary has several shots on goal in 2026 – provided the funding runway stays open and the metallurgy plays ball.