Tertiary Minerals reports wider first-half loss

(Sharecast News) - Tertiary Minerals reported a wider first-half loss on Tuesday as it continued to advance its flagship Mushima North silver-copper-zinc project in Zambia.

The AIM-listed explorer said its pre-tax loss for the six months ended 31 March widened to £328,231 from £248,450 a year earlier, while revenue fell to £65,717 from £100,839.

Capitalised project expenditure totalled £111,075, and cash at the period end stood at £77,730.

Tertiary said Mushima North had made "a substantial step forward" after the publication of a JORC exploration target for Target A1 of 15 million to 30 million tonnes grading 40 to 60 grams per tonne silver equivalent, containing up to 58 million ounces of silver equivalent.

Drilling during the period returned 97 metres at 56 grams per tonne silver, 0.43% copper and 0.19% zinc from six metres downhole, including 13 metres at 77 grams per tonne silver, 1.46% copper and 0.23% zinc.

The company said follow-up drilling was due to start shortly, with work aimed at better defining mineralisation and supporting a maiden mineral resource estimate by the end of 2026.

Tertiary also said KoBold Metals had completed its initial earn-in commitments at the Konkola West copper project, having reported more than $4m of expenditure, while First Quantum Minerals' due diligence period at the Mukai project had been extended by 12 months to August 2027.

During the period, Tertiary raised £550,000 through a placing and convertible loan note, and after the period end raised a further £1m through a placing and proposed director subscription to fund the summer drilling programme.

At 0907 BST, shares in Tertiary Minerals were up 2.29% at 0.05p.

Reporting by Josh White for Sharecast.com.

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