Tertiary Minerals (LSE:TYM) has secured approximately £985,000 before expenses through a placing of 1.97 billion new ordinary shares at 0.05 pence each. The placing price represents a 17% discount to the company’s previous closing bid price. The new shares account for roughly 28% of the enlarged share capital, with admission to AIM expected on or around 9 June 2026.
In addition, certain directors have indicated their intention to invest a further £15,000 once the company is no longer subject to a close period. Proceeds from the fundraising will be directed primarily toward advancing exploration activities at the Mushima North Target A1 silver oxide discovery in Zambia. Planned work includes drilling programmes and technical assessments aimed at delivering a maiden JORC-compliant mineral resource estimate before the end of 2026. Remaining funds will be used for general corporate purposes and working capital requirements.
Upon completion of the placing, Tertiary’s total issued share capital will increase to 7,124,355,727 ordinary shares. The enlarged share count will establish the new reference point for shareholder voting-right calculations under FCA disclosure and transparency regulations.
The fundraising highlights continued backing from institutional investors and high-net-worth individuals for the company’s flagship silver oxide project in Zambia. Management’s focus is now shifting toward converting exploration success into a defined mineral resource, a milestone that could strengthen the project’s strategic value as demand for metals linked to the energy transition continues to grow.
While the company benefits from a debt-free balance sheet, its financial profile remains challenged by ongoing losses and continued cash outflows. Market indicators present a mixed picture, with signs of longer-term trend improvement offset by weaker short-term momentum. Valuation metrics also remain under pressure due to negative earnings and the absence of dividend payments.
More About Tertiary Minerals
Tertiary Minerals plc is an AIM-listed mineral exploration and development company focused on commodities associated with the global energy transition. Its principal activities are centred on the exploration and development of copper and precious metal projects in Zambia and Nevada, United States. Operating in established mining jurisdictions, the company aims to capitalise on increasing long-term demand for metals required for electrification and renewable energy technologies.
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