Tertiary Minerals plc (LSE:TYM) is an AIM-listed mineral exploration company focused on copper and associated metals within Zambia’s Iron-Oxide-Copper-Gold belt. Its Mushima North Project is centred on Target A1, a substantial near-surface silver-copper-zinc oxide prospect where the company is working to establish a JORC-compliant Mineral Resource to support future project development.
The company has announced preliminary portable XRF results from the first 12 drill holes completed during its Phase 4 drilling campaign at Mushima North. The findings indicate that higher-grade copper mineralisation continues across the northern section of Target A1, reinforcing the existing silver-copper-zinc exploration target. Initial results include wide intervals of shallow copper-zinc mineralisation. While these measurements remain preliminary, they will be verified through certified laboratory assays alongside additional infill reverse circulation drilling as the company progresses toward defining a mineral resource.
Tertiary Minerals continues to face financial challenges, with ongoing losses and cash outflows weighing on its overall outlook. However, the company maintains a debt-free balance sheet, providing some financial flexibility. Market sentiment also remains cautious due to weak technical indicators and a longer-term downward trend in the share price, while valuation metrics are constrained by the absence of earnings and dividend payments.
About Tertiary Minerals
Tertiary Minerals plc is an AIM-quoted exploration company specialising in copper and polymetallic mineral projects across Zambia’s Iron-Oxide-Copper-Gold province. Its flagship Mushima North Project, including the Target A1 prospect, is situated close to the historic Kalengwa copper-silver mine and is being advanced toward the definition of JORC-compliant mineral resources.
The company has identified an exploration target of between 15 million and 30 million tonnes grading 40–60 g/t silver equivalent at Target A1. Ongoing reverse circulation drilling is designed to support the conversion of this exploration target into a formal mineral resource. Mushima North is owned through Copernicus Minerals Limited in partnership with Mwashia Resources Limited, aligning with Tertiary Minerals’ strategy of expanding its copper exploration portfolio in Zambia.
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