Tertiary Minerals (LSE:TYM) has conditionally raised £1 million through a share placing to fund further exploration at its Mushima North silver-copper project in Zambia and provide additional working capital.
The AIM-listed exploration company placed approximately 1.67 billion new ordinary shares at 0.06 pence per share with institutional and high-net-worth investors. The placing was arranged by joint broker SP Angel.
The fundraising comes alongside the restoration of normal trading in Tertiary Minerals shares on AIM following a temporary suspension under a Capital Access Window.
Funds Allocated to Mushima North Programme
Tertiary Minerals said the proceeds will primarily support work at the A1 target within the Mushima North project.
Planned activities include deeper drilling, assays for critical minerals and an expansion of metallurgical testwork. Funding will also be used for environmental and community surveys associated with an impact assessment, as well as for general working capital purposes.
The company is continuing to investigate the depth extent of mineralisation beneath higher-grade zones identified at the project. Further drilling assay results and initial metallurgical results are expected to be reported in due course.
New Shares Represent About 19% of Enlarged Capital
The placing shares are expected to represent approximately 19% of Tertiary Minerals’ enlarged issued share capital following completion of the fundraising.
Admission of the new shares to trading on AIM is expected around 28 October 2026.
As part of the placing arrangements, SP Angel will receive 83.33 million warrants. The warrants will be exercisable at the placing price of 0.06 pence per share for a period of 12 months.
Tertiary Minerals’ Exploration Portfolio
Tertiary Minerals is an AIM-listed mineral exploration and development company with projects targeting copper, silver, precious metals and other critical minerals in Zambia and Nevada, U.S.
The company’s current work at Mushima North includes deeper drilling and metallurgical testing designed to provide further information on the mineralisation at the A1 target. Its Nevada exploration interests provide additional exposure to mineral exploration projects in the U.S.
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