Mushima North Delivers Exploration Progress and Resource Potential
Tertiary Minerals (LSE:TYM) reported unaudited interim results for the six months ended 31 March 2026, highlighting continued progress at its flagship Mushima North project in Zambia.
Recent drilling programmes returned high-grade silver and copper intersections, supporting the publication of a JORC Exploration Target of between 15 million and 30 million tonnes. Based on current estimates, the target contains the potential for up to 58 million ounces of silver-equivalent mineralisation.
The company plans to undertake additional drilling and metallurgical testing during the year as it works toward defining a maiden mineral resource estimate and advancing the project toward a future mining licence application.
Strategic Partnerships Continue to Advance Key Projects
Alongside Mushima North, Tertiary continued to make progress across its wider Zambian portfolio through partnerships with major industry participants.
At the Konkola West copper project, partner KoBold completed two deep exploration holes and elected to advance the project into its second development stage.
Under the revised joint venture framework, KoBold can invest up to US$6 million in further exploration and development activities, a move that management views as a strong endorsement of the project’s potential.
Meanwhile, discussions and due diligence activities remain ongoing with First Quantum Minerals regarding the Mukai project.
Funding Strengthens Exploration Capacity
To support its exploration programmes, Tertiary secured several funding initiatives during and after the reporting period.
The company completed a £100,000 share placing and secured a £450,000 convertible loan during the period.
Following the period end, Tertiary raised an additional £1 million through an equity financing.
Management believes the additional capital will provide the resources needed to accelerate exploration, resource definition and project development across its Zambian assets.
However, the funding measures also introduce the potential for shareholder dilution as the company continues to advance its growth strategy.
Financial Performance Reflects Exploration Stage Business Model
Tertiary reported a pre-tax loss of £328,231 for the period and finished the half year with a relatively modest cash position.
As an exploration-focused company, it continues to operate without production revenue and remains dependent on external funding to support project advancement.
While losses and negative operating cash flow continue to weigh on the investment case, management remains focused on creating long-term value through exploration success and strategic partnerships.
Outlook Supported by Project Momentum
The company’s outlook continues to be influenced by ongoing losses and negative cash flow generation, while technical indicators remain weak, with the share price trading below key moving averages.
However, Tertiary benefits from a debt-free balance sheet, providing a degree of financial flexibility as it progresses its exploration activities.
The advancement of Mushima North, increased investment from KoBold and continued engagement with First Quantum provide important milestones that could support future value creation if exploration success continues.
More about Tertiary Minerals
Tertiary Minerals plc is an AIM-listed mineral exploration company focused on developing silver, copper and zinc projects in Zambia.
Its portfolio is centred on the Mushima North silver-copper-zinc project, alongside the Konkola West and Mukai copper projects. The company is advancing these assets through strategic partnerships with KoBold Metals and First Quantum Minerals while pursuing further exploration and resource development opportunities across its Zambian portfolio.
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