Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU), in its full-year results statement, highlighted momentum in Zambia, where it works alongside First Quantum Minerals and KoBold Metals.
The company said its data-sharing and technical cooperation agreement with First Quantum “has led directly” to a new copper-silver discovery at Mushima North, now described as its lead project.
"The importance of this project first became clear in February 2025 when the first silver assays from the 2024 Phase 1 drilling programme at Target A1 revealed silver to be present in high concentrations in association with our previously reported wide intervals of low-grade copper mineralisation," the company said in the statement.
"As more assays became available, it was clear we had an exciting grassroots discovery on our hands."
It added: "The current surface footprint of the mineralisation extends for approximately 450m by 400m, but it remains open to the north/northwest and south/southeast and the potential for primary sulphide mineralisation, underneath the near-surface oxide mineralisation, is, as yet, largely untested. It is our ambition to resume drilling as soon as access allows."
Tertiary now plans to resume drilling at Mushima North in Q2 2026 once access improves after the wet season, while also aiming to report a JORC-compliant Exploration Target for Target A1 in late Q1 2026.
Post year-end, it raised funds via two placings and a £450,000 convertible loan, which it said provides flexibility if converted within the next 12 months.
The AIM-listed explorer noted that it had increased spend across its project portfolio during the year.
For the year to 30 September 2025, the small-cap company reported revenue of £200,569, up from £162,658 a year earlier, and posted a loss of £583,916.
Net cash outflow from operations was £566,213, while exploration and development expenditures totalled £499,486 in the period.