The frustration was felt in Sweden, where animal welfare and environmental groups lodged two appeals in March against a mining permit for the Storuman fluorspar project.
“Receiving the mining permit for the Storuman project was a significant achievement for the company and whilst the delays in processing the appeals are frustrating we remain positive that the original decision will be upheld," said managing director Richard Clemmey in the company’s results statement for the year to the end of September.
The disappointment in Sweden was offset by progress in Nevada on the MB project, where a drilling programme revealed significant lateral and depth extensions to fluorspar mineralisation in the western area.
"We continue to work through the MB project modelling, test work and economic evaluation, a process which takes time in order to systematically address the challenges and opportunities associated with the project. Following successful completion of this work we are targeting the completion of a scoping study in the first half of 2017," said Clemmey.
During the year the company sold off two gold assets considered superfluous, given its focus on fluorspar.
"Maintaining the interest in our two non-core gold projects has finally paid off and the sale of these assets potentially provides the company with future cash-flow through a retained royalty interest," noted Clemmey.
Until those gold assets are developed, or the company’s own projects move into production, Tertiary’s revenues will be minimal, and currently are derived from management, administration and officer services provided to Sunrise Resources, the London-listed company that, like Tertiary, has Patrick Cheetham as a chairman.
In the financial year just ended, revenue rose to £190,124 from £181,598 the year before. The loss before tax narrowed to £473,506 from £674,991 the year before, as the company kept a tight rein on administration costs.
Shares dipped to 1.06p from 1.1p overnight on the results.