Richard Clemmey, managing director, said development progress had been slower than hoped due to delays in permitting at Storuman in Sweden, but its search for fluorspar project acquisitions had moved forward with one project now at an advanced stage of talks.
READ: Tertiary Minerals raises £500,000 via a placing to progress evaluation of acquisition opportunities, advance project work
The Possehl deal was also a critical building block for the company, he said.
“This strategic relationship not only provides us with the opportunity, and competitive advantage, to secure long-term sales contracts but also access to pre-financing once the definitive Offtake Agreement is signed as we move closer to mine development and production."
"It is also pleasing to see the fluorspar market and prices improve during the latter part of 2017 and we look forward to this trend continuing,” he added.
Tertiary noted that its team at the MB project in Nevada received the Bureau of Land Management's (BLM) 2017 Hardrock Small Operator Award (National award) for outstanding and innovative reclamation and sustainable mineral development work on the project.
“As we head into 2018, with rekindled investor interest in the company, we have a number of irons in the fire,” Clemmey added.
Losses for the year to September were £395,000 (£473,000) on revenues of £241,000.