Tertiary Minerals boosted by latest drill results in Zambia

Tertiary Minerals PLC (AIM:TYM) announced robust exploration results from Target A1 at its Mushima North project in Zambia, extending a polymetallic silver-copper-zinc deposit. Drilling intersected 58 meters grading 49 g/t silver, 0.26% copper, and 0.16% zinc, with mineralization remaining open and comparable to other significant open-pit silver deposits globally. Managing Director Richard Belcher views this as a "significant discovery" and plans to fast-track the project towards a maiden mineral resource estimation within the next 12 months, signaling potential for substantial value accretion.

Analysis

Tertiary Minerals boosted by latest drill results in Zambia Published: 08:28 09 Oct 2025 BST Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) has released latest exploration results from Target A1 at its Mushima North project in Zambia, where it has now extended the deposit. The polymetallic silver-copper-zinc prospect lies 28 kilometres east of the historic Kalengwa copper-silver mine, and recent drilling has intersected broad mineralised zones, including 58 metres at 49 grams per tonne silver, 0.26% copper and 0.16% zinc from 8 metres downhole. The mineralisation extends to a depth of 84 metres and remains open in multiple directions. Elevated levels of bismuth, antimony and gallium were also reported. Mushima North now has a surface footprint of approximately 450x400 metres and remains open to the north/northwest, to the south/southeast and at depth. "The silver grades and widths intersected to date (supported by copper and zinc values) are comparable in terms of silver equivalent grades to several polymetallic, open-pit silver deposits currently being explored and mined elsewhere in the world and for which Mineral Resources estimates have been reported," said managing director Richard Belcher. "We therefore believe this could represent a significant discovery for the company." Belcher added: "We hope to be able to fast-track the project along the valuation pipeline towards a maiden mineral resource estimation in the next 12 months." Tertiary Minerals PLC (AIM:TYM) reported highly encouraging exploration results from Target A1 at its Mushima North project in Zambia, generating a "strongly positive" sentiment. Recent drilling intersected broad polymetallic mineralized zones, including 58 meters grading 49 g/t silver, 0.26% copper, and 0.16% zinc from only 8 meters downhole. This indicates a high-grade, near-surface prospect with significant potential for open-pit extraction. The deposit remains open in multiple directions and at depth, boasting a substantial surface footprint of 450x400 meters, which suggests considerable resource upside. Managing Director Richard Belcher deemed this a "significant discovery," comparing its silver equivalent grades to active polymetallic open-pit silver deposits globally. The company plans to fast-track towards a maiden mineral resource estimation within the next 12 months. The presence of elevated bismuth, antimony, and gallium further enhances the prospect's strategic value due to their critical metal status. This development, aligning with "Company Fundamentals" and "Commodities & Raw Materials" themes, signals potential for notable value accretion for Tertiary Minerals and is associated with a "market impact score" of 0.7.

Key Decisions for Investors

• Investors should closely monitor the company's timeline for the maiden mineral resource estimation within 12 months, as this will be a critical valuation catalyst.
• Evaluate the company's financial capacity and operational plan to effectively advance this significant discovery in an emerging market context.
• Assess the potential for increased analyst interest and a market re-rating based on the reported high-grade, near-surface, and open-ended nature of the Mushima North deposit.