LukasS

💰

[Serial Investor @SerialInvestor8]

🚨 𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐍𝐄𝐖𝐒! #TYM #FLUORSPAR

There are moments in the life of a junior mining company when the world shifts beneath its feet.

For Tertiary Minerals, that moment arrived yesterday, 23 July 2026.

https://t.co/m6KQ4pxo3P

𝐒𝐰𝐞𝐝𝐞𝐧'𝐬 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐝𝐞𝐜𝐥𝐚𝐫𝐞𝐝 𝐭𝐡𝐞 𝐦𝐢𝐧𝐢𝐧𝐠 𝐨𝐟 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐦𝐞𝐭𝐚𝐥𝐬 𝐚𝐧𝐝 𝐫𝐚𝐫𝐞 𝐞𝐚𝐫𝐭𝐡 𝐦𝐢𝐧𝐞𝐫𝐚𝐥𝐬 𝐚 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭.

Enterprise Minister and Deputy Prime Minister Ebba Busch was unambiguous: the move would speed up planning and permissions, help attract investment, and "contribute significantly to both Sweden's, the EU's and NATO's defence capabilities". She called European industry's dependence on China a "systemic risk".

The government is now examining the creation of a state owned investment company for the mining sector.

Busch herself admitted that the government currently lacks "concrete tools to wisely contribute to accelerating and attracting investments in key projects in crucial strategic projects".

That is about to change.

𝐍𝐨𝐰, 𝐟𝐨𝐫 𝐚 𝐜𝐨𝐦𝐩𝐚𝐧𝐲(𝐓𝐘𝐌) 𝐭𝐡𝐚𝐭 𝐨𝐰𝐧𝐬 𝟏𝟎𝟎% 𝐨𝐟 𝐄𝐮𝐫𝐨𝐩𝐞'𝐬 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐮𝐧𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐝 𝐟𝐥𝐮𝐨𝐫𝐬𝐩𝐚𝐫 𝐝𝐞𝐩𝐨𝐬𝐢𝐭𝐬, 𝐭𝐡𝐢𝐬 𝐢𝐬 𝐧𝐨𝐭 𝐚 𝐟𝐨𝐨𝐭𝐧𝐨𝐭𝐞. 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐚 𝐩𝐚𝐫𝐚𝐝𝐢𝐠𝐦 𝐬𝐡𝐢𝐟𝐭.

1️⃣ 𝐎𝐧𝐞 𝐨𝐟 𝐄𝐮𝐫𝐨𝐩𝐞'𝐬 𝐋𝐚𝐫𝐠𝐞𝐬𝐭 𝐔𝐧𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐝 𝐅𝐥𝐮𝐨𝐫𝐬𝐩𝐚𝐫 𝐃𝐞𝐩𝐨𝐬𝐢𝐭
For those unaware, TYM’s 100% owned Storuman Fluorspar Project is a fully scoped, open pit mineable fluorspar deposit with a life of mine exceeding 18 years.

The numbers, calculated in a 2010 scoping study by Scott Wilson, remain arresting. The project contains 17.96 million tonnes of open pit mineable material at a head grade of 12.3 per cent calcium fluoride.

Annual production of acid grade fluorspar is projected at 103,000 tonnes per year. Gross cash generated over the life of the mine stands at US$616 million, with net cash of US$137 million. The initial capital cost is US$46 million. The payback period is less than three years.

At the time of the study, based on a fluorspar price of US$357.50 per tonne CIF Rotterdam, the project delivered a net present value of US$33 million at an 8 per cent discount rate and an internal rate of return of 24.1 per cent.

That was then.

However, at the current acid grade fluorspar prices are trading in a range of US$540 to US$680 per tonne CIF!

The low end of that range represents a 54% uplift from the scoping study assumption. The mid-range sits closer to 70% higher.

Even allowing for cost inflation since 2010, the arithmetic is compelling.

The mine gate price used in the scoping study was US$303 per tonne. At current CIF prices of US$550 to US$650 per tonne, the equivalent mine gate price rises to approximately US$470 to US$550 per tonne.

That uplift flows directly through to the bottom line.

𝐓𝐡𝐮𝐬, 𝐚 𝐜𝐨𝐧𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐯𝐞 𝐞𝐬𝐭𝐢𝐦𝐚𝐭𝐞 𝐩𝐥𝐚𝐜𝐞𝐬 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐍𝐏𝐕 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐨𝐫𝐮𝐦𝐚𝐧 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐚𝐧𝐠𝐞 𝐨𝐟 £𝟒𝟔 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 £𝟖𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧. 𝐀𝐭 𝐭𝐡𝐞 𝐦𝐢𝐝-𝐩𝐨𝐢𝐧𝐭, 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐚𝐩𝐩𝐫𝐨𝐱𝐢𝐦𝐚𝐭𝐞𝐥𝐲 £𝟔𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧!

Now consider this;

Tertiary Minerals' entire market capitalisation, as of yesterday (23 July 2026), stood at ~£4 million.

𝐓𝐡𝐞 𝐒𝐭𝐨𝐫𝐮𝐦𝐚𝐧 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐚𝐥𝐨𝐧𝐞, 𝐚𝐭 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐩𝐫𝐢𝐜𝐞𝐬, 𝐢𝐬 𝐰𝐨𝐫𝐭𝐡 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝟏𝟏𝐱 𝐚𝐧𝐝 𝟏𝟗𝐱 𝐭𝐢𝐦𝐞𝐬 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲'𝐬 𝐞𝐧𝐭𝐢𝐫𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐜𝐚𝐩𝐢𝐭𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧.

The market is pricing this asset at zero.

𝐓𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐝𝐢𝐬𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐞𝐱𝐭𝐫𝐚𝐨𝐫𝐝𝐢𝐧𝐚𝐫𝐲 𝐩𝐫𝐨𝐩𝐨𝐫𝐭𝐢𝐨𝐧𝐬.

There is, of course, a reason why the market has given this little notice in the recent past. The Storuman project has been trapped in permitting purgatory for more than a decade.

The original application for a mining concession was made in July 2014. It was initially granted by the Mining Inspectorate, then overturned, then the refusal was annulled by the Swedish Government on appeal, and then it was refused again.

The company's executive chairman has previously described the process as evidence that "the Swedish Government does not have a viable mine permitting process".

However, that was the old reality. The new reality, as of yesterday, is now very different.

𝐓𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐡𝐚𝐬 𝐧𝐨𝐰 𝐝𝐞𝐜𝐥𝐚𝐫𝐞𝐝 𝐭𝐡𝐚𝐭 𝐦𝐢𝐧𝐢𝐧𝐠 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐦𝐞𝐭𝐚𝐥𝐬 𝐢𝐬 𝐚 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐩𝐫𝐞𝐜𝐢𝐬𝐞𝐥𝐲 𝐛𝐞𝐜𝐚𝐮𝐬𝐞 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐬𝐲𝐬𝐭𝐞𝐦 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐰𝐨𝐫𝐤. 𝐁𝐮𝐬𝐜𝐡 𝐡𝐚𝐬 𝐩𝐫𝐨𝐦𝐢𝐬𝐞𝐝 𝐭𝐨 "𝐬𝐭𝐫𝐞𝐚𝐦𝐥𝐢𝐧𝐞 𝐚𝐮𝐭𝐡𝐨𝐫𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐩𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐞𝐬 𝐬𝐨 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬 𝐜𝐚𝐧 𝐛𝐞 𝐭𝐚𝐤𝐞𝐧 𝐦𝐨𝐫𝐞 𝐪𝐮𝐢𝐜𝐤𝐥𝐲".

The new ruling will make it easier for the state to speed-up planning and permissions, and help attract investment. A state owned investment company for the mining sector is now under active consideration.

𝐓𝐡𝐞 𝐒𝐭𝐨𝐫𝐮𝐦𝐚𝐧 𝐩𝐫𝐨𝐣𝐞𝐜𝐭, 𝐰𝐢𝐭𝐡 𝐢𝐭𝐬 𝟏𝟖-𝐲𝐞𝐚𝐫 𝐦𝐢𝐧𝐞 𝐥𝐢𝐟𝐞, 𝐢𝐭𝐬 𝟏𝟎𝟑,𝟎𝟎𝟎 𝐭𝐨𝐧𝐧𝐞𝐬 𝐩𝐞𝐫 𝐲𝐞𝐚𝐫 𝐨𝐟 𝐚𝐜𝐢𝐝 𝐠𝐫𝐚𝐝𝐞 𝐟𝐥𝐮𝐨𝐫𝐬𝐩𝐚𝐫 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐧𝐨𝐫𝐭𝐡𝐞𝐫𝐧 𝐒𝐰𝐞𝐝𝐞𝐧, 𝐢𝐬 𝐞𝐱𝐚𝐜𝐭𝐥𝐲 𝐭𝐡𝐞 𝐤𝐢𝐧𝐝 𝐨𝐟 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐚𝐬𝐬𝐞𝐭 𝐭𝐡𝐢𝐬 𝐧𝐞𝐰 𝐩𝐨𝐥𝐢𝐜𝐲 𝐢𝐬 𝐝𝐞𝐬𝐢𝐠𝐧𝐞𝐝 𝐭𝐨 𝐬𝐮𝐩𝐩𝐨𝐫𝐭.

A successful appeal, or a re-evaluation of the permit under the new national security framework, would be the single most significant de-risking event in the company's history.

It would transform Storuman from a "distraction" into the company's most valuable asset overnight.

2️⃣ 𝐓𝐡𝐞 𝐒𝐮𝐢𝐭𝐨𝐫𝐬: 𝐖𝐡𝐨 𝐖𝐨𝐮𝐥𝐝 𝐁𝐮𝐲 𝐓𝐡𝐢𝐬?
If Storuman secures its permit, highly likely after this ruling, the question is not whether buyers will emerge, but who will arrive first.

The European Union has placed fluorspar on its Critical Raw Materials list. China accounts for roughly 70% of global mining and refining of critical minerals.

The EU's Critical Raw Materials Act sets targets for domestic extraction and processing. Europe currently relies on imports for the vast majority of its fluorspar, and China has progressively tightened export quotas.

The strategic imperative is clear: European chemical companies, steelmakers, and battery manufacturers all require secure, non-Chinese supply. A producing fluorspar mine in Sweden, with road and rail access to the ports of Mo-i-Rana and Umeå, would be a trophy asset.

Thus, potential suitors would include European chemical giants with downstream fluorochemical operations, Chinese fluorspar processors seeking to secure European market access, and mid-tier mining companies looking to build critical minerals portfolios.

𝐓𝐡𝐞 𝐀𝐒𝐗-𝐥𝐢𝐬𝐭𝐞𝐝 𝐄𝐯𝐢𝐨𝐧 𝐆𝐫𝐨𝐮𝐩 𝐫𝐞𝐜𝐞𝐧𝐭𝐥𝐲 𝐚𝐜𝐪𝐮𝐢𝐫𝐞𝐝 𝐚 𝐟𝐥𝐮𝐨𝐫𝐬𝐩𝐚𝐫 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐢𝐧 𝐍𝐞𝐯𝐚𝐝𝐚, 𝐝𝐞𝐦𝐨𝐧𝐬𝐭𝐫𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐜𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐧𝐠.

The EU Commission has already invited Evion to join its Energy and Raw Materials Platform. The message is clear: critical minerals assets are in high demand.

In a divestment scenario, a project of Storuman's scale and strategic location would attract serious interest. The US$46 million capital cost is modest by mining standards. The payback period of less than three years is exceptional. And the 18-year mine life provides long term security of supply.

𝐓𝐡𝐞 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐢𝐬 𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐬𝐡𝐨𝐯𝐞𝐥 𝐫𝐞𝐚𝐝𝐲, 𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐩𝐞𝐫𝐦𝐢𝐭 𝐫𝐞𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧.

A trade sale of Storuman, at a valuation of £50 million to £80 million, would represent a windfall for TYM shareholders.

𝐀𝐭 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐬𝐡𝐚𝐫𝐞 𝐩𝐫𝐢𝐜𝐞 𝐨𝐟 𝟎.𝟎𝟔 𝐩𝐞𝐧𝐜𝐞, 𝐭𝐡𝐚𝐭 𝐢𝐦𝐩𝐥𝐢𝐞𝐬 𝐚 𝐟𝐚𝐢𝐫 𝐯𝐚𝐥𝐮𝐞 𝐩𝐞𝐫 𝐬𝐡𝐚𝐫𝐞 𝐨𝐟 𝐚𝐩𝐩𝐫𝐨𝐱𝐢𝐦𝐚𝐭𝐞𝐥𝐲 𝟎.𝟕 𝐭𝐨 𝟏.𝟏 𝐩𝐞𝐧𝐜𝐞. 𝐓𝐡𝐚𝐭 𝐢𝐬 𝐮𝐩𝐬𝐢𝐝𝐞 𝐨𝐟 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 𝟏,𝟎𝟎𝟎% 𝐟𝐫𝐨𝐦 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐥𝐞𝐯𝐞𝐥𝐬!

And that is before considering the Zambian assets.

3️⃣ 𝐓𝐡𝐞 𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞
Let us be clear about what the market is saying. It is saying that, a project with 17.96 million tonnes of open pit mineable material, with a 24 per cent internal rate of return, with a less than three-year payback, with 103,000 tonnes of annual production for 18 years, with a gross cash flow of US$616 million over its life, and with a current NPV in the tens of millions of pounds, is worth nothing.

It is saying that, the Swedish government's declaration, its imminent commitment to streamline permitting, its examination of a state owned investment company, and its explicit goal of reducing dependence on China have no bearing on this asset.

It is saying that, one of Europe's largest undeveloped fluorspar deposits, in a stable jurisdiction, with established infrastructure, has zero value.

𝐓𝐡𝐚𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬. 𝐓𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐭𝐫𝐚𝐠𝐢𝐜 𝐦𝐚𝐫𝐤𝐞𝐭 𝐟𝐚𝐢𝐥𝐮𝐫𝐞.

The disconnect is extraordinary. The opportunity is real. And the re-rating, when it kicks-off, will be swift and substantial.

Hold the line.

[Serial Investor @SerialInvestor8]

🚨 𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐭 𝐑𝐞𝐬𝐮𝐥𝐭𝐬! #TYM #COPPER #SILVER

This morning's RNS is a game-changer for anyone following TYM. Here's why:

1️⃣ 𝐓𝐡𝐞 𝐇𝐢𝐠𝐡𝐞𝐫-𝐆𝐫𝐚𝐝𝐞 𝐙𝐨𝐧𝐞 𝐈𝐬 𝐑𝐞𝐚𝐥 𝐚𝐧𝐝 𝐄𝐱𝐭𝐞𝐧𝐝𝐢𝐧𝐠
The pXRF results from the first 12 holes of Phase 4 are confirming exactly what investors wanted to see →the higher-grade copper zone intersected in hole 25TMNRC-043 (13m at 77 g/t silver and 1.46% copper) is continuing to the north.

𝐓𝐡𝐢𝐬 𝐢𝐬𝐧'𝐭 𝐣𝐮𝐬𝐭 𝐢𝐧𝐟𝐢𝐥𝐥 𝐜𝐨𝐧𝐟𝐢𝐫𝐦𝐢𝐧𝐠 𝐰𝐡𝐚𝐭 𝐰𝐞 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐤𝐧𝐞𝐰; 𝐢𝐭'𝐬 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐧𝐠 𝐞𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐯𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐞𝐩𝐨𝐬𝐢𝐭.

These are thick, near-surface intervals (starting as shallow as 12m downhole) → the kind that scream low-cost open pit potential.

The 73m intersection in hole 26TMNRC-053 is particularly noteworthy for its zinc credit (0.38% Zn over 73m), adding polymetallic value.

But that aside, here's the real kicker: these are pXRF results for copper and zinc only. The certified silver assays are still at the laboratory. And pXRF readings have already shown 𝐬𝐢𝐥𝐯𝐞𝐫 𝐯𝐚𝐥𝐮𝐞𝐬 𝐮𝐩 𝐭𝐨 𝟐𝟏𝟒 𝐠/𝐭 →utterly insane for semi-quantitative data!

𝐓𝐡𝐞 𝐟𝐮𝐥𝐥 𝐬𝐢𝐥𝐯𝐞𝐫 𝐩𝐢𝐜𝐭𝐮𝐫𝐞, 𝐚𝐥𝐨𝐧𝐠 𝐰𝐢𝐭𝐡 𝐛𝐢𝐬𝐦𝐮𝐭𝐡(𝐮𝐩 𝐭𝐨 𝟗𝟗𝟏 𝐠/𝐭 𝐡𝐢𝐬𝐭𝐨𝐫𝐢𝐜𝐚𝐥𝐥𝐲), 𝐚𝐧𝐭𝐢𝐦𝐨𝐧𝐲 𝐚𝐧𝐝 𝐠𝐚𝐥𝐥𝐢𝐮𝐦, 𝐢𝐬 𝐲𝐞𝐭 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐯𝐞𝐚𝐥𝐞𝐝.

2️⃣ 𝟐𝟐 𝐇𝐨𝐥𝐞𝐬 𝐃𝐨𝐧𝐞, 𝐌𝐨𝐫𝐞 𝐭𝐨 𝐂𝐨𝐦𝐞
The company has already completed 2,175m of the planned ~4,000m programme. Results from the remaining 10 holes are expected imminently. This is a live newsflow story →more data is coming, fast.

3️⃣ 𝐓𝐡𝐞 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐚𝐫𝐠𝐞𝐭 𝐂𝐨𝐧𝐭𝐞𝐱𝐭
All of this sits within the already-reported JORC Exploration Target of 15-30Mt at 40-60 g/t silver equivalent.

𝐓𝐡𝐞 𝐢𝐧𝐟𝐢𝐥𝐥 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐬𝐨 𝐟𝐚𝐫 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐬 𝐭𝐡𝐚𝐭 𝐭𝐚𝐫𝐠𝐞𝐭.

𝐈𝐟 𝐭𝐡𝐞𝐬𝐞 𝐩𝐗𝐑𝐅 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 𝐭𝐫𝐚𝐧𝐬𝐥𝐚𝐭𝐞 𝐢𝐧𝐭𝐨 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐞𝐝 𝐥𝐚𝐛 𝐫𝐞𝐬𝐮𝐥𝐭𝐬, 𝐚𝐧𝐝 𝐢𝐟 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐫-𝐠𝐫𝐚𝐝𝐞 𝐳𝐨𝐧𝐞 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐬 𝐭𝐨 𝐠𝐫𝐨𝐰, 𝐭𝐡𝐞 𝐦𝐚𝐢𝐝𝐞𝐧 𝐌𝐢𝐧𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞 𝐝𝐮𝐞 𝐛𝐲 𝐲𝐞𝐚𝐫-𝐞𝐧𝐝 𝐜𝐨𝐮𝐥𝐝 𝐜𝐨𝐦𝐞 𝐢𝐧 𝐚𝐭 𝐭𝐡𝐞 𝐮𝐩𝐩𝐞𝐫 𝐞𝐧𝐝 𝐨𝐟 𝐭𝐡𝐚𝐭 𝐫𝐚𝐧𝐠𝐞 𝐨𝐫 𝐛𝐞𝐭𝐭𝐞𝐫!

𝐓𝐡𝐞 𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞
This is exactly the kind of update investors in a £5m market cap junior want to see: drilling confirming and extending the best parts of the deposit, with more news to come. The higher-grade copper zone in the north is real, it's growing, and the silver assays are still in the post.

The MD called it a "very exciting start". For a man who doesn't do hyperbole, that's worth paying attention to.

Note, in mining psycholinguistics, "Exciting" is the word CEOs use when "company maker" is on the tip of their tongue.

It is forward looking enough to avoid being a profit forecast but emotionally charged enough to signal genuine conviction.

𝐓𝐰𝐨 𝐖𝐨𝐫𝐝𝐬: 𝐄𝐱𝐭𝐫𝐚𝐨𝐫𝐝𝐢𝐧𝐚𝐫𝐲 𝐔𝐩𝐬𝐢𝐝𝐞!

[LukasS @Lukas80545]

@npantano_ I think red is the path it will take, sorry but thats just my opinion

[Proactive @proactive_x]

Tertiary Minerals MD: Mushima North early drill results boost JORC resource plans @Tertiaryplc https://t.co/JKv0yzTwwO #TertiaryMinerals #TYM #MushimaNorth #silver #copper #criticalm #Inerals #Zambia #miningstocks #juniorminers #resourceestimate

[Serial Investor @SerialInvestor8]

🚨 𝐓𝐄𝐑𝐓𝐈𝐀𝐑𝐘 𝐌𝐈𝐍𝐄𝐑𝐀𝐋𝐒: 𝐋𝐄𝐓'𝐒 𝐆𝐎! #TYM #SILVER

Let's begin with the arithmetic that should stop any resource investor in their tracks.

On 16th December 2025, Tertiary Minerals (TYM) announced its intention to produce a JORC Exploration Target for Target A1.

By February 2026, the drill results were in, and they were spectacular:

✅ 𝟗𝟕 𝐦𝐞𝐭𝐫𝐞𝐬 𝐚𝐭 𝟖𝟓 𝐠/𝐭 𝐬𝐢𝐥𝐯𝐞𝐫 𝐞𝐪𝐮𝐢𝐯𝐚𝐥𝐞𝐧𝐭 (𝟏.𝟒𝟐% 𝐜𝐨𝐩𝐩𝐞𝐫 𝐞𝐪𝐮𝐢𝐯𝐚𝐥𝐞𝐧𝐭) 𝐟𝐫𝐨𝐦 𝐣𝐮𝐬𝐭 𝟔 𝐦𝐞𝐭𝐫𝐞𝐬 𝐝𝐞𝐩𝐭𝐡.

✅ 𝟒𝟐 𝐦𝐞𝐭𝐫𝐞𝐬 𝐚𝐭 𝟖𝟏 𝐠/𝐭 𝐬𝐢𝐥𝐯𝐞𝐫 𝐚𝐧𝐝 𝟎.𝟕𝟎% 𝐜𝐨𝐩𝐩𝐞𝐫.

✅ 𝟏𝟑 𝐦𝐞𝐭𝐫𝐞𝐬 𝐚𝐭 𝟕𝟕 𝐠/𝐭 𝐬𝐢𝐥𝐯𝐞𝐫 𝐚𝐧𝐝 𝟏.𝟒𝟔% 𝐜𝐨𝐩𝐩𝐞𝐫, 𝐰𝐢𝐭𝐡 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐬𝐚𝐦𝐩𝐥𝐞𝐬 𝐫𝐞𝐚𝐜𝐡𝐢𝐧𝐠 𝟑.𝟏𝟕% 𝐜𝐨𝐩𝐩𝐞𝐫.

The managing director called it the "best intersection of silver-copper mineralisation" on the project.

On 30th March 2026, TYM published a JORC-compliant Exploration Target for its flagship Target A1 silver oxide discovery in Zambia:

𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝟏𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐚𝐧𝐝 𝟑𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨𝐧𝐧𝐞𝐬 𝐚𝐭 𝐚𝐧 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐠𝐫𝐚𝐝𝐞 𝐨𝐟 𝟒𝟎-𝟔𝟎 𝐠𝐫𝐚𝐦𝐬 𝐩𝐞𝐫 𝐭𝐨𝐧𝐧𝐞 𝐬𝐢𝐥𝐯𝐞𝐫 𝐞𝐪𝐮𝐢𝐯𝐚𝐥𝐞𝐧𝐭!

At the upper end of that range, the target implies up to 58 million ounces of silver equivalent → a figure that, at current silver prices above US$30 per ounce, represents an in-situ resource value north of 𝐔𝐒$𝟏.𝟕 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 (£𝟏.𝟐𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧).

Now compare that with the company's current market cap of ~£4.8 million.

𝐎𝐟 𝐜𝐨𝐮𝐫𝐬𝐞, 𝐞𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐚𝐫𝐠𝐞𝐭𝐬 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐫𝐞𝐬𝐞𝐫𝐯𝐞𝐬.

The company's own managing director, Richard Belcher, is refreshingly transparent about that.

The current drilling campaign is precisely intended to convert that target into a maiden Mineral Resource Estimate by Q4 2026, with drilling, metallurgical testwork and infill programmes all funded by the recent raise.

𝐈𝐧 𝐭𝐡𝐞 𝐥𝐚𝐧𝐠𝐮𝐚𝐠𝐞 𝐨𝐟 𝐣𝐮𝐧𝐢𝐨𝐫 𝐦𝐢𝐧𝐢𝐧𝐠, 𝐓𝐘𝐌 𝐡𝐨𝐥𝐝𝐬 𝐚 𝐡𝐢𝐠𝐡𝐥𝐲 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞𝐝 𝐜𝐚𝐥𝐥 𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐧 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐬𝐢𝐥𝐯𝐞𝐫 𝐨𝐱𝐢𝐝𝐞 𝐝𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐢𝐞𝐬 𝐛𝐫𝐨𝐮𝐠𝐡𝐭 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐲𝐞𝐚𝐫𝐬.

The premium on that option is today's ludicrous share price of 0.0675p.

1️⃣ 𝐓𝐡𝐞 𝐏𝐫𝐢𝐳𝐞: 𝐀 𝐏𝐨𝐥𝐲𝐦𝐞𝐭𝐚𝐥𝐥𝐢𝐜 𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐲 𝐰𝐢𝐭𝐡 𝐔𝐧𝐜𝐨𝐦𝐦𝐨𝐧 𝐖𝐢𝐝𝐭𝐡
What makes Target A1 genuinely interesting is not just the headline numbers but the geology beneath them.

The prospect sits within the 𝐌𝐮𝐬𝐡𝐢𝐦𝐚 𝐍𝐨𝐫𝐭𝐡 𝐏𝐫𝐨𝐣𝐞𝐜𝐭, in the prospective Iron-Oxide-Copper-Gold region of Zambia.

Drilling to date, some 3,083 metres, has already confirmed copper, silver and zinc mineralisation over an area approximately 450 metres by 400 metres, extending to a vertical depth of 84 metres.

Crucially, the mineralisation remains open to the north, south and at depth.

The intercepts that have the geologists excited are genuinely impressive;

✅ 58 metres at 49 g/t silver.
✅ 0.26% copper and 0.16% zinc from just 8 metres downhole; equivalent to 72 g/t silver equivalent or 0.94% copper equivalent.
✅ 124 g/t silver, 0.73% copper and 0.25% zinc, representing 185 g/t silver equivalent or 2.40% copper equivalent.

Those are not the numbers of a fringe prospect.

𝐓𝐡𝐨𝐬𝐞 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐧𝐮𝐦𝐛𝐞𝐫𝐬 𝐨𝐟 𝐚 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥𝐥𝐲 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐩𝐨𝐥𝐲𝐦𝐞𝐭𝐚𝐥𝐥𝐢𝐜 𝐬𝐲𝐬𝐭𝐞𝐦, 𝐦𝐚𝐝𝐞 𝐚𝐥𝐥 𝐭𝐡𝐞 𝐦𝐨𝐫𝐞 𝐜𝐨𝐦𝐩𝐞𝐥𝐥𝐢𝐧𝐠 𝐛𝐲 𝐭𝐡𝐞 𝐩𝐫𝐞𝐬𝐞𝐧𝐜𝐞 𝐨𝐟 𝐞𝐥𝐞𝐯𝐚𝐭𝐞𝐝 𝐛𝐢𝐬𝐦𝐮𝐭𝐡(𝐮𝐩 𝐭𝐨 𝟗𝟗𝟏 𝐠/𝐭), 𝐚𝐧𝐭𝐢𝐦𝐨𝐧𝐲(𝐮𝐩 𝐭𝐨 𝟎.𝟐𝟏%) 𝐚𝐧𝐝 𝐠𝐚𝐥𝐥𝐢𝐮𝐦(𝐮𝐩 𝐭𝐨 𝟒𝟎 𝐠/𝐭).

The mineralisation is near-surface, predominantly oxide in character (malachite, chrysocolla, cuprite), with native silver and native copper also observed.

That oxide nature is significant for two reasons: it suggests potentially lower capital costs for any future development, and it makes the metallurgical testwork now underway all the more critical.

2️⃣ 𝐓𝐡𝐞 𝐖𝐢𝐝𝐞𝐫 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨: 𝐎𝐩𝐭𝐢𝐨𝐧𝐬 𝐰𝐢𝐭𝐡𝐢𝐧 𝐎𝐩𝐭𝐢𝐨𝐧𝐬
While Target A1 is the headline act, TYM’s portfolio contains several other levers that investors should note. Here are the most valuable assets:

𝐓𝐡𝐞 𝐊𝐨𝐧𝐤𝐨𝐥𝐚 𝐖𝐞𝐬𝐭 𝐏𝐫𝐨𝐣𝐞𝐜𝐭(𝐙𝐚𝐦𝐛𝐢𝐚) → under joint venture with KoBold Metals; the Bill Gates-backed AI-driven exploration company which has completed two drill holes totalling 2,000 metres and elected to advance to Stage 2.

KoBold now has a 51% interest in the project, with TYM retaining 39%. The transfer is ongoing.

𝐓𝐡𝐞 𝐌𝐮𝐤𝐚𝐢 𝐂𝐨𝐩𝐩𝐞𝐫 𝐏𝐫𝐨𝐣𝐞𝐜𝐭(𝐙𝐚𝐦𝐛𝐢𝐚) → under a due diligence agreement with First Quantum Minerals, which has extended its evaluation period by 12 months to August 2027.

The original agreement required First Quantum to spend a minimum of US$1.5 million in exploration expenditure over 24 months, with the first year commitment of US$500,000 already met.

𝐈𝐧 𝐍𝐞𝐯𝐚𝐝𝐚(𝐔𝐒𝐀), the company holds four drill-ready projects: Brunton Pass Copper-Gold, Paymaster Base & Precious Metals, Mt Tobin Silver-Gold, and Lucky Copper. These are earlier stage than the Zambian assets but provide additional optionality and geographic diversification.

𝐓𝐡𝐞 𝐒𝐭𝐨𝐫𝐮𝐦𝐚𝐧 𝐅𝐥𝐮𝐨𝐫𝐬𝐩𝐚𝐫 𝐏𝐫𝐨𝐣𝐞𝐜𝐭(𝐒𝐰𝐞𝐝𝐞𝐧) → a legacy asset that could become increasingly valuable given the European Union's designation of fluorspar as a critical raw material.

For the investor focused on Target A1, the aforementioned assets represent free optionality → potential catalysts that could emerge without requiring additional capital outlay from the company's existing shareholders.

3️⃣ 𝐅𝐚𝐢𝐫 𝐕𝐚𝐥𝐮𝐞: 𝐖𝐡𝐚𝐭’𝐬 𝐓𝐘𝐌 𝐖𝐨𝐫𝐭𝐡?
Valuing a pre-resource exploration company is necessarily an exercise in scenario analysis rather than precise calculation. But the numbers are sufficiently striking to demand attention.

As of 16 July 2026, TYM had 7,124,355,727 ordinary shares in issue, with none held in treasury. At the current share price of 0.0675p, this gives a market capitalisation of ~£4.8 million.

𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 𝟏: 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞 𝐂𝐨𝐧𝐟𝐢𝐫𝐦𝐚𝐭𝐢𝐨𝐧(𝐁𝐚𝐬𝐞 𝐂𝐚𝐬𝐞)
If the maiden resource confirms even the lower end of the target range (15Mt @ 40g/t Ag Eq), the in-situ value remains substantial at ~US$570 million.

Even applying a 90% discount for development costs, jurisdiction risk, and dilution, the project value would be ~£43 million. This implies a fair value per share of approximately 𝟎.𝟔𝐩(𝟗𝐱 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐩𝐫𝐢𝐜𝐞).

𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 𝟐: 𝐔𝐩𝐩𝐞𝐫 𝐄𝐧𝐝 𝐂𝐨𝐧𝐟𝐢𝐫𝐦𝐚𝐭𝐢𝐨𝐧(𝐁𝐮𝐥𝐥 𝐂𝐚𝐬𝐞)
If the upper end is confirmed (30Mt @ 60g/t Ag Eq), the in-situ value of ~US$1.7 billion becomes the reference point.

Applying a 90% discount yields a project value of ~£126 million. This implies a fair value per share of approximately 𝟏.𝟕𝟕𝐩 (𝟐𝟔𝐱 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐩𝐫𝐢𝐜𝐞).

𝐓𝐡𝐞 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐎𝐩𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐭𝐲
The company's assets at Konkola West and Mukai represent free embedded options not captured in the Target A1 valuation. In a trade sale scenario, these partnership interests would attract additional premium.

Thus, the current share price of 0.0675p implies that the market is ascribing essentially ZERO value to the company's considerable exploration success.

Even the most conservative scenario-based valuation suggests material upside exists if the maiden resource confirms the exploration target.

4️⃣ 𝐑𝐢𝐬𝐤𝐬: 𝐓𝐡𝐞 𝐎𝐭𝐡𝐞𝐫 𝐒𝐢𝐝𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐢𝐧.
No analysis of TYM would be complete without a clear-eyed assessment of the risks.

𝐉𝐮𝐫𝐢𝐬𝐝𝐢𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐫𝐢𝐬𝐤: Zambia is stable by African standards and mining-friendly, but no developing country is without political risk. Changes in mining codes, tax regimes or royalty structures could materially impact project economics.

𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐫𝐢𝐬𝐤: As an AIM-listed junior with a market cap under £4 million, the shares are illiquid. Large positions cannot be built or exited without moving the price. The average daily volume in the three months to May 2026 was 75 million shares

𝐓𝐡𝐞 𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞
TYM represents one of the most compelling risk-reward profiles on the AIM market.

The company has assembled a portfolio of high-quality Zambian copper-silver assets, partnered with industry giants (KoBold Metals, First Quantum Minerals), and is now drilling some of the most impressive intercepts seen in the region.

𝐓𝐡𝐞 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐚𝐫𝐞 𝐦𝐨𝐭𝐢𝐯𝐚𝐭𝐞𝐝, 𝐜𝐚𝐬𝐡𝐞𝐝 𝐮𝐩, 𝐚𝐧𝐝 𝐢𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐢𝐬𝐞𝐝 𝐭𝐨 𝐬𝐮𝐜𝐜𝐞𝐞𝐝.

KoBold has already invested heavily in the Konkola West project, and First Quantum is strongly motivated to find additional ore feed for its Sentinel processing plant.

𝐓𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲'𝐬 𝐞𝐱𝐩𝐨𝐬𝐮𝐫𝐞 𝐭𝐨 𝐭𝐡𝐞𝐬𝐞 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐢𝐬 𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐟𝐫𝐞𝐞 𝐨𝐩𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐭𝐲.

For investors with the appetite for risk, and the patience to see the story unfold, the arithmetic is seductive.

The results from the current drilling campaign, when they arrive, will likely validate what the previous campaigns have indicated → that TYM has discovered something significant.

𝐓𝐡𝐮𝐬, 𝐭𝐡𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐢𝐬 𝐧𝐨𝐭 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞 𝐚𝐬𝐬𝐞𝐭 𝐡𝐚𝐬 𝐯𝐚𝐥𝐮𝐞, 𝐢𝐭 𝐜𝐥𝐞𝐚𝐫𝐥𝐲 𝐝𝐨𝐞𝐬.

𝐓𝐡𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐢𝐬 𝐰𝐡𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐡𝐚𝐬 𝐩𝐫𝐢𝐜𝐞𝐝 𝐢𝐧 𝐭𝐡𝐚𝐭 𝐯𝐚𝐥𝐮𝐞. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐞𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐬 𝐢𝐭 𝐡𝐚𝐬 𝐧𝐨𝐭.

[Tertiary Minerals @Tertiaryplc]

Our Mushima North Project by night.

We are currently undertaking 4,000m of RC drilling at the Target A1 silver oxide discovery, this infill drilling will form the basis for our maiden Mineral Resource Estimate.

#exploration #mining #Zambia

[Tertiary Minerals @Tertiaryplc]

A site visit video from James McFarlane, the Competent Person with Bara Consulting, who produced the Exploration Target for the Target A1 Silver Oxide Discovery at the Mushima North Project, Zambia.

[Igun @igunmetals]

A 4000m silver-copper drilling in Mushima, Zambia gains momentum as Richard Belcher, MD of @Tertiaryplc moves to site.

The company projects a target of 58Moz of silver oxide equivalent.

#Igun #silver #Zambia #Africa #mining

Source: Energy Capital Power, African Mining Market

[Tertiary Minerals @Tertiaryplc]

A quick update from our MD, Richard Belcher who is on his way to the the Target A1 silver oxide discovery, at the Mushima North Project, Zambia.

4,000m of Reverse Circulation drilling is underway

More updates from his trip to follow.

#mining #exploration #zambia #silver

[Tertiary Minerals @Tertiaryplc]

Here is a time-lapse video of our MD, Richard Belcher's drive to the camp at the Mushima North Project #Zambia.

The roads get worse the longer you watch!

More videos to follow.

#mining #exploration #silver

[LukasS @Lukas80545]

@ukboomers Whats next option youre suggesting? Homelessness?

[LukasS @Lukas80545]

@StutteringCraig Im so far from that world thay i dont know who she is

[LukasS @Lukas80545]

@womanstand01 @Breaking911 We should all welcome ourselves to her ranch, it is on stolen land so why not

[LukasS @Lukas80545]

@basilthegreat He obviously hasn't spent much time in London, or simply travels around with his eyes shut

[LukasS @Lukas80545]

@TheGoldTrend That correction to the internal trend line would be amazing

[LukasS @Lukas80545]

@JoJoFromJerz Watch the actual video, it was for a split second.

[LukasS @Lukas80545]

@Nero Finally! 😍

[LukasS @Lukas80545]

@arva61138 Firing squad broadcast live on TV and online.

[Elon Musk @elonmusk]

Why is “white” always in lowercase, but Black is uppercase, @nytimes?

The NY Times is deliberate, precise and comprehensive in its anti-White racism.

[LukasS @Lukas80545]

@WallStreetMav Thats because the left whole heartedly believe that everyone other than themselves are in the wrong for everything