12th Dec 2022 11:59
(Alliance News) - Tertiary Minerals PLC on Monday said its loss more than doubled as exploration continues at its Zambia and Nevada projects.
The company reported a pretax loss of GBP1.2 million for the financial year ended September 30, widening from GBP406,963 a year ago.
"The group's assets are all in the earlier stages of the typical mining development cycle and so the group has no income other than cost recovery from the management contract with Sunrise Resources PLC and a small amount of bank interest," the company explained, adding that no profit would be expected until exploration projects were profitably developed or sold off.
This revenue was up 3.6% at GBP171,052 from GBP165,058 the year prior.
Tertiary Minerals is a Cheshire, England-based company focused on the identification, acquisition, exploration and development of mineral deposits, including battery and precious metals in the US, Zambia and northern Europe. It is currently exploring Zambia through its local subsidiary, Tertiary Minerals Ltd.
Net assets were GBP805,449 on September 30, down 37% from GBP1.3 million a year before.
Chair Patrick Cheetham said: "We remain bullish on the outlook for the copper price and the associated market sentiment that has supported our exploration efforts, and which we expect will reward exploration success."
Completing its first full year of copper exploration in Zambia, the company said significant progress had been made, including all four holes of the Jacks copper project inaugural drilling programme hitting copper mineralisation.The company also plans further drilling at its Nevada projects after "mixed results".
Tertiary Minerals shares were down 15% trading at 0.14p per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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