Tertiary Minerals narrows losses as development continues

Fluorspar developer Tertiary Minerals announced its audited results for the year to 30 September on Tuesday, with revenue of £0.19m up from £0.18m.

The AIM-traded firm narrowed its operating loss to £0.39m, compared to £0.42m last year, with a total loss for the year of £0.47m, less than the £0.67m posted in 2015.

Basic and diluted losses per share were 0.2p, smaller than the 0.37p losses in the prior period.

On the operational front, the Storuman Exploitation Mine Permit was approved by the Swedish Mining Inspectorate, and the phase 4 drilling programme was completed on the MB Project in Nevada.

Significant lateral and depth extensions to fluorspar mineralisation were also proven in the Western Area on the MB Project, and ,modelling, economic evaluation and metallurgical testwork was progressing there.

The sale of the two non-core gold assets potentially provided the company with future cash flow through its retained royalty interest.

Tertiary also entered into a non-binding heads of terms with global aluminium company, Hydro, to purchase land and old mine workings on the Lassedalen fluorspar project.

“Against a backdrop of very tough market conditions for fluorspar I am pleased to report continued progress on our core fluorspar projects,” said managing director Richard Clemmey.

“Receiving the mining permit for the Storuman project was a significant achievement for the company and whilst the delays in processing the appeals is frustrating we remain positive that the original decision will be upheld.”

Clemmy said the board was continuing to work through the MB project modelling, test work and economic evaluation.

“Following successful completion of this work we are targeting the completion of a scoping study in the first half of 2017.

“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.”