Tertiary Minerals Plc · LSE:TYM
Tertiary Minerals — Investor Presentation (April 2026)
25 slides from Tertiary Minerals's investor presentation, Apr 23, 2026
Slide 1: Mushima North Silver-Copper Project
www.tertiaryminerals.com info@tertiaryminerals.com AIM: TYM Mushima North Silver-Copper Project Drilling at Target A1, Mushima North Project, Zambia Investor Meet Company Presentation - 23 April 2026
Slide 2: Disclaimer
OVERVIEW PROJECT SUMMARY APPENDIX DISCLAIMER The content of information contained in these slides and the accompanying verbal presentation (together, the “Presentation”) has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance
Slide 3: Tertiary's Flagship Project: New Discovery in the Iron-Oxide-Copper-Gold Region
OVERVIEW PROJECT SUMMARY APPENDIX TERTIARY’S FLAGSHIP PROJECT: MUSHIMA NORTH SILVER-COPPER PROJECT NEW DISCOVERY IN THE IRON-OXIDE-COPPER-GOLD REGION Discovery and Advancement (Target A1 Silver Oxide Discovery) • JORC Exploration Target range of 15-30 Mt at 40-60 g/t silver equivalent (AgEq), up to
Slide 4: Key Highlights
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT KEY HIGHLIGHTS • Right address: Located in prospective IOCG region and only 20km east of Kalengwa Cu(-Ag) Mine (currently in redevelopment). • Large Licence: 350km2 of prospective ground along intrusive margin. • Proven Exploratio
Slide 5: Why Chase Ounces in the Oxide Zone?
OVERVIEW PROJECT SUMMARY APPENDIX WHY CHASE OUNCES IN THE OXIDE ZONE? “OXIDE OUNCES” ARE SUPERIOR Typically, these deposits benefit from: • Low-Cost Mining: weathered near surface equals lower stripping ratio, potentially free- digging, open to bulk tonnage open pit operation. • Low-Cost Processing:
Slide 6: Compelling Silver Discovery: Target A1 Silver Oxide Discovery
Contained Ag Eq. Oxide Ounces • • (M, I & I) 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 0 Bear Creek - Corani Via Tertiary Minerals plc Alaska Silver - Illinois Creek compelling project. AIM: TYM surface in the oxide zone. OVERVIEW Integra Resources - DeL
Slide 7: Oxide Gold Context
Contained Au Eq. Oxide Ounces • • (M, I & I) 1,000,000 1,250,000 1,500,000 0 250,000 500,000 750,000 Toubani Resources - Kobada Tertiary Minerals plc Revival Gold Inc. - Mercur Nevada King Gold - Atlanta AIM: TYM OXIDE GOLD CONTEXT OVERVIEW Heliostar Metals - Goldstrike Tertiary Minerals - Target Te
Slide 8: Valuation Trajectory: Undervalued Project & Company
OVERVIEW PROJECT SUMMARY APPENDIX VALUATION TRAJECTORY UNDERVALUED PROJECT & COMPANY • Ounces in Oxide Zone are more 300.0X 263.9X economically viable than sulphide ounces 250.0X and are thus more valuable. Potential Valuation Trajectory (Times Larger Current EV) • Based on the Exploration Target ra
Slide 9: Gaining Traction: Share Price Performance
OVERVIEW PROJECT SUMMARY APPENDIX GAINING TRACTION SHARE PRICE PERFORMANCE • Increase of ~80% in 12 months. • Up ~200% from June 2025 low. • 2 new significant shareholders on board • Current Market Cap. ~ £4.5M. (combined >10%). JORC Exploration Target Phase 3 Drilling Results Phase 3 Drilling (Mush
Slide 10: Broker Coverage Initiated
OVERVIEW PROJECT SUMMARY APPENDIX BROKER COVERAGE INITIATED SP ANGEL Key points from Flash Note: • BUY rating with a Target Price of 0.26p (200% on current share price). • “We see Mushima North as holding potential for a bulk- tonnage, low strip open pit operation in a tier one African mining jurisd
Slide 11: Next Steps Target A1: Infill and Expansion Drilling
OVERVIEW PROJECT SUMMARY APPENDIX NEXT STEPS TARGET A1: INFILL AND EXPANSION DRILLING • Up to 58 Moz silver eq. (JORC-compliant Exploration Target, Target A1 only) in oxide and near surface. • Working towards a Maiden MRE: only ~3km of drilling completed so far. • Infill drilling and metallurgical w
Slide 12: Next Steps Target A1: Regional Targets
OVERVIEW PROJECT SUMMARY APPENDIX NEXT STEPS TARGET A1: REGIONAL TARGETS • Multiple nearby targets: (A2, B1, B2, B3, C1) based on geochemistry & geophysics: • All within 20km form Target A1. • All drill ready. • A2 and B1 within 6km of Target A1 Silver Oxide Discovery and with similar characteristic
Slide 13: Key Takeaways: Cost Effective Drilling with Local and Regional Upside
OVERVIEW PROJECT SUMMARY APPENDIX KEY TAKEAWAYS COST EFFECTIVE DRILLING WITH LOCAL AND REGIONAL UPSIDE Advanced to Exploration Target on 3,083m of AC/RC Drilling Quick and efficient exploration. Target A1 has been a very cost-effective discovery, with just £450k spent to date. ROI (based on explorat
Slide 14: Summary: Multiple Upside Milestones Across Portfolio
OVERVIEW PROJECT SUMMARY APPENDIX SUMMARY MULTIPLE UPSIDE MILESTONES ACROSS PORTFOLIO Mushima North Project • Workings Towards Maiden MRE: Infill drilling and metallurgical testwork towards a Maiden MRE announcement. • Potential to Expand: Testing “open” areas and at depth. • Other Targets: Drill te
Slide 15: For Additional Information
For Additional Information: info@tertiaryminerals.com Tertiary Minerals plc Silk Point Queens Avenue +44 (0)1625 838 679 Macclesfield Cheshire SK10 2BB www.tertiaryminerals.com United Kingdom On LinkedIn and X Additional information in Appendices below
Slide 16: Key Company Highlights
OVERVIEW PROJECT SUMMARY APPENDIX KEY COMPANY HIGHLIGHTS Flagship Project: Mushima North Silver-Copper Project Advancing towards a maiden Mineral Resource Estimate towards end of 2026/early 2027. • 15-30 Mt at 40-60 g/t silver equivalent (AgEq) Up to 58 Moz AgEq. • Discovery made (mid 2024) to JORC-
Slide 17: Zambian Project Overview
OVERVIEW PROJECT SUMMARY APPENDIX ZAMBIAN PROJECT OVERVIEW Cu, Ag, Zn, Co • 5 projects held directly or through local JV partnership. • Key locations in Zambia: Copperbelt, Domes Region, IOCG Region. • Targeting: Cu, Co, Au, Ag (Sedimentary copper & IOCG). • Drill ready or early drilling stage. • 2
Slide 18: Mushima North Silver-Copper Project: Zambian IOCG Region
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT ZAMBIAN IOCG REGION COMMODITY: Copper, Zinc, Silver OWNERSHIP: 90% LICENCE : 27068-HQ-LEL, ~350km2 STAGE: Limited (shallow) drilling completed (~2,871m in total) JORC Exploration Target: 15-30 Mt at 40-60 g/t silver equivalent. GE
Slide 19: Target A1 Summary
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT TARGET A1 SUMMARY • Polymetallic (Ag-Cu-Zn) discovery at Target A1: • 15-30Mt at 40-60 g/t AgEq (up to 58 Moz AgEq). • Near surface oxide mineralisation, over 500 by 300m area (75m thick). • Open to northwest & southwest, & at dep
Slide 20: Target A1 Drill Results
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT TARGET A1 DRILL RESULTS Footnotes • Calculated intersections (down hole, true width unknown) are weighted averages based on silver, using a cut-off grade of 10 g/t Ag with up to 3m internal dilution. • Silver values rounded to who
Slide 21: Target A1 Drill Results
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT TARGET A1 DRILL RESULTS Tertiary Minerals plc AIM: TYM www.tertiaryminerals.com info@tertiaryminerals.com 21
Slide 22: Target A1: JORC-Compliant Exploration Target
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT TARGET A1: JORC-COMPLIANT EXPLORATION TARGET The methodology and key assumptions made in deriving the Exploration Target are: • The mineralisation has been modelled as a tabular flat-lying body some 500m long and 300m wide and up
Slide 23: Key Investment Highlights
OVERVIEW PROJECT SUMMARY APPENDIX KEY INVESTMENT HIGHLIGHTS MUSHIMA NORTH SILVER-COPPER PROJECT • 15-30 Mt at 40-60 g/t AgEq Up to 58 Moz silver eq. (JORC-compliant Exploration Target, Target A1 only). • All Oz in oxide and near surface (75m thick). • Target still open: northwest and southwest. • Un
Slide 24: Target C1 Copper Sulphide Target
OVERVIEW PROJECT SUMMARY APPENDIX MUSHIMA NORTH SILVER-COPPER PROJECT TARGET C1 COPPER SULPHIDE TARGET • RKN800 on margin of the gravity anomaly recently resampled: • 33m grading 0.24% copper from 122m-155m downhole. • Hole ended in mineralisation grading 0.19% copper from 154-155m (EOH). • 7 AC hol
Slide 25: Summary of Exploration Activity
OVERVIEW PROJECTS SUMMARY APPENDICES MUSHIMA NORTH SILVER-COPPER PROJECT SUMMARY ACTIVITY DETAILS Geological Mapping Historic reconnaissance mapping. Regional survey interpretation (RCM, 1970s) Detailed mapping Mukundushi area (African Minerals Ltd, 1990s) Geochemistry Musondweji soil geochemical su
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