Conversion of Loan Notes

Tertiary Minerals PLC 15 May 2006 www.tertiaryminerals.com 15 May 2006 Conversion of Loan Notes Tertiary Minerals plc ('the Company') announces that Al Nahla Trading & Contracting Co. ('Al Nahla'), a member of the Saudi consortium funding preliminary and bankable feasibility studies for development of the Company's world-class Ghurayyah tantalum-niobium-zircon (yttrium-uranium) project in Saudi Arabia, has also elected to convert its entire holding of $US425,000 nominal of convertible loan notes into ordinary shares in the Company. Under the terms of the convertible loan notes, conversion will take place at 15p per share. Accordingly, Al Nahla will be issued with 1,503,095 new ordinary shares in the Company. This follows the conversion, announced on 27 April, of convertible loan notes held by A.H.Algosaibi & Bros. Co. and consequently all convertible loan notes previously issued have now been converted. As a result of conversion Al Nahla's interest will increase from 4.7% to 7.3% of the enlarged issued share capital of the Company. Application will be made for the new ordinary shares to be admitted to trading on AIM and dealings in these shares are expected to commence at 8.00 a.m. on Thursday 18 May 2006. Further information please contact: Patrick Cheetham, Tertiary Minerals plc. Tel: +44 (0)1625-626203. Mob: +44 (0) 7767-458751 John Greenhalgh/Ron Marshman, City of London PR Ltd. Tel: +44 ( 0)20-7628-5518 This information is provided by RNS The company news service from the London Stock Exchange