Tertiary Minerals raises $1.3mn to advance Zambia silver project

About this update from Tertiary Minerals Plc

Tertiary Minerals (AIM: TYM), a mineral explorer and developer has raised £985,000 ( $1.3mn ) before expenses through a share placing to fund drilling and technical studies at its Mushima North Target A1 silver oxide discovery in Zambia . The AIM-listed exploration company said on June 4 that it had issued 1.97bn new ordinary shares at a price of 0.05 pence per share to institutional investors and high-net-worth individuals. The placing was arranged by the company's joint brokers, SP Angel Corporate Finance and AlbR Capital . According to Tertiary Minerals , the net proceeds will be used to advance exploration work at the Target A1 discovery, including drilling and metallurgical test work, with the objective of producing a maiden JORC Mineral Resource Estimate by the end of 2026. Part of the funds will also be allocated to general working capital requirements. Managing director Richard Belcher said the capital raise would accelerate work at the company's flagship silver project. “This capital raise is designed to further advance work on our flagship Target A1 silver oxide discovery,” he said. “This will include drilling to both infill and test mineralisation extensions, along with metallurgical testwork with the aim of delineating a maiden Mineral Resource Estimate by the end of this year.” The placing price represented a 17% discount to the company's closing bid price on June 3 . The new shares account for approximately 28% of Tertiary Minerals' enlarged issued share capital. The company also said certain directors intend to subscribe for an additional £15,000 worth of shares once the company is no longer in a close period ahead of the release of its interim results for the six months ended March 31, 2026 . Tertiary Minerals focuses on energy transition and precious metals exploration projects in Zambia and Nevada , the US. © 2026 bne IntelliNews, source Magazine

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