Tertiary Minerals raises £1m to advance deep drilling

London-listed mineral explorer Tertiary Minerals PLC has secured £1 million before expenses via a strategic share placing, paving the way for an aggressive expansion of its exploration activities at the Mushima North silver-copper project in Zambia. The fundraising initiative, which involved the issuance of 1.67 billion new ordinary shares at 0.06p each, successfully satisfied regulatory requirements and facilitated the immediate resumption of trading in the company’s shares on the Alternative Investment Market (AIM). According to the company's operational roadmap, the newly acquired capital will be channelled primarily into advancing Target A1 within the Mushima North tenement. Technical teams are set to transition from shallow testing to deep drilling beneath the oxide zone, a critical phase designed to ascertain whether high-grade silver and copper mineralisation persists at depth. Managing Director Richard Belcher noted that building upon recent geological data could substantially upgrade the asset's resource profile and validate the broader exploration model in the region. Beyond core drilling, the work program incorporates comprehensive multi-element assays, expanded metallurgical testing to evaluate mineral recovery rates, and vital environmental and community baseline surveys. These auxiliary studies reflect an increasing emphasis on sustainable mining practices and regulatory compliance, aligning with expectations set by both Zambian authorities and international investors regarding environmental stewardship and local stakeholder engagement. The placing, executed at a modest discount to recent market averages, expands Tertiary’s issued share capital by roughly 19 percent. Final ratification of the share issuance remains subject to formal approval by shareholders at an upcoming general meeting scheduled for late October, with admission of the new shares anticipated shortly thereafter. For Zambia's burgeoning critical minerals sector, the cash infusion ser