Tertiary Minerals plc reported £1 million losses including the impairment for the Pyramid project as the company looks to further exploration next year in the USA and Zambia.
FINANCES
The company holds early stage assets in Zambia where it completed its first full year of exploration, and Nevada in the USA as well as legacy interests in northern Europe.
In its audited results for the year ended 30 September 2022, Tertiary posted losses of £1,175,817 (2021: £406,963).
Administration costs increased to £566,675 (2021: £486,171) which included recruiting additional staff and a charge of £31,387 (2021: £12,754) relating to share warrants held by employees and third parties.
The Pyramid project incurred a loss of £497,581 following disappointing drill results.
The company recorded royalty assets of £201,903 while expensed pre-licence and reconnaissance exploration costs rose to £80,843 (2021: £72,725).
A slight rise in revenue included £171,052 (2021: £165,058) for management, administration and office services to Sunrise Resources plc by way of efficient utilisation of services.
Tertiary raised a total of £600,000 before expenses through a share placing and broker option.
EXPLORATION PROGRAMME
Chairman Patrick Cheetham, who is also founder and chairman of Sunrise Resources plc, is due to stand for re-election at Tertiary in February 2023.
“We are eager to continue our exploration in Nevada and to get back on the ground in Zambia as soon as the wet season is over, and we look forward to reporting back to shareholders on a full programme of exploration in 2023.”