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Share Price: 0.10

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Change: 0.00 (0.00%)

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Tertiary Minerals Loss Narrows In Full Year On Lower Expenses

Wed, 19th Feb 2020 13:48

(Alliance News) - Tertiary Minerals PLC on Wednesday said its loss narrowed significantly in its most recently ended financial year, thanks to reduced impairment charges.

The AIM-traded mineral exploration and development company reported pretax loss of GBP831,507 in the year to the end of September compared to GBP2.3 million loss a year earlier, as its impairment charges reduced to GBP442,917 from GBP2.0 million.

Revenue, meanwhile, slipped to GBP189,742 from GBP218,841.

The company is currently in the earlier stages of the typical mining development cycle and so has no income other than cost recovery from the management contract with Sunrise Resources PLC and a small amount of bank interest, Tertiary explained.

Tertiary Minerals shares were trading 43% lower in London on Wednesday at 0.44 pence a share.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Tertiary Minerals sells Finnish royalties to Canada's Aurion

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IN BRIEF: Tertiary Minerals halts Pyramid project in Nevada

Tertiary Minerals PLC - Macclesfield, England-based mineral exploration and development company - Halts Pyramid silver-gold project in Nevada after review of drill results, released on April 13. The company says termination will result in cash savings of over USD33,000 in lease and claim fees for the remainder of 2022 and over USD75,000 in 2023. It says accumulated costs to be impaired are at GBP361,379 as at March 31.

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(Sharecast News) - Tertiary Minerals updated the market on its Brunton Pass and Pyramid Projects in Nevada on Friday, reporting that a trenching programme was set to commence on or around 20 July at the wholly-owned Brunton Pass.

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