Research Note - TYMToday 07:51
* Tertiary is currently focused on an infill drilling programme at the Target, with aims to deliver a maiden MRE for the project Q3/Q4 2026.
* Technical studies are set to take place in parallel to the infill programme, with metallurgical studies planned to derisk towards a potential production scenario.
* Importantly, Tertiary sees several expansion opportunities for Mushima North tonnage, noting that sulphide mineralisation below the identified oxide zone remains untested.
* We see Mushima North as holding potential for a bulk-tonnage, low strip open pit operation in a tier one African mining jurisdiction.
* Upcoming catalysts include further drilling and metallurgical testwork as management progresses Mushima North to MRE in 4Q26.
* Additionally, management notes various other sulphide targets across the wider Mushima North project which remain untested.
* Field activities are due to begin in mid-May.
* Elsewhere, KoBold is reviewing the Stage 1 dataset against its regional results to support future drilling at Konkola West.
* First Quantum has extended its due diligence period for Mukai until August 2027.
Conclusion: We are excited for the planned programme at Mushima North, which aims to support the delivery of a maiden MRE this year. Metallurgical testwork will be important to support technical studies for the project. However, we are particularly interested in the wider exploration potential at the project, with drilling to date focused on the near surface oxide zone at Target A1. Management has identified several potential sulphide targets across the wider project, whilst the potential sulphide zone below current drilling holds potential for additional expansion.