Member Info for SeisNav

There's a new exploration permit for a Swedish company (Energy X92 AB) at Storuman, right next to Tertiary's expired exploration licenses. That's also for flourspar amongst other things. It seems a bit pointless to be granting exploration permits unless there's some possibility of a mining permit for that area being granted!

Did they raise money via a placing last time? I think not.

Nobody 'controls' the share price. If there are more buyers than sellers the price goes up, if there are more sellers than buyers the price goes down. There's nothing sinister about it. Following a big rise there will always be some pullback as investors take some profit and de-risk their investment. Look at the recent RNS where a significant shareholder sold some of his 470 million shares. Once the sellers are done it will start to move again.

Here are the average commodity prices by calendar quarter:

https://www.dropbox.com/scl/fi/vv357fwxro8l6v3q5iap7/commodity-prices.jpg?rlkey=84q67bpgs14u948nellinl3yh&dl=0

The average LME price for 2025 was just over US$9,300 / tonne.

Average revenue was US$7421 (from the annual report). That's about 80% of LME price. The reason for that, I believe, is that they were processing more tailings at Roan and producing a higher percentage of sulphide concentrates which sell at a lower price. That's why I think that the revenue / tonne should be higher now that Roan is producing ~85% oxide copper.

Costs are really just guesswork right now. Compare the 2024 numbers with the 2025 numbers:

Average cost in 2024 was US$4294 / tonne compared with US$7776 / tonne in 2025.

Tonnes sold in 2024 was 2655 tonnes compared with 2045 tonnes in 2025.

That's a 23% decrease in tonnes sold and an 81% increase in cost / tonne.

In the report, the note on costs states:

"Copper cost per tonne increased by 81.1% from US$4 294/t to US$7 776/t owing mainly to lower production and dilution of fixed costs."

So what is a reasonable assumption for costs when production starts to increase to 5000 tpa and beyond? That's the big question.

I think your estimate for year end run rate is on the pessimistic side, which is understandable given you are waiting for a cheaper entry point.

BB, if you mean FY then probably over-optimistic, if you mean CY then certainly feasible.

Yes, I think Leon said on the Roast that the additional drying capacity should be commissioning around Indaba time (next week) after which the Roasties were due another site visit.

What we do know is that ~85% of Roan production is copper oxide which goes to Sable to produce cathode, with the remaining ~15% sulphide concentrates being sold direct to market. If Molefe is a similar split then we should (in theory) be able to achieve revenue / tonne something in the region of 90% of LME rate, maybe a bit more.

I doubt we will see that in the Q2 numbers though, with the Roan bottleneck preventing them getting a good portion of production to Sable. I hope we will at least see a step up in production numbers but actual copper sold and the associated revenue and cost figures may not look so great.

I thought I remembered them saying we had fixed RoM prices for 2 years but wasn't sure, good to get that confirmed. Short term, Roan is the most important part of the business but over time, that will play a smaller part as own sourced material from mines and the LWP takes over. At that point we become less at the mercy of RoM costs from 3rd parties.

The big unknown is cost / tonne. It's difficult to gauge much by previous numbers because it was based on a pretty low production level. I would hope US$7,000 / tonne would be an upper limit, and hopefully much less as fixed cost / tonne comes down, but until production starts to ramp up then we won't know for sure. There's no reason why Leon couldn't tell us what kind of margin they expect with Sable in full production, surely they must have an idea by now.

Tertiary just tweeted this updated presentation

https://www.tertiaryminerals.com/filemanager/presentations/20260205_TYM_Company%20Presentation%20Indaba%202026.pdf

This is what they will present at Indaba next week. An excellent summary of the projects. Any other junior with that portfolio would be valued considerably higher than we are.

Updated SLP basket and share price chart:

https://www.dropbox.com/scl/fi/j9nfvi3mo450l8qis3ao1/SLP-basket-price-and-SP.jpg?rlkey=dgcqaxpmcw1whmw7gw1qgxq01&dl=0

Trending back down again? The volatility was too much for me so I sold last week. Just trading the swings since then. I'm planning to get back in at some point but not until we see a bit of stability in prices.

Tertiary are at Indaba in Cape Town next week, I see they are part of the explorers showcase:

https://miningindaba.com/page/explorersshowcase

Hopefully it drums up further interest and maybe even a JV!

It makes me wonder why you are still invested at all Chatmandu. You clearly have no faith in the company delivering, what's keeping you here? You could take your money and invest it somewhere else.

Broker update:

https://x.com/Tertiaryplc/status/2019347436817228276?s=20

Actually you're wrong. They raised quite a bit of money last year for drilling and then didn't get chance to spend it due to the rains. Also Cheetham is no longer in charge. He is non exec chairman. Yes of course they will raise money again at some point, like every other junior explorer needs to do, but the SP will be higher when that happens.

Silver is obviously grabbing the headlines but it's important to realise that this is a poly-metallic orebody, with copper and zinc and also potential for other critical metals:

"elevated bismuth (up to 991 g/t), and the critical metals antimony (up to 0.21%), cobalt (up to 2,960 g/t) and gallium (up to 40 g/t) are also associated with the mineralisation in places."

Interesting that the silver in the latest drilling is mostly in the form of silver sulphide where previous drilling showed native silver. I wonder if that means potentially they are intercepting closer to deeper sulphides? Maybe RB will hold an investor call to discuss the results once the JORC exploration target is announced.

We have the makings of a significant shallow open pit with potential for an underlying sulphide discovery at depth, and this is just one of several targets within the license. This for a company with a tiny MCAP is massive news.

Go and invest in UFO then mate... nobody is stopping you.

Brilliant news with near surface mineralisation extending to the deepest discovery to date. Still most of the anomaly to be tested with deeper drilling…. Very exciting times for Tertiary. It looks like that is the northern boundary as initial results suggested.

Of course you're deramping Never, thats all you ever do. If you believed in your trading strategy then you would have absolutely no reason to post anything here. The fact is you don't have faith in your own abilities so you come on here thinking you can somehow force the price down with your incoherent lie ridden posts!

But you missed out on a 20% rise never... maybe you're not as smart as you think you are eh?

I saw it this morning, there's nothing we don't already know:

"Jubilee is focused on delivering copper production from its assets in Zambia. 2025 was a transformative year for the company, it divested its South African PGM and cobalt (I presume they meant chrome!) recovery operations, securing capital to support its copper-focused growth strategy in Zambia. This shift marked a significant realignment of the business towards what it views as a substantial long-term opportunity. Jubilee has indicated that increased copper production expected in 2026, will represent a major milestone in validating the company’s new strategic direction. We also anticipate progress across additional projects and opportunities as they arise, reflecting Jubilee’s ambition to build a broader copper production platform. "