Tertiary Minerals Regulatory News (TYM)

TERTIARY MINERALS PLC

 ("Tertiary" or "the Company")

www.tertiaryminerals.com

Results for the year ended 30 September 2011

Tertiary Minerals plc, an AIM-quoted mineral exploration and development company building a significant strategic position in the fluorspar sector is pleased to announce final results for the year ended 30 September 2011. This has been a year of progress in the Company's ambition to become a major supplier of fluorspar to European markets.

Key Points:

·; Strong demand for fluorspar in 2011 and spot acid-grade fluorspar prices up 69%.

·; Maiden JORC Mineral Resource of 28 million tonnes grading 10.2% fluorspar for Storuman.

·; Prefeasibility study, mine and environmental permitting studies in progress.

·; Recent drilling at Storuman gives step change in expectations for the ultimate size of the deposit.

·; Progress at Lassedalen with positive results from core sampling. Metallurgical testwork and JORC Mineral Resource estimation in progress.

·; Encouraging results from first drill programme at Kiekerömaa gold prospect in Finland.

Commenting, Patrick Cheetham, Executive Chairman, said: "It is an exciting time for the fluorspar industry and the definition of the maiden Mineral Resource at Storuman and the start of preliminary feasibility studies and permitting marks our transition from explorer to developer.

Fluorspar markets are expected to remain tight for years to come and we look forward to reporting further progress during 2012."

ENQUIRIES

Tertiary Minerals plc Tel: +44 (0)845 868 4580

Patrick Cheetham, Executive Chairman www.tertiaryminerals.com

Seymour Pierce Limited Tel: +44 (0)20 7107 8000

Stewart Dickson (Corporate Finance)

Jeremy Stephenson (Corporate Broking)

Yellow Jersey PR Limited Tel: +44 (0)7768 537 739

Dominic Barretto

Chairman's Statement

I have great pleasure in presenting the Company's results for the year ended 30 September 2011 and to report on the progress we have made towards our goal of becoming a major supplier of fluorspar to European markets.

Despite the uncertain global economy, fluorspar demand was strong in 2011 and we understand that consumers have seen solid demand and price increases for their downstream fluorine chemical products.

The dynamics of the global fluorspar market continue to evolve. China, the world's largest producer, has introduced policies which have resulted in its domestic production being directed to the manufacture of high added value fluorine chemicals in a vertically integrated domestic industry. Chinese exports of acid-grade fluorspar, the essential raw material for the fluorine chemical industry, continue to decline and consequently western consumers are looking to secure new sources of raw material supply.

Concerns about climate change have driven the development of new fluorine-based refrigerants and propellants to replace CFCs. Fluorine is becoming an essential component in a number of important emerging technologies such as in lithium-ion batteries and rare-earth super-magnets essential for hybrid and electric vehicles. Fluoropolymers are finding increasing uses and in the pharmaceutical industry 30%-50% of new drugs being developed involve fluorine in their formulations.

Fluorspar prices continued to climb in 2011 with recent Chinese export (spot) prices reaching $600/tonne, up 69% from the beginning of 2011. Fluorspar markets are expected to remain tight for years to come.

Storuman Fluorspar Project

Against these very positive industry dynamics I am pleased to report that the Company has made substantial progress at the Storuman fluorspar project in Sweden during the period.

We announced a successful resource definition drilling programme and a maiden JORC compliant Mineral Resource in 2011. The Indicated & Inferred Mineral Resource of 28 million tonnes grading 10.2% fluorspar exceeded expectations from the earlier scoping study with open-pit optimisation delivering a 28% increase in the amount of in-pit fluorspar at a significantly lower mining strip ratio than previously predicted. Furthermore, 90% of the Minerals Resource was reported to be in the "Indicated" category which is suitable for detailed mine planning.

Given the price increases seen this year, the fluorspar pricing assumptions used for the positive scoping study and the resource estimate ($357/tonne delivered Rotterdam) now appear quite conservative.

Preliminary feasibility studies for development of Storuman have commenced. Further metallurgical studies are underway and consultants are being selected for the various component studies which we expect to finish towards the end of 2012. Environmental baseline sampling programmes, mine and environmental permitting studies have started and will continue into 2012. We anticipate that we will submit an application for a mining lease at the end of 2012.

The recent resource estimate allowed us to contemplate a sustainable mining operation with a mine life in excess of 25 years. I am pleased to also report that the results of a further drilling programme carried out this summer have brought a step change in our expectations for the ultimate size of the Storuman deposit. Drilling in untested areas on the west and north-west side of the known mineral resource established that there is an area of mineralisation which is potentially much larger than that defined so far. This includes areas of high grade mineralisation accessible to highly mechanised "in-ore" room and pillar mining methods requiring minimal underground infrastructure development ahead of, or during, production.

These recent discoveries highlight the need to include an evaluation of underground mining options in the current preliminary feasibility studies, as well as increased production rates.

Lassedalen Fluorspar Project

Important progress has also been made in 2011 at the Company's second fluorspar project, Lassedalen, southern Norway. In May 2011 the Company announced positive results from sampling of archived drill core from holes drilled in the 1970s by Norwegian company Norsk Hydro A/S and the acquisition of an extensive archive of testwork and other feasibility data.

Our own assay results show good correlation with archived data whilst metallurgical reports from the 1970s show that acid-grade fluorspar was produced in pilot plant trials and projected recoveries of fluorspar in excess of 80% (a good recovery in the fluorspar industry today). A programme of confirmatory metallurgical testwork is in progress to confirm the results of earlier testwork.

SRK Consulting (UK) Ltd has been engaged to carry out a maiden Mineral Resource estimate for Lassedalen and the results of this work are expected to form the basis for a preliminary technical and economic evaluation of the project.

Other Projects

We assigned a lower priority to our other projects during the year but nevertheless we concluded a drilling programme on the Kiekerömaa prospect which forms part of the Company's Finland Gold Project. This programme returned some significant gold intersections but was impacted by poor core-sample recovery. It remains an exciting and intriguing prospect and we are currently evaluating the results of a geophysical programme designed to guide a follow up drilling programme using alternative drilling techniques which we hope will give acceptable sample recoveries.

The Company has not carried out any further work on the Kolari iron, Ghurayyah tantalum-niobium-rare-earth or Rosendal tantalum projects as licences remain to be granted.

Sunrise Resources plc

The Company has maintained its shareholding in Sunrise Resources plc. The market value of this holding was £285,845 at the year end, up 71% on the 2010 year end value.

Financials

The Group reported a loss of £289,673 for the year (2010: £321,563). The audited financial statements are prepared under International Financial Reporting Standards (IFRS), as adopted by the European Union.

Conclusions

It is an exciting time for the fluorspar industry and the definition of the maiden Mineral Resource at Storuman and the start of preliminary feasibility studies and permitting marks our transition from explorer to developer.

The forecast growth for fluorspar consumption means that the equivalent of a new medium sized fluorspar mine needs to come on stream every year, but there are just a handful of companies having this ambition. Tertiary Minerals plc is one of very few public listed companies offering investors exposure to this strategic commodity and in 2012 we expect to be able to make further substantial progress towards our goal of becoming a significant and profitable producer.

Patrick Cheetham

Executive Chairman

14 December 2011

 Tertiary Minerals plc

Consolidated Income Statement

All amounts relate to continuing activities.

Tertiary Minerals plc

Tertiary Minerals plc

Company Registration Number: 03821411

Consolidated and Company Statement of Financial Position

Tertiary Minerals plc

 Consolidated and Company Statement of Cash Flows

NOTES

1. Accounting policies

 (a) Basis of preparation 

The financial statements have been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS), as adopted by the European Union. They have also been prepared in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

(b) Going concerns

In common with many exploration companies, the Company raises finance for its exploration and appraisal activities in discrete tranches. Further funding is raised as and when required. When any of the Group's projects move to the development stage, specific project financing will be required.

The directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of this report. These projections include the proceeds of future fundraising necessary within the next 12 months to meet the Company's and Group's planned discretionary project expenditures and to maintain the Company and Group as going concerns. Although the Company has been successful in raising finance in the past, there is no assurance that it will obtain adequate finance in the future. This represents a material uncertainty related to events or conditions which may cast significant doubt on the Group and Company's ability to continue as going concerns and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors have a reasonable expectation that they will secure additional funding when required to continue meeting corporate overheads and exploration costs for the foreseeable future and therefore believe that the going concern basis is appropriate for the preparation of the financial statements.

2. Publication of Non-Statutory Accounts

The financial information set out in this announcement does not constitute the Company's Statutory Accounts for the period ended 30 September 2011 or 2010. The financial information for 2010 is derived from the Statutory Accounts for 2010. Full audited accounts in respect of that financial period have been delivered to the Registrar of Companies.

The Statutory Accounts for 2011 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditor has reported on the 2011 and 2010 accounts. The 2011 accounts did not contain a statement under the Companies Act 2006 s498(2) or (3), and the 2010 accounts did not contain a statement under the Companies Act 1985 s237(2) or (3), and both received an unqualified audit opinion. However there was an emphasis of matter in relation to a requirement that the Company raise funds in the future to continue as a going concern.

3. Loss per share

Loss per share has been calculated on the loss and the weighted average number of shares in issue during the year.

The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for the basic earnings per ordinary share. This is because the exercise of share warrants and options would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

4. Dividend

The directors are unable to recommend the payment of any ordinary dividend.

5. Annual Report

The Company's 2011 Annual Report will be published and sent to shareholders in due course and copies will be available to the public, free of charge, from the Registered Office of the Company at Sunrise House, Hulley Road, Macclesfield, Cheshire SK10 2LP and will be downloadable from the Company's website at www.tertiaryminerals.com.