Tertiary Minerals Regulatory News (TYM)

Tertiary Minerals plc

("the Company")

19 May 2014

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2014

Chairman's Statement

I am pleased to report on the Company's progress and unaudited interim results for the six month period ended 31 March 2014.

Review of Activities

Undoubtedly the news highlights of the year so far have been the result of drilling on the MB Fluorspar Project in Nevada, USA, and the definition of a maiden JORC compliant Mineral Resource that has far exceeded the Board's expectations from this first drill programme.

At 38.4 million tonnes grading 10.4% CaF2 (fluorspar) the MB Mineral Resource more than doubles the amount of fluorspar now contained in the Company's reported Mineral Resources at its three fluorspar projects in Sweden, Norway and Nevada. Importantly, it also anchors the Company's ambition to be a supplier of fluorspar to the two largest fluorspar buying regions outside of China - North America and Europe - where fluorspar (CaF2) is an essential raw material of fluorine in the chemical, steel and aluminium industries.

The Company has started metallurgical testwork on the MB project drill samples and is planning a programme of follow up drilling. Mineralisation remains open in all directions and at depth. A number of holes are likely to test deeper in the Central Area, where recent holes ended in higher grade mineralisation, and laterally in potentially shallow mineralised positions. It is a very exciting time for this project as the true size of the deposit, already large, is yet to be revealed.

Whilst the MB Project has provided the news, important work has been continuing in Sweden on the more advanced Storuman Fluorspar Project where the Company is continuing with pre-feasibility studies and preparing an application for a Mining Concession which I anticipate will be submitted shortly. This has involved a series of government and public meetings where the project has enjoyed strong support.

Results

The Group is reporting a loss for the six month period of £84,134 (six months to 31 March 2013: £253,718). This loss comprises administration costs of £152,104 (which includes a share based payments credit of £13,850), pre-licence (reconnaissance) costs totalling £7,100 and interest income of £2,362. The loss is stated after crediting a non cash amount of £72,708 which is a gain in fair value between the Company's independently valued liability, under the Equity Swap Agreement, at 30 September 2013 and the settlement of the Agreement on 8 November 2013. The share-based payment is a net non-cash item relating to the issue of warrants in this period and the expiry in this period of warrants which were issued in previous years.

During the period 2,200,000 warrants were exercised at an average price of 7.03 pence per share and in April this year, after the end of the current reporting period the Company raised £167,178 through the issue of 1,490,000 new ordinary shares to Darwin at a gross price of 12p per share by drawing down on its £10 million Equity Finance Facility. The Facility provides a useful means of fundraising which, when used judiciously, is less dilutive than conventional discounted placings. In this case the proceeds were raised at a higher price than the market price prevailing during draw down period.

It is highly disappointing that, despite the progress being made, the Company's share price has fallen in recent weeks and the Company's shares now trade at only a fraction of the higher revised broker price targets set after the announcement of the MB Mineral Resource Estimate.

Fluorspar is a strategic mineral where supply continues to be dominated by China. Following the proposed acquisition this year of TSX listed fluorspar development company Canada Fluorspar Inc. by a private equity group, Tertiary Minerals plc will become one of just two publicly traded companies offering investors exposure to this important strategic mineral and the only such company traded on AIM.

We believe the Company is well placed to make further progress during the second half of the financial year and we look forward to advising shareholders of this progress on a regular basis.

Patrick L Cheetham

Executive Chairman

19 May 2014

ENQUIRIES

 For further information please contact:

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

 Patrick Cheetham, Executive Chairman

 Richard Clemmey, Managing Director

 Cantor Fitzgerald Europe Tel: +44 (0)20 7894 7000

 Stewart Dickson/Julian Erleigh (Corporate Finance)

 Jeremy Stephenson (Corporate Broking)

 Beaufort Securities Limited Tel: +44 (0)20 7382 8300

 Saif Janjua

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

 Dominic Barretto/Kelsey Traynor

Consolidated Income Statement

for the six months to 31 March 2014

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2014

Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2014

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

for the six months to 31 March 2014

Notes to the Interim Statement

1. Basis of preparation

The consolidated interim financial information has been prepared in accordance with the accounting policies that are expected to be adopted in the Group's full financial statements for the year ending 30 September 2014 which are not expected to be significantly different to those set out in Note 1 of the Group's audited financial statements for the year ended 30 September 2013. These are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are effective at 30 September 2014 or are expected to be adopted and effective at 30 September 2014. The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this financial information.

The financial information in this statement relating to the six months ended 31 March 2014 and the six months ended 31 March 2013 has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. The financial information for the year ended 30 September 2013 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for the year ended 30 September 2013 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for the year ended 30 September 2013 was unqualified, although did draw attention to matters by way of emphasis in relation to going concern, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The directors prepare annual budgets and cash flow projections that extend beyond 12 months from the date of the last Annual 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 a going concern. 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 entity's ability to continue as a going concern 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. Loss per share

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

The loss attributable to ordinary shareholders and the weighted average number of ordinary shares used for the purpose of calculating diluted earnings per share are identical to those used to calculate the basic earnings per ordinary share. This is because the exercise of share warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of IAS33.

2. Share capital

During the six months to 31 March 2014the following share issues took place:

An issue of 200,000 new 1.0p ordinary shares at 2.375p per share, being a share warrant exercise by an employee, for a total consideration of £4,750 (14 January 2014).

An issue of 2,000,000 new 1.0p ordinary shares at 7.50p per share, being a share warrant exercise by Darwin Strategic Limited, for a total consideration of £150,000 net of expenses (20 February 2014).

Following the end of the current reporting period, in April 2014, the Company issued 1,490,000 new 1.0 pence ordinary shares to Darwin Strategic Limited at a gross price of 12p per share for a total consideration of £167,178, net of expenses, by drawing down on its £10 million Equity Finance Facility.

3. Interim report

Copies of this interim report are available from Tertiary Minerals plc, Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB, United Kingdom.  It is also available on the Company's website at www.tertiaryminerals.com