Tertiary Minerals Regulatory News (TYM)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2012

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 2012.

Review of Activities

In the first six months of this financial year your Company has continued to make progress towards its strategic objective to become a leading European producer of fluorspar (CaF2), an essential raw material of fluorine in the chemical, steel and aluminium industries.

For decades China has been the dominant supplier of fluorspar to western markets but China's internal demand in the manufacture of downstream fluorine products has now grown to the point where it is likely to become a net importer. Western consumers of fluorspar, many of whom do not have captive source, now face structural supply shortages.

The fluorspar market continues to be tight and prices, currently over US$500/tonne, are holding up at historically high levels despite a challenging world economy. About six million tonnes of fluorspar are used annually and demand for fluorspar is growing at around 1.5% per year on the back of rising demand for fluorine chemicals in refrigerators, air conditioners, and cars, especially in the developing countries. Projected demand growth requires the equivalent of at least one new mid-size mining operation to be developed every year for the foreseeable future - yet only a handful of projects are reported to be at an advanced exploration or planning stage.

At Storuman, in Sweden, the Company is engaged in a Preliminary Feasibility Study (PFS) targeting production of at least 100,000 tonnes per year of acid grade fluorspar. A mining operation of this scale will be a medium scale producer in world terms and the deposit is large enough to support higher levels of production in the future.

The PFS will be based on the large JORC compliant Mineral Resource defined last year and will draw together various component studies including metallurgical testwork, mine design, engineering design, capital and operating cost estimates. The completion of this study, scheduled for early 2013, will be a major value adding milestone for the project.

Environmental permitting is also in progress with the objective to submit a mining lease application by the end of the first quarter of 2013 and the environmental permit application by second quarter of 2013. Mine construction is targeted to start at the end of 2014.

Progress has also been made at the Company's second fluorspar project at Lassedalen, 80km southwest of Oslo in Norway where, in January, the Board announced the first JORC compliant Mineral Resource estimate at four million tonnes grading 25% fluorspar.

This was quickly followed with the award, to Wardell Armstrong International, of a technical and economic scoping study for development of Lassedalen. Completion of this report, the first economic evaluation of the project, is scheduled for the third quarter of this year and will incorporate the results of the scoping-level programme of metallurgical testwork now nearing completion.

Tertiary now controls JORC Minerals Resources totalling nearly four million tonnes of contained fluorspar across its two Scandinavian projects and mineralisation at both projects remains open. A large drill programme is planned at Lassedalen following completion of the scoping study.

The Company maintains its portfolio of gold, tantalum-niobium-rare earth and iron projects most of which are awaiting the grant or renewal of exploration rights. These have the potential to add substantial value with positive licence developments.

Results

The Group is reporting a loss for the six month period of £190,469 (six months to 31 March 2011: £143,524). This loss comprises administration costs of £185,009 (which includes share based payments of £28,746), pre-licence (reconnaissance) costs totalling £7,838 and interest income of £2,378.

The Company's projects and programmes continue to deliver promising results and the Board expects to build on this as the projects progress through the feasibility stages. To help position the Company for production the Board has recently been strengthened with the appointment of Richard Clemmey as Operations Director following his appointment as Project Manager in 2011.

This year promises to be a busy and exciting year for the Company. The Board anticipates strong news flow from a number of value-adding milestones and looks forward to updating shareholders in due course.

Patrick L Cheetham

Executive Chairman

17 May 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

:

Consolidated Income Statement

for the six months to 31 March 2012

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2012

Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2012

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

for the six months to 31 March 2012

Notes to the Interim Statement

1. Basis of preparation

The interim financial statements are unaudited and do not constitute statutory accounts as defined within the Companies Act 2006.

The interim financial statement has been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), and their interpretations adopted by the International Accounting Standards Board (IASB). As is permitted by the AIM rules the directors have not adopted the requirements of IAS34 "Interim Financial Reporting" in preparing the financial statements. Accordingly the financial statements are not in full compliance with IFRS. The accounting policies used in the preparation of the interim financial information are the same as those used in the Company's audited financial statements for the year ended 30 September 2011.

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 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 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 realize 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 2012 no share issues took place.

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