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Pin to quick picksTertiary Minerals Regulatory News (TYM)

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Jacks Copper Project Zambia - JV Agreement

4 Nov 2022 10:52

RNS Number : 3747F
Tertiary Minerals PLC
04 November 2022
 

4 November 2022

 

Tertiary Minerals plc

("Tertiary" or "the Company")

 

Jacks Copper Project, Zambia - Joint Venture Agreement

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, is pleased to announce that its 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited ("TMZ"), has now executed a full Joint Venture and Shareholders' Agreement (the "JV Agreement") with Mwashia Resources Limited ("Mwashia") to govern their future relationship for the Jacks Copper Project Exploration Licence 27069-HQ-LEL (the "Jacks Licence").

The JV Agreement has been made pursuant to the option agreement between TMZ (formerly Luangwa Minerals Limited) and Mwashia detailed in the Company's news release dated2 August 2021 (the "Option Agreement").

The JV Agreement provides that a new Zambian company ("Newco") will be formed to be owned 90% by TMZ and 10% by Mwashia to own and operate the Jacks Project. Mwashia will then transfer the Jacks Licence to Newco. Newco will be funded by TMZ and/or Tertiary and TMZ will hold an option, exercisable at any time, to purchase Mwashia's 10% interest for the amount of US$3.5 million. A payment of US$30,000 will now be made by Tertiary to Mwashia as required by the Option Agreement.

Commenting today, Executive Chairman Patrick Cheetham said:

"We are pleased to be announcing this agreement which cements our relationship with Mwashia and provides a mechanism for TMZ to move to 100% ownership of the Jacks Licence in future. Since signing the Option Agreement, we have worked closely with Mwashia as our local partner. Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our drilling programme at Jacks earlier this year and more recently for the soil sampling programme where we expect to release provisional results shortly.

In addition to Jacks, we also hold options over four further licences held by Mwashia in Zambia and we anticipate this new agreement will from a template for those licences should TMZ compete its expenditure requirements under the terms of those options."

 

For more information, please contact

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP - Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited - Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

Note to Editors

Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company's projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary's current principal activities are the discovery and development of mineral resources in Nevada, USA, and in Zambia.

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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AGREAEFLESEAFFA
Date   Source Headline
9th Jul 20077:30 amRNSStatement re Suspension
18th Apr 20074:58 pmRNSDirector/PDMR Shareholding
18th Apr 200711:09 amRNSHolding(s) in Company
26th Jan 20072:39 pmRNSAGM Statement
10th Jan 200711:01 amRNSStatement re Ghurayyah
10th Jan 200711:00 amRNSSuspension- Tertiary Minerals
22nd Dec 20061:04 pmRNSNotice of AGM
19th Dec 200612:01 pmRNSTotal Voting Rights
11th Dec 20067:00 amRNSFinal Results
29th Nov 20069:13 amRNSHolding(s) in Company
26th May 20067:01 amRNSChange of Broker
22nd May 20067:00 amRNSInterim Results
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19th Apr 20067:01 amRNSResource update, Ghurayyah
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27th Oct 20057:00 amRNSQuarterly Report
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14th Jun 20057:00 amRNSDrilling Report
2nd Jun 20053:59 pmRNSSunrise Diamonds Update
31st May 20057:00 amRNSInterim Results
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3rd May 200511:42 amRNSQuarterly Exploration Update
27th Apr 20051:32 pmRNSOffer for subscription closes
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29th Mar 20052:32 pmRNSFinnish Diamond spin-off
10th Mar 20059:27 amRNSDrilling Report
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26th Jan 200512:49 pmRNSAGM / Drill Results
25th Jan 20057:00 amRNSIssue of Equity

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