Tertiary Minerals secures £1 million to advance deeper drilling at Mushima
Tertiary Minerals plc has raised £1 million before expenses through a share placing to fund deeper drilling and further technical work at its Mushima North silver-copper project in Zambia. Trading in the company’s AIM shares is set to resume following a temporary suspension.
The company placed 1.67 billion new shares with institutional and high-net-worth investors at a price of 0.06p each. This price reflects a 14% discount to the closing bid price based on the five-day average VWAP on 21 September 2026. The new shares will represent approximately 19% of the enlarged share capital.
Funds raised will be directed towards advancing Target A1 at Mushima North, with plans to drill below the oxide zone to determine if mineralisation continues at depth. The work program also includes critical-mineral assays, expanded metallurgical testing, and environmental and community surveys.
Managing Director Richard Belcher commented, “We aim to build on recent progress by testing mineralisation below the project’s higher-grade core, which could significantly enhance the resource potential.”
The placing is subject to shareholder approval at a general meeting expected to take place around 27 October 2026, with admission of the new shares targeted for around 28 October 2026.
This funding milestone marks a key step forward in Tertiary Minerals’ exploration strategy, underpinning its commitment to unlocking further value in the Mushima North project.
