Quarterly Report on Exploration Activities for

Tertiary Minerals PLC
                  

INTRODUCTION

This report gives details and results of exploration work carried out during the
quarter ended

30 September 2003 and up to the date of this report.

NICKEL-COPPER & PLATINUM GROUP METAL ('PGM) PROJECTS

NOTTRASK PROJECT (Sweden) - Tertiary Minerals - 100%

During the quarter the Company announced the discovery of a new zone of
nickel-copper mineralisation within the Nottrask mafic intrusion following the
receipt of assay results of semi-massive and disseminated sulphide
mineralisation from a single scout diamond drill-hole, 03N0001.

Significant nickel and copper values were returned from the hole with a best
intersection of 2m grading 1.2% nickel + copper from a depth of 84m down-hole
(intersection width believed to approximate true width). This intersection
occurs within a broader interval of 10m grading 0.5% nickel + copper. A second
zone of mineralisation was encountered towards the base of the hole with 10m
grading 0.4% nickel + copper from 137.2m (hole ended 160.9m).

The Company has, since that announcement, completed further investigation of
drill core from Hole 03N0001. This has included further mineralogical work
(carried out by the Mineralogy Department of the Natural History Museum in
London) and assaying for sulphur content. This work has allowed an evaluation of
the potential for discovery of higher grade massive sulphides and the potential
to produce higher grade concentrates during mineral processing. The Company also
contracted Anthony Naldrett (Emeritus Professor, University of Toronto), an
internationally acknowledged authority on nickel mineralisation, to carry out a
field visit, review drill core, evaluate the exploration potential and make
recommendations for further exploration.

This further work, now completed, has indicated that:

--  the nickel content of the host sulphide minerals intersected in 03N0001 (the
    'nickel tenor' ) is low, as is the case for other mineralisation in the
    marginal phase of the intrusive complex and thus the likelihood of
    discovering higher grade mineralisation in the zone tested by this
    drill-hole, and in the margin phase generally, is low;

--  nickel sulphide minerals disseminated in the central troctolite-anorthosite
    phase of the intrusion, however, have high nickel tenors (11-17 weight %
    nickel) making this phase of the complex an attractive exploration targets
    for nickel and platinum group metals;

--  several zones of disseminated sulphides encountered in previous drilling in
    the troctolite-anorthosite phase need to be sampled; and

--  Nottrask has many of key features associated with economic
    nickel-copper-magmatic sulphide deposits and that further exploration is
    clearly justified.

In many nickel deposits, including those at Voisey Bay and Noril'sk, economic
concentrations of nickel sulphides occur in magma feeder channels. Such targets
present attractive exploration targets and will be given high priority in
follow-up exploration at Nottrask.

TANTALUM PROJECTS

GHURAYYAH (Saudi Arabia) - Tertiary Minerals 100%

During the quarter the Company has been working with MerchantBridge & Co Ltd,
financial advisors to the British Offset Office, to formally register the
Ghurayyah project with the Al Yamamah Economic Offset Programme.

This will allow the Company to apply for project funding under this Programme on
favourable terms and to enlist the support of the Programme to further the
evaluation of the project, including the identification of local sources of
funding for continuing preliminary and full feasibility studies.

GOLD & BASE METAL PROJECTS

IRON-OXIDE COPPER GOLD (IOCG) PROJECTS (Sweden & Finland) - Tertiary Minerals
100%

During the quarter the Company carried out an integrated review of geophysical
and geochemical data sets purchased from the Geological Survey of Finland for
each of its for its Kolari, Vahajoki, Raajärvi and Palokimanselka project areas.

Numerous targets were identified and a programme of field examination and
sampling was carried out on priority targets during September. Assay results are
awaited from various areas sampled.

Palokiimanselka (N.E Finland)

This IOCG target is located just east of the village of Vuotso which lies on the
sealed highway linking Finland to the Norwegian and Russian borders north and
east of Sodankyla.

At Palokiimanselka a 2km magnetic north-south (N-S) striking anomaly is
coincident with a known mineralisation comprising N-S striking quartz-haematite
veins within sericite altered gneiss. Palokiimanselka was originally discovered
by boulder tracing and trenching in the 1950's when the veins were reported to
contain quartz, hematite, albite and magnetite. At that time five 200kg samples
assayed 1.2- 4.1 grammes per tonne (g/t) gold. Smaller samples assayed up to 10
g/t gold.

A brief programme of mapping and trenching was carried out during September to
re-expose the mineralisation and further sampling was carried out. Assay results
are awaited.

No significant work was carried out on the Company's other exploration projects
during the quarter.

Patrick L. Cheetham 2 October 2003
Executive Chairman
Tel: [phone]
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