Interim Results

Tertiary Minerals PLC
13 May 2002


                             TERTIARY MINERALS PLC

            Interim Statement for the six months ended 31 March 2002


Chairman's Statement

I am pleased to report the Company's progress and interim results for the
six-month period to 31 March 2002.

Review of Activities

The Company continues to focus its activities on exploration and development of
tantalum and Platinum Group Metal (PGM) projects. The demand for tantalum has
been depressed for over 12 months now as excess inventories, built up at the end
of 2000, have been worked down. There is evidence that these inventories are
stabilising as tantalum ore producers have recently reported increasing demand.
The outlook for tantalum demand is for continuing long-term growth.

In your 2001 Annual Report I set out the Company's strategy for involvement in
the tantalum business - the further evaluation of the Rosendal tantalum deposit
in Finland, a modest sized project that can be fast-tracked to production
without adding substantially to world tantalum output, and the search for a
larger deposit of tantalum capable of supplying substantial amounts of tantalum
in 3-5 years time when supply shortfalls have been forecast.

The Company is now delivering on this strategy. Pre-feasibility studies are in
progress at Rosendal where assay results are awaited for a programme of infill
drilling and, in January this year, the Company announced the acquisition of the
world's largest identified tantalum deposit - Ghurayyah in Saudi Arabia.

Ghurayyah is a bulk-mineable, open-pittable deposit estimated by SRK Consulting
to contain an Inferred Mineral Resource of 385 million tonnes grading 245
grammes/tonne (g/t) of tantalum pentoxide from surface to 250m depth. A
metallurgical testwork programme has commenced to evaluate various process
technologies for the treatment of this major resource and to form the basis for
further technical and economic evaluation.

At the Finnmark PGM prospect in Norway, a large programme of geophysical
exploration through the winter has identified a 1km long anomaly at the
Gallujavre prospect in the largest of the ultramafic intrusives known in the
Finnmark region. This anomaly is associated with outcropping low-grade
nickel-copper mineralisation grading 2.5g/t Platinum+Palladium+Gold and will be
drill tested as soon as access conditions are suitable.

Exploration of the Company's base-metal projects has been a lower priority in
the period under review but progress continues to be made. A number of recently
completed geophysical exploration programmes have defined drill targets at the
Gruvberget and Logarden zinc prospects in Sweden.

Results

The Group loss for the period was £144,555. This comprises bank interest income
of £4,213, administration costs of £145,073 and exploration costs written-off
amounting to £3,695.

A small placement of shares was successfully completed in February 2002 raising
£338,378 net through the issue of 1,424,750 shares at £0.25.

At the end of April Dr. Michael Price retired as a non-executive Director of the
Company having served the Company since before listing on AIM. I would like to
express the Board's sincere thanks to Michael for his invaluable contribution
and also to welcome Mr. David Whitehead as his replacement.

Patrick L Cheetham

Executive Chairman

For further information contact :
Tertiary Minerals plc                                       Tel: + 44 01625 626203
Sunrise House                                               Fax: + 44 01625 626204
Hulley Road
Hurdsfield Industrial Estate                                Website: www.tertiaryminerals.com
Macclesfield
Cheshire SK10 2LP
England

Consolidated Profit and Loss Account

For the six months to 31 March 2002
                                                Six months to 31        Six months to 31        Twelve months to
                                                   March 2002              March 2001             30 September
                                                    Unaudited               Unaudited
                                                                                                      2001
                                                        £                       £                      £

Administrative expenses                        (145,073)               (124,243)               (219,220)

Exploration costs written off                  (3,695)                 (70,574)                (110,240)

Operating loss                                 (148,768)               (194,817)               (329,460)

Interest receivable                            4,213                   16,290                  24,374

LOSS ON ORDINARY ACTIVITIES                    (144,555)               (178,527)               (305,086)

BEFORE TAXATION

TAXATION                                       -                       -                       -

LOSS FOR THE FINANCIAL PERIOD                  (144,555)               (178,527)               (305,086)

Loss per share - basic (pence)                 (0.6)                   (0.8)                   (1.4)



All the above amounts are derived from continuing activities



Consolidated Statement of Total Recognised Gains and Losses

For the six months to 31 March 2002
                                                Six months to 31        Six months to 31        Twelve months to
                                                   March 2002              March 2001          30 September 2001
                                                    Unaudited               Unaudited
                                                        £                       £                      £

Loss for the financial year                    (144,555)               (178,527)               (305,086)

Foreign exchange translation differences on
foreign currency net investments in
subsidiaries                                   14,684                  -                       (19,991)

Total recognised losses since last accounts    (129,871)               (178,527)               (325,077)



Consolidated Balance Sheet

As at 31 March 2002


                                               As at 31 March 2002     As at 31 March 2001     As at 30 September  
                                                                                                      2001
                                                    Unaudited               Unaudited
                                                        £                       £                      £

FIXED ASSETS
Intangible Assets                              780,469                 447,434                 570,091
Tangible Assets                                10,117                  14,324                  13,057

                                               790,586                 461,758                 583,148

CURRENT ASSETS
Debtors                                        36,108                  25,248                  38,315
Cash at back and in hand                       458,125                 501,872                 293,735

                                               494,233                 527,120                 332,050

CREDITORS: AMOUNTS FALLING                     123,482                 54,810                  63,453

DUE WITHIN ONE YEAR

NET CURRENT ASSETS                             370,751                 472,310                 268,597

TOTAL ASSETS LESS CURRENT                      1,161,337               934,068                 851,745

LIABILITIES

CAPITAL AND RESERVES
Called up share capital                        244,428                 213,416                 219,946
Share premium                                  1,413,361               940,110                 998,380
Merger reserve                                 131,096                 131,096                 131,096
Profit and loss account                        (627,548)               (350,554)               (497,677)

SHAREHOLDERS' FUNDS                            1,161,337               934,068                 851,745



Consolidated Cash Flow Statement

For the six months to 31 March 2002
                                                Six months to 31        Six months to 31        Twelve months to
                                                   March 2002              March 2001          30 September 2001
                                                    Unaudited               Unaudited
                                                        £                       £                      £

Net cash outflow from operating activities     (82,964)                (187,759)               (220,172)

Return on investments and servicing of finance 4,213                   16,290                  24,374

Capital expenditure and financial investment   (196,320)               (109,302)               (354,133)

Acquisition and disposals                      -                       -                       -

Net cash outflow before financing              (275,071)               (280,771)               (549,931)

Financing                                      439,461                 25,900                  86,923

Increase/(Decrease) in cash in the period      164,390                 (254,871)               (463,008)

Notes to the Interim Statement


 1. Basis of preparation


        The interim report has been prepared on the basis of the accounting
        policies set out in the Company's financial statements for the year
        ended 30 September 2001. The financial information set out in this
        statement relating to the year ended 30 September 2001 does not
        constitute statutory accounts for that period. Full audited accounts in
        respect of that financial period (which received an unqualified audit
        opinion and did not contain a statement under Section 237(2) or (3) of
        the Companies Act 1985) have been delivered to the Registrar of
        Companies.

        The Directors are satisfied that the Group has adequate resources to
        continue to operate for the foreseeable future. For this reason, they
        continue to adopt the 'going concern' basis for preparing the accounts.
        The interim report has been approved by the Directors and is unaudited.

        Comparative figures for the six months ended 31 March 2001 are extracts
        from the interim report for that period and are also unaudited.

        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.



                                                  Six months to 31          Six months to 31      Twelve months to
                                                     March 2002                March 2001         30 September 2001
                                                      Unaudited                 Unaudited

Loss for the period (£)                                (144,555)                  (178,527)               (305,086)
Weighted average shares in issue                     23,024,218                 21,300,007              21,381,507
Basic loss per share (pence)                               (0.6)                      (0.8)                   (1.4)



        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 FRS 14.


 3.      Reconciliation of operating loss to net cash outflow from operating
         activities

                                                      Six months to 31        Six months to 31       Twelve months to
                                                         March 2002              March 2001          30 September 2001
                                                          Unaudited               Unaudited
                                                              £                       £                      £

    Operating loss                                   (148,768)               (194,817)               (329,460)
    Depreciation charge                              3,566                   2,108                   5,544
    Loss on foreign exchange                         -                       573                     -
    Intangible fixed assets written off              -                       -                       103,791
    Increase in debtors                              2,207                   (10,464)                (23,531)
    Increase in creditors                            60,031                  14,841                  23,484

    Net cash outflow from operating activities       (82,964)                (187,759)               (220,172)

 4. Reconciliation of net cash outflow to movement in net funds

                                           Six months to 31         Six months to 31       Twelve months to 30
                                         March 2002 Unaudited     March 2001 Unaudited       September 2001
                                                  £                        £                        £

Increase/(Decrease) in net               164,390                  (254,871)                (463,008)

cash in the period
Opening net fund                         293,735                  756,743                  756,743

Closing net funds                        458,125                  501,872                  293,735




 5.      Interim report


        Copies of this interim report will be sent to all shareholders and are
        available from Tertiary Minerals plc, Sunrise House, Hulley Road,
        Hurdsfield Industrial Estate, Macclesfield, Cheshire, SK10 2LP, United
        Kingdom.



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