Interim Results

Tertiary Minerals PLC 31 May 2005 TERTIARY MINERALS PLC INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2005 Chairman's Statement I am pleased to report the Company's progress and interim results for the six-month period ended 31st March 2005. Review of Activities Since the publication of the last annual report your Board has been working hard to deliver on its objective to build on the value inherent in the Company. A major initiative has been the spin-out of our diamond interests in Finland into Sunrise Diamonds plc where, as a part of this process, a large number of Tertiary shareholders took up their entitlement to new shares in Sunrise Diamonds pursuant to the recent Offer for Subscription. I am also pleased to report that Sunrise Diamonds has now completed a placing of shares to fund its immediate diamond exploration programmes and is seeking admission for all its ordinary shares (including those issued under the placing ) to trading on AIM. Trading in the shares of Sunrise Diamonds is expected to commence on 6 June 2005. Tertiary has retained a direct 26.53% interest in Sunrise Diamonds and we look forward to its successful AIM debut. Exploration work is continuing on our Scandinavian projects. For example, recently reported drilling at Kaaresselka in Finland made further high-grade gold intersections in the Vanha zone, whilst at Nottrask, in Sweden, a drilling programme will soon start to test targets for nickel-copper bearing massive sulphides. We have also geared up our search to acquire an advanced minerals project capable of generating a cash-flow for the Company and have recently recruited Andrew Dixon to the management team to focus this effort. A number of projects are under active evaluation. Our 400 million tonne Ghurayyah tantalum project is benefiting from renewed interest following the recovery in the tantalum market and the adoption of a new mining law in Saudi Arabia. Several parties have expressed interest in joining with Tertiary to fund feasibility studies for the development of this world-class project. The past six-month reporting period has seen high volatility in market sentiment for mining shares with a recent sharp downturn mirroring that which occurred this time last year. Whilst our share price has not yet bucked a negative trend I believe that the initiatives being undertaken will have a positive impact in the medium-term, particularly when retail investors return to the mining sector. Results The Group loss for the six month period was £314,346. This loss comprises administration costs of £186,816 and exploration costs (written-off) amounting to £137,328 and interest income of £9,798. Patrick L Cheetham 31 May 2005 Executive Chairman For further information contact : Tertiary Minerals plc Tel: + 44 (0)1625 626203 Sunrise House Fax: + 44 (0)1625 626204 Hulley Road Macclesfield Website: www.tertiaryminerals.com Cheshire SK10 2LP England Consolidated Profit and Loss Account for the six months to 31 March 2005 Six months Six months Twelve months to to to 31 March 31 March 2004 30 September 2004 2005 Unaudited £ £ £ ---------- ---------- --------- Administrative expenses (186,816) (138,005) (245,030) Exploration costs written off (137,328) (60,132) (636,714) ---------- ---------- --------- Operating loss (324,144) (198,137) (881,744) Interest receivable 9,798 7,465 20,663 ---------- ---------- --------- Loss on ordinary activities (314,346) (190,672) (861,081) before taxation Taxation - - ---------- ---------- --------- Loss for the financial period (note 2) (314,346) (190,672) (861,081) ---------- ---------- --------- Loss per share - basic (pence) (0.7) (0.5) (2.3) ---------- ---------- --------- All the above amounts are derived from continuing activities Consolidated Statement of Total Recognised Gains and Losses for the six months to 31 March 2005 Six months to Six months to Twelve months to 31 March 2005 31 March 2004 30 September 2004 Unaudited Unaudited £ £ £ ---------- ---------- --------- Loss for the financial (314,346) (190,672) (861,081) year Foreign exchange translation differences on foreign currency net investments 2,377 (26,289) (7,830) in ---------- ---------- --------- subsidiaries Total recognised losses since last (311,969) (216,961) (868,911) accounts ---------- ---------- --------- Consolidated Balance Sheet as at 31 March 2005 As at 31 March As at 31 March 2004 As at 2005 Unaudited 30 September Unaudited 2004 £ £ £ ---------- ---------- --------- Fixed assets Intangible Assets 1,100,368 1,314,661 959,260 Tangible Assets 6,338 5,691 5,036 ---------- ---------- --------- 1,106,706 1,320,352 964,296 Current assets Debtors 91,184 35,230 70,583 Cash at bank and in hand 656,880 971,212 557,666 ---------- ---------- --------- 748,064 1,006,442 628,249 ---------- ---------- --------- Creditors: amounts falling 161,442 144,747 62,448 due within one year ---------- ---------- --------- Net current assets 586,622 861,695 565,801 ---------- ---------- --------- ---------- ---------- --------- Total assets less current 1,693,328 2,182,047 1,530,097 liabilities ---------- ---------- --------- Capital and reserves Called up share capital 464,210 404,210 404,210 Share premium 3,376,865 2,961,665 2,961,665 Merger reserve 131,096 131,096 131,096 Profit and loss account (2,278,843) (1,314,924) (1,966,874) ---------- ---------- --------- Shareholders' funds 1,693,328 2,182,047 1,530,097 ---------- ---------- --------- Consolidated Cash Flow Statement for the six months to 31 March 2005 Six months to 31 March Six months to 31 Twelve months to 2005 March 2004 30 September Unaudited Unaudited 2004 £ £ £ ---------- ---------- --------- Net cash outflow from operating activities (note 3) (148,393) (49,142) (289,450) Return on investments and servicing of finance 9,798 7,465 20,663 Capital expenditure and financial investment (237,531) (210,546) (402,651) Acquisition and - - - disposals ---------- ---------- --------- Net cash outflow before financing (376,126) (252,223) (671,438) Financing 475,340 995,930 1,001,599 ---------- ---------- --------- (Decrease)/Inc rease in cash in the period (note 4) 99,214 743,707 330,161 ---------- ---------- --------- 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 period ended 30 September 2004. The financial information set out in this statement relating to the period ended 30 September 2004 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 2004 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 March Six months to 31 March Twelve months 2005 2004 to Unaudited Unaudited 30 September 2004 --------- --------- -------- Loss for the period (£) (314,347) (190,672) (861,081) Weighted average shares 42,629,883 35,796,093 38,043,359 in issue Basic loss per (0.7) (0.5) (2.3) share --------- --------- -------- (pence) 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 March 2004 Twelve months March 2005 Unaudited to Unaudited 30 September 2004 £ £ £ --------- --------- -------- Operating (324,144) (198,137) (881,744) loss Depreciation charge 1,742 2,353 3,864 Intangible fixed assets written off 95,616 46,585 606,024 (Increase) Decr ease/ in (20,601) (6,838) (42,191) debtors Increase/ (Decr ease) in 98,994 106,895 24,597 creditors --------- --------- -------- Net cash outflow from operating activities (148,393) (49,142) (289,450) --------- --------- -------- 4. Reconciliation of net cash outflow to movement in net funds Six months to 31 March 2005 Six months to 31 Twelve months Unaudited March 2004 30 September Unaudited 2004 £ £ £ ---------- ---------- --------- Increase/(Decr ease) in net 99,214 743,707 330,161 cash in the period Opening net funds 557,666 227,505 227,505 ---------- ---------- --------- Closing net funds 656,880 971,212 557,666 ---------- ---------- --------- 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, Macclesfield, Cheshire, SK10 2LP, United Kingdom. This information is provided by RNS The company news service from the London Stock Exchange

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