Executive Bonus Scheme 2025
Summary by AI BETAClose X
(“Tertiary” or the “Company”)
11 November 2026
Executive Bonus Award for 2025
Tertiary Minerals plc (AIM: TYM) advises that, at a meeting held yesterday (the “Board Meeting”), the Board of Directors approved the issue to executive directors of new Ordinary Shares under the existing Bonus Scheme (the “Bonus Scheme”) for the calendar year 2025. The Bonus Scheme was adopted and announced on 18 November 2024.
Bonus Awards for 2025
At the Board Meeting, the Board adopted the recommendations of the Renumeration Committee and awarded the following bonuses for the calendar year 2025:
Mr Patrick Cheetham, who was Executive Chairman throughout 2025, has been awarded a bonus equal to 13% of his 2025 salary. Under the Bonus Scheme the bonus is payable in Ordinary Shares net of employee PAYE and employee NI based on the closing mid-market price of the Company’s Ordinary Shares on the day prior to the date on which a bonus award is made. Consequently 19,241,548 new Ordinary Shares will be issued to Mr Cheetham at a price of 0.0575 pence per shares, subject to admission of the Ordinary Shares to trading on AIM (“Admission”).
Dr Richard Belcher, who was Managing Director from 7 March 2025, has been awarded a bonus equal to 23% of his 2025 salary net of employee PAYE and employee NI and pro-rated for the portion of the year he was employed. Consequently, 18,443,130 new Ordinary Shares will be issues to Dr Belcher at a price of 0.0575 pence per share subject to Admission.
A total of 37,684,678 new Ordinary Shares will now be issued, subject to Admission, under the Bonus Scheme for 2025 (the “Bonus Shares”).
The Bonus Shares will be subject to a hold period of two years except in the case where a takeover bid is made for the entire issued share capital of the Company.
Admission
The Bonus Shares will rank pari passu with the Company's existing Ordinary Shares. Application has been made to the London Stock Exchange for admission of the Bonus Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around Tuesday 17 November 2026.
Total Voting Rights
Following the issue of the Bonus Shares, the Company's issued share capital will consist of 8,858,707,072 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 8,858,707,072. This figure may be used by shareholders in the Company as the denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Further Information:
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Tertiary Minerals plc |
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Richard Belcher, Managing Director |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP, Nominated Adviser and Broker |
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Caroline Rowe/Jen Clarke |
+44 (0) 203 470 0470 |
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AlbR Capital Limited, Joint Broker |
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Lucy Williams/Duncan Vasey |
+44 (0) 207 469 0930 |
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (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.
About Tertiary Minerals plc
Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are all located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper and precious metal mineral resources in Nevada and in Zambia.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.
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1 |
Details of the person discharging managerial responsibilities I person closely associated |
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a) |
Name |
Patrick Cheetham |
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2 |
Reason for the notification |
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a) |
Position/status |
Non-Executive Chairman |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Tertiary Minerals plc |
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b) |
LEI |
213800OT9C6DQN9VO543
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument, type of instrument
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Ordinary Shares of 0.01 pence each |
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Identification code |
GB0008854563
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b) |
Nature of the transaction |
Discretionary executive bonus share award |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information - Aggregated volume - Price
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N/A- Single transaction
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e) |
Date of the transaction |
11 November 2026
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f) |
Place of the transaction |
Outside a trading venue
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1 |
Details of the person discharging managerial responsibilities I person closely associated |
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a) |
Name |
Richard Belcher |
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2 |
Reason for the notification |
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a) |
Position/status |
Managing Director |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Tertiary Minerals plc |
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b) |
LEI |
213800OT9C6DQN9VO543
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument, type of instrument
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Ordinary Shares of 0.01 pence each |
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Identification code |
GB0008854563
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b) |
Nature of the transaction |
Discretionary executive bonus share award |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information - Aggregated volume - Price
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N/A- Single transaction
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e) |
Date of the transaction |
11 November 2026
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f) |
Place of the transaction |
Outside a trading venue
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