Tertiary Minerals PLC Jacks Copper Project Zambia - JV Agreement (3747F)
November 04 2022 - 6:52AM
UK Regulatory
TIDMTYM
RNS Number : 3747F
Tertiary Minerals PLC
04 November 2022
4 November 2022
Tertiary Minerals plc
("Tertiary" or "the Company")
Jacks Copper Project, Zambia - Joint Venture Agreement
Tertiary Minerals plc (LON: TYM), the AIM traded mineral
exploration and development company, is pleased to announce that
its 96% owned Zambian subsidiary, Tertiary Minerals (Zambia)
Limited ("TMZ"), has now executed a full Joint Venture and
Shareholders' Agreement (the "JV Agreement") with Mwashia Resources
Limited ("Mwashia") to govern their future relationship for the
Jacks Copper Project Exploration Licence 27069-HQ-LEL (the "Jacks
Licence").
The JV Agreement has been made pursuant to the option agreement
between TMZ (formerly Luangwa Minerals Limited) and Mwashia
detailed in the Company's news release dated
2 August 2021 (the "Option Agreement").
The JV Agreement provides that a new Zambian company ("Newco")
will be formed to be owned 90% by TMZ and 10% by Mwashia to own and
operate the Jacks Project. Mwashia will then transfer the Jacks
Licence to Newco. Newco will be funded by TMZ and/or Tertiary and
TMZ will hold an option, exercisable at any time, to purchase
Mwashia's 10% interest for the amount of US$3.5 million. A payment
of US$30,000 will now be made by Tertiary to Mwashia as required by
the Option Agreement.
Commenting today, Executive Chairman Patrick Cheetham said:
"We are pleased to be announcing this agreement which cements
our relationship with Mwashia and provides a mechanism for TMZ to
move to 100% ownership of the Jacks Licence in future. Since
signing the Option Agreement, we have worked closely with Mwashia
as our local partner. Mwashia has been instrumental in the tribal
and stakeholder engagement process that has allowed for the smooth
running of our drilling programme at Jacks earlier this year and
more recently for the soil sampling programme where we expect to
release provisional results shortly.
In addition to Jacks, we also hold options over four further
licences held by Mwashia in Zambia and we anticipate this new
agreement will from a template for those licences should TMZ
compete its expenditure requirements under the terms of those
options."
For more information, please contact
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
-------------------------------
SP Angel Corporate Finance LLP - Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
-------------------------------
Caroline Rowe
-------------------------------
Peterhouse Capital Limited - Joint Broker
Lucy Williams + 44 (0) 207 469 0930
--------------------------------
Duncan Vasey
-------------------------------
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral
exploration and development company whose strategic focus is on
energy transition metals. The Company's projects are located in
stable and democratic, geologically prospective, mining-friendly
jurisdictions. Tertiary's current principal activities are the
discovery and development of mineral resources in Nevada, USA, and
in Zambia.
Market Abuse Regulation
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the Company to constitute inside information as stipulated under
the Market Abuse Regulations (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
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