Tertiary Minerals plcT
Tertiary Minerals plc (AIM: TYM) is a UK-based explorer focused on silver and copper in Zambia, with other prospects in Nevada and the Storuman fluorspar project in Sweden. Its current focus is the Mushima North project in Zambia, where 2026 drilling at Target A1 has returned silver-copper intersections and outlined a higher-grade zone; no resource has been estimated there. Storuman (100%-owned, Vasterbotten County, Sweden) carries a 2011 JORC (2004) estimate of 25.0 Mt at 10.28% CaF2 Indicated and 2.7 Mt at 9.57% CaF2 Inferred, which the company now presents as historic and in need of re-assessment, as it does the 2010 scoping study, so neither is treated as current. Title status: Storuman's mining permit, granted in 2016, was overturned; a renewed application was refused by the Swedish Mining Inspectorate in September 2024, and the company's appeal, lodged in March 2025, remained undecided in September 2026. On 30 September 2026 trading in its shares on AIM resumed after a short suspension for a capital access window, and it conditionally raised GBP 1,000,000 through a placing at 0.06 pence per share, subject to shareholder approval at a general meeting expected around 27 October 2026.
Notable vs. Peers
- Financials score of 3.1/10 is weaker than the peer average of 4.9/10.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Not in place: mill, tailings facility. Not yet determined: grid power.
Jurisdiction (40%)6/10
Sweden is a stable, high-governance Tier-1 EU/Nordic jurisdiction in general, but Storuman specifically carries real, demonstrated, project-specific permitting risk: a 2016 mining concession was subsequently overturned, a further application was refused by the Swedish Mining Inspectorate in Sep 2024, and the company's appeal (lodged Mar 2025) remained undecided with no stated timeline as of Sep 2026.
Infrastructure (40%)4.3/10
No confirmed mill, confirmed road access, and no confirmed tailings facility at Storuman Fluorspar Project, Vasterbotten County, Sweden; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Sweden: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Non-Executive Chairman of Tertiary Minerals plc (AIM: TYM). Holds a first class honours degree in Mining Geology from the Royal School of Mines, Imperial College. Co-founded Archaean Gold N.L. in 1993 and was previously joint managing director of Dragon Mining NL from 1986 to 1993. Also serves as Executive Chairman of Sunrise Resources plc. Sits on the Nomination, Remuneration and Audit Committees. Source: tertiaryminerals.com/directors-and-management.
Managing Director of Tertiary Minerals plc (AIM: TYM). Holds a BSc Honours (First Class) in Exploration Geology from Cardiff University, a PhD in Geology from Stellenbosch University, South Africa, and an MSc in Finance from Leicester University. Over 22 years of post-PhD geological experience with an extensive African background and resource definition expertise. Source: tertiaryminerals.com/directors-and-management.
Non-Executive Director of Tertiary Minerals plc, published by the company as 'Dr Mike Armitage'. Brings forty years' experience in the mining industry, including underground geology work in South Africa, a PhD from Zimbabwe, and 30 years at SRK Consulting in various technical and management roles. Serves as chairman of the Geological Society Business Forum and of the Critical Minerals Association. Also a non-executive director at Central Asia Metals Ltd, Atalaya Mining Copper S.A. and Oriole Resources plc. Chairs the Remuneration Committee and serves on the Audit and Nomination Committees. Source: tertiaryminerals.com/directors-and-management.
Non-Executive Director of Tertiary Minerals plc. A finance executive with experience across mining, strategy, corporate development and mergers and acquisitions. Currently Chief Financial Officer and Executive Director for Kavango Resources plc (LSE-listed), and previously CFO of Blue Gold Limited (Nasdaq-listed), with leadership roles at Mwana Africa Plc, Lonrho Plc and Ambrian Plc. Chairs the Audit Committee and serves on the Remuneration and Nomination Committees. Source: tertiaryminerals.com/directors-and-management.
Company Secretary of Tertiary Minerals plc. A qualified solicitor with 6 years in private practice in company/commercial law, followed by corporate finance roles at multiple stockbroking firms. Over 30 years advising public and private company boards across the resources, technology and support services sectors. Also Company Secretary for Sunrise Resources plc. Source: tertiaryminerals.com/directors-and-management.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Tertiary Minerals is a UK-based explorer focused on silver and copper in Zambia, with other prospects in Nevada and the Storuman fluorspar project in Sweden. Its current focus is the Mushima North project in Zambia, where 2026 drilling at Target A1 has returned silver-copper intersections and outlined a higher-grade zone, with no resource yet. Storuman's 2011 estimate and 2010 scoping study are now presented by the company as historic, and its mining permit remains under appeal. Trading in its shares resumed on 30 September 2026 alongside a conditional placing that is subject to shareholder approval.