Tertiary Minerals is an AIM-listed copper exploration company with a large portfolio of prospective copper licences in Zambia and Nevada. Early-stage exploration work in Zambia has yielded encouraging. This week the Company announced the signing of a definitive earn-in agreement with Kobold metals.
- Tertiary Minerals’ 96% owned subsidiary, TMZ, has signed a definitive earn-in with KoBold Metals.
- Upon regulatory approval, KoBold will be committed to drill a minimum of two holes for a total of 2,000m within 14 months.
- This Stage 1 drilling programme must start no later than May 2024 – the first drill site has been selected.
- Should KoBold wish to increase its ownership in the JV to 70%, it will be required to spend US$6m in cumulative expenditure on exploration over a four-year period, diluting TMZ’s interest to 20%. Mwashia will retain a 10% carried stake.
- KoBold, a start-up backed by mining majors including BHP and Rio Tinto alongside entrepreneurs including Bill Gates and Warren Buffett, utilises novel exploration technology and software to generate discoveries.
- The Company is currently spending $150m on exploration in and around the Mingomba project, contiguous to Tertiary’s Konkola West.
Conclusion: This is a major development for Tertiary’s Zambian copper story. KoBold Metals provides both deeper pockets and a strong technical team that will enable deep diamond drilling warranted at Konkola West.
KoBold is now established in Zambia and has been active in the recent field season drilling out the Mingomba Copper Deposit adjacent to Konkola West. Drilling will target similar, deep-dipping high grade copper ore-shale visible at Konkola, Lubambe and Musoshi.
Zambia is looking to boost copper production to 3mt by 2032 and Tertiary’s deal with KoBold helps progress them towards contributing to those ambitions.
*SP Angel acts as Nomad and Broker to Tertiary Minerals
John Meyer
Mining Analyst, Partner
SP Angel
Prince Frederick House
35-39 Maddox Street
London W1S 2PP
Direct: +44 (0) 203 470 0490
Mob: +44 (0) 794 303 1001
