0 Building a Strategic Position in the Fluorspar Sector

AIM Announcement 14 December 2015

TERTIARY MINERALS PLC

("Tertiary" or "the Company")

Audited Results for the year to 30 September 2015

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce is pleased to announce audited results for the year ended 30 September 2015.

Richard Clemmey, Managing Director of the Company, commented today: "It has been a year of solid progress on our key Storuman and MB fluorspar projects. We have increased our fluorspar Mineral Resources at MB substantially in 2015 and hope to secure the Mining Concession at Storuman shortly. We are looking forward to the results of drilling now in progress at MB and to advancing economic and technical studies in 2016. "

AIM: TYM | Find out more at www.tertiaryminerals.com

CHAIRMAN'S STATEMENT

I am pleased to present the Company's Annual Report and Financial Statements for the year ended 30 September 2015.

Our Annual Report provides an important opportunity to communicate to our stakeholders the Company's progress during the past year and to review this progress against our strategic plan, its main aims and objectives. I am pleased to say that we have held firm to this plan, despite the strong economic headwinds, and in his Operating Review our Managing Director Richard Clemmey is reporting good operational progress in 2015 on our core fluorspar projects.

At the Storuman Fluorspar Project in Sweden considerable management time has been invested in progressing our Exploitation (Mine) Permit application through various stages of stakeholder consultation. This project has strong support amongst most stakeholder groups, including the County Administration Board and the local municipality which have responsibility for key planning decisions in the project area. The final decision on the Exploitation Permit lies with the Mining Inspectorate but with this support we are anticipating a positive decision on the application and believe a decision will be made shortly. The issue of a mine permit is an important step in developing the Storuman project and will secure our rights to exploit the deposit for a 25 year period. In 2016 our work will continue with optimisation of the metallurgical flowsheets and production of concentrates for market characterisation.

In the USA, the largest market for fluorspar outside of China, our most tangible achievement this year has been the 132% increase in contained fluorspar in the JORC compliant mineral resource at the MB Project in Nevada. This has confirmed the world class scale of the deposit which was previously only indicated. The highlight of the resource drilling programme was the identification of the newly designated Western Area where a 300m thick zone of fluorspar mineralisation was intersected. This exploration success validates the Company's exploration strategy and follow-up drilling is now in progress in this Western Area. Our objective is to define the extent of higher grades of fluorspar mineralisation in this area and the results are eagerly anticipated. In 2016 we expect that the focus will move on to process testwork, economic modelling and permitting studies. Should the current drilling be successful, we can also look forward to a further Mineral Resource upgrade in early 2016.

Our activities are being funded predominantly through placings which, in calendar 2015, raised

£1million, despite very challenging market conditions. The collapse of the iron ore price earlier this year was the catalyst for a step-change in negative sentiment towards the commodity sector and a further indication of slowing growth in the Chinese economy. Fluorspar demand and hence also prices have also declined during the year but recently appear to have stabilised at current levels. In common with many industry participants we do not believe that the current low fluorspar prices are sustainable in the medium term.

Undoubtedly the 2008 financial crisis and the slowing of Chinese economic growth have cast a long shadow over equity markets and the junior mining sector has suffered badly in recent years, but we firmly believe that the investments we make now will stand the Company in good stead as the wider global economy moves into steadier growth and we foresee a recovery in fluorspar prices and demand as a consequence.

We look forward to reporting further progress in 2016 and to meeting shareholders again at our next Annual General Meeting to be held on Thursday 18th February 2016.

Patrick Cheetham Executive Chairman 11 December 2015

STRATEGIC REPORT

Tertiary Minerals plc is an AIM-traded mineral exploration and development company building a strategic position in the fluorspar sector.

Group Overview - What we do

Principal Activities

The principal activity of the Group is the identification, acquisition, exploration and development

of mineral projects with primary focus on fluorspar.

The head office is based in Macclesfield in the United Kingdom with core operating locations in Storuman in Sweden, Lassedalen in Norway and the MB Project in Nevada, USA.

Company's Opportunity in Fluorspar(CaF2)

Fluorspar is an essential raw material in the basic chemical, steel and aluminium industries and in a growing number of high-tech green technologies and pharmaceutical applications.

Fluorspar has a growing economic and strategic importance; defined as a strategic mineral in the US with 100% net import reliance; identified by the European Commission as a critical raw material facing a potential supply shortage.

Company's Aims

• Become a reliable long-term and competitive supplier of high quality fluorspar to world markets.

  
  

• Add value to the Group's mineral projects.

  
  

• Discovery, acquisition and development of mineral resources.

  
  

  Company's Strategy

  
  

• Acquire and develop large fluorspar deposits located close to established infrastructure and key markets in stable, democratic and mining friendly jurisdictions.

  
  

  Company's Business Model

  
  

• Successful, efficient and low costs explorer.

  
  

  The Group prefers to acquire 100% ownership of mineral assets at minimal expense. This usually involves applying for exploration licences from the relevant authority, as was the case for the Storuman and Lassedalen projects. In other cases, rights are negotiated with existing project owners for initially low periodic payments that rise over time as confidence in the project value increases and this was the case for the MB Project.

  
  

  The Group seeks to operate with a low cost base in order to maximise the funds that can be spent on exploration and development - value adding activities. The Company has 6 full time employees including the two executive directors (Managing Director and Chairman) who work with and oversee carefully selected and experienced consultants and contractors. The Board of Directors comprises two independent non-executive directors, the Managing Director and the Executive Chairman.

  
  

  The administration costs are reduced through an arrangement governed by a Management Services Agreement with Sunrise Resources, whereby Sunrise Resources reimburses a portion of Tertiary's office costs. As at the date of this announcement Tertiary is a significant shareholder (as defined under the AIM Rules) of Sunrise Resources plc, holding 7.66%.

  The Company's activities are financed through periodic capital raisings, through private share placements and other innovative equity based financial instruments. As projects become more advanced the Board will seek to secure additional funding from potential end users. This kind of arrangement can take many forms, for example through off-take agreements or through joint venture partnerships.

  
  

  Company's Aims

  
  

  • Become a reliable long-term and competitive supplier of high quality fluorspar to world markets.

  • Add value to the Group's mineral projects.

  • Discovery, acquisition and development of mineral resources.

    
    

    Company's Strategy

    
    

  • Acquire and develop large fluorspar deposits located close to established infrastructure and key markets in stable, democratic and mining friendly jurisdictions.

Strategic Project Locations