Tertiary Minerals plc

Climate Impact & Sustainability Data (2011, 2015)

Resource Risk: Uncertainties in geological projection and metal price assumptions.
Development Risk: Delays in permitting, financing, and commissioning projects.
Exploration Risk: Uncertainty in defining economic mineral deposits and proceeding to development.
Mining and Processing Technical Risk: Variations in mineralogy, mineral continuity, ground stability, and geological conditions.
Environmental Risk: Adverse effects from environmental legislation and unforeseen environmental study results.
Financing & Liquidity Risk: Uncertainty in raising working capital from equity markets or industry sources.
Political Risk: Interruption of activity due to political instability or changes in legal frameworks.
Partner Risk: Potential for joint venture partners to be unable or unwilling to perform obligations.

Regular risk reviews by the Board to minimize risks.
Annual budgets and cash flow projections extending beyond 12 months.
Exploration activities funded from working capital and share placements.
Metallurgical testwork and pilot studies to assess technical viability.
Environmental Policy to minimize environmental impact and consultation with affected parties.
Strategies to secure additional funding when needed.

Frameworks Used: IFRS

Maintained strict compliance with Health and Safety Policy, reporting no lost time accidents.
No instances of non-compliance with environmental legislation reported.

Modest sponsorship of local ice hockey team in Storuman, Sweden, focusing on youth players.
Positive engagement with local communities and stakeholders in project locations.

Full support of the principles set out in the UK Corporate Governance Code, attempting compliance where possible.
Established an Anti-corruption Policy and Code of Conduct.

Long-term Goals:

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

Medium-term Goals:

Optimisation of metallurgical flowsheets and production of concentrates for market characterisation at Storuman.
Process testwork, economic modelling and permitting studies at MB Project.

Short-term Goals:

Difficult market conditions for natural resource companies.
Collapse of iron ore price and slowing Chinese economic growth impacting fluorspar demand and prices.
Objection from Sami reindeer husbandry community to Storuman mine permit application.
Fluorspar concentrate finer than typical market specification.

Continued momentum in fluorspar project development.
Secured £1 million in fundraising despite challenging market conditions.
Engaged with key end-users to discuss technical requirements for Storuman fluorspar concentrate.
Scoping detailed work program to optimize recovery and grind size of Storuman fluorspar concentrate.

Frameworks Used: JORC Code 2012