Tertiary Minerals (TYM) AI Stock Analysis

• Market Cap: £5.15M
• Dividend Yield: N/A
• Average Volume (3M): 72.18M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.00
• Revenue Growth: 1.77%
• EPS Growth: 33.33%
• Country: UK
• Employees: 5
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 5,154,356,000
• 10 Day Avg. Volume: 42,642,776
• 30 Day Avg. Volume: 72,183,738
• PEG Ratio: 0.06
• Price to Book (P/B): 1.26
• Price to Sales (P/S): 8.54
• P/FCF Ratio: -3.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: 0.10p ▲(23.75% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held down primarily by weak financial performance—persistent losses and ongoing cash burn—despite the mitigating positive of a debt-free balance sheet. Technicals are mixed (improving longer-term trend but weak near-term momentum), and valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Debt-free balance sheet

A zero-debt position materially reduces default and interest-rate risk for an exploration company, preserving flexibility to fund projects via equity or earn-in deals. Over 2–6 months this structural conservatism supports survival through exploration cycles and improves bargaining power with partners.

Lean operating structure

A very small headcount implies low fixed overhead and operational agility, lowering the cash burn rate relative to peers. For an early-stage explorer, this structural cost discipline extends runway, allowing management to prioritize capital toward high-impact field programs or strategic optioning.

Top-line rebound

Reported revenue growth indicates improving commercial traction or asset monetization versus the prior year. While revenue is small, a sustainable upward trend supports the case that projects or offtake activity can scale, easing reliance on financing and creating a pathway to improved operating leverage over coming quarters.

Negative Factors

Persistent operating losses

Consistent annual operating and net losses are a durable weakness: they erode equity, limit reinvestment capacity, and signal that core activities are not yet self-sustaining. Over months this sustained unprofitability increases pressure to raise capital and elevates execution risk for exploration programs.

Chronic negative cash flow

Ongoing negative operating and free cash flows indicate the business consumes cash rather than generating it. This structural cash burn forces recurrent fundraising or asset sales, which can dilute shareholders and constrain long-term project development, particularly if markets tighten or commodity cycles worsen.

Very small, volatile revenues

Tiny and inconsistent revenues limit ability to build scale or absorb fixed costs, reducing margin sustainability and operational resilience. For an explorer, this means profitability depends on uncertain project milestones or one-off transactions, increasing long-term outcome variability and investor reliance on future successes.

Tertiary Minerals Business Overview & Revenue Model

Company Description

Tertiary Minerals plc, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral deposits. The company engages in the development of a multi-commodity project portfolio, including precious metals, base metals, and industrial minerals. It owns interests in the Storuman fluorspar project located in north central Sweden; the Lassedalen fluorspar project located in the south-west of Oslo, Norway; the Pyramid gold project located in the northwest of Reno, Nevada; the Paymaster polymetallic project that includes claims covering an area of 390 acres located in southwest of Tonopah, Nevada; and the Kaaresselkä and Kiekerömaa gold projects located in Finland. The company also holds interests in the Rosendal tantalum project located in south-west Finland; the Lucky copper prospect consisting of 13 claims located in north-east Nevada; and the Mt Tobin prospect comprising claims located to the south of Winnemucca in north central Nevada. Tertiary Minerals plc was incorporated in 1999 and is headquartered in Macclesfield, the United Kingdom.

How the Company Makes Money

Tertiary Minerals makes money through the exploration and development of its mineral projects, aiming to sell or partner with other companies for the extraction and commercialization of these minerals. The company generates revenue by advancing its projects to a stage where they can be sold or joint ventured with larger mining companies, who then undertake the actual mining. Additionally, Tertiary Minerals may earn income from royalties or profit-sharing agreements from these partnerships. The company's earnings are also influenced by its ability to secure and maintain strategic partnerships and investments, which support its exploration activities and project development.

Tertiary Minerals Financial Statement Overview

Summary

Debt-free balance sheet reduces financial risk, but this is outweighed by persistent losses (negative EBIT and net income every year) and consistently negative operating/free cash flow, indicating ongoing cash burn and potential future dilution risk.

Income Statement

Revenue is very small and has been volatile, with a rebound in 2025 after a decline in 2024. Despite strong reported gross profit margins in prior years, the company is consistently loss-making: EBIT and net income are negative every year from 2021–2025, with net losses roughly 3–7x revenue in most years (and a notably worse year in 2020/2022). Overall, the trajectory shows limited operating leverage and persistent profitability pressure.

Balance Sheet

The balance sheet is conservatively levered: total debt is 0 in 2021–2025 (after debt in 2020), which reduces financial risk. However, equity has swung materially (notably lower in 2023 before recovering), and returns on equity are consistently negative, reflecting ongoing losses that can continue to erode the capital base over time.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative across all periods shown, indicating the business is consuming cash rather than producing it. While free cash flow improved in some years (e.g., 2023 and 2025 versus prior years), the overall pattern remains persistently cash-negative, which can increase reliance on future fundraising or asset sales if this continues.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	200.57K	162.66K	181.43K	171.05K	165.06K
Gross Profit	197.76K	160.36K	179.64K	171.05K	165.06K
EBITDA	-581.36K	-548.85K	-429.17K	-474.81K	-392.15K
Net Income	-583.92K	-550.93K	-541.34K	-1.18M	-406.96K
Balance Sheet
Total Assets	1.54M	1.73M	876.43K	901.54K	1.36M
Cash, Cash Equivalents and Short-Term Investments	70.80K	775.75K	121.81K	59.41K	472.73K
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	189.60K	149.49K	81.33K	96.09K	92.84K
Stockholders Equity	1.35M	1.58M	795.10K	805.45K	1.27M
Cash Flow
Free Cash Flow	-566.95K	-714.35K	-660.28K	-1.04M	-593.11K
Operating Cash Flow	-565.96K	-427.13K	-419.52K	-474.39K	-355.79K
Investing Cash Flow	-500.48K	-287.00K	-82.84K	-561.40K	-237.28K
Financing Cash Flow	385.18K	1.33M	542.00K	570.00K	441.25K

Tertiary Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TYM, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.08, and above the 200-day MA of 0.05, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.30 is Neutral, neither overbought nor oversold. The STOCH value of 78.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:TYM.

Tertiary Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TYM	48 Neutral	£5.15M	-10.00	-44.38%	―	1.77%	33.33%
SRES	47 Neutral	£2.54M	-3.20	-37.00%	―	―	-100.00%
ALBA	43 Neutral	£4.07M	-0.50	-44.29%	―	―	―
THR	43 Neutral	£5.82M	-0.63	-66.28%	―	―	4.26%
TM1	32 Underperform	£2.51M	-0.32	―	―	―	17.65%

Tertiary Minerals Corporate Events

Tertiary Minerals Publishes 2025 Annual Report and Sets Date for 2026 AGM

Tertiary Minerals plc has published its Annual Report for the year ended 30 September 2025, along with the notice of its 2026 Annual General Meeting, on its website for shareholder access. Registered shareholders are being notified by letter or email, and proxy voting for the AGM, scheduled for 19 March 2025 at Mottram Hall in Cheshire, is now open with instructions detailed in the online Annual Report.

The announcement primarily serves to inform investors of the availability of key corporate documents and outline the timetable and process for participating in the upcoming AGM. This ensures shareholders have the necessary information to exercise their governance rights, review the company’s performance over the past financial year, and engage in decision-making on corporate matters at the meeting.

Tertiary Minerals Highlights Zambian Copper-Silver Discovery in 2025 Annual Results

Tertiary Minerals has reported its 2025 annual results alongside a strategic update that highlights a promising copper-silver-zinc discovery at the Mushima North project in Zambia, where shallow drilling has outlined a 450m by 400m mineralised footprint that remains open and is being advanced toward a JORC-compliant Exploration Target and potential Mineral Resource later in 2026. The company is also progressing deep exploration at the Konkola West copper project with KoBold, evaluating further work at the Mukai copper project with First Quantum, advancing a potential epithermal/porphyry target at Brunton Pass in Nevada, appealing a key fluorspar concession decision in Sweden, and strengthening its leadership and funding base through the appointment of a new managing director and a series of equity and convertible loan financings.

Tertiary Minerals Hits Record Silver-Copper Grades at Mushima North

Laboratory assays from Phase 3 drilling at Mushima North’s Target A1 delivered Tertiary’s highest-grade silver-copper intersection to date—97m at 85 g/t silver equivalent from near surface—plus the strongest copper interval yet at 13m grading 1.46% Cu, extending the mineralised footprint to 450m by 400m and pushing mineralisation depth to 103m while remaining open in multiple directions. The results bolster the company’s bulk-tonnage open-pit concept, feed into a JORC Exploration Target due within weeks, and set the foundation for dry-season drilling aimed at a maiden resource by end-2026, underscoring Mushima North’s growing strategic importance for Tertiary and its shareholders.

Tertiary Minerals Announces Leadership Transition

Tertiary Minerals plc announced a significant board change with Patrick Cheetham, the founder and Executive Chairman, transitioning to the role of Non-Executive Chairman effective from January 1, 2026. This change follows the appointment of Dr. Richard Belcher as Managing Director in March 2025 and is part of the company’s ongoing development strategy. The company remains committed to advancing its exploration portfolio, which includes a recent silver-copper-zinc discovery in Zambia, and continues to focus on growth in the energy transition metals sector.

Tertiary Minerals Advances Exploration at Mushima North Project

Tertiary Minerals plc has commenced work to produce a JORC-compliant Exploration Target for its silver-copper-zinc prospect, Target A1, at the Mushima North Project in Zambia. The Exploration Target, expected to be finalized in Q1 2026, will provide insights into the exploration potential and guide future drilling plans. This development is significant for Tertiary’s operations as it aims to produce a maiden mineral resource estimate by Q4 2026, enhancing its industry positioning and offering potential benefits to stakeholders.