7 March 2025
Tertiary Minerals
plc
("Tertiary" or the "Company")
Results of Annual General
Meeting
Tertiary Minerals plc (LON: TYM) is
pleased to provide the following information in respect of voting
at its Annual General Meeting ("AGM") held on 6 March
2025.
Table of Proxies received - all
appointing the Chairman as Proxy:
|
1.
Ordinary Resolution: To receive the Accounts and Reports of
the Directors and of the Auditors
|
|
Votes For
|
% of votes
cast
|
Against
|
% of votes
cast
|
At Chairman's
Discretion
|
% of votes
cast
|
No.
Withheld
|
|
695,036,272
|
95.60
|
32,002,298
|
4.40
|
0
|
0
|
84,224
|
|
2.
Ordinary Resolution: To elect Dr M G Armitage as a
director
|
|
Votes For
|
% of votes
cast
|
Against
|
% of votes
cast
|
At Chairman's
discretion
|
% of votes
cast
|
No.
Withheld
|
|
688,448,667
|
94.75
|
38,175,266
|
5.25
|
0
|
0
|
498,861
|
|
3.
Ordinary Resolution: To reappoint Crowe U.K. LLP as Auditor
of the Company
|
|
Votes For
|
% of votes
cast
|
Against
|
% of votes
cast
|
At Chairman's
discretion
|
% of votes
cast
|
No.
Withheld
|
|
672,127,184
|
95.09
|
34,671,969
|
4.91
|
0
|
0
|
20,323,641
|
|
4.
Ordinary Resolution: To authorise the directors to allot
shares
|
|
Votes For
|
% of votes
cast
|
Against
|
% of votes
cast
|
At Chairman's
discretion
|
% of votes
cast
|
No.
Withheld
|
|
561,150,436
|
79.36
|
145,937,636
|
20.64
|
0
|
0
|
20,034,722
|
|
5.
Special Resolution: To approve dis-application of pre-emption
rights
|
|
Votes For
|
% of votes
cast
|
Against
|
% of votes
cast
|
At Chairman's
discretion
|
% of votes
cast
|
No.
Withheld
|
|
535,945,073
|
75.80
|
171,142,999
|
24.20
|
0
|
0
|
20,034,722
|
N.B. Votes
withheld are not counted as they are not a vote in law.
All resolutions were passed
unanimously on a show of hands.
The Company's Corporate Governance
statement requires the Company to state any actions to be taken as
a result of resolutions for which votes against have been received
from at least 20 per cent of independent votes.
For so long as the Company is not
income generating on a regular basis, the passing of resolutions 4
and 5 is considered a necessity for the Company to continue as a
going concern and in order to continue to fund its core business of
minerals exploration and development which is high risk, but which
has the potential to add high value when successful.
Resolution 4 is a general shareholder
authority to issue new shares. The Company is unable to issue any
new shares without such a shareholder authority. The authority is,
however, capped and in previous years it is rare that the authority
is used in full.
The Directors will continue to
balance the use of the facility with their duty to ensure that the
Company is able to continue as a going concern and to ensure that
the Company's business can be advanced. It will also continue to
consider opportunities to generate income and offset its own
expenditure through joint ventures arrangements with other
companies. In 2024, over US$2.5 million was spent by third-party
partners on the Company's projects and a high level of partner
expenditure is anticipated in 2025.
Resolution 5 allows the Company to
carry out fundraisings other than through a rights issue to all
shareholders. As with Resolution 4, this is never a popular
resolution, but rights issues can be prohibitively expensive,
particularly for smaller fundraises, and they tend to have a low
level of success when the share price is volatile. Furthermore,
many shareholders hold their shares in broker nominee accounts
which complicates their participation in rights issues.
In the past, the Company has provided
a facility for shareholders to participate in fundraising alongside
and on the same terms as a share placing, through their broker (a
"Broker Option"). However, shareholder take up was
low.
In future, and importantly, provided
sufficient demand is communicated to the Company from shareholders,
the Company will consider incorporating a Broker Option into any
future fundraising.
The Company is keen to maintain an
active dialogue with shareholders to ensure that concerns around
any future fundraising are addressed.
For
more information please contact:
|
Tertiary Minerals plc:
|
|
Patrick Cheetham, Executive
Chairman
|
+44 (0) 1625 838
679
|
|
SP
Angel Corporate Finance LLP - Nominated Adviser and
Broker
|
|
Richard Morrison
|
+44 (0) 203 470
0470
|
|
Jen Clarke
|
|
|
Peterhouse Capital Limited - Joint Broker
|
|
Lucy Williams
|
+ 44 (0) 207 469 0930
|
|
Duncan Vasey
|
|
|
|
| |
Note to Editors
Tertiary Minerals plc (LON: TYM) is
an AIM traded mineral exploration and development company whose
strategic focus is on energy transition and precious metals. The
Company's portfolio of projects are located in stable and
democratic, geologically prospective, mining-friendly
jurisdictions. Tertiary's principal activities are the discovery
and development of copper, gold and silver resources in Nevada and
in Zambia.
