Conversion of Loan Notes

Tertiary Minerals PLC
15 May 2006



                            www.tertiaryminerals.com

                                                                     15 May 2006


                            Conversion of Loan Notes

Tertiary Minerals plc ('the Company') announces that Al Nahla Trading &
Contracting Co. ('Al Nahla'), a member of the Saudi consortium funding
preliminary and bankable feasibility studies for development of the Company's
world-class Ghurayyah tantalum-niobium-zircon (yttrium-uranium) project in Saudi
Arabia, has also elected to convert its entire holding of $US425,000 nominal of
convertible loan notes into ordinary shares in the Company.

Under the terms of the convertible loan notes, conversion will take place at 15p
per share. Accordingly, Al Nahla will be issued with 1,503,095 new ordinary
shares in the Company. This follows the conversion, announced on 27 April, of
convertible loan notes held by A.H.Algosaibi & Bros. Co. and consequently all
convertible loan notes previously issued have now been converted. As a result of
conversion Al Nahla's interest will increase from 4.7% to 7.3% of the enlarged
issued share capital of the Company.

Application will be made for the new ordinary shares to be admitted to trading
on AIM and dealings in these shares are expected to commence at 8.00 a.m. on
Thursday 18 May 2006.

Further information please contact:
Patrick Cheetham, Tertiary Minerals plc. Tel: [phone]. Mob: +44 (0)
7767-458751

John Greenhalgh/Ron Marshman, City of London PR Ltd. Tel: +44 ( 0)20-7628-5518




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