Final Results

Tertiary Minerals PLC
1 December 2000



                            Tertiary Minerals plc

                             Preliminary results



Chairman's Statement

I have pleasure in presenting the Preliminary Results for the fourteen month
period ended 30 September 2000.

The period has been one of transition and expansion. The foundations of your
Company were laid five years ago when its subsidiary, Tertiary Gold Limited,
was established to explore for metals in Scandinavia. The incorporation of
Tertiary Minerals plc in August 1999 and its subsequent merger with Tertiary
Gold were initiated by Tertiary Gold to 'convert' to a public company, to seek
a share trading facility for its shareholders and to position the Company for
further growth. This culminated in the admission of Tertiary Minerals to
trading on the Alternative Investment Market (AIM) in November 1999 with
admission costs of less than £87,000; costs which are amongst the lowest in
recent record.

The Company's strategy is to acquire mineral exploration projects at low cost
and with 100% ownership if possible, to add value to the projects through
cost-effective exploration and ultimately to participate in the financial
success of this exploration either through the sale or joint venture of
projects. To date this strategy has been funded through the issue of 11.9
million shares raising a total of £1.2 million of which over £0.7 million
remains in hand at the date of this report.

Since listing, the number of exploration projects in which your Company is
involved has been increased from 6 to 11 and spread geographically to include
projects in both Sweden and Finland. We have conducted exploration work on
eight separate projects. Drilling activity has focused on the Windfall
zinc-silver project in south central Sweden where exploration during the
summer has extended the known mineralisation, led to significant advances in
the understanding of its geology and defined additional targets which will be
drill tested during the coming winter.

During the year there were some significant changes in commodity prices. The
gold price has recently declined although other commodities such as the
platinum group metals ('PGM's') and tantalum have seen significant price
increases. In the case of the PGM's this is contributed to by increased demand
in combination with tight Russian supply. Tantalum on the other hand, is a
rare metal with an increasing market for use in mobile 'phones and other
electronic applications. Whilst future commodity prices are difficult to
predict, the Company has taken the prudent step of diversifying its
exploration portfolio to include these commodities.

Our exploration efforts for tantalum are focused in Finland where we have
rights over two identified tantalum bearing deposits at Rosendal and
Viitaniemi, the latter of which is now being drill tested. We have two PGM
projects in Sweden, Kukkola and Flinten, and will shortly be drilling at
Kukkola to test a significant geophysical anomaly. We also have an active
programme to generate new PGM projects.

A number of our grass roots exploration projects have also advanced,
especially the Juniper Ridge project where drilling is now scheduled to test a
strong copper-gold geochemical anomaly found at the Enasen prospect during the
summer.

Your Board has taken the initiative to improve on the minimum reporting
requirements of AIM. In addition to reporting significant results as they are
received, your Company reports more detailed information on a quarterly basis.
All relevant reports, press releases and Company information is available on
the Company's website at www.tertiaryminerals.com.

It remains for me to thank all those current and past Directors and all of the
Company's advisers, staff and consultants who have contributed to the success
of the Company to date. In particular I wish to thank former Director Karen
Cheetham for her contribution to the development of the Company from 1986
until its admission to AIM.

Your Company is now well positioned for further growth with a strong and
diversified exploration portfolio and the Board and management skills required
to capitalise on this to the benefit of all shareholders.

I look forward to reporting further progress over the coming year.



Patrick L. Cheetham

Executive Chairman           Dated: 1 December 2000

Tertiary Minerals plc
Consolidated profit and loss account
for the period ended 30 September 2000
                                                           Fourteen months
                                                        to 30 September 2000
                                                                  £

Administrative expenses                                               (150,516)
Exploration costs written off                                          (38,971)

Operating loss                                                        (189,487)

Other operating income                                                   16,887

Loss on ordinary activities before taxation                           (172,600)

Taxation                                                                      -

Loss for the financial period                                         (172,600)

Loss per share - basic (pence)                                            (1.2)




Consolidated balance sheet
at 30 September 2000                                            As at
                                                          30 September 2000
                                                           £            £

Fixed Assets
Intangible assets                                                       347,981
Tangible assets                                                           6,583
                                                                        354,564

Current Assets
Debtors                                                    14,784
Cash at bank and in hand                                  756,743
                                                          771,527

Creditors - Amounts falling due within one year            39,969

Net current assets                                                      731,558

Total assets less current liabilities                                 1,086,122


Capital and Reserves
Called up share capital                                                 210,300
Share premium                                                           917,326
Merger reserve                                                          131,096
Profit and loss account                                               (172,600)

Shareholders' funds                                                   1,086,122






Consolidated cash flow statement
for the period ended 30 September 2000
                                                           Fourteen months
                                                         to 30 September 2000
                                                                  £

Net cash outflow from operating activities                            (168,357)

Return on investments and servicing of finance                           16,887

Capital expenditure and financial investment                          (143,729)

Acquisition and disposals                                                18,108

Equity dividends paid                                                         -

Net cash outflow before financing                                     (277,091)

Financing                                                             1,033,834

Increase in cash in the period                                          756,743

Notes to the Preliminary Announcement

1 Publication of Non-Statutory Accounts

The financial Information set out in this preliminary announcement does not
constitute the Company's Statutory Accounts for the period ended 30 September
2000 but is derived from those accounts. Statutory Accounts will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.
The auditors have reported on those accounts; their report was unqualified and
did not contain a statement under section 237 of the Companies Act 1985.



2 Accounting policies

The following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the Company's financial
statements.

Basis of preparation

The financial statements have been prepared in accordance with applicable
accounting standards and under the historical cost accounting rules modified to
include the revaluation of certain assets.

Basis of consolidation

The Group financial statements consolidate the financial statements of Tertiary
Minerals plc and its subsidiary undertaking using the acquisition method.

The results of subsidiaries acquired or sold during the year are consolidated
from or to the date on which effective control passes.

In accordance with section 230 (4) of the Companies Act 1985, Tertiary Minerals
plc is exempt from the requirement to present its own profit and loss account.
The amount of the loss for the financial year recorded within the financial
statements of Tertiary Minerals plc is (£81,883). A statement of total
recognised gains or losses has not been prepared as all recognised gains or
losses are included in the above result.



Intangible fixed assets - Exploration and development
Accumulated costs incurred in relation to separate areas of interest (which may
comprise more than one exploration licence or exploration licence applications)
are capitalised and carried forward where:

a) development and exploitation of the area, or alternatively by its sale; or
b) exploration and/or evaluation activities in the area have not yet reached a
stage which permits a reasonable assessment of the existence or otherwise of
economically recoverable reserves, and active and significant operations in, or
in relation to the areas are continuing.

Accumulated costs in respect of areas of interest, which have been abandoned,
are written off to the profit and loss account in the year in which the area is
abandoned.

Costs in respect of reconnaissance exploration (where the company has no
licences or licence applications) are written off to the profit and loss
account in the year in which the reconnaissance exploration took place.

Exploration and development costs are carried at the lower of cost and expected
net realisable value.

Tangible fixed assets and depreciation

Depreciation is provided by the Group to write off the cost or valuation less
the estimated residual value of tangible fixed assets over their estimated
useful economic lives as follows:

Office equipment - 25% per annum
Computer equipment - 33% per annum

Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange
ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated using the rate of exchange
ruling at the balance sheet date and the gains or losses on translation are
included in the profit and loss account.

For consolidation purposes, the assets and liabilities and the profit and loss
accounts of overseas subsidiary undertakings and associated undertakings are
translated at the closing exchange rates. Exchange differences arising on these
translations are taken to reserves, net of exchange differences arising on
related foreign currency borrowings.

Leases

Rentals applicable to operating leases where substantially all the benefits and
risks of ownership remain with the lessor are charged to the profit and loss
account on a straight line basis.

Taxation

The charge for taxation is based on the result for the year and takes into
account taxation deferred because of timing differences between the treatment
of certain items for taxation and accounting purposes. Provision is made for
deferred tax only to the extent that it is probable that an actual liability
will crystallise in the foreseeable future.

Cash

Cash, for the purpose of the cash flow statement, comprises cash in hand and
deposits repayable on demand, less overdrafts payable on demand.

3 Segmental analysis

The table below sets out operating loss and net assets for each geographic area
of operation by origin.
                                                            Fourteen months

                                                         to 30 September 2000
                                                         Operating          Net
                                                              Loss       Assets
                                                             £          £

United Kingdom                                             156,813      994,038
Overseas                                                    15,787       92,084

                                                           172,600    1,086,122

In the opinion of the directors, the Group's activities represent one class of
business.
A split of overseas segmental information is not considered to be meaningful by
the directors.

4 Taxation                                                           Fourteen
                                                                      months
                                                                      To 30
                                                                    September
                                                                       2000
                                                                        £

UK corporation tax at 30% on the result for the year on                Nil
ordinary activities

5 Loss per share

Loss per share has been calculated on the loss and the weighted average number
of shares in issue during the period.
                                                                     Fourteen
                                                                      months
                                                                      To 30
                                                                    September
                                                                       2000

Loss for the period (£)                                               (172,600)
Weighted average shares in issue                                     14,993,910
Basic loss per share (p)                                                  (1.2)

The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purposes of calculating the diluted earnings per
ordinary share are identical to those used for the basic earnings per ordinary
share. This is because the exercise of share warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of FRS 14.

6 Reconciliation of operating loss to net cash outflow
from operating activities
                                                                     Fourteen
                                                                      months
                                                                      To 30
                                                                    September
                                                                       2000
                                                                        £
Operating loss                                                        (189,487)
Depreciation charge                                                       3,012
Increase in debtors                                                    (12,684)
Increase in creditors                                                    30,802

Net cash outflow from operating activities                            (168,357)