Final Results

Tertiary Minerals PLC
3 January 2002



                            Tertiary Minerals plc

Preliminary Announcement of audited Financial statements for the year ended 30
September 2001

Tertiary Minerals plc - Chairman's Statement - Year ended 30th September 2001

I have pleasure in presenting the Group's preliminary results for its first
full year as a public company trading on the Alternative Investment Market of
the London Stock Exchange.

Until exploration activities result in cash flow from the development of
mining operations losses are to be expected. The loss for the year ended 30
September 2001 was £305,086 after interest of £24,374, administration expenses
of £219,220 and £110,240 written off for expenditure on abandoned exploration
projects.

The year under review has been characterised by depressed prices across a
range of metals. The metals on which the Company is particularly focused,
tantalum and platinum group metals ('PGMs'), have also shown evidence of
weaker demand due to the recent economic slowdown but the Company believes
that the market for these metals, predominantly in high-technology
applications, will continue to grow at above average rates in the future.

Earlier in the year the Company set out a two-fold strategy for involvement in
the tantalum business. The Company is looking to fast track the development of
its Rosendal project in Finland, a modest sized deposit capable of near term
production without significantly affecting world markets. At the same time, in
response to the exceptional growth in the tantalum market over the past 10
years, we are seeking a world-class deposit capable of supplying large amounts
of tantalum to the market within a 3-5 year time horizon when substantial
supply deficits have been forecast.

This strategy has progressed substantially during the year with the completion
of preliminary metallurgical testwork on samples from Rosendal and the start
of economic scoping studies. Lakefield Research, an independent metallurgical
laboratory based in Canada, has concluded that tantalum can be readily
extracted from the Rosendal ore into high-grade tantalum concentrates with
satisfactory recoveries, not only for tantalum, but also for the associated
valuable industrial minerals feldspar and quartz. With this encouragement, an
economic scoping study for development of the Rosendal deposit has been
commissioned with the Geological Survey of Finland. The results of this study
are expected shortly.

The Company's PGM exploration efforts have also progressed during the year
with a number of exciting finds on the Finnmark project in Norway including
the discovery of economically significant PGM mineralisation in association
with low grade copper-nickel found over a 2.5km strike length on the
Gallujavre prospect. Follow up work is planned as a high priority.

Whilst the Company has a particular focus on tantalum and PGMs, various
exploration programmes have been carried out on a number of base-metal and
gold projects in line with the Company's underlying strategy to diversify
risk. Further details of these projects will be given in the Company's 2001
Annual Report.

I hope you will enjoy keeping up with the Company's activities as we enter a
further exciting period in the development of the Company.

Patrick L. Cheetham          3 January 2002

Executive Chairman

Tertiary Minerals plc

Consolidated Profit and Loss Account

For the year ended 30th September 2001

                                                     14 months to 30 September
                                                               2000
                                             2001
                                              £                  £

Exploration costs written off              110,240            38,971
Administrative expenses                    219,220            150,516

Operating loss                             (329,460)          (189,487)
Interest receivable                        24,374             16,887

Loss on ordinary activities before         (305,086)          (172,600)
taxation
Tax on profit on ordinary activities          -                  -

Loss for the financial year                (305,086)          (172,600)

Loss per share - basic (pence)             (1.4)              (1.2)


All amounts relate to continuing activities.



Tertiary Minerals plc

Consolidated Balance Sheet

as at 30th September 2001

                                                              2001      2000
                                                                £         £
Fixed assets
Intangible assets                                           570,091   347,981
Tangible assets                                             13,057    6,583
Investments                                                 -         -

                                                            583,148   354,564
Current assets
Debtors                                                     38,315    14,784
Cash at bank and in hand                                    293,735   756,743

                                                            332,050   771,527
Creditors: amounts falling due within one year              63,453    39,969

Net current assets                                          268,597   731,558

Total assets less current liabilities                       851,745   1,086,122

Capital and reserves
Called up share capital                                     219,946   210,300
Share premium account                                       998,380   917,326
Merger reserve                                              131,096   131,096
Profit and loss account                                     (497,677) (172,600)

Shareholders funds                                          851,745   1,086,122




Tertiary Minerals plc

Consolidated Cash Flow Statement

For the year ended 30th September 2001
                                                           14 months to 30
                                                              September
                                                     2001
                                                                2000
                                                      £          £
Net cash outflow from operating activities        (220,172)   (164,660)

Returns on investment and servicing of
finance
Interest received                                 24,374      16,887

Net cash inflow from returns on investments       24,374      16,887
and servicing of finance

Capital expenditure and financial investment
Purchase of intangible fixed assets               (342,116)   (137,831)
Purchase of tangible fixed assets                 (12,017)    (9,595)

Net cash outflow from capital expenditure and     (354,133)   (147,426)
financial investment

Acquisitions and disposals
Cash acquired on acquisition of subsidiary        -           18,108

Financing
Issue of share capital (net of expenses)          90,700      1,033,834

Exchange differences                              (3,777)      -

Net cash inflow from financing                    86,923      1,033,834

(Decrease)/increase in cash                       (463,008)   756,743


Notes:

 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 2001 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 undertakings 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 £111,871 (2000
    (14 months): £66,284).

    Depreciation

    Depreciation is provided by the Group on all tangible fixed assets, at
    rates calculated to write off the cost or valuation, less estimated
    residual value, of each asset evenly over its expected useful life, as
    follows:

    Fixtures and fittings          25% - 33% per annum

    Intangible 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) such costs are expected to be recouped through successful development
    and exploration 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 Group 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.

    Deferred taxation

    Deferred taxation is provided using, where applicable, the liability
    method on all timing differences which are expected to reverse in the
    future without being replaced, calculated at the rate at which it is
    estimated that taxation will be payable. On this basis no provision has
    been made.

    Foreign currencies

    Monetary assets and liabilities denominated in foreign currencies are
    translated at the rate of exchange ruling at the balance sheet date.

    Transactions in foreign currencies are recorded at the rate ruling at the
    date of the transaction. All differences are taken to 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.

    Leasing and hire purchase commitments

    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

3.     Segmental analysis   Operating loss Net assets Operating loss    Net

                                                                      Assets
                               2001         2001         2000          2000
                                £            £            £             £
United Kingdom              111,849        946,380    66,306         967,528
Overseas                    193,237        (94,635)   106,294        118,594

                            305,086        851,745    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.     Reconciliation of operating loss to net cash outflow from operating
activities

                                                       Fourteen months to 30
                                                             September

                                                                2000
                                             2001
                                               £                 £
Operating loss                             (329,460)         (189,487)
Depreciation and loss on disposal of       5,544             3,012
fixed assets
Intangible fixed assets written off        103,791           3,697
Increase in debtors                        (23,531)          (12,684)
Increase in creditors                      23,484            30,802

Net cash outflow from operating            (220,172)         (164,660)
activities

5.     Share capital
                                       2001       2001       2000       2000

                                        No.         £         No.         £
Authorised
Ordinary shares of 1p each          150,000,000 1,500,000 150,000,000 1,500,000



                                    150,000,000 1,500,000 150,000,000 1,500,000

Allotted, called up and fully paid
Ordinary shares of 1p each          21,994,674  219,946   21,030,006  210,300

                                    21,994,674  219,946   21,030,006  210,300


During the year the following share issues took place.


        312,500 8 pence warrants converted to 1 pence ordinary shares for
        total consideration of £25,000

        628,000 10 pence warrants converted to 1 pence ordinary shares for
        total consideration of £62,800

        24,168 12 pence warrants converted to 1 pence ordinary shares for
        total consideration of £2,900

All shares rank pari pasu and are all 1 pence ordinary shares.

Warrants are issued for nil consideration and are exercisable as disclosed in
note 6. Warrants are exchangeable on a one for one basis for each ordinary
share of 1 pence at the exercise price on the date of conversion.

6.     Warrants granted

Unexercised warrants Issue dates Exercise price     Number        Dates

                     07/10/99    10p                623,326       2000/2001

                                 12p                              2001/2002
                     18/11/99    10p                5,952,000     2000/2001

                                 12p                              2001/2002
                     18/11/99    8p                 200,000       1999/2002
                     07/10/99    12p                2,000,000     1999/2002
                     18/11/99    12p                4,967,500     1999/2002

7.     Annual Report

The Company's 2001 Annual Report will be published and sent to shareholders in
due course and copies will be available to the public, free of charge, from
the registered office of the Company at Sunrise House, Hulley Road,
Macclesfield, Cheshire SK10 2LP.