Final Results

Tertiary Minerals PLC
16 December 2005


                              TERTIARY MINERALS PLC                                       
                                                       
               FINAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005
                                        
                                        
Chairman's Statement

During 2005 your Company's efforts to enhance shareholder value were rewarded
with the recent announcement of a US$7 million funding agreement with a Saudi
Consortium for the completion of feasibility studies at our Ghurayyah
tantalum-niobium project.

Ghurayyah Project Funding

This agreement demonstrates the underlying value of Ghurayyah and it is a
significant milestone in the development of this major project. The financing
included a placing of shares at a significant premium to the then share price
and allows the Company to retain a 50% interest in the project. It is hoped
that, at the development stage, when bank financing is sought, the favourable
local financing environment could reduce Tertiary's equity requirement to just
over 6% of the overall $US100 million capital cost that was estimated for the
project in the 2003 Scoping Study.

The agreement to fund Ghurayyah comes at a time when the tantalum market has
substantially recovered from the volatility of the year 2000 'electronics
bubble'. Demand has returned to 1999 levels and is believed to be growing at
rates in excess of 5%. On the supply side, concerns remain over future raw
material supplies. The US Defence Logistics stockpile is expected to be depleted
in the near future and the world's leading supplier of tantalum, Sons of Gwalia,
remains in administration.

Sunrise Diamonds plc

Another notable achievement during the year was the re-organisation of the
Company's diamond interests into a separate company, Sunrise Diamonds plc 
('Sunrise'), which was admitted to trading on AIM in June 2005.

This was achieved through an entitlement issue of shares to all Tertiary
shareholders and those who took advantage of this opportunity have seen their
Sunrise shares continuing to trade at a premium to their subscription price.
Sunrise has built on Tertiary's initial work with the announcement of further
kimberlite discoveries, one of which contains micro-diamonds. With a direct 26%
equity interest, Tertiary remains the largest shareholder in Sunrise whose
exploration portfolio has recently been enhanced by the acquisition of BHP
Billiton's Finland diamond exploration database, estimated to have a replacement
value of over US$10 million.

Exploration Projects

Turning to our other projects, it was pleasing to report further positive gold
drill-intersections on the Vanha lode at our Kaaresselka gold project in
Finland where further follow up exploration is warranted. Exploration on the
Nottrask nickel project in Sweden, and the Pitkajarvi gold-copper project
in Finland yielded less favourable results and these projects have now been
relinquished.

Drilling of a large iron-oxide related copper-cobalt-gold mineralised system at
Ahmavuoma in northern Sweden was deferred in 2005 but is budgeted for 2006.

Annual Results

The Group reported a loss of £415,803 for the year (2004: £861,081).

In Conclusion

The Company's management has been working hard to advance the Company's major
projects during the year. These efforts have culminated in the listing of
Sunrise Diamonds and the recent announcement of value-adding agreements on
Ghurayyah (and, in Sunrise Diamonds, with BHP-Billiton) and I am pleased to see
a turnaround in the Company's share price. We look forward to working with our
new partners to bring Ghurayyah to production and to building on the Company's
firm foundations.



Patrick L. Cheetham
Executive Chairman
15 December 2005
 

Further Information:
Patrick Cheetham, Tertiary Minerals Plc. Tel: [phone].
Ron Marshman/John Greenhalgh, City of London PR Ltd. Tel: [phone]

Web-site: www.tertiaryminerals.com



Consolidated Profit and Loss Account
for the year ended 30th September 2005

                                                                         2005        2004
                                                                            £           £

Exploration costs written off                                         294,088     636,714
Administrative expenses                                               310,269     245,030
                                                                    _________    ________

Operating loss                                                      (604,357)   (881,744)

Share of loss of associate                                           (44,892)           -

Profit on disposal of intangible asset                                 75,100           -

Profit on sale of interest in subsidiary                              134,371           -

Interest receivable                                                    22,579      20,663

Share of interest receivable of associate                               1,396           -

Loss on ordinary activities before taxation                         (415,803)   (861,081)
                                                                     _______     _______

Tax on profit on ordinary activities                                        -           -

Loss for the financial year                                         (415,803)   (861,081)
                                                                     =======     =======

Loss per share - basic (pence)                                         (0.93)      (2.30)
                                                                        ====        ====
All amounts relate to continuing activities.



Balance Sheets
for the year ended 30th September 2005

                                                    Group       Group    Company    Company
                                                     2005        2004       2005       2004
                                                        £           £          £          £
Fixed assets
Intangible assets                                 943,219     959,260          -          -
Tangible assets                                     5,676       5,036          -          -
Investment in subsidiary                                -           -    224,889    224,889
Investment in associate                                 -           -    150,000          -
Share of net assets of associate                  157,350           -          -          -
                                                _________     _______    _______    _______

                                                1,106,245     964,296    374,889    224,889
                                                =========     =======    =======    =======

Current assets

Debtors                                            65,705      70,583  2,334,206  2,051,199
Cash at bank and in hand                          435,969     557,666    424,940    554,239
                                                  _______     _______  _________  _________
                                        
                                                  501,674     628,249  2,759,146  2,605,438

Creditors: amounts falling due within              37,916      62,448     25,074     26,584
one year                                          _______     _______  _________  _________

Net current assets                                463,758     565,801  2,734,072  2,578,854
                                                  _______     _______  _________  _________

Total assets less current liabilities           1,570,003   1,530,097  3,108,961  2,803,743
                                                =========   =========  =========  =========

Capital and reserves

Called up share capital                           464,210     404,210    464,210    404,210
Share premium account                           3,376,862   2,961,665  3,376,862  2,961,665
Merger reserve                                    131,096     131,096    131,096    131,096
Profit and loss account                       (2,402,165) (1,966,874)  (863,207)  (693,228)
                                               _________   _________    ________  _________

Shareholders funds                              1,570,003   1,530,097  3,108,961  2,803,743
                                               ==========  ==========  =========  =========




Consolidated Cash Flow Statement
for the year ended 30th September 2005
                                                                 2005              2004
                                                                    £                 £

Net cash outflow from operating activities                  (303,749)         (289,450)

Returns on investment and servicing of finance

Interest received                                              19,898            20,663
                                                            _________          ________ 

Net cash outflow from operating activities after            (283,851)         (268,787)
returns on investments and servicing of finance             _________          ________

Capital expenditure and financial investment

Purchase of intangible fixed assets                         (304,658)         (397,630)

Purchase of tangible fixed assets                             (3,675)           (5,021)

Receipts from sale of intangible fixed assets                 150,000                 -
                                                            _________          ________

Net cash outflow from capital expenditure and               (158,333)         (402,651)
financial investment                                        _________          ________

Acquisitions and disposals

Payments to acquire investment in associate                 (150,000)                 -
                                                            ________           ________

Net cash outflow from acquisitions and disposals            (150,000)                 -
                                                            ________           ________  


Financing

Issue of share capital (net of expenses)                      475,197           996,687
Exchange differences                                          (4,710)             4,912
                                                              _______         _________

Net cash inflow from financing                                470,487         1,001,599
                                                             ________         _________

(Decrease)/Increase in cash                                 (121,697)           330,161
                                                             =======          =========


Consolidated Statement of Total Recognised Gains and Losses
for the year ended 30th September 2005

                                                                2005        2004
                                                                   £           £
Statement of total recognised gains and losses

Loss for the financial year                                 (415,803)   (861,081)

Foreign exchange translation differences on foreign          (19,488)     (7,830)
currency net investments in subsidiaries

Total recognised losses since last accounts                 (435,291)   (868,911)
                                                             =======     =======


Notes:

1  Publication of Non-Statutory Accounts

The financial information set out in this announcement does not constitute the
Company's Statutory Accounts for the period ended 30 September 2005 or 2004. The
financial information for 2004 is derived from the Statutory Accounts for 2004,
which have been delivered to the Registrar of Companies. The auditors have
reported on the 2004 and 2005 accounts; their reports were unqualified and did
not contain statements under section 237 of the Companies Act 1985. The
Statutory Accounts for 2005 will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

2. Share capital                               2005        2005        2004        2004
                                                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               46,421,093     464,210  40,421,093     404,210
                                         __________     _______  __________     _______

                                         46,421,093     464,210  40,421,093     404,210
                                         ==========     =======   =========     =======

During the year a placement was made of 6,000,000 new 1 penny ordinary shares
for a total consideration of £480,000.

3. Warrants granted

Unexercised warrants          Issue dates Exercise price         Number   Expiry Dates

                                 10/08/05           6.5p      2,100,000       10/08/08

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

4. Reconciliation of movements in shareholders' funds

                                         Group       Group     Company     Company
                                          2005        2004        2005        2004
                                             £           £           £           £

Loss for the financial year          (415,803)   (861,081)   (169,979)   (170,357)
Exchange differences                  (19,488)     (7,830)           -        (65)
Shares issued during the year net      475,197     996,687     475,197     996,687
of issue costs
                                      ________    ________    ________   _________
Increase in shareholders' funds         39,906     127,776     305,218     826,265
                                      ========    ========    ========   =========

Opening shareholders' funds          1,530,097   1,402,321   2,803,743   1,977,478
                                     =========   =========   =========   =========

Closing shareholders' funds          1,570,003   1,530,097   3,108,961   2,803,743
                                     =========   =========   =========   =========

5. Reconciliation of operating loss to net cash outflow from operating
activities

                                                                   2005        2004
                                                                      £           £
Operating loss                                                (604,357)   (881,744)
Depreciation and loss on disposal of fixed assets                3,035       3,864

Intangible fixed assets written off                            305,921     606,024

Disposal of intangible fixed assets                            (74,900)           -

(Increase)/Decrease in debtors                                    4,878    (42,191)
Increase/(Decrease) in creditors                               (24,532)      24,597
Share of operating loss of subsidiary prior to it becoming       86,206           -
an associate                                                   ________   ________

Net cash outflow from operating                               (303,749)   (289,450)
activities                                                     =======    ========



6. Reconciliation of cash flow to movement in net funds
                                                          Cash at bank        Total
                                                           and in hand
                                                                     £            £
                                                                                  
At 30th September 2005                                         435,969      435,969
At 1 October 2004                                              557,666      557,666
                                                               _______      _______

Decrease in cash in the year                                 (121,697)    (121,697)

Cash outflow from decrease in funds and lease financing                          -

Cash inflow from decrease in liquid resources                                    -
                                                                           ________
Change in net funds resulting from cash flows                              (121,697)

New finance leases                                                                -
                                                                            _______ 
Movement in net funds in the year                                          (121,697)

Net funds at 1 October 2004                                                 557,666
                                                                            _______
Net funds at 30th September 2005                                            435,969
                                                                            =======
7. Post balance sheet event

On 13 December 2005, as a result of agreement reached with two Saudi companies
on the Ghurayyah project, Tertiary Minerals issued 5,000,000 ordinary shares of
one pence each, at a price of 10p per share, to raise £500,000 before expenses.


8. Dividend

No dividend is proposed

9. Annual Report

The Company's 2005 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 or from Tertiary Minerals plc, Sunrise House,
Hulley Road, Macclesfield, Cheshire, SK10 2LP for at least one month from the date
of publication.



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