Final Results

Tertiary Minerals PLC
09 December 2002

                             Tertiary Minerals plc

                          'the Group' or 'the Company'

               Final Results for the year ended 30 September 2002

Tertiary Minerals plc - Chairman's Statement - Year ended 30th September 2002

I have great pleasure in presenting the Group's final results for the year ended
30 September 2002.

The loss associated with the Group's exploration activities for the year ended
30 September 2002 was £273,222 after interest of £9,604, administration expenses
of £266,903 and £15,923 written off for expenditure on abandoned exploration
projects.

This year the Company has made significant progress in its ambitions to become a
producer of tantalum with the acquisition, in January, of the Ghurayyah tantalum
deposit in Saudi Arabia, reportedly the largest single accumulation of tantalum
in the world. Ghurayyah contains an estimated Inferred Mineral Resource of over
380 million tonnes of tantalum, niobium and rare-earth element mineralisation to
a depth of 250m with the probability that substantial additional tonnages of
mineralisation occur below this depth.

The Company has moved quickly to evaluate Ghurayyah and has now completed
resource assessment work and a metallurgical development and testwork programme.
Metallurgical testwork has been successful in defining an extraction and
concentration process to recover tantalum, niobium and the rare-earth elements
from Ghurayyah using industry standard techniques. Testwork results represent a
10-fold improvement in concentrate grade over previous results.

An economic and technical scoping study has now been commissioned to examine the
capital and operating costs for development of Ghurayyah. The deposit is
uniformly mineralised and should be cheap to mine by open-pit methods and could
have a mine-life of several decades. We are pleased that the development
potential of the Ghurayyah project has been recognised by British Offset, a
joint initiative of the British Ministry of Defence and BAE Systems, which is
currently providing financial and other assistance to the project.

It is appropriate in 2002, on the 200th anniversary of the discovery of the
metal tantalum, that Tertiary is also exploring and evaluating a tantalum
deposit in the very place that tantalum was first discovered by Anders Ekberg in
1802 - at Rosendal in Finland. During the year baseline environmental studies
were completed and a preliminary feasibility study initiated on the main
pegmatite dyke. Exploration work beyond this main dyke has found several other
tantalum bearing pegmatites within the Company's claims.

The Company has continued to progress exploration of its platinum group metal
and base metal projects with drill targets defined on a number of projects. The
project portfolio has also been expanded with a recently announced initiative to
explore for iron-oxide copper-gold deposits in Finland - such deposits are
amongst the most sought after in the world today and the Fennoscandinavian
shield is recognised by the major exploration companies as a prime target. The
Company has made a number of strategic ground acquisitions that are now under
evaluation with the objective of bringing in an industry partner.

Whilst your Board considers that its efforts have added value to the Company's
projects, the year in review has seen continuing poor demand in the tantalum
industry, a volatile and uncertain market for equities in general and increased
geo-political risk in the Middle-East, all of which have contributed to a
decline in the Company's share price. Despite this the company remains well
positioned to take advantage of upturns in the market, and is particularly well
placed to take advantage of the forecast upturn in the tantalum market in 2003.

The challenge for the Company is to capitalise on the huge value locked up in
Ghurayyah. The world's largest mining companies have traditionally been built on
the back of single 'giant' metal deposits where large scale production can be
profitably sustained over several tens of years. Your Board believes Ghurayyah
has that potential and we look forward to the challenge.

Patrick L. Cheetham

Executive Chairman                                         6 December 2002



Tertiary Minerals plc

Consolidated Profit and Loss Account

For the year ended 30th September 2002


                                                                                     2002              2001
                                                                                       £                 £

Exploration costs written off                                                             15,923           110,240
Administrative expenses                                                                  266,903           219,220

Operating loss                                                                         (282,826)         (329,460)
Interest receivable                                                                        9,604            24,374

Loss on ordinary activities before taxation                                            (273,222)         (305,086)
Tax on profit on ordinary activities                                                           -                 -

Loss for the financial year                                                            (273,222)         (305,086)

Loss per share - basic (pence)                                                             (1.1)             (1.4)



All amounts relate to continuing activities.



Tertiary Minerals plc

Balance sheets

as at 30th September 2002
                                                                   Group                        Company
                                                            2002           2001           2002           2001
                                                             £              £              £              £
Fixed assets
Intangible assets                                           1,065,724        570,091              -              -
Tangible assets                                                 9,542         13,057            865          3,393
Investments                                                         -              -        224,889        224,889

                                                            1,075,266        583,148        225,754        228,282
Current assets
Debtors                                                        67,772         38,315      1,220,258        682,204
Cash at bank and in hand                                      393,760        293,735        382,401        283,156

                                                              461,532        332,050      1,602,659        965,360

Creditors: amounts falling due within one year                111,623         63,453         26,064         22,374

Net current assets                                            349,909        268,597      1,576,595        942,986

Total assets less current liabilities                       1,425,175        851,745      1,802,349      1,171,268

Capital and reserves
Called up share capital                                       276,652        219,946        276,652        219,946
Share premium accounts                                      1,766,836        998,380      1,766,836        998,380
Merger reserve                                                131,096        131,096        131,096        131,096
Profit and loss account                                     (749,409)      (497,677)      (372,235)      (178,154)

Shareholders funds                                          1,425,175        851,745      1,802,349      1,171,268





Tertiary Minerals plc

Consolidated Cash Flow Statement

For the year ended 30th September 2002
                                                                                  2002              2001
                                                                                    £                £
Net cash outflow from operating activities                                      (248,495)          (220,172)

Returns on investment and servicing of finance
Interest received                                                                   9,604             24,374

Net cash inflow from returns on investments and servicing                           9,604             24,374
of finance

Capital expenditure and financial investment
Purchase of intangible fixed assets                                             (486,399)          (342,116)
Purchase of tangible fixed assets                                                 (4,802)           (12,017)
Sale of tangible fixed assets                                                       2,702                  -
Net cash outflow from capital expenditure and financial                         (488,499)          (354,133)
investment

Financing
Issue of share capital (net of expenses)                                          825,162             90,700

Exchange differences                                                                2,253            (3,777)

Net cash inflow from financing                                                    827,415             86,923

Increase/(Decrease) in cash                                                       100,025          (463,008)



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 2002 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 £194,081
        (2001: £111,871).

        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% to 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 in full in respect of taxation deferred by
        timing differences between the treatment of certain items for taxation
        and accounting purposes. No provision for deferred taxation has been
        made in these accounts.

        Deferred tax assets are recognised to the extent that they are regarded
        as recoverable.

        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
                                                             2002            2002            2001            2001
                                                              £                £               £              £
                                                           194,081       1,577,460         111,849        946,380
             United Kingdom

                                                            79,141       (152,285)         193,237       (94,635)
             Overseas


                                                           273,222       1,425,175         305,086        851,745


        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.     Share capital
                                                              2002               2002             2001            2001

                                                               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                                   27,665,260          276,652       21,994,674        219,946

                                                             27,665,260          276,652       21,994,674        219,946



        During the year the following share issues took place.

        200,000 8 pence warrants converted to 1 penny ordinary shares for total
        consideration of £16,000.

        735,836 10 pence warrants converted to 1 penny ordinary shares for total
        consideration of £73,583.

        3,310,000 12 pence warrants converted to 1 penny ordinary shares for
        total consideration of £397,200.

        A placement of 1,424,750 1 penny ordinary shares for total consideration
        of £356,188.

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

        Warrants are issued for nil consideration and are exercisable as
        disclosed in note 5. 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.

5.     Warrants granted

Unexercised warrants                Issue dates              Exercise price             Number             Expiry Date

                                    07/10/99                       12p                  2,450,000               6/10/02
                                    18/11/99                       12p                  7,347,000              17/11/02


6.     Reconciliation of operating loss to net cash outflow from operating
activities
                                                                                              2002               2001
                                                                                        £                           £

Operating loss                                                                           (282,826)          (329,460)
Depreciation and loss on disposal of fixed assets                                            5,615              5,544
Intangible fixed assets written off                                                         10,003            103,791
(Increase) in debtors                                                                     (29,457)           (23,531)
Increase in creditors                                                                       48,170             23,484

Net cash outflow from operating activities                                               (248,495)          (220,172)



7.     Annual Report


        The Company's 2002 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 30 days from the date of publication.



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