SMM Daily Comments (May 17): Most Metals prices Rose, Ferrous Metals Jumped with Coking Coal soaring 3.29%,Oil Went Down on Surprise Inventory Growth, Poor China Economic Data and IEA Doubt on Russia Cheat

Tertiary Minerals Plc has completed its Phase 4 drilling programme at Target A1 within the Mushima North Project in Zambia, with early portable X-Ray Fluorescence (pXRF) results identifying further copper mineralisation and supporting previously identified higher-grade zones.​ The Phase 4 programme comprised 3,639 m of drilling across 39 holes. Early results included an intersection of 15 m grading 0.53% copper from 100 m depth, including 7 m at 0.77% copper. Additional intersections included 4 m at 0.68% copper and 8 m at 0.62% copper, while broader infill intersections returned 65 m at 0.23% copperand 83 m at 0.16% copper.​ Mushima North is a polymetallic silver-copper-zinc prospect located within Zambia’s prospective Iron-Oxide-Copper-Gold region, approximately 28 km east of the historic Kalengwa copper-silver mine. The latest drilling supports the previously identified near-surface Exploration Target of 15–30 million tonnes grading 40–60 g/t silver equivalent, while also providing further indications of higher-grade copper and silver mineralisation within the target area.​ Samples from the drilling programme have been submitted for independent laboratory testing, with certified results expected to be released as they become available. Remaining pXRF results from the final nine holes are also expected, covering additional infill drilling at Target A1 and exploration of mineralisation west of Target A1 and at Target A2.​ With Phase 4 drilling now complete, the project is moving into its next stage of technical evaluation. Initial metallurgical testwork is expected to commence shortly, followed by data compilation and resource modelling. Tertiary Minerals is targeting the delivery of a JORC-compliant Mineral Resource Estimate for Mushima North before the end of 2026, which would provide a clearer assessment of the scale and grade distribution of the mineralised system following the latest drilling campaign.

According to foreign media reports, step-out drilling at the Nyungu Central deposit within Zambia’s Mumbezhi Copper Project has returned further copper intersections, extending a newly identified mineralised zone southeast beyond the boundaries of the current Mineral Resource Estimate (MRE).​ Recent drilling returned 65.8 m grading 0.42% copper from 226 m, including higher-grade intervals of 17.0 m at 0.58% copper and 13.2 m at 0.82% copper. A separate intersection returned 29.6 m grading 0.34% copper from 237 m, including 5.2 m at 0.80% copper. The results extend the known copper system outside the current resource estimate and provide additional targets for continued exploration.​ A total of 16 Phase 3 diamond drill holes covering 4,723 m have so far been completed at the southern end of Nyungu Central, while priority assay results remain pending for seven holes. In addition, a 6,200 m infill diamond drilling programme commenced at Nyungu Central in late July, supported by an additional drill rig now on site.​ Exploration is also continuing across the wider Mumbezhi Project, with four diamond drill rigs currently operating. Three are focused on Nyungu Central, while another is drilling at the regional Sharamba prospect, where exploration is targeting shallow copper mineralisation associated with a strong airborne electromagnetic anomaly. Visual copper mineralisation has been observed in five holes drilled along approximately 700 m of strike on the western side of the anomaly.​ The latest intersections further extend the known copper mineralisation beyond the existing Nyungu Central resource boundaries, while several priority assay results remain outstanding. Continued step-out and infill drilling will provide further indications of the scale and continuity of the mineralised system and its potential to support future resource expansion at Mumbezhi.