Grant of Warrants
Tertiary Minerals plc has granted 47,000,000 five-year warrants, representing 0.91% of its issued share capital, to employees and directors as remuneration. These warrants are exercisable at 0.85 pence per share, matching the closing mid-market price on April 16, 2026, and will vest after a 12-month period. Specifically, 12,000,000 warrants were issued to employees, and 35,000,000 were issued to directors, including 10,000,000 each to Non-Executive Chairman Patrick Cheetham and Managing Director Dr. Richard Belcher.
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Tertiary Minerals plc (AIM: TYM) ), the London listed explorer focused on copper and precious metals in Zambia and Nevada, USA, announces that as part of the remuneration of employees and directors the Board of the Company has today granted a total of 47,000,000 five-year warrants, representing 0.91% of the existing issued share capital, to subscribe for new Ordinary Shares of 0.01 pence each ("New Warrants").
12,000,000 of the New Warrants were issued to employees of the Company, and 35,000,000 of the New Warrants were issued to the directors of the Company, as set out in the table below. The New Warrants are exercisable at 0.85 pence per share, being the closing mid-market price on 16 April 2026, have a five-year term and do not become exercisable (vested) until 12 months from the date of issue.
| Grantee | Position | No. of Warrants | Exercise price (pence per share) | Vesting Period |
| Patrick Cheetham | Non-Executive Chairman | 10,000,000 | 0.85p | 12 months |
| Dr. Richard Belcher | Managing Director | 10,000,000 | 0.85p | 12 months |
| Donald McAlister | Non-Executive Director | 5,000,000 | 0.85p | 12 months |
| Dr. Mike Armitage | Non-Executive Director | 5,000,000 | 0.85p | 12 months |
| Rod Venables | Company Secretary | 5,000,000 | 0.85p | 12 months |
| Employees (4) | 3,000,000 each | 0.85p | 12 months | |
| a) | Name: | Patrick Cheetham | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Non-Executive Chairman | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.85 pence 10,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.85 pence 10,000,000 warrants | ||
| e) | Date of the transaction: | 17 April 2026 10.55 BST | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | D r. Richard Belcher | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Managing Director | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.85 pence 10,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.85 pence 10,000,000 warrants | ||
| e) | Date of the transaction: | 17 April 2026 10.55 BST | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Donald McAlister | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Non-Executive Director | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.85 pence 5,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.85 pence 5,000,000 warrants | ||
| e) | Date of the transaction: | 17 April 2026 10.55 BST | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Dr. Mike Armitage | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Non-Executive Director | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.85 pence 5,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.85 pence 5,000,000 warrants | ||
| e) | Date of the transaction: | 17 April 2026 10.55 BST | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Rod Venables | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Company Secretary | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.85 pence 5,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.85 pence 5,000,000 warrants | ||
| e) | Date of the transaction: | 17 April 2026 10.55 BST | ||
| f) | Place of the transaction: | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.