Tertiary Minerals plc (AIM: TYM) is pleased to announce that KoBold Metals Company (‘KoBold’) has successfully completed its Stage 1 Earn-In requirements on the Konkola West Copper Project (‘Project’) and has confirmed it will proceed to Stage 2 under the Earn-In Agreement (‘Agreement’) with cumulative exploration expenditure of up to US$6 million.

Highlights

• Completion of Stage 1 Earn-In requirements with 2 drill holes for an accumulative 4,153m of drilling, significantly surpassing the minimum drilling requirement of 2,000m.
• New Joint venture company to be incorporated.
• KoBold confirms its intention to proceed to Stage 2, which includes cumulative exploration expenditure of up to US$6 million.
• KoBold is currently undertaking extensive analysis of the two holes completed to date. This work includes full geochemical analysis, downhole geophysics, and stratigraphic interpretation, all of which will improve the targeting for the next phase of exploration.
• Location and depth of the next drill hole to be confirmed once all the data from previous drilling is reviewed and incorporated into the updated exploration model.

Drilling Summary

Hole KWDD001

Hole KWDD001 was collared in the northeast of the licence area and targeted down-dip extensions of mineralisation to the southwest of Mingomba and Konkola Deeps (Figure 1). The drillhole was drilled to a depth of 2,711m but was terminated due to technical difficulties before reaching the targeted horizon (Ore Shale, Copperbelt Orebody Member). KWDD001 is believed to be the deepest mineral exploration drill hole to have ever been drilled in the Zambian Copperbelt and marks a significant milestone within the industry.

Hole KWDD002

Hole KWDD002 is collared on the eastern side of the licence area and is targeting down-dip extensions of known mineralisation southeast of the Konkola Mine (Figure 1). The drillhole was drilled to a depth of 1,802m but was recently terminated due to technical difficulties.

Notwithstanding the drilling difficulties, both drillholes have yielded invaluable geological information which is now being incorporated into KoBold’s geological model for the Konkola region and will be used as part of the planning process for the Stage 2 drilling.

Earn-In Agreement

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local partner, Mwashia Resources Limited, and Mwinilunga Exploration Limited, a subsidiary of KoBold.

Under the amended Earn-in Agreement, KoBold was required to drill two holes and carry out a minimum of 2,000m of drilling within 24 months of signing the Earn-in Agreement (prior to 19 December 2025) to achieve the Stage 1 Earn-In.

Following the completion of Stage 1 and KoBold having elected to proceed to Stage 2, a joint venture company between Tertiary Minerals Zambia, Mwashia Resources Limited and Mwinilunga Exploration Limited will be formed, where the participating interests in the joint venture company will be: 39%, 51%, and 10%, respectively.

In order to complete the requirements of Stage 2, KoBold is required to spend a cumulative amount of up to US$6 million on exploration expenditure within a further 24-month period. If these requirements are achieved, then KoBold will increase its participating interest, and the shareholdings in the joint venture company will then be: 20% Tertiary Minerals (Zambia) Ltd, 70% Mwinilunga Exploration Limited, and 10% Mwashia Resources Limited.

In addition, a provision of the Earn-In Agreement has been made to ensure that KoBold’s newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will also be held under the terms of the Earn-in Agreement for the benefit of all the parties.

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

‘We are delighted that KoBold has completed Stage 1 of the Earn-In Agreement requirements and has opted to proceed to Stage 2, despite the technical drilling challenges in this groundbreaking exploration programme. This marks a major milestone not only for the Project but the collaboration between our respective companies with the formation of a new joint venture company. Such a move underlines the continuing commitment and strategic importance of this Project within the world- renowned Central African Copperbelt.

‘The continuation of exploration under the Earn-In Agreement provides significant upside for Tertiary to any future Project advancement while limiting downside in terms of risk and capital expenditure. The Company looks forward to continuing this relationship and I look forward to providing further updates in due course.’

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

‘We have learned a lot from the first two holes drilled at the Konkola West property that will go into planning future work on the licence area. We are pleased to have fulfilled Stage 1 of our Earn-In Agreement and look forward to continuing to work with Tertiary and Mwashia in Stage 2 of our Earn-In Agreement.’

Figure 1. Location map of the Konkola West Copper Project and collar position of the two drill holes.

Project Summary

Konkola West (Licences 27067-HQ-LEL and 38615-HQ-LEL) is located approximately 5km to the southwest of KoBold’s Mingomba deposit and 3km southwest of Konkola Deep Mine, which forms part of the Lubambe-Mingomba-Konkola group of copper deposits of the Zambian Copperbelt. The aim of the drill programme is to test the potential continuations of mineralisation being mined at the World-Class Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment of over 775Mt grading 2-3% copper). KoBold’s Mingomba project, is reported by KoBold to be one of the largest undeveloped copper deposits in the world. KoBold is using its propriety AI-driven models of the regional geology to support its mineral exploration targeting.

Further Information:

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward-Looking Statements

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and, save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Competent Persons Statement

The technical information in this release has been compiled and reviewed by Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher is a chartered fellow of the Geological Society of London and holds the European Geologist title with the European Federation of Geologists.

About Tertiary Minerals plc

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are all located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper and precious metal mineral resources in Nevada and in Zambia.

Source

The US Senate voted Wednesday (October 29) to terminate the national emergency President Donald Trump invoked to impose steep tariffs on Canadian imports, marking the chamber’s second bipartisan rebuke of Trump’s trade policies in as many days.

The resolution passed 50–46, with four Republicans—Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska—joining Democrats in support.

The Senate’s move follows a similar vote on Tuesday (October 28) to block tariffs on Brazilian goods.

‘President Trump has stretched this notion of emergency far beyond the language of the statute,” Sen. Tim Kaine of Virginia said in a floor speech ahead of the vote. “If President Trump can name anything as an emergency, so can any president henceforth.”

Kaine’s resolution targets the 25 percent tariffs Trump first imposed on Canadian goods in February under the International Emergency Economic Powers Act. Trump justified the move by claiming Canada was failing to stop the flow of fentanyl across the northern border, a rationale that Kaine and others called “absurd.”

“It is ridiculous to say that fentanyl is an emergency with respect to Canada,” Kaine said. “It’s a pretext that’s just being used to pour more and more tariffs onto Canada.”

According to US Customs and Border Protection, less than one percent of fentanyl seizures this year occurred along the northern border, amounting to only 66 pounds in total.

Trump later escalated the tariffs to 35 percent in August and threatened to raise them another 10 percent last week, following a spat over a televised advertisement by Ontario’s provincial government.

The ad featured a 1987 clip of former President Ronald Reagan warning that tariffs “lead to retaliation and shrinking markets”—a message Trump dismissed as “fake.”

The president abruptly canceled trade negotiations with Canadian officials over the ad, prompting sharp criticism from lawmakers in both parties.

“The economic harms of trade wars are not the exception to history, but the rule,” McConnell said in a statement explaining his vote. “Tariffs make both building and buying in America more expensive. And no cross-eyed reading of Reagan will reveal otherwise.”

Collins, whose home state borders Canada, said her vote reflected both economic and practical concerns.

“I’ve seen firsthand the damage that the Canadian tariffs have caused,” she said Tuesday. “The Canadians have worked very hard to try to stem the flow of drugs into this country, and the vast majority of drugs arrive from the southern border, not the northern border. So I don’t think the basis for imposing tariffs on Canada is a valid one.”

The trade rift has also spilled into the private sector, where Canadian exporters are scrambling to manage rising costs and tighter margins.

With tariffs adding pressure to cross-border transactions, many businesses have turned to their banks for foreign exchange, only to encounter delays and high fees.

“An estimated 85 percent of small and medium-sized businesses in Canada use their bank because of the convenience, and frankly, because they aren’t aware of any other solution,” said Alfred Nader, CEO of fintech firm Mark Lane.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

News Provided by Canada Newswire via QuoteMedia

BPH Energy (BPH:AU) has announced BPH September Quarter Appendix 4C Cashflow

Download the PDF here.

Global commodities prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus and policy uncertainty continue to weigh on markets, according to the World Bank.

In 2025, the oil glut is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China, as per the organization’s latest Commodity Markets Outlook.

The World Bank sees global energy prices falling sharply as a result.

Brent crude is forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.

Despite the declines, commodities prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impact, supply chain realignment and new industrial demand.

Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.

Precious metals, by contrast, are defying the broader trend.

Gold and silver prices have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets and ongoing macroeconomic uncertainty.

The gold price is expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling its 2015 to 2019 average. Meanwhile, silver is projected to increase 34 percent this year and 8 percent next year.

While the downturn in energy prices, as well as lower prices for commodities like wheat and rice, is providing some relief to inflation-hit economies, the World Bank warns the decline may be temporary.

“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president for development economics, in a Wednesday (October 29) release. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”

The report also notes that the commodities outlook remains vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth or an unexpected surge in OPEC+ oil supply could drag prices further down. Conversely, heightened geopolitical tensions, new sanctions or severe climate disruptions could drive them back up.

Beyond short-term price dynamics, the report’s ‘special focus’ section for this year examines whether renewed global interest in managing supply and demand through commodities pacts could stabilize markets.

Drawing on a century of experience with international commodities agreements (ICAs), the World Bank found that most efforts like this ultimately failed. In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas and price-setting schemes for commodities.

While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC) — the longest-lasting such arrangement — has faced increasing challenges from new energy sources and shifting consumer behavior.

“OPEC’s longevity stands out among other ICAs,” the report states, noting that its survival has depended on its ability to adjust production quotas, expand alliances through OPEC+ and engage with consumer nations through dialogue.

Still, the World Bank cautions that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Steve Barton, host of In It To Win It, weighs in on the pullback in gold and silver prices, sharing where the floors could be for both precious metals.

In his view, the correction is healthy and will lead to higher levels in the future.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.