Tertiary Minerals plc to advise that a new joint venture agreement has been signed with local partner Mwashia Resources Ltd. that will consolidate ownership of the Jacks, Mukai and Mushima North exploration licences (the "Licences") into a new Zambian company ("Newco") to be 90% owned by Tertiary's 96% owned subsidiary, Tertiary Minerals (Zambia) Limited ("TMZ") and 10% by Mwashia. Currently all of the Licences are held by Mwashia. Tertiary holds the right to a 90% joint venture interest in the Jacks licence and options to earn a 90% joint venture interest in each of the Mukai and Mushima North licences by meeting certain expenditures and making payments totalling US$60,000 to Mwashia, details of which were given in the Company's news releases dated 18 November 2021 and 4 November 2022.

The JVA effectively relieves Tertiary of the expenditure obligations due under its option agreements on the Mukai and Mushima North licences, brings forward the above payment to Mwashia and puts ownership of the Licences under a common entity controlled by TMZ. Mwashia's 10% interest will be carried by TMZ with carried costs being recovered as a priority from future profits.