by Giles Gwinnett

Shares in fluorspar firm Tertiary Minerals (TYM) skyrocketed on Thursday afternoon on Swedish permit news.

The firm revealed  it had received the long-awaited  exploitation permit for its Storuman project from the country’s mining inspectorate.

Shares rose over 44% to stand at 1.55p each. It comes after 15 months of talks with groups and interested parties.

Storuman is a  large area flat fluorspar mineralisation that extend over an area of at least 3.6 km by 1.2 km where the horizon is typically 3 to10 m thick. It lies next to a highway and only 25 km from the town of Storuman.

The project  has a total JORC resource of nearly 28mln tonnes at 10.21% with 25mln tonnes in  the indicated category.

A previous scoping study six years ago showed a base-case project NPV (net present value) of US$33 million, and an internal rate of return (IRR) of 24% at a US$303/tonne mine gate fluorspar price and a capital pay-back of less than three years.

Full Proactive Investors article here