Shares of Tertiary Minerals plc surged 15.4% to £0.075 on September 15 after the London-listed explorer disclosed that Sweden's updated critical-minerals strategy has reignited commercial interest in its Storuman fluorspar deposit in northern Sweden — raising the question of whether government policy alone can unlock value for a company that still lacks a mining permit. Sweden Hands Tertiary Minerals a Policy Lifeline, but Can a £3.3 Million Explorer Turn a Government Strategy Into an Actual Mine?
Shares of Tertiary Minerals jumped 15.4% to £0.075 after the AIM-listed explorer said Sweden's new minerals strategy has generated fresh commercial enquiries for its Storuman fluorspar deposit. For a company worth roughly £3.35 million with no revenue and no permit, the question is whether a policy shift alone can bridge the vast gap between geology and production.
Sweden Called Mining a National-Security Priority — and Fluorspar Is on the List
On July 23, 2026, Sweden's government declared mining of critical metals and minerals a national security interest, announced by Deputy Prime Minister Ebba Busch.
The designation is expected to make it easier for the industry to obtain permits and attract investment.
Tertiary says the strategy explicitly includes fluorspar, and the company has already seen increased enquiries about the project's status. For shareholders, this is the first concrete external catalyst in years for a deposit that has languished in regulatory limbo.
The Permit Problem Has Dragged On for Seven Years — and Still Has No Timeline
Tertiary appealed the Swedish Mining Inspectorate's rejection of its mine permit in May 2019, and no timeline for a response has ever been given.
The project was granted a 25-year mining permit in 2016, only to have it overturned the following year.
Sweden's new strategy proposes an inquiry into the Minerals Act aimed at creating a more efficient and predictable approval process — but proposed reforms are not enacted law. Investors are betting on a political mood shift, not an actual permit in hand.
The Deposit Is Large but the Company Is Tiny and Cash-Strapped
Storuman holds roughly 27.7 million tonnes grading 10.21% fluorspar, making it one of Europe's most notable undeveloped fluorspar assets.
Acid-grade fluorspar currently trades around $550–$650 per tonne. Yet Tertiary's enterprise value sits at just €5.7 million, with only about £78,000 in cash and negative returns on assets.
The company has said it will not spend further money on exploration or development until the permit matter is resolved. Bridging from an exploration shell to a producing mine would require tens of millions in capital the company does not have.
The Bottom Line Sweden's geopolitical pivot gives Tertiary a better narrative, not a better balance sheet. Sweden's own roadmap acknowledges that long permitting timelines and limited infrastructure remain the core bottlenecks. Until a permit actually arrives, today's pop is a policy trade on a micro-cap stock — high on hope, short on hard commitments.