Highlights 

• Tempest has secured AU$1 million from TOK share sale to boost exploration capital. 
• Regulatory approval granted for a 5,000m expanded drilling program at Yalgoo’s Remorse target. 
• FiveWheels project received AU$230K government grant for an upcoming geophysical survey. 
• Tempest finalised heritage agreement and exploration plan for the FiveWheels project. 
• Tempest recently completed the placement of the shortfall arising from the non-renounceable pro-rata entitlement offer raising a further AU$636,587. 

In the June quarter of 2024, Tempest Minerals (ASX:TEM) made significant progress in its exploration activities and strengthened its financial position. The partial divestment of the Tolu Minerals investment and an entitlement issue have provided crucial funding to support ongoing projects.  

At Yalgoo, the company has made strides with its expanded RC drill program at the Remorse copper target, which has been fully permitted. Additionally, extensive geochemical sampling at Remorse has been completed.  

At the FiveWheels project, Tempest finalised a heritage agreement and a collaborative exploration plan. The company also secured an Exploration Incentive Scheme (EIS) grant, covering 50% of the costs for an upcoming geophysical survey.  

AU$1M from TOK Share Sale Boosts Capital 

In April, the company announced the same of 2 million shares of Tolu Minerals Limited (ASX:TOK), generating AU$1 million in proceeds before costs. This strategic divestment aims to bolster TEM's working capital, which will be directed towards advancing exploration efforts, initially focusing on the Remorse copper target at Yalgoo. This investment is expected to increase the potential for future discoveries and development. 

Regulatory Greenlight for Expanded Drilling at Yagloo's Remorse Target 

During the quarter, the company expanded the drill program and completed extensional geochemistry sampling at the Remorse target within its flagship Yagloo project.  

Yagloo spans more than 1000 km² and is located near several high-profile neighbours. Remorse is located on the eastern side of the Yalgoo Project, near various historical gold, iron, and base metal occurrences.  

TEM initially received approval for a limited drill program. However, further analysis indicated the need for a more extensive 5,000-metre drill program to effectively test the target. Approval for this expanded program was received after the end of the quarter, and TEM is now awaiting safe ground conditions to commence the drilling program.  

Sanity Target - The Sanity Target sits in the eastern portion of the project area and is 2km south of the Remorse Target. 

During the quarter, TEM also received regulatory approval for drilling at Sanity. The company has initiated fieldwork, including heritage surveys and geological mapping. 

AU$230k Government Co-Funding for FiveWheels Geophysical Survey 

Tempest has made notable progress on the FiveWheels project, successfully finalising all heritage agreements for the granted tenure. The company has completed a collaborative exploration plan for the fiscal year 2024-25, outlining a comprehensive strategy for advancing the project, including geochemistry, geophysics, and drill target generation. 

Additionally, TEM has received government co-funding for a planned geophysical survey at the FiveWheels Project for the 2024-25 financial year. The grant of up to AU$230,000 covers roughly 50% of the total survey cost. 

Rights Issue Raises AU$830,602  

The company has also recently completed the placement of the shortfall arising from the non-renounceable pro-rata entitlement offer raising a further AU$636,587, bringing total raising of AU$830,602 from the rights issue. For more details, read here. 

TEM continues to actively explore and evaluate new growth opportunities across various jurisdictions and commodities. 

TEM shares traded at AU$0.009 at the time of writing on 9 August 2024.