Tempest Minerals (ASX: TEM) Announces Capital Raise to Accelerate Gold and Iron Exploration Projects

April 28, 2025 03:51 PM AEST | By Aditi Sarkar

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Tempest Minerals (ASX: TEM) Announces Capital Raise to Accelerate Gold and Iron Exploration Projects

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Highlights

Tempest Minerals has secured firm commitments to raise AUD400,000 through a placement.

The company has also proposed a non-renounceable entitlement issue aimed at raising approximately AUD 1.5 million.

Funds raised will be directed towards advancing gold exploration and developing the Remorse Iron project.

Tempest Minerals Ltd (ASX:TEM), an Australia-based mineral exploration company, has announced a capital raising initiative to advance its iron and gold projects. The company has secured firm commitments to raise AUD 400,000 (before costs) through a placement and has proposed a non-renounceable entitlement issue for eligible existing shareholders.

Reflecting on the development, TEM’s Managing Director, Don Smith, commented, “We welcome the support of Cygnet Capital Pty Ltd in relation to the Placement and look forward to their ongoing support. The funds raised will enable TEM to undertake further gold exploration and progress Remorse Iron development work.”

New Funds for Gold and Iron Projects

TEM plans to use the funds for ongoing exploration in its Western Australian gold portfolio. The proceeds will also support the development of the recent Remorse Iron discovery in the Yalgoo Region. Additionally, the funds would be allocated for working capital.

The company’s next steps include the completion of the placement, followed by the commencement of the entitlement issue. TEM will continue developing the Remorse Iron deposit while expanding its gold exploration activities within its portfolio.

The share price of TEM was AUD 0.004 at the time of writing on 28 April 2025.

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