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Highlights
- Tempest Minerals is acquiring Zealandia Resources and its 145 km² gold project portfolio in New Zealand.
- The portfolio includes four epithermal gold system project areas with multiple drill-ready targets.
- The transaction is valued at AUD 2 million in an all scrip deal, with potential additional milestone-based consideration.
Tempest Minerals Ltd (ASX:TEM) shares climbed over 83% on Thursday, rising to AUD 0.011, following an announcement outlining the proposed acquisition of Zealandia Resources Pty Ltd.
The company has exceuted a binding agreement to acquire four advanced gold projects, spanning 145 square kilometres in New Zealand’s North Island. The deal is structured as a AUD 2 million all-scrip transaction, with the possibility of additional consideration linked to future performance milestones.
Portfolio Located in Key Gold Regions
The projects are positioned within the Hauraki Goldfields and the Taupo Volcanic Zone.
The Taupo Volcanic Zone hosts multiple epithermal gold-bearing systems and is considered an emerging gold exploration area. The Hauraki Goldfields is a gold province and has a long history of epithermal gold–silver mining, with cumulative production exceeding 15 million ounces of gold.
Historical Data and Drill Targets
The project portfolio includes a substantial historical dataset. Available data covers gravity and magnetic surveys, surface geochemistry, rock chip sampling, historical drill holes, and reprocessed geophysical information. Based on recent geological interpretation, several drill-ready targets have been identified across known gold-bearing areas within the projects.
Zealandia Resources: Focus on New Zealand Gold Exploration
Australia-based Zealandia Resources is a private exploration company focused on identifying and developing gold opportunities across New Zealand. The company secured multiple exploration packages early as regulatory conditions in the country evolved, positioning itself within prospective gold regions.
Zealandia has been actively exploring prospect areas while engaging with local Iwi communities and stakeholders.
The company’s portfolio includes several exploration projects across the Taupo Volcanic Zone and the Coromandel–Hauraki region, areas associated with epithermal gold systems.
Proposed Acquisition Terms
The consideration for the acquisition includes AUD 2 million in Tempest shares based on the 10-day VWAP. An additional AUD 2 million in performance shares will be issued over five years upon achieving milestones such as drilling intersections of 10–20 gram-metres gold or establishing JORC resources of 200,000–500,000 ounces Au.
Zealandia can nominate one non-executive director to the Tempest board. Completion depends upon regulatory and shareholder approval, due diligence and a consulting agreement with founder Shaun Ramsden. Half of the acquisition shares will be in 6-month escrow, the remainder in 12-month escrow, providing orderly share release and milestone-linked incentives for investors.
Next Steps
The companies plan to advance the transaction through:
- Conclusion of due diligence
- Finalisation of transaction documentation
- Regulatory and shareholder approvals
- Additional fieldwork across the New Zealand exploration portfolio.
