Tempest Minerals (ASX:TEM) Advances Remorse Iron Ore Discovery with High-Grade Intercepts and MOU

Highlights

• The company intercepted high-grade iron (up to 39%) at the Remorse Target.
• Metallurgical testing has commenced at the Remorse Target, with results expected in March 2025.
• Fieldwork has been concluded at the Five Wheels Project with geological assessments underway to refine exploration plans.
• The MOU with Green Steel aims to explore potential development opportunities for the Remorse magnetite deposit.

Tempest Minerals Limited (ASX:TEM) advanced its exploration projects in Western Australia during the half-year period ended 31 December 2024.

The company reported significant progress, including high-grade (up to 39%) iron intercepts at the Remorse Target within its flagship Yalgoo project, continued exploration at the Five Wheels Project, and the initiation of metallurgical testing for the Remorse magnetite iron discovery.

Additionally, after the reported period, the company entered into a Memorandum of Understanding (MOU) with Western Australian company Green Steel and Iron Pty Ltd to explore sustainable development opportunities for the Remorse magnetite deposit.

High-Grade Results at Remorse Target

During the reported period, TEM concluded the first round of reverse circulation (RC) drilling at the Remorse target, covering 4,005m. The drilling primarily targeted a base metal geochemical zone and uncovered several highly anomalous copper zones, with significant intercepts of magnetite yielding high-grade iron.

Key drill results include:

• WARDH00160: 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe)
• WARDH00180: 17m @ 34.4% Fe from 134m
• WARDH00166: 7m @ 32.8% Fe from 96m
• WARDH00171: 8m @ 30.5% Fe from 130m

TEM integrated surface geology data with drilling results to define an Exploration Target for the Remorse Deposit.

The company also conducted geological mapping and infill geochemical sampling at the nearby Sanity Target during the period.

Metallurgical Testing for Remorse Magnetite Iron Discovery

Following the half-year period, Tempest commenced metallurgical testing for its Remorse magnetite iron discovery. The company has sent over five tonnes of samples from recent drilling for metallurgical testing, focusing on key processing variables such as grindability and recoveries.

Initial results are expected in the first quarter of 2025, with the full metallurgical study report anticipated in the second quarter of 2025.

These findings will contribute to future studies and development planning for the project.

Progress at Five Wheels Project

The Five Wheels Project, located in Western Australia and covering 266km², lies near world-class base metal discoveries, including those of Rumble Resources Ltd.

During the reported period, TEM completed fieldwork at the project, including broad geochemical and heritage surveys. The collected samples were sent for laboratory analysis and further geological assessments are underway to refine exploration plans.

MOU with Green Steel and Iron

In February 2025, Tempest Minerals inked an MOU with Green Steel and Iron Pty Ltd to explore potential development opportunities for the Remorse magnetite deposit, with a focus on the production of magnetite concentrate for use in the green steelmaking process.

Green Steel is planning an AU$3 billion multi-user hot briquetted iron (HBI) processing hub near the Yalgoo Project, offering strategic development opportunities for Tempest.

TEM shares traded at AU$0.005 per share on 13 March 2025.