Tempest Minerals (ASX:TEM) Advances Yalgoo Project with Inaugural Resource Estimate

Highlights

• Tempest Minerals has completed its maiden inferred resource estimate for the Remorse Magnetite Iron Deposit, outlining 63.5 million tonnes at 30.6% Fe.
• This marks a key transition from exploration target to resource definition, supporting development studies and potential mining operations at the Yalgoo Project.
• Significant exploration upside is expected as further drilling and project development progresses.

Tempest Minerals Ltd (ASX:TEM) has announced the completion of its first inferred resource estimate for the Remorse Magnetite Iron Deposit, marking a major milestone in progressing from exploration target to resource definition. This achievement lays the foundation for upcoming development studies and potentially the commencement of mining activities at the company’s Yalgoo Project.

The inaugural JORC 2012 resource estimate outlines an inferred resource of 63.5 million tonnes at 30.6% iron (Fe).

The classification as inferred reflects the current limited number of drillholes intersecting the magnetite iron-rich geological layers. The estimate is based on a conservative cut-off grade, and TEM expects significant exploration upside as drilling continues and the project advances.

The Mineral Resource Estimate (MRE) was prepared by Measured Group Pty Ltd, a resource estimation consultancy, and adhered to JORC (2012) guidelines and industry best practices.

Resource Scale and Cut-off Sensitivity

The current resource model shows some sensitivity to cut-off grades as a comparatively small reduction in cut-off results in a significant increase in tonnage.

• The resource totals 63.5 Mt at a 28% Fe cut-off.
• Lowering the cut-off to 26% Fe increases the resource by over 25% to 79.7 Mt.
• At 20% Fe, the estimate climbs to 106.5 Mt, reflecting a 67% tonnage increase.

The independent consultants at Measured Group Pty Ltd consider the conservative 28% cut-off to be appropriate for current reporting as it reflects an approach that aligns with the present stage of project development.

Alignment with Exploration Targets

The updated resource estimate is well-aligned with the previously announced exploration target, signifying the project's shift from a conceptual stage to a more detailed and data-supported resource, underpinned by verified drilling and geological information. The exploration target had been based on the entire outcropping area, whereas the current estimate is confined to zones with drillhole data, enhancing accuracy.

There remains significant potential for resource growth as the current estimate is based on limited drilling. The resource estimation can include extensional drilling along the defined outcropping footprint and the evaluation of at least five undrilled mineralised units. These represent further upside for future exploration programs.

The company believes the Remorse Deposit can be quickly developed into a low-cost, open-pit operation with its proximity to key infrastructure, including rail-to-port options and nearby processing facilities.

TEM shares traded at AUD 0.004 per share on 30 April 2025.