Highlights
- First-round drilling at the Remorse Target identified high-grade magnetite (up to 39% Fe) and significant copper zones.
- MOU signed with GreenSteel to fast-track processing of high-grade magnetite for green steelmaking.
- Drill samples sent for metallurgical testing, with results expected by the end of 1Q 2025.
- GreenSteel plans a $3 billion multi-user HBI facility near the Yalgoo Project.
- TEM has established an initial Exploration Target for Remorse.
- Exploration efforts are ongoing across various targets, including gold prospects.
Tempest Minerals Ltd (ASX:TEM) has made notable advancements at the Remorse magnetite iron ore deposit, located within the Yalgoo Project in Western Australia. The area is surrounded by world-class iron ore operations, providing a strategic edge.
In 2024, the company reported substantial base metal and iron ore mineralisation at the Remorse Target, while building on this momentum, in 2025, Tempest signed an MOU with Green Steel and Iron Pty Ltd (GreenSteel) and initiated metallurgical testing on recent drill samples.
High-Grade Magnetite Deposit Uncovered
In late 2024, the company concluded the first round of exploration drilling at the Remorse Target, totalling 4,005m of reverse circulation (RC) drilling. The campaign focused on a base metal geochemical zone and uncovered multiple zones of significant copper mineralisation, along with substantial magnetite interceptions, with high-grade iron results reaching up to 39%.
Several drill results are pending, and preliminary pXRF data suggests the potential for similar grade and thicknesses in the upcoming results.
Based on surface geology data and recent drilling outcomes, TEM generated an initial Exploration Target for the Remorse Iron Deposit.
Strategic Partnership to Unlock Green Steel Potential
To further explore development opportunities for the Remorse deposit, particularly for producing magnetite concentrate for the green steelmaking process, Tempest entered a Memorandum of Understanding (MOU) with GreenSteel in February 2025.
GreenSteel plans to build a $3 billion multi-user hot briquetted iron (HBI) processing hub adjacent to the Yalgoo Project. This development aligns with growing demand for cleaner steel production technologies and is strategically positioned to meet the needs of renewable energy infrastructure and electric vehicle manufacturing.
Metallurgical Testing and Future Development
In February 2025, Tempest commenced metallurgical testing on over five tonnes of drill samples collected from the Remorse deposit. These samples were sent to the IMO Metallurgical Testing Laboratory for analysis of grindability and recovery rates.
Initial results are anticipated by March 2025, and these will evaluate key processing factors that will inform the future development of the project.
This initiative aligns with Tempest's strategy to advance the Remorse deposit with a focus on sustainable iron production, aligning with the growing demand for high-quality magnetite in the green steel industry.
Ongoing Exploration and Drilling Plans
Tempest continues its exploration efforts across multiple targets, including gold prospects at Sanity, Elephant, and Mt Magnet.
The company plans further drilling and field assessments at the Remorse Project, building on its recent advancements and preparing for future development phases.
TEM shares were trading at AU$0.005 per share at the time of writing on 25 February 2025.