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Highlights
- Tempest Minerals has signed a binding option agreement with Green Steel and Iron Pty Ltd (GISA).
- The binding option agreement grants GISA the right to acquire the Remorse Magnetite Project, with TEM receiving 50% of GISA’s issued capital.
- The agreement supports the advancement of the proposed establishment and development of a green iron and steel production facility in the Yalgoo region.
- TEM shares rose 20% to AUD 0.006 per share on 10 December 2025.
Tempest Minerals Ltd (ASX:TEM) shares jumped 20% to AUD 0.006 per share in early trading on 10 December 2025, following the announcement of a binding agreement with Green Steel and Iron Pty Ltd (GISA). The conditional option agreement aims to advance the proposed green steel production facility in the Yalgoo region.
Under the agreement, TEM has granted GISA an option to acquire the Remorse Magnetite Project, with TEM receiving 50% of GISA’s issued capital as part of the consideration. The agreement builds on a previously announced Memorandum of Understanding between the two parties.
GISA also intends to move toward an initial public offering (IPO) and stock exchange listing as part of its broader project development initiatives.
Option Agreement Terms and Conditions
The Option Agreement outlines several conditions that must be met before GISA can proceed with exercising its right to acquire Remorse. GISA has 90 days to exercise the option once all conditions have been met, with the deadline for satisfying those conditions set for 31 December 2026.
The conditions include-
- TEM applying for and securing a mining lease for Remorse,
- GISA obtaining a suitable site for the proposed facility,
- Completion of a minimum AUD 500,000 pre-IPO capital raise by GISA, and
- Both parties completing legal, financial and technical due diligence.
TEM will hold the right to appoint two board members to GISA while maintaining at least a 20% shareholding, along with top-up rights.
GISA targets to achieve key milestones within 18 months of acquiring Remorse. Should these outcomes not be achieved, provisions allow for TEM to reacquire Remorse and cancel its shareholding in GISA.
Remorse Deposit and Yalgoo Project Background
The Remorse deposit is situated within the Greater Yalgoo Project area, fully owned by TEM. Drilling conducted in 2024 identified a large-scale magnetite iron system, leading to the establishment of an exploration target, mineral resource estimate and metallurgical studies.
GISA’s Green Steel Ambitions
GISA is a Western Australian company formed in 2024, aiming to advance a sustainable steel manufacturing industry in the state. The company was founded by one of the directors of Green Steel of WA and is working toward establishing WA’s first steelmaking facility through the Collie Steel Mill.
The company is developing a multi-user Direct Reduced Iron (DRI) plant in the Mid-West region, partnered with a global steelmaking leader, Danieli as its principal technology provider. The planned facility aims to supply green steel and iron products through collaborations under the Mid-West Iron Alliance.
Next Steps
The parties will now advance mutual due diligence, progress the conditions outlined in the agreement and continue work on feasibility and associated studies required for the proposed facility.
Shares of TEM traded at AUD 0.0060 on 12 December 2025.
