Tempest Minerals (ASX:TEM) Unlocking New Opportunities Across Iron and Gold Assets

Highlights

• Tempest Minerals has completed the divestment of the broader Yalgoo Project while retaining key iron-bearing tenements in the eastern area.
• A conditional agreement with Green Steel and Iron Pty Ltd provides a pathway for potential development of the Remorse Magnetite Project.
• Drilling at the Range Project confirmed consistent gold mineralisation across a 1.5 km strike length.
• The company continues geochemical sampling programs aimed at expanding known targets and identifying new prospects.
• The proposed acquisition of Zealandia Resources introduces four gold projects across New Zealand’s North Island.
• The New Zealand portfolio includes multiple drill-ready targets supported by historical datasets and recent geological interpretation.

Amid evolving global economic conditions marked by heightened focus on critical minerals, supply chain security, and resource development, exploration activity has continued to gain momentum across key mining jurisdictions. Industry participants are increasingly prioritising access to metals essential for infrastructure development, energy transition, and broader industrial applications.

Within this context, Tempest Minerals Ltd (ASX:TEM) operates as a mineral exploration company with projects across Western Australia and New Zealand. The company is advancing a diversified portfolio targeting precious, base, and energy metals, with recent developments centred on portfolio restructuring through asset divestments, retained core positions, and expansion into new project areas.

Yalgoo Project: Transaction and Iron Potential

The Yalgoo Project in Western Australia is considered prospective for multiple commodities by the company and is located near several established mining operations.

In February 2026, Tempest completed a binding agreement with ASX-listed Capricorn Metals Limited for the sale of the broader Yalgoo tenement package for a total consideration of AUD 4.5 million. As part of the transaction, Tempest retained ownership of key eastern tenements associated with iron mineralisation.

At the Yalgoo’s Remorse Deposit, situated on the eastern part of the project, 2024 exploration drilling resulted in a large-scale magnetite iron deposit. The company subsequently defined an exploration target, finalised a preliminary mineral resource estimate, and undertook metallurgical studies.

Furthermore, a collaboration was initiated through a memorandum of understanding with Green Steel and Iron Pty Ltd (GISA), a Mid-West-based developer focused on green steel production, which is planning a large-scale, multi-user iron processing hub in the region.

This collaboration has since progressed, with both parties signing a conditional binding agreement. Under the terms of the option agreement, the company has granted GISA the option to acquire the Remorse Magnetite Project. As part of the consideration, Tempest would be entitled to 50% of GISA’s issued capital, along with additional options.

New Zealand Expansion: Gold Portfolio Acquisition

In March 2026, the company announced a proposed acquisition of Zealandia Resources Pty Ltd, covering four gold projects across 145 km² in New Zealand’s North Island. The projects are located within the Taupo Volcanic Zone and the Hauraki Goldfields.

The acquisition is structured as a AUD 2 million all-scrip deal, with additional performance-based milestones linked to exploration outcomes. The portfolio includes multiple drill-ready targets supported by historical datasets and recent geological interpretations.

Mount Magnet: Ongoing Gold Exploration

The Mount Magnet region in Western Australia is a well-established gold-producing area with a long history of mining operations. Tempest’s Range Project, located within this region, comprises 17 tenements covering approximately 20 km².

To advance exploration activities in the area, the company conducted geological mapping and stratigraphic reinterpretation supported by external consultants. This work improved understanding of geology and mineralisation controls. Follow-up internal mapping identified additional targets, while rock chip sampling returned gold values of up to 1 g/t associated with altered quartz veins over a strike length of 1 km.

The company also undertook a sampling program, aimed at extending existing targets and identifying new zones of interest. In addition, an initial reverse circulation drilling campaign covering 19 holes for 1,500 metres tested multiple targets, with results indicating consistent gold mineralisation across a 1.5 km strike, with intercepts such as 3m at 3.2 g/t gold from 58m and 3m at 1.9 g/t gold.

Tempest Minerals’ recent activities indicate a shift in portfolio structure through asset divestment, retention of priority tenements, and targeted expansion into new regions. The Yalgoo transaction, continued work at Mount Magnet, and proposed New Zealand acquisition collectively outline a focus on advancing selected assets while maintaining exposure to multiple commodities.

TEM shares traded at AUD 0.007 per share on 9 April 2026.