Tempest Minerals (ASX:TEM) Unlocks Yalgoo Value and Expands Gold Presence in New Zealand

Highlights

• Tempest completed the $4.5M sale of the Yalgoo Project to Capricorn Metals in February 2026.
• The company retained iron rights over key tenements hosting the Remorse Deposit and the Halo Targets.
• Exploration at the Range Project identified shallow gold intercepts across a 1.5 km strike.
• Tempest signed a conditional agreement to acquire Zealandia Resources, adding advanced gold projects in New Zealand.

Tempest Minerals Limited (ASX:TEM) has reported progress across its portfolio during the half-year ended 31 December 2025, advancing exploration activities and executing strategic transactions designed to strengthen its project pipeline. The period included continued work at the Range Project in Western Australia, developments related to the Yalgoo region holdings, and a strategic acquisition that reshapes the company’s asset base and exploration outlook.

Yalgoo Project Transaction

Prior to the end of the reporting period, Tempest held approximately 1,000 km² of ground in the Yalgoo region of Western Australia, an area located near several established mining operations and considered prospective for multiple commodities.

Subsequent to the reporting period, Tempest completed the sale of the Yalgoo Project to Capricorn Metals Limited for total consideration of $4.5 million. Under the agreement:

• all tenements forming the Yalgoo Project were transferred to Capricorn free of third-party commitments or royalties.
• Tempest retained ownership of eastern tenements containing iron mineralisation, including the Remorse Deposit and Halo Targets. Capricorn received exploration and development rights for all minerals other than iron on those tenements.

The transaction was completed in February 2026, with Tempest receiving $400,000 in cash and $4 million worth of Capricorn shares.

GISA Collaboration and Green Iron Initiative

Tempest expanded its collaboration with GISA through a conditional binding option agreement covering the Remorse Magnetite Project.

Under the arrangement, Tempest has granted GISA the option to acquire the project, and, as part of the consideration, Tempest would receive 50% of the issued capital of GISA along with options.

GISA intends to progress the development of a green iron and steel production facility in the Yalgoo region and aims to undertake an initial public offering and stock exchange listing.

Range Project Exploration Activities

The Range Project, located within the Mount Magnet mineral field in Western Australia, lies approximately 5 km along strike from the Mount Magnet operations, which host more than 6 million ounces of gold.

The project covers 17 tenements over an area of approximately 20 km². During the reporting period, Tempest focused on advancing exploration through geological studies and drilling programs.

Exploration activities during the reporting period included:

• Geological mapping and reinterpretation, improving understanding of regional stratigraphy and mineralisation controls.
• Internal mapping and alteration studies, which identified additional exploration targets.
• Rock chip sampling, returning results of up to 1 g/t gold associated with sulphide and siderite alteration in fractured quartz veins over a strike length of around 1 km.

The company also conducted a broad auger geochemical sampling program on the western side of the project to potentially extend existing targets and identify new ones.

An inaugural Reverse Circulation drilling program comprising 19 holes for 1,500 metres tested multiple targets, including potential extensions of the nearby Britannia Well open pit.

Drilling results identified consistent gold mineralisation across a 1.5 km strike length.

Corporate Developments

In March 2026, the company announced a conditional agreement to acquire Zealandia Resources Pty Ltd, which owns four advanced gold projects covering 145 km² in New Zealand’s North Island. The projects are located within the Taupo Volcanic Zone and the Hauraki Goldfields.

Under the agreement terms:

• Tempest will acquire 100% of Zealandia’s shares.
• Consideration includes $2 million in Tempest shares, issued at the 10-day VWAP prior to the transaction announcement.
• Vendors may also receive $2 million in performance shares, convertible into ordinary shares upon meeting exploration milestones within five years.

Completion of the acquisition remains subject to several conditions precedent, including shareholder approval expected in Q2 2026.

Shares of TEM last traded at AUD 0.007 at the time of writing on 16 March 2026.