Highlights

• Tempest Minerals believes that it marked the year 2022 with progress in its standing as an exploration and development firm in the global mineral industry.
• Initial diamond drill campaign completed at the Orion, Master and Clover targets with multiple mineralized zones discovered
• Wide spaced drilling in Phase 1 of the regional program at the Meleya Project was concluded for about 4,069m of RC, 2,202m of aircore
• Regional electro-paramagnetic survey (EPR) completed across the Yalgoo region, generating ~250 signals in areas potentially mineralised
• Strategic investment in near term gold production company Tolu Minerals Ltd
• Divestment of assets to form new lithium based IPO named Electra Minerals Ltd
• Entering 2023, Tempest will continue to progress activities on its key projects and aim for new growth opportunities to deliver value to shareholders.

Mineral exploration company, Tempest Minerals Limited (ASX:TEM) hosts a rich and diverse portfolio of projects in Western Australia. The projects are considered highly prospective for precious, base as well as energy metals. The company boasts an experienced management and expert team, distinct commodity and jurisdiction exposure, innovative science and technology as well as modest capital structure.

Its board and management team has seen a rich history of success in exploration, operational and corporate sector. To execute its mission to maximise shareholder value through focused, data-driven, risk-weighted exploration and development of its assets, Tempest utilises the energy, technical and commercial acumen of its team to full potential.

A recap of key developments in 2022

Image source: TEM announcement

• Tempest Minerals concluded Phase 1 of the drilling program at the Meleya Project for about 4,069m of RC, 2,202 metres of aircore, and 1,065m of diamond. The campaign was conducted to test the Master and Clover targets, along with a pattern across the central Meleya Project site. The assay results from the campaign are pending.
• TEM concluded a regional electro-paramagnetic survey (EPR) across the Yalgoo region, generating ~250 Geochemical Signals of area’s potentially mineralised.
• TEM has also completed the initial drill campaign at the Orion Project 4. Several zones of visual mineralisation zones were encountered at the first two drill holes (WARDH 72 and 73). The Company has commenced geological analysis of the core from the two drillholes. The presence of copper and base metals were confirmed in the assay results.
• A downhole electromagnetic (DHEM) survey was completed on two holes, which confirmed the presence of podiform sulphide mineralisation at Orion 5.
• TEM announced an investment of $1M in PNG focused Tolu Minerals Ltd with large value upside exposure to near term production projects in line with the company’s growth strategy.
• In November 2022, TEM and its wholly owned subsidiary, West Resource Ventures Pty Ltd (WRV) announced to proceed with a new lithium focused initial public offering (IPO). WRV will be renamed Electra Minerals Ltd.
• Tempest intercepted high-grade gold in multiple drill holes along with highly anomalous base metals at the Euro Project in the Yalgoo region of Western Australia. The assay results confirmed the prospectivity of the Calais target area, where the Company has delineated at least 1km-long mineralised corridor.
• Tempest Minerals and Karara Mining Limited (KML) inked a non-binding conditional memorandum of understanding (MOU) for an exploration Joint Venture (JV) over KML’s exploration leases (assets) in Western Australia. TEM has got exclusive right to earn up to 70% of the project area over a period of four years.

Image source: TEM announcement

Plan for the year ahead…

Tempest Minerals believes that it marked the year 2022 with marked progress across it’s operations as an exploration and development firm in the global mineral industry.

Entering 2023, Tempest aims to continue to progress activities on its key projects and exploring other opportunities to deliver value to shareholders.

Tempest will fast track the process of making WRV a public company and renaming to Electra Minerals Ltd. Also, Tempest and LON will fast track the Pre-IPO Capital Raising and get ready for IPO and ASX listing in the current year.

In the Yalgoo region of Western Australia, an RC Program is in progress and a follow up drilling has been planned for 2023. Simultaneously, many additional surveys are being designed and several soil sampling programs are underway.

On the whole, the ASX-listed company is focused and aims to stay persistent in working closely with its partners, local communities, and stakeholders, enabling implementation of innovative and advance low impact exploration techniques while staying in line with TEM’s strong environmental focus.