- Tempest is undertaking a non-renounceable rights issue seeking AU$1.252 million (before costs) to fund the next leg of exploration activities across the company’s mineral projects.
- Tempest enjoys a dominant position in the highly prospective Yalgoo and Mt Magnet mineral fields.
- Tempest to concentrate on drilling at the Euro gold and base metals project. Also, the company plans to undertake a drilling program at the Meleya project in Q4.
With an overwhelming response to the equity placement raising AU$391,000, Tempest Minerals Ltd (ASX:TEM) is back with a non-renounceable rights issue seeking AU$1.252 million. The publicly traded mineral explorer plans to ramp up exploration efforts at the Yalgoo and the Mount Magnet projects.
A non-renounceable rights issue allows existing shareholders (as of the Record date) to subscribe to one new share for every four held at an issue price of AU$0.17 per unit. In addition, the newly issued shares would be accompanied by one new option for every three Entitlement Shares allotted, which could be exercised at $0.03 a unit on or before the expiry date of 31 March 2023. A total sum of around AU$1,252,863 (before costs) is sought under the issue.
Important Dates Source: TEM Prospectus 14 September 2021
Shareholders eligible to partake in the offer are the existing shareholders with a registered address in Australia or New Zealand as on 17 September 2021, 5:00 PM (AEDT).
The capital raised from the rights issue would be used towards –
- Undertaking exploration programs at the Euro gold, base metals and iron project (AU$461,055).
- Fuelling exploration activities at the Meleya gold and base metals project (AU$459,000).
- Funding exploration activities at other mineral projects (AU$100,000).
- Costs related to the issue.
- Working capital purposes.
A Diversified Minerals explorer with an Edge
Source: Tempest Minerals’ website
In recent times, an increasing effort is being put on automation and the utilisation of data analytics to find prospective targets at the mineral’s projects. Australian exploration company Tempest Minerals Ltd is a diversified minerals explorer, which uses cutting-edge automation technologies and data analytics to identify prospective zones at the premium Yalgoo and Mount Magnet project areas in Western Australia.
In recent years, a Fraser’s Institute’s mining survey has consistently recognised Western Australia as one of the top mining destinations across the globe. Above that, the unconventional approach of Tempest to not limit itself to specific commodities allows the company and shareholders to make the most of the opportunity at the premium mineral’s projects. The company enjoys a dominant position in the Yalgoo and the Mt Magnet mineral fields.
Source: Tempest Minerals Presentation September 2021
Tempest owns 4 highly prospective mineral projects in the prolific Yalgoo region, holding a significant ground footprint of around 900km2.
The Meleya project hosts previously unrecognised extensions of prominent geology, which includes the world-class Golden Grove Au-Ag-Cu-Zn mining operations. Also, the company plans to undertake a drilling program at the Meleya project in Q4.
Another major opportunity has been realised at the Euro project, which occupies a significant portion of the underexplored Yalgoo Greenstone Belt hosting the multi-million ounce Rothsay gold-copper mine and the Karara and Shine iron ore mines.
The War West project includes a multi-kilometre alteration package, which is associated with an intrusive gold system.
Presently, Tempest will concentrate on drilling at the Euro gold and base metals project.
Source: Tempest Minerals’ website
The exploration company plans to continue to identify and pursue new growth opportunities with a focus on creating wealth for its shareholders. The company also owns a significant interest in Premier African Minerals Ltd (AIM: PREM), which owns high-profile lithium projects in Zimbabwe.