Remorse Deposit Targets Up to 110Mt at 32% Fe as Tempest Raises $1.87M

Exploration Breakthrough at Remorse Deposit

Tempest Minerals Ltd (ASX: TEM) has reported a promising update on its flagship Yalgoo region projects in Western Australia, with the Remorse iron deposit emerging as a key asset. The company has defined an initial exploration target ranging from 50 to 110 million tonnes of magnetite ore grading between 30% and 32% iron (Fe). This sizeable target underscores the potential for a rapid development asset within Tempest’s portfolio.

Following successful drilling campaigns in 2023 and 2024, Tempest has commenced detailed metallurgical studies at the Remorse deposit. These include grindability and Davis Tube Recovery analyses conducted on composite samples exceeding five tonnes, aiming to characterise the ore body and inform future processing strategies.

Strategic Partnership with Green Steel

In a strategic move to enhance the value chain, Tempest signed a memorandum of understanding (MOU) with Green Steel and Iron Pty Ltd (GISA), a Western Australian developer focused on green steel production. GISA, in partnership with global steelmaking technology leader Danieli, plans to establish a $3 billion multi-user hot briquette iron processing hub near the Yalgoo Project. This collaboration could provide a direct pathway for the Remorse deposit’s iron ore into emerging low-emission steelmaking facilities, aligning with global decarbonisation trends.

Capital Raising to Fuel Growth

To support ongoing exploration and development activities, Tempest announced a capital raising initiative aiming to secure up to AUD 1.869 million. This comprises a placement of 100 million shares at $0.004 each, accompanied by 25 million free attaching options, alongside a non-renounceable entitlement issue to existing shareholders. The funds will primarily advance technical studies at Remorse, including resource estimation and further drilling, while also accelerating gold exploration across the company’s broader project portfolio.

Broader Exploration and International Interests

Beyond Remorse, Tempest continues to explore multiple targets within the Yalgoo region, including the Sanity gold target and the Range Project near Mount Magnet, a prolific gold mining centre. The company also holds interests in the Five Wheels and Elephant projects, both situated in highly prospective geological settings in Western Australia.

Internationally, Tempest maintains investments in Papua New Guinea’s Tolukuma Gold Mine and holds shares in Premier African Minerals Ltd and Argosy Minerals Ltd, reflecting a diversified approach to mineral exploration and development.

Financial Position and Outlook

Tempest reported a cash balance of AUD 405,000 at the end of March 2025, with exploration and evaluation expenditure of AUD 93,000 during the quarter. The company’s cash flow reflects ongoing investment in its projects, balanced by recent capital raising efforts. Management affirms confidence in maintaining operations and meeting business objectives, supported by the planned equity raises and strategic partnerships.

Looking ahead, the June 2025 quarter will see intensified focus on advancing the Remorse deposit through resource calculations and metallurgical analyses, alongside progressing gold exploration targets. The company’s data-driven exploration approach and strategic collaborations position it well to unlock value for shareholders in a competitive mineral market.