Tempest Faces Funding and Development Challenges Despite Exploration Progress

Exploration Momentum at Yalgoo

Tempest Minerals Ltd continues to build on its exploration success in Western Australia, focusing on its flagship Yalgoo Project. The company’s data-driven approach has yielded the discovery of the substantial Remorse magnetite iron deposit, with drilling and metallurgical studies progressing through 2025. The Remorse Deposit, located on the eastern side of the project area, hosts an inferred mineral resource estimate of 63.5 million tonnes at 30.6% iron content, underscoring its potential as a significant iron source.

Adding to this momentum, Tempest identified a new iron target at the nearby Halo prospect. Historical rock chip samples at Halo have returned high iron grades up to 62%, and recent mapping has confirmed multiple parallel iron formations extending over 10 kilometers. This suggests a promising extension of the iron mineralisation trend established at Remorse.

Mount Magnet Gold Exploration Accelerates

At the Mount Magnet Range Project, situated near the prolific multi-million-ounce gold mining centre, Tempest has ramped up exploration activities. The company has completed detailed geological mapping and structural reinterpretation, enhancing understanding of mineralisation controls. Rock chip sampling has revealed gold grades up to 1 gram per tonne over a strike length of approximately one kilometer, with mineralisation styles comparable to nearby successful operations.

To follow up these encouraging results, Tempest has initiated a 1,500-meter reverse circulation drilling program targeting multiple prospects including Wrangler and Cherokee. This drilling aims to test extensions of known gold mineralisation and potentially expand the project’s resource base.

Broader Portfolio and Strategic Partnerships

While no field work was conducted this quarter at the Five Wheels and Elephant projects, both remain strategically important for Tempest’s long-term growth. The Five Wheels Project lies in a highly prospective region near recent base metal discoveries, while the Elephant Project hosts a significant geophysical anomaly analogous to world-class deposits.

Tempest also maintains a diversified investment portfolio, including a stake in Premier African Minerals and milestone-linked interests in Argosy Minerals’ Tonopah Lithium Project in Nevada. Notably, the company has formalised a memorandum of understanding with Green Steel and Iron Pty Ltd, a developer planning a major iron processing hub near Yalgoo, potentially accelerating the commercialisation of Tempest’s iron assets.

Financial and Operational Overview

During the September quarter, Tempest reported exploration expenditure of $282,000, with no substantive mining production activities. The company’s cash position stood at $1.138 million at quarter end, following net cash outflows from operating and investing activities. Payments to related parties, including management and consulting services, totaled $151,000. Looking ahead, Tempest plans to continue drilling at Mount Magnet, advance development at Yalgoo, and pursue new growth opportunities across its portfolio.