Tempest Minerals advances its exploration portfolio with a binding $4.5 million sale of the Yalgoo Project to Capricorn Metals and reports encouraging gold intercepts at its Range Project.
- Binding agreement with Capricorn Metals for $4.5 million Yalgoo Project sale
- Multiple gold intercepts over 1.5km strike at Range Project
- Remorse magnetite deposit resource estimate reaffirmed
- Conditional agreement with Green Steel and Iron for green steel facility development
- Cash position of $659,000 supports ongoing exploration activities
Yalgoo Project Sale Agreement
Tempest Minerals Ltd (ASX, TEM) has entered a binding agreement with Capricorn Metals Ltd (ASX, CMM) to sell its Yalgoo Project tenements for a total consideration of $4.5 million. The deal includes an initial cash component and the issue of Capricorn Metals shares to Tempest, alongside milestone payments contingent on future gold resource discoveries and commercial mining decisions. Notably, Tempest retains iron rights over the eastern tenements, reflecting the strategic value of the Remorse magnetite deposit within the project.
Exploration Success at Range Project
In parallel, Tempest has completed a 19-hole reverse circulation drilling program at its Range Project near Mount Magnet, Western Australia. The drilling revealed multiple gold intercepts exceeding 1 gram per tonne over a 1.5-kilometre strike length, including standout results such as 3 metres at 3.2 g/t gold from 58 metres depth. These promising shallow intercepts lie adjacent to existing open pits and are within proximity to Ramelius Resources’ expanding processing infrastructure, underscoring the project's potential for near-term development.
Remorse Magnetite Deposit and Green Steel Partnership
Tempest reaffirmed the substantial resource estimate for the Remorse magnetite deposit, with an inferred category of approximately 63.5 million tonnes at 30.6% iron content. The company has also deepened its collaboration with Green Steel and Iron Pty Ltd, entering a conditional binding agreement to progress a green iron and steel production facility in the Yalgoo region. Under this arrangement, Tempest holds an option to transfer its Remorse project to Green Steel in exchange for a significant equity stake, positioning the company at the forefront of sustainable steel production initiatives.
Broader Portfolio and Financial Position
Beyond Yalgoo and Range, Tempest continues to explore its Five Wheels and Elephant projects, both located in highly prospective Western Australian regions with limited prior base metals exploration. The company maintains a diversified portfolio, leveraging data-driven exploration techniques to identify new mineralisation targets. Financially, Tempest ended the quarter with $659,000 in cash, supporting ongoing exploration and corporate activities. The company also holds strategic investments in international projects, including a milestone payment entitlement from Argosy Minerals’ Tonopah Lithium Project in Nevada.
Looking Ahead
Tempest plans to continue systematic exploration across its projects, with a focus on interpreting recent drilling data at Range and advancing the Yalgoo sale completion expected imminently. The company’s strategic partnerships and asset sales are designed to unlock shareholder value while maintaining exposure to multiple commodities and jurisdictions.
Bottom Line?
Tempest Minerals is positioning itself for growth through strategic asset sales and promising exploration results, but the real test will be in converting these opportunities into production.
Questions in the middle?
- Will Capricorn Metals’ acquisition of Yalgoo accelerate resource development and production timelines?
- How will the green steel facility partnership impact Tempest’s long-term revenue streams and project focus?
- What are the next steps for advancing the Range Project given the encouraging gold intercepts?