Tempest Minerals Advances NZ Gold Acquisition and Completes $4.5M Yalgoo Sale

New Zealand Gold Portfolio Acquisition Targets Emerging Provinces

Tempest Minerals Ltd (ASX:TEM) is positioning itself for a significant expansion with a proposed acquisition of Zealandia Resources Pty Ltd, securing an advanced 145 km² gold portfolio across New Zealand’s North Island. The all-scrip deal values the upfront consideration at $2 million, with an additional $2 million in performance shares contingent on drilling and resource milestones over five years. The portfolio spans four epithermal gold projects; Matahana, Hossack, Ohakuri West, and Puriri; situated in the emerging Taupo Volcanic Zone and the historically prolific Hauraki Goldfields, which boasts over 15 million ounces of cumulative gold production.

The acquisition comes at a time when New Zealand’s mining sector is experiencing a "resource renaissance," driven by regulatory reforms such as the Crown Minerals Amendment Act 2025 and the Fast-Track Approvals Act, designed to accelerate project approvals and enhance investment attractiveness. Each project within the portfolio offers multiple drill-ready targets backed by extensive historical geophysical and geochemical datasets, with recent geological reinterpretations sharpening the focus on high-potential zones. Settlement remains subject to due diligence, regulatory, and shareholder approvals, underscoring the conditional nature of the transaction. This builds on earlier announcements of the deal’s terms and strategic rationale proposed acquisition of NZ gold projects.

Yalgoo Project Sale Completes with $4.5 Million Consideration and Milestones

In a parallel development, Tempest finalized the sale of its Yalgoo Project in Western Australia to Capricorn Metals Limited (ASX:CMM) for a total consideration of $4.5 million. The deal includes $500,000 in cash and $4 million in Capricorn fully paid ordinary shares, valued at approximately $3.24 million as of 31 March 2026. Importantly, Tempest retains the iron ore rights on certain eastern tenements, notably those containing the Remorse magnetite deposit, while granting Capricorn exploration and development rights over other minerals.

The agreement also provides for contingent milestone payments totalling up to $1.5 million, triggered by the announcement of a JORC-compliant Mineral Resource Estimate exceeding 75,000 ounces of gold and a board decision to commence commercial mining on the Yalgoo Project. These payments are structured per tenement, with a maximum of three payments. The completion of this sale follows prior extensions and announcements, confirming the strategic divestment and capital recycling approach Yalgoo Project sale completion.

Remorse Deposit and Green Steel Partnership Progress

The Remorse Deposit, discovered through data-driven exploration in 2024, remains a key asset for Tempest. The inferred Mineral Resource Estimate stands at 63.5 million tonnes at 30.6% iron, with metallurgical testing yielding encouraging results. Tempest has also identified the nearby Halo Iron Target, suggesting potential for resource expansion. The company’s strategic partnership with Green Steel and Iron Pty Ltd (GISA) aims to advance the Remorse Deposit towards development as part of a green steel facility in Western Australia. Amendments to the agreement during the quarter allow for shareholder and regulatory approvals, reflecting the evolving nature of this collaboration.

Encouraging Gold Results at Range Project Near Mount Magnet

Exploration at the Range Project, located 5 km from the prolific +6 million ounce Mount Magnet gold operations, delivered multiple shallow gold intercepts during a 19-hole, 1,500-metre RC drilling campaign. Highlights include 3 metres at 3.2 g/t gold from 58 metres, 3 metres at 1.9 g/t from 13 metres, and 2 metres at 1.2 g/t from 21 metres. These results lie adjacent to existing open pits and near Ramelius Resources’ planned processing expansion, enhancing the project’s strategic value. The company is currently assessing these results to plan follow-up exploration. This progress complements previous sampling and mapping programs conducted in 2025 Range Project gold drilling results.

Portfolio Rationalisation and Financial Position

Post-quarter, Tempest withdrew from the Elephant Project joint venture, reflecting a focus on higher-priority assets. The company’s exploration expenditure for the quarter was $169,000, with net cash from investing activities positive due to proceeds from the Yalgoo sale. Tempest ended the quarter with $995,000 in cash and cash equivalents, supporting ongoing exploration and acquisition due diligence, particularly for the New Zealand projects. It continues to monitor growth opportunities across commodities and jurisdictions, including a milestone-based interest in Argosy Minerals’ Tonopah Lithium Project in Nevada, USA.