Tempest Minerals reports $1.339 million cash and 4.22 quarters of funding

Share sale lifts quarter-end cash

Tempest Minerals Ltd (ASX:TEM) finished the September quarter with $1.339 million in cash, a stronger position than the previous quarter after selling 44,000 Capricorn Metals shares for $686,081. The explorer reported net operating outflows of $271,000 and exploration and evaluation spending of $46,000, producing total relevant outgoings of $317,000 for the quarter.

At that spending rate, Tempest calculated it had approximately 4.22 quarters of funding available. The figure is a snapshot rather than a forecast: a more active drilling program or progress on other projects could change the rate materially. The company had no debt or unused financing facilities recorded in the quarterly cash flow report.

Capricorn holding remains a liquid project asset

The share sale reduced Tempest's Capricorn Metals holding to 200,000 shares, valued at $2.98 million at 30 September. That valuation had fallen to $2.708 million by 28 October, according to the report, making the listed investment a meaningful part of Tempest's asset base alongside its exploration portfolio.

The shares came from the $4.5 million Yalgoo sale, completed in February with consideration comprising $500,000 in cash and 294,811 Capricorn shares. Tempest retained ferrous mineral rights over several Yalgoo tenements, including the Remorse iron deposit, while Capricorn acquired the non-iron interests.

Remorse iron pathway still depends on GISA

Tempest continues to carry the Remorse deposit with an inferred mineral resource of 63.5 million tonnes grading 30.6% iron, alongside a conceptual exploration target of 50 million to 110 million tonnes at 30% to 32% iron. The company said laboratory work had shown the deposit to have favourable metallurgical properties, but these figures were previously reported rather than newly estimated in the quarter.

The proposed pathway remains an option agreement under which Green Steel and Iron could acquire Remorse in a share-based transaction, with the longer-term intention of progressing a Mid-West green iron and steel facility. GISA has secured further memorandums of understanding with other potential magnetite producers and submitted an application to the Federal Government Green Iron Fund. The report does not disclose an option exercise, transaction completion or investment decision.

Range data review precedes next exploration step

At the Range gold project near Mount Magnet, Tempest reviewed data from 2026 drilling during the quarter. Earlier drilling had produced shallow intersections including 3 metres at 3.2 grams per tonne gold from 58 metres, including 1 metre at 5.9 grams per tonne, but the September report announced no new drilling results or resource estimate.

“Located in the heart of the Mount Magnet mineral field and 5km along strike from the prolific +6Moz Mount Magnet Operations, the Range Project consists of 17 tenements for 20km2.”

“Tempest Projects”

Caption and image © Tempest Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The company expects the December quarter to include desktop geological studies of drilling results from Mount Magnet and Yalgoo. No work was undertaken at the 266-square-kilometre Five Wheels project during the quarter, while the Halo iron target west of Remorse remained at the historical-data review stage.