The central point: a portfolio reset

Tempest Minerals Limited (ASX:TEM) is a Western Australian mineral explorer that has spent 2026 changing the shape of its portfolio. According to its announcements, it terminated a proposed Acquisition of Zealandia Resources on 21 May 2026, sold its Yalgoo project to Capricorn Metals for A$4.5 million, and later ended a New Zealand binding agreement after due diligence.

What the company does and its stage

Tempest describes itself as an exploration and development company searching for precious, base and energy metals in Western Australia, using geoscience and data analytics. It is based in Mt Hawthorn. Its website lists three projects: Remorse and Halo, an iron ore target of 225 square kilometres in the Yalgoo region; Range, a 20 square kilometre gold target in the same region; and Five Wheels, a 266 square kilometre copper, gold and zinc target in the Earaheedy Basin.

These are exploration tenements. The material reviewed did not identify a JORC resource, so nothing here should be read as a defined deposit. The website was last modified on 23 April 2026, so its project list may not reflect later changes, including the Yalgoo sale.

Latest developments

The most recent quarterly report, lodged on 30 July 2026, covered the June quarter. It said there was no exploration work at Five Wheels or Range during the quarter, that the company withdrew from the Elephant Project joint venture, and that it terminated a New Zealand binding agreement following due diligence. It also stated that the Yalgoo project sale to Capricorn Metals was for A$4.5 million.

A termination of the Zealandia Resources acquisition was announced on 21 May 2026, and the share price fell from A$0.006 to A$0.004 on that release. Tempest's shares had been reinstated to Quotation on 5 March 2026, which indicates a prior suspension.

More recently the company lodged its 2026 Annual Report and corporate governance statement on 29 September 2026, and on 2 October 2026 gave the date for its Annual General Meeting and director nominations. The annual general meeting is listed for 27 November 2026.

Funding

The June quarter report estimated funding for 3.41 quarters. The sale proceeds for Yalgoo may bear on the funding position, but how and when they are received has not been confirmed.

Sector context and risks

Early-stage explorers depend on drilling results and access to capital. Tempest has reduced activity on some ground while pursuing and then abandoning acquisitions, so its direction is less clear than that of a company with a defined drilling program. The Yalgoo sale reduces its asset base, offset by the proceeds.

Upcoming milestones

The only confirmed dated milestone is the annual general meeting listed for 27 November 2026. The September-quarter report would normally be due by the end of October, though that date has not been confirmed from a company announcement.