Key Highlights

  • The Remorse iron deposit at Yalgoo carries an Inferred Mineral Resource of 63.5 million tonnes at 30.6 per cent iron.
  • Tempest sold its Yalgoo gold tenements to Capricorn Metals in February 2026 for A$4.5 million in cash and shares.
  • Cash was A$970,000 at 30 June 2026, and the company estimated about 3.4 quarters of funding at the current burn rate.

Tempest Minerals (ASX:TEM) is a Western Australian explorer that has spent 2026 reshaping its portfolio, leaving it with an iron ore resource, a listed shareholding and a modest cash balance. According to its Quarterly Report for the three months to 30 June 2026, released on 30 July 2026, Tempest has sold gold tenements, left a joint venture and abandoned an overseas acquisition, and is now assessing the iron potential at Yalgoo.

Yalgoo iron and the GISA discussions

The quarterly report states that the Remorse iron deposit at Yalgoo carries an Inferred Mineral Resource of 63.5 million tonnes at 30.6 per cent iron, alongside an Exploration Target of 50 to 110 million tonnes at 30 to 32 per cent iron. An Inferred resource is the lowest-confidence JORC category, and an Exploration Target is a conceptual range that does not constitute a resource.

The company said it is negotiating a share-based option arrangement with GISA, which it describes as a green steel developer, and it has identified the Halo Iron Target several kilometres to the west. No agreement had been announced as at the quarterly report.

Other projects and disposals

At Mount Magnet, no work was carried out on the Range Project during the quarter, although earlier drilling included 3 metres at 3.2 grams per tonne gold from 58 metres. The Five Wheels project, covering 266 square kilometres in the Earaheedy region, also had no work. Tempest withdrew from the Elephant joint venture, and a binding agreement to acquire a New Zealand business, Zealandia Resources, was terminated after due diligence. Those events took place in April and May 2026.

In February 2026 Tempest sold its Yalgoo gold tenements to Capricorn Metals (ASX:CMM) for A$4.5 million, comprising A$500,000 in cash plus shares in Capricorn. It also holds a milestone-based cash entitlement of A$250,000 linked to Argosy's Tonopah lithium project in the United States.

Cash, investments and funding

The report puts cash at A$970,000 at 30 June 2026, down from A$995,000 at 31 March. Operating outflow was A$243,000 for the quarter and A$1.15 million for the year to date, with exploration spending of A$41,000 and A$786,000 respectively. Investing inflow was A$218,000, made up of A$699,000 from the sale of 50,811 Capricorn shares less A$440,000 of GST paid on the tenement disposal. Tempest estimated about 3.4 quarters of funding at the current burn rate. Related-party payments were A$100,000, mainly the Managing Director's salary and non-executive director fees.

Tempest also held 244,000 Capricorn shares, which it valued at A$3.08 million at quarter end. As a listed security, that holding moves with Capricorn's share price and can be realised only at market prices, so it adds Liquidity as well as volatility. The company has not stated whether it will dispose of more shares.

What to Watch

For the September 2026 quarter, Tempest said it would review data from the Range Project, assess iron potential at Halo and continue evaluating other resource projects. These are stated intentions rather than scheduled events. The risks include the low confidence of an Inferred resource, whether iron at roughly 30 per cent grade can attract a partner, the outcome of the GISA talks and dilution if a Capital raising is needed.