TEM: Annual Report 2026
Original announcement by asx on
- Company
- TEMPEST MINERALS LIMITED
- Ticker
- TEM
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Iron ore
- Secondary commodities
- Gold
- Document categories
- Resource update, Drill results, Agreement transaction
- Extracted
- 2026-09-29 14:48:11 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Tempest Minerals Limited's 2026 Annual Report details positive exploration results from its Range gold project in Western Australia, including several shallow gold intercepts. The company also reported a maiden JORC Inferred Mineral Resource Estimate for its Remorse Magnetite Iron Deposit, which has since entered into a conditional option agreement. Financially, the company recorded a significant operating loss and impairment of exploration assets, alongside the strategic sale of its Yalgoo gold tenements.
Reasoning: The annual report highlights positive drill results from the Range gold project and details the maiden Inferred Mineral Resource Estimate for the Remorse iron deposit, which is now subject to an option agreement. The company also completed a significant asset sale, but reported a substantial operating loss and impairment of exploration assets.
Positive factors
- Positive drill results at Range gold project
- Maiden JORC Mineral Resource Estimate for Remorse iron deposit
- Strategic asset sale of Yalgoo gold tenements
- Option agreement for Remorse Magnetite Project
- Ongoing exploration activities
Negative factors
- Significant operating loss for the year
- Impairment of exploration and evaluation assets
- Remorse MRE is 100% Inferred category
- Termination of New Zealand acquisition agreement
Facts used in scoring: 9
Classification and evidence
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The report includes a Competent Person Statement by Mr Don Smith, who is a member of AusIMM and AIG, confirming the information relating to Exploration Results is fairly represented.
Evidence · text
“The information in this report that relates to Exploration Results is based on, and fairly represents information compiled by Mr Don Smith, a Competent Person who is a member of AusIMM and the Australian Institute of Geoscientists (AIG).”
Apparent Width Onlynegative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: The drill intercepts are given as downhole lengths without any mention of true width or drill orientation relative to mineralization.
Evidence · text
“MGTDH002: 3m @ 3.2g/t Au from 58m (including 1m @ 5.9g/t Au from 59m)”
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: The intercept of 1m @ 5.9g/t Au is well above the exceptional threshold for an open-pit gold deposit (5 g/t Au).
Evidence · text
“1m @ 5.9g/t Au from 59m”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The report explicitly states that it is an 'inaugural Mineral Resource Estimate' for the Remorse Iron Deposit.
Evidence · text
“Tempest released a maiden JORC (2012) Mineral Resource Estimate (MRE) for the Remorse Iron Deposit on 1 May 2025 (amended 7 May 2025)”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for the Remorse Iron Deposit is classified as 'Inferred' category.
Evidence · text
“comprising an Inferred category total of 63.5 Mt @ 30.6% Fe”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource Estimate for the Remorse Iron Deposit is stated to be in accordance with the JORC Code 2012.
Evidence · text
“inaugural Mineral Resource Estimate in accordance with the JORC Code 2012”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource Estimate was compiled by Mr Chris Grove, a Member of The Australasian Institute of Mining and Metallurgy (AusIMM), who qualifies as a Competent Person.
Evidence · text
“The information in this Annual Mineral Resources Statement that relates to Estimation and Reporting of Mineral Resources at the Remorse Magnetite Iron Deposit was based on information compiled by Mr Chris Grove, who was a Member of The Australasian Institute of Mining and Metallurgy (AusIMM).”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource estimate for the Remorse Iron Deposit explicitly states a 28% Fe cut-off grade.
Evidence · text
“comprising an Inferred category total of 63.5 Mt @ 30.6% Fe (at a 28% Fe cut-off)”
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: The report states that 'There has been no change to the Mineral Resources at the Remorse Iron Deposit from June 2026 to June 2025,' indicating the MRE is a restatement of prior information.
Evidence · text
“There has been no change to the Mineral Resources at the Remorse Iron Deposit from June 2026 to June 2025.”
Asset Salepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company completed the sale of its Yalgoo gold tenement package to Capricorn Metals Limited.
Evidence · text
“In February 2026, Tempest completed the sale of the Yalgoo Project gold tenement package to Capricorn Metals Limited for $4.5 million”
Option Agreementneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: Tempest Minerals signed a binding conditional Option Agreement with Green Steel & Iron Pty Ltd (GISA) to acquire the Remorse Magnetite Project.
Evidence · text
“In December 2025, TEM signed a binding conditional Option Agreement with GISA for GISA to acquire the Remorse Magnetite Project”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Drill Results (4)
MGTDH002Range · goldGrade: 3.2Grade Unit: g/tIntercept: 3 mView all detailsHide details
Identity
- Hole ID
- MGTDH002
- Project
- Range
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- TEM
Geometry
- Grade
- 3.2
- Grade Unit
- g/t
- Intercept
- 3 m
- From
- 58 m
- To
- 61 m
- Intercept Depth
- 58 m
Classification
- Deposit Type
- orogenic
- Program
- exploration
- Sample Type
- drill
- Group ID
- MGTDH002:58-61
- Mining Method
- open_pit
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This intercept shows a good gold grade for an open-pit style deposit and extends mineralization, supported by Competent Person sign-off, though true width is not provided.
Positive factors
- Good gold grade for an open pit target
- Intercept extends known mineralization
- Competent Person sign-off on exploration results
Negative factors
- Apparent width only, true width not stated
Evidence · text
“MGTDH002: 3m @ 3.2g/t Au from 58m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
MGTDH002Range · goldGrade: 5.9Grade Unit: g/tIntercept: 1 mView all detailsHide details
Identity
- Hole ID
- MGTDH002
- Project
- Range
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- TEM
Geometry
- Grade
- 5.9
- Grade Unit
- g/t
- Intercept
- 1 m
- From
- 59 m
- To
- 60 m
- Intercept Depth
- 59 m
Classification
- Deposit Type
- orogenic
- Program
- exploration
- Sample Type
- drill
- Group ID
- MGTDH002:59-60
- Mining Method
- open_pit
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This high-grade gold intercept is bonanza for an open-pit target, indicating strong mineralization within the broader interval, with Competent Person sign-off, but is narrow and lacks true width.
Positive factors
- High-grade gold intercept
- Bonanza grade for an open pit target
- Competent Person sign-off on exploration results
Negative factors
- Narrow intercept length
- Apparent width only, true width not stated
Evidence · text
“1m @ 5.9g/t Au from 59m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 3Range · goldGrade: 1.9Grade Unit: g/tIntercept: 3 mNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Range
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- TEM
Geometry
- Grade
- 1.9
- Grade Unit
- g/t
- Intercept
- 3 m
- From
- 13 m
- To
- 16 m
- Intercept Depth
- 13 m
Classification
- Deposit Type
- orogenic
- Program
- exploration
- Sample Type
- drill
- Group ID
- Range:13-16
- Mining Method
- open_pit
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This shallow gold intercept shows a good grade for an open-pit target, contributing to the overall positive drill program, with Competent Person sign-off, but lacks a specific hole ID and true width.
Positive factors
- Good gold grade for an open pit target
- Shallow intercept
- Competent Person sign-off on exploration results
Negative factors
- Hole ID not specified for this intercept
- Apparent width only, true width not stated
Evidence · text
“3m @ 1.9g/t Au from 13m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 4Range · goldGrade: 1.2Grade Unit: g/tIntercept: 2 mNeeds review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Range
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- TEM
Geometry
- Grade
- 1.2
- Grade Unit
- g/t
- Intercept
- 2 m
- From
- 21 m
- To
- 23 m
- Intercept Depth
- 21 m
Classification
- Deposit Type
- orogenic
- Program
- exploration
- Sample Type
- drill
- Group ID
- Range:21-23
- Mining Method
- open_pit
QA/QC
- QP Signed
- Yes
- QA/QC Methods
- standards
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This shallow gold intercept shows an economic grade for an open-pit target, adding to the positive drill program, with Competent Person sign-off, but lacks a specific hole ID and true width.
Positive factors
- Economic gold grade for an open pit target
- Shallow intercept
- Competent Person sign-off on exploration results
Negative factors
- Hole ID not specified for this intercept
- Apparent width only, true width not stated
Evidence · text
“2m @ 1.2g/t Au from 21m”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (5)
inferredRemorse Iron Deposit · iron_oreTonnes: 63500000Grade: 30.6Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Remorse Iron Deposit
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TEM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Chris Grove
- Resource group id
- resource:0e7ba6809b0c438bc983
- Deposit or zone
- Remorse
Resource Data
- Category
- inferred
- Tonnes
- 63500000
- Grade
- 30.6
- Grade Unit
- %
- Cutoff Grade
- 28
- Cutoff Unit
- % Fe
Prior Estimate
- Resource Date
- 2025-05-07
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-05-07T00:00:00.000Z
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: This maiden Inferred resource estimate for the Remorse Iron Deposit provides a significant tonnage, is JORC compliant and QP signed, but its 100% Inferred classification indicates low geological confidence, and it is a restatement of previously released information.
Positive factors
- Maiden resource estimate establishes a baseline
- JORC compliant and Competent Person signed off
- Good tonnage for an Inferred resource
Negative factors
- Resource is 100% Inferred, indicating low confidence
- Estimate is a restatement from a prior announcement, not new information
Evidence · table
“30.6”
Context: 63.5
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 2Yalgoo · goldView all detailsHide details
Identity
- Project
- Yalgoo
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TEM
Resource scope
- Resource group id
- resource:cfba95aa2afddbfa4e11
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The sale of the Yalgoo gold tenements for a substantial cash and share consideration represents a material strategic transaction, providing capital and streamlining the company's project portfolio.
Positive factors
- Significant cash and share consideration received
- Strategic portfolio rationalisation
- Provides capital for other projects
Evidence · text
“sold our Yalgoo project to ASX listed Capricorn Metals Ltd (CMM) for total consideration of $500k cash and 294,811 CMM shares (equivalent to $4,000,000, calculated by reference to the 5-day VWAP of CMM shares prior to completion).”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 3Remorse Magnetite Project · iron_oreView all detailsHide details
Identity
- Project
- Remorse Magnetite Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TEM
Resource scope
- Resource group id
- resource:4af59a71d4d876d7720b
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The binding option agreement with GISA for the Remorse Magnetite Project, involving a share-based deal and a green steel development focus, is a material step towards project development, though it remains conditional.
Positive factors
- Potential for significant equity stake in GISA
- Partnership with a green steel developer
- Progresses the Remorse project towards development
Negative factors
- Agreement is conditional and subject to satisfaction of conditions
- TEM retains right to reacquire if GISA fails key outcomes
Evidence · text
“In December 2025, TEM signed a binding conditional Option Agreement with GISA for GISA to acquire the Remorse Magnetite Project in a share-based deal, with TEM entitled to 50% of the issued capital of GISA as consideration together with options.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 4View all detailsHide details
Identity
- Ticker
- TEM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The exercise of options provided a minor capital injection to the company, representing a routine financial event.
Positive factors
- Small capital injection from option exercise
Evidence · text
“In October 2025, the Company issued 81,250 shares on the exercise of 81,250 options at 1 cent each, raising $813.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 5View all detailsHide details
Identity
- Ticker
- TEM
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The issuance of 32 million unlisted options to directors and management, approved by shareholders, serves as a long-term incentive, aligning interests but posing potential future dilution.
Positive factors
- Aligns director and management incentives with shareholder interests
Negative factors
- Potential future dilution from option exercise
Evidence · text
“26,000,000 KMP options were issued to Directors, following approval by shareholders at the Annual General Meeting held in November 2025. An additional 6,000,000 unlisted options were issued under the Employee Share and Option Plan to the company secretary and a consultant.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.