# TEM: Annual Report 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145509 Publisher: asx Original announcement: 2026-09-29T07:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T14:48:10.366Z Atlas analysis updated: 2026-09-29T14:48:10.366Z - 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 Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas 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 factor: Positive drill results at Range gold project - Positive factor: Maiden JORC Mineral Resource Estimate for Remorse iron deposit - Positive factor: Strategic asset sale of Yalgoo gold tenements - Positive factor: Option agreement for Remorse Magnetite Project - Positive factor: Ongoing exploration activities - Negative factor: Significant operating loss for the year - Negative factor: Impairment of exploration and evaluation assets - Negative factor: Remorse MRE is 100% Inferred category - Negative factor: Termination of New Zealand acquisition agreement Facts used in scoring: 9 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: 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 Only** Polarity: negative Definition: 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 Intercept** Polarity: positive Definition: 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 Resource** Polarity: neutral Definition: 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 Resource** Polarity: negative Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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-release** Polarity: negative Definition: 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 Sale** Polarity: positive Story-specific tag Definition: 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 Agreement** Polarity: neutral Story-specific tag Definition: 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) ### MGTDH002 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-drill-facts-0) Range · gold #### 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 factor: Good gold grade for an open pit target - Positive factor: Intercept extends known mineralization - Positive factor: Competent Person sign-off on exploration results - Negative factor: Apparent width only, true width not stated Evidence · text > MGTDH002: 3m @ 3.2g/t Au from 58m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### MGTDH002 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-drill-facts-1) Range · gold #### 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 factor: High-grade gold intercept - Positive factor: Bonanza grade for an open pit target - Positive factor: Competent Person sign-off on exploration results - Negative factor: Narrow intercept length - Negative factor: Apparent width only, true width not stated Evidence · text > 1m @ 5.9g/t Au from 59m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-drill-facts-2) Range · gold Needs review: drill\_no\_hole\_id #### 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 factor: Good gold grade for an open pit target - Positive factor: Shallow intercept - Positive factor: Competent Person sign-off on exploration results - Negative factor: Hole ID not specified for this intercept - Negative factor: Apparent width only, true width not stated Evidence · text > 3m @ 1.9g/t Au from 13m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-drill-facts-3) Range · gold Needs review: drill\_no\_hole\_id #### 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 factor: Economic gold grade for an open pit target - Positive factor: Shallow intercept - Positive factor: Competent Person sign-off on exploration results - Negative factor: Hole ID not specified for this intercept - Negative factor: Apparent width only, true width not stated Evidence · text > 2m @ 1.2g/t Au from 21m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (5) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-resource-facts-4) Remorse Iron Deposit · iron\_ore Historical result Needs review: historical\_restatement #### 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 factor: Maiden resource estimate establishes a baseline - Positive factor: JORC compliant and Competent Person signed off - Positive factor: Good tonnage for an Inferred resource - Negative factor: Resource is 100% Inferred, indicating low confidence - Negative factor: Estimate is a restatement from a prior announcement, not new information Evidence · table > 30.6 Context: 63.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-resource-facts-5) Yalgoo · gold #### 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 factor: Significant cash and share consideration received - Positive factor: Strategic portfolio rationalisation - Positive factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-resource-facts-6) Remorse Magnetite Project · iron\_ore #### 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 factor: Potential for significant equity stake in GISA - Positive factor: Partnership with a green steel developer - Positive factor: Progresses the Remorse project towards development - Negative factor: Agreement is conditional and subject to satisfaction of conditions - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-resource-facts-7) #### 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 factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/tem-annual-report-2026--de4e6ced-4052-4df1-9885-28cea1c89b3c#fact-resource-facts-8) #### 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 factor: Aligns director and management incentives with shareholder interests - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: 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.