Tempest Minerals Ltd (ASX: TEM) today announced the termination of its Binding Term Sheet to acquire Zealandia Resources Pty Ltd, effective immediately. The decision follows the completion of comprehensive due diligence, with both parties having mutually agreed to discontinue the acquisition process. Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia, where its iron ore project is moving towards development in addition to exploring for precious, base and energy metals.
With the Zealandia Resources acquisition now concluded, Tempest Minerals will continue to focus on its established Western Australian portfolio of gold, base metals, and iron ore assets. Key among these is the promising Range Project located in Mt Magnet, where previous drilling initiatives have successfully identified widespread gold mineralisation extending over a multikilometre strike length, strategically positioned beside existing open pits. This asset remains a significant part of the company’s exploration efforts.
Furthermore, the company retains the Remorse Iron Deposit in Yalgoo, an asset that holds the potential to underpin a new multi-billion dollar Green Steel and Iron development in the region, aligning with global industry trends. In line with its overarching company strategy and mission to maximise shareholder value, Tempest Minerals confirmed it will continue its diligent assessment of other mining and exploration opportunities that align with its focused, data-driven, and risk-weighted approach. The Board of the Company has authorised the release of this announcement to the market.
