Remorse Magnetite Resource Estimated at 63.5 Mt Grading 30.6% Iron by Tempest Minerals

A Milestone for Remorse

Tempest Minerals Ltd (ASX: TEM) has reached a significant milestone with the release of the inaugural inferred resource estimate for its Remorse Magnetite Iron Deposit, part of the company’s flagship Yalgoo Project in Western Australia. The resource, independently estimated by Measured Group Pty Ltd, stands at 63.5 million tonnes grading 30.6% iron (Fe), classified in the inferred category due to the relatively limited drilling completed to date.

This announcement marks a critical transition from exploration target to defined mineral resource, providing a robust platform for advancing development studies and potential mining operations. The resource estimate adheres to JORC 2012 standards and reflects a conservative 28% Fe cut-off grade, underscoring the cautious optimism with which Tempest approaches the project’s early stage.

Geological Context and Resource Estimation

The Remorse Deposit is situated within the Yalgoo-Singleton Greenstone Belt, a geologically complex and mineralogically rich region known for hosting a variety of commodities including base metals, gold, and iron ore. The deposit was discovered in 2024 through a targeted drilling program initially aimed at base metals but which intersected substantial magnetite zones with iron grades reaching up to 39%.

The resource estimation employed advanced 3D modelling techniques using Leapfrog Geo software and an inverse distance squared (ID2) interpolation method, appropriate for the deposit’s style and drill spacing. The mineralisation is characterized by multiple steeply dipping magnetite lenses extending from surface to depths of approximately 275 to 290 metres, with the resource open at depth and along strike.

Growth Potential and Operational Outlook

While the current resource is based on 21 reverse circulation drill holes totaling 4,005 metres, Tempest anticipates significant resource expansion. The tonnage shows sensitivity to cut-off grades, with a reduction from 28% to 20% Fe potentially increasing the resource to over 106 million tonnes, albeit at a modestly lower average grade.

Managing Director Don Smith highlighted the rapid progression from discovery to resource definition, noting that metallurgical studies are well advanced and that the company has already identified potential processing pathways. The signing of a memorandum of understanding with GreenSteel and Iron Pty Ltd signals strategic collaboration to explore processing synergies, potentially enhancing project economics.

Importantly, the Remorse Deposit’s proximity to existing rail infrastructure and port facilities in the Mid-West region of Western Australia positions it favorably for development as a low-cost, open-pit operation. Early environmental baseline studies have not identified significant impediments, although formal approvals remain pending.

Next Steps and Market Implications

Tempest is advancing metallurgical test work, planning further drilling campaigns to increase resource confidence, and initiating economic and infrastructure studies. These efforts aim to refine the resource model, improve classification beyond inferred status, and assess the deposit’s viability as a commercial mining operation.

For investors and analysts, the Remorse resource announcement provides a tangible metric of value creation and a foundation for future growth. However, the inferred classification and limited drilling underscore the need for cautious interpretation until further data and studies confirm the deposit’s scale and economic potential.