Magnetite
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Tempest Minerals Ltd (ASX:TEM) has released a maiden inferred resource estimate for the Remorse magnetite iron deposit, which is part of the wider Yalgoo project in Western Australia.

With the publication of this estimate – which comes in at 63.5 million tonnes at a grade of 30.6% iron (Fe) – Tempest is expecting to move into the development phase of work with Remorse, although exploration drilling will also continue.

The resource estimate itself was achieved through limited drilling work at Remorse, which is located to the east of the Yalgoo project, and was only discovered in 2024.

Managing director Don Smith said this was an important milestone for the company.

“This is an excellent outcome. We have gone from discovery to resource in a few short months – and this is based on a relatively small number of drillholes,” he said.

“We have metallurgical and other studies well advanced and we’ve already identified potential processing options and signed an MOU with GreenSteel and Iron.

“This gives us confidence that we can progress from being an explorer to a developer as well.”

Tempest has been trading at 0.4 cents.

Join the discussion: See what HotCopper users are saying about Tempest and be part of the conversations that move the markets.

tem by the numbers
More From The Market Online
The Market Online Video

HotCopper Highlights: Qatari no-shows; uranium bulls are back; sweating the small stuff & more

Good Afternoon and welcome to the end of another week, I’m Jon Davidson and this is HotCopper Highlights, a segment where we go over
Silver bull concept

Week 5 CY26, wrapped: Silver outpaces NVIDIA(!), Oz CPI close to 4%; rare earth stocks shocked

It’s well and truly Trump 2.0 and we’ve had another very interesting start to the year.
yellowcake

CY24 all over again: Uranium back to US$100/lb as data centre power demand, everything rally join forces

If you want to find happy investors on the ASX, you'd probably be hard-pressed than anybody…

Manuka ramps up at Wonawinta, Mt Boppy on ‘outstanding’ 10-year mine plan

Manuka Resources (ASX: MKR) has revealed a robust 10-year mine plan for the Wonawinta silver and…