Announcement PDF ACN 612 008 358 CONSOLIDATED FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2023 TEMPEST MINERALS LIMITED ACN 612 008 358 Phone: +61 8 9200 0435 Fax: +61 8 9380 6761 Address: Level 2, Suite 9 389 Oxford Street, Mount Hawthorn WA 6016 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Contents Cautionary Statements 2 Corporate Information 3 Letter from the Chairman 4 Review of Operations 5 Directors’ Report 24 Auditor’s Independence Declaration 35 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 30 June 2023 36 Consolidated Statement of Financial Position as at 30 June 2023 37 Consolidated Statement of Changes In Equity for the Year Ended 30 June 2023 38 Consolidated Statement of Cash Flows for the Year Ended 30 June 2023 39 Notes to the Consolidated Financial Statements for the Year Ended 30 June 2023 40 Directors’ Declaration 61 Independent Auditor’s Report 62 Shareholder Information 66 Interests in Tenements 70 Page 1 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Cautionary Statements Forward-looking statements This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Tempest Minerals Limited undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice. Competent Person Statement 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). Mr Smith is the Managing Director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr Smith consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Information relating to Previous Disclosure This report contains information extracted from previous ASX market announcements reported in accordance with the 2012 JORC Code and is available for viewing at www.tempestminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in these earlier market announcements. The Company confirms that the form and context in which the competent persons findings have not been materially modified from these earlier market announcements. Page 2 TEMPEST MINERALS LIMITED - ACN 612 008 358 Corporate Information Directors and Company Secretary Brian Moller (Non-Executive Chairman) Don Smith (Managing Director) Andrew Haythorpe (Non-Executive Director) Owen Burchell (Non-Executive Director) Paul Jurman (Company Secretary) Head Office and Registered Office Tempest Minerals Limited Level 2, Suite 9 389 Oxford Street Mt Hawthorn, WA 6016 Tel: +61 8 9200 0435 www.tempestminerals.com Auditors HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000 Share Registry Automic Pty Ltd Level 5, 126 Phillip Street Sydney NSW 2000 Tel: 1300 288 664 www.automicgroup.com.au Stock Exchange Listing Australian Securities Exchange Ltd ASX Code: TEM, TEMOA Australian Company Number 612 008 358 Solicitor HopgoodGanim Lawyers Level 8, Waterfront Place 1 Eagle Street Brisbane QLD 4000 Tel: +61 7 3024 0000 Fax: +61 7 3024 0300 www.hopgoodganim.com.au Page 3 ANNUAL REPORT 2023 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Letter from the Chairman Dear Shareholder On behalf of the Board of Directors of Tempest Minerals Limited (Tempest or the Company), I take pleasure in presenting the Annual Report for 2023. Tempest’s primary focus continues to be to progress exploration work at its four key WA projects being Messenger, Meleya, War West and Euro. Tempest has also secured additional ground in the Yalgoo region acquiring a further 5 tenements totalling 195 km2. A deal of technical survey work has also been undertaken with a view to identifying exploration targets to be progressed in the coming year. Tempest also continues to consider opportunities to unlock the value in its WA lithium projects. Tempest also invested at an earlier stage in the PNG exploration company Tolu Minerals Ltd (Tolu) which has the Tolukuma mine in PNG and nearby deposits with similar geology, investing $1m at $0.37 per share. Tolu is now progressing its IPO with a view to listing shortly on ASX. I would like to extend my thanks to the Company’s Managing Director Mr Don Smith, my fellow directors and the management team for their ongoing efforts in advancing the Company’s projects and look forward to being able to update all shareholders with the progress on exploration of our projects over the course of the coming year. We also respectfully acknowledge the Traditional Custodians of the land in which we operate. We pay our respect to all the elders, past, present and emerging, who carry deep knowledge of these lands, and we commit to being open to receive this knowledge and incorporate it into the work we do. We recognise their continuing connection to the land, waters and culture in the areas we operate. On behalf of the Board, I think you for your continued support and look forward to bringing you further news as our exploration efforts continue. Yours faithfully Brian Moller Chairman Page 4 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Overview Tempest continued its growth during the 2022/2023 financial year both through solid exploration and development efforts: - 3 drill programs (91 Holes for 7,336 metres of drilling (diamond, reverse circulation and aircore) with highly anomalous critical minerals uncovered - 3 geophysical surveys (Electron Paramagnetic Resonance, airborne and downhole electromagnetics) with multiple zones of mineralisation defined as well as numerous further exploration targets - Multiple large scale surface geochemistry and geology mapping surveys which defined a >4km high priority drill target Tempest also was exploring various corporate opportunities including: - making an investment in a near term gold producer Tolu Minerals - and pursuing further value add for the lithium portfolio Figure 1: TEM Project Locations Highlights ● ● ● ● ● ● ● ● Page 5 Multiple drilling programs completed across Meleya Project Critical metals intercepted in extensive drilling at Clover Target Multi-km base metal, rare earth geochemical anomaly at Remorse Target Regional EM survey undertaken Regional EPR survey undertaken Increase in landholdings Investment in near term gold production Lithium value creation options TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Yalgoo Background Tempest enjoys a dominant position with one of the largest granted holdings in the Yalgoo region of Western Australia. Tempest considers the region to be highly prospective and has been exploring the region for several years with multiple zones of mineralisation discovered in previously unrecognised, fertile geological terrains. This is in line with industry trends where exploration opportunities in new areas and discoveries ‘under cover’ are becoming the norm. The Yalgoo Mineral Belt encompasses a rough area of 4,000km² with Tempest holding a footprint of more than 1,000km2 which equates to more than a quarter of the active exploration leases regionally. This contains a near contiguous 100 kilometre strike length of the Yalgoo mineral field. This is separated into and often referred to as four discrete geological segments or ‘project areas’ which denote slightly different conceptual geological domains and exploration foci - namely: Messenger, Meleya, War West, Euro. However, through tenement consolidation, these areas have become an almost contiguous holding and there is considerable geological overlap. The Messenger project is area of over 170km2 and a continuous strike of almost 50km bordering the world-class EMR Golden Grove base and precious metal mine and other local gold projects and the historic Messengers Patch mining area (up to 10 oz/t gold). The Messenger Project holds strong potential for discovery. Previous drilling in the area intersected high-grade veins including exceptional intersections such as 2 metres @ 228.92 g/t gold from 10m including 1m @ 451 g/t gold. Figure 2: Messenger Project Location A shallow maiden drilling program in 2021 by Tempest intercepted thick zones of anomalous gold within mineralised quartz and strongly hydrothermally altered zones of up to 17m thickness. These are believed to be similar to the mineralisation historically mined at very high grades at the surface and remain open in all directions. A newer proposed model of the geology at the Messenger Project features a more prospective outlook based on the mapping, drilling and other geology work done by Tempest. This includes extensive underexplored volcanics, greenstones and associated quartz lodes prospective for gold, nickel and critically, a raft of the much sought after Golden Grove stratigraphy prospective for base and precious metals. The War West project - first identified in 2018 by Tempest as an Intrusive Related Gold (IRG) system - hosts multi-kilometre geochemical anomalies across a 55km2 land holding. Highly successful gold prospecting and artisanal mining has occurred in this area for several decades. One of the targets known as “Wee Lode'' was discovered when a company mapping team in 2019 discovered outcropping gold-bearing quartz veins. Drilling then proved the IRG concept by intersecting shallow high-grade gold from 7m and broad low grade disseminated gold mineralisation zones from surface throughout the surrounding lateritic country rock. The mineralized zone remains open at depth and along strike. Figure 3: War West Project Location Page 6 The mentioned drilling program also uncovered shallow (less than 10 metres from surface) greenstones previously thought to be hundreds of metres or kilometres of depth. This has opened hundreds of square kilometres of new exploration ground in the region for Tempest and dozens of exploration targets. This was influential in the understanding of the Meleya project and the significant opportunity which is present throughout the Yalgoo Belt. TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Figure 4: Simplified geological map of Meleya and War West Projects The Meleya project - Data analysis and fieldwork conducted by Tempest at the adjoining War West Project highlighted inconsistencies in legacy mapping of the region. The broader extent of the project is historically inaccurately mapped geology. Prior to Tempest work, the majority of the current project had never had any lease, nor been explored. Early fieldwork identified kilometres of outcropping greenstones in regions where barren granite were previously mapped in state datasets. A large number of exploration and drill targets for Gold and VMS (Volcanogenic Massive Sulphide) and other related mineralisation types have been identified. Two initial stratigraphic holes were completed at 709m and 1,020m depth at the Figure 5: Meleya “Orion” target in early 2022 which provided the presence of the new Yalgoo Project Location Greenstone Belt sequence and the presence of strong mineralisation. The presence of favourable stratigraphy and the presence of a mineralised environment indicates a highly fertile system. The Euro project is a combined total of 165km2 granted tenure with a number of applications totalling more than 150km2 in addition. The Project is situated within the Southern Yalgoo Greenstone Belt and is nestled between 3 major mines Karara (Iron), Mt Mulgine (Gold/Tungsten) and Rothsay (Gold/Copper) which share the same host geology. Some areas were explored for gold and iron ore in the 1990s and early 2000s with drilling intersecting extensive gold mineralisation. Tempest has conducted a number of mapping projects and drilling with polymetallic/multicommodity present including gold, base metal, lithium pegmatites and iron ore. Figure 6: Euro Project Location Page 7 TEMPEST MINERALS LIMITED - ACN 612 008 358 Review of Operations Figure 7: Yalgoo Projects within regional context Page 8 ANNUAL REPORT 2023 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Exploration Ground Increase Tempest maintains a vigilance for new opportunities in the Yalgoo region and have recently increased the Company’s landholding - extending 3 of Yalgoo exploration fronts (Messenger, Euro and Meleya) through 5 addition tenements totalling over 195km2 (three of these were acquired for $45,000 in TEM shares). The new tenements provide opportunity for extending the anomaly detected at the Remorse target (eastern side of Meleya area) and other gold projects in the Barron Rothchild mineral field. Additionally, the new Euro tenements increase the strategic holding. Yalgoo Region Project Outline Existing Tenure New Application New Granted Mine/Advanced Project 0 20 km Figure 8: Yalgoo Projects with new exploration leases Regional EPR Survey As part of Tempest innovation strategy the company completed a regional (Electron Paramagnetic Resonance) EPR surveys across its Yalgoo and Mt Magnet projects. EPR is a geophysical tool where certain ground conditions are met has the potential to detect hydrocarbons, metals, halogens, biomarkers and other pathfinder elements potentially associated with precious and base metal deposits at significant depth. EPR is used in other industries and as the emphasis in exploration changes to more difficult terrains, has had some success in Western Australian gold exploration. Numerous (more than 250) potentially mineralised responses were detected during the survey. Many of these are spatially proximal or coincident to established exploration targets already identified by Tempest. EPR augments and can be used in conjunction as another layer of evidence with more well known methods of standard exploration methods such as Magnetics and drilling. Page 9 40 km TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Regional EM Survey Tempest commenced a regional airborne electromagnetic (AEM) The survey will cover a large percentage of the Meleya and War West project areas with the intent of providing multiple outcomes: new exploration and drill targets; verify and provide more detail on existing exploration targets; and give more resolution to the underlying geology - much of which is under shallow cover. Electromagnetic surveys measure the electrical conductivity and magnetic susceptibility of the earth which can be used to measure various parameters of the geology including identifying types of sulphide mineralisation including those of volcanogenic massive sulphides (VMS). The program consists of 300 lines of 200m spacing for around a total of about 2,000 kilometres of line survey measurements. Meleya WarWest Figure 9: Schematic map of survey area Page 10 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations \ Figure 10: EM Survey In Progress Over The Meleya Project Page 11 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Drilling: Orion Results from Orion drilling completed in the previous reporting period were received and confirmed the presence of large-scale mineralisation at the Orion target. The abundant iron and copper sulphides reported were added to by the presence of large-scale zinc-sulphide mineralisation (sphalerite) which can be difficult to identify prior to assays. Horizons of more than 200m geological thickness with isolated greater enrichment were identified in both stratigraphic holes WARDH72 and WARDH73. WARDH72 ● 4.3m @ 512.3ppm Ni from 93.5m ● 0.9m @ 428ppm Cu + 0.39gpt Ag and 0.008gpt Au from 186.5m ● 14m @ 305.7ppm Cu + 277.1ppm Zn and 0.19gpt Ag from 426m ● Including 1m @ 1290ppm Cu + 411ppm Zn and 0.84gpt Ag from 431m ● 21.58m @ 277.1ppm Zn + 0.07gpt Ag from 476.9m ● Including 2m @ 1118ppm Zn + 0.31gpt Ag from 485m ● 1m @ 545ppm Zn + 247ppm Cu and 0.16gpt Ag from 523m WARDH73 ● ● ● ● 0.5m @ 940ppm Cu from 290.5m 1.1m @ 818ppm Cu and 0.11gpt Ag from 476.1m 9.7m @ 274.9ppm Ni from 659.0m 18.9m @ 362.2ppm Zn + 87.9ppm Pb and 0.1gpt Ag from 852.1m ● Including 4m @ 928ppm Zn + 220.5ppm Pb and 0.18 Ag from 858 ● Including 1m @ 1710ppm Zn + 430.5ppm Pb and 0.19gpt Ag from 860 ● 0.4m @ 588ppm Mo and 107ppm Cu from 945.6m ● 4.5m @ 0.40gpt Ag from 981 DHEM: Orion Down Hole Electromagnetic (DHEM) is extensively used to identify and delineate geological formations, mineralisation systems and orebodies - particularly those which have large-scale sulphide contents such as volcanogenic massive sulphide (VMS), skarn and porphyry - that have the potential to respond to electromagnetic signals. TEM conducted a survey on WARDH72 and WARDH73 at the Orion target. This was principally a 2 x 300m diameter loop using DHEM to produce a field normal to sub perpendicular to the known geology. The presence of appreciable sulphides such as pyrrhotite and chalcopyrite described in various releases as expected, responded to signals produced during an electromagnetic (EM) surveys and the large raw dataset was processed and interpreted to generate models of the geology of the Orion Target. This identified at least 2 modest sized highly conductive bodies corresponding with logged copper and iron sulphide mineralisation in the 2 drillholes completed. Page 12 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Figure 11: DHEM Survey layout with magnetics and drillhole underlay Projected near surface EM Sulphide target zone >200m Zone of Continuous Zn Mineralisation W Figure 12: DHEM section view with primary field direction, drillholes and model plates (red) Page 13 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Drilling: Master The Master Target is among targets identified through ongoing data interpretation and fieldwork. The Master anomaly is located in the central southern section of the Meleya Project approximately 8km south of the high profile Orion target. The target was defined by a large magnetic feature and is interpreted as representing part of or another previously unidentified segment of the mineralised ‘Eastern Yalgoo Greenstone belt’. The area is dominated by fluvial surface material yet has a mildly anomalous geochemical geochemistry at surface. Specifically, multiple samples over several kilometres contain up to 3% sulphur and multiple indicator metals. This was also backed by the corresponding anomalies including EPR. Figure 13: Master target with underlying TMI magnetic image and sulphur geochemistry Tempest completed 1 diamond drill hole for 427.1m at the Master target. WARDH74 encountered minor sulphides and strong alteration throughout the drillhole. Page 14 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Figure 14: Shear zone with silica flooding and minor sulphides The geology encountered was a continuation of the Meleya greenstone belt with 40m of cover and lateritic clay horizons with sand and gravel lenses overlaying repeating sequences of greenstones and intermediate intrusives. Intermittent minor sulphides were intersected throughout the hole in bleb and veinlet form usually associated with contained intermittent potassium-feldspar epidote alteration. Multiple zones were silica flooded associated with shear zones. Subsequent assays demonstrated shallow elevated gold and associated Tellurium and Arsenic at the location of a significant regional structure. Page 15 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Drilling: Clover The ‘Clover’ Target is a magnetic low stratigraphic sequence in the central Meleya Project area. The magnetic low is strongly altered and likely a ‘demagnetised’ zone such is typical of greenstone hosted hydrothermal gold mineralisation in Western Australia. Diamond hole WARDH75 was drilled to 637.1m designed to intersect the western edge of the abovementioned multi-km low magnetism zone. The hole encountered a thick (~68m) laterite zone of weathered intrusives. Underlying the regolith profile was extensive highly sheared intermediate intrusives to 75m. Several hundred meters of altered and mineralised fine grained mafic to ultramafic sequences were encountered to 422m with at least 3 dyke generations intruding upon the host rocks with contacts altered with, calcite and trace sulphide species. From 422m to 569m further greenstones followed, with significant silica and epidote overprinting. Finally a continuation of the dyke swarm continued till the end of hole (637.1m) which showed skarnlike alteration, silica alteration and trace sulphides (<0.1%). A broad shallow drill pattern across the central Meleya Project area was completed immediately surrounding the Clover target and extending to the Orion Target. Drilling was done on nominal 500m x 500m spacing and with an area of some 4km x 4km of the central Meleya Belt tested. Depending on ground conditions and other factors, a combination of RAB and RC were completed for 90 holes / 6,346 metres of aircore and reverse circulation drilling (2,202 metres of Aircore, 4,069m of RC). This program represents the testing of only a small fraction of the total Meleya Project. Geological observations indicate that sulphide and fluid altered domains were intersected through the drill sections with east plunging zones of disseminated sulphide (pyrite 0.5%) and silica was noted in holes WARDH135 (between 150-200m downhole) and WARDH136 (bifurcated from 58-86m and 133-175m downhole). Skarnification of the greenstone surrounding the intrusive mafic was originally reported in hole WARDH75, drillhole WARDH139 intersected a similar zone of alteration with associated ultra trace sulphide (pyrite 0.25%) at the uphole contact of the mafic intrusive at 40-43m. An additional sulphide altered skarn was recorded on hole WARDH146 at 82-90m within the Big Bell suite. Figure 15: Section view of drilling through the Clover Target - Section A-A Page 16 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Extensive anomalism was encountered throughout the drilling with multiple commodities represented including Copper, Zinc, Rare Earths, Nickel and Tungsten. Copper/Zinc Key Intercepts: ● ● ● ● ● ● 163m @ 149ppm Cu + 101ppm Zn + 126ppm Ni + 309ppm Cr (WARDH79) 71m @ 186ppm Cu, 152ppm Zn, 106ppm Ni and 333ppm Cr (WARDH146) 4m @ 353ppm Cu + 425 ppm Zn + 149ppm Ni (WARDH145) 1m @ 617ppm Cu + 93ppm Zn + 126ppm Ni (WARDH 110) 118m @ 138ppm Cu, 120ppm Zn (WARDH138) ○ Including 1m @ 750ppm Cu + 97ppm Zn + 138ppm Ni (WARDH138) 88m @ 132ppm Cu, 99ppm Zn, 134ppm Ni and 281ppm Cr (WARDH139) Rare Earth Key Intercepts: ● 6m @ 0.13% REO (Rare Earth Element Oxide) - 686ppm Ce + 348 La + 86pm Y from 51m ○ Including: 3m @ 0.2% REO - 1085ppm Ce + 348ppm La + 135ppm Y from 48m And ● ● ● ● 4m @ 0.09% REO from 23m in WARDH150m (552ppm Ce + 238ppm La + 50ppm Y) 4m @ 0.05% REO from 32m in WARDH79 (244ppm Ce + 144ppm La + 194ppm Y) 6m @ 0.03% REO from 9m in WARDH121 (237ppm Ce + 69ppm La + 4ppm Y) 1m @ 0.05% REO from 22m in WARDH138 (18ppm Ce + 375ppm La + 331ppm Y) (WARDH145) ● 7m @ 0.011% Sc2O3 (91ppm Sc) from 51m ○ Including 3m @ 0.013% Sc2O3 (104ppm Sc) from 52m ● 4m @ 111ppm Sc2O3 from 44m (WARDH146) Nickel Key Intercepts: Zone 1 ● 5m @ 0.11% Ni + 0.09% Cr from 101m (WARDH156) And Zone 2 ● 9m @ 0.05% Ni + 0.06% Cr from 36m (WARDH150) Tungsten Key Intercepts: Zone 1 ● 3m @ 0.54% WO3 (4,270ppm W) and 0.07% Co (699ppm) from 21m (WARDH83) ● 1m @ 0.26% WO3 (2,050ppm W) from 45m (WARDH122) ● 1m @ 0.15% WO3 (1,220ppm W) from 159m (WARDH135) ● 4m @ 0.05% WO3 (428ppm W from 163m (WARDH139) ● Page 17 Including 1m @ 0.11% WO3 (930 ppm W) from 166m (EOH sample) ● 1m @ 0.09% WO3 (710ppm W) from 145m (WARDH139) ● 1m @ 0.06% WO3 (520ppm W) from 150m (WARDH142) TEMPEST MINERALS LIMITED - ACN 612 008 358 Review of Operations Figure 16: Meleya Project Drilling Program Overview Page 18 ANNUAL REPORT 2023 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Geochem: Remorse During Q4 2022 broad 200mx200m spaced soil sampling and mapping campaigns of over 1,000 samples were incrementally completed over 45km2 for the purpose of ground-truthing and developing a broad preliminary understanding of the regions including a target area in the easterly portion of the Meleya Project colloquially known as the Ktulu area. The area is known to host several historical workings at the Baron Rothschild and Pinyalling Mining Centres where gold was produced between 1902 - 1939 and only sparingly if at all explored. Additionally, the purpose of the campaign was to sample the geochemistry and geology of several targets in this vicinity including the Remorse target. The geochemical data received highlighted the presence of a substantial geochemical anomaly. The anomaly is multiple kilometres in dimension and defined by clear layering of copper and zinc with nickel and rare earths to the north-east. Figure 17: Remorse (base metal) and Outlaw (Nickel Rare Earth) anomalies Assay highlights include: ● ● ● ● ● ● 635 ppm Cu + 96 ppm Zn + 14 ppm Pb, 280 ppm Cu + 182 ppm Zn + 24.3 ppm Pb 0.15% REO (929 ppm Ce + 457 ppm La + 82 ppm Y), and 0.12% REO (799 ppm Ce + 321 ppm La + 46 ppm Y) outcrop rock sample with 0.9% Ni + 0.15% Cr soil samples up to 0.5% Ni + 0.14% Cr Page 19 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Mt Magnet Background One of the most prolific gold production regions in Australia with numerous high profile ASX companies’ operations within 100km of the township of Mt Magnet. Tempest maintains a strategic holding in the region through its 100% owned Range Project. Figure 18: Stylised Mt Magnet regional geology map Range Project The Range Project consists of 17 tenements for 20km2 located in Mount Magnet, 5km along strike from the prolific +6Moz Mount Magnet Operations. The project hosts a number of artisanal mining shafts and surface workings with known gold mineralisation within an over geological, geophysical and geochemical target envelope. Tempest conducted multiple field geological mapping programs and data analyses which were compiled and will be used in the coming financial year for further exploration including potential drilling. Page 20 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Papua New Guinea Background TEM as part of corporate activities entered into various agreements with Tolu Minerals Ltd (Tolu) who were in the process of acquisition of projects in Papua New Guinea. Tolu subsequently completed the purchase of a number of high-grade gold opportunities in Papua New Guinea including the Mt Penck epithermal gold exploration project and the flagship Tolukuma Gold Mine. Tolukuma is a previously operating high-grade gold mine with existing processing plant and infrastructure and sits within a large highly prospective 2,000km2 exploration package with identified mineralisation and significant potential for resource upgrades and further discoveries. The Mt. Penck Project is located within easy vehicle access of Kimbe in the Papua New Guinean West New Britain Province and has significant exploration completed with extensive high-grade gold encountered in drilling. Tolu subsequently announced the intention to complete an initial public offering (IPO) on the ASX and have been heavily supported by a number of corporates in Australia and internationally. More information can be found on the company website www.toluminerals.com. Simberi Frieda Lihir Mt Penck Porgera Ok Tedi Kainantu Wafi Golpu Tolukuma Port Moresby Misima Figure 19: Overview of Lole Mining Projects TEM investment TEM joined several other public and private companies in taking initial positions in the 2022 pre-IPO capital raising in Tolu at $0.37 per share. TEM will become a notable shareholder of Tolu through an investment of $1M that will provide strong exposure to a near term gold producer. Page 21 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2023 Review of Operations Lithium Background Tempest through legacy work and current development maintains a strong de-risked position in the global lithium market through corporate interests in international projects (hard rock lithium exploration targets in Africa and lithium brine in the USA). During the reporting period, TEM announced the intent to pursue a demerger opportunity with another party. However, unfortunate delays in progressing the agreement with LON resulted in Tempest electing t