Key Points

• Exciting High-Grade Magnetite Deposit Emerging at the Remorse Target

• Size estimate is considered robust and conservative

• Deposit strategically located beside world-class processing infrastructure

Summary

Tempest Minerals Ltd (TEM) is pleased to announce a significant new high-grade magnetite Exploration Target at the Remorse Prospect, located within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.

This is an exciting development following on from announcements that recently completed RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays in multiple drill holes over several kilometres of strike length.

The approximate Exploration Target is estimated at:

Upper

110Mt @ 32% Fe

Lower

50Mt @32% Fe