Private Placement To Raise $1M

Key Points

• Tempest Minerals intends to raise AUD$1,000,000 through a private placement. (Placement)

• An international investor, Cambrian Limited to cornerstone AUD$250,000 in the Placement

• Placement to comprise up to 200 million shares at $0.005 per share together with 1 free attaching option for every 2 shares subscribed, exercisable at $0.007, expiring 12 months from issue date

Chairman Brian Moller said regarding the Placement. "We are thrilled to have Cambrian join us in this raising as a cornerstone investor. We welcome the support of Neil Herbert and Cambrian who we believe see the value Tempest offers with near-term development at Remorse and a striking exploration portfolio."

Furthermore, Mr. Neil Herbert added: “The ‘Remorse Project exhibits all the characteristics of a potentially groundbreaking iron ore deposit, as demonstrated by the high-grade magnetite iron ore discovery with promising drill intercepts such as:

• WARDH00180: 17m @ 34.4% Fe from 134m *

• WARDH00166: 7m @ 32.8% Fe from 96m *

• WARDH00171: 8m @ 30.5% Fe from 130m *

Such a discovery could pave the way for the swift development of a mine, potentially enabling Tempest shareholders to realise significant value from their investment.”