Announcement PDF 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 ACN 612 008 358 CONSOLIDATED FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2025 TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 2 | P a g e Contents Cautionary Statements ..................................................................................................................................................2 Corporate Information...................................................................................................................................................4 Directors’ Report .............................................................................................................................................................5 Auditor's Independence Declaration ……………………………………………………………………………………… 17 Consolidated Statement of Profit or Loss and Other Comprehensive Income.....................................................18 Consolidated Statement of Financial Position ..........................................................................................................19 Consolidated Statement of Changes in Equity.........................................................................................................20 Consolidated Statement of Cash Flows.....................................................................................................................21 Notes to the Financial Statements..............................................................................................................................22 Directors’ Declaration ..................................................................................................................................................29 Independent Auditor’s Review Report.......................................................................................................................30 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 scientific and technical information contained within this Report is based on, and fairly represents information prepared 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 information in this report that relates to exploration results and exploration targets as reported above were last reported by the Company in compliance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements referred to above and further confirms that all material assumptions and technical parameters underpinning the exploration results and exploration target contained in those market releases continue to apply and have not materially changed. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 3 | P a g e Compliance Statement The information in this operations report that relates to the Mineral Resource for the Remorse Project are extracted from the ASX Announcement listed below which is available on the Company website at www.tempestminerals.com and the ASX website ( ASX code: TEM): Date Announcement 8 May 2025 Inaugural JORC Mineral Resource - Remorse Project - Amended The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 4 | P a g e 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) Mr 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 Level 4, 130 Stirling Street Perth WA 6000 Share Registry Automic Pty Ltd Level 5, 126 Philip Street Sydney NSW 2000 Tel: 1300 288 664 www.automicgroup.com.au Stock Exchange Listing Australian Securities Exchange Ltd ASX Code: TEM Solicitor Hopgood Ganim Lawyers Level 10, 360 Queen Street Brisbane QLD 4000 TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 5 | P a g e Directors’ Report The directors submit their report on the consolidated entity (“Group”) consisting of Tempest Minerals Limited (“Company”, “Tempest” or “TEM”) and the entities it controlled at the end of, and during, the half-year ended 31 December 2025. Directors The following persons were Directors of the Company at all times during and since the end of the financial period: - Brian Moller - Don Smith - Andrew Haythorpe - Owen Burchell Results The Group’s operating loss for the financial period, after applicable income tax was $3,930,368 (2024: $419,233). Review of Operations During the period, the Company’s principal activity was mineral exploration and identification of new exploration opportunities. Projects Figure 1: TEM Projects TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 6 | P a g e Yalgoo The Company’s prior holding in the Yalgoo region of Western Australia totalled approximately 1,000 km2 located near a number of high-profile neighbours and prospective for multiple commodities. Figure 2: Yalgoo Projects Overview Tempest previously used data-driven processes to identify poorly or unexplored areas of highly prospective geology. This approach has had considerable success and includes the discovery of multiple instances of new mineralisation including the substantial Remorse magnetite deposit in 2024. During the reporting period, TEM identified further iron mineralisation, signed an option agreement with Green Iron and Steel (GISA) and signed a binding agreement with Capricorn Metals Limited (CMM) for CMM to acquire the greater Yalgoo Project tenement package. This was completed in February 2026. Remorse Deposit The Remorse Deposit is located on the eastern side of the Yalgoo Project. In September 2024 exploration drilling for base metals ultimately resulted in the discovery of a large-scale magnetite iron deposit. Tempest has outlined an exploration target, completed an initial mineral resource estimate, completed metallurgical studies and commenced collaboration under an MOU with prospective Mid-West GreenSteel developer Green Steel and Iron Pty Ltd (GISA) who intend to build a large-scale multi-user iron processing hub nearby. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 7 | P a g e Figure 3: Regional infrastructure, Remorse Deposit and potential GreenSteel site Table 1: Mineral Resource Estimate for the Remorse Iron Deposit reported at 28% Fe cut-off grade. Classification Mass Mt Volume thousand m3 Density t/m3 Average Value Fe% Inferred 63.5 16 900 3.76 30.6 Total 63.5 16 900 3.76 30.6 Halo Target In response to the Remorse magnetite iron deposit discovery in 2024 - TEM conducted a data review for similar geology nearby and this indicated the likely presence of further iron mineralisation at the Halo Target. Halo is located ~5km west of the Remorse Deposit. Results from historical work done by a number of previous explorers include rock chip results up to 58% Fe and 62% Fe. Tempest also completed mapping at the Halo Target and identified at least five parallel iron formation units with similar characteristics to the Remorse Deposit. However, the Halo Target appears to be multiple times larger and can traced for at least 10 km. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 8 | P a g e Figure 4: Yalgoo Project - Remorse Iron Deposit and Halo Iron Target TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 9 | P a g e Figure 5: Halo Iron Target with magnetics (TMI) and legacy rock chip sampling (digitised). TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 10 | P a g e GISA Agreement The collaboration MOU with GISA was further deepened by the two parties with TEM entering into a conditional binding agreement. The Option Agreement includes TEM granting GISA an option to acquire its Remorse Magnetite Project and as part of its consideration, will be entitled to 50% of the issued capital of GISA. TEM will also receive options. GISA is planning to progress the proposed establishment and development of a green iron and steel production facility in the Yalgoo region with a view to ultimately carrying out an initial public offering and stock exchange listing (IPO). Capricorn Agreement TEM and Capricorn Metals Ltd (CMM) entered into a binding agreement for CMM to acquire the Yalgoo Project for a total consideration of $4.5 million (Agreement). The deal terms were as follows:  an initial cash deposit of $100,000 (paid);  $400,000 cash on completion; and  $4,000,000 by way of the issue of fully paid ordinary shares in CMM to TEM, calculated by reference to the 5-day VWAP prior to completion. The Agreement covers the tenure of the Yalgoo Project, with the key transaction terms including:  Tenements comprising the Yalgoo Project will be transferred in full to CMM free of any third-party commitments or royalties;  TEM retains ownership of the eastern tenements recently identified as bearing iron mineralisation;  TEM granted CMM exploration and development rights in respect of all minerals other than iron ore on the Iron Tenements; and  CMM has agreed to make discovery or production-based milestone payments payable once per tenement, as follows: o $750,000 in cash upon the announcement by CMM of a JORC compliant Mineral Resource Estimate in excess of 75,000 ounces of gold on the Yalgoo Project; o $750,000 in cash upon the announcement by CMM of a board decision to commence a commercial mining operation on the Yalgoo Project; The Agreement was completed in February 2026 and Tempest received $400,000 and $4,000,000 worth of CMM shares. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 11 | P a g e Mount Magnet Mt Magnet is a prolific multi-million ounce gold mining centre with numerous large scale, long life open pit and underground mines currently in operation. It has been operated by major resources companies such as Western Mining Corporation and Harmony Gold Ltd as well as more contemporary successful mid-tier companies such as Ramelius Resources Ltd and Westgold Ltd. Figure 6: Overview of Mt Magnet and the Range Project Range Project Located in the heart of the Mount Magnet mineral field and 5km along strike of the prolific +6Moz Mount Magnet Operations, the Range Project consists of 17 tenements for 20km2. During the reporting period, TEM’s primary focus was on work in Mt Magnet with a range of exploration activities conducted.  Tempest engaged consultants who assisted in geological mapping and interpretation and stratigraphic re-interpretation resulting in enhanced understanding of the geology, potential mineralisation controls, and a new geology interpretation better aligned with the context of the adjacent Mount Magnet and Boogardie Basin geology;  Further internal geological mapping using this base work with respect to stratigraphy and alteration resulted in further identified targets;  Rock chip sampling with several results up to 1g/t gold with sulphide and siderite alteration over a strike length of ~1km contained in fractured quartz veins similar to the nearby Britannia Well open pit mineralisation and Boogardie Break mineralisation in the Mount Magnet region;  A broad auger geochemical sampling program covering the western side of the project is anticipated to potentially extend known targets at the project in addition to generating new targets. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 12 | P a g e  Completion of an inaugural 19 hole 1,500m Reverse Circulation Drilling program for the Range Project. The program tested multiple targets including testing the nearby potential extension of the Britannia Well open pit. Drilling identified consistent gold results over 1.5km strike length. Drill intercepts include: 3m @ 3.2g/t Au from 58m (including 1m@5.9g/t), 3m@1.9g/t gold from 13m and 2m@1.2g/t Au from 21m. These shallow gold results lie adjacent to existing open pits and less than 10km from the planned Ramelius Resources (ASX:RMS) major processing circuit expansion 17 . Figure 7: Range Project upcoming Auger (Yellow) and RC Drilling (Green) Figure 8: Long Section of Range Project with Brittania Pit (left) and intercepts >0.1g/t Au (TEM symbols) TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 13 | P a g e Five Wheels The Five Wheels Project is 266km2 of granted tenure in the Earaheedy region of Western Australia proximal to the high-profile world-class Rumble Resources Ltd (ASX:RTR) discoveries. The project remains largely under-explored (or unexplored for base metals) and shares similar geology to both the nearby Rumble Resources Chinook deposit and the emerging Strickland Metals Ltd (ASX:STR) zinc-lead-copper discoveries. The Project is located in the Earaheedy Basin where a major geological unconformity surrounding the edge of the basin hosts the initial Rumble Resources discoveries. More recent exploration implies that multiple key geological sequences are or have the potential to be mineralised and the prospectivity is more widespread than originally considered. Figure 9: Five Wheels Project Location Figure 10: Five Wheels Simplified Project Geology Map With RTR Project (original red - current blue) TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 14 | P a g e Elephant Project The Elephant Project comprises 194km2 (135km2 granted - 59km2 application) of highly prospective exploration leases. The location on the edge of a geological block with (the suture between the Yilgarn and Albany- Fraser) is a favourable location for major discoveries as evidenced by the presence of multiple world class deposits in similar environments along this trend. The project was pegged primarily due to a strong geophysical anomaly and coincident geochemical data from nearby previous exploration. The large scale and nature of the anomaly bear similarities to other world class deposits in the regions such as Tropicana of which Tropicana peak soil was 31pbb with 0-15m cover while the Elephant Target is 5-10pbb with 100-150m of cover. Figure 11: Elephant Project Location and regional exploration context Elephant Project TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 15 | P a g e International Exposure In addition to the Company’s Australian focussed assets, Tempest maintains exposure through strategic positions in a number of international projects. Africa Through a divestment deal in 2020, Tempest retains a sizable holding (25 million shares) in London listed Premier African Minerals (AIM:PREM). PREM have significant market upside through development of their portfolio. USA Argosy Minerals Ltd (ASX:AGY) are progressing their Tonopah Lithium Project (TLP) located in a world class mining jurisdiction of Nevada, United States of America. Tempest retains an interest in the project through a A$250,000 milestone based cash payment entitlement. Growth Tempest continues to actively investigate and evaluate new growth opportunities in a number of jurisdictions and commodities that may bring added value to Tempest shareholders. Corporate Subsequent Events In February 2026, the Company advised the completion of the transaction with Capricorn Metals Limited (CMM) for the disposal of the Yalgoo Project for a total consideration of $4.5 million with further milestone payments possible upon future discoveries or production. Tempest will retain the iron rights for the previously identified iron bearing tenements which host the Remorse Deposit and Halo Targets. In March 2026, Tempest announced it had entered into a conditional agreement (Agreement) to acquire Zealandia Resources Pty Ltd (Zealandia), owner of four advanced gold projects covering 145 km² in New Zealand’s North Island, strategically located within the Taupo Volcanic Zone and the Hauraki Goldfields. The material terms of the Agreement are as follows: 1. Subject to the satisfaction or waiver of certain conditions precedent, Tempest will acquire all of the shares in Zealandia from the Key Vendors and all other shareholders (Acquisition); 2. As consideration for the Acquisition, Tempest agrees to pay the shareholders of Zealandia (Vendors) $2M by the issue of Tempest shares at an issue price being the 10-day VWAP for Tempest shares prior to the announcement of entry into the transaction documentation required. (Acquisition Shares); 3. Tempest has also agreed to pay the Vendors on a staged basis $2 m of performance shares which upon the milestones being met within 5 years of completion, are convertible into ordinary shares in Tempest as follows (Performance Shares): i. $500,000 of the Performance Shares will convert upon the obtainment in any drilling program of an intersection of equal or greater than 10 gram-metres Au (or calculated / metal equivalent); ii. $500,000 of the Performance Shares will convert upon the obtainment in any drilling program of an intersection of equal or greater than 20 gram-metres Au (or calculated / metal equivalent); iii. $500,000 of the Performance Shares will convert upon the obtainment of an Inferred (or higher classified) JORC resource of at least 200,000 ounces Au at an average grade of at least 2 g/t Au (or calculated / metal equivalent); and TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 16 | P a g e iv. $500,000 of the Performance Shares will convert upon the obtainment of an Inferred (or higher classified) JORC resource (in compliance with the JORC Code edition then mandated by the ASX Listing Rules) of at least 500,000 ounces Au at an average grade of at least 4 g/t Au (or calculated / metal equivalent). There are a number of conditions precedent required to be satisfied before Completion, including shareholder approval of the transaction, which is planned to be held in Q2 2026. There were no other material matters or circumstances that have arisen since the end of the reporting date which significantly affected or may significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group that required disclosure in this financial report. Auditor’s Independence Declaration The auditor’s independence declaration under section 307C of the Corporations Act 2001 is included in this financial report. Signed in accordance with a resolution of the Board of Directors. Don Smith Managing Director 12 March 2026 Perth, WA AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Tempest Minerals Limited for the half-year ended 31 December 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 12 March 2026 M R Ohm Partner 17 TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 18 | P a g e Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half-Year Ended 31 December 2025 Note 31 Dec 2025 31 Dec 2024 $ $ Interest received 21,423 15,096 Corporate and administrative expenses 2 (335,610) (321,133) Depreciation (1,841) (3,587) Employee benefits expense 2 (163,329) (155,813) Exploration expenses written off / impaired 3 (3,276,749) (110,275) Foreign exchange gain/(loss) (3,977) 918 Impairment on loans provided (10,465) - Legal expenses (33,439) (29,838) Share-based payments expense 9 (121,504) - Fair value gain on financial assets at FVTPL 11 (4,877) 185,399 Loss before income tax expense (3,930,368) (419,233) Income tax expense - - Loss for the period (3,930,368) (419,233) Other comprehensive income - - Total comprehensive loss for the period (3,930,368) (419,233) Loss for the period attributable to: Owners of the parent company (3,927,893) (419,114) Non-controlling interests (2,475) (119) (3,930,368) (419,233) Total comprehensive loss for the period attributable to: Owners of the parent company (3,927,893) (419,114) Non-controlling interests (2,475) (119) (3,930,368) (419,233) Loss per share attributable to owners of the parent company Cents Cents Basic and diluted loss per share (0.61) (0.07) The accompanying notes form part of these financial statements. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 19 | P a g e Consolidated Statement of Financial Position as at 31 December 2025 Note 31 Dec 2025 30 June 2025 $ $ CURRENT ASSETS Cash and cash equivalents 659,238 1,782,549 Trade and other receivables 51,179 55,448 Prepayments 104,619 76,779 Financial assets at fair value through profit or loss (FVTPL) 11 1,611 6,805 Assets held for Sale – Yalgoo tenements 12 4,500,000 - Total Current Assets 5,316,647 1,921,581 NON-CURRENT ASSETS Plant and equipment 3,898 5,739 Exploration and evaluation assets 3 2,747,650 9,915,371 Total Non-Current Assets 2,751,548 9,921,110 TOTAL ASSETS 8,068,195 11,842,691 CURRENT LIABILITIES Trade and other payables 4 324,657 391,088 Other Liabilities – Deposits held 4 100,000 - Total Current Liabilities 424,657 391,088 TOTAL LIABILITIES 424,657 391,088 NET ASSETS 7,643,538 11,451,603 EQUITY Issued capital 9 25,903,343 25,902,544 Reserves 225,907 104,403 Accumulated losses (18,449,647) (14,521,754) Equity attributable to owners of the parent company 7,679,603 11,485,193 Non-controlling interests (36,065) (33,590) TOTAL EQUITY 7,643,538 11,451,603 The accompanying notes form part of these financial statements. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 20 | P a g e Consolidated Statement of Changes in Equity for the Half-Year Ended 31 December 2025 Attributable to Owners of Parent Company Note Issued Capital Accumulated Losses Share-Based Payments Reserve Total Non- controlling Interests Total Equity $ $ $ $ $ $ Balance at 1 July 2024 23,488,074 (13,184,501) 196,305 10,499,878 (1,069) 10,498,809 Derecognition of outside equity interest due to deregistration - (1,104) - (1,104) 1,104 - Loss for the period - (419,114) - (419,114) (119) (419,233) Other comprehensive income - - - - - - Total comprehensive loss - (420,218) - (420,218) 985 (419,233) Issue of options - - 50,489 50,489 - 50,489 Issue of shares 932,291 - - 932,291 - 932,291 Share issue costs (113,765) - - (113,765) - (113,765) Balance at 31 December 2024 24,306,600 (13,604,719) 246,794 10,948,675 (84) 10,948,591 Balance at 1 July 2025 25,902,544 (14,521,754) 104,403 11,485,193 (33,590) 11,451,603 Loss for the period - (3,927,893) - (3,927,893) (2,475) (3,930,368) Other comprehensive income - - - - - - Total comprehensive loss - (3,927,893) - (3,927,893) (2,475) (3,930,368) Issue of options 9 - - 121,504 121,504 - 121,504 Issue of shares 9 813 - - 813 - 813 Share issue costs 9 (14) - - (14) - (14) Balance at 31 December 2025 25,903,343 (18,449,647) 225,907 7,679,603 (36,065) 7,643,538 The accompanying notes form part of these financial statements. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 21 | P a g e Consolidated Statement of Cash Flows for the Half-Year Ended 31 December 2025 31 Dec 2025 31 Dec 2024 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Interest received 7,245 15,096 Payments to suppliers and employees (683,862) (644,802) Net cash used in operating activities (676,617) (629,706) CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation assets (576,516) (1,487,544) Payments for purchase of Plant and Equipment - (9,131) Deposit received from sale of tenements – including GST 110,000 202,208 Receipts from R & D tax refund 96,315 253,914 Net cash used in investing activities (370,201) (1,040,553) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of securities 813 830,702 Share issue costs (77,306) (83,664) Net cash (used in) / provided by financing activities (76,493) 747,038 Net decrease in cash held (1,123,311) (923,221) Cash at beginning of period 1,782,549 1,465,655 Foreign exchange movement on cash balances - 2 Cash at End of Period 659,238 542,436 The accompanying notes form part of these financial statements. TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2025 22 | P a g e Notes to the Financial Statements for the Half -Year Ended 31 December 2025 NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES Basis of Preparation These general purpose financial statements for the interim half-year reporting period ended 31 December 2025 have been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 "Interim Financial Reporting". Compliance with AASB 134 ensures compliance with IAS 34 “Interim Financial Reporting”. The historical cost basis has been used, except for financial assets at fair value and the valuation of share based payments. For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period. This interim financial report does not include all notes of the type normally included in the Annual Report. Accordingly, this report is to be read in conjunction with the Annual Report of Tempest Minerals Limited for the year ended 30 June 2025, together with any public announcements made during the half-year. Significant accounting judgments and key estimates The preparation of half-year financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this half-year report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group when compiling its annual 30 June 2025 financial statements. The same accounting policies and methods of computation have generally been followed in these half-year financial statements as compared with the corresponding half-year financial statements and the most recent annual financial statements except for the adoption of new and amended standards as set out below. Going Concern The financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. Management has prepared a detailed cash flow forecast for the next 12 months from the date of this report, and the directors are satisfied that the going concern basis of preparation is appropriate. During the period, Tempest announced a binding agreement with Capricorn Metals Limited (CMM) for CMM to acquire the greater Yalgoo Project tenement package for consideration of $4.5 million with further milestone payments to be made upon further discoveries or production within the tenement package. The consideration comprised: ● an initial cash deposit of $100,000 (paid in December 2025 - refer Note 4); ● $400,000 cash on completion; and ● $4,000,000 by way of the issue of fully paid ordinary shares in CMM to Tempest, calculated by reference to the 5-day VWAP prior to completion. Completion of the transaction occurre