Announcement PDF ACN 612 008 358 CONSOLIDATED FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2020 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 INTERIM FINANCIAL REPORT 2020 Contents Cautionary Statements ..................................................................................................................................................2 Corporate Information ...................................................................................................................................................3 Directors’ Report .............................................................................................................................................................4 Auditor's Independence Declaration ……………………………………………………………………………………… 12 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half-Year Ended 31 December 2020 ............................................................................................................................................................13 Consolidated Statement of Financial Position as at 31 December 2020 ...............................................................14 Consolidated Statement of Changes in Equity for the Half-Year Ended 31 December 2020 .............................15 Consolidated Statement of Cash Flows for the Half-Year Ended 31 December 2020 .........................................16 Notes to the Financial Statements for the Half -Year Ended 31 December 2020 ................................................17 Directors’ Declaration ..................................................................................................................................................27 Independent Auditor’s Review Report .......................................................................................................................28 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 Ltd 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. 2|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Corporate Information Directors and Company Secretary Brian Moller (Non-executive Chairman) Don Smith (Managing Director) Vincent Mascolo (Non-executive 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 Auditor HLB Mann Judd (WA Partnership) Level 4, 130 Stirling Street Perth WA 6000 Share Registry Link Market Services Limited Level 15, 324 Queen Street Brisbane QLD 4000 Tel: 1300 554 474 www.linkmarketservices.com.au Stock Exchange Listing Australian Securities Exchange Ltd ASX Code: TEM Solicitor HopgoodGanim Lawyers Level 8, Waterfront Place 1 Eagle Street Brisbane QLD 4000 3|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Directors’ Report The directors submit their report on the consolidated entity (“Group”) consisting of Tempest Minerals Limited (“Company”) and the entities it controlled at the end of, and during, the half-year ended 31 December 2020. 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 Vincent Mascolo Andrew Haythorpe Owen Burchell Results The Group’s operating loss for the financial period, after applicable income tax was $616,673 (2019: $1,064,441). Review of Operations During the period, the Company’s principal activity was mineral exploration and identification of new exploration opportunities. Projects Yalgoo Region Tempest has 4 exciting projects in the Yalgoo region of Western Australia. The 160km north-south striking Yalgoo-Singleton belt contains hundreds of mineral occurrences. A simplistic distribution of these occurrences shows that there is at least one occurrence per 1km with major deposits equally spaced every 10-20km. Figure 1: Regional context of Yalgoo Projects 4|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 The Company has increased its holdings across these projects which now (including applications pending) total 914km2. The company is conducting ongoing exploration on a number of these projects in parallel. Warriedar West Background The Warriedar West Project is primarily a highly altered intermediate monzonite. The target area is an alteration corridor of approximately 15km x 3km with multiple known gold mineralization occurrences. Exploration at the project is targeting Intrusive Related Gold (IRG) and orogenic gold mineralisation. Figure 2: Warriedar West Project Location Surface Sampling Surface sampling continued incrementally at specific target areas to add to results gleaned from drilling and inform target areas for future drilling. Drilling During the December 2020 quarter, 20 reconnaissance drillholes for 622m were completed despite progress hindered by mechanical issues and geological conditions. Drilling at the project focussed on several target areas of shallow, outcropping zones of highly altered silica rich intrusive and previously mapped large outcropping gold bearing quartz veins. During the December 2020 Quarter, the company commenced drilling 2 of the prospective target areas in the North of the Project. Results from several target areas within the project confirmed the presence of widespread gold within the silica rich lithocap, altered intrusives with sulphides. Several targeted quartz veins were drilled including a highlight of 1m @ 5gpt gold from 7m in WARDH0013 at the Wee Lode Prospect. 5|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Figure 3: Widespread shallow gold detected at the OK Corral prospect Figure 4: Widespread shallow gold detected at the Wee Lode Prospect 6|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 0 Figure 5: Sample display trays from drillhole WARDH0013 at the Wee Lode Prospect Figure 6: Cross section through WARDH0013 at Wee Lode 5 holes drilled into a magnetic anomaly intersected a previously unrecorded greenstone sequence including thick zones of rich magnetite, silica and other alteration assemblages consistent with mineralisation found at other large scale deposits in the region. These results significantly change the geological model of the Warriedar Region and open the prospectivity substantially more for orogenic gold. Figure 7: Interpretive simplified cross section through new greenstone sequence 7|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Meleya Background The Meleya project is part of the Warriedar Fold Belt with outcropping supracrustal mafic and felsic ‘greenstone’ units wrapped around a number of felsic to intermediate intrusions. These conditions are considered highly favourable for the formation of Volcanogenic Massive Sulphide (VMS) and Intrusion Related Gold (IRG) deposits and Lode Hosted /Orogenic vein style gold. Earlier in 2020, Tempest showed the prospectivity of this project and has extended its holding with additional tenure applications. Tempest previously announced significant anomalous geochemistry, and closer spaced ‘infill’ sampling continued during the December quarter to further inform drilling planned for later in 2021. Figure 8: Overview of the Meleya Project Messenger The Messenger Project comprises two granted tenements located adjacent to the world class EMR Golden Grove base and precious metal mine. The Messenger Project has outcrops of the key Golden Grove Unit as well as large outcrops of underexplored mafics, ultramafics and greenstone and associated quartz lodes. Exploration work during the quarter included reconnaissance field mapping and geochemical sampling to assess several targets with a view to drilling in Q1 2021. Figure 9: Overview of Messenger Project (L) with Dally and Wally Targets (R) 8|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Euro The Euro Project comprises 4 tenements within the prospective Yalgoo Greenstone Belt located between the neighbouring Rothsay, Mt Mulgine and the Karara Mines. The project has thick gold intercepts in legacy drilling however due to depressed metal prices at the time were never thoroughly assessed. A number of tenements at the project were granted during the quarter and reconnaissance mapping work and data assessment were undertaken. Figure 10: Overview of Euro Project Mount Magnet Region Mt Magnet is a prolific mining destination with at least 6MOz of gold produced to date and multiple large scale, long life mines currently in operation. It has been operated by major resources companies such as Western Mining corporation and Harmony Gold as well as more contemporary successful mid-tier companies such as Ramelius Resources. 9|Page TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Figure 11: Mount Magnet with regional geology and Figure 12: Range Project with nearby exploration operations results Range 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. Work completed during the quarter included continued remodelling of existing datasets with the aim of further drill targeting. Yilgarn Lithium Project (YLP) The YLP consists of 3 tenements (1 granted 2 pending) for a total of 105.4km2. Activities conducted during the quarter include further technical review and data analysis. Corporate In June 2020, the Company entered into a sales agreement with Premier African Minerals Ltd (Premier) for Premier to acquire its African assets in Zimbabwe and Mozambique. The sale was completed in July 2020 with the Company receiving consideration of AUD$150,000 plus the payment of inspection fees for the claims in Zimbabwe through the issue of 124,512,702 Premier shares, issued at a deemed issue price of 0.0744p (“Consideration share”), the issue price being the daily volume weighted average price during the five days trading days immediately prior to completion. In July 2020, the Company raised $817,949 through a non-underwritten non renounceable 1-for-2 pro-rata Entitlement Offer (Offer) of shares at an offer price of $0.016 per New Share, as well as $360,185, being the shortfall of 22,511,599 shares, which was taken up by sophisticated and professional investors of the Lead Manager, RM Corporate Finance Pty Ltd (RM), for a total of $1.178 million from the Offer. 10 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 To accommodate the excess demand for the shortfall under the Offer, the Company, in conjunction with RM, raised a further $176,000 (before costs) at an issue price of $0.016 per share from professional and other exempt investors sophisticated clients of RM. The Company changed its name to Tempest Minerals Ltd after receiving approval from Shareholders at the General Meeting held on 27 August 2020, to better reflect its new focus on gold and base metal exploration projects in Western Australia. The Company began trading on the ASX under the code “TEM” on 2 September 2020. In December 2020, the Company raised $1,155,443 through a placement of 35,013,422 new ordinary share (Shares) at an issue price of $0.033 each (Placement) to sophisticated investors of RM, the lead manager of the placement. The Company also issued 750,000 shares to nominees of RM as part consideration for acting as Lead Manager to the Placement, issued under the Company’s existing placement capacity under Listing Rule 7.1. Subsequent Events The Company entered into an agreement to earn up to a 50% interest in a mining lease (M59/495) in the Yalgoo region of Western Australia by spending $50,000 on or before 30 June 2021. In March 2021, the Company sold 50,000,000 shares in Premier African Minerals Ltd for net sale proceeds of GBP 88,228.50 (approximately AUD $155,000). There were no other material events subsequent to reporting date 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 11 March 2021 Perth, WA 11 | P a g e 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 2020, 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 11 March 2021 L Di Giallonardo Partner 12 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Half-Year Ended 31 December 2020 Note Other income 31 Dec 2020 31 Dec 2019 $ $ 22,776 44,960 (136,703) (167,086) (1,511) (355) (260,001) (230,096) Exploration expenses - (64,596) Fixed assets written off - (2,175) Foreign exchange loss (2,763) (6,532) - (729,373) (42,190) (131,070) Corporate and administrative expenses 2 Depreciation Employee benefits expense Impairment of exploration assets 2 3 Legal expenses Share based payments (expensed) / reversed 11 (126,000) 221,882 Net loss on fair value of equity investments 13 (49,399) - (595,791) (1,064,441) (20,882) - (616,673) (1,064,441) - - (616,673) (1,064,441) - - (616,673) (1,064,441) (616,619) (1,064,369) (54) (72) (616,673) (1,064,441) (616,619) (1,064,369) (54) (72) (616,673) (1,064,441) Loss per share attributable to owners of the parent company Cents Cents Basic and diluted loss per share from continuing operations (0.24) (0.94) Basic and diluted loss per share (0.25) (0.94) Loss from continuing operations Loss from discontinued operations Loss before income tax expense Income tax expense Loss for the period 12 Other Comprehensive income Other Comprehensive income for the period net of tax Total comprehensive loss for the period Loss for the period attributable to: Owners of the parent company Non-controlling interests Total comprehensive loss for the period attributable to: Owners of the parent company Non-controlling interests The accompanying notes form part of this financial statement. 13 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Consolidated Statement of Financial Position as at 31 December 2020 Note 31 Dec 2020 30 June 2020 $ $ CURRENT ASSETS Cash and cash equivalents 1,652,458 106,008 Trade and other receivables 56,871 25,479 Prepayments 19,757 21,701 Held for sale assets 12 - 167,924 Financial assets at fair value through profit or loss 13 114,677 - 1,843,763 321,112 5,685 7,196 1,356,842 961,811 Total Non-Current Assets 1,362,527 969,007 TOTAL ASSETS 3,206,290 1,290,119 171,480 149,975 Total Current Liabilities 171,480 149,975 TOTAL LIABILITIES 171,480 149,975 3,034,810 1,140,144 13,628,282 11,242,943 192,747 246,410 (10,785,344) (10,348,388) 3,035,685 1,140,965 (875) (821) 3,034,810 1,140,144 Total Current Assets NON-CURRENT ASSETS Plant and equipment Exploration and evaluation assets 3 CURRENT LIABILITIES Trade and other payables 4 NET ASSETS EQUITY Issued capital Reserves Accumulated losses Equity attributable to owners of the parent company Non-controlling interests TOTAL EQUITY 9 The accompanying notes form part of this financial statement. 14 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Consolidated Statement of Changes in Equity for the Half-Year Ended 31 December 2020 Attributable to Owners of Parent Company Note Issued Capital Accumulated Losses Share-Based Payments Reserve Total Noncontrolling Interests Total Equity $ $ $ $ $ $ Balance at 1 July 2019 8,965,067 (8,695,557) 667,057 936,567 (745) 935,822 Loss for the period - (1,064,369) - (1,064,369) (72) (1,064,441) Other comprehensive income - - - - - - Total comprehensive loss - (1,064,369) - (1,064,369) (72) (1,064,441) Transactions with owners: Issue of shares 9 1,993,267 - 135,401 2,128,668 - 2,128,668 Exercise of performance rights 9 334,165 - (334,165) - - - Share-based payments reversed 11 - - (221,883) (221,883) - (221,883) Balance at 31 December 2019 11,292,499 (9,759,926) 246,410 1,778,983 (817) 1,778,166 Balance at 1 July 2020 11,242,943 (10,348,388) 246,410 1,140,965 (821) 1,140,144 Loss for the period - (616,619) - (616,619) (54) (616,673) Other comprehensive income - - - - - - Total comprehensive loss - (616,619) - (616,619) (54) (616,673) Transactions with owners: Issue of shares 9 2,366,842 - - 2,366,842 - 2,366,842 Exercise of options 9 18,497 - - 18,497 - 18,497 Share-based payments expensed 11 - - 126,000 126,000 - 126,000 - 179,663 (179,663) - - - 13,628,282 (10,785,344) 192,747 3,035,685 (875) 3,034,810 Transfer of lapsed options Balance at 31 December 2020 The accompanying notes form part of this financial statement. 15 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Consolidated Statement of Cash Flows for the Half-Year Ended 31 December 2020 31 Dec 2020 31 Dec 2019 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Interest received 3,511 1,994 Payments to suppliers and employees (507,663) (562,095) Net cash used in operating activities (504,152) (560,101) (334,737) (193,426) Proceeds from sale of assets - 42,967 Cash acquired on acquisition of Warrigal Mining Pty Ltd - 4,724 (334,737) (145,735) Proceeds from the issue of shares 2,509,578 1,521,946 Share issue costs (142,736) (181,248) 18,497 - Net cash provided by financing activities 2,385,339 1,340,698 Net increase in cash held 1,546,450 634,862 Cash at Beginning of Period 106,008 298,125 - (3,954) 1,652,458 929,033 CASH FLOWS FROM INVESTING ACTIVITIES Payments for exploration and evaluation assets Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of options Foreign exchange movement on cash balances Cash at End of Period The accompanying notes form part of this financial statement. 16 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 Notes to the Financial Statements for the Half -Year Ended 31 December 2020 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation These general purpose financial statements for the interim half-year reporting period ended 31 December 2020 have been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134 "Interim Financial Reporting". Compliance with AASB 134 ensures compliances 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 Financial Report. Accordingly, this report is to be read in conjunction with the Annual Report of Tempest Minerals Limited (the "Company") as at 30 June 2020. 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 expense. 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 2020 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. For the half-year ended 31 December 2020 the Group generated a consolidated loss of $616,673 and incurred operating cash outflows of $504,152. As at 31 December 2020 the Group has cash and cash equivalents of $1,652,458 and net assets of $3,034,810. The Group’s ability to continue to adopt the going concern assumption will depend upon the Group being able to manage its liquidity requirement and by taking some or all of the following actions: 1. raising additional capital; 2. successful exploration and subsequent exploitation of the Group’s tenements; 3. reducing its working capital expenditure; and 4. disposing of non-core projects. The directors have concluded that based on the Group’s ability to raise further capital (evident by the successful capital raising completed during the period) the directors have a reasonable expectation that the Group will have adequate resources to fund its future operational requirements and for these reasons they continue to adopt the going concern basis in preparing the financial report. Should the Group be unable to raise sufficient further capital, there will exist a material uncertainty that may cast significant doubt on whether the Group will continue as a going concern, and it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. This financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern. 17 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) New and amended Standards and Interpretations applicable In the half-year ended 31 December 2020, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2020. It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to the Group’s accounting policies. Standards and Interpretations on issue not yet effective The Directors have also reviewed all of the new and revised Standards and Interpretations on issue not yet effective for the half-year ended 31 December 2020. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations in issue not yet adopted on the Group and therefore no material change is necessary to Group accounting policies. NOTE 2: RESULTS FOR THE PERIOD 31 Dec 2020 31 Dec 2019 $ $ Included in corporate and administrative expenses are the following items: ASX, ASIC, share registry expenses 25,869 75,035 Audit and external accounting fees 14,414 10,049 Conference 14,921 - Insurance 24,552 13,494 Marketing 21,597 6,450 Rent 6,253 - - 41,942 29,097 20,116 136,703 167,086 - 100,614 Directors and senior management fees 195,001 161,022 Corporate services 65,000 - - (31,540) 260,001 230,096 Travel expenses Others Employee benefits expense comprises: Salaries, wages and superannuation Provision for leave entitlement 18 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 NOTE 3: EXPLORATION AND EVALUATION ASSETS 31 Dec 2020 30 June 2020 $ $ Exploration and evaluation expenditure carried forward in respect of the areas of interest are: Exploration and evaluation expenditure Movement in exploration and evaluation assets: 1,356,842 Half-year to 31 Dec 2020 $ 961,811 Year to 30 Jun 2020 $ Opening balance – at cost 961,811 711,263 Capitalised exploration expenditure 395,031 366,546 Warrigal Mining acquisition - 754,113 Impairment of exploration assets - (749,785) Reclassification to Held for sale asset - (120,326) 1,356,842 961,811 Carrying amount at the end of period During the half year ended 31 December 2020, the Company completed the disposal of its African assets in Mozambique and Zimbabwe (refer to note 12). At 30 June 2020, the Company acquired Warrigal Mining Pty Ltd and recognised $754,113 of exploration expenditure as initial share acquisition cost and was in the process of disposing its African assets in Mozambique and Zimbabwe. The carrying value of these assets was reclassified as Held for Sale asset. Recoverability of the carrying amount of exploration and evaluation assets is dependent on the successful development and commercial exploitation of projects, or alternatively through the sale of the areas of interest. NOTE 4: TRADE AND OTHER PAYABLES 31 Dec 2020 30 June 2020 $ $ Current: Trade payables and accrued expenses 171,480 149,975 Total payables (unsecured) 171,480 149,975 The average credit period on purchases of goods and services is 30 days. No interest is paid on trade payables. NOTE 5: COMMITMENTS Exploration Commitments The Group has certain obligations to expend minimum amounts on exploration in tenement areas. These are not materially different from those disclosed in the 30 June 2020 Annual Report. NOTE 6: CONTINGENT LIABILITIES There were no contingent liabilities at the end of the reporting period. NOTE 7: EVENTS SUBSEQUENT TO REPORTING DATE The Company entered into an agreement to earn up to a 50% interest in a mining lease (M59/495) in the Yalgoo region of Western Australia by spending $50,000 on or before 30 June 2021. 19 | P a g e TEMPEST MINERALS LIMITED – ACN 612 008 358 INTERIM FINANCIAL REPORT 2020 NOTE 7: EVENTS SUBSEQUENT TO REPORTING DATE (continued) In March 2021, the Company sold 50,000,000 shares in Premier African Minerals Ltd for net sale proceeds of GBP 88,228.50 (approximately AUD $155,000). There were no other events subsequent to reporting date that required disclosure in this financial report. NOTE 8: OPERATING SEGMENTS Segment Information Identification of reportable segments The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group is managed primarily on the basis of geographical locations as these locations have notably different risk profiles and performance assessment criteria. Operating segments are therefore determined on the same basis. Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar economic characteristics and are similar with respect to any external regulatory requirements. Management currently identifies the Group as having only one reportable segment, being the exploration of mineral projects. Unallocated Australi