Announcement PDF ACN 612 008 358 CONSOLIDATED FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 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 2024 Contents Cautionary Statements 2 Corporate Information 3 Letter from the Chairman 4 Review of Operations 5 Directors’ Report 20 Auditor’s Independence Declaration 30 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 30 June 2024 31 Consolidated Statement of Financial Position as at 30 June 2024 32 Consolidated Statement of Changes In Equity for the Year Ended 30 June 2024 33 Consolidated Statement of Cash Flows for the Year Ended 30 June 2024 34 Notes to the Consolidated Financial Statements for the Year Ended 30 June 2024 35 Consolidated Entity Disclosure Statement 51 Directors’ Declaration 52 Independent Auditor’s Report 53 Shareholder Information 57 Interests in Tenements 59 Page 1 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 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 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 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 2024 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Letter from the Chairman Dear Shareholders On behalf of the board of directors of Tempest Minerals Ltd (Tempest or the Company), I take pleasure in presenting the Annual Report for 2024. During the past year we have continued to focus on our WA projects at Yalgoo, Messenger, Meleya, War West and Euro. We have unfortunately had to deal with various delays in obtaining necessary approvals which has delayed some of our progress in drilling, particularly at Yalgoo where drilling is now underway at the Remorse target which is consisted highly prospective. We also continue to examine other opportunities and have retained our WA lithium assets as well but continue to look at how we may unlock the value in these assets in the best interests of all shareholders. We were delighted to see Tolu Minerals Ltd (Tolu) successfully list on ASX and we retain a holding in Tolu which continues to trade well above its listing price of $0.50 a share. 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 progressing 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. On behalf of the Board, I thank you for your continued support and look forward to bringing you further news as our exploration efforts continue. 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. Yours faithfully Brian Moller Chairman Page 4 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Yalgoo Tempest’s flagship project is the Company’s holding in the Yalgoo region of Western Australia. Totalling more than 1,000km2, it is located near high profile neighbours including: 29 Metals Ltd (ASX:29M), Spartan Resources Ltd (ASX:SPR), Silverlake (ASX:SLK), Capricorn Metals Ltd (ASX:CMM) and Fenix (ASX:FEX) and more. Figure 01: Yalgoo Projects Overview Tempest has 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. The project contains a number of different geological domains (previously referred to as individual projects Messenger, War West, Meleya and Euro) though much of these have considerable overlap. Within these domains, exploration targets continue to be identified through ongoing exploration and data analysis and are being explored systematically according to prioritisation based on geological and other variables. Regional EM Survey An EM survey commenced immediately prior to the reporting period in June 2023. This survey was conducted to assess the Meleya and War West regions where the Company has been actively exploring through data analysis, fieldwork and drilling with multiple occurrences of mineralisation discovered to date. The survey was intended to complement existing datasets by providing ultrahigh resolution geophysical data. EM is commonly used when looking for sulphide mineralisation and is considered standard practise when exploring for VMS deposits. Page 5 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 02: Schematic map of planned survey area The survey was considered to be successful - although areas of the survey were initially obfuscated by the presence of groundwater, a variety of processing techniques were employed to mitigate this and the results was high quality data generated across the project. The reprocessed data highlighted numerous zones of interest for exploration and several high priority drill targets. Among the zones detected are multiple targets coincident with existing Tempest exploration targets. Notably, this included the presence of an appreciable EM anomaly at the ‘Remorse’ base metal target. Page 6 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 03: Schematic map of survey area and anomalies Remorse Regional Heritage In conjunction with multiple field work programs, TEM worked closely with multiple traditional owner groups including the Badimia people through the BLAC/BBAC corporation structures. The Badimia provide cultural heritage advisory in the region including conducting surveys at the Remorse Target. Page 7 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 04: Badimia People and TEM team in the field conducting heritage survey One of the parallel workflows was to complete surface geochemical sampling to extend the southern side of the Remorse Target. Approximately 80 soil samples were collected in an offset pattern to match existing surrounding sampling. Samples were Ultrafine assayed in conjunction with comprehensive scanning using Boxscan technology. TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target coincident with geological and electromagnetic anomalism. The Company announced in late 2023 the intention to drill the Remorse Target and vigorously pursued regulatory requirements to do this. Initial geochemistry results indicated the requirement of a modest drill program to test specific structural targets potentially related to higher copper values in the wide-spaced surface geochemistry. Further ground truthing geological mapping of the Remorse Target in Q1 2024 showed a much larger geological target zone and an expanded drill program was designed for this larger footprint. Approvals were received and an estimated 5,000m RC drilling commenced post the end of the reporting period and is currently in progress. Page 8 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 05: Remorse Target with approval status and drill design Sanity The Yalgoo project has a multitude of prospective targets including the Sanity Target. Sanity presents as a local distortion in geophysical datasets (including the airborne electromagnetic survey) and correlates strongly with a multi-element geochemical anomaly in the soil and rock chip sampling. Multiple elements including Gold and copper show strong coherent zones including peaks of 400pm for copper and 80ppb for gold. Individual rock chips from nearby mine workings (shafts) within the same geology trends have returned results of up to 7gpt gold and 0.2% copper and >60% Iron conforming to the regional exploration targets for gold, base metals and iron. Tempest considers this may potentially be indicative of a broader mineralised system such as the high-grade gold system adjacent at the Barron Rothchild deposit. Page 9 TEMPEST MINERALS LIMITED - ACN 612 008 358 Review of Operations Figure 06: Sanity Target surface sampling results (gold) Figure 07: Sanity Target surface sampling results (copper) Page 10 ANNUAL REPORT 2024 TEMPEST MINERALS LIMITED - ACN 612 008 358 Review of Operations Figure 08: Sanity Target surface sampling results (zinc) Figure 09: Sanity Target surface sampling results (nickel) Page 11 ANNUAL REPORT 2024 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Budapest Target The Budapest Target sits within the lower portion of the greater Yalgoo Project and comprises primarily ultramafic, mafic and felsic stratigraphy with banded iron-formations (BIF), which forms part of the southern Yalgoo Greenstone belt which include the Rothsay, Karara and Mount Mulgine operations. Drilling completed at Euro in early 2022 also intersected thick zones of a previously undocumented sedimentary package and polymetallic mineralisation 2km to the east at the Calais target. This mineralisation is considered to be VMS (volcanogenic massive sulphide) or skarn related. Field mapping during drilling at the Calais program discovered outcrops, now known as the Budapest Target. Strong alteration observed at this location such as fuchsite and potentially silica and iron gossan prompted analysis of one of these rocks which produced pXRF measurements of up to 63ppm silver (Ag) in portable x-ray fluorescence (pxrf). A limited soil geochemistry program was conducted in the Budapest locality as a result which confirms the presence of elevated precious metals. Figure 10: TEM Euro Project Showing Total Magnetic Intensity & Target Area Mt Magnet The Mt Magnet Projects are located in the Murchison Province of Western Australia known to host appreciable epigenetic gold mineralisation in the area introduced through faults and shears. Historically, the iron-rich sediments of the Boogardie Formation have been the favoured host for gold mineralisation in the district. Modern discoveries have shown that felsic intrusives also have the capacity to host large economic gold deposits. The Range Project captures a prominent gold-bearing structural feature within the Mt Magnet district - the Meekatharra-Mt Gibson Fault - that bifurcates the project area. NNW and NNE trending structures are visible throughout the project with the former appearing to be related to localised mineralisation. The western flank of the project is disrupted by the gold mineralised north-south trending Britannia Well Shear, along which a number of TEM’s exploration targets are oriented in addition to several small historic gold workings. Immediately north of the project lies the Britannia Well pit which was mined by Harmony in 2007, with further gold mineralisation believed to extend into Tempest’s tenure. Page 12 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 11: Range Project Geology Map with Open Pits, Artisanal Mined areas and exploration targets Field Results A regular data review and project geology re-interpretation indicated that a feature observed in geophysics may be a continuation of the Boogardie Formation metasediments found in the mineralised zone of the Britannia Well pit and other mining centres in Mount Magnet. Field verification saw rock chip samples from multiple outcrops yielding anomalous gold including:  Wrangler Target: 1gpt Gold. 170m along strike of the Brittania Well pit and a likely extension of the pit’s mineralised zone. Found in heavily jointed smokey coloured tourmaline bearing, brecciated Boogardie Formation chert and meta intrusives.  Cherokee Target: 0.5gpt Gold. New gold-bearing mineralisation zone, 1.5km along strike from the Brittania Well Pit and a cluster of historic shafts and trenches. Heavily tourmalinised and brecciated volcanics and felsic intrusive nearby outcropping interpreted Boogardie Formation. Page 13 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 12: Wrangler Target with respect to nearby pit and corporates Five Wheels In July 2023, Tempest announced the acquisition of the FiveWheels Project. TEM acquired the project for $64,000 in fully paid ordinary shares and $36,000 in cash. The FiveWheels Project is located ~146 km north of Wiluna in the Western Australian Warburton Mineral field within the Nabberu Region. The project is 266km2 of highly prospective ground laying on the northern edge of the Earaheedy Basin. The Earaheedy Basin has been explored for multiple commodities for over a hundred years due to its relative proximity to mining towns such as Wiluna. This region has been reinvigorated in the 2020s since Rumble Resources Earaheedy Project (ASX:RTR) announced a major discovery on 19 April 2021. This was recently followed up on 19 April 2023 with a globally significant, pit-constrained, maiden inferred Mineral Resource Estimate (MRE) of 94Mt @ 3.1% Zn + Pb and 4.2g/t Ag (at a 2% Zn + Pb cutoff)]. Neighbouring Strickland Resources Ltd (ASX:STK) Iroquois Project also has announced similar styled mineralisation in 2023. The FiveWheels Project is approximately 36 km north of these major developments and is considered to exhibit similar geological prospectivity. Page 14 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 13: Five Wheels Project with notable neighbouring discoveries Historic exploration in the vicinity of the FiveWheels Project was primarily or solely focussed on iron ore prospectivity. This exploration was prior to the understanding of the base metal prospectivity in the Earaheedy Basin. In the western portion of the project, legacy soil geochemistry collected very high-grade samples including 1,130 ppm (~0.1%) Copper and 847 ppm Zinc. Whereas in the western side of the project, key geological units including the Yelma Formation and the Frere Formation (notably associated with mineralisation in other parts of the Earaheedy Basin) have been intersected in legacy drilling for iron ore but not assayed. Figure 14: Five Wheels Simplified Project Geology Map Reconnaissance TEM completed project setup and initial reconnaissance fieldwork to assess accessibility. Page 15 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Land Access TEM also completed a land access for exploration deed of agreement with the Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation RNTBC (MNR) which compliments an existing Land access agreement for exploration and prospecting already existing with the Marputu Aboriginal Corporation RNTBC. In conjunction with the heritage land access agreements, TEM completed a collaborative exploration plan with the traditional owners which outlines the broader planned exploration elements going forward. EIS Grant In April 2024, TEM submitted an application for co-funding under the Western Australia Government's Exploration Incentive Scheme Cofunded Geophysics Program and was successful in its application. The EIS grant will provide approximately 50% (~$0.23M) of the total cost of a planned geophysical survey at the FiveWheels Project. The intended survey will be an ‘AGG’ (Airborne Gravity Gradiometry), which includes gravity and magnetics. Gravity surveys have proven to be successful in finding base metals in the Earaheedy basin. Elephant 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. Figure 15: Project Location within regional exploration context 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. Page 16 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Figure 16: Elephant Project with geophysics and historic gold bearing drillhole TEM purchased 80% of the issued capital of Lusture Pty Ltd (Lusture) (holder of the Elephant Project) from MAC4 Pty Ltd which will hold the remaining 20% in Lusture. Under the Agreement, TEM paid $36,000 cash and issued $64,000 in fully paid ordinary shares, To maintain its 80% interest in Lusture, TEM has agreed to incur $500,000 of exploration expenditure over a period of 3 years. Upon identification of an aggregate minimum of 250,000 ounces of gold of not less than JORC (indicated) category on the Elephant Project within 5 years, TEM will issue as further consideration 30 million fully paid ordinary shares, which will be subject to TEM obtaining corporate and regulatory approvals, including shareholder approval. MAC4 will retain 20% of Lusture and will be free carried until a decision to mine is made. Page 17 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations Tolu Investment (PNG) Tolu Minerals Ltd (Tolu) successfully completed their Initial Public Offering (IPO) on the ASX on 9 November 2023. Tolu highlight assets are the Tolukuma Gold Mine and Mt Penck Projects in Papua New Guinea. Tempest previously subscribed for 2,702,703 Shares at an issue price of A$0.37 for a total investment of A$1 million which assisted in the final stage of acquisition of the Tolukuma Gold mine and brings exciting exposure to high grade pre-production projects into TEM’s portfolio. During the period Tempest sold 2 million Tolu shares for proceeds amounting to $1M (before costs). The sale of part of the profitable investment in Tolu provided further working capital to progress exploration works at the Company’s existing projects including initial focus on the Remorse copper target in Yalgoo. Lithium Background Tempest maintains a strong de-risked position in the global lithium market through domestic lithium exploration tenure and corporate interests in international projects (hard rock lithium exploration targets in Africa and lithium brine in the USA). Rocky Hill The Rocky Hill Project is 100% TEM owned tenure (279km2 granted) located approximately 100km from Perth within the exciting new exploration front known as the South West Terrane and neighbours of the Rocky Hill project include Newmont Corporation. The project is primarily a lithium exploration target however and there is potential for other minerals including gold, magnesium and high purity alumina (HPA). Figure 17: Location of Rocky Hill Project Page 18 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Review of Operations YLP The YLP is part of a project pipeline suite, known collectively as the Yilgarn Lithium Projects (YLP). The YLP consists of 2 pending tenements (2 pending) for a total of approximately 65 km2 in the Yilgarn craton of Western Australia. Tempest analysis has confirmed the Company view that these are highly prospective for lithium and other commodities. Tempest continued progression work towards the approval of the pending tenements in the portfolio. Figure 18: YLP tenement locations African Lithium TEM previously entered into a sale agreement with African focussed multi-commodity explorer Premier African Minerals Limited (AIM listed under the ticker PREM to purchase the African projects. Tempest retains exposure to the projects and Premier through this equity holding of 25,000,000 shares. USA Lithium The Company sold its 80% interest in the Tonopah Lithium Project in Nevada, United States of America, to ASX listed Argosy Minerals Ltd (ASX: AGY). Tempest retains exposure to the project through an agreed milestone payment of $250,000 payable upon Argosy announcing a JORC compliant reserve at the project of at least one million tonnes of lithium carbonate equivalent product or the commencement of commercial production of lithium product at the Tonopah Lithium Project. Page 19 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Directors’ Report The directors submit their report on the consolidated entity (“Group”) consisting of Tempest Minerals Limited and the entities it controlled at the end of, and during, the financial year ended 30 June 2024. Directors The following persons were directors of Tempest Minerals Limited during the financial year and up to the date of this report, unless otherwise stated: Brian Moller Don Smith Andrew Haythorpe Owen Burchell Information on Directors The board has a strong combination of technical, managerial and capital markets experience. Expertise and experience include operating and mineral exploration. The names and qualifications of the current directors are summarised as follows: Brian Moller – Non-Executive Chairman LL.B (Hons) Brian specialises in capital markets, mergers and acquisitions and corporate restructuring, and has acted in numerous transactions and capital raisings in the industrial, resources and energy sectors. He was a partner at the legal firm, HopgoodGanim until 30 June 2024 and lead the Corporate Advisory and Governance practice and remains a consultant to the firm. Mr Moller acts for many publicly listed companies in Australia and regularly advises boards of directors on corporate governance and related issues. Brian is a solicitor of the Supreme Court of Queensland and Solicitor and Barrister of the Supreme Court of Western Australia. During the past three years, Mr Moller has also served as a director of the following listed companies:  DGR Global Ltd* (since 2 October 2002)  Clara Resources Limited* (since 1 December 2006)  Newpeak Metals Limited* (since 22 January 2003)  Platina Resources Ltd* (since 30 January 2007)  Mineral Commodities Limited* (since 23 December 2022)  Tolu Minerals Limited (admitted to the official list on ASX on 9 November 2023, appointed 24 February 2022, resigned 16 June 2024) *denotes current directorship Brian is a member of the Audit & Risk Management Committee. Don Smith – Managing Director Don is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consultant roles for junior through to multinational firms spanning over 10 countries and numerous commodities including base metals, precious metals and energy minerals. Don has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business. Don is also a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists. Don does not sit on the board of any other listed companies, nor has he served as a director of any other listed company in the last three years. Page 20 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Directors’ Report Andrew Haythorpe – Independent Non-Executive Director Andrew has 30 years’ experience in geology, funds management and has been a Director and Chairman of a number of TSX and ASX listed companies. Since 1999, Andrew has been involved in over A$300 million of mergers and acquisitions and capital raisings in mining and technology companies listed on the TSX and ASX. Andrew has a Bachelor of Science (Hons) from James Cook University, is a member of the Australian Institute of Company Directors (MAICD) and a Fellow of the Australian Minerals Institute (FAusIMM). During the past three years, Andrew has also served as a director of the following listed companies:  Allup Silica Ltd (admitted to the official list on ASX on 28 April 2022, appointed 5 April 2013)  GoldOz Limited (formerly New Energy Minerals Ltd) (removed from Official list on 26 August 2022, appointed 3 May 2021)  Inca Minerals Limited (appointed 2 September 2024) Andrew was appointed to the Audit & Risk Management Committee on 30 November 2021 and became Chairman of that committee on 10 March 2022. Owen Burchell – Non-Executive Director Owen is a mining engineer with 20 years of technical, operational and corporate experience including management positions at Rio Tinto, BHP and Barrick Gold through to numerous mining start-ups, closures and operational turnaround projects. Owen holds several post graduate qualifications from the West Australian School of Mines and is the holder of a First Class Managers Certificate of Competency. Owen does not sit on the board of any other listed companies, nor has he served as a director of any other listed company in the last three years. Company Secretary Paul Jurman is involved with a diverse range of Australian public listed companies in company secretarial and financial roles. He is currently company secretary of Platina Resources Ltd, Carnavale Resources Ltd, Desert Metals Limited and Lord Resources Ltd. Interests in Securities As at the date of this report, the interests of each director in shares and options issued by the Company are shown in the table below: Directors Shares Unlisted Options ($0.14, expiring 30-Jun-2025) B. Moller 1,671,259 3,000,000 D. Smith 15,887,224 4,000,000 A. Haythorpe 769,500 3,000,000 O. Burchell 13,003,222 3,000,000 Page 21 TEMPEST MINERALS LIMITED - ACN 612 008 358 ANNUAL REPORT 2024 Directors’ Report Principal Activities The principal activity of the Group during the financial year was mineral exploration. Dividends Paid or Recommended There were no dividends paid or recommended during the financial year. Review of Operations Information on the operations of the Group during the financial year and up to the date of this report is set out separately in the Annual Report under Review of Operations. Operating Results The Group’s operating loss for the financial year was $875,297 (2023: $1,069,392). Exploration and evaluation expenditure incurred during the year totalled $1,232,557 (2023: $3,806,957). Capital Structure As at 30 June 2023 the Company had on issue 506,821,647 ordinary shares, 62,062,467 listed options (exercise price $0.14, expiry 24 June 2024) and 15,000,000 unlisted options (exercise price $0.14, expiry 30 June 2025). During the year ended 30