Tempest Minerals (ASX:TEM) and Capricorn Metals (ASX:CMM) have extended the extension date for binding agreements relating to the sale of the Yalgoo Project in Western Australia.
The completion date of the transaction is now set for 14 February 2026, allowing the parties to complete administrative documentation required.
Capricorn will purchase the project for a total consideration of $4.5 million, including an initial cash deposit of $100,000, which has already been paid, $400,000 on completion of the acquisition, and $4 million through the issue of shares.
The issue price of shares will be determined based on the five-day volume weighted average price ahead of completion, as previously reported by Mining.com.au.
Tempest will transfer tenements making up the Yalgoo Project, though retaining ownership over the eastern tenements that bear iron mineralisation. Capricorn will receive exploration and development rights for minerals other than iron ore at these tenements.
Capricorn will also make milestone payments, including $750,000 in cash for a JORC-compliant resource estimate of greater than 75,000 ounces of gold, and another $750,000 upon the board reaching a decision to begin commercial mining operations at the project.
Tempest Minerals is a mineral explorer that holds a diversified portfolio of projects in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Tempest Minerals
