Tempest Minerals (ASX:TEM) will receive $1 million from the sale of 2 million Tolu Minerals (ASX:TOK) shares, with the fresh cash injection used to progress exploration activities within its existing portfolio.
Managing Director Don Smith says the sale of shares bolsters the company’s coffers ahead of upcoming exploration work and increases the flexibility to expand plans if required.
“TEM has been excited to be part of the journey of Tolu’s listing on the ASX and has borne a nice return on investment for shareholders. We will retain a holding in Tolu that continues to give shareholders exposure to the substantial planned exploration and near-term production upside,” he says.
As previously reported, Tempest is continuing to progress multiple programs including drilling at the Remorse copper target, as part of the Yalgoo Project.
The company is also in the final stages of preparing and progressing approvals, program design, procurement of drilling rigs and other activities.
In September 2022, Tempest invested $1 million at $0.37 per share in Tolu Minerals. Subsequently, Tolu listed on the ASX in November 2023 and since then, has begun aggressive exploration work across its portfolio of projects.
Tempest Minerals is an Australia-based explorer with a diversified portfolio of assets in Western Australia considered prospective for precious, base, and energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Tempest Minerals
