Tempest Minerals (ASX:TEM) has terminated the binding term sheet to acquire privately held Zealandia Resources following the completion of a due diligence campaign.
As reported by Mining.com.au, the company entered the binding agreement to acquire Zealandia in early March 2026 for $2 million — payable in shares issued at the 10-day volume-weighted average price — as well as $2 million in performance shares over four milestone payments.
Zealandia holds rights to over four gold projects in the North Island of New Zealand, covering an area of 145km2.
Tempest retains its portfolio of Western Australian projects, including the Range Project in Mt Magnet and the Remorse Iron Deposit in Yalgoo.
Drilling identified widespread gold over a multi-kilometre strike length at Range, sitting beside existing open pits.
Meanwhile, the company said its Remorse deposit could underpin a new multi-billion-dollar green steel and iron development in the Yalgoo region.
Tempest says it will continue to assess other mining and exploration opportunities as part of its company-wide strategy and mission.
Tempest Minerals is a mineral explorer focused on advancing a diversified portfolio of projects in Australia.
Write to Maddison Elliott at Mining.com.au
Images: Tempest Minerals
