Tempest Minerals (ASX:TEM) today (15 January 2024) confirms the allotment of about 7.75 million ordinary fully paid shares and payment of $36,000 cash to acquire the majority of privately held Lustre.
The cash consideration is to purchase of 80% of the issued capital of Lusture, which owns the Elephant Project, an asset comprising 194km-square of ‘highly prospective’ exploration leases.
Tempest says 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.
“Quality projects defy short-term commodity cycles. Elephant country is where you prove it is and not where someone else says it was or could never be“
The company’s strategy is to promote a project pipeline which has been parsed with its innovative, assertive hands-on exploration methods aimed at identifying high-growth assets convertible on a discovery or divestiture basis.
On its website Tempest notes: “Quality projects defy short-term commodity cycles. Elephant country is where you prove it is and not where someone else says it was or could never be. We are interested in greenfields, brownfields, and all-fields.”
Last week, the company was gearing up to complete a heritage agreement and concurrent initial exploration and drilling approvals for the Elephant Project in Western Australia, as reported.
On 16 August 2023 the company entered into a non-binding term sheet to acquire the 80% stake in Lustre.
Tempest Minerals is an Australian mineral exploration company with a diversified portfolio of projects in Western Australia considered ‘highly prospective’ for precious, base and energy metals.
Write to Adam Orlando at Mining.com.au
Images: Tempest
