TEMPEST MINERALS LIMITED — Capital/Financing Update 2021

Sep 21, 2021

ASX RELEASE

22 September 2021

Dear Shareholder

PRO-RATA NON-RENOUNCEABLE ENTITLEMENTS ISSUE

On 14 September 2021, Tempest Minerals Limited ( TEM or the Company ) announced the details of a pro-rata non-renounceable rights issue ( Offer ) of up to approximately 73,697,827 fully paid ordinary shares ( New Shares ) on the basis of one New Share for every four shares held at an issue price of $0.017 per share (together with one free attaching option ( New Options ) for every three New Shares subscribed for and issued, with each option having an exercise price of $0.03 and expiry date of 31 March 2023) to raise up to approximately $1,252,863. . The Offer is not underwritten.

The proposed use of the funds raised under the Offer is to be applied to exploration on the Company’s Western Australian projects, to meet the expenses of the Offer, and for general working capital.

The Offer is being made to all shareholders of the Company ( Shareholders ) named on its register of members at 5.00pm (WST) on 17 September 2021, whose registered address is in Australia or New Zealand. The Offer is not being extended to shareholders of the Company with a registered address outside of Australia and New Zealand ( Ineligible Shareholder ).

New Shares will rank equally with all fully paid ordinary shares in the capital of the Company ( Shares ) already on issue (ASX Code: TEM). Entitlements to New Shares pursuant to the Offer are nonrenounceable and accordingly will not be traded on the ASX.

The prospectus relating to the Offer ( Prospectus ) has been lodged with ASX and the Australian Securities and Investments Commission ( ASIC ) and is available on the ASX website, www.asx.com.au.

You are not eligible to participate in the Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside of Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of New Shares and New Options to which they would otherwise be entitled.

If you have any queries concerning the Offer, please contact your financial adviser or Paul Jurman, the Company Secretary, on +61 8 9200 0435.

Yours faithfully

==> picture [80 x 43] intentionally omitted <==

Paul Jurman Company Secretary

T E M P E S T M I N E R A L S L T D A C N 6 1 2 0 0 8 3 5 8 Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA 6016 | Phone: +61 8 9200 0435 Email: info@tempestminerals.com www.tempestminerals.com ASX: TEM