TEMPEST MINERALS LIMITED — Capital/Financing Update 2025

Aug 3, 2025

ASX : TEM

2025-08-04 | Range Update - Drilling Imminent Targeting Gold In Mt Magnet

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TEM | Range Update - Drilling Imminent Targeting Gold In Mt Magnet

Key Points

• 1,500 m of RC (reverse circulation) drilling planned

• Drilling to target gold in the highly prospective Mt Magnet region

• Approvals and planning completed

• Commencement of works expected in August

Summary

Tempest Minerals Ltd (TEM) is pleased to update the market on exploration at its 100%-owned Mt Magnet Range Project, located immediately south of the historic Brittania Well gold mine in the Mt Magnet district of Western Australia.

The Company plans to complete approximately 1,500m of targeted RC drilling. TEM has received all the necessary regulatory approvals and anticipates the commencement of drilling in August 2025.

Recent fieldwork has identified several priority gold exploration targets for both RC drill testing and geochemical sampling. The targets are located along a strike length of almost 7km in several different geological settings.

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Figure 01: Overview of Mt Magnet major tenement holdings

Tempest Minerals Ltd │ ACN 612 008 358 Phone: +61 8 9200 0435 Address: Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA 6016

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ASX : TEM

2025-08-04 | Range Update - Drilling Imminent Targeting Gold In Mt Magnet

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Range Project

Mt Magnet Region

Mt Magnet is a premier multi-million-ounce gold mining centre with numerous large-scale, long-life open pit and underground mines currently in operation [1] The region hosts major resources companies such as Ramelius Resources Ltd [2] and Westgold Ltd [3] as well as considerable current exploration success by companies such as Ordell Minerals Ltd [4] .

Historically, like much of Western Australia, exploration in the Mt Magnet field has focused primarily on a narrow mineralisation model.

More recent geological understandings show the presence of other mineralisation types in the region, with examples such as the Quasar [5] , the significant Eridanus [6 ] and the developing Barimaia deposits [7 ] .

Range Project

Located in the heart of the Mount Magnet mineral field and 5km along strike of the prolific +6Moz Mount Magnet Operations, the Range Project consists of 17 tenements covering 20km[2] .

TEM have been exploring the Range project for some time, including analysing historical data leading to a number of exploration prospects being generated [8] . TEM previously discovered gold and tourmaline-bearing felsic volcanics along strike from the adjacent Britannia Open Pit [9] known as the Wrangler Target, and is among the current high-priority drill targets being planned by TEM.

Recent fieldwork identified a number of gold exploration targets along a 7km strike length, which are being progressed through mapping, geochemical sampling, mineralogical analyses and drill planning. The targets are located in several different geological settings [10 ] .

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Figure 02: Wrangler Target relative to existing Open Pit (TEM tenure in red)

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2025-08-04 | Range Update - Drilling Imminent Targeting Gold In Mt Magnet

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Geology

Mount Magnet is a strongly endowed sequence of typical Murchison greenstone belts, intruded by multiple felsic porphyry intrusions, some of which are distinct sericite-sulphide altered and mineralised units with moderate to high-grade (0.7-1.5g/t) gold mineralisation. Approximately 75% of the endowment in Mount Magnet is hosted within porphyry, the remainder in banded iron formations (BIFs) and other lithologies.

The Mount Magnet area forms what is interpreted to be a thrust-fold belt, bound by normal faults along a NNE orientation. Later folding and deformation include the mineralised “Boogardie Break” orientation, which is responsible for alteration and mineralisation of the porphyry intrusions, and high-grade classic Boogardie Break mineralised zones within BIFs. Larger, granodioritic intrusions such as Eridanus, Hesperus and Saturn are mineralised in breccia zones or stockwork vein arrays.

Based on the recent mapping work undertaken by Tempest [11] , the re-interpretation indicates that the Range Project includes previously identified extensions to the Brittania Well stratigraphy, which continue to the south around the contact with the Airport Granite, albeit with less BIF.

The project geology is considered to be equivalent to the Poverty Flats area at Mount Magnet, with lithology and stratigraphy comparable to the Saturn-Hesperus-Boomer area, with lithology of BIF, ultramafic and basalt intruded by felsic porphyry sills. The Range Project lies adjacent to the northeast striking Jumbulyer Fault, which is considered a fundamental control on mineralisation. Work also showed that there are strong analogies to Ordell Minerals’ Barimaia project, where voluminous porphyries intrude similar-aged ultramafic rocks.

Commencement Of Drilling Imminent

Preparations for the maiden TEM drilling program at the Range Project are advanced, with targeting, planning and drilling contractor selection completed. It is anticipated that drilling will commence in mid-August.

Drilling will test two of the priority targets identified in recent detailed geological mapping and review of historical datasets:

1. Wrangler prospect: Drilling planned to test the Brittania Well extensions - potentially mineralised banded iron formation (BIF) and felsic porphyry from the historic Britannia Well mine was observed to continue onto Tempest tenure, with 1gpt gold in quartz-tourmaline veining rock chips 170m along strike of the open pit (Figure 3).

2. Defender prospect: Drilling is planned to test an area of historical prospecting (500-1,000m south of Britannia Well) overlying a prospective sericite-altered felsic porphyry and the porphyry/granite contact (Figure 3). The porphyry is similar to the typical prospective porphyry types that host the majority of gold mineralisation within the Mt Magnet area. Extensive historical scraping and pushing is evidence of potential primary gold mineralisation at Defender.

Next Steps

• Work for drilling of several mature targets anticipated to commence in August

• Geochemical sampling programs for emerging prospects in progress

• Results of mineralogical and alteration studies of legacy drill chip grab samples due September

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ASX : TEM

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Figure 03: Range Targets and Proposed RC Drilling

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ASX : TEM

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Figure 04: Range Drill targets with geological interpretation

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ASX : TEM

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The Board of the Company has authorised the release of this announcement to the market.

About TEM

Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia, where its iron ore project is moving towards development in addition to exploring for precious, base and energy metals. The Company has an experienced board and management team with a history of exploration, operational and corporate success.

Tempest leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximise shareholder value through focused, data-driven, risk-weighted exploration and development of our assets.

Investor Information

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investorhub.tempestminerals.com

TEM welcomes direct engagement and encourages shareholders and interested parties to visit the TEM Investor hub, which provides additional background information, videos and a forum for stakeholders to communicate with each other and with the company.

Contact

For more information, please contact:

Don Smith

Managing Director

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Level 2, Suite 9 [Website] [Instagram]
389 Oxford Street
Mt Hawthorn, [LinkedIn] [X Twitter]
Western Australia
6016 [Youtube] [Facebook]
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[+61 892000435 ]

Forward-looking statements

This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Tempest undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person or organisation. Nothing contained in this document constitutes investment, legal, tax or other advice.

Competent Person Statement

The information in this announcement that relates to Exploration Results and general project comments is based on information compiled by Jirka Just who is the Geology Manager at Tempest Minerals Ltd. Jirka is a Member of AIG and has sufficient experience relevant to the style of mineralisation under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jirka consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements as referenced in the body of this announcement and further confirms that all material assumptions underpinning the exploration results contained in those market releases continue to apply and have not materially changed.

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ASX : TEM

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Appendix A: References

1. Watkins and Hickman (1990) “Murchison granite-greenstone terrain”

2. Ramelius Resources Ltd Website (accessed 2025-07-16) ➢

3. WestGold Resources Ltd Website (accessed 2025-07-16) ➢

4. Ordell Minerals Ltd Website (accessed 2025-07-16) ➢

5. Robertson I., King J., Anand R. (2001) “Regolith geology and geochemical exploration around the Stellar and Quasar gold deposits, Mt Magnet, Western Australia”

6. RMS ASX Announcement dated 13 May 2024 “Eridanus Resource up 64%” ➢

7. ORD ASX Announcement dated 19 May 2025 “Aircore Drilling Expands Prospective Barimaia Intrusion to +7km Strike” ➢

8. TEM ASX Announcement dated 16 October 2020 “Company Presentation and Webinar Details” ➢

9. TEM ASX Announcement dated 13 Nov 2023 “TEM | Mt Magnet - New Gold Bearing Structures At The Range Project” ➢

10. TEM ASX Announcement dated 22 July 2025 “TEM | Exploration Work Commences at Mt Magnet” ➢

11. Gneiss Results “Mapping Stratigraphy and gold Targets, Wrangler Project, Mount Magnet” July 2025

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ASX : TEM 2025-08-04 | Range Update - Drilling Imminent Targeting Gold In Mt Magnet | JORC TABLE 1

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Appendix B: JORC Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC	Code explanation	Commentary	Commentary
Sampling techniques		●	Nature and quality of sampling (eg cut channels, random chips, or specifc specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF	● ●	Rock samples were collected from outcrops using a geopick and placed into calico bags for assay. Samples were collected onsite and delivered to Labwest or ALS
			instruments, etc). These examples should not be taken as limiting the broad		Geochemistry in Perth by Tempest or contract personnel.
			meaning of sampling.	●	Samples were multi-element (48 elements) tested via 4 acid
		●	Include reference to measures taken to ensure sample representivity and the		digestion (ME-MS61) and a 30g fre assay (AU-ICP21).
			appropriate calibration of any measurement tools or systems used.	●	Rock samples are only used to determine the presence of gold plus
		●	Aspects of the determination of mineralisation that are Material to the Public		multi-elements and are not used to determine mineral resources or
			Report.		reserves.
		●	In cases where ‘industry standard’ work has been done this would be relatively
			simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from
			which 3 kg was pulverised to produce a 30 g charge for fre assay’). In other
			cases more explanation may be required, such as where there is coarse gold
			that has inherent sampling problems. Unusual commodities or mineralisation
			types (eg submarine nodules) may warrant disclosure of detailed information.
Drilling techniques		●	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if	●	No drilling was conducted.
			so, by what method, etc).
Drill	sample	●	Method of recording and assessing core and chip sample recoveries and results assessed.	●	No drilling was conducted.
recovery		●	Measures taken to maximise sample recovery and ensure representative nature
			of the samples.
		●	Whether a relationship exists between sample recovery and grade and whether
			sample bias may have occurred due to preferential loss/gain of fne/coarse
			material.

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Logging		●	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation,	●	No drilling was conducted.
			mining studies and metallurgical studies.
		●	Whether logging is qualitative or quantitative in nature. Core (or costean,
			channel, etc) photography.
		●	The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation		● ● ●	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether rifed, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	●	Rock chip samples were carefully visually examined and collected so as to best represent the target lithology being sampled.
		●	Quality control procedures adopted for all sub-sampling stages to maximise
			representivity of samples.
		●	Measures taken to ensure that the sampling is representative of the in situ
			material collected, including for instance results for feld duplicate/second-half
			sampling.
		●	Whether sample sizes are appropriate to the grain size of the material being
			sampled.
Quality of assay data and laboratory tests		● ●	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and	●	All rock samples were prepared using standard crushing and pulverising (to -75µ) at Labwest or ALS, Perth, WA. From the 2-3kg pulp a subsample is then subjected to four acid digest and these are assayed by method ME-MS61(multi-element analysis) and 30g fre
			model, reading times, calibrations factors applied and their derivation, etc.		assay (AU-ICP21)
		●	Nature of quality control procedures adopted (eg standards, blanks, duplicates,	●	Laboratory and company QAQC results were used to determine the
			external laboratory checks) and whether acceptable levels of accuracy (ie lack		quality of data.
			of bias) and precision have been established.
Verifcation sampling assaying	of and	● ● ●	The verifcation of signifcant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verifcation, data	●	No independent data verifcation was undertaken.
			storage (physical and electronic) protocols.
		●	Discuss any adjustment to assay data.

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ASX : TEM 2025-08-04 | Range Update - Drilling Imminent Targeting Gold In Mt Magnet | JORC TABLE 1

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Location of data points	●	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	● ●	Sample point locations collected by handheld GPS (±3m horizontal, up to 4m vertical error). Grid: Datum WGS84 UTM Zone 50S
	●	Specifcation of the grid system used.
	●	Quality and adequacy of topographic control.
Data spacing and distribution	● ●	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufcient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore	●	Sampling was undertaken across geologically reasoned locations. Where appropriate, representative samples were acquired from multiple points across large outcrops.
		Reserve estimation procedure(s) and classifcations applied.
	●	Whether sample compositing has been applied.
Orientation of data in relation to geological structure	● ●	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	●	Sample points were located both perpendicular and parallel to the general strike of geological formations as appropriate to the target lithology and specifc location.
Sample security	●	The measures taken to ensure sample security.	●	Sample bags were collected on site and remained in the custody of TEM staff or contract personnel (or on secure TEM premises) at all
				times before delivery to the lab.
Audits or reviews	●	The results of any audits or reviews of sampling techniques and data.	●	Results were reviewed and validated using standard internal TEM QA/QC procedures.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Criteria			JORC	Code explanation	Commentary	Commentary
Mineral tenement and land tenure status				●	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	● ●	All rock information quoted is from tenure held 100% by Warrigal Mining Pty Ltd which is a subsidiary of Tempest Minerals Ltd. Sampling was conducted on M58/228, M58/229, M58/373, P58/1770, P58/1768, P58/1769, P58/1770.
				●	The security of the tenure held at the time of reporting along with any known	●	No overriding interests are present to the Company’s knowledge.
					impediments to obtaining a licence to operate in the area.	●	Tempest acknowledges the traditional owners of the land.
Exploration done by other parties				●	Acknowledgment and appraisal of exploration by other parties.	●	Tempest acknowledges the work by previous explorers including Harmony Gold and Ramelius Resources.
Geology				●	Deposit type, geological setting and style of mineralisation.	●	The sampling area occurred across a section of the eastern limb of the regional Boogardie Anticline which is dominated by BIF/chert,
							mafc to ultramafc volcanics and intrusives which have been
							intruded by a younger suite of felsic porphyries, microgranite and
							aplite, The formation is bound to the east and west by granitoids,
							specifcally of the Big Bell formation.
						●	The Range project is bisected by the Meekatharra-Mt Gibson fault
							which is observable at many outcrops.
						●	NNW (and also NNE) trending foliations, faults and shear zones are
							visible throughout the outcrops at the project with the former
							appearing to be related to localised mineralisation.
						●	The N-S oriented, gold mineralised Britannia Well Shear also passes
							through the Project.

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Drill hole Information	Drill hole Information	●	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	●	No drilling was undertaken.
			○ easting and northing of the drill hole collar
			○ elevation or RL (Reduced Level – elevation above sea level in
			metres) of the drill hole collar
			○ dip and azimuth of the hole
			○ down hole length and interception depth
			○ hole length.
			○ If the exclusion of this information is justifed on the basis that the
			information is not Material and this exclusion does not detract from
			the understanding of the report, the Competent Person should
			clearly explain why this is the case.
Data aggregation methods		●	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	● ●	No data aggregation methods were used. No metal equivalent values are reported.
		●	Where aggregate intercepts incorporate short lengths of high grade results
			and longer lengths of low grade results, the procedure used for such
			aggregation should be stated and some typical examples of such
			aggregations should be shown in detail.
		●	The assumptions used for any reporting of metal equivalent values should be
			clearly stated.
Relationship between mineralisation widths and intercept lengths		● ● ●	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	● ●	Grades are from geochemical sampling (point data) only. Any historical drilling intercepts reported refer to grade-metres down hole.
Diagrams		●	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any signifcant discovery being reported These should	●	Appropriate diagrams and/or tabulations are included in the body of the announcement - including interpreted geology and target locations
			include, but not be limited to a plan view of drill hole collar locations and
			appropriate sectional views.
Balanced reporting		●	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be	●	The interpretations from feld observations and historical work have been comprehensively reported.
			practiced to avoid misleading reporting of Exploration Results.

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				●	Reporting is unavoidably limited by availability of detailed historical
					exploration data; however, TEM has made every effort to present a
					balanced and accurate view.
Other substantive exploration data		●	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of	●	Previous rock chip sampling by TEM has been referenced in Appendix A, including the relevant previous ASX release from 19/09/2024.
			treatment; metallurgical test results; bulk density, groundwater, geotechnical
			and rock characteristics; potential deleterious or contaminating substances.
Further	work	●	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	●	Drilling is anticipated to commence in August.
		●	Diagrams clearly highlighting the areas of possible extensions, including the
			main geological interpretations and future drilling areas, provided this
			information is not commercially sensitive.

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