Tempest Minerals Capitalises on Share Sale, Funds Exploration Ventures

Tempest Minerals Ltd (ASX: TEM) was a seed investor in the now listed Tolu Minerals Ltd (ASX: TOK), buying $1 million of stock at $0.37.

The company has now sold 2 million of these shares for proceeds of around $1 million before costs, equating to an exit price of $0.50, while still maintaining a holding.

The sale of part of the profitable investment will provide further working capital for Tempest to progress exploration works at the company’s existing projects including an initial focus on the Remorse copper target in Yalgoo.

Don Smith, managing director, commented:

“This sale bolsters Tempest’s coffers ahead of our upcoming exploration works and increases our flexibility to expand our 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.”

Yalgoo potential

Tempest are progressing multiple exploration plans at the company’s projects including an upcoming drill program at the Remorse copper target, part of the flagship Yalgoo Project in Western Australia.

Remorse hosts a 4 kilometre base metal anomaly.

The company are in the final stages of preparation and are well progressed in approvals, program design, procurement of drilling rigs and other activities.

The project is well supported with surrounding major infrastructure, with operating neighbours and 5 kilometres from a processing facility.



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