Tempest Minerals Ltd (ASX: TEM) is pleased to share a significant milestone in the advancement of our Remorse Magnetite Project and our broader strategy in Western Australia’s MidWest region. We have signed a binding option agreement with Green Steel and Iron Pty Ltd (GISA) to progress the proposed development of a green iron and steel production facility in Yalgoo.
This agreement builds on the strong collaboration between TEM and GISA and represents an important step toward unlocking downstream value from our iron assets.
About the Agreement
Under the terms of the option agreement, TEM has granted GISA the right to acquire the Remorse Magnetite Project in exchange for 50% of GISA’s issued capital, along with additional options. This structure provides TEM shareholders with a direct exposure to GISA’s green iron and steel ambitions and the potential development of a vertically integrated value chain in Western Australia.
GISA intends to progress preparatory work for an initial public offering (IPO) as part of its plans to establish a multi-user Direct Reduced Iron (DRI) facility in the MidWest, partnering with global technology leader Danieli.
Why This Matters
The Remorse Deposit, discovered and advanced by TEM through extensive drilling, metallurgical studies, and a maiden resource estimate, has demonstrated strong potential as a feedstock for pelletising and low-emission iron production. GISA Director Don Johnston noted that Remorse appears highly prospective for DRI pathways and is well suited to a green-iron supply chain.
This initiative aligns with Australia’s push toward low-carbon steelmaking and the emergence of the MidWest as a strategic region for green industrial development.
For TEM, this transaction enables:
- Accelerated advancement of the Remorse Project
- Exposure to downstream value through a 50% stake in GISA
- Participation in Australia’s emerging green steel industry
- Continued alignment with our long-term vision of commercialising high-quality iron assets
TEM Chairman Brian Moller said:
“This deal allows the rapid progression of the Remorse Deposit and the merging of our high-quality magnetite resource into a potential future vertically integrated operation aimed at producing domestic iron and steel products.”
Next Steps
Both parties will now proceed with:
- Mutual technical, financial, and legal due diligence
- Progressing the conditions required under the agreement
- Advancing feasibility and development studies for the proposed facility
Once conditions are met, GISA will have 90 days to exercise the option, and both companies intend to progress the project in a timeframe aligned with their development objectives.
You can read the full ASX announcement here: “Option Agreement with Green Steel to acquire Remorse Project or watch MD Don Smith go through the announcement below.
A Final Note of Gratitude
We extend our sincere thanks to our shareholders for your ongoing support, patience, and belief in Tempest’s vision. Every strategic step we take is driven by our commitment to create long-term, sustainable value for you.
We remain focused on identifying and developing opportunities—like this partnership with Green Steel and Iron Pty Ltd (GISA) —that strengthen our position, accelerate project development, and broaden the value potential of our portfolio.
Thank you for being part of the Tempest journey. We look forward to sharing further progress with you as we continue building momentum across our projects.
