Tempest Minerals has completed the sale of the Yalgoo project in Western Australia to Capricorn Metals for AU$4.5 million.
Capricorn has agreed to make contingent payments of up to AU$1.5 million depending of future discoveries or production.
Capricorn will pay AU$750,000 in cash if the mineral resource estimate for Yalgoo is in excess of 75,000 ounces of gold. The company will also pay AU$750,000 upon the commencement of mining operations in the project.
Tempest will retain the iron rights for the previously identified iron-bearing tenements. Capricorn has exploration and development rights for minerals other than iron ore.
Tempest and Capricorn reached a binding agreement for the Yalgoo acquisition in December 2025.
At the time, Capricorn said the acquisition was part of the company’s expansion of the Mt Gibson exploration footprint, while also adding prospective targets to the Golden Range and Fields Find projects.
Tempest will now focus on exploring its portfolio of projects in Western Australia including the recent discovery of gold at the Range project in Mt Magnet.
The company will continue to work with Green Iron and Steel with the intent to progress the Remorse iron deposit and create a vertically integrated iron production hub.
Tempest continues to consider and examine other mining and exploration activities.
