FiveWheels Update - Heritage Agreement And Exploration Plan

Summary

Tempest Minerals Ltd (TEM) is pleased to provide information on progress at the FiveWheels Project. TEMhas finalised heritage and land access agreements for all granted tenure at the project with the Traditionalowner corporation, Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation RNTBC (MNR).TEM has also completed a strategy planning session for the project and finalised an exploration plan for thenext financial year 2024-25 that includes: geochemistry, geophysics and target generation.

Key Points

• Heritage agreements for all granted tenure completed
• Collaborative exploration plan for FY 2024-25 completed
• Upcoming exploration plans include geochemistry, geophysics and drill target generation

FiveWheels Project

Background

In July 2023, Tempest announced theacquisition of the FiveWheels Project.

The FiveWheels Project is 266km2 ofgranted tenure on the Earaheedy Basin'snorthern edge. This is located ~146 kmnorth of the Western Australian miningtown of Wiluna.

This region was reinvigorated in 2021 bythe major discovery of base metals byRumble Resources (ASX:RTR) 2 and in2023 with a globally significant inferredMineral Resource Estimate (MRE) of94Mt @ 3.1% Zn + Pb and 4.2g/t Ag (ata 2% Zn + Pb cutoff)] 3. NeighbouringStrickland Resources Ltd (ASX:STK)also announced the discovery of similarmineralisation in 2023.

The FiveWheels Project is approximately36km north of these projects and isconsidered to exhibit similar geology.This is highlighted by historicexploration near the FiveWheels Projectexhibiting soil geochemistry up to 1,130ppm (~0.1%) Copper and 847 ppm Zinc.

Similarly, key geological unitsincluding the Yelma Formation and theFrere Formation have been intersectedin legacy drilling but not assayed 6.

Figure O1: Five Wheels Project Location

Heritage Agreements

TEM is pleased to announce the signing of a land access for exploration deed of agreement with MNR. Anexisting Land access agreement for exploration and prospecting already exists with the Marputu AboriginalCorporation RNTBC.

This is an excellent outcome as all granted tenure now has heritage agreements. TEM is looking forward toworking together with the traditional owners to progress the exciting exploration potential at the FiveWheelsProject.

Figure 02: Five Wheels Project Native Title Map

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