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Received More Than $2.5 Billion in Cash Proceeds to Date in 2025 1
Tempest Minerals Ltd (TEM) is pleased to update the market on the progress at the Remorse Target. The Remorse Target is a 4km long coincident base metal and geophysical target located in the Company’s Flagship Yalgoo Project. TEM has received preliminary approval for drilling at the central area of the target. As a result of recent ground-truthing work, TEM believes a larger expanded program design of ~5000m is required. Approvals are in the final stages and work is anticipated to commence in June/July.
Key Points
- Expanded drill program planned at the 4km Remorse Copper Target
- Approvals in final stages for ~5000m RC campaign
- Commencement of works expected June/July
Yalgoo Project
Background
TEM’s landholding in the Yalgoo Region of Western Australia comprises more than 1,000km2 1 of 100% owned tenements highly prospective for base and precious metals 2. The Company has been actively exploring the project and identified an entirely new mineralised belt 3 with previous drilling showing the belt to be fertile for previously unknown mineralisation 4, 5, 6, 7. The Yalgoo Project currently hosts dozens of exciting exploration targets 8 with the Remorse and Sanity targets being the Company’s priority at this time.
TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target 9, 10, which were further strengthened by the identification of an overlapping geophysical anomaly detected during a large-scale regional EM survey 11 covering much of the central portion of the Yalgoo project. The Company announced in late 2023 12 the intention to drill test the Remorse Target and has been vigorously pursuing regulatory requirements 13 amidst challenging demand-driven delays 14, 15 while also conducting additional field 16 and preparatory work.
Figure 01: Remorse Target
Remorse Target Status
Approvals
Phase I
Based upon the initial geochemistry results, TEM designed a modest drill program to test specific structural targets potentially related to higher copper values in the wide-spaced surface geochemistry. TEM progressed approvals for this work in late 2023 and approval was received in Q1 2024.
Phase II
Further ground truthing and more detailed geological mapping of the Remorse Target in Q1 2024 conclusively showed a much larger geological target zone which also mirrors the broader geochemical footprint of the anomaly. An expanded drill program was designed for this larger footprint which will entail ~5000m RC drilling. Permits for this expanded work are in the final stages of the approval process with the regulatory bodies and heritage surveys planned for early June 2024. Drilling is expected to commence shortly thereafter.
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This article includes content from Tempest Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Tempest Minerals
Investor Insights
The continued positive outlook for gold, copper is creating a strong macro economic environment for Tempest Minerals supported by its highly prolific assets with potential for world-class deposits.
Overview
Tempest Minerals (ASX:TEM) is an exploration and development company based in Australia, with a diversified portfolio of mineral assets prospective for iron, gold, copper/base metals, rare earths (REE), lithium. The company has five projects located in prolific territories in Western Australia: Yalgoo (gold, copper, zinc, silver, iron ore, tungsten, rare earths and more), Mt Magnet (gold, REE), Five Wheels (gold, base metals) and Elephant (gold). Its flagship Yalgoo property is a large land package comprising several targets, located in the prolific Yalgoo Region of Western Australia. Tempest has defined a number of exceptional exploration targets and is currently progressing the newly discovered Remorse magnetite iron ore deposit.
Tempest Minerals is headquartered in Perth, Australia.
Tempest Minerals is led by an experienced board and management team with a history of exploration, operational and corporate success – key to executing the company’s mission to maximise shareholder value through focused, data and technology-driven asset exploration and development.
Company Highlights
- Tempest Minerals’ exploration and development projects are primarily located in Western Australia and highlight a multi-commodity strategy in regions with a strong mining history.
- The company’s strategy is to progress a project pipeline of high-growth assets utilising data driven and hands-on exploration and modern development methods.
- In 2024 TEM completed a 5,000-metre drilling campaign focused on the Remorse target at the company’s Yalgoo project leading to a significant new high-grade magnetite deposit discovery and exploration target.
- Work in 2025 will focus on developing the new discovery while conducting further exploration portfolio-wide to define additional targets.
Key Projects
Yalgoo Property
Tempest’s largely unexplored and 100-percent-owned Yalgoo property covers more than 1,000 square kilometres and is highly prospective for gold, base metals and iron with world-class potential. It is located four hours from Perth, close to major infrastructure and adjacent to world-class mines, including Golden Grove, Deflector, Mt Gibson, Minjar, Rothsay and Mt Mulgine.
The Remorse Target is a 5 km long exploration target where TEM completed an initial 4,005 meters of drilling in 2024 and identified a significant magnetite iron-ore deposit. The target also remains highly prospective for base metals.
Tempest also has a number of compelling exploration targets across the 1,000 sq km project including the Sanity target which is highly prospective for gold, with rock chip samples returning 7 grams per ton (g/t) gold, 0.2 percent copper, and more than 60 percent iron.
Mt Magnet
The 100-percent owned Mt Magnet project spans more than 20 square kilometres located within a world-class mining district and is 5 kilometres from a processing facility. A prolific mining destination with at least 6 million ounces of gold produced to date, the project is surrounded by multiple large-scale gold mines currently in operations, including Ramelius’ (ASX:RMS) Mt Magnet operations and Spartan’s (ASX:SPR) Dalgaranga. The project contains multiple drill targets, of which Wrangler will be a key focus of near-term work.
Elephant
The Elephant project is a 194 square kilometre property in the prolific Fraser Range region with large geological structures and multi-million-ounce targets. The project area itself has strong magnetic anomalies and an 8-kilometre gold in soil geochemical anomaly which could represent a large subsurface gold system.
Five Wheels
The 100-percent owned, 266-square-kilometre Five Wheels project is geologically similar to Rumble Resources’ zinc-lead-copper discoveries and sits within the boundaries of the Earaheedy Basin in Western Australia, a mineralised sedimentary basin. A major geophysics program is planned for the project, co-funded by the government.
Management Team
Brian Moller – Non-executive Chairman
Brian Moller specialises in capital markets, mergers and acquisitions, and corporate restructuring and has acted in numerous transactions and capital raisings in both the industrial and resources and energy sectors. He was a partner at the legal firm HopgoodGanim for 30 years and led the corporate advisory and governance practice. Moller acts for many publicly listed companies in Australia and regularly advises boards of directors on corporate governance and related issues. He is currently chair or a non-executive director of a number of ASX-listed companies and was critical in the progression of the high-profile LSE-listed SolGold PLC into becoming one of the largest copper-gold developments in the world.
Don Smith – Managing Director
Don Smith is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consulting roles for junior through multinational firms intensively internationally on numerous commodities, including base and precious metals and energy minerals.
Smith’s corporate experience includes project acquisition, financing and development, and company management. He has been the founding director of a number of private and public resource companies, including the successful listings on the ASX of Platypus Resources and Alderan Resources. Smith has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business. Smith now sits on the board of International Prospect Ventures (TSXV:IZZ) and is also working with a number of startups.
Andrew Haythorpe – Non-executive Director
Andrew Haythorpe has 30 years’ experience in geology and funds management and has been the director and chairman of a number of TSX and ASX listed companies. Since 1999, Haythorpe has been involved in over AU$300 million of mergers and acquisitions and capital raisings in mining and technology companies listed on the TSX and ASX.
He is currently the managing director at Allup Silica, Goldoz and Stunalara Metals, where he is also a founder. He has previously been a fund manager and analyst at Bankers Trust, an analyst at Suncorp (now a Top 20 ASX-listed company with some AU$96 billion in assets), and a director at Hartley Poynton. More recently, he was the managing director of Crescent Gold, leading that company from a junior explorer to a mid-tier producer within four years; and the managing director of Michelago Resources, which became one of the top-performing ASX-listed companies on its transition to gold production in China.
Owen Burchell – Non-executive Director
Owen Burchell is a mining engineer with 20 years of technical, operational and corporate experience, including management positions at Rio Tinto, BHP and Barrick Gold, as well as numerous mining start-ups, closures and operational turnaround projects.
Burchell holds several post-graduate business qualifications from the West Australian School of Mines and is the holder of a First Class Mine Managers Certificate of Competency. He is also a member of the Australasian Institute of Mining and Metallurgy and a graduate of the Australian Institute of Company Directors.
Burchell currently consults on numerous projects in the resource sector.
A diverse portfolio of projects in Western Australia that are prospective for precious, base and energy metals in addition to iron ore.
Newmont Completes Its Non-Core Divestiture Program With the Sale of Akyem and Porcupine
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ("Newmont" or the "Company") announced today that it has finalized the previously disclosed sales of its Akyem operation in Ghana and its Porcupine operation in Canada. With these transactions now closed, the Company has completed the divestiture program announced in February 2024 2 .
"Today, I am pleased to announce the successful completion of our non-core asset divestiture program with the sale of Akyem and Porcupine, generating total after-tax cash proceeds of approximately $850 million before closing adjustments," said Tom Palmer, Newmont's President and Chief Executive Officer. "This is a significant milestone for Newmont, as we have now divested all six of our non-core operations from the program announced in early-2024. With the cash proceeds received this year, we remain committed to continuing to strengthen our balance sheet and return capital to shareholders through ongoing share repurchases."
Total gross proceeds from announced divestitures are expected to total up to $4.3 billion, which includes $3.8 billion from non-core divestitures and $527 million from the sale of other investments.
Porcupine Early Warning Disclosure
Under the terms of Newmont's sale of the Porcupine operation in Ontario, Canada, the consideration received included 119,716,667 common shares of Discovery (the "Consideration Shares") in the capital of Discovery Silver Corp. ("Discovery").
The Consideration Shares are held by Goldcorp Inc., a wholly owned subsidiary of Newmont. As a result of the closing, Newmont, which did not hold any common shares of Discovery prior to the transaction, now beneficially owns shares representing approximately 15% of Discovery's issued and outstanding common shares.
Newmont will evaluate its investment in Discovery from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its shareholdings as circumstances require through market transactions, private agreements, or otherwise.
This press release is issued pursuant to the early warning provisions of Canadian securities legislation. To obtain a copy of the Early Warning Report filed by Newmont under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, please contact Neil Backhouse at +1 (303) 837-5002 or investor.relations@newmont.com .
Newmont's address is 6900 E Layton Avenue, Suite 700, Denver, CO 80237. Discovery is listed on the TSX and its address is 55 University Avenue, Suite 701, Toronto, ON Canada, M5J 2H7.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements in this news release include, without limitation, (i) expectations regarding total proceeds estimates, including receipt of any deferred consideration in the future, (ii) future financial conditions and balance sheet strength, (iii) future return of capital to shareholders, including share repurchases, and (iv) other statements regarding future events or results. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Assumptions include, but are not limited to: (i) certain exchange rate assumptions approximately consistent with current levels; (ii) certain price assumptions for gold, copper, silver, zinc, lead and oil; (iii) with respect to disclosed sales that have not yet completed, all closing conditions for such sales being satisfied; and (iv) conditions necessary for receipt of deferred consideration being met in the future. For additional information regarding the terms and conditions for receipt of deferred consideration payments and total consideration estimates, refer to the press releases available on the Company's website at www.newmont.com (see the September 10, 2024 press release for further details regarding the agreement to divest Telfer and Havieron, the October 8, 2024 press release for further details regarding the agreement to divest Akyem, the November 18, 2024 press release for further details regarding the agreement to divest Musslewhite, the November 25, 2024 press release for further details regarding the agreement to divest Éléonore, the December 6, 2024 press release for further details regarding the agreement to divest CC&V, and the January 27, 2025 press release for further details regarding the agreement to divest Porcupine). No assurances can be provided with respect to the receipt of deferred consideration. For a discussion of risks and other factors that might impact future looking statements , see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 21, 2025, under the heading "Risk Factors" (including without limitation under the subheading the headings "Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration" and "The Company's asset divestitures place demands on the Company's management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures"), available on the SEC website or at www.newmont.com . Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement.
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1 Represents after-tax cash proceeds before closing adjustments.
2 All previously announced operating sites having been divested, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416251818/en/
Investor Contact – Global
Neil Backhouse
investor.relations@newmont.com
Investor Contact – Asia Pacific
Natalie Worley
apac.investor.relations@newmont.com
Media Contact – Global
Shannon Lijek
globalcommunications@newmont.com
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WIN Advances Butchers Creek Towards Development Following Resource Update
Highlights
- Updated Mineral Resource Estimate: Butchers Creek Gold Mineral Resource revised to 5.23Mt @ 1.G1g/t Au for 321,000oz of Gold
- Significant Increase in Indicated Resource: Indicated category up by 86% to 3.58Mt @ 2.24g/t Au for 258,000oz of Gold
- Project De-Risked: Updated Mineral Resource significantly enhances confidence for future Economic Evaluation
- Growth Focused 2025 Drill Program: Planned drilling to target high-priority, high- grade resource growth targets, including Golden Crown (currently 0.4Mt @ 3.1g/t Au Inferred Mineral Resource1) with recent extensional drilling returned 6m @ 10.85g/t Au2
- Heritage survey scheduled: April survey ahead of the proposed July drill program
WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented:
“Our first update of the Butchers Creek Mineral Resource following the successful maiden drill campaign completed late in 2024 has delivered an 8C% increase in the Indicated Resource. This paves the way for the Company to advance development studies while we continue to drill our other high-priority, high-grade targets.
With readily accessible mineralisation located immediately below the shallow open pit amenable to low-cost open pit mining methods, the opportunity to monetise this asset in the current high gold price environment is now an imperative.
To complement this great outcome, the Company will continue to enhance the resource base focussing on the Golden Crown area during the forthcoming dry season, building on the promising high-grade drill intersections reported last year.
The significant achievements by WIN during the short time we have held this project, and the opportunities we see in this underexplored goldfield in WA’s Kimberley region, provide a strong foundation for our future growth.”
This latest April 2025 MRE update increases the Mineral Resource to 321,000oz of gold at 1.G1g/t Au, with 258,000oz gold at 2.24g/t Au representing 80% of the MRE classified as Indicated available for economic studies for project development.
Table 1: Butchers Creek Gold Resource SummaryNote: Figures are rounded and reported at 0.5g/t cut-off to 150m below surface (open pit) and 0.8g/t below 150m of surface
This update reflects the successful conversion of an additional 11G,000oz at 2.24g/t Au into the Indicated category representing an 86% increase in Indicated gold resource ounces compared to the 2021 MRE1 as demonstrated in the waterfall chart in Figure 1 below.
Figure 1: Mineral Resource Changes by Classification
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This article includes content from Win Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Barrick Calls for Responsible Leadership as Mali Situation Escalates
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) confirms that it has continued to engage in good faith with the Government of Mali to finalise an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025.
From the outset of its engagement, Barrick has worked to find a constructive solution. In October 2024, it agreed to a framework aimed at achieving a comprehensive resolution of all outstanding disputes and paid $85 million as part of the ongoing negotiations.
Despite this, the Government subsequently took a series of escalatory actions, including the arrest of Barrick employees – who remain unfairly in detention – and the suspension of gold shipments.
More recently, although Barrick signed the agreement presented by the Government as requested in February, the Government has failed to execute it. Its conclusion now appears to be obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people.
This week, departments within the Government escalated matters by closing Barrick's Bamako office and threatening to place the Loulo-Gounkoto mine under provisional administration unless the mine was reopened and tax payments were made – even though gold exports remain blocked.
It is regrettable that the Government continues to obstruct gold exports while simultaneously demanding tax payments on revenue it has actively prevented from being realised.
Barrick remains ready to honour the agreement envisioned by both partners and stands prepared to immediately restart production. This would unlock substantial revenue for the country, including tax and royalty flows that form a very significant part of the national budget. This would also see the dropping of unfounded criminal charges against its employees and their release from detention.
The consequences of the Government's continued inaction are serious both from an economic and human angle. The long-term viability of one of Mali's most strategic mining assets and a key contributor to the national economy is at risk. Barrick brings the unique expertise required to successfully operate this world-class mine. In addition, four innocent Malian citizens continue to be deprived of their freedom, without any justification nor prospect for a quick solution.
Barrick has long been a committed partner to the people of Mali and a reliable corporate citizen, consistently supporting local content and economic development, even in times of uncertainty. As private banks face mounting pressure to keep the country afloat, Barrick has continued to meet its obligations in good faith, paying wages, sustaining workers and contractors' livelihoods as well as the broader supply chain. However, this situation is not sustainable for the longer term.
While Barrick continues to seek a constructive solution, it remains prepared to pursue international arbitration and legal remedies against the Government and any individuals or entities, acting in bad faith.
Barrick urges the Government of Mali to act now in the interest of its people and the national economy by concluding the agreement which stands ready to be implemented.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "continue", "intended", "committed", "engage", "negotiate", "pursue" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of the gold stock removed from site; the outcome of dispute resolution through arbitration; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali's share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto's partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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