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Tempest Minerals and GlSA partner to develop low-emission iron and steel valuechain in W. Austra-Casting Exhibition-The 26th China(Guangzhou) International Casting Products,foundry Industry Exhibition
12/16/2025 鑄件展-鑄造展會(huì)-casting expo-foundry exhibition |
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Australia-based mineral exploration company Tempest Minerals Ltd has announced that it has entered into abinding option agreement with Green Steel and lron Pty Ltd (GlSA) to advance the development of a low.emission iron and steel value chain in Western Australia''s Yalgoo region. The transaction is intended tointegrate Tempest''s Remorse magnetite project into a future vertically integrated green iron and steel platformaligned with Australia''s low-carbon industrial strategy.
Under the agreement, GlSA has the right to acquire the Remorse magnetite project in exchange for equity.Upon completion, Tempest would receive a 50 percent shareholding in GlSA, along with additional options.positioning it as a major stakeholder in the downstream green iron and steel development.
Remorse magnetite resource suited for low-emissions routes
The Remorse deposit forms part of Tempest''s wholly-owned Greater Yalgoo project. Exploration and drillingconducted since 2024 have outlined a large-scalemagnetite system with characteristics suitable forpelletizing and direct reduction.
Key resource metrics include an exploration target of upto approximately 110 million mt, with iron gradesreaching the low-30 percent range, and a current
inferred mineral resource of 63.5 milion mt at an average grade of 30.6 percent Fe, reported at a 28 percent Fecut-off. Metallurgical test work completed to date supports the potential suitability of the Remorse material forreduced-emissions ironmaking.
GISA''s DRl-focused green steel strategy
Established in 2024, GlSA is pursuing the development of a sustainable iron reduction and steel manufacturingplatform in Western Australia''s Mid-West. its strategy centers on a multi-user direct reduced iron (DRl) facility.The planned facility is intended to supply reduced iron to electric arc furnace (EAF) steelmaking, includingpotential integration with the Collie steel mill of Australia-based steelmaker Green Steel of Western Australia.Output is expected to include green iron, hot briquetted iron (HBl) and steel products for both domesticconsumption and export markets.
To exercise the option, GlSA must satisfy a series of conditions by the end of December 2026. These includesecuring a mining lease for Remorse, identifying a suitable processing facility site, completing a pre-lPO capitalraising of at least A$500,000, and finalizing legal, financial and technical due diligence. Once these conditionsare met, GlSA will have a 90-day window to exercise the option.
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