Tempest Minerals Ltd (ASX:TEM) is set to receive $1 million from its sale of two million shares in Tolu Minerals Ltd, providing flexibility ahead of upcoming exploration works at the company’s precious, base and energy metals projects, including the Remorse copper target at its flagship Yalgoo Project in Western Australia.
The sale of part of Tempest’s profitable investment in TOK will provide further working capital for Tempest to progress exploration works at its existing projects, including its initial focus on the Remorse copper target.
The company is now in the final stages of preparation and well progressed in approvals, program design, procurement of drilling rigs and other activities ahead of the upcoming drill program at Remorse.
Tempest managing director Don Smith said: “This sale bolsters Tempest’s coffers ahead of our upcoming exploration works and increases our flexibility to expand our plans if required.
“TEM has been excited to be part of the journey of Tolu’s listing on the ASX and has borne a nice return on investment for shareholders. We will retain a holding in Tolu that continues to give shareholders exposure to the substantial planned exploration and near-term production upside.”
Tempest invested $1 million at A$0.37 per share in Tolu Minerals in September 2022, as part of a seed round for its IPO. Tolu subsequently successfully listed on the ASX in November 2023 and has since commenced aggressive exploration across its suite of projects.