Tempest Minerals Ltd acquires former gold mine

Rooster Talk Episode 64 is with Tempest Minerals Ltd (ASX: TEM) Managing Director Don Smith and Lole Mining Ltd CEO Iain Macpherson.

Tempest Minerals is now entering a production space with what looks like a project I’m vaguely familiar with. I discovered this project almost 10 years ago during my travels in this industry. It was in private hands at the time, and it definitely had the credentials to pique my interest.

The transaction is still far from complete as there are still several steps to go through. Assuming all goes well, Tolukuma’s inclusion will add significant shareholder value as Tempest prepares to become a producer. I don’t think the company is claiming it’s going to be an easy road.

In this episode of Rooster Talk, Don Smith and Iain Macpherson share with us Tempest’s motivation to tackle the Tolukuma mine which was historically mined for gold and silver.

Iain Macpherson, who is the CEO of Lole Mining Limited, has experience in Africa and he accepts the difficult times ahead. Papua New Guinea is not a place for the faint-hearted, but it’s also a place for that elusive pot of gold if you get all your ducks in a row.

Tempest’s goal now is to complete the transaction and then work on the non-JORC resource in the mine. According to Iain, establishing these resources could allow the mine to resume operations and pour gold within 12 months.


00:00 Start

00:20 Presentation

01:02 Don fills us in on the history of the acquisition.

01:37 Iain gives an update on the PNG projects.

03:04 Comparison of Tolukuma and other PNG projects.

04:45 Is Tolukuma the main style of mineralization outside Highland?

06:46 What are the risks of PNG?

08:10 All about the Non-JORC resource.

10:08 Tolukuma Structures and the Penck projects.

10:29 Tolukuma mine.

11:17 Mount Penck projects.

12:35 How are investors looking at Tempest Minerals now?

13:51 What are the next steps after the acquisition?

2:32 Iain explains what this means for Tempest.

15:27 When could cash flow arrive?

16:33 What’s going on in Yalgoo?

17:08 Flow of information.

17:52 Last words.

18:41 Closing

About Don Smith

General director

Don is a geologist and entrepreneur with over 20 years of experience in the mining industry. He has worked in operational, development, exploration and advisory roles for junior companies to multinationals spanning over 10 countries and numerous commodities including base and precious metals and energy minerals.

Don’s corporate experience includes project acquisition, financing and business development and management. Don was the founding director of a number of private and public resource companies, including the successful ASX listings of Platypus Resources and Alderan Resources. He is currently involved in several start-ups and consults the industry.

Don holds a BSc from Newcastle University and an MBA from the Australian Institute of Business. Don is also a Fellow of the Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists.

About Tempest Minerals Ltd (ASX: TEM) (Tempest Minerals Ltd (ASX: TEM))

The company went public in 2017 as Lithium Consolidated Mineral Exploration Limited (Li3) with the aim of fueling the rapidly growing mineral battery industry. Li3 then acquired several lithium projects on 3 continents and completed a series of successful exploration and divestment transactions.

In 2019, faced with a challenging lithium market, the board decided to broaden the company’s strategic focus in a more diversified direction and began looking at other commodities such as copper. In late 2019, Li3 acquired private exploration company Warrigal Mining and subsequently continued to develop an exciting pipeline of precious and base metals projects in Western Australia to complement existing energy metals projects.

In August 2020, shareholders elected to rebrand the company as Tempest Minerals Ltd (ASX: TEM) to better reflect the changing business and its more diversified focus on commodities.

About Lole Mining Ltd

Lole Mining Limited is a Papua New Guinean public unlisted company registered in Australia with a number of emerging mining exploration and development opportunities. Lole has rights to three major gold projects (+ silver and copper) in PNG.

These include:

  • the historically operated Tolukuma mine with existing resources and near-term production potential;
  • The Tolukuma Exploration Project comprising a number of exploration licenses across the larger Tolukuma mineralized structure covering some 2,000 km2; and
  • the Mt Penck gold/copper project, with significant historical exploration.

About Iain MacPherson

Iain has over 30 years of experience in senior management and management positions in junior and major companies with experience in the development, operation and financing of mining projects on several exchanges.

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