Tempest Minerals Limited (ASX:TEM) agreed to acquire 80% stake in Elephant Project from Mac3 Pty Ltd for AUD 0.1 million on August 16, 2023. Under the terms of agreement, Tempest Minerals will pay y AUD 31,000 cash and issue to AUD 69,000 in fully paid ordinary shares. MAC3 will retain 20% of Elephant Project. The transaction is subject to completion of the due diligence, Tempest Minerals obtaining corporate and regulatory approvals.

Tempest Minerals Limited (ASX:TEM) entered into a definitive agreement to acquire 80% stake in Elephant Project from Mac3 Pty Ltd on January 8, 2024. Under the terms of agreement, Tempest Minerals will pay y AUD 36,000 cash and issue to AUD 64,000 in fully paid ordinary shares. MAC4 Pty Ltd (MAC4) will hold the remaining 20% in Lusture. Both MAC 3 and MAC 4 (or its nominees) are not related parties of TEM. Legal, financial and technical due diligence in relation to the Elephant Project and Lusture has been completed to TEM?s satisfaction and completion of the Agreement is scheduled to occur on 15 January 2024.