Under the agreement, GISA has the right to acquire the Remorse magnetite project in exchange for equity. Upon completion, Tempest will receive a 50% stake in GISA, as well as additional options, making it a major shareholder in the development of green cast iron and steel processing plants.
The Remorse magnetite resource is suitable for low-emission routes
The Remorse field is part of the Greater Yalgoo project, which is fully owned by Tempest. Exploration and drilling conducted since 2024 has revealed a large-scale magnetite system with characteristics suitable for pelletizing and direct recovery.
Key resource indicators include a target exploration volume of approximately 110 million tons, with iron content reaching a low of 30 percent, and current estimated mineral resources of 63.5 million tons with an average content of 30.6 percent Fe, reportedly with an Fe content of 28 percent. the cutoff. The metallurgical tests completed to date confirm the potential suitability of the Remorse material for the production of low-emission cast iron.
GISA's DRI-oriented environmentally friendly steel production strategy
Founded in 2024, GISA is dedicated to developing a sustainable iron reduction and steel production platform in the Midwest of Western Australia. Its strategy is focused on a multi-user direct recovery Iron (DRI) installation. The planned facility is intended to supply reconstituted iron to steelmaking in electric arc furnaces (EDP), including potential integration with the Collie steel mill of the Australian steel company Green Steel from Western Australia. The products are expected to include crude iron, hot briquetted iron (HBI) and steel products for both domestic consumption and export markets.
To exercise this option,
