Rooster Talk Episode 64 is with Don Smith, Managing Director, Tempest Minerals Limited (ASX:TEM) and Iain Macpherson, CEO of Lole Mining Limited.
Tempest Minerals is now moving into a production space with what looks like a project that I am vaguely familiar with. I came across this project almost 10 years ago during my travels in this industry. It was in private hands at that time, and it definitely had the credentials to perk my interest.
The transaction is still far from being complete as there are still several steps to go. Assuming all goes well, the inclusion of Tolukuma will add significant value for shareholders as Tempest moves to become a producer. I don't think that the company is making any proclamations that this will be an easy path.
In this episode of Rooster Talk, Don Smith and Iain Macpherson share with us the motivation of Tempest to take on 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 challenging times ahead. Papua New Guinea is not a place for the faint-hearted but it is also a place for that elusive pot of gold if you get all your ducks in a row.
The focus now for Tempest is to get the transaction completed and then work on the non-JORC resource in the mine. According to Iain, the establishment of these resources could see the mine back in action and pouring gold within 12 months.
Chapters
00:00 Start
00:20 Introduction
01:02 Don updates us on the acquisition story.
01:37 Iain updates on the PNG projects.
03:04 Comparing Tolukuma and other PNG projects.
04:45 Is Tolukuma the main Non-Highland style of mineralisation?
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 Mt Penck Projects.
12:35 How do investors look at Tempest Minerals now?
13:51 What are the next steps after the acquisition?
14:32 Iain explains what this means for Tempest.
15:27 When could cashflow happen?
16:33 What is happening at Yalgoo?
17:08 Newsflow.
17:52 Last words.
18:41 Conclusions
About Don Smith
Managing Director
Don is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consultant roles for junior through to multinational firms spanning over 10 countries and numerous commodities including base and precious metals and energy minerals.
Don’s corporate experience includes project acquisition, financing and development and company management. Don has been the founding director of a number of private and public resource companies including the successful listings on the ASX of Platypus Resources and Alderan Resources. He is currently involved with several start-ups and consults to the industry.
Don has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business. Don is also a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists.
The Company listed via initial public offering (IPO) in 2017 under the name Lithium Consolidated Mineral Exploration Limited (Li3) with the goal of feeding the rapidly growing battery mineral industry. Li3 went on to acquire multiple lithium projects on 3 continents and had a string of successful exploration and divestment transactions.
In 2019, faced with a challenging lithium market, the board decided to expand the strategic focus of the company into a more diversified direction and began looking at other commodities such as copper. At the end of 2019, Li3 acquired private exploration company Warrigal Mining and have subsequently continued developing an exciting portfolio of precious and base metals projects in Western Australia to complement the existing energy metal projects.
In August 2020, shareholders elected to rebrand the company to Tempest Minerals Ltd to better reflect the evolved business and its more diverse commodity focus.
About Lole Mining Ltd
Lole Mining Limited is an unlisted public Papua New Guinea company registered in Australia with a number of emerging mineral exploration and development opportunities. Lole has rights to three significant gold (+ silver and copper) projects in PNG.
These comprise:
the historically operated Tolukuma Mine with existing resources and short-term production potential;
The Tolukuma Exploration Project comprising a number of exploration licences across the broader Tolukuma mineralized structure covering some 2,000 km2; and
the Mt Penck gold/copper project, with substantial historic exploration.
About Iain Macpherson
Iain has +30 years’ experience in senior management and executive roles in junior and major companies with a track record of developing, operating and financing mining projects on multiple stock exchanges.
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