Tempest Minerals Limited updated the market regarding assay results received from drilling completed in late 2022 at the Company's 100% Meleya Project. TEM completed 91 holes for 7,410 metres of drilling. Assays from 6,346 metres of aircore and reverse circulation drilling have returned with the remaining diamond drill program results expected during First Quarter 2023.

The initial review of results shows highly anomalous results for a number of critical metals including Nickel, Tungsten, Cobalt and Rare Earths Elements (REE). 2022 Drilling Overview: Following on from the mineralisation discovery made at the Orion target in March 2022, TEM commenced a larger scale regional drilling program with the aim to collect geochemical data to augment the existing soil sampling or test areas where surface sampling is more challenging or inappropriate. The regional program also provides the opportunity to correlate geology from surface mapping and deep diamond holes across large distances and provide targets for follow-up drilling.

This shallow drilling was conducted on nominal 500m x 500m spacing and the campaign in Fourth Quarter 2022 with an area of some 4km x 4km of the central Meleya Belt tested. The program - phase 1 of a number of possible campaigns - consisted of 6,346 metres of aircore and reverse circulation drilling, though this represents a small fraction of the total Meleya Project. Geology: The geology of the Meleya Project was previously interpreted from geophysics and several large-scale mapping and surface geochemistry campaigns .

Current drilling has further confirmed previous geological interpretations of the region and provided multiple new insights. E.g. The Clover target RC transect provides 2.5km of lateral lithological definition down to 200m of depth into fresh rock. The primary lithology is mafic and felsic `greenstones' wrapped around a shallow intermediate intrusion known as the Walganna Suite, and is flanked on the eastern side by felsic volcanics interpreted as a continuation of the Big Bell Suite.

Structures - both stratiform and crosscutting `feeder' zones - are considered the source of the multiple mineralisation styles (Skarn, Volcanogenic Massive Sulphides (VMS), Intrusion Related Gold (IRG) deposits and Orogenic vein style gold) present in the district. A number of these structures were intersected by the most recent grid drilling and appear to host a number of critical minerals previously not observed at Meleya including Rare Earths, Nickel and Tungsten. Critical Metals: Tungsten: Highly anomalous Tungsten is present in numerous holes and appears related to a Skarn type mineralised system.

WARDH83 was drilled through regolith to a depth of 40m and intercepted a potentially weathered skarn zone peripheral to an interpreted mafic sill with significant visible extent in aeromagnetic surveys. This zone was likely reactive to fluid migrating from an intruding dolerite sill interacting with the fertile greenstones in this portion of the belt. WARDH83 hosted the best intercept 3m @ 0.54% Tungsten TriOxide (WO3) and 0.07% Cobalt from 21m.

This is ~600m downtrend of the skarn alteration in WARDH75 on the Clover drill line. Although assays remain outstanding for the diamond hole in this area, visibly skarn-altered zones in WARDH75 highlight consistent enrichment in tungsten within the horizon. This alteration was traced along the sill contact to hole WARDH139 and spans an approximate contact length of 450m.

WARDH139 sampling uncovered Tungsten grades of 0.09% WO3 (710ppm W) from 166m followed by 0.11% WO3 (930ppm W) within a a total intercept of 4m @ 0.05% WO3 (428ppm W from 163m). Another zone due east in hole WARDH135 contained intercepts of 1m @ 0.15% WO3 (1,220ppm W) from 159m. As this hole was abandoned at 167m due to excess downhole water, further drilling may be required to ascertain the full extent of this mineralisation.

An additional anomalous tungsten zone was located in WARDH122 with 1m @ 0.26% WO3 (2,050ppm) from 45m. This was hosted at the base of the regolith within the Big Bell granite suite. Mineralogical and hyperspectral work is underway to determine and understand the anomalies and how to best target these horizons.

In particular, the extent of the mineralisation which was encountered at the end of hole WARDH139 which ended on 0.11% WO3. Key Intercepts: Zone 1: 3m @ 0.54% WO3 (4,270ppm W) and 0.07% Co (699ppm) from 21m (WARDH83); 1m @ 0.26% WO3 (2,050ppm W) from 45m (WARDH122); 1m @ 0.15% WO3 (1,220ppm W) from 159m (WARDH135); 4m @ 0.05% WO3 (428ppm W) from 163m (WARDH139): Including 1m @ 0.11% WO3 (930 ppm W) from 166m (EOH sample); 1m @ 0.09% WO3 (710ppm W) from 145m (WARDH139); 1m @ 0.06% WO3 (520ppm W) from 150m (WARDH142). Nickel: The most prominent Nickel enriched zone 5m @ 0.11% Nickel and 0.09% Chromium appears in WARDH156 hosted in an altered mafic to ultramafic volcanic .

Hole WARDH156 additionally contains enrichment in Tungsten at 128.5ppm and Lithium at 193ppm. Assays indicate an ultramafic source with MgO (Magnesium Oxide) averaging at 19.8% and FeO (Iron Oxide) averaging at 11.6%. This is an exciting development for the Meleya Project, as Nickel bearing mafic to ultramafic geology has previously not been documented but geology of this type can be the ideal host for significant Nickel deposits .

An additional zone with a similar metal content was seen in hole WARDH150 with 9m @ 0.05% Nickel + 0.06% Chromium from 36m. This represents a separate crustal setting just over 3km to the east of DH156 and is hosted within a demagnetised altered intrusive. Modelling is being carried out to better understand the nature of these high priority mineralisations.

Key Intercepts: Zone 1: 5m @ 0.11% Ni + 0.09% Cr from 101m (WARDH156); And Zone 2: 9m @ 0.05% Ni + 0.06% Cr from 36m (WARDH150).