PERTH: Tempest Minerals Ltd., an Australian mineral exploration company, has entered a binding agreement to acquire Zealandia Resources Pty Ltd., a private gold exploration company with a portfolio of four advanced projects in New Zealand’s North Island.
The all-scrip deal is valued at $2 million, with an additional $2 million in performance shares contingent on meeting exploration milestones. The acquisition includes projects covering 145 square kilometers within the Taupo Volcanic Zone and the Hauraki Goldfields, regions with cumulative gold production exceeding 15 million ounces.
The projects, named Matahana, Hossack, Ohakuri West, and Puriri, contain multiple drill-ready targets. They are classified as epithermal gold systems, the same type as other producing mines in the region. The Puriri project is adjacent to tenements held by Rua Gold and OceanaGold, two companies with significant market valuations.
Tempest Managing Director Don Smith said the acquisition complements the company’s existing Australian portfolio and positions it in a proven gold-bearing region.
“We are certainly excited by the opportunity to acquire drill-ready targets in a proven gold-bearing region,” Smith said. “The high-profile geological consulting team have just completed a round of fieldwork and are seeing geological analogies to other large gold deposits in the region.”
Zealandia Executive Director Shaun Ramsden said the deal validates the quality of the portfolio his company assembled.
“We think the combination of our respective skill sets is ideal to accelerate exploration and unlock the full potential of the projects,” Ramsden said.
Under the terms of the agreement, Tempest will issue shares to Zealandia’s shareholders based on a 10-day volume-weighted average price prior to the announcement. Half of the shares will be subject to a six-month escrow period, and half to a 12-month escrow period.
Performance shares are structured in four tiers, convertible upon achieving specific exploration results within five years. Milestones include drill intersections of certain gold grades, and the definition of inferred resources of at least 200,000 ounces at 2 grams per ton, and 500,000 ounces at 4 grams per ton.
Zealandia will be entitled to nominate one non-executive director to Tempest’s board upon completion.
The acquisition is subject to conditions precedent, including due diligence, regulatory approvals, and Tempest shareholder approval, with settlement targeted by May 15, 2026.
New Zealand has recently updated its resource legislation. The Crown Minerals Amendment Act 2025 and the Fast-Track Approvals Act are intended to streamline project approvals. The country has risen more than 30 places in the Fraser Institute’s annual survey of mining investment attractiveness, driven by improved policy perception.
The projects come with extensive historical datasets including gravity, magnetics, and surface geochemistry. Recent field mapping has refined geological interpretations and identified structural controls on mineralization.
Tempest said further fieldwork is planned in New Zealand following completion of due diligence and finalization of transaction documentation.
The company is awaiting confirmation from the Australian Securities Exchange that listing rules 11.1.2 and 11.1.3 do not apply to the transaction.
Tempest Minerals Ltd. is an Australia-based explorer with a diversified portfolio of projects in Western Australia, including iron ore, precious, base, and energy metals. The company is led by an experienced board with a track record in exploration and corporate development.