Tempest Minerals, in collaboration with Green Steel, has entered into a memorandum of understanding to develop the Remorse magnetite deposit in Western Australia. The focus of the partnership is to explore opportunities for producing magnetite concentrate for green steelmaking processes. This includes securing a local offtaker for iron ore, planning the design of a pelletising and direct reduction plant, and developing an infrastructure plan. Green Steel is concurrently developing a $3 billion Direct Reduced Iron plant in Mullewa, Western Australia, with plans to use a blend of natural gas and green hydrogen. The partnership aims to move towards steel production by exporting briquettes to global destinations. The Remorse deposit, part of the Yalgoo Project, shows significant potential for a magnetite deposit with high iron grades. This collaboration positions both companies at the forefront of the global transition towards low-carbon steel production. Tempest Minerals and Green Steel are working towards creating a sustainable steel manufacturing industry in Western Australia, utilizing the region's abundant renewable energy resources and aiming to be leaders in the low-carbon economy.