Tempest Minerals has signed a binding option agreement with Green Steel and Iron Pty Ltd (GISA) to jointly develop a green steel production facility in Yalgoo, Western Australia. 

Under the agreement, Tempest will grant GISA an option to acquire the Remorse Magnetite Project in exchange for a 50% equity stake, with both parties co-developing the project. 

GISA said the Remorse Deposit has strong potential for pelletizing and direct reduced iron (DRI), supporting a low-emissions, full-value-chain iron development strategy. 

The partners plan to work with Italian technology provider Danieli to establish a multi-user DRI plant in the Midwest with an annual capacity of 2.5 million tons.