Tempus Resources (TMRR.V) will not exercise option for Manitoba Lithium Project

Australian-based Tempus Resources (TMRR.V, TMR.AX) is evaluating and exploring projects in British Columbia and Ecuador. In recent months, Tempus has had a focus on the flagship Elizabeth Gold Project in British Columbia. On September 21, 2023, Tempus announced the acquisition of an option to 100% acquire Aurora Lithium, a private company that owns the White Rabbit and Cormorant lithium exploration projects located in Central Manitoba.

Following the completion of due diligence, including two geological site visits and analysis of samples, Tempus has decided not to proceed with the acquisition of Aurora Lithium and has terminated the Heads of Agreement (HOA).

In addition, the Company has undertaken a high-level strategic review of its strategy and leadership structure and taken a number of additional decisions designed to reduce costs and streamline its business.

Tempus Resources has applied to delist its shares from the TSXV.

Tempus determined to voluntarily delist from the TSX-V due to the following factors:

The Company believes that the minimal trading activity of the Shares on the TSX-V no longer justifies the expense and administrative requirements associated with maintaining its dual listing;

The majority of the Company’s investors are Australian based. Accordingly, a single listing for the Company on the ASX will better serve investors and investments in the Company; and

The Company’s continuing ASX listing is expected to provide shareholders with a sufficiently liquid market.

Instructions will be provided to TSX-V shareholders shortly regarding the process of transferring common shares into “CHESS Depositary Interests”, which will enable them to trade on the ASX.

Following the delisting, the Tempus Board will reduce from five to three Directors. Non-Executive Directors; Mr. Anthony Cina and Mr. Colin Russell, will step off the Tempus Board upon completion of the Delisting. The Company’s Chief Executive Officer, Mr. Jason Bahnsen will have his salary amended to $5,000 per month from 1 January 2024 and all remaining board members will suspend their fees from the same date.