Capricorn Metals (ASX:CMM) completed the acquisition of the Yalgoo project in Western Australia from Tempest Minerals (ASX:TEM) for a consideration of AU$4.5 million, according to a Monday Australian bourse filing.

Capricorn paid an initial cash deposit of AU$100,000 in December 2025, and on settlement, it paid another AU$400,000 in cash and issued 294,811 Capricorn shares to Tempest Minerals.

Capricorn also agreed to make contingent payments of AU$750,000 in cash upon the announcement of a mineral resource estimate of over 75,000 ounces of gold on the project, as well as another AU$750,000 in cash upon the announcement of a board decision to commence a commercial mining operation on the project.

Tempest retained ownership of the iron mineralization-bearing eastern tenements, which host both the Remorse deposit and the Halo target.

Capricorn's shares rose 2% in recent trading on Monday.