In a massive step forward for the explorer, Tyranna Resources have received ministerial approval for the transfer of its Namibe Lithium Project licences to its 100 per cent owned subsidiary Angolitio Exploracao Mineira.
This approval was a key condition to Tyranna completing the first phase of a $31 million dollar investment agreement with Sinomine Resource Group Co., Ltd. and Sinomine International Exploration to advance the development of the Angolan project.
And with the transfer now approved, Tyranna is now close to receiving the Phase 1 funding of $14.5m from Sinomine to be put towards the exploration of Namibe, with the Company already planning an extensive drilling campaign for August.
Funds from the Sinomine agreement will be key to Tyranna ramping up exploration for the Angolan project which hosts the Giraul pegmatite field, comprised of approximately 1,000 or more pegmatites of significant size, with Tyranna having confirmed at least ten of these pegmatites bear lithium.
The Company is also confident that exploration will grow the Project’s pegmatite potential even further, with the explorer recently uncovering four new prospective lithium zones at the Namibe’s Muvero prospect which previously returned lithium grades up to 2.02 per cent from drilling.
Sharing in the Potential
Additionally, the Company has announced that with the approval of the transfer, it has now met milestones for both its Class A and Class B performance shares, which it plans to convert into 700 million fully paid ordinary shares.
Tyranna also plans to release 595 million fully paid ordinary shares from voluntary and remove the exercise restrictions on 350,000,000 unlisted options following the registration of the licence transfer, exercisable at $0.01 per share on or before 30 June 2025.
The Company said that securing the license transfer is a crucial step for Tyranna to finalise Sinomine’s investment and enable them to pursue an ambitious exploration project, testing the true potential of the endeavour.
“We are encouraged by the positive increases in Chinese lithium hydroxide prices recently that should be a lead indicator for other lithium chemical price increases. We now look forward to progressing this project fully funded and with the right partner,” Chairman Joe Graziano said.
“The Angolan Government is proactive and supportive of this project’s success, and we thank them for the opportunity to develop this significant project that will benefit the Angolan economy, the local Angolan business community and the workforce and provide further critical resources to the EV markets of the world.”
TYX’s Australian Stock Exchange-listed share price is currently trading at 2.3c (9.57 am UTC+ 8 hours).