Tyranna Resources Limited

Tyranna Resources Limited (ASX: TYX, formerly IronClad Mining Limited, renamed Jul 2015) is an Angola-focused, pre-resource explorer currently mid-way through a portfolio transition from lithium to gold. It has no JORC resource estimate on any project, and no NPV, mine life or cut-off grade exists for any asset. LITHIUM ASSET, UNDER A BINDING BUT UNCLOSED SALE. The Muvero/Namibe Lithium-Caesium Project (207km2, Giraul pegmatite field, near the Port of Namibe/Mocamedes, southern Angola) is held through subsidiaries and is contracted for disposal. On about 7 July 2026 Tyranna's subsidiary Angolan Minerals Pty Ltd executed a binding Share Purchase Agreement to sell its 90% interest in AM (Mauritius) Limited -- the project's holding entity -- to Sinomine Resource (Guangdong Hengqin) Supply Chain Co Ltd, a trade and logistics unit of Sinomine Resource Group, for US$1.44 million. Sinomine was already a counterparty, holding a Royalty Deed dated 26 June 2023 over the same project alongside a binding offtake agreement from the same month. Shareholders approved the disposal at a general meeting on 7 August 2026 and completion was targeted for mid-August 2026, but completion remains conditional on Chinese outbound-investment regulatory clearance and HAS NOT BEEN ANNOUNCED as at 15 August 2026 -- the most recent ASX announcements of any kind are five placement and issued-capital notices all dated 10 August 2026. Tyranna therefore still holds the asset as at this review. The project carries a real discovery but explicitly no resource estimate: a best reported intercept of 31m @ 1.25% Li2O, and pit samples of very rare pollucite grading up to 33.27%/37.88% Cs2O. Post-completion Tyranna would retain only a residual minority interest in Angolan Minerals. Note that a separate April 2026 transaction moved Tyranna's own holding in Angolan Minerals up from 72% toward full ownership (reported at 97% by July 2026), so the company first consolidated control of the holding vehicle and then contracted to sell the underlying project. GOLD ASSET, REAL BUT GRASSROOTS. On 22 October 2025 -- before, not because of, the lithium sale -- Tyranna acquired a 75% interest in the Chinguar Gold Project through its Mauritian subsidiary Luvulu, which took a 75% shareholding in local vendor AGFC (the vendor retains 25%), for consideration of US$39,000 of 2025 surface tax, US$32,000 cash and up to 27.5 million shares worth about US$88,000. Luvulu may elect to withdraw its interest once a first-pass work program is complete, so the 75% is not unconditionally locked in. The project is a single granted Prospection Title covering 3,342km2 in the Lucapa Graben, 50km northeast of Huambo, Angola's second-largest city, with sealed-road access near the Benguela Railway/Lobito Corridor. It hosts eight historical garimpo (artisanal) workings along major faults, several extending over 1.5km. Work completed is early-stage geochemistry only -- geological appraisal of the garimpo sites and a first-pass orientation stream-sediment program, with results from 40 sample pairs released and infill sampling planned in the southwestern quadrant -- and manganese mineralisation has been identified in outcrop. There is NO resource estimate of any kind, no drilling, and no published gold grades or intercepts. The stated gold refocus is a funded intent supported by early geochemistry, not a substantiated project. FINANCIAL POSITION. Cash fell sharply from A$10.58M (Dec 2023) to A$1.74M (Dec 2025), a steep burn rate worth flagging for risk scoring. A placement announced 29 July 2026 raised A$1.075 million through 400,000,000 shares at A$0.0025 with one free attaching option per two shares exercisable at A$0.005 over two years; the new shares were lodged for quotation on 10 August 2026. Managing Director David Crook has stated that "the funds secured from the sale of the Namibe project will be applied at Chinguar and to fund further acquisitions as they are identified." GAP (recorded, not guessed): no CFO/Company Secretary identified. SOURCE CAUTION: the company's own website is materially stale -- its news page stops at June 2023 and it still presents the Namibe Lithium Project as a current project with no mention of the Sinomine sale -- and must not be used to establish current portfolio status.