ASX-listed Tyranna Resources’ 97%-owned subsidiary Angolan Minerals has executed a binding share purchase agreement with Sinomine Resource (Guangdong Hengqin) Supply Chain Co – a trade and logistics subsidiary of Sinomine Resource Group – for the sale of Angolan Minerals’ 90% interest in AM Mauritius – the holding entity for the Namibe lithium and caesium project, in southern Angola – for $1.44-million.

Tyranna will hold a general meeting of shareholders to approve resolutions related to the transaction and other items of business on August 7.

MD David Crook explains that, following four years of exploration activities, which included the discovery of spodumene and pollucite occurrences, the company has decided to divest the Namibe lithium and caesium project to focus on other opportunities in Angola.

“Sinomine has been our funding partner for much of this time and is, therefore, the natural buyer of the project,” he says.

Tyranna explains that the Sinomine group has extensive mining, processing and offtake operations across Africa, including in Namibia, Zimbabwe and the Democratic Republic of Congo, and brings significant technical, financial and operating capability to the Namibe lithium project.

Sinomine is already party to the existing Royalty Deed dated June 26, 2023, in respect of the Namibe lithium and caesium project.

Crook points out that Tyranna recently acquired the Chinguar gold project, in Angola, and says the funds secured from the sale of the Namibe project will be applied at Chinguar and to fund further acquisitions as they are identified.

Tyranna notes that its geologists and field crew will initially focus on exploration activities at the Chinguar gold project with the next phase of geochemistry to begin during the upcoming quarter.

Priority work will include refurbishing and sampling the costeans located at the Mina de Colemba Mn prospect; infill stream sediment sampling upstream of anomalies at SS035 and SS039, identified by Tyranna’s recent stream sediment sampling programme, in the area bounded by Consito Alto, Cambulo and Calomue prospects; soil sampling leading to drilling around the lateritic Consito Alto prospect; and sampling and further testing other anomalies at Catuma, Tchicussuque and Cachimbaca prospects and the Candele NE prospect at the very north of the concession.