Progress Tracker

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Tyranna Resources ��ASX: TYX

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Disclaimer: We are NOT geologists - this document is used by our team to internally to try and track TYX’s progress with its drilling program, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves. For all disclaimers and disclosures please visit our website.

Our Big Bet:

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“TYX discovers and defines a large, simple to process lithium resource, that is on par with world class multi-billion dollar ASX peers such as Pilbara Minerals, Core Exploration, and Liontown Resources, AVZ Minerals and Sayona Mining.”

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NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our TYX Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.

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16 May 2022 - TYX acquires lithium project in Angola

TYX to own 80% of the project - seller is free carried for 20% through to a Bankable Feasibility Study (BFS)

Deal summary:

• Project covers ~207km² hosting >600 outcropping pegmatites over a 25km x 10km strike zone.
• Outcropping pegmatites never been drilled before.
• Previous exploration over the project did not target lithium.

TYX paid:�

• 700M TYX shares + 700M TYX Performance shares.
• 350m options exercisable at 1c per share.

More on the project:

Known areas of lithium mineralisation, never been drill tested before.

Spodumene crystals exposed at surface.

30 May 2022 - Historic rock chip sampling results

Key takeaways:

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• Assays from rock chips taken during 2019 and 2021 sampling programs.

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• Peak assay result of 7.49% lithium from high purity spodumene. �
• Lithium-Caesium-Tantalum (LCT) present in all of the sampled pegmatites.

01 August 2022 - Phase 1 exploration (fieldwork) completed.

Key Takeaways:

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• Preliminary project mapping completed.

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• 50 rock chips collected to assist in planning upcoming drilling program.

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• Bulk sample collected for preliminary metallurgical testing.

20 August 2022 - Historic rock chip sampling results

Key Takeaways:

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• Average grade across 50 rock chip samples of 3.21% lithium (peak grade of 9.75% lithium)

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• Average grade across spodumene bearing pegmatites of 7.49% (peak of 7.88%).

What do we want to see next?

1. Complete a full interpretation of recent field trip + recent rock chip sampling.
2. Use the data gathered to rank the highest priority drilling targets.
3. Put forward a drilling plan and commence drilling in Q4 2022.

TYX has proven the presence of spodumene bearing pegmatites at its project as well as lithium mineralisation.

We now want to see the drilling prove that these outcropping pegmatites extend undercover enough to confirm a new discovery.

12 September 2022 - First ever lithium drilling program detailed

Key takeaways:

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• 6 hole diamond drilling program at “21N” (Muervo Prospect)�
• Sampling at the prospect confirmed spodumene presence and returned lithium grades as high as 9.74%. �
• Same type of outcropping pegmatites found at the world’s lowest cost, highest grade lithium mine (Greenbushes in WA).

18 October 2022 - 6 hole diamond drilling program started

7 November 2022 - Spodumene hits early into the drilling program

Spodumene hits in drillholes 004 and 005.

06 December 2022 - Maiden drilling program completed

• 9 diamond drillholes completed.

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• Visible lithium mineralisation in drillholes 4, 5, 6 and 7.

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• Assay results expected in February 2023.

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What we want to see from the drill results

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22 February 2023 - Maiden drill program intersects 2.02% lithium over 22.75m

• Assays come in with a hit of :

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NDDH004; 22.75m @ 2.02% Li2O from 20.25m

− Includes 7m @ 3.06% Li2O from 24m

− Containing 1m @ 5.26% Li2O from 29m

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Here are our key takeaways from TYX lithium results:

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• TYX needs to drill deeper in second pass drill campaign,
• TYX also needs to drill more holes, and
• More fieldwork needed to test at least some of the other 98% of pegmatite outcroppings

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4 May 2023 - TYX Secures Funding and Off Take Partner for over AUD $31M

Big positive development.

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The $8.3BN capped Chinese mining giant Sinomine is investing up to $31M in TYX, and will have a first right of refusal on an offtake deal for 50% of TYX’s lithium production.

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The $31M funding deal is split over two phases:

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Phase 1:

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• Sinomine invests $4.5M in TYX at 2.5c per share.
• Sinomine invests $10M in exchange for a 10% stake in TYX’s Angolan lithium project.

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Phase 2 (Sinomine will have the option to exercise this phase):

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• Sinomine can invest $6.75M in TYX at a minimum of 3.75c per share OR a 25% discount to the 5-day volume weighted average price TYX share price (whichever is higher).
• Sinomine can invest another $10M in exchange for a further 10% stake in TYX’s Angolan lithium project.

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What’s next for TYX?

🔄 Fieldwork

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TYX intends to get back on the ground in Angola and test “some remote targets” within the larger Namibe Lithium Project.

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They will also be prepping sites for drilling and establishing access to the sites.

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🔄 Metallurgical testwork

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Metwork is currently in-progress and TYX says results are expected in late March or early April.

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Metwork is when samples are taken from drill programs and then run through industry standard processing methods to see how much of the valuable materials can be recovered (in TYX’s case its the lithium).

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Metwork can make or break projects so we’ll be eying the recovery grades closely.

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🔄 2nd drill program

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Deeper drilling at the Muvero Prospect in addition to the drilling of at least 2 additional prospects.

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TYX is fast tracking the planning process for its next round of drilling so we are hoping to see the company drill very soon.

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