Tyranna’s Coola project moves towards drilling after strong Angola surface results

Coola becomes Tyranna’s central exploration bet

Tyranna Resources Limited (ASX:TYX) has used the September quarter to pivot decisively towards Angola’s rare earths and niobium potential, ending the period with $2.349 million in cash and a pathway to earn up to 70% of the 830km² Coola project.

“Coola Geochemistry summary – Nb2O5. Image of soil geochemistry with rock chip analyses annotated.”

The project is still at the exploration stage, but vendor-generated results have already supplied a set of targets for the next campaign. Soils at the Coola prospect returned up to 13.2% total rare earth oxides and 3.9% Nb2O5, while Sulima West recorded soil results of up to 10.6% TREO. Those figures are surface geochemistry, not a mineral resource or an indication of economic viability.

The latest quarter follows Tyranna’s placeholder and the company’s previously reported placeholder. Tyranna’s agreement requires an upfront US$100,000 payment, followed by US$1.5 million in permitted expenditure to earn 50% and a further US$1 million to reach 70%. The Coola prospection title is also subject to an extension of term, with Angola’s MIREMPET having instructed the relevant authority to proceed with renewal.

919 samples are headed for laboratory testing

“Sulima West Geochemistry7 – TREO. Image of soil geochemistry with new sample locations shown.”

Field crews collected 513 soil and 14 rock samples at Sulima West during the quarter, alongside 193 vendor channel-laterite samples that had been scanned with a pXRF but not yet analysed in a laboratory. At Chinguar, Tyranna collected 77 stream-sediment samples and 283 soil samples across several targets.

That leaves 919 samples in transit to Perth for analysis. The laboratory results should provide a more robust test of whether the striking surface anomalies can be reproduced beyond the vendor data, although the company has not given a timetable for releasing all results.

Chinguar expands its artisanal gold footprint

“Topography and drainage patterns map for the Chinguar Gold Project.”

Gold exploration at the 3,342km² Chinguar project also advanced, with five new garimpo, or artisanal gold workings, identified upstream of stream-sediment anomalies. The total number of documented artisanal workings now stands at 20.

The company has not reported assays from the latest Chinguar campaign. The new workings help prioritise follow-up work, but their exploration significance will depend on the pending soil and stream-sediment results.

Namibe sale restores cash, but runway remains finite

“Locations of the Coola REE Project, the Chinguar Gold Project and the recently sold Namibe Project.”

Tyranna received $1.873 million from the completed sale of its 90%-owned Namibe lithium and caesium subsidiary to Sinomine Resource. It also raised $1 million before costs through a placement of 400 million shares at 0.25 cents each, with one free attaching option for every two placement shares, subject to shareholder approval.

Operating cash use was $953,000 for the quarter, including $430,000 on exploration and evaluation, $259,000 on staff costs and $265,000 on administration and corporate costs. On the quarter’s reported operating outflow, the Appendix 5B calculates about 2.47 quarters of funding, a measure that can change as exploration accelerates. The placement options and director participation are due to be considered at the company’s 10 November annual meeting.

Drilling is planned for the second quarter of 2027

Tyranna plans maiden drilling at Coola in the second quarter of calendar 2027, subject to wet-season timing. Before then, the company must process the large batch of pending samples, continue work at both projects and advance the Coola earn-in expenditure milestones.

“Coola Geochemistry summary6 - TREO. Image of soil geochemistry with rock chip analyses annotated.”

The immediate tension is clear: Coola has produced unusually strong surface indicators and a defined drilling pathway, but the project still depends on title renewal, access conditions, laboratory confirmation and future funding. The next meaningful test will be whether the 919 samples turn a compelling surface story into targets that justify the planned drill spend.