Australian junior Tyranna Resources (ASX: TYX), an explorer focused on lithium and gold projects in Angola, has agreed to sell its Namibe lithium and caesium project in Angola to Sinomine Resource Group (SZSE: 002738), the Chinese lithium and battery minerals company, for $1.44mn.
The deal is structured as a binding share purchase agreement between Tyranna’s 97%-owned subsidiary Angolan Minerals and Sinomine Resource (Guangdong Hengqin) Supply Chain Co, a trade and logistics subsidiary of Sinomine. Under the agreement, Tyranna will sell Angolan Minerals’ 90% interest in AM Mauritius, the holding company for the Namibe project in southern Angola.
The acquisition expands Sinomine’s presence in Africa’s lithium sector, where it already operates the Bikita mine in Zimbabwe, one of the continent’s largest lithium operations. It also builds on an earlier relationship between the companies after Sinomine agreed in 2023 to fund exploration and development work at Namibe and secured offtake rights for 50% of future spodumene and pollucite production from the project.
Sinomine is already party to a royalty deed dated June 26, 2023, covering the Namibe lithium and caesium project, while earlier agreements gave it offtake rights over 50% of future spodumene and pollucite production from the asset.
The Namibe project covers 207 square kilometres (about 80 square miles) and includes the Giraul pegmatite field, where Tyranna says around 600 pegmatites are exposed across an area about 25 kilometres (16 miles) long and up to 10 kilometres (6 miles) wide. Pegmatites can host spodumene, the main hard-rock lithium mineral, and pollucite, a source of caesium.
The geological setting helps explain Sinomine’s interest in the asset. Its Bikita operation in Zimbabwe is also hosted in pegmatite geology, giving the company technical experience that could be applied to Namibe if further exploration confirms commercial resources.
Tyranna said the sale would allow it to shift focus to its Chinguar gold project and other opportunities in Angola’s mining sector. The company has also said proceeds from the transaction will support future exploration and possible acquisitions.
The transaction remains subject to conditions precedent, including Chinese regulatory approvals for overseas investment and approval from Tyranna shareholders. The companies have set August 15 as the deadline for satisfying those conditions.
Tyranna said proceeds from the sale would be used to advance its recently acquired Chinguar gold project in Angola and to fund further acquisitions as opportunities are identified, marking a shift away from Namibe and towards gold exploration in the country.
Namibe remains an early-stage exploration project. Work to date has focused on the most accessible pegmatites, several of which have confirmed the presence of spodumene, but further drilling, technical studies and development funding would be needed before any mining decision.
© 2026 bne IntelliNews, source Magazine