Australia's Tyranna Resources climbs on offtake agreement with Sinomine

Tyranna Resources

15/06/2023 02:18

** Shares of Tyranna Resources  TYX.AX  jump as much as 15%
to A$0.023, on track for its best day since May 4, if gains hold
    ** The mineral explorer executes its offtake agreement for
spodumene and pollucite with Sinomine Resource and Sinomine
International Exploration (Hong Kong) (collectively, Sinomine)
    ** Co will get an advance payment of $10 mln from Sinomine
    ** Tyranna says the agreement is a part of a condition
precedent for subscription agreement with Sinomine to invest
about A$31 mln ($21.05 mln) for development of Namibe Lithium
Project in Angola
    ** Stock down 16.7% this year, as of last close 
    

    ($1 = 1.4730 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))