Ann: Lithium mineralisation intersected at Muvero, page-66

There are plenty of advantages to all parties in these kind of deals.

Angolan Metals get to retain 20% of the tenements.

And, assuming that the appropriate shareholder approvals are passed at the AGM, then Angolan's Managing Director Paul Williams and the technical director Peter Spitalny, will both come onto Tyranna's board as new executive directors (after the AGM in a couple of weeks). Peter Spitalny has also been contracted to Tyranna as Principal Technical Advisor. These appointments are a good thing IMO as they have vast experience in Africa and extensive knowledge of the area.

Both men have considerable skin in the game.

Paul Williams was largely responsible for the massive Longonjo Rare Earth deposit and set up the transaction which saw ex-ASX Pensana Minerals become owner of Longonjo. Pensana are now domiciled in the UK, floated on the LSE, and are developing a massive government-backed rare earths processing hub in Saltend near Hull, which I still have a small investment with. The Rare Earth project has ambitions of supplying 5% of world demand for neodymium and praseodymium oxide. The hub was planned to open in 2023 but delays due to Covid and inflation mean that it is only recently entered construction phase.

Peter Spitalny was, among many other projects, involved in AVZ Manono lithium and tin project from the beginning and developed the geological model that underpinned its maiden Resource Estimate. Manono is the largest hard-rock lithium MineralResource in the world. The fact that Angolan's ex technical director is a major shareholder in Angolan appears to indicate that he has confidence in the eventual success of the Muvero project.

Finally, there are 700 million performance based shares in Tyranna that will go to Angolan based on certain performance-based criteria being reached or exceeded within 3 years. Half of the shares will b vested once a 10m wide 1% Li2O intersection is confirmed plus a 20 day VWAP of 2 cents while the other half will be vested once a 10Mt resource is defined plus a VWAP of 3 cents.

Given the experience coming on to the board as well as the performance based payment and due-diligence period, I would be shocked if Tyranna was not fully aware of the unstable nature of much of the ore-body at Muvero. But they may have underestimated the impact upon early drilling as the most recent announcement seems to indicate a degree of unpreparedness with regard to the water run-off.

So Angolan gets plenty of reward plus the retention of 20% of the project without having to take any risks.