TYX expects to be on the ground for its second round of drilling in October 2023.

TYX isn’t just de-risked from an exploration perspective but also on the financing front.TYX has a $31M funding deal with $6.9BN capped Chinese mining giant Sinomine AND a binding offtake agreement with a US$10M prepayment to TYX as part of the deal.In total, the funding/offtake deal is for up to ~$46M in funding over the life of the project.Just last week TYX closed the first tranche of the deal worth $14.5M.This included Sinomine making a direct investment of $4.5M into TYX at the company level, priced at 2.5c. This is a premium to today’s market price.For some context, Sinomine is a Shenzen listed global mining and industrial powerhouse with operations across more than 40 countries all across the world. Sinomine’s dozens of projects include lithium development projects, and it has invested heavily in Africa.All up, the deal gives TYX’s project a look through valuation of ~$100M - despite this TYX is currently capped at $70M.The $31M funding deal is split over two phases with the first phase completed as of last weekhase 1 (NOW COMPLETED - $14.5M from phase 1 is now secured):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.Phase 2 (Sinomine will have the option to exercise this phase):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.Offtake agreement with a US$10M prepayment (in addition to the $31M funding deal):Sinomine has offtake rights to 50% of the lithium/pollucite from TYX’s project and the right to take up the remaining 50% of production.Sinomine to pay TYX US$10M as a prepayment once TYX has its ball mill on site and bolted into position.In total, the funding and offtake deals will see ~$46M Invested into the project and TYX through to production.