Tyranna Resources (ASX:TYX) has executed a binding agreement to earn up to 70% of the Coola Rare Earths and Niobium Project in Angola.
The company’s wholly owned subsidiary Luvulu (Mauritius) signed the earn-in and share transfer agreement on 28 September 2026 with SBLRTHS Unipessoal, Coola Mining, and Coola’s continuing local shareholders.
The Coola Project consists of a single granted prospection title covering 830km², located 60km northwest of Angola’s second largest city, Huambo. The title contains four formally described alkaline intrusions, two of which have a mapped carbonatite component.
Managing Director David Crook says Angola represents prime territory for carbonatite and alkaline intrusion discoveries with potential for large rare earths and niobium deposits.
“We’ve often heard that if you want to find elephants you go to elephant country, and Angola is that place when it comes to carbonatites and alkaline intrusions, which have potential for large, rare earths and niobium deposits,” Crook says.
“Carbonatites and other related alkaline intrusions were emplaced into the Lucapa Graben, which extends across Angola, when Africa and South America separated, meaning Angolan carbonatites and the better-known Brazilian carbonatites with niobium, rare earths and phosphates deposits, are likely geologically related.
“Currently, two rare earth mines are under construction in Angola, paving the way for the country to become a future major global supplier.”
Under the two-stage earn-in structure, Tyranna can earn a 50% shareholding in Coola Mining by paying US$100,000 ($142,421) within seven days of signing and spending US $1.5 million on permitted expenditure within two years.
An interim milestone requires minimum expenditure of US$1 million by the later of 31 October 2027 and the end of the first dry season.
The company can earn an additional 20% interest for a total 70% shareholding by spending a further US$1 million within two years of completing phase one. Local continuing shareholders, who hold an aggregated 10% interest, will be free carried through to completion of a Feasibility Study.
Coola Mining is a 90%-owned subsidiary of London-listed Pensana (LSE:PRE), which operates the Longonjo rare earths mine currently under construction in Angola.
Tyranna notes that the project comes with extensive geochemistry and geophysical datasets. The company’s consultants are currently integrating the data, prioritising targets, and planning orientation fieldwork, which can begin immediately.
Completion remains subject to customary conditions including regulatory approvals and receipt of the renewed tenement from MIREMPET, with an approval letter received on 21 July 2026.
Tyranna Resources is a mineral explorer operating in Angola with a focus on discovering and developing demand-driven metal minerals.
Write to Paula Fabe at Mining.com.au
Main image: Tyranna Resources
