TYX 12.5% 0.9¢ tyranna resources limited

Ann: MEU: Makes $3m offer for Tyranna's Jumbuck Gold Project, page-20

  1. 2,467 Posts.
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    TYX paid 140m shares @.017 at the time, plus $100k for Goodsprings. Then dropped it.

    They paid 94m shares @.017 and $1.6m in cash for Eureka. Then drilled it and paid for an independent analysis. Sold it for $900k and a few weeks later it is on sold for millions of dollars.

    Tried to sell Jumbuck to SYS for $950k, or less than $4 per oz. Now may take $3m, or $12 poz when it should sell for $30 per oz minimum, especially as they have a jv with the owners of the Challenger plant 40km away and the sale includes around 20 other leases in the vicinity. Both the TYX MD (Bruno) and Geologist (Nick) joined SYS after the announcement.

    Sold their 20% ownership of the 180k oz Wilcherry project to AGS for $750k. That's $25 per oz for a 5gpt resource.

    Sold a never used 80 man camp for $750k that was on their books for over $4m.

    Chose to hold their 37m KAI shares instead of selling them to fund their exploration programmes when they were around .10, but then sold them when they were about .015. Bruno a Director of KAI.

    Failed to offload their 19m OGX which went from over .10 to administration. Pinto was the largest shareholder of OGX.

    Nickel is ok to go for but why offload gold assets for minimum value when gold is hot?

    Plenty of nickel projects were mothballed a few years back and are just waiting for the Ni price to make them viable. Starting from scratch as TYX is doing means they are unable to capitalise on any increase in the price of Ni in the short term, unlike their previous held Eureka Gold project and Jumbuck which will in all possibility be toll treated at Challenger in the short term. So 2 short term opportunities to have producing gold assets which could've funded the nickel exploration are lost.

    On a positive note, from memory TYX is still entitled to 7m KAI shares once KAI have resources of 1m oz which should be achieved within the next 12-18 months.







 
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