ASX CODE: TYX

DIRECTORS

Joseph S. Pinto

Non-Executive Chairman

Bruno Seneque

Managing Director

Nick Revell

Technical Director

Frank Lesko

Non-Executive Director

Yugi Gouw

CFO/Company Secretary

SHARE REGISTRY

Advanced Share Registry Limited

110 Stirling Highway

Nedlands WA 6009

T: +61 8 9389 8033

F: +61 8 9389 7871

REGISTERED OFFICE

Level 2 679 Murray Street West Perth WA 6005

P: +61 8 9485 1040

F: +61 8 9485 1050

17 October 2016

Jumbuck Exploration Target Statement

Highlights:

• Exploration Target of 500,000 ounces Au with a range of 157,000 to 771,000 ounces Au ( Table 1)

• Discovery of New Project area " Greenewood "

• Extension of Mineralisation at Campfire Bore

Tyranna Resources Ltd is pleased to provide information on an exploration target of 500,000 oz Au with a range 157,000oz Au to 771,000 oz Au (1.5 to 3.0 g/t); refer Table

1. The exploration target has been defined over seven prospect areas within the Jumbuck Project in South Australia by Tyranna as manager of the Western Gawler Craton Joint Venture which includes WPG Resources Ltd (ASX: WPG) and Coombedown Resources Pty. Ltd.

   The exploration target represents potential gold endowment identified by previous exploration activities. The potential quantity and grade of the Exploration Targets are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

   The Exploration Target has been determined using a range of parameters including

   • The strike and extent of existing drilling.

   • Review of know mineralised structures.

   • Exploration results to date.

   • The nature of mineralisation at the Challenger Gold Mine and Golf Bore which are seen as analogous to the mineralisation within the larger Jumbuck Project.

Geological interpretations of all prospects are continuing with a view of defining further drill targets to test extensions of known mineralisation. By definition in JORC 2012, an Exploration Target "is a statement of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a " Mineral Resource."

Table 1

*Rounding differences may occur

*The Company exploration target includes potential quantity and grade and is conceptual in nature. There has been insufficient exploration to define these mineral resources and it is uncertain if further exploration will result in the determination of mineral resources.

Regional Geology

The Gawler Craton is an ancient crystalline shield area comprising metasediments, volcanics and igneous intrusive rocks ranging in age from Archaean to Meso-proterozoic that have not undergone major deformation since about 1450 Ma. It was subdivided by Ferris, et al (2002) into fourteen tectonic sub domains on the basis of structural, metamorphic, and stratigraphic characteristics largely derived from aeromagnetic data and limited outcrop and drill intersections. Several variants of the Domain sub-division by different authors have been published. The Jumbuck project is located in the northwestern portion of the Gawler Craton within the Christie-Mulgathing Mobile belt.

Figure 1: Map showing position of Jumbuck project in relation to major projects within the Gawler Craton on TMI background. Yellow star shows position of Challenger gold mine

Archaean rocks of the Gawler Craton are contained within the Mulgathing and Sleaford complexes. These complexes are typically perceived as multiple deformed granulite-granitoid terrains. They contain a diverse and relatively complicated stratigraphy. This stratigraphy consists of granulite facies metamorphosed presumed protolith of mafic to ultramafic volcanics including komatiitic flows, along with felsic volcanics, clastic and chemical sediments, including banded iron formations, carbonates and chert (3070-2680Ma). Voluminous concordant intrusives may also be present within the stratigraphic pile as is indicated by the regional gravity survey.

The Archaean Harris Greenstones Domain is a newly recognised belt containing komatiite, basalt and lesser metasediments extending over a strike length of up to 300 km and at least 300 m thick. This belt is virtually unexplored and is considered to have significant potential for nickel and gold mineralisation. Palaeo- proterozoic rocks host gold mineralisation at the historic Tarcoola goldfield, where the mineralisation appears to be related to intruding Meso-proterozoic Hiltaba Suite granite (1600Ma). At Weednanna on the southern margin of the Gawler Volcanic Domain, gold mineralisation hosted by Palaeo-proterozoic Hutchison Group sediments is probably derived from intruding Hiltaba Suite granite, as is the adjacent lead-zinc-silver mineralisation at Menninnie Dam and Telephone Dam prospects.

Meso-proterozoic rocks of the eastern Gawler Craton contain one of the largest hydrothermal Iron Oxide Copper Gold (IOCG) provinces in the world, hosting the Prominent Hill discovery, the Olympic Dam deposit and the Moonta - Wallaroo mining district in the south. The Olympic Dam mineralisation is hosted by a large hydrothermal haematite-granite breccia complex within Meso-proterozoic (1570Ma) Hiltaba Suite granite. On the western margin of the Gawler Range Volcanic Domain, gold mineralisation at Tunkillia and Nuckulla Hill is related to the north-south trending Yarlbrinda Shear Zone. At both Tunkillia and Nuckulla Hill the gold mineralisation is accompanied by alteration related to Hiltaba Suite granite. At Barns prospect, on the southern rim of the Gawler Range Volcanics Domain, gold mineralisation is found within brecciated and hydrothermally altered Hiltaba Suite granite.

Figure 2: location Map showing position of Jumbuck projects in relation to Table 1

Golf Bore:

Exploration History

Golf Bore was initially located via calcrete sampling in 1995-1996 and was immediately followed up with RAB and RC drilling the same year due to the early definition of a 700m long structure showing bedrock anomalism. Within the first year of RAB and RC drilling an in-house resource of 77,000 Oz Au had been outlined. Further RC drilling of the main body as well as extensions in to the western shear zone (which returned poor results) followed in 1997 and an NQ Diamond hole was drilled in 1997-1998 for structural data. The prospect was subsequently ignored by Dominion due to the higher priority work going on at the Challenger gold mine and work only resumed at the prospect in 2007-2008 when Southern Gold entered in to a JV with Dominion.

Following an unsuccessful IP and CSAMT survey a further 25 RC holes were drilled to test newly interpreted zones of mineralisation. A ground magnetic survey followed which defined further targets and this was used for targeting for AC drilling. More RC and a Diamond hole were drilled in 2009-2010 and a final calculated resource of 3,326,[email protected]/t Au for 102,600Oz Au using a 0.5g/t Au cut-off was delineated. Southern Gold decided further work would require drilling at too tight spacing for it to be worthwhile which is when Trafford took over the JV.