Titan Minerals Secures $2M Milestone Payment, Advances 25,000m Drilling in Ecuador
Titan Minerals has made significant strides in its Ecuadorian copper and gold projects, securing a $20 million capital raise and progressing key drilling milestones under a major joint venture agreement.
- Hanrine earns initial 5% interest in Linderos Copper Project with $2M milestone payment
- 10,000m diamond drilling campaign underway at Linderos, targeting further JV earn-in
- Dynasty Gold Project drilling expands resource footprint with promising breccia mineralisation
- Successful $20 million placement strengthens balance sheet and shareholder base
- Debt fully repaid, leaving Titan Minerals with $18.8 million cash at quarter end
Linderos Copper Project Joint Venture Progress
In the September quarter, Titan Minerals solidified a strategic partnership with Hanrine, a wholly owned subsidiary of Hancock Prospecting, through a binding Joint Venture and Earn-in Agreement for the Linderos Copper Project in Ecuador. Hanrine can earn up to an 80% interest by meeting exploration milestones or funding up to US$120 million. The first milestone was achieved with a US$2 million cash payment, earning Hanrine an initial 5% stake.
Following this, a 10,000-metre diamond drilling campaign commenced in November, aiming to secure an additional 25% interest. This program, fully funded and managed by Hanrine, is expected to conclude by mid-2025, with results anticipated to provide critical insights into the project's potential. Should these results prove positive, a further 15,000 metres of drilling is planned for the third milestone, potentially increasing Hanrine's stake by another 21%.
Dynasty Gold Project Exploration Advances
Titan’s flagship Dynasty Gold Project continues to deliver encouraging exploration results. A 10,000-metre resource growth drilling campaign began in November, targeting lateral and depth extensions at Cerro Verde, Iguana, and Iguana East prospects. Early drilling has intersected breccia units at Iguana East, indicating new zones of breccia-hosted gold-silver mineralisation similar to the prolific Cerro Verde deposit, which hosts nearly 2 million ounces of gold and 12 million ounces of silver.
Extensional drilling at Cerro Verde is probing deeper mineralisation zones, focusing on contacts between volcanic and intrusive units to identify potential wide, high-grade mineralisation. Trenching results have also validated multiple new targets outside current resources, with assays returning significant gold and silver grades. Additionally, copper porphyry alteration footprints have been identified at Gisell and Cola targets, with trenching revealing anomalous copper, lead, and zinc values, setting the stage for further drill testing in 2025.
Capital Raising and Financial Position
In December, Titan Minerals successfully completed a A$20 million placement, attracting strong support from existing major shareholder Tribeca and new sophisticated investors. The placement was priced at a 12% discount to the recent closing price, reflecting investor confidence in Titan’s growth strategy. Option conversions during and after the quarter added approximately A$4.6 million in additional funds.
The company has also repaid its remaining loan facility in full, eliminating debt and legacy liabilities, leaving Titan with a robust cash balance of A$18.8 million (US$11.7 million) at quarter end. This strong financial position underpins Titan’s capacity to advance exploration and development activities aggressively in 2025.
Outlook for 2025
CEO Melanie Leighton highlighted the transformational potential for Titan Minerals in the coming year, driven by the ongoing drilling campaigns and the anticipated resource update at Dynasty scheduled for mid-2025. This update will feed into a scoping study planned for the second half of the year, aiming to unlock further value from the project.
With the Linderos drilling program progressing under the JV and the Dynasty project expanding its mineral footprint, Titan is positioned to deliver a steady stream of exploration results. The company’s strong balance sheet and supportive shareholder base provide a solid foundation for growth amid a favourable gold price environment.
Bottom Line?
Titan Minerals is poised for a pivotal year as drilling results and resource updates could redefine its standing in Ecuador’s mining sector.
Questions in the middle?
- Will the upcoming Linderos drilling results confirm the project’s world-class copper potential?
- How significantly will the mid-2025 Dynasty resource update impact Titan’s valuation and development plans?
- What are the implications of Hanrine’s increasing stake for Titan’s long-term operational control and returns?
