Linderos Copper Project Expansion Raises Questions on Resource Potential and JV Control

• Hanrine completes 25,000m diamond drilling, earning up to 51% interest
• Porphyry copper mineralisation extended over 1km strike and depth
• Multiple wide intervals with copper equivalent grades up to 0.7% Cu Eq
• Mineralisation remains open laterally and at depth, targeting new zones
• US$1 million milestone payment to Titan upon next earn-in completion

Expanding the Linderos Copper Footprint

Titan Minerals Limited (ASX – TTM) has announced a major step forward at its Linderos Copper Project in southern Ecuador, where its joint venture partner Hanrine, a subsidiary of Hancock Prospecting, has completed a two-phase diamond drilling campaign totaling 25,000 metres. This extensive drilling program has substantially extended the known porphyry copper mineralisation at the Copper Ridge prospect, revealing mineralised zones that stretch over one kilometre both laterally and vertically, with depths exceeding 1,000 metres.

The latest drill results include impressive intercepts such as 693.9 metres at 0.25% copper equivalent (Cu Eq) from 325.5 metres depth, including higher-grade intervals up to 0.45% Cu Eq. These results build on previously reported wide mineralised zones, confirming the potential scale and continuity of the porphyry system.

JV Structure and Strategic Partnership

Hanrine’s drilling forms part of its earn-in commitment under the joint venture agreement with Titan, whereby it funds and manages exploration activities in exchange for increasing its stake in the project. Completion of the first two milestones, 10,000 metres and 15,000 metres of drilling, has earned Hanrine a cumulative 51% interest in Linderos, with a US$1 million cash payment due to Titan upon the third milestone’s completion, anticipated by mid-2026.

This JV arrangement allows Titan to maintain exposure to the exploration upside of a potentially significant copper-gold porphyry deposit in an emerging mining jurisdiction, while Hancock brings technical expertise and financial capacity to advance the project efficiently.

Geological Insights and Future Targets

The Copper Ridge porphyry system exhibits a northwest-southeast orientation, likely exploiting a structural corridor that has guided mineral emplacement. Encouragingly, mineralisation remains open both laterally and at depth, with ongoing drilling targeting untested extensions beneath the nearby Meseta gold prospect and to the southeast where no prior drilling has occurred.

Geochemical and structural analyses indicate a complex porphyry system with associated copper, gold, molybdenum, and silver mineralisation. The correlation between copper and gold grades, along with molybdenum distribution, suggests multiple phases of mineralisation that could enhance the project’s economic potential.

Looking Ahead

With two drill rigs currently active, Hanrine is progressing the third earn-in milestone, focusing on delineating the full extent of the Copper Ridge system and testing higher-grade mineral phases. Titan’s CEO Melanie Leighton highlighted the value of partnering with Hancock, noting the non-dilutive nature of the JV and the significant exploration upside retained by Titan shareholders.

As drilling continues, the market will be watching closely for further assay results that could underpin a maiden resource estimate and advance the project towards development decisions.

Bottom Line?

As Hanrine pushes deeper and wider at Linderos, Titan Minerals stands poised for a pivotal resource update that could reshape its growth trajectory.

Questions in the middle?

• How will upcoming drill results impact the timing and scale of a maiden resource estimate?
• What are the implications of the JV structure for Titan’s future funding and project control?
• Could the untested southeast and northwest extensions reveal higher-grade zones or new mineralisation styles?