TTM hits extensions at 3.1M oz gold, 22M oz silver project - discussions progress on a corporate deal

Our gold and copper Investment Titan Minerals (ASX: TTM) has just released more drill results from its 3.1M ounce gold, 22M ounce silver Dynasty project in Ecuador.

And… announced that its 9.9% shareholder Lingbao had completed its second site visit, as both of “the companies are currently working towards a potential corporate transaction”.

Previously TTM’s announcements were written as if a deal would be done on the Dynasty asset alone:

(source)

Today’s announcement said:

“The companies continue to advance discussions for a potential corporate transaction that could see Lingbao as the owner of Titan’s gold and copper projects in Ecuador.”

(source)

So it looks like things are progressing to the point where there could be a deal done on TTM as a whole… and we should know the outcome inside the next ~6 days.

TTM and Lingbao have been under an exclusivity agreement that runs for 90 days - which by our calculations means we should get an update on a deal by January 13.

After this period, Lingbao’s exclusivity period turns into a right of first refusal which ends on April 13 (180 days from signing).

So if we reach January 13 with no announcement, there is the potential to see a bid from another party to force Lingbao’s hand.

TTM has four assets in southern Ecuador including:

• The Dynasty Gold Project which is TTM’s most advanced asset and hosts 3.1M ounces of gold and 22M ounces of silver.
• The Linderos copper project, where Gina Rinehart’s Hancock is earning in up to a 80% stake in the project in exchange for US$2M cash plus US$120M in exploration spend. And
• Two earlier stage copper assets where we think TTM could do similar to the deal done with Gina.

TTM has previously said its target is to get to 5M ounces for the Dynasty asset… here is a screenshot from a previous presentation showing that target:

(source)

And TTM is looking to upgrade its resource in an update scheduled for Q1-2026.

Today TTM hit more extensions outside of the current resource estimate at its Brecha-Comanche target area (~150m to the west from the resource model):

(source)

Here is where Brecha-Comanche sits relative to the rest of TTM’s resource:

(source)

What’s next for TTM?

Update on potential transaction with Lingbao 🔄

TTM recently signed a deal with Chinese company Lingbao Gold, which gave them a 90 day exclusivity to do a deal on the Dynasty project. This also came with a US$10M strategic placement in TTM.

We are now nearing the end of this period (expected to end around January 13), so could expect to hear an update on this next week if not sooner.

There is potential that given Lingbao entered into an exclusivity agreement, that there may be other parties sniffing around which could make things interesting.

After January 13, there is a 90 day right of first refusal, so should things extend beyond January 13th, we could see another interested party make a bid.

More drilling at Dynasty gold project 🔄

TTM is currently at Dynasty with a view of upgrading the project's resource estimate. .

We expect the company to complete this drilling over the coming months and set itself up for a resource upgrade in Q1 this year.

More drilling at the Linderos Copper project (Gina JV) 🔄

The JV with Gina completed the second stage of the earn-in agreement AND kicked off exploration under the third phase of the deal:

We are looking forward to results from this stage of works:

(Source)