TTM targeting a resource upgrade “in late Q1 2026”

Our gold and copper Investment Titan Minerals (ASX: TTM) is on track for a Resource Upgrade this quarter from its current 3.1M ounce gold, 22M ounce silver Dynasty project in Ecuador.

And today, TTM announced results from drilling done on the big porphyry target sitting below its high grade resource with hits up to 159.9m and grades up to 0.8g/t gold equivalent:

(source)

TTM has now confirmed the porphyry mineralisation over ~500m of strike, 350m wide, and down to 600m depth and importantly it remains open.

(source)

The reason this matters is because Dynasty already has an epithermal-hosted resource of 3.1Moz gold and 22Moz silver (these are the high-grade veins of the project).

So adding bulk porphyry zones on top of that existing resource could meaningfully change the way a development plan gets built around the project - basically increasing scale and mine life.

TTM also confirmed today that:

1. The projects resource estimate for the project was in its “final stages” and could be out within the next 3 weeks, and
2. Mine studies would start on the project as soon as the resource update is finalised (incorporating potential bulk mining into the studies).

So fingers crossed for a big upgrade, TTM has previously talked about targeting a 5Moz gold equivalent resource:

(source)

Lurking in the background there's Lingbao Gold, who invested US$10M for a major shareholding at ~59c per share and entered into an exclusivity period for a potential corporate transaction…

We haven't had a formal update on those discussions in a while, but TTM put it front and centre of its last quarterly report, so it seems like things are still progressing.

(source)

IF a deal happens with Lingbao, that could be a significant catalyst.

We covered this most recently in a deep dive article here: Time’s up: Is TTM about to get taken over? Good time to have released “spectacular” drill results with 38.5m @ ~3g/t gold

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 results from today’s announcement came from this project)
• The Linderos copper project, where Gina Rinehart’s Hancock is earning in up to an 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.

We think that the market hasn’t completely got its head around the potential of TTM’s copper assets.

Because of the size/scale of the targets, TTM as a junior explorer, hasn’t really had the capital to drill them out YET (apart from Linderos where Gina Rinehart came in with the funding).

We think that the copper assets could become a big part of the TTM story over the next 12-18 months.

Especially if copper prices keep running the way they are:

(source)

What’s next for TTM?

Update on potential transaction with Lingbao 🔄

TTM recently had Hong Kong listed Lingbao Gold invest US$10M for a major shareholding in TTM.

That was done at ~59c per share back in October.

That deal also came with an exclusivity period (which is likely over now) for Lingbao and TTM to negotiate a potential M&A deal between each other.

Initially discussions were around a deal on TTM’s Dynasty asset alone, then later TTM 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)

There was nothing in today’s announcement regarding the Lingbao discussions, but TTM did put it front and centre of its December quarterly report released on January 21.

(source)

Drilling and resource upgrade at the Dynasty project 🔄

TTM has now received the final assays from the porphyry targets at its Dynasty asset, which will be added with the other results into the pending Resource Upgrade.

TTM has reaffirmed today that the JORC resource upgrade is coming for the project this quarter. (source)

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)