Titan Minerals (ASX:TTM) confirms large-scale porphyry system at Linderos with Hancock JV drilling success

Titan Minerals Limited (ASX:TTM) has released further highly encouraging drill results from the Linderos Copper Project in southern Ecuador, where joint venture partner Hanrine, a subsidiary of Hancock Prospecting, is completing a two-phase 25,000 metre diamond drilling program.

With mineralisation now confirmed over one kilometre of strike and depth, the system remains open and continues to demonstrate scale well beyond Titan’s initial drilling.

To provide clarity for shareholders, Chief Executive Officer Melanie Leighton has responded to key investor questions on the results, the joint venture structure, geological observations, the next steps underway, and the overall strategic value for Titan and its shareholders.

What do the latest drilling results at Linderos tell us about the scale of the porphyry system?

The latest drilling results confirm that the Copper Ridge porphyry system is significantly larger than previously defined.

Earlier drilling by Titan outlined mineralisation across about 500 metres north to south and 750 metres east to west, extending to a depth of 400 metres.

Hanrine’s program has now expanded that footprint, confirming continuity of mineralisation over one kilometre of strike and to one kilometre depth.

“Drillhole DHCR-09 returned 693.9 metres at 0.25 percent copper equivalent from 325.5 metres, which included a higher-grade interval of 164 metres at 0.33 percent copper equivalent and a further 44.8 metres at 0.45 percent copper equivalent.”

Additional highlights include DHCR-05, which intersected 262.9 metres at 0.37 percent copper equivalent from 196.1 metres, and DHCR-11, which delivered 274.4 metres at 0.30 percent copper equivalent from 342.7 metres.

These wide intervals demonstrate strong continuity and, importantly, the system remains open laterally and at depth, indicating clear potential for further extensions.

How is the joint venture with Hancock Prospecting structured and what stage is it at now?

The joint venture with Hancock Prospecting, through subsidiary Hanrine, is structured as an earn-in agreement.

This allows Hancock to fund and operate exploration in exchange for staged ownership in the Linderos Copper Project, giving Titan the benefit of major exploration investment without shareholder dilution.

“In June 2025 they reached Milestone 2 by completing 10,000 metres of drilling, which increased their interest by 25 percent to a total of 30 percent.”

Hanrine is now progressing Milestone 3, which involves 15,000 metres of further drilling, which is anticipated to be completed by mid-2026.

Once this milestone is achieved, Hancock’s interest will increase to 51 percent, and Titan will receive a US$1 million cash payment.

Milestone 4, which includes a decision to mine and US$120 million in expenditure, could ultimately see Hancock’s stake increase to 80 percent, while Titan retains a material interest.

What is the geological significance of the mineralisation style you are seeing?

The Copper Ridge system is a gold-rich porphyry copper system, a deposit type known for large size and long life.

Copper and gold occur together in disseminated chalcopyrite and veinlets, while molybdenum is observed in later porphyry phases with continuity at depth.

This multi-metal association highlights the potential for copper, gold, molybdenum and silver to contribute to the project’s value.

“Structurally, the system appears to follow a northwest to southeast orientation, most likely controlled by a pre-existing corridor of weakness that guided the emplacement of the porphyry.”

This orientation is significant as it points to areas of extension that remain untested.

To the southeast of Copper Ridge, drilling has not yet been undertaken, while to the northwest beneath the Meseta gold prospect, only shallow drilling down to 150 metres has been completed.

These geological insights are guiding the design of step-out drilling to target further extensions of the mineralised system.

What are the immediate next steps in the drilling program?

Two diamond drill rigs are currently operating at Linderos as part of Hanrine’s Milestone 3 program.

This 15,000 metre campaign is designed to expand known mineralisation and to test higher tenor porphyry phases.

“The program is targeting both the northwest beneath the Meseta gold prospect, where previous drilling has not extended below 150 metres, and the southeast of Copper Ridge, which has never been drilled.”

These areas represent significant exploration opportunities, as they are largely untested yet geologically well positioned to host extensions of the mineralised system.

Drilling is expected to continue through to mid-2026, with results released progressively as they are received.

What does this mean for Titan’s shareholders in terms of value and strategic positioning?

For shareholders, the joint venture ensures Titan retains meaningful exposure to the project’s upside while all exploration costs are funded by Hancock.

This means Titan Minerals is not required to raise additional capital to advance the project, protecting shareholders from dilution.

The mineralisation demonstrated to date highlights the potential for Linderos to become a significant copper project in southern Ecuador, a region already recognised for large porphyry copper and epithermal gold deposits.

On completion of Milestone 3, Titan will also receive a US$1 million cash payment, strengthening its financial position.

With Hancock’s technical and financial capability driving exploration, Titan shareholders are well positioned to benefit as the project continues to advance.

Looking ahead

The results reported from Linderos reinforce the potential for Copper Ridge to host a large-scale porphyry copper system and highlight the strength of the joint venture model, which allows Titan to participate in exploration success without dilution.

With Hancock Prospecting fully funding and operating the program while demonstrating long-term commitment through staged milestones, Titan retains exposure to significant exploration.

As drilling progresses into untested areas to the northwest and southeast and as deeper targets are evaluated, Titan will continue to update shareholders as results are received.

The company remains focused on advancing the project responsibly and on maximising value for its investors.

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