Titan Minerals (ASX: TTM) expands wide, high-grade gold zones at Dynasty ahead of major resource update

Titan Minerals Limited (ASX:TTM) has reported another strong round of wide, high-grade gold and silver intercepts from drilling at its 100 per cent-owned Dynasty Gold Project in southern Ecuador.

The results, returned from the Cerro Verde prospect, confirm that mineralisation extends far beyond what was captured in the previous 2023 Mineral Resource Estimate (MRE).

With an updated resource due in early Q1 2026, the company is moving through a pivotal phase marked by significant technical progress, strengthened commodity prices, and an evolving geological understanding of the deposit.

Chief Executive Officer Melanie Leighton sat down to answer key investor questions about the results, the company’s next steps, and the growing potential of the Dynasty Project.

What is the significance of the latest drilling results at Cerro Verde and how might they impact the upcoming resource update?

The recent drilling program at Cerro Verde has substantially expanded the scale of mineralisation, demonstrating much wider gold and silver zones than those previously defined.

At the Brecha-Comanche target, hole CVDD25-143 delivered several notable intercepts, including 6.1 metres at 7.1 grams per tonne gold and 88 grams per tonne silver from 255.9 metres, within a broader interval of 64 metres at 0.9 grams per tonne gold and 3.5 grams per tonne silver from 290.5 metres.

The intersection extends mineralisation by approximately 40 metres beyond previous drilling, indicating continuity and strength across the system.

“Drill results delivered over the past 6 months at Cerro Verde (1.9 Moz gold, 12 Moz silver in July 2023 MRE) has provided an evolution in our understanding of mineralisation controls and opportunities at Dynasty. We now know that there is an opportunity to capture large zones of bulk (disseminated and stockwork hosted) mineralisation in diorite porphyry units, as opposed to the typical narrow vein hosted mineralisation.”

These findings support the interpretation that Cerro Verde hosts both high-grade vein and bulk-tonnage mineralisation within diorite porphyry units.

The upcoming MRE will incorporate this broader mineralised footprint, providing a more comprehensive reflection of the project’s gold and silver inventory.

How does the recognition of porphyry-hosted mineralisation at Kaliman change the development potential of the Dynasty Project?

The discovery of extensive porphyry-hosted mineralisation at the Kaliman target has redefined the project’s development potential.

Unlike the narrow epithermal veins typical of the district, Kaliman displays wide, continuous zones of gold and silver mineralisation beginning at very shallow depths.

Hole CVDD25-144 intersected 153 metres at 0.5 grams per tonne gold and 1.9 grams per tonne silver from 61 metres, including 14.6 metres at 2.7 grams per tonne gold and 11.2 grams per tonne silver from 114.4 metres.

Historic hole CVD072 returned 102.7 metres at 1.5 grams per tonne gold and 4.5 grams per tonne silver from 46.5 metres, including 14.1 metres at 6.4 grams per tonne gold and 16.4 grams per tonne silver.

At depth, CVDD25-137 confirmed continued mineralisation, intersecting 21.4 metres at 0.8 grams per tonne gold and 4.7 grams per tonne silver from 298.6 metres, and a deeper zone of 70.4 metres at 0.3 grams per tonne gold and 0.7 grams per tonne silver from 778 metres.

Together, these results show Kaliman contains both near-surface and deep porphyry-hosted mineralisation, complementing high-grade epithermal zones elsewhere within Cerro Verde and greatly broadening the project’s growth potential.

What progress has been made on the Mineral Resource update and the related technical studies?

Titan Minerals is advancing its updated MRE following a +15,000m resource definition diamond drilling program completed since the July 2023 resource at Cerro Verde, which hosts nearly two-thirds of the current Dynasty resource.

A fourth rig has been added to accelerate completion before the early Q1 2026 deadline.

Independent consultant Entech Mining has completed a site visit and has reviewed and provided feedback on the three-dimensional geological and mineralisation models, also identifying opportunities for improvement.

Real-time data updates are ensuring the advancement of robust resource estimation workstreams, and infill drilling is targeting the conversion of inferred resources to indicated status to support future mine studies and a potential Ore Reserve.

“We are excited to finalise drilling and deliver the resource update so that we can commence mine studies and continue development studies. Given the current price of ~US$4,300/oz gold and US$53/oz silver, we are now in a very different pricing environment to when we delivered the July 2023 resource.”

In parallel with drilling, Knight Peisold has completed a preliminary Tailings Storage Facility and waste dump options study, identifying viable locations within the project area.

Metallurgical testing has recorded overall gold recoveries of 85 to 88 per cent for oxide ore and 91 per cent for sulphide ore using conventional process routes.

Ongoing environmental baseline monitoring of soil, water, sediment, air and noise is also building the data set required for a large-scale mining permit application.

How does the current gold and silver price environment influence the project’s outlook?

The pricing environment for both gold and silver has improved dramatically since the July 2023 MRE, when pit optimisations were completed at US $1,850 per ounce gold.

Gold is now trading around US $4,300 per ounce and silver near US $53 per ounce, creating a much stronger commodity pricing environment for Dynasty.

The next round of pit optimisations will be updated to reflect these prices, providing a more accurate view of potential project economics.

The Dynasty Project already hosts 3.1 million ounces of gold and 22 million ounces of silver, and with drilling continuing to identify wide, bulk-style mineralisation, further resource growth is expected to be incorporated in the upcoming estimate.

What is the company’s financial position and what are the next steps in advancing the Dynasty Project?

Titan Minerals is well-funded to deliver its next milestones following a US $10 million strategic placement to Lingbao Gold Co. Ltd, which also took a 9.9 per cent stake in the company.

This partnership includes a 90-day exclusivity period for due diligence and project-level transaction discussions.

“We are also in a strong financial position with substantial funding to hand that will enable us to deliver derisking studies for the Dynasty Project. We are also working towards negotiating terms for a potential project level transaction for Dynasty, following the completion of a 9.9% strategic investment by Lingbao Gold.”

With this financial backing, Titan will complete the remaining 6,000 metres of drilling, finalise the MRE, and advance mine design and permitting workstreams.

The goal remains to position Dynasty for its next stage of growth and derisking studies as the Company enters a phase of project development.

Building momentum toward development

Titan Minerals is entering a transformational period as it completes the final stages of drilling and resource estimation workstreams ahead of its resource update.

Recent results have confirmed that the Dynasty system contains both bulk-tonnage porphyry and high-grade epithermal mineralisation, providing a complimentary resource base that will provide both high grade ores and bulk low grade ores, which together will provide optionality for mining scheduling and processing scenarios.

“Exciting times lie ahead for TTM shareholders, with many near term catalysts, and significant news flow to come from the remainder of the resource drilling program over the coming weeks ahead.”

With drilling continuing, feasibility studies progressing, and funding secured for the coming 12 months, the company is well placed to deliver a steady pipeline of results and value accretive advancements over the coming months ahead.

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