Hanrine Explores Investment Opportunity in Titan’s Linderos Copper Project in Ecuador

Titan Minerals has executed a letter of offer to Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining for a potential joint venture concerning the Linderos Copper Project situated in Ecuador. According to the proposed terms, Hanrine has the option to secure up to an 80% ownership interest in the Linderos project through investments totaling up to $120 million. The Linderos Copper Project, spanning an area of 143 square kilometers in southern Ecuador, represents an early-stage exploration endeavor with indications of multiple porphyry centers.

Titan has concluded an initial drilling campaign, affirming the presence of extensive zones of copper porphyry mineralization within the project area. Moreover, the project holds full exploration permits as well as approvals for small-scale mining activities. Per the outlined terms, Hanrine will initiate the partnership with an initial payment of $2 million to Titan, thereby acquiring a 5% stake in the project. Subsequent investments and fulfillment of drilling milestones could potentially elevate Hanrine's ownership interest to 51%, contingent upon an additional $1 million payment to Titan.

Ultimately, Hanrine's ownership stake could reach 80% upon reaching a decision to commence mining activities or upon total expenditure of $120 million. Throughout the earn-in period, Titan will be carried free of financial obligations and will have the option to maintain its equity participation proportionally or opt for dilution thereafter. Should Titan's interest decline to 10% or less, it will convert to a 2.7% net smelter royalty. Additionally, both parties will hold the right of first refusal over each other's interest in the project.

Commenting on the agreement, Titan CEO Melanie Leighton expressed enthusiasm, describing it as a significant validation of the potential for the Linderos Project to host a substantial copper porphyry system. Leighton highlighted Hanrine's recognition of the sizable copper prospects both within the Linderos Copper Project and across Ecuador, an emerging mining jurisdiction where Hanrine has made significant exploration investments in recent years.

The consummation of this transaction is contingent upon the execution of formal binding agreements and the completion of due diligence by Hanrine. The Linderos Project comprises four contiguous concessions, offering ample exploration potential in the region.

Titan Minerals is dedicated to the exploration and advancement of Tier One projects situated in Ecuador's southern Andean copper-gold belt, adhering to responsible practices throughout its endeavors. With a focus on large-scale copper-gold projects in southern Ecuador, the company capitalizes on the region's compelling prospectivity and the supportive stance of the government. Boasting a world-class gold-copper project portfolio, Titan offers substantial exposure to sizable copper and gold deposits. The company's gold project, boasting 3.1 million ounces of gold and 22 million ounces of silver, is primed for development. Backed by a robust board, management, and technical team, Titan employs best practice exploration techniques and technical standards to unlock the full potential of its projects. Furthermore, the company maintains a pipeline of high-conviction targets poised to feature prominently in upcoming exploration programs, signaling a promising trajectory for future growth and success.