Titan Minerals (TTM) H1 2024 earnings summary

Executive summary

• Focused on exploration and development of gold and copper assets in southern Ecuador, with flagship Dynasty Gold Project and Linderos Copper Project as key assets.

• Secured a joint venture with Hancock Prospecting for Linderos, with up to US$120M investment for up to 80% project interest.

• Delivered a maiden 3.1Moz gold, 22Moz silver resource at Dynasty, with resource growth and conversion drilling planned for late Q3 2024.

• Expanded exploration footprint at Dynasty, confirming mineralisation along a 9km corridor and unveiling new copper porphyry targets.

Financial highlights

• Net loss from continuing operations of US$1.49M for H1 2024, compared to a profit of US$0.39M in H1 2023.

• Cash and cash equivalents at 30 June 2024 were US$1.03M, down from US$1.94M at 31 Dec 2023.

• Net cash outflows from operating activities were US$2.09M; investing outflows US$1.7M; financing inflows US$2.92M.

• Exploration and evaluation expenditure capitalised increased to US$44.96M from US$42.98M at year-end 2023.

• Share capital increased to US$179.6M after new share issues and placements during the period.

Outlook and guidance

• Anticipates steady flow of drill results and commencement of feasibility studies at Dynasty over the next 12 months.

• Linderos JV partner Hanrine to commence 10,000m drilling program in late 2024 to earn initial 25% project interest.

• Directors confident in ability to fund activities for the next 12 months, with further capital raisings planned.