Titan Minerals (TTM) Investor Update summary

Resource growth and exploration activities

• Dynasty Gold Project holds 3.1 Moz gold and 22 Moz silver, with current drilling targeting expansion to over 5 Moz gold through lateral and depth extensions, especially at Cerro Verde and Iguana prospects.

• Recent drilling at Cerro Verde delivered significant intercepts, including 17.5 m at 2.5 g/t gold and 2.9 m at 21.9 g/t gold, extending mineralisation both laterally and at depth.

• Resource update is on track for mid-2025, with ongoing 3D geological modelling and collaboration with resource consultants.

• Metallurgical test work shows promising gold recoveries in oxides; sulfide test results are expected soon.

• Exploration at Linderos and Copper Duke is progressing, with fully funded programs and upcoming results.

Project economics and optimisation

• Optimisation work supports open pit mining to 300 m depth at Brecha Comanche, with potential for underground mining if high grades persist at depth.

• Multiple pits are anticipated at Dynasty, with Cerro Verde pit potentially 1.5–2 km in diameter and up to 350 m deep; Iguana pit could be 2 km long and 250 m deep.

• Topography may allow for efficient underground access, reducing capital requirements.

• Discovery cost at Dynasty is about $5/oz gold, with current market cap reflecting $22/oz EV for gold resources and no value ascribed to silver.

Strategic partnerships and funding

• Hancock partnership at Linderos is a staged earn-in, with Hancock funding and managing exploration to earn up to 80% ownership; 51% expected by early next year.

• Company is free carried for its 20% stake in Linderos, with no current funding required for copper projects.

• Cash balance at end Q4 2024 was over AUD 18 million, with additional AUD 3.5–4 million from option conversions; funding in place for planned drilling and studies through 2024.