Titan Minerals (TTM) Q1 2025 earnings summary

Executive summary

• Advanced drilling at Linderos Copper Project with JV partner Hanrine, nearing completion of 10,000m campaign for milestone earn-in; next 15,000m phase to start Q3 2025.

• Dynasty Gold Project resource growth drilling at Cerro Verde and Iguana delivered significant high-grade gold and silver intercepts, confirming potential for substantial resource expansion.

• Preliminary metallurgical testwork at Dynasty confirmed high gold recoveries (>90%) using conventional processing, derisking project development.

• Completed A$20 million placement and A$5.7 million from option conversions; ended quarter debt-free with A$17.2 million (US$10.8 million) cash.

Financial highlights

• Cash balance at quarter end: US$10.8 million (A$17.2 million).

• Net cash used in operating activities: US$0.52 million for the quarter.

• Net cash used in investing activities: US$2.4 million, primarily for exploration and evaluation.

• Net cash from financing activities: US$1.91 million, including proceeds from option exercises and repayment of borrowings.

• Estimated quarters of funding available: 3.7 based on current cash burn.

Outlook and guidance

• Dynasty resource drilling to recommence in late April 2025, with focus on Cerro Verde; resource update and scoping study targeted for mid-2025.

• Linderos JV partner Hanrine expected to complete 10,000m drilling in Q2 2025, earning 25% (total 30%) interest; 15,000m phase to start Q3 2025 for up to 51% interest.

• Exploration drilling at Dynasty to test new gold and copper porphyry targets in early Q2 2025.