Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has entered into a subscription agreement with Lingbao Gold International Co. Ltd to raise US$10 million (AU$15.39), issuing 25,809,865 new shares at US$0.3874 (A$0.59) per share — a 33% premium to the 30-day volume-weighted average price (VWAP).
On completion, Lingbao will hold 9.9% of Titan’s current issued capital.
The strategic investment delivers low-dilution funding to accelerate resource drilling and de-risking studies at the Dynasty Gold Project. Securing Lingbao as a strategic shareholder also provides access to capital and technical capability aimed at rapidly advancing Dynasty and “unlocking its true potential”.
“We are very pleased to welcome Lingbao as a strategic investor and believe there are significant synergies to be unlocked through the partnership between Lingbao and Titan’s 100%-owned Dynasty Gold Project,” Titan CEO Melanie Leighton said.
“Through their Hong Kong listing and mining operations, Lingbao have access to substantial capital along with a proven track record of developing and mining high-grade gold deposits. These key attributes align with our aim to fast-track the development and mining of the Dynasty Gold Project in southern Ecuador.
“I believe that we are about to enter a period of significant value creation for our shareholders, many of whom have supported us since acquiring the projects in 2020. I look forward to providing progress updates from the resource drilling and derisking studies currently underway at Dynasty.”
Dynasty ores are highly amenable to producing gold-silver concentrates, which could potentially be processed at Lingbao’s smelting and refining facilities in China, aligning the miner’s assets and expertise with Titan’s planned mining and processing pathway at Dynasty.
Lingbao Gold’s rapid rise
Chinese gold producer Lingbao Gold Group Co. Ltd (SEHK: 03330) is accelerating its growth trajectory, projecting about 200,000 ounces of self-mined gold in 2025 and reaching a market capitalisation of HK$26 billion in 2025 — nearly 10 times higher than two years ago.
Founded in 2002 and listed on the main board of the Hong Kong Stock Exchange (HKEX), Lingbao Gold is a vertically integrated operator spanning exploration, mining, processing, smelting and refining of gold and associated metals. Controlling shareholder Shenzhen JSWY Holdings Co. Ltd. holds a 39% stake.
The company runs five mining production bases across China and one in the Kyrgyz Republic. Its 2025 production outlook excludes gold output from its smelting operations. Core products include “Lingjin” national-standard gold ingots, silver, electrolytic copper and sulfuric acid.
In 2024, Lingbao Gold was recognised as the “Rising New Star” among HKEX-listed gold companies, underscoring the momentum behind its rapid expansion.
“We are very excited to make this strategic investment and move into a solid partnership with Titan through its several quality gold and copper assets in Ecuador. We have great confidence in Titan’s Dynasty Gold Project in southern Ecuador, which currently hosts 3.1Moz of gold and 22Moz of silver,” Pinran Wang, chairman of the executive committee of Lingbao Gold Group, said.
“Lingbao is a Hong Kong stock exchange mainboard-listed gold company, who is in a new era of growing an international business expansion. Lingbao has a proven track record of successfully developing and operating gold mines. The partnership between Lingbao and Titan will not only aim to unlock the value of Dynasty Gold Project, but also, in future, aim to unlock the value of other assets that Titan holds.
“I appreciate Titan’s great effort in the past years to develop and grow the value of its assets; I believe the synergy between Lingbao and Titan will bring a fast-tracking stage of development and mining of the Dynasty Gold Project, which shall result in creating significant value for both of our shareholders.”
About the investment
Titan has secured a US$10 million strategic investment from Lingbao under a subscription agreement for 25,809,865 new shares at approximately US$0.3874 (about A$0.59) per share. The new shares represent about 9.9% of Titan’s current issued capital as of October 15, 2025.
The issue price equates to a 31% premium to the last closing price on October 13, 2025, and a 33% premium to the 30-day volume-weighted average price (VWAP) up to and including October 13 of A$0.44. The subscription shares will rank equally with existing shares. An Appendix 3B accompanies the announcement. Arosa Capital Partners facilitated the transaction.
The money will be used for continued exploration and development of Titan’s gold and copper projects in Ecuador, primarily resource definition drilling and advancement of de-risking studies at the Dynasty Gold Project, as well as transaction costs.
Settlement is scheduled for October 22, 2025.
In parallel, Titan and Lingbao have executed a process and exclusivity deed granting Lingbao:
- a 90-day exclusivity period (commencing on or around the date of this announcement) to undertake due diligence on the Dynasty Gold Project with a view to negotiating a potential transaction; and
- a right of first refusal over any disposal of all or part of the Dynasty Gold Project for 180 days (commencing on or around October 15, 2025). Full terms are set out in the annexure.