Following on from its announcement last week that it had entered into a subscription agreement with US$3.5 billion gold mining, processing and refining company Lingbao Gold International Co. Ltd to raise US$10 million, Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has received the full amount in just three days.
The issue price of ~A$0.59 per share represents a 31% premium to Titan’s last closing price on October 13, 2025. Settlement and issue of the new shares are planned for Wednesday, October 22, 2025.
The investment gives Lingbao Lingbao a 9.9% stake in Titan.
Lingbao has a 90-day-period to complete further due diligence as the parties work toward negotiating a potential transaction for the Dynasty Gold Project. In addition, Lingbao holds a 180-day right of first refusal over any proposed disposal of all or part of the Dynasty Gold Project.
The money will be directed to advancing the Dynasty Project in southern Ecuador, where Titan reports a resource of 3.1 million ounces (Moz) gold and 22 Moz silver.
“Receipt of funds just three business days after executing the subscription agreement provides strong confidence in Lingbao’s commitment to Titan as a strategic investor and their desire to gain exposure to Titan’s 100% owned gold and copper projects in Ecuador. In particular, Lingbao are eager to progress to the next stage, which contemplates a project level transaction for the Dynasty Gold Project,” Titan CEO Melanie Leighton said.
“We look forward to collaborating with Lingbao and leveraging their technical expertise, as we work toward unlocking the value of Dynasty’s 3.1Moz gold, 22Moz silver resource. With a resource upgrade and the completion of mine studies scheduled for early 2026, we are set to deliver significant news flow and shareholder value as we grow and derisk the Dynasty Gold Project.
“Considering the current record-breaking gold and silver price environment and that the Dynasty Project has a small-scale mining permit in place, there is potential for near-term production of up to 3,000 tonnes per day (across three concessions which contain resources), which amounts to more than 1Mt of potential production per annum. This represents a near-term mining scenario should Titan wish to explore this opportunity.”
Work program and near-term milestones
- Drilling at Cerro Verde: An 8,000-metre resource diamond program is in progress at Cerro Verde, which hosts about two-thirds of the Dynasty resource (1.9 Moz gold, 12 Moz silver). A fourth diamond rig has been added to accelerate completion ahead of the planned Mineral Resource Estimate (MRE) update.
- MRE timing: The Dynasty MRE update is scheduled for early Q1 2026. Additional resource drilling is targeting new zones identified over the past six months featuring wide, high-grade mineralisation aimed at resource growth at Cerro Verde.
MRE workstreams
- Independent resource geologist Entech Mining has completed a site visit to the Dynasty Gold Project and the ALS sample preparation laboratory in Quito, Ecuador.
- Review and feedback on the Dynasty geological and mineralisation 3D models are ongoing, with models updated in real time as assay results are received.
- Interim resource studies include assessing estimation techniques to better capture high-grade veins, alteration halos and stockwork styles for optimal grade estimation to support mine studies.
- Infill drilling is designed to upgrade portions of the Cerro Verde resource classification, with a focus on maximising Indicated resources to underpin a potential future Ore Reserve.
Studies and testwork
- Tailings and waste: Knight Piésold has completed a preliminary Tailings Storage Facility and waste-dump options study, returning several viable locations within Titan’s Dynasty landholding.
- Metallurgy: Preliminary testwork on representative composites reports overall gold recoveries of 85–88% for oxide ore and 91% for fresh/sulphide ore using conventional processing routes. Further flowsheet optimisation work is planned.
- Environmental baseline: Biannual baseline studies — monitoring soil, water, stream sediment, noise and air quality — are ongoing across the project. The data will support a future application for a large-scale mining permit.
Mine studies
A preliminary conceptual pit optimisation based on the July 2023 MRE and a gold price of US$1,850/oz has been completed. Titan plans to update the optimisation to reflect the forthcoming resource update and current commodity pricing, including gold (and potentially silver) assumptions.
With gold and silver at record highs, Titan holds 100% ownership of a 3.1Moz gold and 22Moz silver resource that is expected to grow, supported by more than 25,000 metres of diamond drilling completed since the July 2023 MRE.