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2026-11-06
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Titan Minerals Limited

Scoping Study Developer · Gold · Silver · Copper · Ecuador Rating locked: sign in to view v6.2
Last 2026-11-05
A$0.55
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$158.4M
EV
A$149.9M
Cash
A$8.5M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$8.5M Finite
Debt A$0 Net cash A$8.5M
Basic shares 288M 2026-06-30
Runway 3.25 quarters Issuer Appendix 5B item 8.7 based on US$5.933 million cash and US$1.824 million relevant quarterly outgoings.

Liquidity

Financial position

Cash funds the current programme for roughly three quarters at the June-quarter burn rate, but continued drilling and feasibility work create medium-term funding and dilution risk.

Capital structure

Ownership and dilution

Ordinary shares
288M
Fully diluted
326.2M

The latest issuer quarterly confirms 288,016,545 ordinary shares at 30 June 2026. Fully diluted shares add all 38,220,375 listed/unlisted options and performance rights shown by the 18 June security table, including the stale 869,589-option line conservatively until cancellation evidence is available.

Security classes8
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share288M——
Listed options exercisable at A$0.70Option17.6MA$0.72027-01-31
Unquoted A$0.45 options shown in issuer security table; expiry date had passed and cancellation status was not separately evidencedOption869.6KA$0.452026-03-27
Unquoted options exercisable at A$0.70Option10MA$0.72027-01-29
Unquoted performance rightsPerformance Right2.6M——
Unquoted options exercisable at A$0.40Option2MA$0.42027-05-29
Unquoted options exercisable at A$0.50Option4MA$0.52027-05-29
Unlisted incentive options exercisable at A$1.00Option2MA$12030-06-18

KPI history

Operating metrics

1 periods
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherDynastyQuarter ended 30 June 2026Quarter3,440 metres drilledSource Derived
OtherCompanyQuarter ended 30 June 2026Quarter1,824,000 USD relevant outgoingsReported
Company guidance3
MetricProjectPeriodLowHighStatus
Current Exploration And Resource Extension Drillingdynasty2026 current programme10,00010,000 metresCurrent
Scoping Study Deliverydynastyearly 2027—— milestoneCurrent
Mineral Resource Estimate Updatedynastyearly 2027 before Scoping Study—— milestoneCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-18RaisingUnlisted Incentive Options—2MA$1CompletedTwo million options issued under the employee incentive scheme after shareholder approval.Max 2M · Period 2026-06-18 to 2030-06-18 · Holder approval required
2026-05-20RaisingTtm Ordinary Fully PaidA$300K500KA$0.6CompletedExercise of the remaining 500,000 TTMAD options for ordinary shares.Max 500K · Until 2026-05-20

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-08

2025 annual report and July 2026 presentation/quarterly establish Hanrine earn-in and Silverstream dispute; the Lingbao 2025 subscription and time-limited exclusivity are historical, with no disclosed live project-level transaction by the cutoff. No live commodity or FX hedge, stream or offtake was identified in these disclosures.

Hanrine funds and manages Linderos exploration, has earned 51%, and may earn up to 80% via a decision to mine or US$120 million aggregate spend; Titan remains free-carried until 80% and may revert to a 2.7% NSR if subsequently diluted below 10%.

Earn In · Active
Counterparties
Hanrine Ecuadorian Exploration and Mining S.A. · Hancock Prospecting Pty Ltd
Applies to
Linderos Copper Project · Copper · Gold · Silver
Economic direction
Mixed
Period
From 2024-09-18; no end date stated
Key terms
Hanrine earned interest: 51 %
Titan current retained interest: 49 %
Hanrine potential final interest: 80 %
Partner cumulative spend at 51%: 20,000,000 USD
Titan free carry: until Hanrine earns 80%
Fallback NSR upon dilution below 10%: 2.7 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Silverstream proceedings concern a royalty agreement over exploration concessions in Peru. The annual report says the claim is ongoing and without merit in Titan’s view, with no amount or payment timetable disclosed. No current Ecuador project is assigned to it.

Royalty · Unknown
Counterparties
Silverstream SECZ
Applies to
Company-wide
Economic direction
Burden
Period
Dates not stated
Key terms
Claim status: Proceedings ongoing; Titan considers claim without merit
How it affects our valuation

No valuation treatment is available for this arrangement.

Lingbao bought 9.9% of Titan in 2025 and obtained time-limited diligence exclusivity and a right of first refusal concerning Dynasty. Both windows had elapsed by the cutoff; no binding project funding or offtake was established.

Strategic Partnership · Expired
Counterparties
Lingbao Gold International Company Ltd
Applies to
Dynasty Gold Project · Gold · Silver
Economic direction
Mixed
Period
2025-10-15 to 2026-04-13
Key terms
Initial due diligence exclusivity: 90 days
Right of first refusal: 180 days
Strategic equity investment: 10,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.