Titan Minerals Limited (ASX: TTM) is pleased to announce that it has successfully raised $20 million (before costs) through a strongly supported placement, marking a significant milestone in its growth strategy. The funds will enable Titan to accelerate its ambitious plans for its Dynasty Gold-Silver Project and other high-potential assets in Ecuador.
Strong Support from Investors
The placement attracted firm commitments from both existing shareholders, including Tribeca, a key investor that increased its stake, and a mix of new domestic and international investors. The funding positions Titan for an aggressive expansion of its operations in Ecuador, reflecting strong confidence in the Company’s growth prospects.
CEO Statement
Titan’s Chief Executive Officer, Melanie Leighton, stated:
“The quantum and quality of the Placement is a fantastic outcome, giving Titan real capacity to get on with our strategy to expand our exciting Dynasty Gold-Silver Project in southern Ecuador, where we have already established resources of 3.1 million ounces of gold and 22 million ounces of silver – extending from surface. Our recent exploration has delineated many new targets, and we have an aggressive drill program underway, aimed at significantly expanding our resource base. With funding secured, we now have a clear runway and are set to deliver strong results and growth in the coming 12 months.
In parallel, our JV partner Hanrine (subsidiary company of Hancock Prospecting), is completing a major drill program at our Linderos Copper Project, and our wholly owned Copper Duke Project also boasts several exciting porphyry copper targets set to be drill tested in 2025.”
Placement Overview
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Amount Raised: $20 million (before costs)
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Lead Manager: Bell Potter Securities Limited
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Co-managers: Evolution Capital Pty Ltd and Canaccord Genuity
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Issue Price: $0.44 per share, representing a 12% discount to the last closing price ($0.50) and a 9.7% discount to the 30-day VWAP ($0.487).
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Shares Issued: 45,454,545 fully paid ordinary shares under ASX Listing Rules 7.1 and 7.1A.
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Settlement Date: 10 December 2024.
The new shares will rank equally with existing shares in the Company, ensuring seamless integration into the existing capital structure.
About us:
Titan Minerals Limited is an Australia-based copper and gold project developer company. The Company is focused on exploring and developing Tier One projects in Ecuador's southern Andean copper-gold belt. The Company's projects include Dynasty Gold Project, Copper Duke Project, and Linderos Project. The Company's Dynasty Gold Project is located approximately 25 kilometers (km) north of the Peruvian border. The Copper Duke is an early-stage exploration project located approximately 18 km east of the Company’s wholly owned Dynasty gold. The Copper Duke Project is comprised of 13 concessions totaling 130 square kilometers (km2) in the Loja Province in southern Ecuador. The Lineros project is located approximately 20 km southwest of its flagship Dynasty Gold Project where drilling for resource estimation update is underway, and is comprised of four contiguous concessions totaling approximately 143 km2 located near the Peruvian border in southern Ecuador's Loja Province.
Contact details:
Jane Morgan
Investor & Media Relations