TTM - Gina Rinehart's Hancock earns 51% of copper project

Our gold and copper Investment Titan Minerals (ASX: TTM) just hit a major milestone at its Linderos copper project in Ecuador.

Linderos is TTM’s copper project currently being farmed into by Gina Rinehart's Hancock Prospecting (via its subsidiary Hanrine).

This is separate to TTM’s 100% owned 3.9M Oz gold and 26.1M Oz silver project also in Ecuador.

Hanrine has now spent US$20M, completing Milestone 3 of the earn-in and lifting its stake to 51% at Linderos:

(source)

It was permitted seven years to get to this point and it did it in under two years.

TTM now has a 49% interest and is free-carried until Milestone 4, where Hanrine can go to 80% via a decision to mine or US$120M in total spend.

A US$1M cash payment is also due to TTM once the ownership transfer completes from the step announced today.

So what has Gina’s team achieved with the US$20M+ in spend?

Hits like 700.4m at 0.36% CuEq (copper equivalent, which includes gold, silver and molybdenum):

(source)

Now, defining a system that is ~1km long and ~1km deep PLUS open to the south and at depth:

(source)

With holes planned to test for further extensions after a pause on drilling activities.

(source)

Based on the earn-in deal which was for up to ~US$120M for 80% of the project - the look through valuation for TTM’s 20% (after the earn-in is complete) would be ~US$30M (A$42M).

What else is TTM up to?

At its main project, Dynasty, TTM recently got drilling back underway with three rigs - we covered that here.

(source)

That came after a resource upgrade to 3.9M ounces gold and 26.1M ounces silver, ahead of a Scoping Study due late Q3 to early Q4 2026.

We covered the resource upgrade in our most recent TTM deep dive: TTM announces 3.9 million ounces of gold and 21.6 million ounces of silver JORC Mineral Resource Estimate. Lingbao Lurking?

Things have gone quiet in announcements on the potential Lingbao transaction, but it hasn't been ruled out so an update on this is still possible.

This was included in the presentation also out today:

See the updated presentation here

.What’s next for TTM?

1. 🔄 10,000m drill program at the Dynasty project (gold/silver) - first assays were expected in 4-6 weeks, and we are nearing the end of this timeframe so could be soon. (source) 
2. 🔄 Pit optimisation and engineering studies - underway now with independent mine consultants Orelogy, with the pit shell to be used to guide infill drilling.
3. 🔲 Dynasty Scoping Study (gold/silver) - expected late Q3-early Q4 2026, providing the framework for feasibility studies and resource growth from here.
4. ✅ Assays from copper JV with Hancock - Results received today, Hanrine have now earnt into stage 3 of the JV