Quarterly Activities/Appendix 5B Cash Flow Report

Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide a summary of its activities for the three month period ending 31 March 2023. The Company has made significant advances on exploration at its Dynasty, Linderos and Copper Duke Projects in southern Ecuador, where drilling and generative exploration work programs were completed.

Key Highlights

• Copper Ridge drilling intersected wide intervals of porphyry copper-gold- molybdenum mineralisation from shallow depths, with significant results including:
  • 72m grading 0.4% Cu Eq from 21m, and
  • 51m grading 0.4% Cu Eq from 373m, and
  • 22m grading 0.5% Cu Eq from 524m in hole CRDD22-006
  • 186m grading 0.3% Cu Eq from 196m, including a gold rich zone of 80m grading 0.4% Cu Eq from 286m in CRDD22-004:
  • 88m grading 0.3% Cu Eq from 266m in CRDD22-007
• Potential for higher copper-gold tenor porphyry mineralisation demonstrated at Copper Ridge in CRDD22-003 (76m grading 0.5% Cu Eq) and CRDD22-006 (22m grading 0.5% Cu Eq)
• Drilling at Meseta confirmed near-surface intermediate-sulphidation gold system adjacent to Copper Ridge Porphyry system, where several high-grade gold, silver and base metal massive sulphide veins were intersected, with significant results including:
  • 7.22m grading 13.77g/t Au, 12.90g/t Ag, 0.15% Cu, 0.38% Zn from 66.28m, including higher grade intercepts of:
    • 0.92m grading 31.50 g/t Au, 24.30 g/t Ag, 0.25% Cu from 68.28m: and
      
    • 0.58m grading 99.80 g/t Au, 89.90 g/t Ag, 0.98% Cu, 0.31% Zn in MGDD22- 010
  • 4.88m grading 12.87 g/t Au, 6.04 g/t Ag, 0.11 % Cu, 0.41% Zn from 41.0m, including a higher-grade intercept of:o 0.58m grading 99.80 g/t Au, 89.90 g/t Ag, 0.98% Cu, 0.31% Zn in MGDD22- 010
    
    • 1.64m grading 33.35 g/t Au, 11.28 g/t Ag, 0.23% Cu, 0.72% Zn from 44.24m in MGDD22-012
  • Drilling commenced to test extensions to Kaliman porphyry gold-copper and Brecha- Comanche epithermal vein hosted gold mineralisation at the Dynasty Project
  • Highly experienced mining and resource sector executive Melanie Leighton appointed as the Company's new Chief Executive Officer
  • Cash on hand and receivables from the sale of assets total US$2.3M
  • Jerusalen Project divested for US$700K. Funds received during quarter

Titan holds several projects which exhibit characteristics of both high-grade epithermal gold and large-scale copper-gold porphyry mineral systems. The projects are located within a Tier 1 jurisdiction, in southern Ecuador’s metallogenic belts (Figure 1).

The Company is extremely encouraged by the potential revealed from exploration work programs completed at the Dynasty Gold, Linderos and Copper Duke Projects over the past 18 months. The assembly of consistent, high quality geological datasets has identified several compelling epithermal gold, and large-scale porphyry copper-gold targets, which are set to feature in drilling campaigns across each of the projects in 2023.

The focus for the Linderos Project during the quarter was the compilation and assessment of drilling results from maiden drilling campaigns completed late in 2022 at the Copper Ridge Porphyry and Meseta Gold prospects, The Company is assessing next steps for phase 2 drilling at Linderos, with a 3D geological model being built to facilitate drill targeting, and the possibility of an Induced Polarisation (IP) geophysical survey being assessed.

At the Dynasty Project the technical team advanced preparations to drill test the Kaliman Porphyry and Brecha-Comanche prospects, with all necessary permits secured and drilling commencing in mid-April 2023. Drilling has been designed to target lateral and depth extensions to significant intersections returned from Titan’s 2021 drilling, with both epithermal and porphyry hosted gold mineralisation being targeted.

The Copper Duke Project continued to undergo systematic exploration, with activities including surface mapping, soil and rock geochemical sampling and channel and trench sampling over priority areas. Preparation for drill testing priority targets at Copper Duke also advanced, with community engagement and socialisation of proposed future drilling activities in local communities.

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