Hanrine Ecuadorian Exploration and Mining S.A has executed a letter of offer to acquire Linderos Copper Project in Ecuador of Titan Minerals Limited for $120 million.

Hanrine Ecuadorian Exploration and Mining S.A has executed a letter of offer to acquire Linderos Copper Project in Ecuador of Titan Minerals Limited for $120 million on April 18, 2024. As part of consideration, Hanrine will pay $2 million, out of which $0.25 million will be paid as upfront payment and $1.75 million as subsequent payment. $8 million within 2 years of execution of formal binding agreement, $12 million within 5 years of execution of formal binding agreement and decision to mine $120 million total investment within 12 years of execution of formal binding agreement.

Additional payment of $1 million will be payable to Titan upon Harnrine achieving a 51% interest in the Linderos Copper Project. The Proposed Transaction remains subject to the parties agreeing and executing a formal binding agreement.