Massive Copper-Gold Porphyry Target, But Can The Grade Justify the CAPEX? | Titiminas CEO Interview

**Antonio** (0:00)
This video is sponsored by Terrahutton who makes the invisible investible. Today on the CEO BBQ, Silver and Basemetal Development in Peru, together with Titiminas Silver. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general and in-personal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on SitterPlus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, Titiminas' flagship project is a polymetallic vein and breccia system with carbon replacement characteristics hosted in a diacetic stock located in the Rickren district of Oahu province, again, in Peru, and that's roughly 200 kilometers east of Lima. So that would make it central Peru, I guess. The asset carries a long history of underground mining that largely wound down around 2008, followed only by limited pilot scale or trucking for metallurgical testing between 2019 and 2021, leaving behind several hundred meters of existing development across multiple veins and zones. And of course, leaving behind multiple questions for us to ask later on in the conversation. Titiminas currently holds an option to acquire the concession and has a small scale mining permit in place as well, but of course, we'll be asking about permitting later on in the conversation as well.
Just very recently, they've also begun a 20,000 meter underground diamond drilling program while also doing some metallurgical work themselves, as well as channel sampling from old working. So we'll touch upon those things as well as we go in the conversation. The most pressing upcoming catalyst, as far as I could tell, is a maiden resource estimate targeted for the second half of 2027, followed then hopefully by a final investment decision aimed for the fourth quarter of the year.
Outside of that, the broader land package got some other stuff on it. It's got some mineralized zones and whatnot, which are being tested in parallel with the main program. And although secondary, we'll still be asking some questions about them in the latter part of the conversation. Now for some of the numbers and a bit of the details here, Titiminas is listed as TITI on the TSX-V in Canada, where the average daily volume of the last three months has been about 28,000 units. The 52-week high is $1.75 and the 52-week low is $1.13.
With a little over 37 million shares outstanding and a $43 million market cap today, this is a $1.15 stock with a 50 and a 200-day moving average, both at $1.38. So the stock is now trading below those two. They're close to 8.5 million warrants and 7 million options and a getter representing about 22% of the fully diluted 48 million shares. The last time they closed a big financing was in March of this year and that was done at $1.75, brought in a total of $16.5 million.
And it was that big because this was the concurrent financing done as part of the RTO process. That's why you would see the trading data that I mentioned doesn't go that far. But they've raised a bit more money since then. In mid-April, they did a smaller financing at the same price, so $1.75 per share, no warrants, and now brought in about $3 million. So how much money do they have right now? How much would they need to do all that work? And will they have to be back to market later this year? And a couple of our money questions are, of course, going to be asked later on in this conversation. But for this to actually become a conversation, though, I'm going to have to shut up. And Luis, I'll give you the word here. But first of all, thank you for sitting down with us today.

**Luis Goyzueta** (4:12)
Thank you very much for the opportunity.

**Antonio** (4:16)
Pleasure is mine. I will be looking forward to the conversation. Maybe just a little jealous because you're clearly calling from a sunny place where it's like Christian and I are both sitting in a rainy place. So to hide my jealousy, I'll let Christian kick it off.