Ann: Titan Minerals and Core Gold to Combine, page-5

Had a bloody good look at this merger proposal from the presso plus on the net. The combined entity's MC of $136 mil Enterprise value is very low IMO for the potential upside that lays ahead. Their gun project in Ecuador The Dynasty project, they only drilled less than 1 KM of it's many KM's they have, and achieved a total resource of around 2.1 Mil Ounces in that 1km . They said they even found new veins when they started getting the ore from that area. I strongly believe that just this Dynasty GoldField Project  could deliver at least 5 mil plus ounces resource when they drill the rest. Then they have high grade Lindores, Copper Duke, Zaruma from Ecuador and very high grade Torrecillas and Las Antas in Peru. They will be drilling most of these projects  like there is no tomorrow from May with nearly $30 Mil in the kitty once they raised the proposed $20 mil it. Remember in the toughest market Titan raised $11Mil plus at 3c with the broker Canacord, with ease so they would have all the instos they had from the previous raise, lined up for this already. Remember too Instos won't throw their money away to raise $31 Mil by the same broker ( $11Mil last August and $20 Mil this May proposed ). Those instos who paid 3c would love to get at least 7c or so for their investment.On top of this the combined entity have 2 Gold plants one in Ecuador called Portobello Plant, the biggest one in that country with a capacity of 2000 Tonnes per day. The other one in Peru a brand new Vista Plant, with a capacity of 350 tonnes per day. TTM had run the Tulin mill for 8 years in Peru, so these guys know how to run gold plants and make money.  Vista's final license is due any day and Portobello is already operating. Then they have Core's other projects on care and maintenance now which can be separated and sold for at least USD $10 mil or so by my looking on the net. The Core Team spent nearly USD $100 Mil it seems to date on their projects and the Mill.I also dug out the performance shares for Titan BOD and the Broker Canacord,who raised $11 mil last Aug I believe, and will be raising another $20 mil in the next 2 months. They have combined ( TTM Board + Canacord Broker ) 36.5 Mil shares to be received if the TTM price hits 5c and holds for 10 Trading days. Another 42.125Mil shares to be received if the SP hits 6c and holds for 10 trading days. Finally the 3rd trench of 47 Mil shares to be received if the TTM sp hits 7c and holds for 10 trading days. That's a total of 126 million  TTM shares to be received by TTM BOD and also the Broker Canacord. The deadline for TTM board to achieve this is by 29th Dec 2019 which is 10 months away. If anyone thinks that the TTM board of Directors and the Broker who raised $11 Mil last year and will raise $20 mil by May : If you think they want to forfeit these performance shares, your brain should be looked at. As I see this, the TTM board came up with this super deal with Core in Ecuador to take the SP of TTM to at least 7c with the help of the raising broker and the instos that were invested + would be investing again, so that TTM BOD and Canacord  could receive all of those 126 million performance shares and for the instos to get their SP return from 3c to 7c at least. So that tells me that sp will rise for sure!!! What I am saying is, because they raised at 3c last Aug, $11mil at 3c it is possible for the instos to go this time around to say 3.5c or so. instos won't pay a higher price than that. I can see TTM SP in the short term hitting 4c by April or so or even earlier so that the raisingg could get under way. Then what TTM does through Canacord is, raise again $20 mil at 3c to 3.5c range at a discount to the market price of 4c or slightly higher. After that once the Capital raise of $20 mil is done around 3c to 3.5c range, drilling results and the resource upgrades will drive the sp north of 7c for TTM unconsolidated. It's not rocket science to see this through.

To summarise the deal as it appears to me currently,  the high grade projects to deliver multi million ounce gold upgrades to their resource estimates, with 2 cashflow bringing functioning high grade ore Gold Mills that brings a lot of Cash, with an existing resource of 2.1 mil ounces from just 1km of their Dynasty Project alone and the deadline by Dec 2019 to receive those 126 Million performance shares in TTM by bringing the sp to 7c. I see the upside for TTM share price is very high from the current 2.5c.to possibly 4.5c or so in the next 2 months to start with.  Let's see how it pans out by May 2019 first when the merger will go through and drilling starts and then by Xmas 2019 if these guys were to get their hands on those performance shares. 2.5 c to 7c is 180 % upside from the current 2.5c share price,  if those performance shares were to be received by Tita's Board and Canacord. GLTAH. It appears a bloody good deal on the surface to me. They released the Presso already on ASX which means they would be doing roadshows to promote the deal. Kindly do your own research and never buy shares purely based on what you read on HC. Cheers.