ASX RELEASE – 21 September 2020

Titan Minerals Ltd | www.titanminerals.com.au | ASX Code: TTM

Suite 6, 295 Rockeby Road | Subiaco WA 6008 | T: +61 8 6555 2950 | E: info@titanminerals.com.au

TitanMineralsJerusalemGoldProjectconcessioninEcuadorreinstatedto100%ownership

Highlights

• 100%ownershipoftheJerusalemProjectinEcuadorsuccessfullyreinstatedtoTitan

• Existingresourcetotals1.28Mozgoldaveraging14.5g/tand8.6Mozsilverat98g/tinmost recent Canadian NI 43-101 compliant mineral resource completed in 2014,comprisedof:

o Measured& Indicated – 955,000 tonnes@ 13.8g/t gold and 93g/t silver for

423,000ozcontainedgoldand2.86Mozcontainedsilver o Inferred–1,775,000tonnes@15g/tgoldand101g/tsilverfor856,000oz

containedgoldand5.76Mozcontainedsilver

• Historicaldiamonddrillholedatasetof47diamondholestotaling13,383mdrilledwithmultipleundrilledtargetsidentifiedinsurfacegeochemistry

• TheJerusalemconcessionislocatedon-trendbetweentheFrutadelNortedeposit40kmtothenorthandthecontiguouslandholdingofLuminexResources’CondorProject

• Numeroushighgradetargetsidentifiedbutnotexploredandthesystemremainsopentothenorthandatdepth.

• FocuscontinuestobeonexpandingtheresourceattheCompany’sflagshipDynastyGoldProjectinEcuadorwiththecommencementofitssignificantdrillingcampaigninQ32020

TitanMineralsLimited (ASX:TTM) (“Titan”or the “Company”) ispleased to report the successfulreinstatementoftheJerusalénConcession(“JerusalemGoldProject”).HostedinthesameJurassicageterraneastheMirador,FrutadelNorte,andCondordeposits,theJerusalemGoldProjectissituatedbetweenthelattertwodepositsapproximately40kmsouthofLundin’sFrutadelNorteMinehostingover13MozAuresourcesandtheconcessioniscontiguouswithLuminexResources’Condorproject,hosttoover5MozAuresourcestothesouthoftheproject.

TheJerusalemGoldProjectwasoriginallyacquiredin2003,whereafter,substantialexpenditurefrom2003through2007enabledcompletionofsignificantexplorationactivity, resourceestimationandpreliminaryeconomic study work. The previous management pledged an expenditure commitment for explorationinvestment fromMay2010butwasprevented fromactivelyexploring theprojectdue to illegalartisanalmining activity. Issueswith artisanal activitywere confirmedon the concession andForceMajeurewasdeclared in statutory reporting to the government during periods where activity on the project wastemporarilydelayed.In2015thepreviousmanagementapproachedthegovernmenttoasktheevictionoftheillegalartisanalminers,butwithoutsuccess.

In2017theMinistryofMinescancelledtheconcessiononthebasisthatexpenditurecommitmentshadnotbeenmet.Cancellationoftheconcessionwasappealedand,inSeptember2019,resultedintheHighCourtrulinginfavouroftheowner,declaringtheprocedureforcancellationnullandvoidacceptingtheconcessionwasunderForceMajeureduetotheongoingillegalactivityinthearea. TitanhasbeenengagedwiththeEcuadorianMinistryofMinessincetheacquisitionofCoreGoldinMay2020andhadpresenteditscasetosuccessfullyreinstatetheconcession.TheJerusalemconcessionhasbeennowreinstatedtoTitanMineralswiththeconcessionbeingformallyvalidatedandregisteredlatelastweek.

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Commentingonthereinstatementofownership,TitanMineralsManagingDirector,LaurieMarslandsaid:

“ReturnoftheJerusalemconcessionisagreatresultforourshareholders.Clearly,theconcessionaddssignificantvaluetoouralreadyexceptionalportfolioofexplorationanddevelopmentassets.WelookforwardtoplacingbootsonthegroundtoevaluatethefullpotentialofJerusalemandtheopportunitiesitprovides.

AlotofworkhasbeendonesinceacquiringtheEcuadorianassetsandIwanttotakethisopportunitytothankallmembersofourteamfortheircontinueddiligenceanddedicationtothetaskathand.IthinkwewillalllookbackontheacquisitionofCoreGoldasaremarkableopportunity.”

JerusalemGoldProject–ForeignResourceEstimate

TheJerusalemGoldProjectisasingleconcessionlocatedwithin45kmoftheprovincialcapitalZamoraintheZamora-Chinchipeprovince. Theproject areahasbeen the focusof anumberof exploration campaigns,reportingseveralmineralresourceestimationssince the late1990’sandhost toartisanalminingactivitysince theearly1980’s. Severalmineral resourceestimations completedand twosuchestimates reportedundertheCanadianNationalInstrument43-101,withthemostrecenttechnicalreporttitled“JerusalemGoldProject,ZamoraChinchipe–Ecuador”dated24October,2014andreleasedon theSEDARplatformon5November2014(refertoTable1).

Table1|SummaryofForeignMineralResourceEstimatedated24October2014

CategoryTonnes Au Ag Contained

Au(ozs)ContainedAg(ozs)

(000's) (g/t) (g/t) (000's) (000's)Measured 379 14.2 90 173 1097

Indicated 576 13.5 95 249 1760

TotalMeasure&Indicated 956 13.8 93 423 2,856

Inferred 1775 15.0 101 856 5764

Total 2,730 14.5 98 1,279 8,620

Note:Foreignestimatecompletedata2.0g/tgoldlowercut-off.Tablesubjecttoroundingerrors.

TheinformationinthisannouncementrelatingtoMineralResourceEstimatesfortheJerusalemGoldProjectisaforeignestimateandisnotreportedinaccordancewiththeJORCCode.AcompetentpersonhasnotdonesufficientworktoclassifythisforeignestimateasamineralresourceinaccordancewiththeJORCCodeanditisuncertainthatfollowingfurtherexplorationworkthatthisforeignestimatewillbeabletobereportedasamineralresourceinaccordancewiththeJORCCode.

Theexistingdrilldatasetsfortheprojectarereportedtoinclude52holesofdrillinginsideorintersectingtheJerusalemGoldproject. Titanhas identifiedavailable files andassay logs for47diamondholes totalling13,383mdrilled,ofwhich30holesarecollaredinsidetheJerusalemGoldProjectarea.Theaveragelengthoftheholesis267mandthedepthofthedeepestholecollaredinJerusalénConcessionis614.76m.

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Figure1-LocationofTitanMineralsProjectsinSouthernEcuador

TheinformationprovidedinrelationtotheForeignEstimateisextractedfromtheTechnicalReporttitled“JerusalemGoldProject,ZamoraChinchipe–Ecuador”dated24October2014(the“TechnicalReport”).TheTechnicalReportwaspreparedinaccordancewiththeCanadianNationalInstrument43-101standards(“NI43-101”)and lodged5November2014byCoreGold Inc. (formerlyDynastyMetals&Mining Inc.)and ispubliclyavailableatwww.sedar.com.

TitanconfirmsthecategoriesofthemineralisationreportedunderNI43-101aresimilartotheJORCCode(2012)classificationsandTitanconsiderstheForeignEstimatetobematerialtoTitanandprovidesabasistocontributefundingforcontinuedexplorationactivityandadvancementofJerusalemthroughadditionaldesktop studies for the purpose of data validation and ranking of targetswithin the project area. Titanbelieves the Foreign Estimate is relevant to Titan Shareholders as it provides an indication of themineralisationpotentialwithintheJerusalemGoldProjectatthetimeofreporting.

BasedontheinformationreceivedbyTitantodateinrelationtotheJerusalemGoldProject incontextofphysicalinspectionoftheprojectsitesanddiscussionswithtechnicalandadministrativepersonnelinvolvedwithpreviousworkontheproject,keycriteriaasdefinedinTable1oftheJORCCode2012hasbeenreviewedandaddressedbyTitan.

Titan believes that the Foreign Estimate is sufficiently reliable with estimationmethodologies and datacompilationworkacceptableformethodologiesusedatthetimeoftheirestimationtoprovidethebasisforadecisiontodeemthepropertytohavemeritforfurtherexplorationexpenditure,butisnotofaqualitytounderpinanyeconomicreviews.

TheTechnicalReportincludeskeyassumptionsforcommodityprices,goldminingandprocessingcosts,andtherehavebeennomaterialchangesinassumptions.TheTechnicalReportinitscurrentformisconsideredtobeacomprehensivecompilationofallavailableexplorationdataapplicabletotheestimationofmineral

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resourcesatthetimeofitsreporting,howeverfurtherworkisrequiredtoassesstheimpactofongoingillegalminingontheresourceestimation.AsummaryofkeyassumptionsandmethodsusedtopreparetheForeignEstimateinclude:

• Resource Estimation calculated using the polygonal method based on 86 drill intercepts andundergroundchannelsampling.Artisinalminingatthetimecouldnotbefullysurveyedandthefirst30mbelowsurfaceofsampledveinswereassumedtobeminedoutandexcludedfromtheresourcesestimation.

• Economicassumptionsinclude(i)agoldpriceofUS$1,260/oz,(ii)anoperatingcostofUS$73/tonne,(iii)94%metallurgicalrecoveries,and(iv)a5%governmentroyaltytocalculatea2.06g/tgoldcut-offgradeforthemineralresourceestimation.Notopcutsforgoldorsilvergradeswereapplied.

• TheForeignEstimateandcurrentTechnicalReportisbasedon86drillinterceptsfrom13,383mofdrilled diamond core holes within, or intersecting the Jerusalén concession and a further 34representativechannelsamplescollectedfromundergrounddevelopment.

Asatthedateofthisannouncement,theForeignEstimatereportedbyCoreGoldandreferencedbyTitanhereinhasnotbeensupersededbyanylaterestimates.

TheForeignEstimateisnotreportedinaccordancewiththeJORCCodeandacompetentpersonhasnotdonesufficientworktoclassifytheforeignestimateasmineralresourcesinaccordancewiththeJORCCode.ItisTitan’sintentiontoundertakeanevaluationoftheavailabledata,andasummaryofinterceptsandgeologiccontext for the Jerusalem Gold Project mineralisation which will be announced following completion ofdesktopreviews.Subject toestablishingunrestrictedaccesstotheprojectarea Titanwill initiate furtherexploration work for the Jerusalem Gold Project to underpin a mineral resource estimation report inaccordancewiththeprinciplesoftheJORCCodethatwillinclude,butisnotlimitedto:(i)audit,verificationand re-logging program of historical diamond core stored at the Jerusalem Gold Project site, (ii) whereavailable, compilation of undergroundmine surveys to assess impact of previousmining on the foreignresourceestimatecompletedin2014(iii)in-filldrillingtodefinegeometryofmineralisationandunderpindevelopment of a 3D geological model (to establish controls for geostatistical modelling techniques inresource estimation), confirm confidence in projectedmineralisation, and selective twinning of previousdrilling for verification purposes, and (iv) additional metallurgical studies to underpin assumption orpredictionsinpreliminaryeconomicassessments.

TheproposedexplorationactivityandevaluationworkisplannedtobecompletedduringCY2021,subjecttorequisite community engagement, permitting requirements, and establishingunrestricted access into theprojectarea,withtheaimtohaveanupdatedMineralResourceestimationreportedinaccordancewiththeprinciplesoftheJORCCodein2022.ProposedworkwouldbefundedbywayofJointVentureorFarm-inAgreement, out of current cash balance of the Company, potential equity financings and/or potentialdivestmentofotherassetsintheCompanyportfolio. ThecompanyintendstoprovideregularupdatesontimingofamineralresourceupdateandwillregularlyreportresultsofexplorationactivityincompliancewithcontinuousdisclosureobligationsunderASXlistingrule3.1.

JerusalemGoldProjectDescription

TheJerusalemGoldProjectisasingleconcessionnamedtheJerusalénconcession(code353)locatedinsoutheasternEcuador,400kmsoutheastofthecapitalcityofQuitoclosetotheborderwithPeruintheprovinceonZamora-Chinchipe.Theconcessioncovers225hectaresinareadilyaccessibleregionofsouthernEcuadorwithin70kmofthenearestregionalairportlocatednearthecityofLoja(refertoFigure5).

TheJerusalemGoldProjectislocatedonthemarginsoftheZamorabatholith,amiddletolateJurassicageintrusionupto100kmwideandexposedfor200kmextentintheprolificZamoracopper-goldmetallogenicbelt,whichhostsseveralepithermalgolddepositsincludingLuminexResources’Gold’sCondorprojectandLundinGold’s13.9MozFrutadelNortemine,andmultiplecopperporphyrytogoldenrichedcopperporphyrysystemsincludingMiradorandSantaBarbaraprojects.

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Figure 2 - Interpreted Regional Geology of southern Ecuador with major project locations

Thegoldmineralization foundon the concession is associatedwith anextensivehighgradepolymetallicepithermalveinsystemfeaturingovertwentynarrowhigh-gradegoldveins.Multipleveinextensionsandadditionalmineralisationidentifiedin2003to2007explorationcampaignsthathavenotreceivedfollow-updrilltestingforcontinuedgrowthandincreasedconfidenceinthepreviouslydrilledresource.Theproject

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hosts over 20 shoots of high grade gold veining identified by historical mining and previous drillingcompletedbyTVXGold(refertoprojecthistorybelow).

JerusalemProject–History

The Jerusalénconcessionwas initiallygranted in1994 followingdiscoveryofhigh-gradegoldveiningbyinformalminersintheearly1980’s.CanadianlistedTVXGoldacquiredtheconcessionin1995aspartofalarger contiguous land holding , then in 1995 through to 1997 completed 29,827m of drilling from 110diamonddrillholesinandaroundtheJerusalemGoldProject,andconstructeda725maccesstunnel,fromtheadjacentconcession,whichextended340mundergroundintotheJerusalénconcessionarea.

TVXGoldwithdrewfromexplorationoftheprojectin1998tofocusonlargerporphyrystylecoppersystemsinthedistrict.Theprojectchangedhandstoprivateinvestorsin2001,andwassubsequentlyacquiredbyDynastyMiningandMetals(laterrenamedCoreGoldInc.)in2003,whoformedagreementswiththirdpartysmallscaleminersthatweregivenpermissiontoextractandbeneficiatepreciousmetalsonthepropertyinexchangefor25%ofthefinalproduct.Thepresenceofactive,authorisedminersonthesitewasintendedtoinhibitincursionsbyillegalminersinthearea.

Exploration activity from 2003 through 2007 included mapping, surface trenching and undergroundsampling activities, with access provided by authorised artisanal miners on the project concession thatculminatedinaCanadianNI43-101technicalreportwithresourceupdatein2006,followedbyapreliminaryeconomicassessmentin2007.In2012CoreGoldreportedtomarketaninvasionofartisanalminersontotheproperty,whichpreventedtheCompanyfromadvancingexplorationactivities.

CanaccordGenuity(Australia)LtdAppointedasCorporateAdvisor

Titan isalsopleasedtoannounce ithasappointedCanaccordGenuity(Australia)Ltd(“Canaccord”)as itscorporate advisor. Canaccord will (amongst other matters) assist with the Company’s ongoing capitalmarkets strategy, provide introductions to a broader investor community both domestically andinternationallyandotheradvisoryservices.InconsiderationforactingastheCompany'scorporateadvisor,theCompanywillissuetoCanaccord44millionoptionsatvariousexercisepricesexpiring312023.

Theaboveoptionswillbe issuedundertheCompany'sexistingListingRule7.1capacity.Anappendix3Baccompaniesthisannouncement.

-ENDS-

ReleasedwiththeauthorityoftheBoard.

Forfurtherinformationonthecompanyandourprojects,pleasevisit:www.titanminerals.com.au

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Contact:TitanMinerals LaurieMarslandManagingDirectorinfo@titanminerals.com.au+61865552950

MatthewCarrExecutiveDirectormatthew.carr@titanminerals.com.au +61408163950

MarkFlynnInvestorRelationsmark.flynn@titanminerals.com.au+61416068733

AboutTitanMineralsLtd

TitanMineralsisanexplorationanddevelopmentcompanyfocusedonexploringanddevelopingpotentialTierOneprojectsinEcuador’ssouthernAndeancopper-goldbelt.TheCompany’sflagshipassetistheDynastyGoldProjectthatconsistsofaCanadianNI43-101mineralresourceestimateof2.1millionouncesat4.5g/tgold. Titan’s strategy is to conduct a drilling campaign across Dynasty and deliver a resource update incompliancewiththeJORCCode.TitanalsoownsCopperDuke,whichisamulti-phase,outcropping,goldrichporphyrycopperprojectwhichexhibitsseveralencouragingcharacteristics.

TheCompanyiscontinuouslyevaluatingadditionalprojectsingold,copper,andothercommoditieswithinEcuadorandelsewhereforacquisitionorjointventuretogrowshareholdervalue.

NotestoMineralResource

TheinformationinthisannouncementrelatingtoMineralResourceEstimatesfortheJerusalemGoldProjectisaforeignestimateandisnotreportedinaccordancewiththeJORCCode.AcompetentpersonhasnotdonesufficientworktoclassifythisforeignestimateasamineralresourceinaccordancewiththeJORCCodeanditisuncertainthatfollowingfurtherexplorationworkthatthisforeignestimatewillbeabletobereportedasamineralresourceinaccordancewiththeJORCCode.

CompetentPerson’sStatement

TheinformationinthisreportthatrelatestoASXListingRules5.12.2through5.12.7regardingrequirementsforforeignmineralestimatesreportingisanaccuraterepresentationoftheavailabledataandisbasedoninformation compiled by Mr Travis Schwertfeger, who is a Member of The Australian Institute ofGeoscientists.MrSchwertfegeristheChiefGeologistfortheCompanyandhassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeofdepositsunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedintheJORC2012Editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrSchwertfegerconsentstotheirinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.