Ann: Titan Minerals and Core Gold to Combine, page-14

The statement 'project failure after project failure' doesn't gel with the apparent management ability to raise capital re: oversubscribed capital placement of $11m in May 2018 and confidence in accessing an additional $20m equity plus US$10m debt/equity. Core Gold, however, is plagued by project failure and by its own admission the need to strengthen its own balance sheet.

Raising capital in the precious metal exploration sector in the current climate is no mean feat and speaks highly of Titan management capability.

The net asset backing of Titan is somewhat of a red herring given its explorer status. Project quality is interesting with the Vista Gold Plant seemingly a case of putting the cart before the horse. Agreed, where is the resource? The proposed merger does appear to be a case - as stated in the presentation - of synergy between two companies with a Latin American focus and a big dream. It appears that Titan is better placed to raise the necessary capital to realise the asset at the Dynasty Goldfield.