Titan Minerals (ASX:TTM) reported additional drill results from the Kaliman target at its Dynasty project in Ecuador that support the potential for a larger bulk-tonnage resource and stronger project economics ahead of an upcoming mineral resource update, Euroz Hartleys said in a report on Wednesday.

The drilling results included an intersection of 159.9 meters at 0.7 grams per tonne (g/t) gold equivalent from 2.1 meters, including a higher-grade interval of 16.7 meters at 2 g/t gold equivalent, per the report.

Euroz Hartleys noted that the upcoming resource update could capture additional gold ounces by applying lower cut-off grades of 0.4 g/t or 0.1 g/t, compared with the previous 0.5 g/t, and that higher gold price assumptions above $3,000 per ounce, combined with new drilling results, may further increase the resource estimate.

The firm highlighted that the Kaliman system now spans a 500-meter strike, 350-meter width, and 600-meter depth, with mineralization still open, and plans step-out drilling in 2026 to expand resources.

The firm stated that interest from strategic investors remains strong and that the growing scale of the Dynasty resource, along with its exploration upside, has attracted increased corporate attention.

Euroz Hartleys retained its speculative buy rating on Titan Minerals and lifted the price target to AU$1.80 from AU$1.70.