Titanium Corporation Inc. announced that the Company and Canadian Natural Resources Limited ("Canadian Natural") have signed a 2021 Project Coordination Agreement ("PCA") which governs the January 1, 2021 to April 30, 2021 engineering phase of the CVWTM Horizon Project (the "2021 Program"). The PCA, effective January 1, 2021, sets out the rights and responsibilities of the parties with respect to the 2021 Program. Under the PCA, the 2021 Program includes completion of validation and optimization of the overall plant design and the updating of the capital and operating cost estimates for the concentrator plant, tailings thickener and associated utilities.

The 2021 Program also includes the engineering redesign and updating of the capital and operating cost estimates for the mineral separation plant, associated utilities and the minerals product transload facility. The PCA provides that Canadian Natural and Titanium shall be responsible for 70% and 30%, respectively, of the total cost of the 2021 Program and the government grant proceeds related to the 2021 Program shall be shared between the parties on the same ratio. The PCA provides that ownership of the 2021 Program and any intellectual property rights developed during the program shall be jointly owned pro rata in accordance with each party's contribution.

The PCA also sets out the management structure, responsibilities, administration and certain other customary terms and conditions for the conduct of the 2021 Program.