Yup, most likely timing belt. Every once in awhile, I will hear a lifter not get oil right away and make a loud ticking sound, but it goes away pretty quick.
When the adjuster doesnt have oil at startup, it will let the timing belt slap against the cover, making the sound you describe. A few washers between the cover and the block can get rid of the sound.
Its not an uncommon thing, even my sisters Ranger has the ticking sound at startup, for the same reason.
