TII · Titan Mining Corporation

Titan Mining’s Q1 2026 results reflect strong operational execution offset by a large non-cash accounting impact: revenue rose 22% year-over-year to $19.6 million, driven by higher realized zinc prices ($1.47/lb vs. $1.20/lb in Q1 2025) and stable production (14.2 million payable pounds, in line with plan). C1 cash costs of $0.98/lb and AISC of $1.01/lb were both within or below guidance, underscoring disciplined cost management despite inflationary pressures. However, GAAP net loss before tax was $13.34 million — almost entirely attributable to a $13.19 million non-cash fair value loss on derivative financial instruments classified as liabilities under IFRS, which management explicitly states has no bearing on operating performance. This divergence highlights the importance of focusing on underlying cash metrics: operating cash flow before working capital changes was $1.9 million, and Adjusted EBITDA was $3.9 million — consistent with the company’s full-year forecast of $20–$28 million. Strategically, Titan advanced multiple critical minerals initiatives: graphite concentrate shipments began from the Kilbourne Project, validating its vertically integrated U.S. graphite strategy; exploration extended graphite mineralization beyond current boundaries with consistent grades; and germanium was confirmed in gangue materials at Empire State Mines — suggesting a low-capital, co-product recovery opportunity. With $13.8 million in cash and a strengthened balance sheet, Titan is executing on dual mandates: generating near-term cash from zinc while de-risking and scaling long-term critical minerals exposure — directly aligned with U.S. national security priorities.