TII · Titan Mining Corporation

Titan Mining reported solid operational results for Q1 2026 with revenue rising 22% to $19.6 million, primarily from zinc concentrate sales of $20.5 million offset by smelting charges, and a favorable $0.6 million prior-year pricing adjustment versus a $2.3 million loss in Q1 2025. Income from mine operations improved to $5.6 million from $2.4 million, reflecting higher realized zinc prices at $1.47 per pound. However, the quarter swung to a $13.3 million pre-tax loss from a $0.4 million profit, dominated by a $13.2 million fair value loss on derivative financial instruments related to warrants, alongside increased expenses including $2.3 million G&A, $0.6 million exploration, $0.9 million graphite project costs, and $1.4 million feasibility study. Production delivered 14.2 million payable zinc pounds at C1 cash costs of $0.98 per pound and AISC of $1.01 per pound, impacted by a three-week hoist outage but largely recovered by quarter-end. Balance sheet strengthened with equity rising to $18.7 million from $3.8 million at year-end, boosted by $27.9 million from special warrant exercises, while related party loans dropped significantly to $17.1 million current from $17.1 million total prior. Cash fell to $13.8 million amid investing outflows, but working capital expanded to $11.6 million. Strategically, Titan advanced its graphite initiatives with first concentrate production from the demonstration facility, launch of a $21.9 million feasibility study for the 40ktpa Kilbourne project (first $2.3 million spent), and germanium discovery in waste streams, positioning for critical minerals growth alongside ESM zinc operations guided at 62-66 million payable pounds for 2026.