Titan Mining Delivers 22% Revenue Growth and Expands U.S. Critical Minerals Platform with Graphite Production
Rhea-AI Summary
Titan Mining (NYSE-A:TII) reported Q1 2026 revenue of $19.6 million, up 22% year over year, on 14.2 million lbs of payable zinc produced. C1 cash costs were $0.98/lb and AISC $1.01/lb. Adjusted EBITDA was $3.9 million, with 2026 guidance of $20–$28 million.
The quarter featured initial end-to-end domestic graphite concentrate shipments from the Kilbourne Graphite Project, a fully funded 40,000 tpa feasibility study, and drilling that extended graphite mineralization up to 2,500 feet beyond the current resource. Titan also identified near-term germanium recovery potential from existing process streams.
Net loss before tax was $13.34 million, mainly from a $13.19 million non-cash fair value loss on derivatives. Cash balance rose 13% year over year to $13.8 million, while net debt increased to $12.9 million.
Positive
- Q1 2026 revenue $19.6 million, up 22% from Q1 2025
- Adjusted EBITDA $3.9 million in Q1 and 2026 forecast $20–$28 million
- C1 cash costs $0.98/lb and AISC $1.01/lb, within or below guidance
- Cash balance $13.8 million, up 13% versus Q1 2025
- Initial domestic graphite concentrate shipments and fully funded 40,000 tpa feasibility study
- Graphite drilling extended mineralization up to 2,500 feet beyond current resource
- High-grade zinc intercept 3.3 feet at 31% Zn at Little York target
- Germanium identified in existing process streams, indicating potential incremental cash flow
Negative
- Q1 2026 net loss before tax $13.34 million
- Non-cash fair value loss on derivative instruments $13.19 million
- Operating cash flow after working capital $(2.05) million in Q1 2026
- Q1 2026 free cash flow $(3.85) million versus $(0.52) million in Q1 2025
- Net debt increased to $12.9 million from $8.7 million at year-end 2025
News Market Reaction – TII
In the May 13 session, TII gained 14.61%, reflecting a significant positive market reaction. Argus tracked a peak move of +23.1% during that session. Argus tracked a trough of -3.6% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 3.5x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 30 | Earnings call notice | Neutral | +7.2% | Announcement of Q1 2026 release date and investor webcast schedule. |
| Apr 16 | Exploration update | Positive | -1.4% | Extended Kilbourne graphite mineralization and germanium opportunity outlined. |
| Mar 19 | FY 2025 results | Positive | -9.8% | Reported strong 2025 zinc output and Kilbourne PEA with robust economics. |
| Mar 11 | Graphite shipments | Positive | -3.7% | Start of first graphite shipments and launch of 40,000 tpa feasibility study. |
| Feb 13 | Trade ruling | Positive | +4.2% | U.S. AD/CVD duties of ~160% on Chinese graphite viewed as supportive. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent positive strategic and operational updates have often seen mixed or negative next-day reactions, so today’s favorable move on strong Q1 results is not guaranteed by past patterns.
Over the last several months, Titan has consistently highlighted its transition from a pure-play zinc producer toward a broader U.S. critical-minerals platform. In February 2026, it welcomed steep U.S. duties on Chinese graphite imports, and in March 2026 it reported strong FY 2025 results with advancing Kilbourne graphite development. Subsequent updates in March–April 2026 detailed first graphite shipments and germanium potential. This Q1 2026 release builds on that narrative with 22% revenue growth, positive Adjusted EBITDA, and further graphite and germanium progress.
Key Terms
c1 cash cost financial
all-in sustaining cost financial
adjusted ebitda financial
net debt financial
free cash flow financial
derivative financial instruments financial
ni 43-101 regulatory
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
GOUVERNEUR, N.Y., May 12, 2026 (GLOBE NEWSWIRE) -- Titan Mining Corporation (NYSE-A:TII, TSX:TI), (“Titan” or the “Company”) an established zinc concentrate producer in upstate New York and the only end-to-end producer of natural flake graphite in the U.S., today reported strong financial and operating performance for the first quarter ended March 31, 2026.
During the quarter, Titan delivered revenue growth, generated positive operating cash flow, commenced end-to-end domestic graphite shipments and advanced evaluation work related to potential germanium recovery from existing process streams. Natural flake graphite and germanium are critical minerals of significant priority to the U.S. Government, and Titan looks to become a key component of the U.S. minerals security supply chain.
Q1 2026 HIGHLIGHTS(1)(2)
Operating and Financial Performance:
- Zinc production: 14.2 million payable pounds, in line with the mine plan
- Revenues:
$19.6 million , up22% from Q1 2025 - Cash costs: C1 cash costs of
$0.98 /lb, within guidance - AISC:
$1.01 /lb, below guidance - Adjusted EBITDA:
$3.9 million in the quarter and forecast Adjusted EBITDA of$20 -$28 million for the year(3) - Cash Balance:
$13.8 million cash balance at quarter-end, up13% from Q1 2025, reflecting continued balance sheet strength
Strategic and Corporate Developments:
- Kilbourne Graphite Project: Advancing toward commercial scale — Production and initial shipments of graphite concentrate commenced in Q1 2026, supporting ongoing customer qualification and advancing Titan’s vertically integrated U.S. graphite strategy, with a fully funded 40,000 tpa Feasibility Study underway
- Exploration: Drilling supports resource expansion — Graphite mineralization extended up to 2,500 feet beyond the current resource boundary, with grades consistent with the main deposit, highlighting meaningful expansion potential
- Germanium: Near-term recovery potential from existing streams — Germanium identified within existing process streams at Empire State Mines (“ESM”) appears to be predominantly associated with mica and other gangue materials rather than sulphides. This finding helps define the potential recovery approach and highlights a potential incremental cash flow opportunity alongside the existing zinc operation.
1. Unless noted otherwise, all monetary figures are expressed in U.S. dollars.
2. C1 Cash Cost, All-In Sustaining Cost (“AISC”), Adjusted EBITDA and Net Debt are non-GAAP measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is provided below under “Non-GAAP Performance Measures”.
3. Estimated based on approximate current spot zinc pricing, assuming production and costs remain in line with guidance. Actual realized pricing and Adjusted EBITDA may vary based on operational and market conditions.
Rita Adiani, President and Chief Executive Officer, commented: "Titan is executing on a clear strategy, generating cash flow today while building the next generation of U.S. critical minerals supply. In the first quarter, we delivered consistent zinc production, commenced graphite shipments from an end-to-end domestic source, and advanced evaluation work related to the potential recovery of germanium from existing operations.
With a strengthened balance sheet and multiple near-term growth catalysts, we are positioning Titan to become a leading domestic supplier of materials essential to defense and industrial supply chains”.
TABLE 1 Financial and Operating Highlights(1)(2)
| 2026 | 2025 | ||||||||
| Q1 | FY | Q4 | Q3 | Q2 | Q1 | ||||
| Operating | |||||||||
| Payable zinc produced | mlbs | 14.17 | 64.26 | 18.74 | 14.64 | 15.51 | 15.37 | ||
| Payable zinc sold | mlbs | 13.96 | 64.16 | 18.74 | 13.81 | 16.04 | 15.57 | ||
| Average Realized Zinc Price | $/lb | 1.47 | 1.31 | 1.43 | 1.29 | 1.20 | 1.29 | ||
| C1 Cost | $/lb | 0.98 | 0.92 | 0.88 | 1.01 | 0.90 | 0.91 | ||
| AISC | $/lb | 1.01 | 0.98 | 0.96 | 1.13 | 0.90 | 0.96 | ||
| Financial | |||||||||
| Revenue | $m | 19.59 | 74.33 | 25.10 | 16.78 | 16.34 | 16.02 | ||
| Net Income (loss) before tax | $m | (13.34) | (0.03) | (1.00) | 0.08 | 0.54 | 0.35 | ||
| Earnings (loss) per share- basic | $/sh | (0.14) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | 1.90 | 13.86 | 6.66 | 2.15 | 2.36 | 2.69 | ||
| Cash Flow from Operating Activities after changes in non-cash working capital | $m | (2.05) | 12.58 | 5.53 | 5.02 | 1.82 | 0.20 | ||
| Financial Position | |||||||||
| Cash & Cash Equivalents | $m | 13.8 | 17.5 | 17.5 | 4.3 | 8.1 | 12.2 | ||
| Net Debt | $m | 12.9 | 8.7 | 8.7 | 25.1 | 24.2 | 23.1 | ||
1. Unless noted otherwise, all monetary figures are expressed in U.S. dollars.
2. C1 Cash Cost, All-In Sustaining Cost (“AISC”), Adjusted EBITDA and Net Debt are non-GAAP measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is provided below under “Non-GAAP Performance Measures”.
Net loss before tax for Q1-2026 was
Cash used in operating activities after changes in non-cash working capital was
ZINC OPERATIONS REVIEW
Mining in Q1 2026 was focused on the Mahler, New Fold, and Mud Pond Apron zones, with longhole stoping delivering above-target grades and tonnes. The Company optimized operations to prioritize higher-grade areas. Following a temporary hoisting disruption in January, the team successfully recovered the majority of deferred production through increased milling and extended shifts. Capital development advanced key infrastructure milestones, including the New Fold–Mahler ventilation connection and ramp development, alongside the commissioning of new underground equipment to support continued productivity.
GRAPHITE UPDATE
In Q1 2026, the Kilbourne Graphite Project advanced across key milestones. The demonstration facility delivered initial graphite concentrate shipments for customer qualification, marking an important step toward commercial development. The fully funded Feasibility Study for the proposed 40,000 tonne-per-year facility is progressing on schedule with support from EXIM’s Make More in America initiative.
EXPLORATION UPDATE
Zinc: Underground drilling in Q1 2026 focused on the Mahler and Mud Pond zones, with 4,726 ft completed to support near-mine resource expansion and mine planning. This included exploration drilling at the Little York target, where hole LY25-004 intersected 3.3 feet of
Kilbourne Graphite Project: Drilling at Kilbourne totalled 13,384 ft across 37 holes in Q1 2026, focused on resource delineation, geotechnical work, and testing eastern extensions. Results confirmed graphite mineralization extending beyond the current conceptual pit, with grades consistent with the main deposit, including 255.1 ft at
Scientific and Technical Information
The scientific and technical information contained in this news release related to the Company’s exploration activities and zinc operations has been reviewed and approved by Matthew Melnyk, CPG #11540, Vice President Exploration and Geology of Titan Mining Corp., a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101").
The scientific and technical information contained in this news release related to the Company’s germanium and graphite development has been reviewed and approved by Oliver Peters, MSc., P.Eng., who is a Qualified Person as defined by NI 43-101. Mr. Peters is independent of the Company.
Refer to the Company’s technical report titled “Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA” for additional information.
Non-GAAP Performance Measures
This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable to similar measures reported by other issuers. The Company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the Company's performance. The Company uses these performance measures extensively in internal decision-making processes, including to assess how well ESM is performing and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team. The tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures as contained within the Company's issued financial statements.
C1 Cash Cost Per Payable Pound Sold
C1 cash cost is a non-GAAP measure. C1 cash cost represents the cash cost incurred at each processing stage, from mining through to recoverable metal delivered to customers, including mine site operating and general and administrative costs, freight, treatment and refining charges.
The C1 cash cost per payable pound sold is calculated by dividing the total C1 cash costs by payable pounds of metal sold.
All-in Sustaining Costs
AISC measures the estimated cash costs to produce a pound of payable zinc plus the estimated capital sustaining costs to maintain the mine and mill. This measure includes the C1 cash cost and capital sustaining costs divided by pounds of payable zinc sold. AISC does not include depreciation, depletion, amortization, reclamation and exploration expenses.
| Three months ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | |||||
| Pounds of payable zinc sold (millions) | 14.0 | 15.6 | |||||||
| Operating expenses and selling costs | $ | 12,157 | $ | 0.87 | $ | 12,121 | $ | 0.78 | |
| Concentrate smelting and refining costs | 1,642 | 0.12 | 1,964 | 0.13 | |||||
| Total C1 cash cost | $ | 13,799 | $ | 0.98 | $ | 14,085 | $ | 0.91 | |
| Sustaining Capital Expenditures | $ | 352 | $ | 0.03 | $ | 720 | $ | 0.05 | |
| AISC | $ | 14,151 | $ | 1.01 | $ | 14,805 | $ | 0.96 | |
Sustaining capital expenditures
Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature. Expansionary capital expenditures are expenditures that are deemed expansionary in nature. The following table reconciles sustaining capital expenditures and expansionary capital expenditures to the Company’s additions to mineral, properties, plant and equipment (or total capital expenditures):
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Sustaining capital expenditures | $ | 352 | $ | 720 | |||
| Expansionary capital expenditures | 1,454 | - | |||||
| Additions to mineral, properties, plant and equipment | $ | 1,806 | $ | 720 | |||
Net Debt
Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below.
| As at March 31, | As at December 31, | |||||
| 2026 | 2025 | |||||
| Current portion of debt | $ | 9,955 | $ | 23,387 | ||
| Non-current portion of debt | 16,716 | 2,777 | ||||
| Total debt | $ | 26,671 | $ | 26,164 | ||
| Less: Cash and cash equivalents | (13,816 | ) | (17,484 | ) | ||
| Net debt | $ | 12,855 | $ | 8,680 | ||
Free Cash Flow
Free cash flow is calculated as net cash generated from (used in) operating activities less capital expenditures. The Company believes this measure assists investors in evaluating the cash generation of its operations after capital investments. A reconciliation of free cash flow is provided below.
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net cash generated (used) by operating activities | $ | (2,045 | ) | $ | 203 | ||
| Less: Capital expenditures | (1,806 | ) | (720 | ) | |||
| Free cash flow | $ | (3,851 | ) | $ | (517 | ) | |
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures that do not have a standardised meaning prescribed by IFRS and may not be comparable to similarly titled measures used by other issuers. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with IFRS. The Company presents EBITDA and Adjusted EBITDA because management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use these measures to evaluate the Company's operating performance and its ability to generate cash flows and service its debt obligations.
EBITDA is defined as net income (loss) before interest expense (net of interest income), income tax expense, depreciation, depletion, and amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude items that are significant in amount but not reflective of the underlying operating performance of the Company, including: (i) graphite project expenses; (ii) graphite feasibility study expenses; (ii) fair value changes on derivative-classified warrants (being the Special Warrants issued in December 2025 and the resulting Class A and Class B Warrants); (iv) unrealized foreign exchange gains and losses; (v) Special Warrant issuance costs; (vi) non-cash stock-based compensation expense; (vii) impairments; and (viii) gains and losses on disposals of assets and non-cash gains and losses on loan modifications.
In particular, the Company excludes graphite project expenses related to the graphite demonstration facility and the graphite feasibility expenses because both adjustments are growth projects and not indicative of the underlying operating performance. Additionally, fair value changes on derivative-classified warrants from Adjusted EBITDA are excluded because such adjustments are: (i) entirely non-cash; (ii) a mandatory consequence of IFRS accounting requirements applicable to equity instruments denominated in a currency other than the Company's Canadian dollar functional currency, rather than a reflection of any change in the Company's operating performance or financial condition; and (iii) not expected to affect the Company's future cash flows, as the amount of cash received or receivable by the Company in connection with these instruments is fixed at the original subscription price (USD
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income (loss) before tax | $ | (13,342 | ) | $ | 354 | ||
| Depreciation and depletion of mineral property, plant and equipment | 1,043 | 1,506 | |||||
| Interest and accretion on debt | 516 | 693 | |||||
| Interest income | (99 | ) | (89 | ) | |||
| Amortization and accretion expenses | 81 | 87 | |||||
| EBITDA (non GAAP) | (11,801 | ) | 2,551 | ||||
| Graphite project expenses | 905 | - | |||||
| Graphite feasibility study | 1,365 | - | |||||
| Stock-based compensation | 221 | 127 | |||||
| Loss on fair value of derivative financial instruments(1) | 13,192 | - | |||||
| Adjusted EBITDA (Non GAAP) | $ | 3,882 | $ | 2,678 | |||
1. The loss on fair value of derivative financial instruments arises from the issue, in December 2025, of 6,666,666 Special Warrants for proceeds of
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its
Media & Investor Contact
Irina Kuznetsova
Director, Investor Relations
Phone: (778) 870-7735
Email: info@titanminingcorp.com
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this news release constitute “forward-looking statements”, and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including statements regarding: Titan looks to become a key component of the U.S minerals security supply chain; forecast Adjusted EBITDA of
