Titan Mining Reports 57% Revenue Growth and Nearly 4x Adjusted EBITDA
Rhea-AI Summary
Titan Mining (NYSE-A:TII, TSX:TI) reported record Q2 2026 results, with zinc production of 17.5 million payable pounds, up 13% year-over-year and 23% quarter-over-quarter. Revenue rose 57% to $25.7 million, while Adjusted EBITDA reached $9.6 million, up 272% year-over-year and 135% from Q1.
Net income was $5.4 million ($0.06 per share) versus $0.5 million a year earlier. C1 cash costs fell to $0.88/lb and AISC to $0.96/lb, both below full-year guidance ranges. Net debt declined to $12.8 million from $24.2 million, with total liquidity of $29.1 million. 2026 production and cost guidance was reaffirmed.
Strategically, Titan received U.S. Army Conditional Selection Notices for Enhanced Use Lease opportunities to host the Kilbourne graphite purification plant, supports financing interest of up to $120 million from EXIM Bank, secured a graphite supply agreement with RHI Magnesita plus a U.S. aerospace LOI, confirmed battery-grade graphite production, and advanced a germanium recovery cooperation with Teck Resources.
Positive
- Q2 2026 revenue up 57% year-over-year to $25.7 million
- Adjusted EBITDA up 272% year-over-year to $9.6 million
- Net income improved to $5.4 million from $0.5 million in Q2 2025
- C1 cash costs reduced to $0.88/lb, below 2026 guidance range
- AISC lowered to $0.96/lb, also below full-year guidance
- Net debt cut to $12.8 million, down from $24.2 million a year ago
- Available liquidity of $29.1 million, including undrawn EXIM facility
- U.S. Army Conditional Selection for Kilbourne graphite plant Enhanced Use Leases
- EXIM Bank financing interest of up to $120 million for graphite strategy
- Graphite supply agreement with RHI Magnesita and LOI with U.S. aerospace customer
- Battery-grade graphite confirmed across full processing chain
- Cooperation agreement with Teck to evaluate germanium recovery as incremental revenue stream
Negative
- Six-month 2026 net loss before tax of $7.3 million
- Non-cash fair value loss of $10.5 million on derivatives in first half 2026
- Q2 2026 operating cash flow after working capital only $0.3 million
- First-half 2026 operating cash outflow of $1.8 million
- Q1 2026 C1 cash cost and AISC retroactively increased by $0.06 and $0.05 per pound
- N2D mining zone operations temporarily suspended until expected restart in Q4 2026
News Explained
Reported liquidity was 29.1 million dollars, including 15.8 million dollars of undrawn EXIM capacity rather than cash already held.
Kilbourne remains pre-construction: Titan says its feasibility study is fully funded, but a construction decision targeted for
As at
For the first half of 2026, operating cash outflow was
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 05 | Graphite supply agreement | Positive | +6.9% | Conditional RHI Magnesita agreement followed laboratory qualification and commercial-scale testing. |
| Jul 31 | Update call notice | Neutral | -3.9% | Company scheduled Q2 2026 results and an investor webcast for August 12. |
| Jul 29 | Graphite LOI | Positive | -1.0% | Non-binding aerospace and defense graphite LOI began customer qualification testing. |
| Jul 15 | Graphite processing results | Positive | +2.3% | Testing validated graphite processing and confirmed battery-grade purification results. |
| Jul 07 | Germanium exploration update | Positive | -6.6% | Sampling confirmed district-wide germanium enrichment across ore bodies and tailings facilities. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
TII's recent news reactions were mixed, with positive commercialization and exploration announcements producing both aligned and divergent price responses.
Key Terms
adjusted ebitda financial
c1 cash cost financial
aisc financial
ni 43-101 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
U.S. Graphite Strategy Accelerates with Supply Agreements and U.S. Army Conditional Selection
GOUVERNEUR, N.Y., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Titan Mining Corporation (NYSE-A:TII, TSX:TI) (“Titan” or the “Company”), a U.S.-focused critical minerals producer and developer, today reported record financial performance for the second quarter ended June 30, 2026.
Q2 2026 HIGHLIGHTS(1)(2)
Operating and Financial Performance:
- Zinc production: 17.5 million payable pounds, up
13% year-over-year and up23% from Q1 2026, ahead of the mine plan - Revenue:
$25.7 million , up57% from Q2 2025 and up31% from Q1 2026 — the Company’s highest quarterly revenue since Q4 2024 - Adjusted EBITDA:
$9.6 million , up272% year-over-year and up135% quarter-over-quarter; first-half Adjusted EBITDA of$13.6 million is on track for the$20 –$28 million full-year guidance(3) - Net income:
$5.4 million , or$0.06 per basic share, compared with$0.5 million in Q2 2025 - Zinc price: Average provisional price of
$1.57 per pound, up7% from Q1 2026; spot zinc price has risen significantly since quarter-end, currently trading at a 4-year high near$1.70 per pound - Cash costs(4): C1 cash costs of
$0.88 per pound, down15% from Q1 2026 and below the low end of the full-year guidance range of$0.93 –$1.01 per pound; AISC of$0.96 per pound, down9% quarter-over-quarter and below the full-year guidance range of$1.07 –$1.17 per pound - Cash flow: Operating cash flow before changes in non-cash working capital of
$4.9 million , up156% from Q1 2026 - Balance sheet: Net debt of
$12.8 million , down47% from$24.2 million a year ago; well-positioned with available liquidity of$29.1 million and net working capital of$17.8 million at quarter-end - Guidance reaffirmed: Remain on track for 2026 production of 62 – 66 million payable zinc pounds, C1 cash costs of
$0.93 –$1.01 per pound and AISC of$1.07 –$1.17 per pound, with sustaining capital expenditures weighted toward the second half of the year
Strategic and Corporate Developments:
- Historic U.S Army Support: Titan received Conditional Selection Notices for Enhanced Use Lease opportunities at two strategic defense installations under the U.S. Army's Strategic Capital Initiatives program and is finalizing Business Terms Agreements to build and operate the Kilbourne graphite purification plant on Army property. This federal support is in addition to the previously announced expression of financing interest of up to
$120 million from EXIM Bank under its Make More in America program and existing financing for the Kilbourne feasibility study. - Graphite Commercialization: Subsequent to quarter-end, Titan secured two customer agreements supporting commercialization of the Kilbourne Graphite Project—one conditional supply agreement with RHI Magnesita, a global leader in refractory products, following successful laboratory qualification and commencement of commercial-scale trials, and a non-binding LOI with a U.S. aerospace, defense and advanced industrial manufacturer, with customer qualification underway. Together, these agreements support Titan's strategy of building its commercial order book and advancing toward commercial production.
- Battery-Grade Graphite Confirmed: Titan announced positive results across its full processing chain, from ore concentration through battery-grade spherical graphite, confirming the Preliminary Economic Assessment design assumptions and supporting the ongoing Feasibility Study.
- Germanium Upside: Titan entered into a cooperation agreement with Teck Resources to evaluate germanium recovery from existing ESM process streams. District-wide sampling also confirmed widespread germanium enrichment, highlighting the potential for an incremental revenue stream alongside the existing zinc operation.
- Unless noted otherwise, all monetary figures are expressed in U.S. Dollars.
- 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”.
- 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.
- C1 cash cost and AISC reported for Q1 2026 have been revised to align with the definitions outlined in the Non-GAAP Performance Measures section below and past practice, resulting in increases of
$0.06 and$0.05 per pound, respectively, compared with the figures reported in Titan’s Q1 2026 MD&A dated May 12, 2026
Rita Adiani, President and Chief Executive Officer, commented: "Titan delivered a record quarter. Revenue grew
Just as important, the balance sheet is materially stronger, providing flexibility to advance our strategic initiatives. Available liquidity stands at
TABLE 1 Operating and Financial Highlights(1)(2)
| 2026 | 2025 | ||||||||||||||
| Q2 | Q1 | FY | Q4 | Q3 | Q2 | Q1 | |||||||||
| Operating | |||||||||||||||
| Payable zinc produced | mlbs | 17.5 | 14.2 | 64.3 | 18.7 | 14.6 | 15.5 | 15.4 | |||||||
| Payable zinc sold | mlbs | 17.2 | 14.0 | 64.2 | 18.7 | 13.8 | 16.0 | 15.6 | |||||||
| Average provisional zinc price | $/lb | 1.57 | 1.47 | 1.31 | 1.43 | 1.29 | 1.20 | 1.29 | |||||||
| C1 Cost | $/lb | 0.88 | 1.043 | 0.92 | 0.88 | 1.01 | 0.90 | 0.91 | |||||||
| AISC | $/lb | 0.96 | 1.063 | 0.98 | 0.96 | 1.13 | 0.90 | 0.96 | |||||||
| Financial | |||||||||||||||
| Revenue | $m | 25.7 | 19.6 | 74.2 | 25.1 | 16.8 | 16.3 | 16.0 | |||||||
| Net Income (loss) before tax | $m | 6.1 | (13.3 | ) | (0.0 | ) | (1.0 | ) | 0.1 | 0.5 | 0.4 | ||||
| Earnings (loss) per share- basic | $/sh | 0.06 | (0.14 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Adjusted EBITDA | $m | 9.6 | 4.1 | 16.3 | 8.2 | 2.9 | 2.6 | 2.5 | |||||||
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | 4.9 | 1.9 | 13.9 | 6.7 | 2.2 | 2.4 | 2.7 | |||||||
| Cash Flow from Operating Activities after changes in non-cash working capital | $m | 0.3 | (2.1 | ) | 12.6 | 5.5 | 5.0 | 1.8 | 0.2 | ||||||
| Financial Position | |||||||||||||||
| Cash & Cash Equivalents | $m | 13.3 | 13.8 | 17.5 | 17.5 | 4.3 | 8.1 | 12.2 | |||||||
| Net Debt | $m | 12.8 | 12.9 | 8.7 | 8.7 | 25.1 | 24.2 | 23.1 | |||||||
- Unless noted otherwise, all monetary figures are expressed in U.S. Dollars.
- 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”.
- C1 cash cost and AISC reported for Q1 2026 have been revised to align with the definitions outlined in the Non-GAAP Measures section of this MD&A and past practice. This has resulted in C1 cash cost and AISC for Q1 2026 increasing by
$0.06 and$0.05 per pound, respectively, compared to the figures reported in Titan’s Q1 2026 MD&A dated May 12, 2026.
Net income before tax for Q2 2026 was
Cash generated from operating activities, after changes in non-cash working capital, was
The Company ended the quarter with
ZINC OPERATIONS REVIEW
Mining in Q2 2026 focused on the Mahler, New Fold and Mud Pond zones in the #4 mine. Recovery of high-grade pillars in Lower Mahler and longhole stoping in the Mud Pond Apron delivered above-target grades and tonnes, fully recovering the production shortfall caused by the first-quarter hoisting outage. Mining in the N2D zone remained temporarily suspended, with equipment redeployed to the higher-grade Mud Pond Apron; operations are expected to resume in the fourth quarter.
Development was completed on the New Fold–Mahler connection, improving ventilation in the lower mining zones, while ramp development continued in New Fold and Upper Mahler. Capital projects advanced as planned, including the production shaft rail replacement, rehabilitation of the #2 shaft secondary egress, fine ore bin chute rebuild, and power expansion at Mud Pond. A 42-ton haul truck and mechanical bolter were delivered and are expected to be commissioned by year-end.
GRAPHITE UPDATE
During Q2 2026, the Kilbourne Graphite Project advanced across all key workstreams. The demonstration facility improved throughput and concentrate grade through process optimization and delivered its first large-volume shipment to a Tier 1 customer. The fully funded Feasibility Study for the proposed 40,000 tpa facility remains on schedule, with
EXPLORATION UPDATE
Zinc: Underground drilling totalled 9,100 feet across 19 holes, supporting exploration and definition programs at Mud Pond, Lower Mahler and New Fold. Surface Drilling also tested the Little York and Bend targets, with assay results pending. Planned drilling includes continued definition and long-range exploration at New Fold, and definition drilling at Upper Mahler beginning in August.
Kilbourne Graphite Project: Drilling totalled 2,278 feet across seven holes, including infill and geotechnical drilling in support of the Feasibility Study. Hole KX26-080 intersected
Germanium: Titan completed a property-wide sampling program across six underground ore bodies and two historic tailings facilities, confirming district-wide germanium enrichment. The program is advancing to prioritization and recovery test work in parallel with ongoing mineralogical studies and the Teck cooperation agreement.
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” with an effective date of December 1, 2025, for additional information.
Refer to the Company’s news release titled “Titan Extends Kilbourne Graphite Mineralization, Advances Germanium and the 2026 Multi-Commodity Exploration Strategy” dated April 16, 2026, for additional information regarding recent graphite drilling results.
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 June 30, | Six months ended June 30, | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | Total | Per pound | Total | Per pound | ||||||||||
| Pounds of payable zinc sold (millions) | 17.19 | 16.04 | 31.16 | 31.61 | ||||||||||||||
| Cost of Sales(1) | $ | 12,996 | $ | 0.76 | $ | 12,750 | $ | 0.80 | $ | 25,867 | $ | 0.83 | $ | 24,871 | $ | 0.79 | ||
| Smelting and refining costs | $ | 2,140 | $ | 0.12 | $ | 1,671 | $ | 0.10 | $ | 3,781 | $ | 0.12 | $ | 3,636 | $ | 0.12 | ||
| Total C1 cash cost | $ | 15,136 | $ | 0.88 | $ | 14,421 | $ | 0.90 | $ | 29,648 | $ | 0.95 | $ | 28,507 | $ | 0.91 | ||
| Sustaining capital expenditures | $ | 1,412 | $ | 0.08 | $ | 27 | $ | 0.00 | $ | 1,764 | $ | 0.06 | $ | 748 | $ | 0.02 | ||
| AISC | $ | 16,548 | $ | 0.96 | $ | 14,448 | $ | 0.90 | $ | 31,412 | $ | 1.01 | $ | 29,255 | $ | 0.93 | ||
(1) Cost of sales excluding depreciation and share-based compensation, as these items are non-cash in nature.
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):
| Six months ended June 30, | ||||
| 2026 | 2025 | |||
| Sustaining capital expenditures | $ | 1,764 | $ | 748 |
| Expansionary capital expenditures | 1,771 | 3,024 | ||
| Additions to mineral properties, plant and equipment | $ | 3,535 | $ | 3,772 |
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 June 30, 2026 | As at December 31, 2025 | |||||
| Current portion of debt | $ | 9,976 | $ | 23,387 | ||
| Non-current portion of debt | 16,119 | 2,777 | ||||
| Total Debt | $ | 26,095 | $ | 26,164 | ||
| Less: Cash and cash equivalents | 13,302 | (17,484 | ) | |||
| Net debt | $ | 12,793 | $ | 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.
| Six months ended June 30, | ||||||
| 2026 | 2025 | |||||
| Net cash generated (used) by operating activities | $ | (1,784 | ) | $ | 2,022 | |
| Less: Capital expenditures | (3,535 | ) | (3,772 | ) | ||
| Free cash flow | $ | (5,319 | ) | $ | (1,750 | ) |
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures that do not have a standardized 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) 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 June 30, | Six months ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net income (loss) before tax | $ | 6,063 | $ | 539 | $ | (7,279 | ) | $ | 893 | ||||
| Depreciation and depletion of mineral property, plant and equipment | 1,250 | 1,541 | 2,293 | 3,047 | |||||||||
| Depreciation of right-of-use assets | 12 | 19 | 40 | 34 | |||||||||
| Interest and other finance expenses | 516 | 465 | 1,032 | 1,023 | |||||||||
| Interest income | (90 | ) | (115 | ) | (189 | ) | (204 | ) | |||||
| Accretion expense | 86 | 82 | 167 | 169 | |||||||||
| EBITDA | 7,837 | 2,531 | (3,936 | ) | 4,962 | ||||||||
| Graphite project expenses | 871 | - | 1,776 | - | |||||||||
| Graphite feasibility study | 3,926 | - | 5,291 | - | |||||||||
| Stock-based compensation | 227 | 78 | 448 | 205 | |||||||||
| Foreign exchange (gain) loss | (598 | ) | (40 | ) | (446 | ) | (57 | ) | |||||
| Loss (gain) on fair value of derivative financial instruments | (2,699 | ) | - | 10,493 | - | ||||||||
| Adjusted EBITDA | $ | 9,564 | $ | 2,569 | $ | 13,626 | $ | 5,110 | |||||
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 is well positioned to become a leading U.S. supplier of critical minerals to defense and industrial supply chains; that first-half Adjusted EBITDA is on track for the full-year Adjusted EBITDA guidance of
