Titan Mining (TII) surges with 57% revenue jump and nearly 4x Adjusted EBITDA

Rhea-AI Filing Summary

Titan Mining Corporation reported a record second quarter for the period ended June 30, 2026, driven by stronger zinc operations and progress in its critical minerals strategy. Revenue was $25.7 million, up 57% year-over-year, and zinc production reached 17.5 million payable pounds, 13% higher than a year earlier. Adjusted EBITDA rose to $9.6 million, up 272% year-over-year, while net income was $5.4 million, or $0.06 per basic share. C1 cash costs declined to $0.88 per pound and AISC to $0.96 per pound, both below the company’s full-year guidance ranges. Net debt stood at $12.8 million, down 47% from $24.2 million a year ago, with available liquidity of $29.1 million. Guidance for 2026 zinc production of 62–66 million payable pounds and cost ranges was reaffirmed, and first-half Adjusted EBITDA of $13.6 million is described as on track for full-year guidance of $20–$28 million.

Strategically, Titan advanced its U.S. graphite platform. It received U.S. Army Conditional Selection Notices for Enhanced Use Lease opportunities tied to the planned Kilbourne graphite purification plant and continues to work toward Business Terms Agreements. Subsequent to quarter-end, Titan secured two graphite customer arrangements: a conditional supply agreement with RHI Magnesita and a non-binding LOI with a U.S. aerospace, defense and advanced industrial manufacturer, supporting commercialization of the Kilbourne Graphite Project. The company confirmed battery-grade spherical graphite across the full processing chain and is progressing a fully funded feasibility study for a proposed 40,000 tpa facility, with a construction decision targeted for early 2027 subject to study results, approvals and financing. Titan also highlighted potential germanium upside through a cooperation agreement with Teck Resources to evaluate recovery from existing process streams and district-wide sampling that confirmed germanium enrichment.

Positive

• Q2 2026 revenue grew 57% to $25.7 million, with zinc production up 13% year-over-year and average provisional zinc price rising to $1.57/lb, supporting significantly stronger top-line performance.
• Adjusted EBITDA increased 272% year-over-year to $9.6 million, and first-half Adjusted EBITDA of $13.6 million is described as on track for full-year guidance of $20–$28 million, indicating improved operating profitability.
• C1 cash costs fell to $0.88/lb and AISC to $0.96/lb, both below full-year guidance ranges, reflecting better cost control and margin expansion at the zinc operation.
• Net debt declined to $12.8 million from $24.2 million a year earlier, a 47% reduction, while available liquidity reached $29.1 million, strengthening the balance sheet.
• Titan advanced its U.S. graphite strategy with U.S. Army Conditional Selection Notices, potential EXIM Bank financing interest of up to $120 million, and two graphite customer agreements supporting commercialization of the Kilbourne Graphite Project.

Negative

• Despite a strong quarter, the company reported a net loss before tax of $7.3 million for the first half of 2026, driven primarily by a non-cash fair value loss of $10.5 million on derivative financial instruments.
• Free cash flow for the first half of 2026 was negative at $5,319, as net cash used in operating activities of $1,784 and capital expenditures of $3,535 reflected ongoing investment in exploration and graphite growth initiatives.

Filing Explained

At June 30, $15.8 million of reported liquidity was undrawn EXIM capacity, while first-half free cash flow was negative $5,319 thousand.

As a Form 6-K, this filing furnishes Titan Mining’s interim information; it reports completed second-quarter results and a June 30 balance sheet, with liquidity presented partly as undrawn financing capacity rather than cash alone.

At June 30, available liquidity was $29.1 million, consisting of $13.3 million in cash and $15.8 million of undrawn EXIM facility capacity; separately, the filing describes up to $120 million from EXIM as an expression of financing interest, so that amount is not disclosed as committed funding.

For the six months ended June 30, operating cash flow after working-capital changes was an outflow of $1.8 million and free cash flow was negative $5,319 thousand, after $3,535 thousand of capital expenditures.

The filing attributes $7.1 million of first-half spending to growth initiatives, including exploration, the graphite demonstration facility and the feasibility study, and says those initiatives were funded through equity and debt proceeds.

Key Figures

Q2 2026 Revenue: 25.7 $m Q2 2026 Adjusted EBITDA: 9.6 $m Q2 2026 Net Income per Share: 0.06 $/sh +5 more

8 metrics

Q2 2026 Revenue 25.7 $m Three months ended June 30, 2026 revenue, up 57% year-over-year

Q2 2026 Adjusted EBITDA 9.6 $m Three months ended June 30, 2026; up 272% year-over-year

Q2 2026 Net Income per Share 0.06 $/sh Basic earnings per share for the three months ended June 30, 2026

Payable Zinc Produced 17.5 mlbs Q2 2026 payable zinc production, up 13% year-over-year

C1 Cash Cost 0.88 $/lb Q2 2026 C1 cash cost per payable pound of zinc sold

AISC 0.96 $/lb Q2 2026 All-In Sustaining Cost per payable pound of zinc sold

Net Debt 12.8 $m Net debt at June 30, 2026, down from $24.2 million a year ago

Available Liquidity 29.1 $m Cash plus undrawn EXIM facility capacity at June 30, 2026

Key Terms

C1 cash cost, All-In Sustaining Cost, Adjusted EBITDA, Enhanced Use Lease, +2 more

6 terms

C1 cash cost financial

"C1 cash costs of $0.88 per pound, down 15% from Q1 2026"

C1 cash cost is a per-unit measure of the direct cash outlay required to produce a commodity, covering day-to-day expenses like extraction, processing and on-site labor but typically excluding long-term investments such as major equipment replacement or development projects. Investors use it like a baker watching the cost of ingredients per loaf: it shows operating efficiency and helps compare producers’ short-term profitability and cash generation before bigger capital needs are considered.

All-In Sustaining Cost financial

"AISC of $0.96 per pound, down 9% quarter-over-quarter"

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

Adjusted EBITDA financial

"Adjusted EBITDA: $9.6 million, up 272% year-over-year"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Enhanced Use Lease regulatory

"Conditional Selection Notices for Enhanced Use Lease opportunities"

An enhanced use lease is a long-term agreement in which a government agency lets a private developer use underused public land or buildings in return for cash, services, or property improvements rather than traditional rent. For investors, it creates opportunities to build or operate revenue-generating projects on valuable sites owned by the government, but carries extra risk and complexity because approvals, construction requirements, and future use are controlled by public rules—like leasing a house from a landlord who also sets strict renovation rules.

Preliminary Economic Assessment technical

"confirming the Preliminary Economic Assessment design assumptions"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

Free cash flow financial

"Free cash flow is calculated as net cash generated from operating activities"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/12/2026 - 06:05 AM Accepted by SEC EDGAR 08/12/2026 - 06:05 AM Learn about SEC filing dates

FAQ

How did Titan Mining (TII) perform financially in Q2 2026?

Titan Mining reported Q2 2026 revenue of $25.7 million, up 57% year-over-year, and Adjusted EBITDA of $9.6 million, up 272%. Net income was $5.4 million, or $0.06 per basic share, supported by higher zinc production and improved pricing.

What were Titan Mining (TII)’s key operating metrics for zinc in Q2 2026?

In Q2 2026, Titan produced 17.5 million payable pounds of zinc and sold 17.2 million pounds. C1 cash costs were $0.88 per pound and AISC $0.96 per pound, both below full-year guidance ranges.

What is Titan Mining (TII)’s 2026 guidance for zinc production and costs?

Titan reaffirmed 2026 guidance for 62–66 million payable zinc pounds, with 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.

How strong is Titan Mining (TII)’s balance sheet and liquidity?

At June 30, 2026, Titan reported net debt of $12.8 million, down 47% from $24.2 million a year earlier, and available liquidity of $29.1 million, including $13.3 million in cash and $15.8 million of undrawn EXIM facility capacity.

What progress has Titan Mining (TII) made on its Kilbourne Graphite Project?

Titan advanced Kilbourne with a fully funded feasibility study (budget $20.7 million, $5.3 million incurred), confirmation of battery-grade spherical graphite, and two customer arrangements to support commercialization, while targeting a construction decision in early 2027 subject to approvals and financing.

What is the significance of the U.S. Army and EXIM support for Titan Mining (TII)?

Titan received U.S. Army Conditional Selection Notices for Enhanced Use Lease opportunities tied to a planned graphite purification plant and has an EXIM Bank expression of financing interest of up to $120 million, supporting its U.S. critical minerals positioning.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-42955

Titan Mining Corporation
(Translation of registrant's name into English)

408 Sylvia Lake Rd
Gouverneur, New York
NY 13642
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

The following documents are being submitted herewith:

Exhibit		Description
99.1		Press Release dated August 12, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Titan Mining Corporation
		(Registrant)
Date: August 12, 2026		/s/ Purni Parikh
		Purni Parikh
		SVP Corporate Affairs and Corporate Secretary

EXHIBIT 99.1

 

Titan Mining Reports 57% Revenue Growth and Nearly 4x Adjusted EBITDA

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 up 23% from Q1 2026, ahead of the mine plan
• Revenue: $25.7 million, up 57% from Q2 2025 and up 31% from Q1 2026 — the Company’s highest quarterly revenue since Q4 2024
• Adjusted EBITDA: $9.6 million, up 272% year-over-year and up 135% 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, up 7% 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, down 15% 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, down 9% 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, up 156% from Q1 2026
• Balance sheet: Net debt of $12.8 million, down 47% 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.
  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.
  4. 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 57% and Adjusted EBITDA nearly quadrupled year-over-year, reflecting the strength of our zinc operations. We have continued to advance our Kilbourne graphite project by securing two graphite customer agreements, validating Kilbourne and launching our commercial order book.

Just as important, the balance sheet is materially stronger, providing flexibility to advance our strategic initiatives. Available liquidity stands at $29.1 million, and our zinc operation is generating cash flow to support growth. With a fully funded feasibility study and growing commercial momentum, Titan is well positioned to become a leading U.S. supplier of critical minerals to defense and industrial supply chains”.

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

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. 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 $6.1 million, including a non-cash fair value gain of $2.7 million on derivative financial instruments measured at fair value through profit or loss under IFRS. For the six months ended June 30, 2026, the Company recorded a net loss before tax of $7.3 million, primarily reflecting a non-cash fair value loss of $10.5 million recognized for the six months ended June 30, 2026.

Cash generated from operating activities, after changes in non-cash working capital, was $0.3 million during the quarter. For the first half of 2026, operating cash outflow was $1.8 million, reflecting continued investment in growth initiatives, including exploration, the graphite demonstration facility and the graphite feasibility study, which totaled $4.8 million during the quarter and $7.1 million for the first half. These growth initiatives were fully funded through equity and debt proceeds and are expensed under the Company's accounting policies.

The Company ended the quarter with $29.1 million of available liquidity, comprising $13.3 million in cash and $15.8 million of undrawn EXIM facility capacity.

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 $5.3 million of the $20.7 million budget incurred as of June 30, 2026. Subsequent to quarter-end, Titan confirmed battery-grade graphite production across the full processing chain, validating the Preliminary Economic Assessment design assumptions. A construction decision remains targeted for early 2027, subject to Board approval, Feasibility Study results, permitting and financing.

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 2.8% Cg over 106.5 feet, including 3.3% Cg over 49.9 feet, with remaining assays pending. Field work has now shifted primarily to geotechnical activities supporting the Feasibility Study.

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 $15 million) and, in the case of warrant exercises, at the fixed exercise prices of $3.04 per share (Class A) and $3.71 per share (Class B).

	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 100%-owned Empire State Mine located in New York State. Titan is also the United States' first end-to-end producer of natural flake graphite in 70 years and is advancing graphite and germanium initiatives to strengthen domestic critical minerals supply chains. The Company has also received support from the U.S. Export-Import Bank (EXIM) under its Make More in America Initiative. Titan’s goal is to deliver shareholder value through operational excellence, development, and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com. 

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 $20 - $28 million; that sustaining capital expenditures are weighted to the second half of 2026 and that 2026 production, C1 cash costs and AISC will fall within guidance; that mining activities will restart in the N2D zone in the fourth quarter of 2026; the potential for germanium recovery from existing ESM process streams and for germanium to provide an incremental revenue stream alongside the existing zinc operation, including the results of work conducted under the Teck Resources cooperation agreement, prioritization and recovery test work and ongoing mineralogical studies; that the conditional supply agreement with RHI Magnesita and the non-binding Letter of Intent with a U.S. aerospace, defense and advanced industrial manufacturer will advance to definitive agreements or commercial sales; the successful completion of industrial-scale production trials and customer qualification programs; that securing two graphite customer agreements provides commercial validation for Kilbourne and supports Titan’s continued development of its commercial order book and advancement toward commercial production; that the results confirming battery-grade spherical graphite across the full processing chain will be replicated at commercial scale and support the ongoing Feasibility Study; the finalization of Business Terms Agreements with the U.S. Army in respect of Enhanced Use Lease opportunities at two strategic defense installations and the building and operation of the Kilbourne graphite purification plant on U.S. Army property; the potential availability of up to $120 million of financing from EXIM; the timing and results of the Kilbourne Feasibility Study and a construction decision targeted by early 2027, subject to Board approval, Feasibility Study results, permitting and financing; that ESM remains on track to achieve its 2026 production, C1 cash cost and AISC guidance; that the 42-ton haul truck and mechanical bolter will be commissioned by year-end; that drilling will continue in the second half of 2026 with continued definition and long-range exploration at New Fold and definition drilling at Upper Mahler beginning in August and advancing geotechnical work; and the timing and results of pending assays from the Little York and Bend targets. When used in this news release words such as “to be”, “believe”, “targeted”, “could”, “will”, “planned”, “expected”, “potential”, and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of zinc, graphite and germanium; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in New York State; risks due to legal proceedings; and risks related to operation of mining projects generally; risks relating to changes in trade measures affecting graphite, including the absence of antidumping and countervailing duty orders on active anode material following the U.S. International Trade Commission’s negative determinations, and changes to Section 301 or other tariffs; risks that customer qualification programs are not completed successfully or that non-binding arrangements do not result in definitive agreements; reliance on a limited number of customers and on third-party processing capacity; risks associated with government contracting, Enhanced Use Leases and government-supported financing programs, including that the Conditional Selection Notices may not result in finalized Business Terms Agreements, Enhanced Use Leases or construction and operation of the Kilbourne graphite purification plant on U.S. Army property; risks that the Feasibility Study is delayed or its results do not support development, or that Board approval, permits or financing for a construction decision are not obtained; risks that germanium recovery testing does not establish a technically or economically viable commercial opportunity; risks that the Company does not achieve its 2026 production, cost or Adjusted EBITDA guidance, resume N2D zone operations, commission equipment or complete planned drilling on the anticipated timelines; risks that pending assay results do not meet expectations; and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators and the United States Securities and Exchange Commission. Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the preliminary economic assessment; our experience with regulators; political and social support of the mining industry in New York State; our experience and knowledge of the New York State mining industry and our expectations of economic conditions and the price of zinc, graphite and germanium; demand for graphite and germanium; exploration results; the ability to secure adequate financing (as needed); the continued availability of the EXIM facility and that the expression of interest of up to $120 million converts into committed financing; that the Kilbourne Feasibility Study will remain on schedule and produce results supporting development; that the Board will approve a construction decision and required permits and financing will be available on acceptable terms; that Business Terms Agreements with the U.S. Army will be finalized on acceptable terms; the applicable Enhanced Use Lease opportunities will proceed and all required governmental approvals will be obtained; that customer qualification programs and commercial-scale processing will be completed successfully; that the customer agreements are indicative of potential commercial demand and will support the continued development of the Company’s commercial order book; that germanium recovery testing will support a technically and economically viable commercial opportunity; that planned operations, equipment commissioning, drilling and geotechnical work will proceed on schedule and pending assay results will support the Company’s exploration objectives; that production, costs, zinc prices and other operating and market conditions will support the Company’s 2026 guidance; the continuity of U.S. federal policy support for domestic critical minerals production; the availability of third-party processing capacity on commercially acceptable terms; the Company maintaining its current strategy and objectives; and the Company’s ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 127.8 KB