Titan Mining Revenue Jumps 57%, Graphite Project Advances

Titan Mining posted a record second quarter. Revenue rose 57% year over year, and adjusted EBITDA nearly quadrupled. The company also secured two graphite customer agreements and advanced its Kilbourne graphite project toward a 2027 construction decision.

CEO Rita Adiani said the quarter reflected the strength of zinc operations and progress on strategic initiatives. The balance sheet is materially stronger, she added. Available liquidity stood at $29.1 million at June 30, comprising $13.3 million in cash and $15.8 million of undrawn EXIM facility capacity.

Zinc mining in Q2 focused on the Mahler, New Fold and Mud Pond zones in the No. 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 from 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 work included completing the New Fold-Mahler connection, improving ventilation in the lower mining zones. Ramp development continued in New Fold and Upper Mahler. Capital projects advanced as planned, including the production shaft rail replacement, rehabilitation of the No. 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.

On the graphite side, the Kilbourne 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 a proposed 40,000-tonne-per-annum facility remains on schedule, with $5.3 million of the $20.7 million budget incurred as of June 30. After the quarter closed, 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 work included 9,100 feet of underground drilling across 19 holes at the zinc operation, supporting definition programs at Mud Pond, Lower Mahler and New Fold. Surface drilling tested the Little York and Bend targets, with assay results pending. At Kilbourne, drilling totaled 2,278 feet across seven holes, including infill and geotechnical work for the feasibility study. Hole KX26-080 intersected 2.8% Cg over 106.5 feet, including 3.3% Cg over 49.9 feet. Remaining assays are pending.

Titan also completed a property-wide germanium sampling program across six underground ore bodies and two historic tailings facilities, confirming district-wide enrichment. The program is advancing to prioritization and recovery test work in parallel with ongoing mineralogical studies and the Teck cooperation agreement.

The company's growth initiatives, including exploration, the graphite demonstration facility and the graphite feasibility study, totaled $4.8 million in spending during the quarter and $7.1 million for the first half. These were fully funded through equity and debt proceeds and are expensed under Titan's accounting policies. Operating cash flow after working capital changes was $0.3 million in the quarter; for the first half, operating cash outflow was $1.8 million, reflecting the investment in growth.

Titan is positioning itself as a U.S. supplier of critical minerals to defense and industrial supply chains. The Kilbourne graphite project, if it reaches construction, would add domestic graphite production at a time when the U.S. is seeking to reduce reliance on foreign sources. The company's zinc operations continue to generate cash flow to support these growth plans.