Titan Mining Q1 2026 Earnings Report

Titan Mining EPS Results

• Actual EPS: -$0.14
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Titan Mining Revenue Results

• Actual Revenue: $19.60 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Titan Mining Announcement Details

• Quarter: Q1 2026
• Date: 5/12/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, May 13, 2026
• Conference Call Time: 11:00AM ET

Titan Mining (NYSEAMERICAN:TII), a natural resource company, acquires, explores, develops, produces, and extracts mineral properties. The company explores for zinc and graphite, as well as iron-oxide copper gold deposits. Its principal asset is the Empire State Mine project covering an area of approximately 80,000 acres located in the Balmat– Edwards mining district in northern New York. The company was formerly known as Triton Mining Corporation and changed its name to Titan Mining Corporation in November 2016. The company was incorporated in 2012 and is headquartered in Vancouver, Canada.

Titan Mining Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Titan said Q1 revenue rose 22% year over year to about $19.6 million, while zinc operations generated positive operating cash flow and adjusted EBITDA of about $3.9 million.
• Positive Sentiment: The company began graphite concentrate shipments from its U.S. demonstration facility, calling it the first end-to-end domestic natural flake graphite production in the U.S. in decades.
• Positive Sentiment: Titan announced a cooperation agreement with Teck Metals to evaluate recovering germanium from its existing zinc process stream, a capital-efficient by-product opportunity with potential commercial offtake in the next 12 months.
• Neutral Sentiment: Operational performance in zinc remained stable, with 14.2 million payable pounds produced in line with plan and costs kept within or below guidance despite a temporary hoisting disruption that was resolved within 30 days.
• Positive Sentiment: Exploration and development work showed growth potential at Kilbourne and Empire State Mines, including graphite mineralization extending beyond the current resource boundary and continued progress on the fully funded feasibility study and permitting.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to Titan Mining's Q1 2026 Analyst and Investor Update Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question-and-answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. I would now like to hand the conference over to your speaker today, Irina Kuznetsova, Director of Investor Relations at Titan Mining.

[Irina Kuznetsova, Director of Investor Relations at Titan Mining]

Thank you, operator. Thank you everyone for joining Titan Mining's first quarter 2026 analyst and investor update call. We are pleased to be introducing this quarterly update format as part of our efforts to provide more regular insight into our progress and priorities. The quarter marked important milestones for the company, including the commencement of graphite concentrate shipments from its end-to-end U.S. operation and the recent announcement of a germanium recovery initiative with Teck Metals, further advancing Titan's domestic critical minerals strategy. I would like to draw your attention to the cautionary statements on slide two, as we will be making several forward-looking comments during our prepared remarks and likely in the Q&A as well. On the call to assist with the presentation and answer questions are Rita Adiani, our President and CEO, and Joel Rheault, our Vice President of Operations.

[Irina Kuznetsova, Director of Investor Relations at Titan Mining]

I will now turn the call over to Joel to discuss the operational highlights.

[Joel Rheault, VP of Operations at Titan Mining]

Thank you, Irina. In the first quarter, Titan delivered solid operational and strategic progress, including revenue growth, positive operating cash flow, and important advancements across our U.S. critical minerals platform. Our zinc business continues to provide a stable cash flow foundation that supports our growth strategy. In Q1, we delivered consistent production in line with the mine plan and maintained cost discipline, reinforcing the strength of our operating platform. I'll now turn the call over to Rita to discuss our strategic initiatives and corporate developments.

[Rita Adiani, President and CEO at Titan Mining]

Thank you, Joel. Today, we announced a cooperation agreement with Teck Metals to evaluate the recovery of germanium from our existing process stream. This represents a potential high-value, low-capital by-product opportunity leveraging our current operation. I'll provide details on this initiative shortly. Turning to graphite, we achieved a key milestone during the quarter with commencement of graphite concentrate shipments from our demonstration facility, marking the first end-to-end domestic natural flake graphite production in the U.S. in decades. This is a critical step in advancing customer qualification and transitioning from development to commercial execution. The facility enables product testing, metallurgical optimization, and operating validation at scale, supporting ongoing engagement with customers across industrial, advanced technology, and defense-related supply chain. These discussions are progressing through qualification, an important step towards establishing long-term commercial relationships through offtake.

[Rita Adiani, President and CEO at Titan Mining]

In parallel, the fully funded feasibility study for a 40,000 metric ton per year Kilbourne project is progressing alongside continued drilling and permitting activities. Exploration results released during the quarter confirmed mineralization extending beyond the current resource boundary, highlighting meaningful expansion potential. Kilbourne is well-positioned to advance efficiently, supported by existing infrastructure, operating expertise, and cash flow from our zinc business as we move toward establishing a scalable and domestic supply solution. With production underway, commercial engagement advancing, and multiple near-term catalysts in place, our focus remains on disciplined execution and continued progress towards commercial scale activities. I'll now turn on to discuss the germanium opportunity in a little bit more detail. Germanium is a critical mineral with applications across defense, semis, and advanced optics. Global supply remains highly concentrated and subject to Chinese export restrictions.

[Rita Adiani, President and CEO at Titan Mining]

The U.S. is heavily reliant on imports, with China controlling approximately 60% of global production, with export restrictions having had a significant increase in pricing. Against this backdrop, we see a compelling opportunity to unlock value from our existing operations. Through our cooperation agreement with Teck, we are evaluating the recovery of approximately 13,000 kgs per year of containing germanium from material that has already been mined and forms part of our existing zinc process stream. This is a capital-efficient opportunity that does not require new mining, and the targeted recovery is from our existing process streams, as I mentioned, leveraging our existing infrastructure and operational footprint.

[Rita Adiani, President and CEO at Titan Mining]

Teck's Trail Operations is one of the only commercial scale germanium facilities in North America for recovery from primary ore. This partnership provides a clear route to refining and potential commercialization, and that's why we're very excited by this prospective initiative. From a strategic standpoint, this positions Titan within a critical domestic supply chain for high-value material within very, very critical U.S. sectors such as defense and semi. Looking ahead, our focus is on advancing the technical validation and the processing pathway and developing a commercial long-term relationship with Teck Metals in some form of offtake engagement. I'll now turn the call over to Joel to provide additional details on our operational results.

[Joel Rheault, VP of Operations at Titan Mining]

Thank you, Rita. In Q1, we delivered 14.2 million payable pounds of zinc, which is in line with our mine plan while maintaining our cost performance within guidance. Operations were focused on disciplined execution, with mining activity concentrated in the Mahler, New Fowler, and Mud Pond apron mining zones. Long hole stoping delivered above target grades and tons, supported by optimization toward higher grade areas. In January, a temporary hoisting disruption impacted production, but the issue was fully resolved within 30 days, maintaining mining activity and recovering the majority of the deferred production through increased milling and extended shifts. Capital development progressed key infrastructure, including the new, New Fowler-Mahler ventilation connection and ongoing ramp development. The commissioning of new underground equipment enhanced operational efficiency and supports continued productivity.

[Joel Rheault, VP of Operations at Titan Mining]

Our 2026 guidance remains $62 million-$66 million payable pounds, reflecting a mine plan that prioritizes development and sustained access to higher quality ore bodies to support production, stability, and cost control. Turning to Kilbourne. Following completion of the preliminary economic assessment, we advanced the project into feasibility and formally launched the fully funded feasibility study this quarter. The work is focused on reserve conversion, final mine design, process optimization, infrastructure layout, and refinement of capital and operating cost estimates. A multidisciplinary engineering team has been appointed to lead execution across mining, concentrator, and downstream processing. In parallel, we commenced commissioning of the demonstration facility in the fourth quarter, achieving first graphite concentrate production in January of 2026.

[Joel Rheault, VP of Operations at Titan Mining]

The plant has an operating capacity of approximately 1,200 tons per year, scalable up to roughly 2,500 tons per year on a double shift basis. Current efforts are centered on recovery optimization, flake size consistency, throughput stability, and overall process reliability. So far, the facility is performing in line with commissioning expectations and is generating operating data to support feasibility level design. Permitting is advancing alongside engineering, supported by environmental baseline programs and site level planning. The sequencing is structured to maintain schedule alignment and manage execution risk. We continue to target a construction decision in late 2026 or early 2027, subject to study completion and permitting progress. Turning to exploration.

[Joel Rheault, VP of Operations at Titan Mining]

At Empire State Mines, underground drilling in Q1 focused on the Mahler and Mud Pond zones with 4,726 ft completed to support near mine resource expansion and mine planning. Drilling included exploration work also on the Little York target, where hole LY25004 intersected 3.3 ft of 31% zinc, confirming high grade upside potential. Underground drilling will continue through 2026, with emphasis on Mahler, Mud Pond, Newfold, and N2D to support development sequencing and resource growth. At Kilbourne, drilling totaled 13,384 feet across 37 holes in Q1, focused on resource delineation, geotechnical work, and testing eastern extensions.

[Joel Rheault, VP of Operations at Titan Mining]

Results confirmed graphite mineralization extending approximately 2,500 ft beyond the current conceptual pit with grades consistent with the main deposit, including 255 ft at 3% and 92.2 ft at 3.1%, highlighting strong expansion potential. Drilling will continue in Q2 with a focus on delineating eastern mineralization and advancing the geotechnical work. Beyond active programs, ongoing compilation and digitization of historic data sets continue to generate near mine and district scale targets. Company maintains a significant land position of over 120,000 acres in St. Lawrence County, supporting long-term district scale exploration potential. I'll now turn it back to Rita to discuss financial.

[Rita Adiani, President and CEO at Titan Mining]

Thanks, Joe. Turning to the financial results. For the first quarter, we generated revenues of approximately $19.6 million, up 22% year-over-year, supported by consistent sales volumes and an average realized zinc price of $1.47 per pound. Adjusted EBITDA from zinc operations was approximately $3.9 million during the quarter. Graphite-related expenditures totaled approximately $2.3 million, including the demonstration facility and feasibility work at Kilbourne. Net loss before tax for the quarter was $13.3 million, which was primarily driven by non-cash fair value adjustment relating to derivative instruments, which does not reflect the underlying operating performance of the business. The net loss also takes into account all the growth activities which are fully funded from equity and the EXIM facility.

[Rita Adiani, President and CEO at Titan Mining]

I would like to stress that the net loss reflected in this quarter is primarily driven by non-cash technical accounting adjustments unrelated to the operations of the business, which continue in a very robust capacity. C1 cash costs were $0.98 per pound, per payable pound, with AISC of $1.01 per pound, which are both within or below guidance, reflecting continued cost discipline and stable operations. Capital expenditures during the quarter totaled approximately $1.8 million, primarily directed towards underground development and equipment, as well as upgrades to the graphite demonstration facility. We ended the quarter with $13.8 million in cash, supporting continued investment in our growth initiatives. Titan continues to generate operating cash flow from zinc business whilst advancing graphite and germanium opportunities, positioning the company to progress on multiple growth initiatives from a position of strength.

[Rita Adiani, President and CEO at Titan Mining]

To conclude, Titan has had a very strong first quarter and we're very well positioned to execute on our priorities for 2026. We're generating consistent cash flow from zinc operations. We've commenced graphite shipments from our domestic platform, and we're advancing through a fully funded feasibility study. At the same time, we have introduced a very new and potentially substantially lucrative opportunity from germanium through our cooperation agreement with Teck. Our goal is to unlock a high value by-product from existing operations. Our approach to capital allocation remains disciplined, with focus on maintaining liquidity, funding growth efficiently, and advancing development in a manner that supports long-term value creation. Our priorities are clear. We look to deliver operational consistency at ESM on the zinc and on any value add opportunities. Look to advance the feasibility study permitting at Kilbourne.

[Rita Adiani, President and CEO at Titan Mining]

Look to enter into commercial offtake engagements and grow our critical minerals platform to become a significant player within the U.S. domestic supply chain. We look forward to updating you on our continued progress quarter-on-quarter. Thank you for your time today, and we'd be happy to take any questions.

[Operator]

Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for questions. Our first question comes from Heiko Ihle with HC Wainwright. You may proceed.

[Analyst at HC Wainwright]

Hey, team, you have Case here on behalf of Heiko. Congrats on the first quarter and taking our questions. You gave some background on the Teck venture in your press release today. I was gonna ask you, who started the initial conversation? How long has it been in the making? Is there any internal timeline you have until we get more concrete takeaways from the cooperation agreement?

[Rita Adiani, President and CEO at Titan Mining]

Thanks for the questions, Case. As you might be aware, these conversations, they start and they stop. Let's just say it's been, as we said, it's a cooperation agreement, so it's a two-way dialogue between ourselves and our partners at Teck Metals. The potential timeline associated with this is still being worked through. As is mentioned in the press release, we're working through the initial feedstock threshold components, which we're very confident that we'll be able to meet. From there on, we'll be refining the process pathway with Teck Metals to be able to move towards a commercial offtake arrangement. Our goal is to be able to see some form of pathway towards a commercial offtake agreement within the next 12 months.

[Analyst at HC Wainwright]

Thank you for that. Just to follow up, until there's a long-term offtake engagement, there's no cash payment from either side until then, right? The only

[Rita Adiani, President and CEO at Titan Mining]

Correct.

[Analyst at HC Wainwright]

Rxpense would likely be, just a little bit of R&D on your side?

[Rita Adiani, President and CEO at Titan Mining]

Correct.

[Analyst at HC Wainwright]

All right. Thank you. I'll hop back in the queue.

[Operator]

Thank you. As a reminder, to ask a question, please press star one one on your telephone. Our next question comes from Tate Sullivan with Maxim Group. You may proceed.

[Tate Sullivan, Managing Director and Senior Research Analyst at Maxim Group]

Thank you. Thank you for having this update call. You've mentioned the consistent cash flow from the zinc operations and gross profit in the quarter was about $6 million. What is your proxy for the cash flow from zinc in the quarter for us to carve out the graphite project expenses, please? Is that $6 million a good proxy?

[Rita Adiani, President and CEO at Titan Mining]

I think the $6 million is a good proxy. If you look at the results, Tate, you will be able to find an adjusted EBITDA calculation, and obviously you will be able to see some operational cash flow numbers. To the extent, if you read through the notes, you will see the expenditures, which is about $2.3 million, which has been incurred for graphite. You can probably do an add back on that to be able to get to your zinc cash flow number.

[Tate Sullivan, Managing Director and Senior Research Analyst at Maxim Group]

Okay, great. On the germanium initiative, I imagine your processing facility is quite full now with the graphite processing equipment as well. Would you have to set up a separate concentrate line in your existing facility, or would you have a new facility potentially?

[Rita Adiani, President and CEO at Titan Mining]

No, the cooperation agreement with Teck is very much focused on finding a capital efficient solution where we are looking to deliver a high grade germanium concentrate. To be able to do that, we require some minor amendments to our existing zinc process stream, not a fully independent refining solution or a processing solution.

[Tate Sullivan, Managing Director and Senior Research Analyst at Maxim Group]

Great. Thank you. On the graphite project expenses, $2.3 million in the quarter, in the first quarter, will these fluctuate with more output or what are the determinants of that expense line, please?

[Rita Adiani, President and CEO at Titan Mining]

Yeah. The determinants of that are of two real component parts. One is the working capital associated with the graphite demonstration facility. We have budgeted about $1.5 million in working capital for the year. The second variable really for that, Tate, would be the expenditures incurred with the feasibility study, and that will vary quarter-on-quarter. As we started the feasibility study at the start of the year, expenditures would be slower and they will ramp up during the course of the year. We're happy to share with analysts any detailed projections which may be required.

[Tate Sullivan, Managing Director and Senior Research Analyst at Maxim Group]

Okay. Thank you very much.

[Operator]

Thank you. I would now like to turn the call back over to Rita Adiani for any closing remarks.

[Rita Adiani, President and CEO at Titan Mining]

We just wanted to say thank you everyone for attending the call and for supporting the success of Titan. We have some very exciting opportunities for all stakeholders in the pipeline, and we look forward to providing more updates as we get through them during the course of this year.

[Operator]

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

Participants

Executives

• Irina Kuznetsova, Director of Investor Relations
• Joel Rheault, VP of Operations
• Rita Adiani, President and CEO

Analysts

• Tate Sullivan, Managing Director and Senior Research Analyst at Maxim Group
• Analyst at HC Wainwright