Core Viewpoint - Titan Mining Corporation reported record zinc production for 2025 and provided production, cost, and capital expenditure guidance for 2026, emphasizing a focus on high-quality ore bodies and sustainable value creation [1][4]. Production Highlights - The company achieved a record zinc production of 64.2 million payable pounds in 2025, an increase of 8% from 2024, and met its full-year production guidance [2][10]. - In Q4 2025, the output was 18.7 million pounds, reflecting a 28% sequential increase [10]. - The production guidance for 2026 is set between 62 to 66 million payable pounds, with a focus on development and access to higher-quality ore [10][13]. Cost and Capital Expenditure Guidance - The estimated C1 Cash Cost for 2026 is between $0.93 and $1.01 per payable pound, while the All-In Sustaining Cost (AISC) is projected to be between $1.07 and $1.17 per payable pound [13][14]. - Sustaining capital expenditures are expected to be between $8.5 million and $8.9 million, with exploration capital expenditures estimated at $3.5 million to $3.9 million [14]. Operational Review - Mining operations in Q4 2025 focused on high-grade areas, contributing to improved mill feed grades and achieving full-year production guidance [7]. - The N2D zone mining was temporarily suspended to prioritize higher-grade areas, with plans for reactivation in 2026 [8]. - New mobile equipment was introduced to enhance underground development and production capacity, contributing to stronger performance in Q4 [8]. Graphite Production Update - The company commenced graphite production at the Kilbourne facility, marking the first U.S. natural flake graphite processing plant in over 70 years [11][12]. - The current operating capacity of the facility is approximately 1,200 tonnes per year, with potential to ramp up to 2,500 tonnes per year [12].

Core Insights - Ivanhoe Mines is in advanced discussions with Gécamines and Mercuria to supply the U.S. with critical minerals from the Kipushi Mine, which is known for its ultra-high-grade zinc-copper-lead-germanium-gallium production [1][5] - Project Vault, a $12 billion initiative, aims to build a strategic reserve of critical minerals in the U.S., combining $1.67 billion in private capital with a $10 billion loan from the Export-Import Bank [2][3] Group 1: Project Vault and Its Implications - Project Vault was officially launched on February 2, 2026, in the Oval Office, with key figures from the mining and manufacturing sectors in attendance, including Robert Friedland and Mary Barra [3][4] - The initiative is designed to enhance supply chain security for critical minerals, which are essential for various industries [2] Group 2: Kipushi Mine Production and Resources - The Kipushi Mine's 2026 production guidance is set at 240,000 to 290,000 tonnes of zinc concentrate, which also includes significant quantities of germanium and gallium [8] - The mine's 2018 Measured and Indicated Mineral Resources are estimated at 11.78 million tonnes, with a zinc grade of 35.34%, and contain approximately 9.2 billion pounds of zinc and 24.4 million ounces of germanium [9] Group 3: Strategic Importance of Minerals - Germanium and gallium are identified as strategic metals used in various high-tech applications, including electronic devices and solar power arrays [10] - The demand for these critical minerals has surged due to advancements in technology, particularly in AI and big data centers [9]

Production Guidance - The company provided split-year guidance indicating that the first half will include approximately 17,500 ounces of gold equivalent from existing oxide material stockpiles, requiring no additional mining [1] - Initial production guidance for the year was set at 34,000–36,000 ounces of gold equivalent, which was later raised to 36,000–38,000 ounces, ultimately exceeding expectations with a total of 39,000 ounces produced [3][5] Cost Management - The company achieved an 18% reduction in C1 costs, which encompass the operating costs to run the mine and produce an ounce of gold, positioning the operation in the first quartile of the gold cost curve at $1,244 per ounce [2] - Although all other operating costs decreased, the All-In Sustaining Costs (AISC) saw a slight increase due to rising royalties linked to higher gold and silver prices [2] Transition to Copper Production - The company is transitioning from gold and silver production to predominantly copper production, with a total production guidance of 20,000–22,000 tons of copper equivalent for the current year [4][5] - The second half of the year is expected to include a ramp-up period of approximately three months until commercial production is achieved, contributing an estimated 15,000–17,000 tons of copper equivalent [7] Project Development - The sulfide expansion project is reported to be 63% complete, on schedule, and on budget, with key equipment already on site [9] - The construction of the tailings storage facility is progressing well, with significant portions of required materials already stockpiled [10] Financial Position - The company has a financing position involving a $200 million bond, with net debt currently at $56 million and expected to be fully drawn by mid-year [13] - Ongoing cash flows from oxide production are supporting liquidity, alongside additional liquidity backstops [13] Revenue Mix Expectations - In a standard year, the company anticipates approximately 50% of revenue from copper, 25% from zinc, and 25% from gold and silver, with the current transition year expected to have a higher contribution from gold and silver due to first-half oxide production [15] Environmental and Regulatory Considerations - The company is expecting permitting for the Enriched Ore Project by year-end, which relates to processing waste stored on site [16] - Discussions are ongoing with several parties to utilize the heap leach facility for processing third-party ore after completing the processing of remaining oxide material [16] Strategic Objectives - The key objective for the year is to deliver the sulfide project on time and on budget, with potential bond refinancing opportunities anticipated in January 2027 [17] - The company is also evaluating M&A opportunities to consolidate the copper industry [18]

Core Viewpoint - Titan Mining Corporation has secured a US$5.5 million non-dilutive financing agreement with the U.S. Export-Import Bank to support feasibility work at its Kilbourne Graphite Project, marking a significant step in enhancing domestic graphite supply chains [1][2][3]. Financing Details - The US$5.5 million facility is part of EXIM's Make More in America Initiative and will facilitate resource drilling, metallurgical testing, and engineering programs necessary for the Kilbourne Feasibility Study, expected to be completed in 2026 [2][6]. - The financing is guaranteed by Titan and its subsidiaries, showcasing the company's commitment to advancing its U.S. critical minerals strategy [3][6]. - The facility has a final maturity date of September 30, 2032, with an interest-only period for the first 24 months, followed by a 5-year repayment period at a competitive fixed interest rate of approximately 4.77% per annum [6]. Strategic Importance - The funding is seen as a reinforcement of federal support for U.S. defense, energy, and national security priorities, emphasizing the strategic importance of the Kilbourne project [3][4]. - Titan aims to become the first end-to-end producer of natural flake graphite in the U.S. in 70 years, enhancing the security of the domestic supply chain for critical minerals [4].

Core Viewpoint - Titan Mining Corporation has secured a US$15 million investment to enhance its balance sheet and expedite the development of its Kilbourne Graphite Project in New York State [1][2]. Investment Details - The investment will be executed through a private placement of 6,666,666 special warrants at a price of US$2.25/C$3.10 per warrant [3]. - Each special warrant grants the holder the right to receive one common share and one common share purchase warrant upon meeting certain conditions [3]. Project Advancement - The new funding, along with US$5.5 million support from the U.S. EXIM Bank, positions Titan to fast-track the completion of the Kilbourne Graphite Feasibility Study in 2026 and move towards construction [2]. Warrant Terms - The warrants will be exercisable for up to three years in two tranches, with 50% exercisable at a 35% premium and the remaining at a 65% premium to the issue price [4]. - The company may call the warrants if its common shares trade above 150% of the applicable exercise price for 15 trading days within any 30-day period [5]. Company Overview - Titan Mining Corporation is a zinc concentrate producer operating the Empire State Mine in New York and is emerging as a natural flake graphite producer [7]. - The company aims to be the first end-to-end producer of natural flake graphite in the USA in 70 years, focusing on enhancing the domestic supply chain of critical minerals [7].

Core Viewpoint - Titan Mining Corporation has achieved a significant milestone by getting its common shares approved for listing on the NYSE American, which reflects the company's momentum and its role in strengthening America's critical minerals supply chain [1][2]. Company Overview - Titan Mining Corporation is a zinc concentrate producer located in upstate New York and is also emerging as a natural flake graphite producer, which is essential in the rare earths and critical minerals ecosystem [1][4]. - The company operates the Empire State Mine, which is 100% owned and produces zinc concentrate, while also targeting to be the first end-to-end producer of natural flake graphite in the USA in 70 years [4]. Listing Details - Trading on NYSE American is expected to commence on or about November 20, 2025, under the ticker symbol "TII," while the shares will cease to be quoted on the OTCQB Venture Market [2]. - Current shareholders do not need to take any action, but those holding shares through OTCQB brokers should monitor their accounts for updates to the new ticker symbol [3]. Strategic Importance - The listing on NYSE American is expected to broaden Titan's access to global capital markets and enhance its visibility as it develops its graphite project [2]. - Graphite is classified as an essential critical mineral by the U.S. Department of Energy and the Department of War, with the U.S. currently importing 100% of its natural graphite, 42% of which comes from China [2]. Future Growth Potential - Titan's federally supported U.S. graphite platform is anticipated to deliver transformative, long-term growth, positioning the company uniquely in the market [2][5].

Core Insights - Amaroq has confirmed high-grade mineralization of zinc, lead, silver, and newly identified critical minerals (germanium, gallium, cadmium) at the Black Angel mine, fulfilling all conditions for its acquisition [2][6][10] - The West Greenland Hub, which includes the Black Angel mine and Kangerluarsuk exploration licenses, is positioned as a significant development area for Amaroq, enhancing its mineral portfolio and operational capabilities in Greenland [9][10][15] Summary by Sections Highlights - Re-assayed bulk samples from the Black Angel mine show an average of 24.6% zinc, 28.1% lead, and 295 g/t silver, with commercial levels of germanium (44 ppm), gallium (21 ppm), and cadmium (1,328 ppm) identified [6][12] - The results suggest potential commercial concentrate grades of 102 ppm Ge, 48.5 ppm Ga, and 3,040 ppm Cd in future zinc concentrates [6][12] Next Steps - Site reviews at Black Angel have been completed to define upgrade requirements and plan geophysical surveys for the 2026 field season, targeting growth of the current mineral resource of 3.2 million tonnes at 8.8% Zn and 3.0% Pb [6][10] - Initial work will focus on the Deep Ice body, where historical drilling confirmed high grades [6][10] West Greenland Hub - The West Greenland Hub will be 100% owned by Amaroq, separate from the Gardaq joint venture, and will serve as a logistical base for the company's operations [9][10][15] - The Hub is expected to become a new center of mining activity in Greenland, supporting the growing mining and exploration sector [9][10] Black Angel Mine - The Black Angel mine has a historical production of approximately 11.2 million tonnes of ore with high grades of zinc, lead, and silver, making it Greenland's most productive base metal mine of its time [11] - Current estimates indicate significant remaining mineralization, with a focus on leveraging existing infrastructure for a near-term restart of operations [11][12] Kangerluarsuk Project - The Kangerluarsuk project, located 12 km north of Black Angel, presents a promising exploration opportunity with historical high grades of zinc and silver [14] - Amaroq plans to initiate drilling at Kangerluarsuk in 2026 to confirm subsurface mineralization continuity [14]

Core Insights - Titan Mining Corporation reported strong financial and operational results for Q3 2025, marking a significant inflection point as it transitions into critical minerals production, particularly natural flake graphite [1][5]. Financial and Operating Performance - Payable zinc produced in Q3 2025 was 14.64 million pounds, a 76% increase from Q3 2024, with year-to-date production totaling 45.52 million pounds [6][7]. - Revenues reached $16.8 million, up 102% compared to Q3 2024 [7]. - C1 cash costs decreased by 23% year-over-year to $1.01 per pound, while all-in sustaining costs (AISC) fell by 16% to $1.13 per pound [7][8]. - Operating cash flow for Q3 was $5.0 million, with a total of $7.1 million year-to-date [7]. Strategic and Corporate Developments - The company secured a Letter of Interest from the US EXIM Bank for up to $120 million to support the construction of a commercial graphite facility, aligning with U.S. supply-chain priorities [5][7]. - The commissioning of the graphite demonstration facility is underway, expected to be completed in Q4 2025, marking the first end-to-end natural graphite production in the U.S. in over 70 years [5][10]. - Titan identified significant concentrations of germanium at the Empire State Mine, with initial plant-feed showing promising grades [7]. Exploration and Operations - A total of 12,803 feet of exploration drilling was completed, with ongoing drilling planned for Q4 2025 [11]. - Mining operations continued in key zones, with a new 40-ton underground haul truck delivered to enhance production capabilities [9].

Core Viewpoint - Titan Mining Corporation has received financing interest of up to US$120 million from the Export-Import Bank of the United States (EXIM) for the construction of its Kilbourne Graphite Project, which is expected to enhance domestic production and supply chain resilience in the U.S. [1][4][5] Financing and Project Development - The financing from EXIM is part of the "Make More in America" initiative and would represent a significant portion of the capital needed for the Kilbourne Project, which aims to produce 40,000 tonnes of natural flake graphite per year [1][4][3] - The indicative terms include a direct loan of up to US$120 million with a repayment period of approximately 12 years, referencing the Commercial Interest Reference Rate (CIRR) currently around 5.0% [5][6] - Titan Mining expects the financing structure to be capital-efficient for shareholders, leveraging federal support and the company's strong cash flow from its existing zinc operations [3][5] Strategic Importance - The Kilbourne Project has been recognized by EXIM as a strategic U.S. critical-minerals asset that aligns with national priorities, aiming to create high-quality American jobs and strengthen supply chain resilience [4][5] - Titan Mining is collaborating with various U.S. government agencies, including the Department of War and the Department of Energy, to enhance its critical-minerals plan through strategic funding and policy programs [2][4] Company Background - Titan Mining Corporation is an existing zinc concentrate producer in New York and is positioning itself as the first fully integrated natural flake graphite producer in the U.S. in 70 years [7] - The company has a strong commitment to developing critical minerals assets that enhance the security of the domestic supply chain [7]

Core Insights - The debottlenecking program at the Kipushi Zinc Mine was completed ahead of schedule and under budget, resulting in a significant increase in zinc production [1][7] - The concentrator throughput rate increased by 20%, achieving a new production record of 1,052 tonnes of zinc produced in 24 hours, which translates to an annualized rate of over 340,000 tonnes [1][4] - A three-year offtake agreement was signed with Mercuria for up to one-third of Kipushi's high-grade zinc production, complementing existing agreements with CITIC Metal and Trafigura [8] Production Improvements - Engineering work for the debottlenecking program began in September 2024, aiming to boost the concentrator throughput from 800,000 to 960,000 tonnes of ore per annum [2] - The DMS circuit's availability improved from approximately 70% to 96% after upgrades, leading to concentrator recoveries exceeding 90% [3] - In the week following the August shutdown, a record of 5,545 tonnes of zinc in concentrate was produced, indicating a potential annual production rate of about 290,000 tonnes [4] Future Production Guidance - The company anticipates a significant increase in zinc production for the remainder of 2025, maintaining production guidance between 180,000 and 240,000 tonnes of zinc [6] - Additional backup electrical upgrades are underway, with six megawatts of backup generator capacity expected to be operational in the fourth quarter to support operations during grid instability [5][12] Safety and Operational Achievements - The Kipushi project team achieved an industry-leading safety record, completing the construction and debottlenecking program without any lost time injuries [7] - The Kipushi concentrator's recent performance positions it to potentially become the world's fourth-largest zinc mining operation if the current run rate is sustained [4]