Titan Delivers Strong Q3 Results and Nears Construction Completion of Graphite Facility
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The November 5, 2025 news release provides financial and operational results for the third quarter ending September 30, 2025. - Financials: Revenue of $16.78 million, operating cash flow of $5.02 million, and a small net income of $80,000. Cash and cash equivalents stood at $4.3 million with net debt of $25.1 million. - Operations (Zinc): Produced 14.64 million payable pounds of zinc at an All-In Sustaining Cost (AISC) of $1.13 per pound. - Graphite Project: Commissioning has been initiated at the graphite demonstration facility, which is on track for completion in Q4 2025. Customer qualification is scheduled to begin in Q1 2026. - Strategic Updates: The company reiterates its receipt of a Letter of Interest from the US EXIM Bank for up to $120 million to finance the commercial graphite facility. It also confirms it has received pre-clearance for a planned U.S. listing on the NYSE American exchange.
This news is materially positive as it confirms the company is executing on its most critical strategic initiative: the transition to a U.S.-based critical minerals producer.
Reviewing the historical news, Titan has undergone a significant transformation over the past year. Starting as a pure zinc producer, the company has systematically de-risked its pivot into graphite. - Early 2025: Titan established the foundation by publishing a maiden resource for the Kilbourne graphite project and outlining plans for a demonstration facility. - Mid-2025: Progress was steady with construction beginning on the demo plant and the crucial closing of a $15.8 million credit facility from the US EXIM bank for its zinc operations. This provided initial government validation. - Late 2025: The pace of material developments accelerated significantly. The October 7 announcement of a non-binding Letter of Interest from US EXIM for up to $120 million to fund the commercial-scale graphite facility was a potential game-changer, addressing the largest foreseeable funding requirement. This was followed by the discovery of Germanium (another critical mineral) on October 20 and NYSE listing pre-clearance on October 30.
The latest Q3 results fit into this progression. While the zinc operations show some weakness—AISC increased to $1.13/lb from $0.90/lb in Q2, and the cash position decreased from $8.1M to $4.3M—the market's focus is squarely on the graphite project. The most important takeaway from this release is the confirmation that commissioning of the graphite demonstration facility is underway and on schedule for Q4 2025 completion. This is the key near-term milestone that unlocks the project's future value through customer qualification and offtake agreements.
The Q3 zinc performance is a slight operational miss and the cash burn is a concern, but it does not derail the overarching strategic narrative that has driven the stock's re-rating. The news confirms the execution of the company's multi-faceted growth plan is on track.
Titan Mining Corporation is a U.S.-focused mining company that owns and operates the Empire State Mine (ESM) in New York. While it is currently a zinc producer, its strategic focus has shifted to becoming a domestic supplier of critical minerals. - Flagship Project: The flagship growth project is the Kilbourne Graphite Project, located adjacent to the existing ESM infrastructure. The plan is to become the first fully integrated, end-to-end producer of natural flake graphite in the U.S. in over 70 years. The development is phased, starting with a demonstration facility (currently being commissioned) to validate the flowsheet and qualify products with customers, followed by a potential 40,000 tonne-per-year commercial facility. - The company has also identified recoverable concentrations of Germanium, another critical mineral, in its zinc process streams.