Titan Mining Announces Strong Kilbourne Graphite Project Economics and Expanded U.S EXIM Support to Accelerate U.S. Graphite Independence
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On December 1, 2025, Titan Mining announced a positive Preliminary Economic Assessment (PEA) for its Kilbourne Graphite Project in New York. The PEA highlights robust project economics, including an after-tax Net Present Value (NPV) at a 7% discount rate of US$513 million, an after-tax Internal Rate of Return (IRR) of 37%, and a payback period of 2.69 years. The initial construction capital is estimated at US$156 million for a 13-year mine life, producing an average of 37,438 tonnes of graphite concentrate annually.
Concurrently, the company announced expanded support from the Export-Import Bank of the United States (EXIM). This includes US$5.5 million in new non-dilutive funding to accelerate the Feasibility Study and a non-binding Letter of Interest (LOI) for up to US$120 million in project financing to fund the majority of the construction capital under EXIM's "Make More in America" initiative.
This news is a game-changing development for Titan Mining. The announcement provides two critical and complementary pieces of information that significantly de-risk the company's path to becoming a major U.S. graphite producer.
First, the PEA establishes a strong economic case for the Kilbourne Project. An NPV of US$513 million is substantial compared to Titan's current market capitalization, and the 37% IRR indicates a high-return project. This provides the fundamental validation that was needed to attract serious project financing.
Second, and more critically, the expanded EXIM support provides a clear and credible path to funding the project. The non-binding LOI for US$120 million covers approximately 77% of the estimated US$156 million initial capital expenditure. For a junior mining company, securing project financing is the largest and most dilutive hurdle. Having a U.S. government-backed institution express interest in funding the vast majority of the construction cost is a monumental vote of confidence and dramatically reduces financing risk. The additional $5.5 million in non-dilutive funding for the Feasibility Study further preserves the company's treasury and minimizes shareholder dilution for this next critical phase.
Reviewing the historical news flow shows a methodical execution of strategy. - The company established a maiden resource for Kilbourne in December 2024. - Throughout 2025, it released positive metallurgical results, advanced engineering, and commenced construction of a smaller demonstration plant. - Crucially, it cultivated a strong relationship with the U.S. government, securing a $15.8M EXIM loan for its zinc operations in July 2025. This laid the groundwork for further support. - The first announcement of the $120M LOI on October 7, 2025, caused a significant re-rating in the stock price. Today's news adds the robust PEA economics, giving substance to that financing interest.
While the PEA is preliminary and based on Inferred resources, the combination of strong economics and a clear line of sight to funding from a U.S. government entity is transformative. It elevates the Kilbourne project from a promising exploration asset to a development project with a very high probability of being constructed.
Titan Mining Corporation is a U.S.-focused critical minerals company. It operates the Empire State Mine (ESM) in New York, a cash-flow positive zinc producer. The company's flagship growth asset is the wholly-owned Kilbourne Graphite Project, located adjacent to ESM. Titan's strategy is to leverage its existing infrastructure, permitted status, and cash flow from zinc operations to fast-track the development of Kilbourne, aiming to become the first fully integrated producer of natural flake graphite in the United States in over 70 years, addressing a critical domestic supply chain vulnerability. The company has also identified potentially recoverable Germanium at its ESM operations.