Titan Mining Reports 146% Growth in Nine-Month Adjusted EBITDA to $19.8 Million and Advances U.S. Critical Minerals Strategy

Titan Mining Corporation (TI) reported third-quarter 2026 results for the period ended September 30, 2026, showing revenue of $22.6 million, a 35% increase year-over-year but a 12% decline quarter-over-quarter from $25.7 million. For the first nine months, revenue totaled $67.9 million, up 38% compared to the same period last year.

Adjusted EBITDA for the quarter was $6.2 million, up 111% year-over-year yet down 36% from $9.6 million in the prior quarter. Nine-month Adjusted EBITDA reached $19.8 million, representing a 146% year-over-year increase.

Payable zinc production in the third quarter was 13.7 million pounds, down 22% from 17.5 million pounds in the previous quarter and down 6.6% from 14.6 million pounds a year earlier. C1 cash costs stood at $1.13 per pound and all-in sustaining costs (AISC) at $1.27 per pound, both figures exceeding the company’s full-year guidance ranges.

The company recorded a net loss before tax of $3.1 million and a net loss of $2.8 million, or $0.03 per basic share. This loss included $4.4 million in Kilbourne feasibility study costs, $0.7 million in graphite project expenses, and a $1.1 million non-cash warrant fair-value loss.

Operating cash flow was $3.5 million after working-capital changes, while cash flow before working capital was $1.1 million. The company held $16.8 million in cash and $28.6 million in available liquidity. Net debt was $11.6 million, down 54% year-over-year from $25.1 million.

Titan reaffirmed its full-year 2026 guidance, targeting 62–66 million payable pounds of zinc, C1 cash costs of $0.93–1.01 per pound, and AISC of $1.07–1.17 per pound.

Strategic developments included an October 7 U.S. Army Enhanced Use Lease term sheet for a graphite processing facility at the Anniston Army Depot. The company is targeting a Kilbourne feasibility study for early 2027 and continuing discussions with EXIM for up to $120 million. Additional activities include a fourth stirred media mill at the demonstration plant, germanium work with Teck’s Trail Operations, and 10,710 feet of underground zinc drilling with assays pending.

Titan Mining Corporation (TI) reported a 22% quarter-over-quarter decline in third-quarter production, with C1 and AISC costs exceeding full-year guidance ranges and the company posting a net loss. Despite these operational headwinds, the company maintained its full-year guidance. Zinc prices strengthened during the period, averaging $1.74/lb compared to $1.57/lb in the second quarter and $1.29/lb in the third quarter of 2025.

The market had already priced in significant weakness ahead of the release. The stock closed at $3.69 on August 12, 2026, following the prior earnings announcement, and fell to $2.69 on November 11, 2026, marking a 27% decline into the print. From a high of $4.50 on September 22, 2026, the stock was down 40% by the time of the release, reflecting weak investor expectations.

Key negative disclosures included the N2D restart slipping to 2027, the Kilbourne feasibility study moving to early 2027, the final investment decision (FID) delayed to the end of 2027, and a negative determination regarding AD/CVD disclosed only in risk language. Conversely, strategic items such as the Army term sheet, EXIM interest, demonstration plant, and germanium developments were largely previously announced. The Army term sheet was already public as of October 7, 2026, and did not constitute new information in the earnings release.

Titan Mining Corporation, an Augusta Group company listed on the NYSE American under TII and the TSX under TI, produces zinc concentrate from its 100%-owned Empire State Mine in Gouverneur, New York. The underground zinc operation features a mill, shafts, infrastructure, and more than 120,000 acres of mineral rights in the Balmat-Edwards district. The mine has served as the cash-generating base while Titan develops critical-minerals projects.

The company is advancing Kilbourne, a natural flake graphite project located less than one mile from the Empire State Mine mill. A 1,200 tpa demonstration plant has been producing concentrate since January 2026. The commercial plan targets 40,000 tpa, with first commercial production targeted for 2028, subject to feasibility study, permitting, financing, and FID. Additionally, Germanium is being evaluated as a by-product from existing zinc ore bodies and historic tailings, with Teck’s Trail Operations as a potential processing route.

Titan holds a U.S. Army Enhanced Use Lease interest at Anniston Army Depot in Alabama and previously at Pine Bluff Arsenal in Arkansas, plus EXIM support under the Make More in America initiative. Management includes President and CEO Rita Adiani, Executive Chairman Richard Warke, and CFO William Mulrow. The board includes Donald Taylor and John Boehner, with the Augusta Group serving as the founding and control-oriented shareholder group.