Titan Mining receives $15M (U.S.) investment

On December 16, 2025, Titan Mining announced a US$15 million investment from a "leading institutional equity investor." The financing is structured as a private placement of 6,666,666 special warrants at a price of US$2.25 per special warrant. Each special warrant will automatically convert into one common share and one common share purchase warrant upon qualification. The purchase warrants will be exercisable for 36 months at a price of US$3.0375 per share and include an acceleration clause if the stock trades above US$4.55625 for 15 consecutive days. The proceeds will be used to accelerate the feasibility study and development of the Kilbourne graphite project in New York, with a target for completing the feasibility study in 2026.

This US$15 million financing is a significant and materially positive development. It directly addresses the company's main short-term financial need: funding the Kilbourne graphite project through its Feasibility Study (FS).

Reviewing the historical news flow reveals a company that has successfully executed a major strategic pivot over the past year: - Early 2025: The company established a solid foundation with strong 2024 results from its Empire State Mine (ESM) zinc operations and announced promising initial metallurgical results for its adjacent Kilbourne graphite project. - Mid-2025: Momentum built with the start of construction on a graphite demonstration plant and, critically, securing a US$15.8 million loan from the U.S. Export-Import (EXIM) Bank for its zinc operations. This provided the first tangible sign of federal U.S. support. - Q3-Q4 2025: The pace of de-risking accelerated dramatically. A Letter of Interest (LOI) from the EXIM Bank for up to US$120 million to finance the commercial graphite facility was a game-changer. This was followed by a robust Preliminary Economic Assessment (PEA) for Kilbourne (After-Tax NPV of US$513M, IRR of 37%), an uplisting to the NYSE American to improve investor access, and the commencement of ore processing at the demonstration plant.

In this context, the US$15 million financing is the logical and necessary next step. While the EXIM LOI covers the bulk of the US$156 million construction CAPEX identified in the PEA, this equity raise provides the bridge funding to complete the detailed engineering and FS required to secure that potential debt.

The placement price of US$2.25 is below the recent trading range but represents a substantial premium to where the stock traded before the graphite story gained traction. While dilutive (adding ~7% to the share count plus warrant overhang), securing this capital from a "leading institutional investor" provides crucial third-party validation and removes financing overhang risk for the next 12-18 months. It allows the company to maintain its aggressive development timeline for Kilbourne, which is now clearly the primary value driver. The investment solidifies the path towards a construction decision, contingent on a positive FS and converting the EXIM LOI into a definitive agreement.

Titan Mining Corp. is a U.S.-focused mining company. It operates the Empire State Mine (ESM) in New York, a producing zinc mine that provides foundational cash flow. The company's primary strategic focus and flagship growth project is the adjacent, 100%-owned Kilbourne Graphite Project. Titan aims to become the first fully integrated, end-to-end producer of natural flake graphite in the United States in over 70 years, positioning itself as a key domestic supplier of a critical mineral for the energy, defense, and industrial sectors.