Titan Mining (TI) investor relations material

Executive summary

• Achieved 22% year-over-year revenue growth in Q1 2026, reaching $19.6 million, driven by consistent zinc production and the launch of domestic graphite shipments.

• Advanced graphite and germanium projects, including first graphite concentrate shipments and a new recovery initiative with Teck Metals, positioning as a key U.S. critical minerals supplier.

• Positive operating cash flow generated, with a strengthened cash balance of $13.8 million, up 13% from Q1 2025.

• Focused on disciplined execution, operational consistency, and advancing feasibility and permitting for the Kilbourne graphite project.

Financial highlights

• Q1 2026 revenue was $19.6 million, up 22% year-over-year, driven by consistent zinc sales and an average realized zinc price of $1.47/lb.

• Adjusted EBITDA from zinc operations was $3.9 million; full-year forecast is $20–$28 million, assuming current zinc prices and operational consistency.

• Net loss before tax was $13.34 million, mainly due to a non-cash $13.19 million fair value loss on derivative financial instruments.

• Ended the quarter with $13.8 million in cash, supporting ongoing growth initiatives.

• C1 cash costs were $0.98/lb and AISC was $1.01/lb, both within or below guidance.

Outlook and guidance

• 2026 zinc production guidance remains at 62–66 million payable pounds, prioritizing development and access to higher quality ore.

• Adjusted EBITDA for 2026 is forecasted at $20–$28 million, based on current spot zinc pricing and operational guidance.

• Targeting a construction decision for Kilbourne in late 2026 or early 2027, subject to feasibility and permitting.

• Ongoing graphite shipments and feasibility study expected to support future growth and customer qualification.

• Aiming for a commercial offtake agreement for germanium with Teck within 12 months.