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Titan Reports Third Quarter 2024 Results

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Titan Mining Corporation
Titan Mining Corporation

VANCOUVER, British Columbia, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) (“Titan” or the "Company") announces the results for the quarter ended September 30, 2024. (All amounts are in U.S. dollars unless otherwise stated)

Don Taylor, Chief Executive Officer of Titan, commented, “Despite the setback caused by Tropical Storm Debby, management and staff at the mine were able to make full repairs and stockpile ore during the recovery period while the crusher repairs were being completed. As a result, Titan reiterates its full year production guidance and fully expects Q4 cash costs to offset the higher costs reflected in Q3.   Additionally, in Q4, Titan expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for its Kilbourne graphite project.”

Q3 2024 HIGHLIGHTS:

  • Appointment of Rita Adiani as President of the Company

  • Zero Lost Time Injuries in the third quarter.

  • Returned to full commercial production on September 26, 2024 following the temporary suspension of operations resulting from the historic flooding caused from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Repairs were completed ahead of schedule and under budget.

TABLE 1 Financial and Operating Highlights

 

 

Q3 2024

Q2 2024

Q1 2024

Q4 2023

Q3 2023

Operating

 

 

 

 

 

 

Payable Zinc Produced

mlbs

8.0

 

14.5

14.7

 

13.9

 

18.3

Payable Zinc Sold

mlbs

8.2

 

14.7

14.4

 

13.9

 

18.3

Average Realized Zinc Price

$/lb

1.27

 

1.30

1.11

 

1.13

 

1.10

Financial

 

 

 

 

 

 

Revenue

$m

8.27

 

17.97

11.73

 

10.91

 

15.50

Net Income (loss) before tax

$m

(4.86

)

2.62

(2.63

)

(6.96

)

0.50

Earnings (loss) per share - basic

$/sh

(0.04

)

0.02

(0.02

)

(0.05

)

0.00

Cash Flow from Operating Activities before changes in non-cash working capital

$m

(1.68

)

6.97

0.26

 

(1.36

)

4.21

Cash and Cash Equivalents

$m

5.84

 

5.55

4.18

 

5.03

 

4.32

Net Debt 1

$m

30.78

 

30.63

32.44

 

30.75

 

32.93


1
Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

As a result of Tropical Storm Debby, revenues were lower during the three and nine months ended September 30, 2024, largely due to the temporary suspension of operations at ESM during the period from August 12, 2024 to September 26, 2024. Additionally, AISC increased to $1.35 in Q3 2024 from $0.79/lb in Q2 2024, primarily due to lower concentrate deliveries during August and September.