Titan Mining Q1 Earnings Call Highlights
Titan Mining (NYSEAMERICAN:TII) said its first-quarter results reflected steady zinc operations, early progress in graphite shipments and a new effort to evaluate germanium recovery through a cooperation agreement with Teck Metals.
On the company’s first-quarter 2026 analyst and investor update call, management emphasized that zinc remains the cash-generating base for Titan’s broader critical minerals strategy. Joel Rheault, vice president of operations, said the company delivered “solid operational and strategic progress” during the quarter, including revenue growth, positive operating cash flow and continued cost discipline.
The company reported first-quarter revenue of approximately $19.6 million, up 22% year over year, supported by consistent sales volumes and an average realized zinc price of $1.47 per pound. Adjusted EBITDA from zinc operations was approximately $3.9 million, while graphite-related expenditures totaled about $2.3 million, including spending on the demonstration facility and feasibility work at Kilbourne.
Rita Adiani, Titan’s president and chief executive officer, said the company recorded a net loss before tax of $13.3 million, which she attributed primarily to a non-cash fair value adjustment related to derivative instruments. She said the loss “does not reflect the underlying operating performance of the business,” adding that growth activities are funded through equity and the EXIM facility.
Zinc operations remain within guidance
Rheault said Titan produced 14.2 million payable pounds of zinc in the quarter, in line with the company’s mine plan. Mining activity was focused on the Mahler, New Fowler and Mud Pond apron mining zones, with long-hole stoping delivering above-target grades and tons due to optimization toward higher-grade areas.
A temporary hoisting disruption in January affected production, but Rheault said the issue was resolved within 30 days. The company maintained mining activity during the disruption and recovered most of the deferred production through increased milling and extended shifts.
Capital development during the quarter included work on the New Fowler-Mahler ventilation connection and ongoing ramp development. Rheault said new underground equipment was commissioned, improving operating efficiency and supporting productivity.
Titan maintained its 2026 guidance of 62 million to 66 million payable pounds of zinc. The company reported C1 cash costs of $0.98 per payable pound and all-in sustaining costs of $1.01 per pound, which Adiani said were within or below guidance.
Graphite shipments begin from U.S. demonstration facility
Management highlighted the start of graphite concentrate shipments from Titan’s demonstration facility as a key milestone. Adiani said the shipments represent “the first end-to-end domestic natural flake graphite production in the U.S. in decades.”
The demonstration facility is intended to support customer qualification, metallurgical optimization and operating validation at scale. Adiani said customer discussions are advancing across industrial, advanced technology and defense-related supply chains, with qualification work viewed as an important step toward long-term commercial offtake relationships.
Rheault said the graphite demonstration plant achieved first concentrate production in January 2026 after commissioning began in the fourth quarter. The facility has an operating capacity of approximately 1,200 tons per year and can scale to about 2,500 tons per year on a double-shift basis.
Current work at the facility is focused on recovery optimization, flake size consistency, throughput stability and process reliability. Rheault said the facility is performing in line with commissioning expectations and is generating operating data to support feasibility-level design.
Kilbourne feasibility work advances
Titan said its fully funded feasibility study for the 40,000-metric-ton-per-year Kilbourne graphite project is underway. Rheault said the study is focused on reserve conversion, final mine design, process optimization, infrastructure layout and capital and operating cost estimates.
A multidisciplinary engineering team has been appointed to lead work across mining, concentrator and downstream processing. Permitting is advancing in parallel with engineering, supported by environmental baseline programs and site planning.
The company continues to target a construction decision in late 2026 or early 2027, subject to completion of the study and permitting progress.
Exploration at Kilbourne totaled 13,384 feet across 37 holes in the quarter, focused on resource delineation, geotechnical work and testing eastern extensions. Rheault said results confirmed graphite mineralization extending approximately 2,500 feet beyond the current conceptual pit, including intercepts of 255 feet at 3% and 92.2 feet at 3.1%. He said drilling will continue in the second quarter with emphasis on delineating eastern mineralization and advancing geotechnical work.
Germanium recovery initiative with Teck
Adiani said Titan’s newly announced cooperation agreement with Teck Metals will evaluate the recovery of germanium from Titan’s existing zinc process stream. She described germanium as a critical mineral used in defense, semiconductors and advanced optics, with global supply concentrated and affected by Chinese export restrictions.
According to Adiani, Titan is evaluating the recovery of approximately 13,000 kilograms per year of contained germanium from material that has already been mined and is part of the company’s existing zinc process stream. She said the initiative does not require new mining and is intended to be capital efficient by leveraging Titan’s existing infrastructure and operational footprint.
Teck’s Trail Operations was described by Adiani as one of the only commercial-scale germanium facilities in North America for recovery from primary ore. She said the partnership could provide a refining and commercialization pathway.
In response to a question from Case, asking on behalf of Heiko Ihle of H.C. Wainwright, Adiani said the companies are still working through the potential timeline and initial feedstock threshold requirements. She said Titan’s goal is to identify a pathway toward a commercial offtake agreement within the next 12 months. She also confirmed that no cash payment is expected from either side until there is a long-term offtake engagement, with Titan’s expenses expected to be limited to some research and development.
Responding to a question from Tate Sullivan of Maxim Group, Adiani said the germanium initiative would require “some minor amendments” to Titan’s existing zinc process stream, rather than a standalone refining or processing facility.
Liquidity and spending outlook
Titan ended the quarter with $13.8 million in cash. Capital expenditures totaled approximately $1.8 million, mainly directed toward underground development and equipment, as well as upgrades to the graphite demonstration facility.
Asked by Sullivan about cash flow from zinc operations, Adiani said gross profit of about $6 million was “a good proxy,” adding that analysts could adjust for the roughly $2.3 million of graphite-related spending to estimate zinc cash flow.
Adiani said graphite expenses include working capital for the demonstration facility and feasibility study costs. The company has budgeted about $1.5 million in working capital for the graphite demonstration facility for the year, while feasibility study spending is expected to vary by quarter and ramp up over the course of 2026.
Adiani closed the call by saying Titan’s priorities include maintaining operational consistency at Empire State Mines, advancing the Kilbourne feasibility study and permitting, pursuing commercial offtake agreements and expanding the company’s critical minerals platform in the U.S. domestic supply chain.
About Titan Mining (NYSEAMERICAN:TII)
Titan Mining Corporation, a natural resource company, acquires, explores, develops, produces, and extracts mineral properties. The company explores for zinc and graphite, as well as iron-oxide copper gold deposits. Its principal asset is the Empire State Mine project covering an area of approximately 80,000 acres located in the Balmat Edwards mining district in northern New York. The company was formerly known as Triton Mining Corporation and changed its name to Titan Mining Corporation in November 2016.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Where Should You Invest $1,000 Right Now?
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
Source MarketBeat
