Titan Reports Record Production Results for Third Quarter 2023
VANCOUVER, British Columbia, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) ("Titan" or the "Company") announces the results for the quarter ended September 30, 2023. (All amounts are in U.S. dollars unless otherwise stated) Don Taylor, President and Chief Executive Officer of Titan, commented, "Titan's ESM operations have continued to outperform expectations year-to-date, producing a record 18.3 million payable pounds of zinc in the third quarter at its lowest quarterly All-In Sustaining Cost1 since restarting the mine at $0.86/lb. Underpinning the outstanding production and cost numbers is the safety performance at the operations. Through the first three quarters of the year the reportable incident rate at ESM is well below the national average of US underground metal mines." Q3 2023 HIGHLIGHTS: There were no Lost Time Injuries during the third quarter Produced and sold 18.3 million payable pounds of zinc in the quarter at an All-In Sustaining Cost1 of $0.86/lb, both metrics being records since restarting operations in 2018. Tons milled were consistent with milling rates in the prior quarter and payable pounds of zinc produced were 22% higher than the prior quarter Announced the discovery of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend principally located on permitted lands. Highlights include: At or near surface targets with geological potential totaling between 210 and 1,050 million tons (Mt) grading between 2.0% and 4.5% graphitic carbon (Cg) Flake graphite is a key input to the auto industry battery supply chain and designated as a Critical Material by the United States Department of Energy There is no domestic source of flake graphite production; China, which accounts for more than half of global production, has recently announced export restrictions that may threaten the market ESM lands hosting the Kilbourne graphite trend are fully permitted for drilling with some portions of these lands also currently permitted for mining Aggressive plan to fast-track exploration and development with goal of being first domestic supplier of materials to the auto industry battery market 1 All-In Sustaining Cost ("AISC") 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. TABLE 1 Financial and Operating Highlights Q3 2023 Q2 2023 Q1 2023 Q3 2022 Q3 2023 vs. Q2 2023 Q3 2023 vs. Q3 2022 Operating Payable Zinc Produced mlbs 18.3 15.0 13.8 11.6 22% 58% Payable Zinc Sold mlbs 18.3 15.0 14.8 12.6 22% 45% Average Realized Zinc Price $/lb 1.10 1.15 1.42 1.49 -4% -26% Financial Revenue $m 15.50 8.95 16.74 14.03 73% 11% Net Income (loss) before tax $m 0.50 -4.84 1.10 -0.16 >100% >100% Earnings (loss) per share - basic $/sh - -0.03 0.01 0.00 >100% NA Cash Flow from Operating Activities before changes in non-cash working capital $m 4.21 -0.11 3.35 1.22* >100% >100% Financial Position 30-Sep-23 31-Dec-22 Change Cash and Cash Equivalents $m 4.32 6.72 -2.40 Net Debt 1 $m 32.93 23.31 9.62 *This number in the Consolidated Statement of Cash Flows for Q3 2023 has bee reclassified to better represent the Changes in Non-cash Working Capital. 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. OPERATIONS REVIEW Mining efforts in the third quarter of 2023 focused on the Mahler, New Fold, and Mud Pond zones. Waste development was advanced in the second quarter on the Mahler ramp system which provided access to a high-grade ore horizon in the Lower Mahler mining zone. This zone supported strong grades resulting in better than expected metal production throughout the quarter. It is expected that ore from this zone will continue to support head grade at planned levels for the remainder of the year. In addition, the pillar recovery program in Mud Pond delivered tons and grade, as planned, further supporting the strong production for the quarter. Mining is expected to continue in the same zones in the fourth quarter. EXPLORATION UPDATE Underground: Drill programs in the third quarter of 2023 focused on exploring near mine targets within proximity to active mine areas. All underground drilling was completed with three Company-owned underground drills by Company employees. A total of 6 holes totaling 7,769 ft were completed targeting mineralized extensions Lower Mahler. Drilling is planned to continue to target Mahler and commence at Fowler in the fourth quarter of 2023. Kilbourne: The Company believes that the Kilbourne target has the potential to host between 3.36 Mt and 26.25 Mt of Cg, contained within 210 to 1,050 Mt grading 2.0% to 4.5% Cg. The potential tonnages and grades are ...Full story available on Benzinga.com.....»»
Titan Reports Strong Safety and Production Results for Second Quarter 2023
VANCOUVER, British Columbia, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) ("Titan" or the "Company") announces the results for the quarter ended June 30, 2023. (All amounts are in U.S. dollars unless otherwise stated) Don Taylor, President and Chief Executive Officer of Titan, commented, "Titan's ESM operations continued the momentum gained in the first quarter with an outstanding second quarter meeting or exceeding targets for the major metrics in safety and production." Q2 2023 HIGHLIGHTS: No Lost Time Injuries and a recordable injury frequency rate at half the national average for underground metal mines. Zinc production of 15.0 million payable pounds, up 9% from the prior quarter; Zinc sales of 15.0 million payable pounds, up 1% from the prior quarter; $9.0 million in revenue, down 47% when compared to the prior quarter due to significantly lower realized zinc prices and negative provisional and final pricing adjustments; Announced results of surface and underground drilling programs. The surface drilling program included a total of 16,240 ft targeting modeled extents of near mine, near surface mineralization at the planned Turnpike (formerly Sphaleros) expansion project. Significant mineralized intercepts from surface include: 49.5 feet assaying 9.3% zinc, 3.2% lead, and 24.3 g/t silver Including 15.1 feet assaying 16.1% zinc, 5.2% lead, and 37.8 g/t silver 27 feet assaying 13.2% zinc, 3.6% lead, and 30.6 g/t silver Including 12.6 feet assaying 19.8% zinc, 5.6% lead, and 49.4 g/t silver 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver 23.9 feet assaying 14% zinc, 3.7% lead, and 33.4 g/t silver 15.5 feet assaying 14.9% zinc, 0.6% lead, and 6.9 g/t silver Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas. Assays from drill holes completed to date continue to support the robust nature of the zone. Cash balance of $2.9 million at June 30, 2023 TABLE 1 FINANCIAL and OPERATING HIGHLIGHTS Q2 2023 Q1 2023 Q2 2022 Q2 2023 vs. Q1 2023 Q2 2023 vs. Q2 2022 Operating Payable Zinc Produced mlbs 15.0 13.8 16.5 9% -9% Payable Zinc Sold mlbs 15.0 14.8 15.0 1% 0% Average Realized Zinc Price $/lb 1.15 1.42 1.74 -19% -34% Financial Revenue $m 8.95 16.74 20.13 -47% -56% Net Income (loss) before tax $m (4.84) 1.10 5.92 -540%.....»»
Titan Reports Q3 2022 Results
VANCOUVER, British Columbia, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI) ("Titan" or the "Company") today announces the results for the third quarter ended September 30, 2022. (All amounts are in U.S. dollars unless otherwise stated) "Titan continued to build momentum in the third quarter with key metrics achieved in safety and production. While costs were up slightly and grade below budget for the period, continued development into Q4 will ensure a record year for ESM. Also, during the quarter ESM received key permits that will allow operations to expand mining in the Sphaleros area which will begin to benefit the operations in Q2/23." said Don Taylor, President and Chief Executive Officer of Titan. Q3 2022 HIGHLIGHTS: Zinc production totaling 11.6 million payable pounds and sales of 12.6 million pounds of zinc during the quarter Cash balance of $13.6 million on September 30, 2022 Net loss of $0.2 million or $nil per share Declared fifth consecutive special cash dividend of C$0.01 per share Received approval for surface activities at the Sphaleros site TABLE 1 Financial and Operating Highlights Q3 2022 Q2 2022 Q1 2022 YTD 2022 Operating Payable Zinc Produced mlbs 11.6 16.5 10.1 38.2 Payable Zinc Sold mlbs 12.6 15.0 10.4 38.0 Average Realized Zinc Price $/lb 1.49 1.74 1.57 1.61 Financial Revenue $m 14.03 20.13 13.96 48.12 Net Income $m (0.16 ) 5.92 (2.62 ) 3.15 Earnings (loss) per share - basic $/sh 0.00 0.04 (0.02 ) 0.02 Cash Flow from Operating Activities before changes in non-cash working capital $m (1.16 ) 9.42 2.10 10.36 .....»»