AI Analysis | Feedback

• Imagine a smaller, pure-play version of Teck Resources, focused solely on zinc mining.
• Like a 'boutique' version of Freeport-McMoRan, but mining zinc rather than copper.

AI Analysis | Feedback

• Copper Concentrates: Mined copper ore processed into a concentrate for further smelting and refining.
• Gold Dore: A semi-pure alloy of gold and silver produced at the mine site, typically destined for further refining.
• Iron Ore: The primary raw material extracted for use in steel production and other industrial applications.

AI Analysis | Feedback

Information regarding the major customers of "Titan Mining (symbol: TII)" is not readily available in public financial databases or company filings under this specific name and ticker. It is possible this entity is a private company, hypothetical, or operates under a different primary symbol or name not easily identifiable in public records.

However, based on the nature of a "Mining" company, it can be inferred that its sales are primarily business-to-business (B2B) rather than directly to individuals. Mining companies typically extract raw materials (ores, minerals, metals) and sell them to other industrial companies for further processing, manufacturing, or distribution.

While specific customer company names and symbols cannot be provided without direct information for Titan Mining (TII), typical major customer categories for a mining company include:

• Smelters and Refineries: Companies that purchase raw ore and concentrates to process them into refined metals (e.g., copper, aluminum, zinc, gold). These are critical downstream partners in the metals supply chain.
• Industrial Manufacturing Industries: Businesses that utilize raw metals and minerals as primary inputs for their products. This includes sectors such as automotive, construction (e.g., steel manufacturers, cement producers), electronics, and heavy machinery production.
• Commodity Trading Houses: Large-scale firms specializing in the global trading of raw materials. They purchase bulk quantities of metals and minerals from miners for resale to end-users, managing logistics, financing, and market risks.

AI Analysis | Feedback

null

AI Analysis | Feedback

Rita Adiani, President & CEO

Rita Adiani has over 18 years of experience in the mining industry, encompassing operating companies and development projects across North and South America, Australia, Europe, and Africa. She has held senior executive roles in listed companies and private investment vehicles, and has experience as an investment banker, private equity professional, and lawyer. Ms. Adiani has expertise in global capital markets, public and private M&A transactions, and has been involved in raising over US$10 billion in public equities. A law graduate from the University of Oxford and the University of Sheffield, she previously served as Senior Vice President of Corporate Strategy and Development at Arizona Sonoran, a copper developer. She also initiated Lancha Resources, a gold platform that acquired undervalued assets, took them private, and monetized them after turnarounds.

Kevin Hart, Chief Financial Officer

Kevin Hart brings over two decades of experience in mineral exploration, development, construction, and operations, with a focus on both base and precious metals. A Chartered Professional Accountant, he has held senior leadership roles in finance, administration, and governance for publicly traded companies in both Canada and the United States. Most recently, Mr. Hart was the Chief Financial Officer and Corporate Secretary for Inca One Gold Corp. Previously, he served as Corporate Controller at Asanko Gold Inc., where he was instrumental in the successful development and construction of the Asanko Gold Mine. Earlier in his career, he worked with several companies under the Hunter Dickinson group, including Farallon Mining, which developed and built the G9 Mine in Mexico and was sold to Nyrstar in 2011, and Taseko Mines, which successfully restarted the Gibraltar Copper Mine.

Richard Warke, Executive Chairman

Richard Warke is a business executive with over 35 years of experience in the international resource sector. In 2005, he founded the Augusta Group of Companies, which has a notable track record of value creation in the mining sector. Between 2006 and 2018, Augusta founded, managed, and funded three world-class mineral discoveries: Ventana Gold, which was sold for $1.3 billion in 2011; Augusta Resource, sold for $667 million in 2014; and Arizona Mining, sold for $2.1 billion in 2018. In 2017, Mr. Warke co-founded Equinox Gold.

Purni Parikh, Senior Vice President, Corporate Affairs & Corporate Secretary

Purni Parikh has more than 25 years of public company experience in the mining sector, covering corporate affairs, finance, legal and regulatory administration, and governance. She serves as President of the Augusta Group of Companies and as Senior Vice President, Corporate Affairs for its member companies, including Highlander Silver Corp., Titan Mining Corporation, and Augusta Gold Corp. Ms. Parikh is recognized for her role in overseeing various M&A transactions within the Augusta Group from initiation to completion, including the acquisitions of Arizona Mining Inc.

Joel Rheault, Vice President, Operations

Joel Rheault joined Titan Mining Corp in 2018 as General Manager of the Empire State Mine, where he was part of the team that reactivated mining in the historic Balmat Zinc district in New York State. He was appointed Vice President of Operations in March 2024. Mr. Rheault possesses over 30 years of experience in building and operating mines across North America, South America, and Europe, having been involved in various start-ups such as Eskay Creek in Northern BC, Manantial Espejo in Argentina, and the Olympias Mine in Greece.

AI Analysis | Feedback

Key Risks to Titan Mining (TII)

1. Fluctuations in Commodity Prices: Titan Mining's financial performance is significantly exposed to the volatility of zinc and graphite prices. Adverse movements in these commodity prices can materially impact the company's revenues and profitability.
2. Inherent Hazards and Operational Risks of Mining: The mining industry is inherently hazardous, and Titan Mining faces risks associated with mining-related activities. These include potential cost increases for capital and operating expenses, shortages and fluctuating costs of equipment or supplies, and general operational challenges that can disrupt production.
3. Environmental Regulations and Legal Proceedings: Titan Mining's operations, particularly in New York State, are subject to various environmental regulations. Non-compliance or changes in these regulations, as well as the potential for legal proceedings, could have significant financial and operational implications for the business.

AI Analysis | Feedback

AI Analysis | Feedback

Titan Mining Corporation (TII) operates in the production of zinc concentrate and is an emerging producer of natural flake graphite.

Zinc

The global addressable market for zinc was valued at approximately USD 27.2 billion in 2024. This market is projected to grow to approximately USD 52.14 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 7.5% from 2025 to 2033. In terms of volume, the global zinc market stood at roughly 14,014 thousand tonnes in 2024 and is anticipated to reach approximately 19,272 thousand tonnes by 2035.

Natural Flake Graphite

For natural flake graphite, Titan Mining is specifically focusing on the U.S. market. The United States consumed an estimated 76,000 tons of natural graphite, valued at approximately USD 180 million, in 2023. In 2024, U.S. consumption was estimated at 52,000 tons, valued at USD 115 million. The U.S. market for graphite is projected to reach an estimated value of USD 1.96 billion by 2032, driven by the increasing demand from battery-powered vehicles. Titan Mining aims to become a significant domestic supplier, with a targeted 40,000-tonne-per-year commercial graphite facility capable of supplying about half of the current U.S. natural graphite demand.

Globally, the natural graphite market was valued at USD 2.9 billion in 2024 and is projected to reach USD 7.2 billion by 2034, growing at a CAGR of 9.5% from 2025 to 2034. Flake graphite constituted approximately 67.8% of the total global natural graphite market in 2024. The broader global graphite market (including both natural and synthetic forms) was estimated at USD 13.29 billion in 2025 and is projected to grow to USD 23.87 billion by 2033.

AI Analysis | Feedback

1. Increased Zinc Production from Empire State Mines: Titan Mining is expanding its zinc production at the Empire State Mines (ESM) through the addition of 12 million payable pounds of zinc annually from the N2D Zone. This expansion is projected to begin in the second half of 2025, with full production anticipated by the fourth quarter of 2025, contributing to an estimated 15% increase in 2025 production guidance, reaching between 64 and 69 million payable pounds of zinc. The company aims to further increase payable zinc production to approximately 80 million pounds over the next 2-3 years through ongoing incremental expansions.
2. Extension of Mine Life and Exploration Success at ESM: Titan Mining plans extensive exploration drilling programs in 2025, including 40,000 feet of underground drilling and 31,000 feet of regional surface drilling. These efforts are focused on identifying high-quality, near-mine zones and district-scale targets to boost short-term production and extend the mine life. The Empire State Mines' life has already been extended until 2033 due to a 22% increase in measured and indicated contained zinc pounds.
3. Development and Commercialization of the Kilbourne Graphite Project: The company is accelerating the development of its Kilbourne Graphite Project in New York, an emerging natural flake graphite producer. With a recent US$15 million institutional equity investment and US$5.5 million in U.S. EXIM Bank support, Titan Mining expects to fast-track the completion of the Feasibility Study in 2026 and move towards construction. This project aims to capitalize on the growing demand for graphite in critical minerals and battery markets.
4. Favorable Market Conditions and Demand for Zinc and Graphite: Titan Mining anticipates positive market dynamics for both its primary products. For zinc, the company notes low metal stocks and the potential for increased prices. For graphite, demand is rapidly growing, driven by defense, high-tech, and energy storage sectors, particularly for Li-ion batteries in electric vehicles. North American graphite demand is projected to grow at a Compound Annual Growth Rate (CAGR) of 15% per annum, and with the U.S. being 100% import-dependent, Titan is strategically positioned to meet this domestic need.

AI Analysis | Feedback

Share Repurchases

• Titan Mining's 3-Year Share Buyback Ratio was 0.60%, indicating a small proportion of shares repurchased over the past three years.
• The 6-Month Share Buyback Ratio as of November 22, 2025, was -0.64%, suggesting no significant share repurchases in the very short term, or potentially some issuance.

Share Issuance

• On December 16, 2025, Titan Mining announced a US$15 million investment through a private placement of 6,666,666 special warrants, with each warrant entitling the holder to one common share.
• The number of shares outstanding for Titan Mining has increased by 10.09% in one year, contributing to 94.78 million shares outstanding.

Inbound Investments

• Titan Mining secured a US$15 million investment from a leading institutional equity investor on December 16, 2025, to accelerate the development of its Kilbourne Graphite Project.
• The company received US$5.5 million in support from the U.S. EXIM Bank for feasibility work on the Kilbourne Graphite Project.
• EXIM also approved US$15.8 million in financing for Titan's Empire State Mines LLC on June 19, 2025, to expand zinc production and develop critical minerals.

Capital Expenditures

• Initial construction capital for the Kilbourne Graphite Project is estimated at US$156 million, with an additional US$176 million for expansion CAPEX and US$100 million for sustaining CAPEX also required.
• Capital expenditures were US$9.59 million for the nine months ending September 30, 2025, and US$1.82 million in FY 2024, US$2.65 million in FY 2023, US$4.31 million in FY 2022, and US$4.59 million in FY 2021.
• In Q1 2025, Titan approved and began acquiring equipment to recommence mining in the N2D zone, aiming to add approximately 12 million payable zinc pounds per annum.