Titan Mining (TI) Q1 2025 earnings summary

Executive summary

• Q1 revenue rose 37% YoY to $16.02m; payable zinc production increased 5% to 15.37m lb, while C1 costs fell 6% and AISC fell 4%.

• Strong production and lower unit costs at Empire State Mine supported $2.69m in operating cash flow before working-capital changes; net debt was reported 29% lower YoY.

Financial highlights

• Revenue was $16.02m versus $11.73m in Q1 2024; net income was $0.35m versus a $2.63m loss, and EPS was $0.00 versus a $0.02 loss.

• Cash flow from operating activities before non-cash working-capital changes was $2.69m versus $0.26m in Q1 2024; the release cited a 922% increase.

• Ending cash was $12.18m, up 20% from Dec. 31, 2024; payable zinc sold was 15.57m lb versus 14.4m lb in Q1 2024.

Outlook and guidance

• N2D production is planned to start at 250 tons/day in Q2 and increase to 500 tons/day in Q3.

• Production expansion from 1,750 to 2,250 tons/day is underway, with completion anticipated by year-end; equipment purchases, workforce training and rehabilitation are progressing.

• Kilbourne's demonstration facility is expected to produce 1,000–1,200 tonnes of graphite concentrate annually; a 40,000-tonne target depends on demand, funding and positive economic studies.

• Procurement and assembly for the graphite facility are expected to begin in H2 2025.