Titan Mining (TI) Q1 2026 earnings summary

Executive summary

• Achieved 22% year-over-year revenue growth in Q1 2026, reaching $19.6 million, driven by consistent zinc production and the launch of domestic graphite shipments.

• Zinc production totaled 14.2 million payable pounds in Q1 2026, meeting operational plans and cost guidance.

• Commenced first end-to-end domestic graphite shipments in the U.S. in decades, advancing customer qualification and feasibility for a 40,000 tpa project.

• Advanced germanium recovery initiatives with Teck Metals, targeting up to 13,000 kg/year from existing zinc process streams.

• Exploration at Kilbourne confirmed mineralization extends up to 2,500 ft beyond current pit, supporting resource expansion.

Financial highlights

• Q1 2026 revenue was $19.6 million, up 22% year-over-year, with adjusted EBITDA of $3.9 million and a full-year forecast of $20–$28 million.

• Net loss before tax was $13.34 million, mainly due to a non-cash $13.19 million fair value loss on derivative financial instruments.

• Ended the quarter with $13.8 million in cash, up 13% year-over-year; net debt at quarter-end was $12.9 million.

• C1 cash costs were $0.98/lb and AISC was $1.01/lb, both within or below guidance.

• Free cash flow for Q1 2026 was negative $3.85 million, reflecting growth investments.

Outlook and guidance

• 2026 zinc production guidance remains at 62–66 million payable pounds, with C1 cash cost guidance of $0.93–$1.01/lb and AISC of $1.07–$1.17/lb.

• Adjusted EBITDA for 2026 is forecasted at $20–$28 million, assuming zinc prices and production remain in line with guidance.

• Fully funded feasibility study for a 40,000 tpa graphite facility is advancing toward commercial development.

• Targeting a construction decision for Kilbourne in late 2026 or early 2027, subject to feasibility and permitting.

• Aiming for a commercial offtake agreement for germanium with Teck within 12 months.