Titan Mining (TI) Q2 2024 earnings summary

Executive summary

• Q2 zinc production was 14.5M payable lb; higher realized prices and lower treatment charges helped lift revenue and improve operating margins.

• Safety performance included zero lost-time injuries; operating costs and AISC declined YoY.

Financial highlights

• Q2 revenue was $17.97M, up from $11.73M in Q1 2024 and $8.95M in Q2 2023.

• Pre-tax income was $2.62M vs. a $2.63M loss in Q1 2024 and a $4.84M loss in Q2 2023; basic EPS was $0.02 vs. $(0.03) YoY.

• Operating cash flow before non-cash working-capital changes was $6.97M, vs. $(0.11)M in Q2 2023.

Outlook and guidance

• New Fold and Lower Mahler ore is expected to support planned head grades through year-end; mining is expected to continue in those zones in Q3.

• Updated Life of Mine plan and reporting on expanded Mud Pond and New Fold resources are expected in H2 2024; a maiden Kilbourne resource estimate is also expected in H2.

• Preliminary Phase II Kilbourne metallurgy results are expected in Q3 2024; rod mill liners are scheduled for installation in Q3.