Titan Mining (TI) Q4 2025 earnings summary

Executive summary

• Achieved record annual zinc production of 64.3 million payable pounds, within guidance, and commenced graphite concentrate production, becoming the first end-to-end U.S. producer in 70 years.

• Revenues increased 16% year-over-year to $74.2 million, driven by higher zinc sales volumes and prices.

• Closed a $15 million private placement, repaid all outstanding credit facility debt, and listed shares on the NYSE American.

• Advanced the Kilbourne Graphite Project, reporting robust PEA economics: after-tax NPV (7%) of $513 million, 37% IRR, and 2.7-year payback.

Financial highlights

• Net loss for 2025 was $28,000, compared to net income of $6.7 million in 2024, mainly due to non-cash fair value losses on special warrants and higher project expenses.

• EBITDA was $7.7 million, and adjusted EBITDA was $14.7 million, reflecting strong operational performance but impacted by non-cash warrant revaluation.

• Cash flow from operations was $12.6 million; cash and cash equivalents at year-end were $17.5 million, up from $10.2 million.

• C1 cash cost per payable zinc pound was $0.92, and AISC was $0.98, both at the lower end of guidance.

• Capital expenditures totaled $12.7 million, mainly for graphite plant construction and mine equipment.

Outlook and guidance

• 2026 zinc production guidance: 73–78 million recoverable pounds (62–66 million payable pounds).

• Focus on underground development at ESM, advancing Kilbourne Graphite Project through feasibility, and maintaining financial flexibility.

• Targeting a construction decision for Kilbourne in late 2026 or early 2027, with continued demonstration facility operations and customer qualification.