Titan Announces Another Record Year for Production and Safety, Provides 2024 Guidance and Update on Kilbourne Graphite Target
Titan Announces Another Record Year for Production and Safety, Provides 2024
Guidance and Update on Kilbourne Graphite Target
Vancouver, B.C., February 20th, 2024 – Titan Mining Corporation (TSX:TI) (“ Titan” or the
“Company”) is pleased to release preliminary fourth quarter (“Q4”) and full year 2023 production results
and provide 2024 operating, capital and exploration expenditure guidance (all dollar figures are in US
dollars, unless otherwise indicated).
2023 Highlights
• Safest year of operations on record at the Empire State Mine since re-opening, with an injury
frequency rate of 0.7, 70% lower than the national average.
• Produced a record 61.0 million payable pounds of zinc in 2023, a 16 % increase over the record
set in 2022.
• Announced the discovery of the Kilbourne graphite trend, an extensively drill tested graphite-
bearing trend located on permitted lands.
Don Taylor, Titan’s President and CEO, commented, “The operating team at ESM delivered record
production exceeding guidance and producing 61 million payable pounds of zinc while achieving the
best safety performance since the mine reopened. These are truly remarkable achievements and we
expect this performance to be reflected in our share price as the price of zinc improves.”
Q4 and Full Year 2023 Preliminary Production Results & 2024 Production Guidance
Total payable zinc production from the Company’s Empire State Mine (“ESM”) was 13.9 million pounds
in Q4 2023 for total annual payable production of 61.0 million pounds, exceeding guidance of 54-58
million pounds. 2023 production is preliminary and subject to change when the Company releases its
Q4 2023 and audited full-year 2023 financial and operating results in March 2024.
Production guidance for 202 4 is estimated between 56-60 million pounds of payable zinc . C1
Cash Cost 1 for 2024 is estimated between $0.98 and $1.02 per payable pound and AISC1 is
estimated between $1.04 and $1.10 per payable pound. Both C1 Cash Cost and AISC are highly
dependent on treatment charges which won’t be known with certainty until the end of H1 202 4.
Titan estimates that for every $10 per tonne change to the treatment charge, C1 Cash Cost1 and
AISC1 are impacted by approximately $0.01 per pound of payable zinc. C1 Cash Cost and
AISC guidance for 2024 reflect an estimated annual treatment charge of $175 per tonne. Taylor
continued, “as we enter 2024 market and price challenges continue with respect to the zinc
markets, we are fortunate at ESM to have operational levers that we can pull to further cut costs
and meet forecasts.”
Exploration expenditures will be focused on advancing the Kilbourne graphite trend and district
targets where ESM controls more than 80,000 acres of private mineral rights. The timing and
extent of the exploration program is contingent on positive exploration results. The Company may
allocate additional funds beyond guidance as merited.
Production and Cost Guidance
Units 2024
Payable Production
Zinc Mlbs 56-60
Cost
C1 cash cost1 $/lb 0.98 - 1.02
AISC1 $/lb 1.04 - 1.10
Capital
Sustaining $ millions 3 - 5
Exploration
ESM $ millions 2 - 3
1C1 Cash Cost and AISC are non-GAAP measures. Accordingly, these financial measures are
not standardized financial measures under IFRS and might not be comparable to similar financial
measures disclosed by other issuers. For additional information, see the section titled “Non-GAAP
performance measures” of Titan’s MD&A dated November 14, 2023, available on SEDAR+ at
www.sedarplus.com, which section is incorporated by reference herein.
Kilbourne Exploration Update
The Company is pleased to provide an update on the Kilbourne exploration program first
announced on November 2, 2023 (Titan Mining Advances Kilbourne Exploration, With Surface
Trenching And Bulk Sample Identification Underway). A total of 99 samples were collected from
181 ft (55 m) of trenching with bedrock exposed for later channel sampling in five trenches totaling
over 1,000 ft (305 m) of exposed Kilbourne host rock. Drilling began in December 2023 with eight
holes totaling 2,074 ft ( 632 m) completed to date. The Company’s Phase 1 drilling program
contemplates an additional 10,000 ft (3,048 m) of drilling. An initial bulk sample was identified
through these exploration activities and collected in January 2024.
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire
State Mine located in New York state. Titan is built for growth, focused on value and committed
to excellence. For more information on the Company, please visit our website at
www.titanminingcorp.com.
Contact
For further information, please contact:
Investor Relations:
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute "forward -looking
statements", and "forward -looking information" within the meaning of applicable securities laws
(collectively, "forward-looking statements"). These statements appear in a number of places in
this new release and include statements regarding our intent, or the beliefs or current expectations
of our officers and directors, including that we expect Titan’s performance at its Empire State Mine
to be reflected in our share price as the price of zinc improves ; production guidance; C1 Cash
Cost guidance; AISC guidance; sustaining and exploration capital guidance; estimates regarding
the impact of treatment charges on AISC and C1 cash costs; that exploration expenditures will be
focused on advancing the Kilbourne graphite trend and district targets where ESM controls more
than 80,000 acres of private mineral rights ; and plans for the remainder of the Kilbourne
exploration program. When used in this news release words such as “will”, “plans”, “intends” and
similar expressions are intended to identify these forward -looking statements. Although the
Company believes that the expectations reflected in such forward -looking statements and/or
information are reasonable, undue reliance should not be placed on fo rward-looking statements
since the Company can give no assurance that such expectations will prove to be correct. These
statements involve known and unknown risks, uncertainties and other factors that m ay cause
actual results or events to vary materially from those anticipated in such forward -looking
statements, including the risks, uncertainties and other factors identified in the Company's
periodic filings with Canadian securities regulators. Such forw ard-looking statements are based
on various assumptions, including assumptions made with regard to assumptions made regarding
the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability
to secure adequate financi ng (as needed); the Company maintaining its current strategy and
objectives; and the Company’s ability to achieve its growth objectives. While the Company
considers these assumptions to be reasonable, based on information currently available, they
may prov e to be incorrect. Except as required by applicable law, we assume no obligation to
update or to publicly announce the results of any change to any forward -looking statement
contained herein to reflect actual results, future events or developments, changes in assumptions
or changes in other factors affecting the forward-looking statements. If we update any one or more
forward-looking statements, no inference should be drawn that we will make additional updates
with respect to those or other forward -looking statements. Readers should not place undue
importance on forward-looking statements and should not rely upon these statements as of any
other date. All forward-looking statements contained in this news release are expressly qualified
in their entirety by this cautionary statement.