Titan Mining Hits Key Loan Milestone, Executes Financial Deleveraging Strategy for 2025
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Titan Mining Hits Key Loan Milestone, Executes Financial Deleveraging Strategy
for 2025
Vancouver, BC – December 11, 2024 – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF)
(“Titan” or the "Company") is pleased to announce that it has agreed to certain amendments to
the credit facility with National Bank of Canada dated June 6, 2022 (the “Credit Facility”) which
will result in Titan significantly deleveraging by the end of 2025 while maintaining flexibility to
pursue multiple growth projects within the Company.
Highlights:
• Principal repayment of US$5 million by December 30, 2024, for an aggregate of US$17
million in principal repaid in 2024
• Extension of the Credit Facility maturity date from June 30, 2025 to December 31, 2025
• Extension of the remaining principal repayment from $10.2 million by June 30, 2025 to
US$5 million by June 30, 2025 and US$5.2 million by December 31, 2025
Don Taylor, CEO of Titan, commented: “ We are pleased to have achieved a key milestone for
Titan with a total of US$17 million of principal being repaid towards the outstanding Credit Facility
in 2024. The Company’s Empire State Mines continues to deliver strong results operationally and
we remain focused on reducing unit costs and improving cash flow. The revisions to the Credit
Facility will allow us to achieve our goal of significantly deleveraging the Company while
advancing near term expansion. We are excited to be entering 2025 with a stronger balance sheet
and renewed financial momentum”.
Rita Adiani, President of Titan, commented: “ The amended payment schedule for the Credit
Facility provides Titan with the financial flexibility to capitalize on multiple growth opportunities in
2025 while continuing to reduce debt, positioning us well for 2025 and beyond. As we focus on
executing pote ntial near -term increases to production, supported by a favorable zinc price
environment, we are committed to unlocking significant value for our shareholders”.
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. The Company is focused on value creation and operating
excellence, with a strong commitment to developing critical mineral asse ts that enhance the
security of the U.S. supply chain and the Kilbourne Graphite Project is a core part of this strategy.
For more information on the Company, please visit our website at www.titanminingcorp.com.
Contact
For further information, please contact: Rita Adiani, President, Email:
[email protected], Investor Relations, Email: [email protected]
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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 news
release and include statements regarding our intent, or the beliefs or current expectations of our officers
and directors, including that the amendments to the Credit Facility will result in Titan significantly
deleveraging by the end of 2025 while maintaining flexibility to pursue multiple growth projects within
the Company; that a principal repayment of US$5 million will occur by December 31, 2024; that Titan
will meet its repayment milestones; that the revisions to the Credit Facility will allow us to achieve our
goal of significantly deleveraging the Company while advancing near term expansion; and that we are
committed to unlocking significant value for our shareholders. When used in this news release words
such as “to be”, "will", "planned", "expected", "potential", 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 forward-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 may 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 forward-looking statements are based on
various assumptions, including assumptions made with regard to the ability to advance exploration
efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (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 prove 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. You 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.