During the quarter, Titan delivered revenue growth, generated positive operating cash flow, commenced end-to-end domestic graphite shipments and advanced evaluation work related to potential germanium recovery from existing process streams. Natural flake graphite and germanium are critical minerals of significant priority to the U.S. Government, and Titan looks to become a key component of the U.S. minerals security supply chain.
Q1 2026 HIGHLIGHTS(1)(2)
Operating and Financial Performance:
Zinc production: 14.2 million payable pounds, in line with the mine plan
Revenues: $19.6 million, up 22% from Q1 2025
Cash costs: C1 cash costs of $0.98/lb, within guidance
AISC: $1.01/lb, below guidance
Adjusted EBITDA: $3.9 million in the quarter and forecast Adjusted EBITDA of $20 - $28 million for the year(3)
Cash Balance: $13.8 million cash balance at quarter-end, up 13% from Q1 2025, reflecting continued balance sheet strength
Strategic and Corporate Developments:
Kilbourne Graphite Project: Advancing toward commercial scale, Production and initial shipments of graphite concentrate commenced in Q1 2026, supporting ongoing customer qualification and advancing Titan's vertically integrated U.S. graphite strategy, with a fully funded 40,000 tpa Feasibility Study underway
Exploration: Drilling supports resource expansion, Graphite mineralization extended up to 2,500 feet beyond the current resource boundary, with grades consistent with the main deposit, highlighting meaningful expansion potential
Germanium: Near-term recovery potential from existing streams, Germanium identified within existing process streams at Empire State Mines ("ESM") appears to be predominantly associated with mica and other gangue materials rather than sulphides. This finding helps define the potential recovery approach and highlights a potential incremental cash flow opportunity alongside the existing zinc operation.
1. Unless noted otherwise, all monetary figures are expressed in U.S. dollars.2. C1 Cash Cost, All-In Sustaining Cost ("AISC"), Adjusted EBITDA and Net Debt 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. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is provided below under "Non-GAAP Performance Measures".3. Estimated based on approximate current spot zinc pricing, assuming production and costs remain in line with guidance. Actual realized pricing and Adjusted EBITDA may vary based on operational and market conditions.
Rita Adiani, President and Chief Executive Officer, commented: "Titan is executing on a clear strategy, generating cash flow today while building the next generation of U.S. critical minerals supply. In the first quarter, we delivered consistent zinc production, commenced graphite shipments from an end-to-end domestic source, and advanced evaluation work related to the potential recovery of germanium from existing operations.
With a strengthened balance sheet and multiple near-term growth catalysts, we are positioning Titan to become a leading domestic supplier of materials essential to defense and industrial supply chains".
TABLE 1 Financial and Operating Highlights(1)(2)
2026
2025
Q1
FY
Q4
Q3
Q2
Q1
Operating
Payable zinc produced
mlbs
14.17
64.26
18.74
14.64
15.51
15.37
Payable zinc sold
mlbs
13.96
64.16
18.74
13.81
16.04
15.57
Average Realized Zinc Price
$/lb
1.47
1.31
1.43
1.29
1.20
1.29
C1 Cost
$/lb
0.98
0.92
0.88
1.01
0.90
0.91
AISC
$/lb
1.01
0.98
0.96
1.13
0.90
0.96
Financial
Revenue
$m
19.59
74.33
25.10
16.78
16.34
16.02
Net Income (loss) before tax
$m
(13.34)
(0.03)
(1.00)
0.08
0.54
0.35
Earnings (loss) per share- basic
$/sh
(0.14)
0.00
0.00
0.00
0.00
0.00
Cash Flow from Operating Activities before changes in non-cash working capital
$m
1.90
13.86
6.66
2.15
2.36
2.69
Cash Flow from Operating Activities after changes in non-cash working capital
$m
(2.05)
12.58
5.53
5.02
1.82
0.20
Financial Position
Cash & Cash Equivalents
$m
13.8
17.5
17.5
4.3
8.1
12.2
Net Debt
$m
12.9
8.7
8.7
25.1
24.2
23.1
1. Unless noted otherwise, all monetary figures are expressed in U.S. dollars.2. C1 Cash Cost, All-In Sustaining Cost ("AISC"), Adjusted EBITDA and Net Debt 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. These ...
