Titan Mining Corporation (NYSE-A:TII) (TSX:TI), a U.S.-focused critical minerals producer and developer, today reported its financial and operating results for the third quarter ended September 30, 2026.

Q3 2026 HIGHLIGHTS⁽¹⁾⁽²⁾

Operating and Financial Performance:

• Revenue: $22.6 million, up 35% from $16.8 million in Q3 2025. Nine-month revenue reached $67.9 million, up 38% year-over-year.
• Adjusted EBITDA: $6.2 million, up 111% from $2.9 million in Q3 2025. Nine-month Adjusted EBITDA was $19.8 million, up 146% year-over-year.
• Zinc production: 13.7 million payable pounds, reflecting temporary maintenance-driven production delays and lower feed grade. Higher production is expected in Q4 2026 as mining advances to the next level of the New Fold zone and pillar recovery begins in Mud Pond Apron and Lower Mahler.
• Cash costs: C1 cash cost of $1.13/lb and AISC of $1.27/lb, reflecting lower quarterly production and planned sustaining capital investment.
• Cash flow: Operating cash flow of $3.5 million in Q3 2026.
• Balance sheet: Net debt declined 54% year-over-year to $11.6 million, compared with $25.1 million at September 30, 2025. Titan ended the quarter with $16.8 million in cash (in addition to $4.8 million of margin deposits for zinc forward sales) and $28.6 million in available liquidity, providing financial flexibility to support ongoing operations and advance its critical minerals growth initiatives.
• Guidance reaffirmed: 2026 zinc production of 62–66 million payable pounds, C1 cash cost of $0.93–1.01/lb and AISC of $1.07–1.17/lb.

Strategic and Corporate Developments:

• U.S. Army commercial framework: On October 7, 2026, Titan’s subsidiary Empire State Mines, LLC executed a term sheet with the U.S. Department of the Army setting out the principal commercial terms of an Enhanced Use Lease for a proposed commercial-scale graphite processing facility at Anniston Army Depot, Alabama.
• Kilbourne on schedule: Titan continues to advance its planned 40,000-tonne-per-year Kilbourne natural graphite project, with the Feasibility Study targeted for release in early 2027. Federal FAST-41 and state permitting activities remain on schedule, while discussions with EXIM continue regarding potential financing of up to $120 million. In parallel, Titan is expanding the capabilities of its graphite demonstration facility to support product qualification and commercial engagement with prospective customers.
• Graphite processing upgrade: A fourth stirred media mill is being added to the graphite demonstration facility to enable single-pass production of flake graphite concentrate exceeding 95% carbon purity. Additional customer contract negotiations are underway.
• Germanium: Work continues to optimize recovery parameters at an independent laboratory in Kingston and define feed specifications for germanium concentrate sales to Teck’s Trail Operations, the only commercial-scale germanium recovery facility in North America. Titan is now defining the volume and grade of germanium in its active underground zinc orebodies as well as the #4 and Edwards tailings facilities.

^{(1) All amounts are in U.S. dollars unless otherwise indicated. Totals may not add due to rounding.}

^{(2) C1 cash cost, AISC, EBITDA, Adjusted EBITDA, net debt, and available liquidity are non-GAAP measures. These terms are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Non-GAAP Performance Measures” below.}

Rita Adiani, President and CEO of Titan, commented:

“Titan delivered strong financial performance through the first nine months of 2026, with Adjusted EBITDA increasing 146% to $19.8 million and net debt improving 54% year-over-year. Despite maintenance-related impacts in the third quarter, we anticipate increased zinc production in Q4 and remain on track to achieve our full-year guidance.

At the same time, we are making meaningful progress in building a diversified U.S. critical minerals business. Our commercial framework with the U.S. Army represents a significant milestone in advancing domestic graphite processing, while Kilbourne and our germanium initiatives continue to progress. With a stronger balance sheet and $28.6 million in available liquidity, Titan is well positioned to execute its growth strategy and create long-term shareholder value.”

TABLE 1 Operating and Financial Highlights⁽¹⁾⁽²⁾

^{(1) All amounts are in U.S. dollars unless otherwise indicated. Totals may not add due to rounding.}

^{(2) C1 cash cost, AISC, Adjusted EBITDA and net debt are non-GAAP measures. See “Non-GAAP Performance Measures” below.}

^{(3) C1 cash cost and AISC for Q1 2026 were revised to align with the definitions in the Non-GAAP Performance Measures section, increasing them by $0.06/lb and $0.05/lb respectively from the figures reported on May 12, 2026.}

The Q3 2026 net loss before tax of $3.1 million reflects continued investment in Titan’s graphite growth strategy, including $4.4 million of Kilbourne Feasibility Study costs and $0.7 million of graphite project expenses, as well as a $1.1 million non-cash loss on the fair value of warrants. Adjusted EBITDA, which excludes these items as well as depreciation, interest and stock-based compensation, was $6.2 million in the quarter.

ZINC OPERATIONS REVIEW

Mining in Q3 2026 focused on the Mahler, New Fold and Mud Pond Apron zones of the #4 mine. Titan mined 111,161 tons and milled 111,110 tons of ore at a feed grade of 7.5% zinc. Mill recovery remained strong at 96.1%, producing 13,431 tons of zinc concentrate at a grade of 59.9% zinc. Quarterly production was affected by temporary maintenance-driven delays and lower grades, as Mahler mining was on the edges of the ore model and New Fold reached the limit of its current mining level.

Grades are expected to improve in Q4 2026 as mining begins on the next level of New Fold and retreat pillar recovery starts in Mud Pond Apron and parts of Lower Mahler. Mining in the N2D zone is expected to restart in 2027. Capital development continued on the New Fold and Upper Mahler up-ramps.

Titan is investing in long-term reliability and productivity. Three major capital projects are expected to be completed in Q4 2026: the #4 production shaft rail replacement, rehabilitation of the #2 shaft secondary egress, and the rebuild of the mill’s fine ore bin discharge chutes. A new mechanical bolter and a new 42-ton haul truck are expected to enter service in Q4 2026. Titan has also approved a production hoist upgrade, to be executed in Q1 2027, to further improve long-term hoisting reliability.

GRAPHITE UPDATE

Titan’s graphite demonstration facility at Empire State Mines has produced natural flake graphite concentrate since January 2026. Shipments to potential customers for product qualification are continuing. In Q4 2026, the facility’s grinding circuit is being upgraded with a new ball mill motor, variable frequency drive and gear reducer, and a fourth stirred media mill is being added. This will enable single-pass processing to a flake graphite concentrate exceeding 95% carbon purity. Installation and commissioning are expected to continue through November.

The Kilbourne Feasibility Study for the proposed 40,000 tonne-per-year graphite facility remains on track for completion in early 2027, with a final investment decision expected thereafter. Kilbourne is covered under the federal FAST-41 permitting framework, and key federal and state permitting milestones remain on schedule. Titan continues to work with EXIM to advance its expression of financing interest of up to $120 million under EXIM’s “Make More in America” initiative toward a commitment. Graphite-related expenditures totaled $5.2 million in Q3 2026.

Titan advanced its strategy to establish an integrated domestic graphite supply chain through an agreement with the U.S. Department of the Army on the principal commercial terms for a proposed commercial-scale graphite processing facility at Anniston Army Depot, Alabama. The contemplated Enhanced Use Lease would provide a framework for accessing established federal industrial infrastructure, potentially supporting more efficient development of domestic graphite processing capacity.

EXPLORATION UPDATE

In Q3 2026, Titan completed 10,710 feet of underground drilling in 27 holes on the Midway, New Fold, Mahler Main and Mud Pond orebodies. Several holes intersected mineralization at Midway, between Lower Mahler and New Fold, and holes at New Fold returned favorable results. Surface drilling tested the regional Bend and Parish targets, and germanium evaluation continued across four zinc orebodies and the #4 and Edwards tailings facilities. Assay results are pending. An updated zinc life-of-mine plan is expected in Q1 2027.

Scientific and Technical Information

The scientific and technical information contained in this news release related to the Company’s exploration activities and zinc operations has been reviewed and approved by Matthew Melnyk, CPG #11540 (AIPG), Vice President Exploration and Geology of Titan, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″). Mr. Melnyk is not independent of the Company.

The scientific and technical information contained in this news release related to the Company’s germanium and graphite development has been reviewed and approved by Oliver Peters, MSc., P.Eng., who is a Qualified Person as defined by NI 43-101. Mr. Peters is independent of the Company.

Refer to the Company’s technical report titled “Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA” with an effective date of December 1, 2025, for additional information.

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 also the United States’ first end-to-end producer of natural flake graphite in 70 years and is advancing graphite and germanium initiatives to strengthen domestic critical minerals supply chains. The Company has also received support from the U.S. Export-Import Bank (EXIM) under its Make More in America Initiative. Titan’s goal is to deliver shareholder value through operational excellence, development, and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain.