Titan Mining Corporation (TSX: TI) announces the results for the quarter ended March 31, 2023. (All amounts are in U.S. dollars unless otherwise stated)

Don Taylor, President and Chief Executive Officer of Titan, commented, “Titan’s ESM operations had an outstanding beginning to 2023 with a solid first quarter hitting or exceeding targets for the major metrics in safety and production while continuing to pay a quarterly dividend. Development planning and execution as well equipment purchases for the Sphaleros project continued on target for the quarter.”

Q1 2023 HIGHLIGHTS:

• Zinc production of 13.8 million payable pounds and sales of 14.8 million payable pounds, up 37% and 43% respectively when compared to Q1 2022
• $16.7 million in revenue, up 20% when compared to Q1 2022
• Cash flow of $3.35 million, up 60% when compared to Q1 2022
• Paid a cash dividend of C$0.01 per share on April 14, 2023 in respect of Q1 2023
• Entered into a fixed zinc pricing arrangement for approximately 30% of the Company’s forecasted zinc production for the remainder of 2023. The arrangement is for an eleven-month period covering February 2023 to December 2023 at a price of $1.55 per pound of zinc
• Cash balance of $7.4 million at March 31, 2023

TABLE 1 Financial and Operating Highlights

¹ Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

OPERATIONS REVIEW

Mining efforts in the first quarter of 2023 focused on the Mahler, New Fold, Mud Pond and N2D zones. Waste development continued to advance on the Mahler ramp system which continues to provide access to a high-grade ore horizon in the Lower Mahler mining zone. It is expected that ore from this zone will support head grade at planned levels for the remainder of the year. The long hole stoping program for New Fold continued in the first quarter but is being paused in the second quarter to focus on improving ground control and engineering design. Production from this area is scheduled to restart in the second half of the year.

Engineering and design efforts are well underway for the development of the Sphaleros underground project. Equipment required for the development has been identified and the acquisition process is underway. To help facilitate planning for the Sphaleros development an extensive LiDAR survey has been completed mapping the existing underground workings of the historic #2 Mine. During Q1 electrical infrastructure was installed at the portal site to supply the required power. Final road capping of the haul road from Sphaleros to the #4 mill will occur in the second half of 2023.

EXPLORATION UPDATE

Underground:

Drill programs in the first quarter of 2023 focused on advancing definition drilling in Lower Mahler and N2D. A total of 30 holes totaling 8,477 ft were completed. Definition drilling will continue to focus on Mahler and N2D in the second quarter of 2023. Underground exploration continued in the first quarter of 2023 with two holes completed, for a total of 1,612 ft drilled. This program continues to test the identified mineralization between New Fold and Mahler. Exploration drilling will continue to test this area throughout 2023.

Surface:

Surface drilling in the first quarter of 2023 focused on delineating and expanding the known near surface mineralization within the footprint of the Sphaleros project area. A total of 17 holes totaling 6,089 ft were completed testing the Streeter target. Surface drilling will continue to test near surface mineralization at Sphaleros through the end of the second quarter 2023.

One district exploration hole was completed in the first quarter at 24 Crescent, a near mine district target, totaling 1,227 ft. A second hole will be completed at the start of the second quarter, before moving the rig back to Sphaleros for definition drilling. Regional drill targets have been identified for testing in the third and fourth quarters of 2023.

Qualified Person

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

Non-GAAP Performance Measures

This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable to similar measures reported by other issuers. The Company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the Company’s performance. The Company uses these performance measures extensively in internal decision-making processes, including to assess how well the Empire State Mine is performing and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team. The tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures as contained within the Company’s issued financial statements.

Net Debt

Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below.

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.