The Prospector News

Titan Mining Hits Key Loan Milestone, Executes Financial Deleveraging Strategy for 2025

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Titan Mining Hits Key Loan Milestone, Executes Financial Deleveraging Strategy for 2025

 

 

 

 

 

Titan Mining Corporation (TSX: TI) (OTCQB: TIMCF) is pleased to announce that it has agreed to certain amendments to the credit facility with National Bank of Canada dated June 6, 2022 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 potential 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 assets that enhance the security of the U.S. supply chain and the Kilbourne Graphite Project is a core part of this strategy.

 

Posted December 11, 2024

Share this news article

MORE or "UNCATEGORIZED"


ABRASILVER ANNOUNCES CLOSING OF $30 MILLION PUBLIC OFFERING OF COMMON SHARES

AbraSilver Resource Corp. (TSX-V: ABRA) is pleased to announce th... READ MORE

February 7, 2025

Troilus Announces $5.8 Million Strategic Investment by Vaneck via a Non-Brokered Private Placement

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R) announce... READ MORE

February 7, 2025

PPX Closes First Tranche of Silver Royalty Agreement With Silver Crown Royalties

PPX Mining Corp. (TSX-V: PPX) (BVL: PPX) is pleased to announce t... READ MORE

February 7, 2025

Barrick Grows Gold and Copper Reserves Significantly, Setting It Apart From Peers as It Positions for Growth

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) grew attributable ... READ MORE

February 6, 2025

Liberty Gold Announces Assay Results from the 2024 Drill Program at the Black Pine Oxide Gold Project, Idaho

0.96 g/t Au over 24.4 meters, including 1.94 g/t Au over 6.1 mete... READ MORE

February 6, 2025

Copyright 2025 The Prospector News