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Titan Reports 16% Increase in Production While Lowering Costs

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Titan Reports 16% Increase in Production While Lowering Costs






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


Don Taylor, President and Chief Executive Officer of Titan, commented, “Titan finished 2023 with a strong fourth quarter in both safety and production which allowed Empire State Mine  to produce a record 61.0 million payable zinc pounds in 2023. As we enter 2024 our plans are to continue the upward trajectory on production while improving our safety performance.”



  • Safest year of operations on record at the Empire State Mine since re-opening, with an injury frequency rate of 0.7, 70% lower than the national average.
  • Produced 13.9 million pounds of payable zinc in the fourth quarter of 2023 and a record 61 million payable pounds of zinc in 2023, a 16% increase over the prior year.
  • Announced the discovery of the Kilbourne graphite trend, an extensively drill-tested graphite-bearing trend located on permitted lands.
    • Drilling began in December 2023 with eight holes totaling 2,074 ft completed to date with an additional 10,000 ft scheduled for 2024.
    • An initial bulk sample was identified and collected in January 2024.


TABLE 1 Financial and Operating Highlights


    Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Payable Zinc Produced mlbs 13.9 18.3 15.0 13.8 61.0
Payable Zinc Sold mlbs 13.9 18.3 15.0 14.8 62.0
Average Realized Zinc Price $/lb 1.13 1.10 1.15 1.42 1.19
Revenue $m 10.91 15.50 8.95 16.74 52.09
Net Income (loss) after tax $m (6.96) 0.50 (4.84) 1.10 (10.20)
Earnings (loss) per share – basic $/sh (0.05) 0.00 (0.03) 0.01 (0.07)
Cash Flow from Operating Activities before changes in non-cash working capital $m (1.36) 4.21 (0.11) 3.35 5.95
Financial Position   31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22
Cash and Cash Equivalents $m 5.03 4.32 2.90 7.41 6.72
Net Debt 1 $m 30.75 32.93 33.43 23.34 23.31


Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding.


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.


For further details the reader is directed to the Company’s year ended December 31, 2023 Financial Statements and Management Discussion and Analysis available on




Mining efforts in 2023 focused on the Mahler, New Fold, and Mud Pond zones. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported strong grades and record metal production. It is expected that ore from this zone will continue to support budgeted zinc grades for FY2024. Mining is expected to continue in the same zones in 2024.


Major projects completed include the counter-weight rail replacement for the service cage and purchase of a telehandler for underground material movement.






Drill programs in 2023 targeted Lower Mahler, N2D, New Fold, and Fowler. Underground drilling totaled 58 drillholes and 29,937 ft. Of these, eight were completed in the fourth quarter of 2023, totaling 5,884 ft. Drilling has continued to target New Fold and Lower Mahler in the first quarter of 2024. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, five holes were completed targeting the down dip extensions of Lower Mahler, and the area between Lower Mahler and New Fold. A total of 7,984 ft was drilled, with mineralization intercepted 600 ft down dip from the current active faces of Lower Mahler.




Surface drilling in 2023 focused on the exploration and further delineation of the Turnpike project (formerly identified as Sphaleros). A total of 25 holes totaling 10,717 ft were drilled in the first and second quarters of 2023.


Two holes were drilled testing the 24 Crescent target, a district target within close proximity to existing Empire State Mine infrastructure. Drilling totaled 2,023 ft.




Titan has begun work on further defining the Kilbourne graphite trend, a graphite exploration target hosted within the same stratigraphic sequence as ESM’s zinc mineralization. The host unit is Unit 2 of the lower marbles. Mapping and drilling have documented 8.2 km of strike length, to a depth of 1 km from surface. Approximately 2.5 km of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.


Exploration activities began in the third quarter of 2023 with surface trenching and channel sampling generating 99 samples. Based on that sampling a representative bulk sample (X tons) was sent to RDI labs in Wheat Ridge Colorado for metallurgical testing. Drilling began in the fourth quarter of 2023 and is projected to continue into the second quarter of 2024. To date, nine holes totaling 2,718 ft have been completed.


Assays and Quality Assurance/Quality Control


To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.


Sample preparation (crushing and pulverizing) has been performed at ALS Geochemistry (“ALS”), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).


The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release.


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.


      December 31     December 31  
    2023     2022  
Current portion of debt $ 35,779   $ 176  
Non-current portion of debt       29,856  
Total debt $ 35,779   $ 30,032  
Less: Cash and cash equivalents   (5,031 )   (6,720 )
Net debt $ 30,748   $ 23,312  

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.


Posted March 22, 2024

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