TITAN MINING CORP - TIMCF STOCK NEWS

Titan Mining Corporation announces new production record and on track to exceed 2023 production guidance. Exploration results include high-grade zinc mineralization. Best year-to-date safety performance. Production costs down.

Titan Mining Corporation (TI) announced the results for the quarter ended June 30, 2023. Highlights include no lost time injuries, recordable injury frequency rate at half the national average, zinc production of 15.0 million payable pounds, zinc sales of 15.0 million payable pounds, and $9.0 million in revenue. Financial highlights show a 47% revenue decline and a 540% net loss before tax. Operations review details mining efforts, exploration updates, and financial position. The company is committed to investing in future projects when zinc prices recover.

Titan Mining Corporation (TSX: TI) reported strong results for the year ended December 31, 2022, highlighting a record zinc production of 52.5 million payable pounds, an 11.6% revenue increase to $62 million, and a record $15 million in net cash flow. The company announced a quarterly cash dividend yielding 8.5%. Significant progress was made on the Sphaleros expansion project, expected to enhance productivity in late 2023 and into 2024. 2023 exploration is being prioritized with an increased budget targeting 80,000 acres. Despite these achievements, Titan reported a net loss of $4.08 million for FY 2022.

Titan Mining Corporation has declared a C$0.01 quarterly cash dividend per common share, amounting to approximately C$1.4 million based on the current shares outstanding. This annualized dividend of C$0.04 represents a yield of 6.5% calculated from the closing share price of C$0.61 on March 6, 2023. The dividend will be payable on April 14, 2023, to shareholders on record as of March 31, 2023. This action aligns with Titan’s previously adopted policy of declaring quarterly dividends.

Titan Mining Corporation has announced a fixed zinc pricing agreement for approximately 30% of its projected zinc production for 2023, locking in a price of $1.55 per pound for the period from February to December 2023. This decision follows a record production year in 2022 at the Empire State Mine, with a forecast of 54-58 million pounds of payable zinc for 2023. The company also plans to implement a quarterly cash dividend and develop the Sphaleros project while managing financial risks.

Titan Mining Corporation (TSX: TI) announced significant drill results from a newly discovered mineralized zone at its 100% owned Empire State Mine in New York. The latest assays reveal high concentrations of zinc, with notable intercepts including 32.5 feet at 19.0% zinc and 48.7 feet at 23.9% zinc. The ongoing exploration program has completed six drill holes, with two results pending. ESM General Manager Joel Rheault expressed optimism about the high-grade mineralization's potential impact on future operations. This discovery may enhance the Company's current production capabilities and contribute positively to its growth trajectory.