Titan Reports Third Quarter 2024 Results
VANCOUVER, British Columbia, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI, OTCQB:TIMCF) ("Titan" or the "Company") announces the results for the quarter ended September 30, 2024. (All amounts are in U.S. dollars unless otherwise stated)
Don Taylor, Chief Executive Officer of Titan, commented, "Despite the setback caused by Tropical Storm Debby, management and staff at the mine were able to make full repairs and stockpile ore during the recovery period while the crusher repairs were being completed. As a result, Titan reiterates its full year production guidance and fully expects Q4 cash costs to offset the higher costs reflected in Q3. Additionally, in Q4, Titan expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for its Kilbourne graphite project."
Q3 2024 HIGHLIGHTS:
Appointment of Rita Adiani as President of the Company
Zero Lost Time Injuries in the third quarter.
Returned to full commercial production on September 26, 2024 following the temporary suspension of operations resulting from the historic flooding caused from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Repairs were completed ahead of schedule and under budget.
TABLE 1 Financial and Operating Highlights
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Operating
Payable Zinc Produced
mlbs
8.0
14.5
14.7
13.9
18.3
Payable Zinc Sold
mlbs
8.2
14.7
14.4
13.9
18.3
Average Realized Zinc Price
$/lb
1.27
1.30
1.11
1.13
1.10
Financial
Revenue
$m
8.27
17.97
11.73
10.91
15.50
Net Income (loss) before tax
$m
(4.86
)
2.62
(2.63
)
(6.96
)
0.50
Earnings (loss) per share - basic
$/sh
(0.04
)
0.02
(0.02
)
(0.05
)
0.00
Cash Flow from Operating Activities before changes in non-cash working capital
$m
(1.68
)
6.97
0.26
(1.36
)
4.21
Cash and Cash Equivalents
$m
5.84
5.55
4.18
5.03
4.32
Net Debt 1
$m
30.78
30.63
32.44
30.75
32.93
1Net 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.
As a result of Tropical Storm Debby, revenues were lower during the three and nine months ended September 30, 2024, largely due to the temporary suspension of operations at ESM during the period from August 12, 2024 to September 26, 2024. Additionally, AISC increased to $1.35 in Q3 2024 from $0.79/lb in Q2 2024, primarily due to lower concentrate deliveries during August and September.
OPERATIONS REVIEW
Mining in the third quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone while the Company reviews opportunities to restart production in this area. Deepening of the Lower Mahler ramp system provided access to higher-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Ore recovery from the longhole stoping in New Fold will continue into the fourth quarter. It is expected that ore from New Fold and Lower Mahler zones will continue to support budgeted head grades for the remainder of the fiscal year. Mining will continue in these key zones during the fourth quarter of 2024.
While crushing and hoisting activities were halted from August 12, 2024 to September 26, 2024, mining activities continued and ore was stockpiled in the underground. The Company expects to hoist and mill budgeted tonnage in Q4 plus all underground ore that was stockpiled in Q3. With the excess capacity in the mill, the Company expects to meet full year guidance.
Work on projects focused mainly on the rehabilitation of the underground crusher and associated electrical components that were damaged during the flooding caused by Tropical Storm Debby. In addition, a previously unknown raise at the old Streeter Portal at the #2 mine area, which is suspected to have been a major contributor to the inflow, was permanently plugged to prevent any future inflow. Rod mill liners were installed in the third quarter of 2024. In the fourth quarter of 2024, the Company plans to initiate a market ...
