Titan Mining Reports 146% Growth in Nine-Month Adjusted EBITDA to $19.8 Million and Advances U.S. Critical Minerals Strategy

Titan Mining posts strong revenue and EBITDA growth but records a Q3 net loss.

What the company is saying

Titan Mining emphasizes robust financial growth, highlighting a 35% year-over-year revenue increase to $22.6 million in Q3 2026 and a 146% surge in nine-month Adjusted EBITDA to $19.8 million. The company frames its Q3 net loss before tax of $3.1 million as a result of strategic investments, specifically $4.4 million for the Kilbourne graphite Feasibility Study, $0.7 million in graphite project expenses, and a $1.1 million non-cash warrant loss. Management, led by President and CEO Rita Adiani, maintains a confident tone, reaffirming 2026 guidance for zinc production and costs, and projecting higher Q4 production as mining advances in key zones. The narrative spotlights progress in graphite and germanium initiatives, including a term sheet with the U.S. Army for a graphite facility and ongoing EXIM financing discussions. Operational updates are detailed, with specific project milestones and capital projects slated for near-term completion. The announcement is comprehensive, with detailed tables and breakdowns, and positions the company as financially flexible with $28.6 million in available liquidity.

What the data suggests

The disclosed figures show Titan Mining's Q3 2026 revenue rose to $22.6 million, up from $16.8 million in Q3 2025, and nine-month revenue reached $67.9 million, a 38% year-over-year increase. Adjusted EBITDA for Q3 2026 was $6.2 million, more than double the prior year, and nine-month Adjusted EBITDA was $19.8 million, up 146%. Despite these gains, the company posted a Q3 net loss before tax of $3.1 million, driven by $4.4 million in Kilbourne Feasibility Study costs, $0.7 million in graphite project expenses, and a $1.1 million non-cash loss on warrants. Zinc production was 13.7 million payable pounds at a C1 cash cost of $1.13/lb and AISC of $1.27/lb, with lower output due to maintenance and grade issues. Net debt dropped 54% year-over-year to $11.6 million, and cash and equivalents stood at $16.8 million, with $28.6 million in available liquidity. The company reaffirmed 2026 guidance for 62–66 million pounds of zinc at lower forecast costs. Project updates remain at the feasibility and permitting stage, with $5.2 million spent on graphite in Q3 and no operational output yet from new initiatives. The data supports a narrative of improving core financials but underscores that diversification projects are still pre-revenue and in development.

Analysis

The announcement is largely factual and proportionate to the company's actual progress. Realised financial and operational results are clearly disclosed, including revenue, EBITDA, cash flow, production, and cost metrics, all showing significant year-over-year improvement. Forward-looking statements (such as reaffirmed guidance, graphite project plans, and ongoing financing discussions) are present but are clearly separated from realised results and do not dominate the narrative. The graphite project and related capital outlays are long-dated and still in the feasibility and financing stage, but this is transparently disclosed, and no exaggerated claims of imminent benefit are made. The tone is positive but not promotional, and there is no evidence of narrative inflation or overstatement relative to the disclosed facts. The only minor gap is the emphasis on future graphite and germanium initiatives, which are still pre-revenue and carry execution risk, but this is not hyped.

Risk flags

• ●The company remains loss-making on a net basis, with a Q3 net loss before tax of $3.1 million despite strong revenue and EBITDA growth. Continued investment in non-revenue-generating projects could prolong this trend.
• ●Titan's diversification into graphite and germanium is still at the feasibility and permitting stage, with $5.2 million spent on graphite in Q3 but no operational output or committed financing. Execution risk is high until feasibility, permitting, and funding are secured.
• ●Guidance for 2026 zinc production and cost improvements is reaffirmed, but actual Q3 zinc output was affected by maintenance and lower grades, highlighting operational volatility. Realisation of guidance depends on successful mining advances and project completions.
• ●The company's capital structure has improved, with net debt down 54% year-over-year, but ongoing capital projects and expansionary spending could strain liquidity if operational cash flow does not continue to improve.
• ●Discussions with EXIM for up to $120 million in project financing are ongoing, but no binding commitment exists. The graphite project's commercialisation is contingent on securing this funding and completing permitting milestones.

Bottom line

Titan Mining delivered strong revenue and EBITDA growth in Q3 2026, but remains unprofitable due to heavy investment in graphite and project development. The core zinc business is improving, with net debt down to $11.6 million and liquidity at $28.6 million, but Q3 production was hampered by maintenance and lower grades. The company's push into graphite and germanium is still in the early stages, with feasibility, permitting, and financing discussions ongoing and no new revenue streams yet. Execution risk remains high for these diversification projects, and future profitability depends on delivering operational improvements and securing project funding. Investors should focus on Q4 zinc production, the outcome of the Kilbourne Feasibility Study, and progress toward binding financing or offtake agreements for new initiatives. The key takeaway is that while the financial trajectory is positive, the next phase of growth is not yet de-risked.

Announcement summary

(TSX:TI) Titan Mining Corporation reported financial and operating results for the third quarter ended September 30, 2026. Q3 2026 revenue was $22.6 million, a 35% increase from $16.8 million in Q3 2025, and nine-month revenue reached $67.9 million, up 38% year-over-year. Adjusted EBITDA for Q3 2026 was $6.2 million, up 111% from $2.9 million in Q3 2025, with nine-month Adjusted EBITDA at $19.8 million, up 146% year-over-year. Zinc production for the quarter was 13.7 million payable pounds, with C1 cash cost at $1.13/lb and AISC at $1.27/lb. Operating cash flow for Q3 2026 was $3.5 million. Net debt declined 54% year-over-year to $11.6 million from $25.1 million at September 30, 2025. Titan ended the quarter with $16.8 million in cash and $4.8 million of margin deposits for zinc forward sales, and available liquidity of $28.6 million. The company reaffirmed 2026 guidance for zinc production of 62–66 million payable pounds, C1 cash cost of $0.93–1.01/lb, and AISC of $1.07–1.17/lb. On October 7, 2026, Titan's subsidiary Empire State Mines, LLC executed a term sheet with the U.S. Department of the Army for an Enhanced Use Lease for a proposed graphite processing facility at Anniston Army Depot, Alabama. The Kilbourne natural graphite project, planned at 40,000 tonnes per year, remains on schedule with the Feasibility Study targeted for early 2027, and discussions with EXIM continue regarding potential financing of up to $120 million. The graphite demonstration facility is being upgraded with a fourth stirred media mill to enable single-pass production of flake graphite concentrate exceeding 95% carbon purity. Graphite-related expenditures totaled $5.2 million in Q3 2026. In Q3 2026, Titan mined 111,161 tons and milled 111,110 tons of ore at a feed grade of 7.5% zinc, with mill recovery at 96.1%, producing 13,431 tons of zinc concentrate at a grade of 59.9% zinc. The Q3 2026 net loss before tax was $3.1 million, reflecting $4.4 million of Kilbourne Feasibility Study costs, $0.7 million of graphite project expenses, and a $1.1 million non-cash loss on the fair value of warrants. In Q3 2026, 10,710 feet of underground drilling was completed in 27 holes on the Midway, New Fold, Mahler Main, and Mud Pond orebodies. Cost of sales for Q3 2026 was $13,618,000 or $0.99/lb, with smelting and refining costs of $1,895,000 or $0.14/lb. Total C1 cash cost was $15,513,000 or $1.13/lb, and sustaining capital expenditures were $1,910,000 or $0.14/lb. AISC for Q3 2026 was $17,423,000 or $1.27/lb. As of September 30, 2026, cash and cash equivalents were $16,824,000, net debt was $11,648,000, and available liquidity was $28,626,000. Expansionary capital expenditures for the nine months ended September 30, 2026, were $1,798,000. The company continues to define the volume and grade of germanium in its active underground zinc orebodies and tailings facilities, with work ongoing to optimize recovery parameters for germanium concentrate sales to Teck's Trail Operations.

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