Titan Mining Corporation Celebrates Production Success in 2024
Titan Mining Corporation Celebrates Strong Production Outcomes in 2024
VANCOUVER, British Columbia – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) is excited to share remarkable results for the year ended December 31, 2024. Despite the production disruptions caused by Storm Debby in Q3 2024, the company achieved the highest end of its production guidance while keeping costs significantly below expectations at its wholly owned Empire State Mines (ESM).
Key Highlights from the Fiscal Year 2024
During the fourth quarter of 2024, Titan produced 21.7 million pounds of payable zinc, marking a substantial 56% increase compared to Q4 2023. Total zinc production for the entire fiscal year reached 59.5 million pounds, showcasing the company’s commitment to excellence.
Impressive Revenue Growth
In Q4 2024, Titan reported revenues of $26.3 million, an astounding 318% increase from Q3 2024 and a 241% rise from Q4 2023. This solid performance reflects the company's remarkable operational capabilities.
Cost Efficiency Achievements
For Q4 2024, the C1 cash cost per payable pound sold was $0.81, down 30% compared to the previous year’s Q4, and the annual figure recorded was $0.91, representing a 13% decrease year-over-year. Furthermore, the All-In Sustaining Cost (AISC) of $0.86 in Q4 2024 is a 26% reduction from Q4 2023, with an annual AISC of $0.94.
Remarkable Financial Progress
Titan's cash flows from operations for FY 2024 stood at $16.5 million, reflecting an impressive 170% increase from FY 2023. Achievements in financial performance highlight the company's commitment to structural improvement and operational efficiency.
Safety and Sustainability Record
Safety remains a top priority for Titan, as evidenced by another record year at the Empire State Mine, which recorded an injury frequency rate of 0.7—over 70% lower than the national average. This commitment to maintaining a robust safety culture supports Titan’s sustainable operations.
Expansion of Resource Estimates
In 2024, Titan completed an updated mineral resource estimate, extending the mine life for ESM's zinc operations through 2033, with a 22% increase in measured and indicated zinc contained compared to previous estimates. This progress assures stakeholders of the company's future in the mining sector.
Graphite Project Development
Additionally, Titan has made strides in its Kilbourne Graphite Project, achieving a maiden mineral resource estimate that indicates 22 million US short tons. This positioning marks the company’s diversification into critical minerals aligned with global demands.
Forward-Looking Statements and Strategic Vision
Looking ahead, Titan Mining’s CEO, Don Taylor, emphasized the company’s strong foundation at ESM and the anticipated profitability for 2025. The planned expansion efforts and cost reduction strategies are aimed at enhancing the company's operational footprint.
Upcoming Projects and Financing Plans
Titan is exploring financing alternatives to support the construction of a commercial demonstration plant, which will initially target production of 1,000-1,200 tons per year of concentrate. With future modular expansions, the facility is expected to reach a baseline production of 40,000 tons annually.
Such initiatives not only reinforce Titan’s growth trajectory but also solidify its role as a pivotal player in the domestic minerals supply chain.
Frequently Asked Questions
What were Titan Mining's production figures for 2024?
Titan Mining produced 21.7 million pounds of payable zinc in Q4 2024, totaling 59.5 million pounds for the entire fiscal year.
How did Titan perform financially in FY 2024?
Titan reported revenues of $26.3 million in Q4 2024, a 318% increase from Q3 2024, and a total cash flow from operations of $16.5 million for the fiscal year.
What are the safety records like at Titan's operations?
The company achieved an injury frequency rate of 0.7 at the Empire State Mine, which is over 70% lower than the national average.
What are the future projects Titan is planning?
Titan plans to build a commercial demonstration plant for graphite production, aiming for an initial output of 1,000-1,200 tons per year, with expansion potential up to 40,000 tons annually.
What updates are available on the Kilbourne Graphite Project?
The project recently announced a maiden inferred mineral resource estimate of 22 million US short tons at an average grade of 2.91% graphitic carbon.
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