- Titan Mining (TI) announced the results for the second quarter ended June 30, 2022, noting record production at its Empire State Mines
- Record zinc production totaling 16.5 million payable pounds and sales of 15.0 million pounds of zinc during the quarter; both records since the mine reopened in 2017
- Titan is an Augusta Group company which produces zinc concentrate at its 100 per cent-owned Empire State Mine located in New York state
- Titan Mining Corp. (TI) is up 5.88 per cent, trading at C$0.54 per share at 12:22 pm ET
Titan Mining (TI) announced the results for the second quarter ended June 30, 2022, noting record production at its Empire State Mines.
Q2 2022 highlights:
- $9.42 million cash flow from operations including net income of $5.9 million or $0.04 per share
- Record zinc production totaling 16.5 million payable pounds and sales of 15.0 million pounds of zinc during the quarter; both records since the mine reopened in 2017
- Closed a $40 million revolving credit facility with National Bank of Canada, consolidating the company’s debts
- Declared a fourth special cash dividend of C$0.01 per share
- Cash balance of $11.0 million on June 30, 2022
Operations review
Mining efforts in Q2 of 2022 at ESM focused on the Mud Pond Apron, Mahler, New Fold and N2D zones. Tons mined increased compared to the prior quarter.
Work on projects was minimal with no new equipment purchases. Preparation of the surface mining temporarily suspended due to permitting delays.
Consequently, the guidance for zinc production for the full year 2022 is now to 52-56 million payable pounds of zinc. C1 cash cost of $0.99 – $1.03 per pound and at all-in sustaining costs of $1.03 to $1.08 per payable pound of zinc sold affecting the start of surface mining production.
Exploration update:
Drill programs in the second quarter of 2022 focused on advancing definition drilling in Mud Pond Apron, and exploration drilling at Mud Pond Main and New Fold. Completed a total of 9 holes totaling 3,103 ft of definition drilling at Mud Pond Main.
Additionally, completed 12 underground exploration holes at New Fold and Mud Pond Apron, totaling 6,891 ft in Q2 2022. Drill results in both areas have been successful in extending the known mineralization beyond the current resource boundaries.
Surface exploration drilling focused on testing the near mine Abbot Target, and the regional Beaver Creek target. Drilled one hole totaling 3,487 ft at Abbot, targeting the extension of the 6/7 contact up-dip from New Fold. Only trace zinc mineralization was encountered in the hole. Completed four holes at Beaver Creek totaling 3,308 ft with assay results pending.
Drilling in the third quarter of 2022 will focus on regional and near mine targets.
Titan is an Augusta Group company which produces zinc concentrate at its 100 per cent-owned Empire State Mine located in New York state.
Titan Mining Corp. (TI) is up 5.88 per cent, trading at C$0.54 per share at 12:22 pm ET.
