Titan gains on EXIM zinc-graphite site funding

Titan Mining (TSX: TI; US-OTC: TIMCF) soared on Thursday after the Export-Import Bank of the United States (EXIM) approved a $15.8-million financing to support the company’s zinc and critical minerals portfolio in New York state.

Titan, part of the Augusta Group based in Vancouver, is aiming to expand its Empire State Mines (ESM) zinc operation located in St. Lawrence county, about 150 km southwest of Montreal. ESM is a large site holding one operational mine, six historic mines and a 5,000-tonne-per-day mill.

Shares of Titan Mining shot up to a 52-week high of 69¢ apiece in the early hours of Thursday trading in Toronto before pulling back to 63¢ for an 3.2% gain by midday. The company’s market capitalization is C$85.9 million.

Titan is assessing near-term production growth opportunities with the development of another open pit. It is also looking to increase the existing resource through near-mine exploration in several target areas. Total near mine exploration target range, it says, is 5 million to 5.5 million tonnes at average zinc grades of 10-14%, providing significant potential to increase mine life.

Updated plan

In early 2025, seven years after operations first began at ESM, the company released an updated mine plan that increased its projected production by 35% and extended the mine life by two years.

The 2024 NI 43‑101 underground mineral resource comprises measured and indicated resources totaling 1.45 million tons (1.32 million tonnes) grading about 16% zinc for 465 million lb. contained metal. There’s an additional 4.33 million tons in the inferred category grading 12.1% zinc for 1 billion lb. metal. 

In addition to the zinc expansion, the company is also focused on developing the Kilbourne graphite deposit discovered by ESM in 2023. Work to date at Kilbourne has delineated an inferred resource of 22 million tonnes at an average grade of 2.91% graphitic carbon, containing 653,000 tonnes of graphite.

Expanded output

According to Titan CEO Don Taylor, the EXIM financing approval marks “a major step forward” for the ESM operation. “It enables us to further expand zinc production, accelerate our graphite development, and importantly, retain 135-plus high-quality jobs in upstate New York.”

Rita Adiani, president of Titan, added: “This is a foundational milestone—not just for Titan, but for U.S. mineral policy. With this EXIM facility, we’re building a secure, transparent supply of critical minerals and investing in energy and defense supply chains.”

The loan marks EXIM’s first direct mining transaction under the Make More in America Initiative (MMIA), a federal porgram aimed at reshoring industrial capacity, securing U.S. supply chains for critical materials and expanding the domestic manufacturing base.