The zinc price tailwind is already priced into guidance. Watch for the Kilbourne feasibility study results and EXIM financing progress as the next catalysts. The cash burn rate and $12.8M net debt suggest the company may need additional capital before year-end, especially if zinc prices soften.
Price Chart
Executive Summary
Titan Mining reported strong Q2 2026 results with revenue surging 57% YoY to $25.7M and net income of $5.4M, reversing a year-ago loss. The zinc operations generated $9.6M in Adjusted EBITDA, driven by higher zinc prices and production. However, the company is burning cash (-$4.2M H1 operating cash flow) and has a $12.8M net debt position, while aggressively spending on a graphite feasibility study and project.
Key Facts
- Q2 2026 revenue of $25.7M, up 57% from $16.3M in Q2 2025
- Net income of $5.4M vs. $0.5M in Q2 2025; H1 net loss of $8.0M vs. $0.9M profit
- Adjusted EBITDA of $9.6M in Q2, up from $2.6M in Q2 2025
- C1 cash cost improved to $0.88/lb from $0.90/lb; AISC rose to $0.96/lb from $0.90/lb
- Payable zinc production of 17.49M lbs in Q2, up 13% YoY; average zinc price $1.57/lb vs $1.20/lb
- Cash burn: H1 operating cash flow -$1.8M; total liquidity $29.1M, net debt $12.8M
- Graphite feasibility study spending of $5.3M YTD; $120M EXIM financing interest for Kilbourne project
- Special warrants converted Feb 2026, adding 6.7M shares; ATM program raised $2.0M in June
Financial Impact
Revenue increased $9.4M YoY in Q2; net income swing of +$4.9M; Adjusted EBITDA +$7.0M
Risk Factors
- Zinc price volatility could reverse the Q2 margin improvement
- Cash burn from graphite project spending may require dilutive financing
- Related party debt of $17.1M with $7.5M due Dec 2026 creates near-term refinancing risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-088000 |
| Document: ea030097501ex99-2.htm | 0001213900-26-088000 |
| Document: ea030097501ex99-3.htm | 0001213900-26-088000 |
| Document: ea030097501ex99-4.htm | 0001213900-26-088000 |
| Document: ea0300975-6k_titan.htm | 0001213900-26-088000 |
| Document: 0001213900-26-088000-index-headers.html | 0001213900-26-088000 |
| Document: 0001213900-26-088000-index.html | 0001213900-26-088000 |
| Document: 0001213900-26-088000.txt | 0001213900-26-088000 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 6-K | $2.28 | awaiting T+20 | — | $1.96 (−14.25%) |
Aug 12, 2026 10w ago | 6-K | $2.65 $2.98 | ▲ +12.45% | ▲ +14.35% | $1.96 (−26.23%) |
Aug 12, 2026 10w ago | Press Release | $2.65 $2.98 | ▲ +12.45% | ▲ +14.35% | $1.96 (−26.23%) |
Aug 5, 2026 11w ago | 6-K | $2.31 $3.08 | ▲ +33.33% | ▲ +33.93% | $1.96 (−15.37%) |
Aug 5, 2026 11w ago | Press Release | $2.31 $3.08 | ▲ +33.33% | ▲ +33.93% | $1.96 (−15.37%) |
Jul 31, 2026 12w ago | 6-K | $1.96 $3.06 | ▲ +56.12% | ▲ +53.13% | $1.96 (−0.26%) |
Jul 31, 2026 12w ago | Press Release | $1.96 $3.06 | ▲ +56.12% | ▲ +53.13% | $1.96 (−0.26%) |
Jul 15, 2026 14w ago | 6-K | $2.20 $2.65 | ▲ +20.45% | ▲ +18.11% | $1.96 (−11.14%) |
Jul 7, 2026 15w ago | 6-K | $2.26 $1.99 | ▼ −11.95% | ▼ −13.28% | $1.96 (−13.50%) |
Jun 26, 2026 17w ago | 6-K | $2.10 $2.10 | · 0.00% | ▼ −1.26% | $1.96 (−6.90%) |
US Market Status
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