The strong operational beat and strategic graphite/critical minerals catalysts (Army EUL, customer agreements, EXIM financing) create a compelling re-rating opportunity. Monitor the Kilbourne feasibility study (targeting early 2027 construction decision) and further customer announcements for the next leg of upside. The zinc price tailwind (spot near $1.70/lb, up from $1.57/lb average provisional price) provides additional near-term earnings momentum.
Price Chart
Executive Summary
Titan Mining reported record Q2 2026 revenue of $25.7M (+57% YoY) and net income of $5.4M ($0.06/share), significantly beating consensus estimates of $-0.02 EPS. The quarter was driven by strong zinc production (17.5M lbs, +13% YoY), lower costs, and strategic advances in graphite commercialization with two customer agreements secured post-quarter-end, positioning the company for critical minerals growth.
Key Financial Metrics
Key Facts
- Revenue of $25.7M, up 57% YoY and 31% QoQ, a record since Q4 2024
- Net income of $5.4M ($0.06/share) vs net income of $0.5M in Q2 2025
- Adjusted EBITDA of $9.6M, up 272% YoY and 135% QoQ
- Zinc production of 17.5M payable pounds, up 13% YoY and 23% from Q1 2026
- C1 cash costs of $0.88/lb, down 15% from Q1 2026 and below full-year guidance range
- Net debt reduced 47% to $12.8M from $24.2M a year ago; available liquidity of $29.1M
- Secured two graphite customer agreements post-quarter-end, including a conditional supply agreement with RHI Magnesita
- Received Conditional Selection Notices for Enhanced Use Lease opportunities at two U.S. Army defense installations
- Full-year 2026 guidance reaffirmed: 62-66M payable zinc lbs, C1 costs $0.93-$1.01/lb, AISC $1.07-$1.17/lb
Financial Impact
Revenue $25.7M, net income $5.4M, Adjusted EBITDA $9.6M, net debt $12.8M
Risk Factors
- Zinc price volatility could reverse current tailwind
- Graphite project execution risk (feasibility study, permitting, financing, customer qualification)
- N2D zone mining remains suspended until Q4 2026; any delays could impact production guidance
- Negative free cash flow of -$5.3M in H1 2026 due to growth capex and graphite spending
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3343455 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 6-K | $2.28 | awaiting T+20 | — | $1.95 (−14.47%) |
Aug 12, 2026 10w ago | 6-K | $2.65 $2.98 | ▲ +12.45% | ▲ +14.35% | $1.95 (−26.42%) |
Aug 12, 2026 10w ago | Press Release | $2.65 $2.98 | ▲ +12.45% | ▲ +14.35% | $1.95 (−26.42%) |
Aug 5, 2026 11w ago | 6-K | $2.31 $3.08 | ▲ +33.33% | ▲ +33.93% | $1.95 (−15.58%) |
Aug 5, 2026 11w ago | Press Release | $2.31 $3.08 | ▲ +33.33% | ▲ +33.93% | $1.95 (−15.58%) |
Jul 31, 2026 12w ago | 6-K | $1.96 $3.06 | ▲ +56.12% | ▲ +53.13% | $1.95 (−0.51%) |
Jul 31, 2026 12w ago | Press Release | $1.96 $3.06 | ▲ +56.12% | ▲ +53.13% | $1.95 (−0.51%) |
Jul 15, 2026 14w ago | 6-K | $2.20 $2.65 | ▲ +20.45% | ▲ +18.11% | $1.95 (−11.36%) |
Jul 7, 2026 15w ago | 6-K | $2.26 $1.99 | ▼ −11.95% | ▼ −13.28% | $1.95 (−13.72%) |
Jun 26, 2026 17w ago | 6-K | $2.10 $2.10 | · 0.00% | ▼ −1.26% | $1.95 (−7.14%) |
US Market Status
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