Vancouver, B.C., February 20th, 2024 – Titan Mining Corporation (TSX:TI) (“Titan” or the “Company”) is pleased to release preliminary fourth quarter (“Q4”) and full year 2023 production results and provide 2024 operating, capital and exploration expenditure guidance (all dollar figures are in US dollars, unless otherwise indicated).
2023 Highlights
Safest year of operations on record at the Empire State Mine since re-opening, with an injury frequency rate of 0.7, 70% lower than the national average.
Produced a record 61.0 million payable pounds of zinc in 2023, a 16 % increase over the record set in 2022.
Announced the discovery of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on permitted lands.
Don Taylor, Titan’s President and CEO, commented, “The operating team at ESM delivered record production exceeding guidance and producing 61 million payable pounds of zinc while achieving the best safety performance since the mine reopened. These are truly remarkable achievements and we expect this performance to be reflected in our share price as the price of zinc improves.”
Q4 and Full Year 2023 Preliminary Production Results & 2024 Production Guidance
Total payable zinc production from the Company’s Empire State Mine (“ESM”) was 13.9 million pounds in Q4 2023 for total annual payable production of 61.0 million pounds, exceeding guidance of 54-58 million pounds. 2023 production is preliminary and subject to change when the Company releases its Q4 2023 and audited full-year 2023 financial and operating results in March 2024.
Production guidance for 2024 is estimated between 56-60 million pounds of payable zinc. C1 Cash Cost1 for 2024 is estimated between $0.98 and $1.02 per payable pound and AISC1 is estimated between $1.04 and $1.10 per payable pound. Both C1 Cash Cost and AISC are highly dependent on treatment charges which won’t be known with certainty until the end of H1 2024. Titan estimates that for every $10 per tonne change to the treatment charge, C1 Cash Cost1 and AISC1 are impacted by approximately $0.01 per pound of payable zinc. C1 Cash Cost and AISC guidance for 2024 reflect an estimated annual treatment charge of $175 per tonne. Taylor continued, “as we enter 2024 market and price challenges continue with respect to the zinc markets, we are fortunate at ESM to have operational levers that we can pull to further cut costs and meet forecasts.”
Exploration expenditures will be focused on advancing the Kilbourne graphite trend and district targets where ESM controls more than 80,000 acres of private mineral rights. The timing and extent of the exploration program is contingent on positive exploration results. The Company may allocate additional funds beyond guidance as merited.
Production and Cost Guidance
see & read more on
https://titanminingcorp.com/news/2024/titan-announces-another-record-year-for-production-and-safety-provides-2024-guidance-and-update-on-kilbourne-graphite-target/ |
