# EDGAR Filing Document

**Accession Number:** 0001791703
**File Stem:** 0001213900-26-055261
**Filing Date:** 2026-5
**Character Count:** 146661
**Document Hash:** aa1bcd8a16c3b0c9c6839a0c93ec84ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-055261.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001213900-26-055261

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260512

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Titan Mining Corp
- **CENTRAL INDEX KEY:** 0001791703
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42955
- **FILM NUMBER:** 26970332

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 555 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1
- **BUSINESS PHONE:** (604) 638-2003

**MAIL ADDRESS:**
- **STREET 1:** SUITE 555 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 of**

**the Securities Exchange Act of 1934**

**For the month of May 2026**

**Commission File Number 001-42955**

**Titan Mining Corporation**

(Translation of registrant's name into English)

 **Suite 555, 999 Canada Place**

**Vancouver, British Columbia, Canada V6C 3E1**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F:

Form 20-F ☐ Form 40-F ☒

The following documents are being submitted herewith:

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2026 and 2025](ea028958801ex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis for the three months ended March 31, 2026 and 2025](ea028958801ex99-2.htm) |
| 99.3 | [CEO Certification of Interim Filings dated May 12, 2026](ea028958801ex99-3.htm) |
| 99.4 | [CFO Certification of Interim Filings dated May 12, 2026](ea028958801ex99-4.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Titan Mining Corporation** | **Titan Mining Corporation** |
|  | (Registrant) | (Registrant) |
| Date: May 12, 2026 | By: | /s/ Purni Parikh |
|  | Name: | Purni Parikh |
|  | Title: | SVP Corporate Affairs and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

(Unaudited)

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Financial Position**

(Expressed in thousands of US dollars - Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | March 31, <br> 2026 | December 31, <br>2025 |
| **Assets** | 13 |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $13816 | $17484 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 8 | 4625 | 4467 |
| &nbsp;&nbsp;&nbsp;Inventories | 9 | 11396 | 10008 |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits | 10 | 3187 | 2938 |
| &nbsp;&nbsp;&nbsp;Other current assets | 12 | 2457 | - |
|  |  | 35481 | 34897 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 11 | 40057 | 38990 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets |  | 183 | 215 |
| &nbsp;&nbsp;&nbsp;Other assets | 12 | 866 | 866 |
| **Total assets** |  | $**76587** | $**74968** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $7783 | $7233 |
| &nbsp;&nbsp;&nbsp;Lease liabilities |  | 114 | 114 |
| &nbsp;&nbsp;&nbsp;Debt | 13a | 2444 | 6332 |
| &nbsp;&nbsp;&nbsp;Related party loans | 13b | 7511 | 17055 |
| &nbsp;&nbsp;&nbsp;Derivative financial instrument – warrants | 17b | 6042 | - |
| &nbsp;&nbsp;&nbsp;Current liabilities before derivative financial instrument |  | 23894 | 30734 |
| &nbsp;&nbsp;&nbsp;Derivative financial instrument - special warrants | 17b | - | 20717 |
| &nbsp;&nbsp;&nbsp;Total current liabilities |  | 23894 | 51451 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities |  | 81 | 113 |
| &nbsp;&nbsp;&nbsp;Related party loans | 13b | 9555 |  |
| &nbsp;&nbsp;&nbsp;Debt | 13a | 7161 | 2777 |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | 16 | 17228 | 16843 |
| Total liabilities |  | 57919 | 71184 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 88419 | 60548 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 5476 | 5093 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (75227) | (61857) |
| Total equity |  | 18668 | 3784 |
| **Total liabilities and shareholders' equity** |  | $**76587** | $**74968** |

---

Nature of operations and going concern (Note 1)

---

| | |
|:---|:---|
| Approved by the Board on **May 12**, 2026: |  |
| *<u>"Lenard Boggio"</u>* , Audit Committee Chair | *<u>"Rita Adiani"</u>, Director* |

---

The notes form an integral part of these consolidated financial statements.

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Income (Loss) and Other Comprehensive Income (Loss)**

*(Expressed in thousands of US dollars - Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | <br>Notes | 2026 | 2025 |
| **Revenue** | 5 | $19596 | $16015 |
| **Cost of Sales** | 6 | (13966) | (13627) |
| **Income from mine operations** |  | **5630** | **2388** |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 7a | (2335) | (982) |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 7b | (555) | (389) |
| &nbsp;&nbsp;&nbsp;Graphite project expenses | 7c | (905) |  |
| &nbsp;&nbsp;&nbsp;Graphite feasibility study | 7d | (1365) |  |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 15 | (516) | (693) |
| &nbsp;&nbsp;&nbsp;Accretion expense | 16 | (81) | (87) |
| &nbsp;&nbsp;&nbsp;Interest income |  | 99 | 89 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | (152) | 17 |
| &nbsp;&nbsp;&nbsp;Other income |  | 30 | 11 |
| &nbsp;&nbsp;&nbsp;Loss on derivative financial instrument | 17b | (13192) | - |
|  |  | (18972) | (2034) |
| **Net income (loss) for the period before tax** |  | **(13342)** | **354** |
| &nbsp;&nbsp;&nbsp;Current tax expense |  | (28) | - |
| **Other comprehensive income (loss)** |  | (13370) | 354 |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on translation to reporting currency |  | 163 | (17) |
| **Comprehensive income (loss) for the period** |  | $(13207) | $337 |
| **Earnings (loss) per share** |  |  |  |
| **Basic <sup>(1)</sup>** |  | $**(0.14)** | $**0.00** |
| **Diluted <sup>(1)</sup>** |  | $**(0.14)** | $**0.00** |
| **Weighted average shares outstanding (in "000) Basic <sup>(1)</sup>** |  | **95694** | **90911** |
| **Diluted <sup>(1)</sup>** |  | **95694** | **90911** |

---

**(1)** **Share amounts and earnings per share have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

The notes form an integral part of these consolidated financial statements.

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Changes in Equity**

*(Expressed in thousands of US dollars - Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Share capital | Share capital | Reserves | Reserves | Reserves | | |
|  | Number <sup>(1)</sup> ('000s) | Amount | Share options<br> and warrants | Currency<br> translation<br> adjustment | Total |<br>Deficit |<br>Total <br> equity |
| Balance, December 31, 2024 | 90911 | $59813 | $10253 | $(5282) | $4971 | $(61781) | $3003 |
| Share based compensation |  |  | 693 |  | 693 |  | 693 |
| Options exercised | 705 | 735 | (483) |  | (483) |  | 252 |
| Comprehensive income (loss) for the year | - | - | - | (88) | (88) | (76) | (164) |
| Balance, December 31, 2025 | 91616 | $60548 | $10463 | $(5370) | $5093 | $(61857) | $3784 |
| Share based compensation 17c |  |  | 221 |  | 221 |  | 221 |
| Options exercised | 5 | 4 | (1) |  | (1) |  | 3 |
| Special warrant exercised 17b | 6667 | 27867 |  |  |  |  | 27867 |
| Comprehensive income (loss) for the period | - | - | - | 163 | 163 | (13370) | (13207) |
| Balance, March 31, 2026 | 98288 | $88419 | $10683 | $(5207) | $5476 | $(75227) | $18668 |

---

**(1)** **Share and per share amounts have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

The notes form an integral part of these consolidated financial statements.

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statement of Cash Flows**

(Expressed in thousands of US dollars - Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | Three Months ended<br> March 31, | Three Months ended<br> March 31, |
|  | <br>Notes | 2026 | 2025 |
| **Operating activities** |  |  |  |
| Net income (loss) for the period before tax |  | $(13342) | $354 |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 81 | 87 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 13a,b |  | 62 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 11 | 1043 | 1506 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 28 | 15 |
| &nbsp;&nbsp;&nbsp;Loss on fair value of derivative financial instrument | 17b | 13192 |  |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 13a,b | 514 | 558 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 221 | 127 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 162 | (23) |
|  |  | 1904 | 2690 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | (12) | (495) |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | (158) | (293) |
| &nbsp;&nbsp;&nbsp;Inventories |  | (1052) | (956) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | (2457) |  |
| &nbsp;&nbsp;&nbsp;Prepaid and deposits |  | (270) | (743) |
| **Net cash generated in operating activities** |  | (2045) | 203 |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from credit agreement with EXIM |  | 878 |  |
| &nbsp;&nbsp;&nbsp;Debt interest payments |  | (471) | (360) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (32) | (18) |
| &nbsp;&nbsp;&nbsp;Payment of transaction costs |  |  | 18 |
| &nbsp;&nbsp;&nbsp;Advance on equipment facility |  |  | 2894 |
| &nbsp;&nbsp;&nbsp;Repayment of equipment facility |  | (363) |  |
| &nbsp;&nbsp;&nbsp;Repayment of loans from development agencies |  | (30) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from options exercised |  | 3 | - |
| **Net cash generated (used) by financing activities** |  | (15) | 2534 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 11 | (1608) | (724) |
| **Net cash used by investing activities** |  | (1608) | (724) |
| Effect of foreign exchange on cash and cash equivalents |  | - | 7 |
| Increase (decrease) in cash and cash equivalents |  | (3668) | 2020 |
| Cash and cash equivalents, beginning of period |  | 17484 | 10163 |
| **Cash and cash equivalents, end of period** |  | $**13816** | $**12183** |

---

The notes form an integral part of these consolidated financial statements.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

1. NATURE OF OPERATIONS

Titan Mining Corporation ("Titan" or the "Company") was incorporated on October 15, 2012 under the laws of British Columbia and is a natural resources company engaged in the acquisition, exploration, development and production of mineral properties. The Company holds a 100% indirect ownership interest in the Empire State Mine in Northern New York State, United States.

The Company's common shares are listed on the Toronto Stock Exchange and trade under the symbol "TI.TO" and on the NYSE American, trading under the symbol "TII".

These condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of operations.

2. BASIS OF PRESENTATION

a) Overview

The Company prepares its annual financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (**"IASB"**). These condensed consolidated interim financial statements (**"Interim Financial Statements"**) have been prepared in accordance with IAS 34, Interim Financial Reporting (**"IAS 34"**). Certain comparatives have been reclassified for comparability with the current presentation.

b) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2025 (the "Annual Financial Statements").

The accounting policies and methods of application used in the preparation of these financial statements are the same as those applied in the Company's Annual Financial Statements.

3. ADOPTION OF NEW ACCOUNTING STANDARDS AND STANDARDS ISSUED BUT NOT YET ADOPTED

a) Adoption of new standards

 

*Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: Disclosures*

In May 2024, the IASB issued amendments to update the classification and measurement requirements in IFRS 9 and related disclosure requirements in IFRS 7 as follows:

● Clarified the recognition and derecognition date of certain financial assets and liabilities and amended the requirements related to settling financial liabilities using an electronic payment system.

● Clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criteria.

● New disclosures for certain instruments with contractual terms that can change cash flows (including instruments with features linked to environmental, social and corporate governance targets).

● Additional disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs.

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

3. ADOPTION
 OF NEW ACCOUNTING STANDARDS AND STANDARDS ISSUED BUT NOT YET ADOPTED (continued)

Effective January 1, 2026, the Company adopted the amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures. The adoption of these amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

b) Standards
 issued but not yet adopted

 

*IFRS 18, Presentation and disclosure in financial statements*

In April 2024, the IASB issued IFRS 18, *Presentation and disclosure in financial statements* ("IFRS 18"), which replaces IAS 1, Presentation of financial statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented in three codefined categories (operating, investing, and financing), and by specifying certain defined totals and subtotals. Where company-specific measures related to income statement disclosure are provided ("management-defined performance measures"), such as certain non-GAAP measures, IFRS 18 requires additional disclosure around those management-defined performance measures in the financial statements. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 does not affect the recognition and measurement of items in the financial statements, nor does it affect which items are classified in other comprehensive income and how these items are classified.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements but has not yet adopted it.

4. CRITICAL
 ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses, during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. Uncertainty about these judgments, estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 5 of the Annual Financial Statements.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

5. REVENUE

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Zinc concentrate sales | $20462 | $20087 |
| Zinc concentrate provisional pricing adjustments – prior year | 586 | (2325) |
| Zinc concentrate provisional pricing adjustments – current period | 190 | 218 |
| Smelting and refining charges | (1642) | (1965) |
| Revenue, net | $19596 | $16015 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments. During the three months ended March 31, 2026, the Company recognized a gain of approximately $586 (March 31, 2025 loss of $2,325) related to the finalization of zinc concentrate sales that were delivered in the prior year. These amounts represent revenue recognized in the current period relating to performance obligations satisfied in prior periods.

6. COST
 OF SALES

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Operating expenses | $12220 | $11277 |
| Transportation costs | 852 | 928 |
| Depreciation | 1043 | 1506 |
| Change in inventory | (149) | (84) |
| Cost of sales | $13966 | $13627 |

---

7. OTHER
 OPERATING EXPENSES

**a)** **General and administration expenses** 

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $678 | $496 |
| Share-based compensation | 169 | 115 |
| Office and administration | 622 | 222 |
| Professional fees | 626 | 161 |
| Other expenses | 240 | (12) |
|  | $2335 | $982 |

---

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

7. OTHER
OPERATING EXPENSES (continued)

**b)** **Exploration and evaluation expenses** 

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $189 | $163 |
| Assay and analyses | 42 | 7 |
| Contractor and consultants | 234 | 112 |
| Supplies | 20 | 55 |
| Other | 70 | 52 |
|  | $555 | $389 |

---

**c)** **Graphite project expenses** 

---

| | | |
|:---|:---|:---|
|  | Three Months ended<br> March 31, | Three Months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries | $232 | $- |
| Assay and analyses | 1 |  |
| Contractor and consultants | 471 |  |
| Supplies | 201 | - |
|  | $905 | $- |

---

Graphite project expenses primarily relate to costs incurred in advancing and operating the Company's graphite demonstration facility.

**d)** **Graphite feasibility study** 

---

| | | |
|:---|:---|:---|
|  | Three Months ended<br> March 31, | Three Months ended<br> March 31, |
|  | 2026 | 2025 |
| Resource drilling | $507 | $- |
| Geotechnical and hydrogeology drilling and modeling | 505 |  |
| Permitting | 116 |  |
| Engineering studies | 237 | - |
|  | $1365 | $- |

---

Graphite feasibility study expenses include all drilling, metallurgical test work, permitting, engineering and other work required to complete the feasibility study and determine the project's technical and economic viability.

8. TRADE
AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Trade receivables | $4558 | $4417 |
| GST receivable | 67 | 32 |
| Other | - | 18 |
|  | $4625 | $4467 |

---

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

9. INVENTORIES

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at December 31,<br>2025 |
| Ore in stockpiles | $140 | $67 |
| Concentrate stockpiles | 106 | 30 |
| Materials and supplies | 11150 | 9911 |
|  | $11396 | $10008 |

---

10. PREPAID
 AND DEPOSITS

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Insurance | $975 | $1144 |
| Debt issuance cost | 637 | 599 |
| Advances to suppliers | 1392 | 1115 |
| Other prepaids | 183 | 80 |
|  | $3187 | $2938 |

---

Advances to suppliers include $650 (December 31, 2025 $799) related to the acquisition of property, plant and equipment, and $279 (December 31, 2025 $nil) for services associated with the Company's feasibility study.

11. MINERAL
PROPERTIES, PLANT AND EQUIPMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2025 | $50020 | $41382 | $1135 | $960 | $93497 |
| &nbsp;&nbsp;&nbsp;Additions |  |  | 6 | 12732 | 12738 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 4320 |  | (4320) |  |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment |  | (224) |  |  | (224) |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 1069 | - | - | 1069 |
| As at December 31, 2025 | $50020 | $46547 | $1141 | $9372 | $107080 |
| &nbsp;&nbsp;&nbsp;Additions | 274 | 637 | 172 | 723 | 1806 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1547 |  | (1547) |  |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment |  | (557) |  |  | (557) |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 304 | - | - | 304 |
| As at March 31, 2026 | $50294 | $48478 | $1313 | $8548 | $108633 |

---

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

11. MINERAL
PROPERTIES, PLANT AND EQUIPMENT (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2025 | $29558 | $33636 | $- | $- | $63194 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 1719 | 3401 |  |  | 5120 |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment | - | (224) | - | - | (224) |
| As at December 31, 2025 | $31277 | $36813 | $- | $- | $68090 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 358 | 685 |  |  | 1043 |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment | - | (557) | - | - | (557) |
| As at March 31, 2026 | $31635 | $36941 | $- | $- | $68576 |
| Net book value at December 31, 2025 | $18743 | $9734 | $1141 | $9372 | $38990 |
| Net book value at March 31, 2026 | $18659 | $11537 | $1313 | $8548 | $40057 |

---

12. OTHER
ASSETS

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Reclamation deposit | $866 | $866 |
| Margin deposit – forward pricing | 2457 | - |
|  | $3323 | $866 |
| Current | $2457 | $- |
| Non-Current | $866 | $866 |

---

The reclamation deposit relates to a surety bond to provide security on the Company's remediation obligations.

On December 23, 2025, the Company amended the forward pricing terms of its sales contract. Under these terms, the Company may, upon written notice and mutual agreement, fix the price of payable zinc for specified monthly quantities ("quotas") within the 2026 calendar year by reference to prevailing prices quoted on the London Metal Exchange.

As a condition to forward pricing, the Company is required to provide a cash deposit calculated as approximately 20% of the prevailing zinc price multiplied by the quantity of payable metal subject to pricing. The deposit serves as collateral supporting the Company's obligations under the pricing arrangement.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

13. DEBT

**a)** **Third party debt** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Credit<br> Facility (i) | Equip.<br> Facility (ii) | Local develop.<br> agencies (iii) | EXIM Bank<br> Tranche-1 (iv) | EXIM Bank<br> Tranche-2 (iv) | **Total third-<br> party debt** |
| Balance January 1, 2025 | $10058 | $- | $- | $- | $- | $**10058** |
| Advances |  | 4732 | 2000 | 4562 |  | **11294** |
| Repayment of Loan | (10170) | (1649) | (53) |  |  | **(11872)** |
| Interest and accretion | 642 | 149 | 55 | 57 |  | **903** |
| Exposure fee |  |  |  | (257) |  | **(257)** |
| Interest payment | (530) | (182) | (55) | (63) |  | **(830)** |
| Amortization of transaction costs | - | - | - | (187) | - | **(187)** |
| As at December 31, 2025 | $- | $3050 | $1947 | $4112 | $- | $**9109** |
| Advances |  |  |  | 343 | 589 | **932** |
| Repayment of Loan |  | (363) | (30) |  |  | **(393)** |
| Interest and accretion |  | 49 | 23 | 85 | 4 | **161** |
| Exposure fee |  |  |  | (19) | (35) | **(54)** |
| Interest payment |  | (28) | (16) | (77) | (8) | **(129)** |
| Amortization of transaction costs | - | - | - | (15) | (6) | **(21)** |
| As at March 31, 2026 | $- | $2708 | $1924 | $4429 | 544 | $**9605** |
| Current | $- | $2163 | $281 | $- | $- | $**2444** |
| Non- Current | $- | $545 | $1643 | $4429 | $544 | $**7161** |

---

**i)** **Credit Facility** 

On June 6, 2022, the Company entered into a secured credit facility of $40,000 with National Bank of Canada. The facility bore interest at SOFR plus 2.25% or the bank's base rate plus 1.25% and was secured by a general charge over the Company's assets. The Credit Facility was used to finance working capital and general corporate purposes.

The facility was subject to financial covenants during its term, with which the Company remained in compliance.

On December 23, 2025, the Company fully repaid the outstanding balance and the Credit Facility was extinguished.

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman, with a guarantee fee of 1.125% per annum. The Company recognized guarantee fee expense of $86 for the year ended December 31, 2025 (2024 – $282).

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

13. DEBT
(continued)

**ii)** **Equipment Facility**

On December 31, 2024, the Company entered into an equipment facility loan agreement ("Equipment Facility") with Glencore Ltd., to purchase certain capital equipment for use at the Company's Empire State Mine, up to a combined maximum amount of $4,800 of which Glencore advanced $4,732 before August 31, 2025 (availability period). The Equipment Facility bears interest at a monthly rate of SOFR plus 2%, with interest payable monthly. Principal payments are payable in equal monthly installments until the maturity date of the Equipment Facility, on May 31, 2027.

**iii)** **Local development agencies.**

On May 16, 2025, the Company entered into loan agreements with two different development agencies: the Development Authority of the North County for $500 and the St Lawrence County Industrial Development Agency for $1,500; with the purpose of acquiring equipment for its commercial demonstration facility related to the development of its natural flake graphite project.

The loan agreements have a 10-year term with a maturity date on September 1, 2035. Under the terms of the agreements the Company is required to make interest-only payment for the first three months following the initial draw and subsequent payments of principal plus interest for the remaining duration of the loan. The loan agreements bear interest at an annual rate of 4.75% and are secured by the equipment purchased for this project.

**iv)** **EXIM Bank Credit Agreement.**

On July 21, 2025, the Company's wholly owned subsidiary, Empire State Mines, LLC ("ESM"), entered into a credit agreement with the Export-Import Bank of the United States ("EXIM") for a secured term loan of up to $15,788 (the "EXIM Facility - Tranche1"). Proceeds from the EXIM Facility - Tranche1 will be used to pay for capital expenditures previously incurred at the ESM operations and to support ongoing infrastructure and expansion initiatives at ESM. The drawdown of the EXIM Facility – Tranche1 is available until December 30, 2026. As at March 31, 2026, the Company had drawn $4,905.

On December 23, 2025 ESM entered into an amendment with EXIM to include a second tranche (the "EXIM Facility - Tranche2) for an additional $5,474 which will be used for resource drilling, metallurgical test work, and engineering programs necessary to complete the Kilbourne Feasibility Study. The drawdown of the EXIM Facility – Tranche2 is available until September 30, 2026. As at March 31, 2026, the company had drawn $589.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

13. DEBT
(continued)

The terms of each Tranche are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tranche-1** | &nbsp;&nbsp;**Tranche-2** |
| &nbsp;&nbsp;Availability to be drawn in multiple tranches | &nbsp;&nbsp;Up to December 30, 2026 | &nbsp;&nbsp;Up to September 30, 2026 |
| &nbsp;&nbsp;Maturity | &nbsp;&nbsp;September 30, 2032 | &nbsp;&nbsp;September 30, 2032 |
| &nbsp;&nbsp;Interest rate | &nbsp;&nbsp;4.95% | &nbsp;&nbsp;4.70% |
| &nbsp;&nbsp;Interest payment date | &nbsp;&nbsp;Commencing December 30, 2025, and continuing on a quarterly basis on March 30, June 30, September 30, and December 30 of each year. | &nbsp;&nbsp;Quarterly, commencing March 30, 2026, and continuing on a quarterly basis on June 30, September 30, and December 30 of each year. |
| &nbsp;&nbsp;Exposure fee applied to each drawdown amount and deducted from the loan proceeds | &nbsp;&nbsp;5.9721% | &nbsp;&nbsp;6.2995% |
| &nbsp;&nbsp;Commitment fee payable quarterly on the undrawn portion of the facility with payment beginning December 30, 2025. | &nbsp;&nbsp;0.5% per annum, commencing on August 18, 2025, and continuing until the earlier of the final drawdown or December 30, 2026. | &nbsp;&nbsp;0.5% per annum, commencing on December 30, 2025, and continuing until the earlier of the final drawdown or September 30, 2026. |
| &nbsp;&nbsp;Maturity on September 30, 2032 with principal being paid in 20 equal quarterly instalments beginning on December 30, 2027 | &nbsp;&nbsp;Installments of $783 | &nbsp;&nbsp;Installments of $274 |

---

● Security provided for the EXIM Facility – Tranche1 and the EXIM Facility – Tranche2 (together the "EXIM Facility") include a first-ranking general security interest over assets purchased with EXIM Facility proceeds and the related property interests.

● The EXIM Facility is subject to certain financial covenants, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Minimum
Liquidity: the Company must maintain a minimum cash balance of $475 for each fiscal quarters ending on or prior to September 30, 2027
and $3,700 for each fiscal quarter ending thereafter up to the maturity date of the EXIM Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Leverage
ratio: not to exceed 3.0 to 1.0 for fiscal quarters ending on or prior to December 31, 2026 and 2.5 to 1.0 for each fiscal quarter ending
thereafter up to the maturity date of the EXIM Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fixed
charge coverage ratio: not less than 1.5 to 1.0 for fiscal quarters ending March 31, 2027 and each fiscal quarter ending thereafter up
to the maturity date of the EXIM Facility.

As at March 31, 2026 the undrawn amount for EXIM Facility - Tranche1 was $10,883 and for EXIM Facility - Tranche2 was $4,885.

As at December 31, 2025, the Company was not in compliance with certain financial covenants under the EXIM Facility as a result of a non-cash fair value adjustment related to the derivative financial instrument associated with the special warrants (Note 17b), which resulted in the outstanding borrowings of $4,112 to have been reclassified as current liabilities. As at March 31, 2026, the Company was in compliance with all financial covenants under the EXIM Facility.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

13. DEBT
(continued)

**b)** **Related party debt** 

---

| | | | |
|:---|:---|:---|:---|
|  | Related Party Promissory Note (i) | Related Party Loans (ii) | **Total related party debt** |
| Balance January 1, 2025 | $5523 | $16500 | $**22023** |
| Gain in loan modification | (322) |  | **(322)** |
| Interest and accretion | 669 | 586 | **1255** |
| Payment of loan | (5000) |  | **(5000)** |
| Interest payment | (954) |  | **(954)** |
| Amortization of deferred charges | 84 |  | **84** |
| Amortization of transaction costs | - | (31) | **(31)** |
| As at December 31, 2025 | $- | $17055 | $**17055** |
| Interest and accretion |  | 353 | **353** |
| Interest payment | - | (342) | **(342)** |
| As at March 31, 2026 | $- | $17066 | $**17066** |
| Current | $- | $7511 | $**7511** |
| Non-current | $- | $9555 | $**9555** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Related Party Promissory Note** 

During November 2023, the Company entered into a Promissory Note with a company controlled by Titan's Executive Chairman, the ("Lender") to assist with the funding some of the principal repayments of the NBC Credit Facility. Terms of the Promissory Note were as follows:

● $5,000 loan principal and an Initiation Fee of $350 aggregating to $5,350

● Interest at 10% compounded annually commencing on November 1, 2023

● Repayment date of May 1, 2025

● Promissory note was subordinate to the Company's Credit Facility with National Bank. Titan granted the Lender 6,000,000 share purchase warrants at market price for a term of five years in connection with obtaining the financing.

The fair market value of the warrants was calculated using the Black-Scholes Model on the issuance date, November 1, 2023, valuing them at $645. This amount was recognized as a borrowing cost.

On April 30, 2025, the Company amended the terms of the Promissory Note to extend its maturity to November 1, 2025, resulting in a gain on loan modification of $338 recognized in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), with all other terms remaining unchanged. On August 29, 2025, the Company fully repaid the Related Party Promissory Note, including $5,000 of principal and $954 of interest, and recognized an expense of $16 in the Statements of Income and Comprehensive Income.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

13. DEBT
(continued)

**ii)** **Related Party Loans (other)**

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by Augusta Investments Inc. ("Augusta Investment") a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Note 12), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Credit Facility.

On July 21, 2025 the Company agreed the terms with Augusta Investments for the three loans previously advanced with the following terms:

● The loan bears interest at 8% per annum, with interest capitalized from July 21, 2025, to December 31, 2025, and payable monthly in cash thereafter.

● Principal repayments are scheduled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $7,500
 on December 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $5,000
 on December 31, 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o $4,000
 plus capitalized interest on December 31, 2028

Upon formalizing the terms, the previously advanced amounts were considered extinguished and replaced by a new loan recognized at fair value. As a result, the continuity of the loan balance reflects both the extinguishment of the original advances and the recognition of the new loan.

The Augusta Facility is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company. As a result of the covenant non-compliance described in Note 13(a)(iv), cross-default provisions were triggered under the Augusta Facility and the outstanding balance of $17,055 has been classified as a current liability as at December 31, 2025. During the three months ended March 31, 2026 Augusta Investment has provided a waiver for the cross-default to defer until February 2, 2029 the right to accelerate prepayment of any indebtedness due to the EXIM cross default. As at March 31, 2026 the Company was in compliance with the EXIM facility and no cross-default provisions were triggered with the Augusta Facility.

This arrangement constitutes a related party transaction as defined under IAS 24 – Related Party Disclosures, due to the control of Augusta by a member of the Company's key management personnel. The transaction was reviewed and approved by the Company's Board of Directors, with the related party abstaining from voting.

14. RELATED
PARTY TRANSACTIONS

a) Management
 company

On October 26, 2020, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various services with other companies related by virtue of certain directors and management in common. A management company equally owned by each company party to the arrangement pays for these shared expenses as agent for the Company and the other companies. These costs incurred by the management company as agent are allocated and funded by the shareholders of the management company based on time incurred and use of services and goods. The management company recovers its costs incurred in managing expenses and procuring goods and services on behalf of the Company without a markup. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments as of March 31, 2026 was approximately $212 (December 31, 2025 -CAD$340) over the course of the remaining term of the office space lease.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

14. RELATED
PARTY TRANSACTIONS (continued)

The Company was charged for the following with respect to this arrangement during the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $217 | $76 |
| Office and other | 96 | 35 |
| Marketing and travel | 6 | 3 |
|  | $319 | $114 |

---

**b)** **Key management personnel compensation** 

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's Executive Chairman, Chief Executive Officer, President, Chief Financial Officer and Directors.

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $126 | $107 |
| Consulting fees | 175 | 159 |
| Share-based compensation | 145 | 107 |
| Directors' fees <sup>(1)</sup> | 55 | 55 |
|  | $501 | $428 |

---

**** 

**(1)** **Certain of the prior period's figures have been reclassified to conform to the presentation in the current period. The reclassifications were primarily the grouping and disaggregation of immaterial balances.** 

**** 

**c)** **Related party balances** 

The following amounts include all the related party balances as at March 31, 2026, and December 31, 2025

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Salaries and benefits payable | $403 | $659 |
| Consulting fees payable | - | 377 |
|  | $403 | $1036 |

---

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

15. INTEREST
AND OTHER FINANCE EXPENSES

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Interest | $512 | $558 |
| Amortization deferred charges |  | 84 |
| Finance fees |  | 29 |
| Other | 4 | 22 |
|  | $516 | $693 |

---

**** 

16. RECLAMATION
AND REMEDIATION PROVISION

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Balance, beginning of year | $16843 | $15447 |
| Accretion | 81 | 327 |
| Change in estimates | 304 | 1069 |
| Balance at the end of the period | $17228 | $16843 |

---

Although the ultimate amounts for future site reclamation and remediation are uncertain, the best estimate of these obligations was based on information available, including current legislation, third-party estimates and management estimates. The amounts and timing of the mine closure obligations will vary depending on several factors including future operations and the ultimate life of the Empire State Mine, future economic conditions, and changes in applicable environmental regulations.

At March 31, 2026, the total inflated and undiscounted amount for the estimated future cash flows was $23,080 (December 31, 2025 – $23,366), with the end of mine life being 2031 (December 31, 2025 – 2031). Further, the estimated future non-inflated cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 2.65% (December 31, 2025 – 2.58%). The impact of these changes in estimate is included in the table above.

17. SHARE
CAPITAL AND RESERVES

**a)** **Authorized capital** 

The Company's authorized share capital consists of an unlimited number of common shares without par value. At March 31, 2026, the Company had 98,288,104 (December 31, 2025 – 91,616,438) common shares issued and outstanding. No dividends were declared during the three months ended March 31, 2026 (year ended December 31, 2025 - nil).

On November 3, 2025, the Company completed a share consolidation on the basis of one post-consolidation common share for every one and a half pre-consolidation common shares outstanding. All previously reported common share, stock option, warrants and earnings per share amounts have been retrospectively restated in these condensed financial statements to reflect the 1.5:1 share consolidation, unless otherwise noted

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

17. SHARE
CAPITAL AND RESERVES (continued)

During the year ended December 31, 2025, the Company issued 705,372 (December 31, 2024, nil) shares as result of 958,887 options that were exercised for gross proceeds of $252.

On February 4, 2026, the special warrants of the Company were exercised (see note 17b) as result, 6,666,666 common shares of the Company were issued.

During the three months ended March 31, 2026, the Company issued 5,000 (three months ended March 31, 2025, nil) shares as result of the same number of options that were exercised for gross proceeds of $3.

**b)** **Derivative financial instrument - special warrants** 

On December 16, 2025, the Company completed a private placement for 6,666,666 Special Warrants at a subscription price of $2.25 per Special Warrant for gross proceeds of $15,000. The Special Warrants were issued on December 18, 2025. Each Special Warrant had the following terms for one Unit in the capital of the Company, each Unit consisting of:

● one common share in the capital of the Company;

● one half of one transferable common share purchase warrant (each full warrant a "Class A Warrant"), with each Class A Warrant having an exercise price of $3.04 per common share with a term of 36 months from the date of issuance; and

● one half of one transferable common share purchase warrant (each full warrant a "Class B Warrant"), with each Class B Warrant having an exercise price of $3.71 per common share with a term of 36 months from the date of issuance.

The classification of the Special Warrants was affected by the delivery of the Class A & B Warrants, which themselves are liability classified. These are liability classified as the functional currency of the Company is Canadian dollars. Further, if the holder of the transferable Class A & B Warrants is a U.S. subscriber and there is no effective registration statement or current prospectus available for the issuance or resale of the warrant shares by the Holder, the Holder may exercise the Class A & B Warrants by means of a cashless exercise. For these reasons the Special Warrants were liability classified as current derivative financial instruments and measured at fair value through profit or loss

The Company has an Acceleration Right for the Class A & B Warrants, where if the closing price of the Company's common shares on the New York Stock Exchange is greater than $4.56 (Class A Warrants) / $5.57 (Class B Warrants) per common share for fifteen trading days within thirty calendar days, it shall be entitled to accelerate the termination date to thirty days following the date of such acceleration.

The Special Warrants were initially valued at $20,820, with the day one loss of $5,819 being deferred and recognized over the Special Warrant term. During the year ended December 31, 2025, an increase in the fair value of the Special Warrants of $5,717 was recognized, with a fair value loss of $5,199 being unrecognized at December 31, 2025. The Special Warrants were valued using a Monte Carlo valuation approach, as follows:

● Common Shares were valued at market; and

● The Class A & B Warrants were valued using a Monte Carlo simulation.

In connection with the offering, the Company incurred transaction costs of $965, these being recognized in the Consolidated Statements of Income (Loss) and Other Comprehensive Income (Loss) in the year ended December 31, 2025.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

17. SHARE
CAPITAL AND RESERVES (continued)

As at December 2025, the fair value of the Class A & B Warrants were estimated using the following assumptions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 18, 2025 | December 18, 2025 | December 31, 2025 | December 31, 2025 |
|  | Class A | Class B | Class A | Class B |
| Exercise price | 3.04 | 3.71 | 3.04 | 3.71 |
| Share price | 2.44 | 2.44 | 2.96 | 2.96 |
| Acceleration right | 33.54% | 23.39% | 45.3% | 32.03% |
| Volatility | 60% | 60% | 60% | 60% |
| Term (years) | 3 years | 3 years | 2.96 years | 2.96 years |
| Risk-free rate | 3.50% | 3.50% | 3.55% | 3.55% |

---

On February 4, 2026 the Special Warrants were converted into 6,666,666 common shares of the Company and 3,333,333 Class A & B Warrants. Upon conversion, the Special Warrants liability was derecognized and allocated between share capital and the derivative financial liabilities associated with the Class A and Class B Warrants based on their relative fair values at the date of conversion, which was estimated as follows: $27,867 attributable to common shares, $5,448 to the Class A Warrants, and $4,973 to the Class B Warrants. Accordingly, $27,867 was recognized in share capital and $10,421 was recognized as derivative financial instrument - warrants.

In addition, the Company recognized a fair value loss in the period from January 1, 2026 to February 4, 2026 of $12,371 reflecting the increase in the fair value of the Special Warrants prior to conversion. The remaining deferred day-one loss associated with the Special Warrants of $5,199 was fully recognized in profit or loss upon conversion. As at March 31, 2026, the Class A and Class B Warrants were remeasured at fair value, using the following assumptions:

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2026 | March 31,<br> 2026 |
|  | Class A | Class B |
| Exercise price | 3.04 | 3.71 |
| Share price | 2.97 | 2.97 |
| Acceleration right | 43.92% | 31.18% |
| Term (years) | 2.87 | 2.71 |
| Volatility | 60% | 60% |
| Risk-free rate | 3.80% | 3.80% |

---

The fair value of the warrants resulted in valuations of $3,225 and $2,816, respectively. The fair value of the warrant liability at March 31, 2026 was $6,042. The Company recognized a fair value gain of $4,379 in the three months ended March 31, 2026, reflecting the decrease in the fair value of the warrant liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Special <br> Warrant | Equity | Warrant | Fair<br> Value |
| Balance as at December 31, 2025 | $20717 | $- | $- | $- |
| Fair value adjustment as at February 4, 2026 | 17571 |  |  | 17571 |
| Special warrants exercised | (38288) | 27687 | 10421 |  |
| Fair value adjustment as at March 31, 2026 |  |  | (4379) | (4379) |
| Total | $- | $27687 | $6042 | $13192 |

---

The warrant liability is measured at fair value on a recurring basis and is classified as a Level 3 financial instrument within the fair value hierarchy. The fair value was determined using a Monte Carlo simulation model, incorporating key assumptions including expected volatility, risk-free interest rate, expected life of the warrants, share price at the measurement date, and the probability of triggering the acceleration feature.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

17. SHARE
CAPITAL AND RESERVES (continued)

**c)** **Stock options** 

The Company's Stock Option Plan provides for the issuance of options that shall not at any time exceed 10% of the total number of issued and outstanding common shares of the Company as at the date of grant of the options. The Company may grant options to directors, officers, employees, consultants and other personnel of the Company. The exercise price of each option is determined by the Board of Directors but cannot be lower than the previous day's closing market price of the Company's shares on the date of grant. The options vest and become exercisable as determined by the Board of Directors at the time of the grant. Unless determined otherwise by the Board of Directors, the options expire within five years from the date of grant.

The following table shows the change in the Company's stock options during the three months ended March 31, 2026 and the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31,<br> 2026 | Three months ended March 31,<br> 2026 | Year ended December 31, <br> 2025 | Year ended December 31, <br> 2025 |
|  | Number of<br> options <sup>(1)</sup> ('000s) | Weighted-<br> average<br> exercise price <sup>(1)</sup><br> (in C$) | Number of<br> options <sup>(1)</sup> ('000s) | Weighted-<br> average<br> exercise price <sup>(1)</sup><br> (in C$) |
| Outstanding, start of the year | 7984 | 0.89 | 6830 | 0.71 |
| &nbsp;&nbsp;&nbsp;Granted | 120 | 3.79 | 2113 | 1.60 |
| &nbsp;&nbsp;&nbsp;Exercised | (5) | 0.77 | (959) | 1.00 |
| &nbsp;&nbsp;&nbsp;Forfeited/cancelled | (88) | 0.54 |  |  |
| &nbsp;&nbsp;&nbsp;Expired | - | - | - | - |
| Outstanding, end of the period | 8011 | 0.94 | 7984 | 0.89 |
| Exercisable, end of the period | 4422 | 0.72 | 4427 | 0.72 |

---

 

**(1)** **Option amounts and exercise prices have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

During the year ended December 31, 2025, a total of 958,889 stock options were exercised. Of these, 375,555 options were exercised for gross proceeds of $252, resulting in the issuance of 375,555 common shares. In addition, 583,334 options were exercised on a cashless basis, resulting in the issuance of 329,817 common shares with no cash proceeds received. Upon exercise, the related amounts previously recognized in contributed surplus were reclassified to share capital.

During the three months ended March 31, 2026 and 2025 the Company recognized share-based compensation expense as follows:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Share based compensation | $221 | $127 |
| Recognized in: |  |  |
| Operating expenses | 52 | 12 |
| General and administrative expenses | 169 | 115 |
|  | $221 | $127 |

---

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

17. SHARE
CAPITAL AND RESERVES (continued)

The fair value and assumptions for the options granted during the three months ended March 31, 2026 and the year ended December 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected Life<br> of Options | Share Price at Grant Date (in C$) | Exercise<br> Price <sup>(1)</sup> (in C$) | Risk-free Interest Rate | Volatility | Black-Scholes Fair Value <sup>(1)</sup> |
| April 1, 2025 | 5 years | $0.62 | $0.62 | 2.57% | 0.76 | $0.27 |
| September 4, 2025 | 5 years | $1.80 | $1.83 | 2.90% | 0.72 | $0.80 |
| March 30, 2026 | 5 years | $3.69 | $3.79 | 3.11% | 0.76 | $1.67 |

---

**** 

**(1)** **Exercise price and Black-Scholes fair value have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

The fair value of stock options was estimated using the Black-Scholes option pricing model. The expected volatility was based on the historical volatility of the Company's share price. The risk-free interest rate was based on the yield of Canadian government bonds with a term consistent with the expected life of the options. The expected dividend yield was assumed to be 0%, as the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. The Company assumed a 0% forfeiture rate due to limited historical forfeiture experience.

The following table provides information on outstanding and exercisable stock options at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Grant Date | Exercise price <sup>(1)</sup><br> (in C$) | Number of<br> Options<br> outstanding <sup>(1)</sup> ('000s) | Weighted-average remaining contractual life (years) | Number of<br> Options<br> exercisable <sup>(1),(2)</sup> ('000s) |
| November 10, 2022 | 0.77 | 2622 | 1.6 | 2621 |
| April 16, 2024 | 0.54 | 2578 | 3.1 | 1389 |
| August 15, 2024 | 0.54 | 45 | 3.4 | 45 |
| October 17, 2024 | 0.45 | 533 | 3.6 | 133 |
| December 13, 2024 | 0.45 | 267 | 3.7 | 67 |
| April 1, 2025 | 0.62 | 100 | 4.0 |  |
| September 4, 2025 | 1.83 | 1746 | 4.5 | 167 |
| March 30, 2026 | 3.79 | 120 | 5.0 | - |
|  | 0.94 | 8011 | 3.0 | 4422 |

---

**(1)** **Exercise price, number of options and Black-Scholes fair value have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

**(2)** **Vesting terms range between 1 to 4 years** 

**d)** **Share purchase warrants** 

On February 4, 2026, in connection with the conversion of the Special Warrants described in Note 17(b), the Company issued 3,333,333 Class A Warrants and 3,333,333 Class B Warrants. The Class A Warrants are exercisable at $3.04 per common share and the Class B Warrants at $3.71 per common share, each with a term of 36 months from the date of issuance. These warrants are classified as derivative financial liabilities and are measured at fair value through profit or loss.

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

17. SHARE
CAPITAL AND RESERVES (continued)

The following table shows the change in the Company's share purchase warrants during the three months ended March 31, 2026 and the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | Number of share purchase warrants <sup>(1)</sup><br> ('000s) | Weighted-average exercise price <sup>(1)</sup> | Weighted-average life remaining (years) |
| Outstanding, December 31, 2024 | 4000 | 0.63 | 3.84 |
| Outstanding, December 31, 2025 Issued <sup>(2)</sup> | 4000 | 0.63 | 3.84 |
|  | 6667 | $3.38 | 2.85 |
| Outstanding, March 31, 2026<sup>(3)</sup> | 4000 | 0.63 | 2.59 |
|  | 6667 | $3.38 | 2.85 |

---

**(1)** **Number of warrants and weighted-average exercise price have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

**(2)** **On February 4, 2026, in connection with the conversion of the Special Warrants described in Note 17(b), the Company issued 3,333,333 Class A Warrants and 3,333,333 Class B Warrants. The Class A Warrants are exercisable at USD$3.04 per common share and the Class B Warrants at USD$3.71 per common share, each with a term of 36 months from the date of issuance. These warrants are classified as derivative financial liabilities and are measured at fair value through profit or loss.** 

**(3)** **Presentation of warrants outstanding is disaggregated based on the respective underlying currency** 

The following table provides information on outstanding and exercisable share purchase warrants at March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of warrants outstanding ('000s) | Weighted-average remaining contractual life (years) | Weighted-average fair value per warrants |
| November 1, 2028 | 0.63 | 4000 | 2.90 | 0.39 |
| February 4, 2029 | $3.04 | 3333 | 2.85 | $0.97 |
| February 4, 2029 | $3.71 | 3333 | 2.85 | $0.85 |

---

**(1)** **Exercise price, number of warrants and weighted-average fair value per warrant have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

**TITAN MINING CORPORATION**

**Notes to the Condensed Consolidated Interim Financial Statements**

**For the Three Months ended March 31, 2026 and 2025**

(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)

18. SEGMENTED
INFORMATION

The Company operates one reportable segment, mineral production and exploration in the United States. The Chief Operating Decision Maker ("CODM"), identified as the Company's Chief Operating Officer, reviews operating results on a consolidated basis to make decisions about resource allocation and assess performance.

All of the Company's revenue is generated from a single customer that is located in the United States. The Company's non-current assets located in the United States total $40,740 (2025 – $39,673) and those located in Canada total $366 (2025 – $215).

19. SUPPLEMENTARY
CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| **Non-cash working capital movements** |  |  |
| &nbsp;&nbsp;&nbsp;Changes in accounts payable and accrued liabilities with respect to construction in progress | $198 | $(4) |
| &nbsp;&nbsp;&nbsp;Change in accounts payable and accrued liabilities with respect to inventories | 336 | (410) |
| &nbsp;&nbsp;&nbsp;Change in accounts payable and accrued liabilities with respect to operating expenses | 911 | (182) |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation asset | 304 | 955 |

---

## Exhibit 99.2

**Exhibit 99.2**

![](ea028958801_ex99-2img1.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

**For the Three Months Ended March 31, 2026, and 2025**

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the three months ended March 31, 2026, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's annual audited consolidated financial statements for the years ended December 31, 2025 and 2024 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of Interim Financial Statements including International Accounting Standards 34 – Interim financial Reporting ("**IAS 34**").

Additional information regarding Titan, including the risks related to our business and those that are reasonably likely to affect our financial statements in the future, is contained in our continuous disclosure materials, including our most recent Annual Information Form ("**AIF**") and Management Information Circular, which are available on the Company's website at www.titanminingcorp.com and under the Company's profile on SEDAR+ at www.sedarplus.com.

This MD&A is dated May 12 2026. All dollar amounts reported herein are in US dollars unless otherwise indicated.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 1 |
| STRATEGY AND OUTLOOK | 1 |
| FINANCIAL AND OPERATIONAL SUMMARY | 3 |
| HIGHLIGHTS | 3 |
| OPERATIONS REVIEW | 4 |
| EXPLORATION UPDATE | 5 |
| FINANCIAL REVIEW | 6 |
| LIQUIDITY AND CAPITAL RESOURCES | 9 |
| FINANCIAL INSTRUMENTS | 14 |
| RELATED PARTY TRANSACTIONS | 14 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 17 |
| NOTES TO READER | 17 |
| NON-GAAP PERFORMANCE MEASURES | 19 |

---

Page i

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our shares are listed on the NYSE American ("NYSE-A") under the symbol "TII" and on the Toronto Stock Exchange under the symbol "TI". The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "**Empire State Mine**" or "**ESM**"). Titan is also fast-tracking the development of the Kilbourne Graphite Project ("**Kilbourne**") co-located at ESM. Titan commenced commissioning of a 1,200 mt pa graphite processing facility in December 2025 with production starting in early 2026. This makes Titan the first end-to-end producer of natural flake graphite in the USA since 1956.

**STRATEGY AND OUTLOOK**

Titan's goal is to deliver shareholder value through operational excellence, development and exploration. Titan is committed to developing critical mineral assets that enhance the security of the domestic supply chain. Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for mineral resource expansion which is expected to support production growth. Other historic mines and new base and precious metals targets within the district are a focus for Titan's exploration team.

ESM has provided 2026 production guidance of between 73 - 78 million zinc recoverable pounds or 62 - 66 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from resources within the #4 mine and the #2 mine. Refer to the Company's news release titled "Titan Mining Delivers Record Zinc Production in 2025 and Provides Guidance for 2026" dated February 10, 2026, for additional information.

The Company has announced the discovery of concentrations of germanium within existing process streams in the Empire State Mines process plant. Germanium, a U.S.-designated critical mineral, is essential to semiconductors, fiber optics, night-vision systems, and clean-energy technologies—industries for which the United States relies almost entirely on imports. The Company has started focused test work to determine an appropriate process development route for contained germanium in the existing zinc operations.

In 2024, the Company declared a maiden mineral resource at the Kilbourne Graphite Project. Kilbourne comprises an open pit constrained inferred mineral resource estimate of 22 million tons at an average grade of 2.91% graphitic carbon ("Cg") with 653kt of contained graphite. In December 2025, the Company announced the results of its Preliminary Economic Assessment for Kilbourne, which indicated robust economics that included the following: After Tax NPV(7%) for the stand-alone Kilbourne Graphite Project of $513,000, post-tax IRR of 37%, and 2.7-year payback. In January 2026, the Company announced the commencement of graphite concentrate production at its recently constructed Kilbourne demonstration facility (the "**Facility**"), co-located with the Company's existing zinc operations at ESM. The Company has successfully produced natural flake graphite concentrate and is now transitioning to the production of material for customer and government qualification programs, marking the first step in re-establishing a domestic natural graphite supply chain in the United States for the first time in more than seven decades. See the Company's news releases titled "Titan Mining Announces Phase III Metallurgy Results and Outlines Plans for Natural Flake Graphite Processing Facility in New York State" dated January 16, 2025, "Titan Mining Announces Strong Kilbourne Graphite Project Economics and Expanded U.S EXIM Support to Accelerate U.S. Graphite Independence" dated December 1, 2025 and "Titan Mining Launches Made-in-America Graphite Production as U.S. Moves to Secure Critical Minerals" dated January 26, 2026, for further detail regarding the Facility*.* 

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

During March 2026, the Company announced the formal launch of its fully-funded Feasibility Study ("FS") for its planned 40,000 tonne per annum Kilbourne project. The FS will evaluate final mine design, resource upgrade to reserves, processing optimization, infrastructure requirements, environmental advancement and detailed capital and operating cost estimates. A construction decision is targeted for late 2026 or early 2027, with construction activities anticipated to commence in 2027, subject to board approval, FS results, permitting progress and financing. Refer to the Company's news release titled "Titan Mining to Start Shipping First Graphite Product and Feasibility Study Underway for 40,000 tpa Integrated Kilbourne Graphite Project" dated March 11, 2026, for additional information. The estimated budget for the FS is approximately $21,900, of which $2,300 had been incurred as at March 31, 2026.

During October 2025, the Company received an expression of financing interest of up to $120 million from US EXIM Bank ("EXIM") for construction of the Kilbourne project under its "Make More in America" ("MMIA") program. In parallel with EXIM's MMIA process, the Company continues to collaborate with EXIM and other U.S. Government Agencies such as the Department of War and the Department of Energy on opportunities for coordinated participation in the Company's critical-minerals plan through strategic funding, inclusion as a key stakeholder and policy programs incentivizing domestic production and secure resilient supply chains. A finalized commitment package of US$120 million from EXIM would potentially represent a substantial portion of the projected capital required to construct the Kilbourne Project, providing a clear path to development that leverages federal partnership support and Titan's strong operating cash flow from its Empire State Mines zinc operations.

During November 2025, the Company announced that its common shares had commenced trading on the NYSE American, enhancing Titan's access to U.S. capital markets and increasing visibility among a broader institutional investor base.

The Company continues to examine various financing options to advance further development at ESM, fast track Kilbourne and bolster the Company's treasury.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| Financial Performance | 2026 | 2025 | Change |
| Net income (loss) before tax | $(13342) | $354 | $(13696) |
| Operating cash inflow (outflow) before changes in non-cash working capital | $1904 | $2690 | $(786) |

---

---

| | | |
|:---|:---|:---|
| Financial Condition | March 31, 2026 | December 31, 2025 |
| Cash and cash equivalents | $13816 | $17484 |
| Working capital | $11587 | $4163 |
| Total assets | $76587 | $74968 |
| Equity | $18668 | $3784 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
| Operating Data | 2026 | 2025 | Change |
| Payable zinc produced (mlbs) | 14.2 | 15.4 | (1.2) |
| Payable zinc sold (mlbs) | 14.0 | 15.6 | (1.6) |
| Average provisional zinc price (per lb) | $1.47 | $1.29 | $0.18 |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended March 31, 2026 and up to the date of this MD&A include the following:

● Payable zinc production of 14.2 million pounds.

● C1 cash costs $0.98 per payable pound.

● AISC of $1.01 per payable pound.

● Revenues of $19,596 up 22% when compared to $16,015 in 2025.

● Cash balance of $13,816 as at quarter end.

● First production and shipping of graphite concentrate from its demonstration facility.

● Formally launched its fully-funded Feasibility Study for its planned 40,000 tonne per annum Kilbourne Graphite Project in New York.

● Announced drill results confirming graphite mineralization up to 2,500 feet east of the current Kilbourne resource boundary, highlighting significant potential to expand the deposit beyond the 2025 Preliminary Economic Assessment ("PEA") mine plan.

● Germanium confirmed to be reporting to ESM waste streams, including the pre-float and scavenger tailings.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2026 | 2025 | 2025 | 2025 | 2025 | 2025 |
|  |  | Q1 | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |
| Ore mined | tons | 102754 | 460235 | 118143 | 119564 | 113361 | 109167 |
| Ore milled | tons | 102048 | 455483 | 118039 | 117457 | 111695 | 108293 |
| Feed grade | zn% | 8.5 | 8.6 | 9.7 | 7.6 | 8.5 | 8.7 |
| Recovery | % | 96.3 | 96.3 | 96.6 | 96.2 | 96 | 96.4 |
| Payable zinc | mlbs | 14.17 | 64.26 | 18.74 | 14.64 | 15.51 | 15.37 |
| Concentrate grade | zn % | 60.3 | 59.8 | 59.8 | 59.3 | 60.2 | 59.6 |
| Zinc concentrate produced | tons | 13819 | 63221 | 18441 | 14490 | 15117 | 15172 |
| **Sales** |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 13.96 | 64.16 | 18.74 | 13.81 | 16.04 | 15.57 |
| Average provisional zinc price | $/lb | 1.47 | 1.31 | 1.43 | 1.29 | 1.20 | $1.29 |
| C1 cash cost per payable zinc pound sold <sup>(1)</sup> | $/Ib | 0.98 | 0.92 | 0.88 | $1.01 | $0.90 | $0.91 |
| Sustaining capital expenditures <sup>(1)</sup> | $/lb | 0.03 | 0.06 | 0.08 | $0.12 | $0.00 | $0.05 |
| AISC<sup>(1)</sup> | $/lb | 1.01 | 0.98 | 0.96 | $1.13 | $0.90 | $0.96 |

---

<sup>(1)</sup> C1 cash cost, Sustaining Capital Expenditures, and All-In Sustaining Cost ("AISC") are non-GAAP measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is provided below, under "Non-GAAP Performance Measures".

<sup>(2)</sup> The full-year figure may not equal the sum of the quarters due to rounding.

**OPERATIONS REVIEW**

Mining in the first quarter of 2026 continued to focus on the Mahler, New Fold, and Mud Pond zones in the #4 mine. Operations in the N2D zone was temporarily suspended, with assets redeployed to the Mud Pond Apron area to support higher grade mining in the lower zones. Longhole stope mining in New Fold and Mud Pond Apron provided above-target grades and tons. Mining will continue in these same key zones during the second quarter of 2026. Mining activities are expected to restart in the N2D zone in the third quarter. Capital development drives were advanced in the NewFold – Mahler connection to improve ventilation with completion expected in the second quarter. Capital development was also focused on advancing the up-ramp in the New Fold zone.

Capital projects in the first quarter of 2026 focused on the production shaft rail replacement, as well as lowering into the mine, a 40 ton haul truck, a 2 boom jumbo, and a 6 yard loader. All three pieces of equipment were operational by the end of the quarter.

On January 19, the production hoist experienced a mechanical failure of the hoist motor/generator set. Repairs were completed on February 9, with hoisting offline for approximately three weeks. During this period, mining activities continued and ore was stockpiled underground.

Following the restart, the Company implemented extended milling hours and additional weekend production shifts to recover the shortfall. By quarter-end, all but approximately 800,000 lbs of payable production , 1.2% of annual mid point guidance, had been recovered, maintaining production within forecasted ranges. The remaining minor shortfall is expected to be recouped in the second quarter. The Company is also evaluating a capital project to convert the production hoist's electrical current from a Direct Current ("DC") to an Alternating Current ("AC") system to optimize long-term reliability.

During the three months ended March 31, 2026, the Company experienced modest inflationary pressures across certain cost inputs, including energy and consumables. These increases were generally in line with broader market trends and were partially offset by ongoing cost management initiatives. Revenue continued to be primarily driven by realized zinc prices and payable production volumes, with commodity pricing providing some offset to input cost movements. Overall, the effect of inflation and specific price changes on profit (loss) from continuing operations was not significant for the period.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historical Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including N2D and Turnpike. In addition to zinc and base metal occurrences the Company has identified multiple areas with historical documentation of graphite bearing lithologies in St. Lawrence County, including the unit that hosts the Kilbourne graphite resource.

Titan's exploration team has continued to generate additional near-mine and district targets using historical soil, stream sediment, drilling, and geophysical data. These historical data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historical mining areas (Hyatt, Pierrepont, Edwards, Rossie-Macomb, and Clifton).

In May 2025, Titan expanded its mineral tenure through lease and option-to-lease agreements with St. Lawrence County, adding 43,942 acres of mineral rights bringing the company's total to over 120,000 acres under exploration. In parallel, the Company continues to research and consolidate mineral rights in high-priority target areas. Refer to the Company's press release dated May 8th, 2025, and titled "Titan Mining Signs Cooperative Agreements with St. Lawrence County, Expands Mineral Tenure to Greater Than 120,000 acres in Upstate New York" for more information.

With the newly expanded land position, a thorough re-evaluation of Titan's proprietary exploration data and historical regional data has been undertaken to refine existing targets and identify new opportunities across the region.

*2026 Drill Programs*

 

Underground

Underground drill programs in the first quarter of 2026 targeted Mahler and Mud Pond. Underground drilling totalled 3 drill holes and 4,726 ft (1,441 m). All underground drilling was completed with Company-owned underground drills by Company employees. Included in the first quarter drill total is 630 ft (192 m) of exploration drilling. This includes the continuation of UX25-038 which began in the fourth quarter of 2025 and LY25-004 which intersected 3.3 feet of 31% Zn on the Little York target. Drilling in the second quarter of 2026 will target Mud Pond, Mahler, and New Fold.

Kilbourne

In the first quarter of 2026, drilling continued at the Company's Kilbourne graphite project with a total of 13,384 ft (4,079 m) drilled across 37 holes. Drilling has been completed by both a Company owned and operated surface drill, as well as through contract drilling by Boart Longyear. Two holes were drilled to further delineate the graphite mineralization within the conceptual Kilbourne pit, totalling 474 ft (145 m). Thirteen holes were drilled to collect geotechnical data from within and along the margins of the conceptual Kilbourne pit design, totalling 5,000 ft (1,524 m). Twenty-two holes were completed to delineate and test the eastern extension of graphite mineralization within the mapped Kilbourne host lithology, totalling 7,910 ft (2,411 m). The following notable intercepts were reported subsequent to the end of the quarter:

● Hole KX26-077 intersected 255.1 ft at 3.0% Cg from 57.9 ft to 313.0 ft, including 97.0 ft at 3.5% Cg from 200.0 ft to 297.0 ft, the widest intersection recorded in the eastern extension to date.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

● Hole KX26-079 intersected 92.2 ft at 3.1% Cg from 110.0 ft to 202.2 ft, including 60.0 ft at 3.4% Cg from 130.0 ft to 190.0 ft, consistent in grade with the main Kilbourne resource.

Drilling will continue into the second quarter of 2026 with a focus on the delineation of eastern mineralization, and the collection of geotechnical data.

New Mexico

In the first quarter of 2026 the company voluntarily filed a notice of claim abandonment to the New Mexico State Office of the Bureau of Land Management and the Rio Arriba County Clerk, officially relinquishing claim to the Apache Hills target.

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Revenues ($) | $19596 | $25102 | $16775 | $16344 | $16015 | $26327 | $8274 | $17969 |
| Net income (loss) before tax | (13342) | (1001) | 80 | 539 | 354 | 11596 | (4864) | 2617 |
| Basic & diluted income (loss) per share ($) <sup>(1)</sup> | (0.14) | 0.00 | 0.00 | 0.00 | 0.00 | 0.13 | (0.04) | 0.02 |
| Cash and cash equivalents | 13816 | 17484 | 4285 | 8142 | 12183 | 10163 | 5844 | 5547 |
| Total assets | 76587 | 74968 | 57786 | 57143 | 58927 | 55148 | 50290 | 52386 |
| Non-current financial liabilities | 34025 | 19733 | 38480 | 19731 | 18098 | 15534 | 16950 | 16521 |

---

**(1)** **Basic & diluted income (loss) per share have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted** 

 

**FINANCIAL REVIEW**

**Financial Results**

---

| | |
|:---|:---|
|  | Three months ended <br> March 31, |
| **Net income (loss) before tax for the 2025 period** | $354 |
| Changes in components of income: |  |
| &nbsp;&nbsp;&nbsp;Revenues increase (decrease) | 3581 |
| &nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | (339) |
| &nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | (16938) |
| **Net loss before tax for the 2026 period** | $(13342) |

---

During the three months ended March 31, 2026, revenues increased compared to the same period in 2025 mainly attributable to the combined effect of a decrease in concentrate sales (2026 – 14.0 mlbs vs 2025 – 15.6 mlbs) and an increase in provisional pricing (2026 average of $1.47 lb vs 2025 average of $1.29 lb).

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

Cost of sales remained relatively stable during the three months ended March 31, 2026, increasing by $339 (approximately a 2% increase) compared to the same period in 2025. Higher operating expenses of $945 were largely offset by lower depreciation of $463, reduced transportation costs of $75, and a favorable change in inventory of $66.

During the three months ended March 31, 2026, other expenses increased by $16,938 compared to the same period in 2025, largely as result of:

● additional expenses for the Kilbourne Graphite Project (2026 - $905 vs 2025 $nil),

● additional expenses in feasibility study (2026 $1,365 vs 2025 $nil), and

● recognition of a non-cash loss on fair value adjustment of its derivative financial instruments of $13,192 related to the special warrants as well as warrants, which is required under IFRS as the instruments are classified as financial liabilities and measured at fair value through profit or loss.

**Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2025 | Change |
| Zinc concentrate sales | $20462 | $20087 | $375 |
| Zinc concentrate provisional pricing adjustments | 776 | (2107) | 2883 |
| Smelting and refining charges | (1642) | (1965) | 323 |
| Revenue, net | $19596 | $16015 | $3581 |

---

During the three months ended March 31, 2026, revenues increased by $3,581 compared to the same period in 2025. This increase was primarily attributable to the combined effect of higher zinc concentrate provisional pricing adjustments of $2,883, driven by more favorable zinc prices in Q1 2026, and lower smelting and refining charges of approximately $323.

**Cost of sales**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2025 | Change |
| Operating expenses | $12220 | $11277 | $(943) |
| Transportation costs | 852 | 928 | 76 |
| Depreciation and depletion | 1043 | 1506 | 463 |
| Change of Inventory | (149) | (84) | 65 |
| Total | $13966 | $13627 | $(339) |

---

Cost of goods sold for the three months ended March 31, 2026 increased by $339 compared to the same period in the prior year. The increase was primarily driven by higher operating expenses of $943 which are mainly attributable to increased wages and salaries of $449, a higher consumption of supplies of $188 and higher contractor and consultant costs of $199 compared to the same period in the prior year. These increases were partially offset by lower depreciation expense of $463 and a lower change in inventory of $65.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**Other operating expenses**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2025 | Change |
| **G&A expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $678 | $496 | $(181) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 169 | 115 | (54) |
| &nbsp;&nbsp;&nbsp;Office and administration | 622 | 222 | (401) |
| &nbsp;&nbsp;&nbsp;Professional fees | 626 | 161 | (465) |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, net of changes in lease terms | 28 | (24) | (52) |
| &nbsp;&nbsp;&nbsp;Investor relations | 212 | 12 | (200) |
| Total | $2335 | $982 | $(1353) |
| **<u>Exploration and evaluation expenses:</u>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $189 | $163 | $(26) |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 42 | 7 | (35) |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 234 | 112 | (122) |
| &nbsp;&nbsp;&nbsp;Supplies | 20 | 55 | 35 |
| &nbsp;&nbsp;&nbsp;Other | 70 | 52 | (18) |
| Total | $555 | $389 | $(166) |

---

General and administrative expenses increased by $1,353 for the three months ended March 31, 2026, compared to the same period in the prior year. The increase was primarily driven by higher salaries and benefit expenses of $181, office and administrative expenses of $401 and increased professional fees of $465. These increases were attributable to a higher level of corporate activities during the first quarter of 2026, which included increase of corporate personnel and activities related to financing initiatives.

Exploration and evaluation expenses for the three months ended March 31, 2026 increased by $166 when compared to same quarter of 2025. This increase is consistent with a higher level of exploration activities during the quarter.

**Other income (expenses)** 

---

| | | |
|:---|:---|:---|
| Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
| 2026 | 2025 | Change |
| $(13812) | $(663) | $(13149) |

---

For the three months ended March 31, 2026, other incomes (expenses) increased by $13,149, compared to the same periods in the prior year. The increase was primarily attributable to the recognition of a non-cash loss on fair value adjustment of $13,192 related to the derivative financial instruments, which is required under IFRS as the instruments are classified as financial liabilities and measured at fair value through profit or loss. This is a technical accounting requirement under IFRS and is in no way a result of or derived from operations.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Equipment Facility* 

 

On December 31, 2024, the Company entered into an equipment facility loan agreement ("Equipment Facility"), to purchase certain capital equipment for use at the Company's ESM, up to a combined maximum amount of $4,800. The Equipment Facility bears interest on a monthly basis using the SOFR plus 2%, with interest payable monthly. The maturity date of the Equipment Facility is May 31, 2027. Principal payments are payable in equal monthly installments from the date of each advance over the remaining term of the Equipment Facility.

As at March 31, 2026, the Company had drawn down $4,732 and had made principal payments totaling $2,012 for a balance outstanding of $2,720.

 

*Local development agencies*

On May 16, 2025, the Company entered into loan agreements with two different development agencies: Development Authority of the North County for $500 and the St Lawrence County Industrial Development Agency for $1,500, with the purpose of acquiring equipment for its commercial demonstration facility related to the development of its natural flake graphite project.

The loan agreements have a 10-year term with a maturity date on September 1, 2035. Under the terms of the agreements the Company is required to make interest-only payment for the first three months following the initial draw and subsequent payments of principal plus interest for the remaining duration of the loan. The loans bear interest at an annual rate of 4.75% and are secured by the equipment purchased for this project.

*EXIM Facility*

 

On July 21, 2025, the Company's wholly owned subsidiary, Empire State Mines, LLC ("ESM"), entered into a credit agreement with the Export-Import Bank of the United States ("EXIM") for a secured term loan facility (the "EXIM Facility") of up to $15,800 ("Tranche 1"). Proceeds from the EXIM Facility will be used to reimburse capital expenditures previously incurred at ESM in respect of the zinc operations and to support ongoing infrastructure and zinc production expansion initiatives at ESM.

On December 23, 2025, ESM entered into an amendment with EXIM to include a second tranche (Tranche 2) for an additional $5,500 which will be used to accelerate the resource drilling, metallurgical test work, and engineering programs necessary to complete the Kilbourne Feasibility Study.

Terms of the EXIM Facility include the following:

● The EXIM Facility is available to be drawn in multiple tranches until: for Tranche 1 up to December 31, 2026 and for Tranche 2 up to September 30, 2026.

● Interest on the EXIM Facility is fixed for the duration of the loan and is for Tranche 1 4.95% and for Tranche 2 4.70%. Interest is payable quarterly, commencing December 30, 2025, and continuing on March 30, June 30, September 30, and December 30 of each year.

● A one-time exposure fee of 5.97% for Tranche 1 and 6.2995% for Tranche 2 is applied to each drawdown amount.

● A commitment fee of 0.5% per annum is payable on the undrawn portion of the EXIM Facility, commencing on August 18, 2025 for Tranche 1 and on December 30, 2025 for Tranche 2. The commitment fee will continue until the earlier of the final drawdown or December 30, 2026, for Tranche 1 and September 30, 2026 for Tranche 2 with payments due quarterly in arrears.

● The EXIM Facility matures on September 30, 2032, with principal to be repaid in 20 equal quarterly installments of $783.4 for Tranche 1 and $273.7 for Tranche 2, both Tranches beginning on December 30, 2027.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

● The EXIM Facility is secured by a first-ranking general security interest over assets purchased with loan proceeds and the related developed properties.

As at March 31, 2026, the Company had drawn down $4,905 from Tranche 1 and $589 from Tranche 2.

*Other Related Party Loans*

 

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the NBC Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract, such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Facility.

On July 21, 2025, the Company agreed to the following commercial terms with the related party:

● The loan bears interest at 8% per annum beginning on July 21, 2025, with interest capitalized until December 31, 2025, and payable monthly in cash thereafter.

● Principal repayments are scheduled as follows:

● $7,500 on December 31, 2026

● $5,000 on December 31, 2027

● $4,000 plus capitalized interest on December 31, 2028

The loan is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company. As described in the audited financial statements, covenant non-compliance under the Company's debt arrangements resulted in cross-default provisions being triggered, which could have affected the repayment terms and classification of this loan. On March 18, 2026, the related party granted a waiver deferring its right to accelerate repayment until February 2, 2029.

On March 30, 2026, EXIM provided its approval to add-back non-cash gains or losses related to liability-classified derivative financial instruments for consolidated adjusted EBITDA as defined in the EXIM agreement, for the period ending March 31, 2026. Subsequent to March 31, 2026, the Consolidated Adjusted EBITDA definition in the EXIM agreement was amended to include the addback of Gains and Losses on Derivative Financial Liabilities going forward.

As at March 31, 2026 and the date of this MD&A, the Company was in compliance with all financial covenants related to each of the Credit facilities and Related Party loans.

*Private Placement* 

 

As previously disclosed in the Company's audited financial statements as at December 31, 2025 and its MD&A for the year then ended, the Company completed a private placement of Special Warrants in December 2025 for aggregate gross proceeds of $15 million. On February 4, 2026, these Special Warrants were converted into 6,666,666 Common Shares and associated Warrants in accordance with their terms. Each Warrant is exercisable for a period of up to three years following issuance, with 50% of the Warrants exercisable at a 35% premium to the Issue Price and the remaining 50% exercisable at a 65% premium to the Issue Price. The Company may call the Warrants if its Common Shares trade at greater than 150% of the applicable exercise price for 15 trading days within any 30-day period, upon providing 30 days' prior notice. On February 4, 2026, the Special Warrants were converted into the underlying Common Shares and Warrants.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

A tabular comparison of the Company's previously disclosed use of proceeds for the Private Placement (after deducting the cash commission of $600,000 paid to the placement agent for the Private Placement) as compared to actual use of proceeds as at March 31, 2026 is set out below.

---

| | | |
|:---|:---|:---|
| <br>**Use of Proceeds** | Disclosed Use <br> of Proceeds | Actual Use of Proceeds |
| Resource Drilling, Modeling and Estimate | 1842 | 507 |
| Geotechnical and Hydrogeology Drilling and Modeling | 6074 | 505 |
| Metallurgical Testwork | 385 |  |
| Permitting | 373 | 116 |
| Engineering Studies (mine planning, infrastructure, process design, water management and closure) | 3805 | 169 |
| Transformation Plant, additional test work and project management |  | 68 |
| **Studies Cost** | **12479** | **1365** |
| General Corporate and Working Capital (Including Private Placement expenses) | 1921 | 365 |
| **TOTAL** | $14400 | **1730** |

---

Management believes that its current liquidity, combined with its capital structure and available financing, is sufficient to support operations and meet debt service obligations over the next 12 months.

**Financial Condition**

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Cash and cash equivalents | $13816 | $17484 |
| Total debt | $26671 | $26164 |
| Net debt <sup>(1)</sup> | $12855 | $8680 |
| Working capital surplus <sup>(2)</sup> | $11587 | $4163 |

---

(1) Net debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might
not be comparable to a similar financial measure disclosed by other issuers. See "Non-GAAP performance measures" of this MD&A
for a discussion of non-GAAP performance measures.

(2) As at December 31, 2025 working capital excludes the Special Warrants as the instruments do not require
cash settlement and will be settled through the issuance of equity instruments. Although presented in the statement of financial position
in accordance with IFRS, the Special Warrants were equity in substance and did not represent a cash obligation affecting the Company's
liquidity

Cash and cash equivalents as at March 31, 2026 decreased by $3,668 compared to December 31, 2025. The decrease in cash was generated from negative operating cash flows of $2,045, cash used in financing activities of $15 and use of cash in investing activities of $1,608, which relates to the purchase of plant and equipment.

At March 31, 2026, the Company's debt was comprised of a loan from third parties of $9,605 and loans from related party of $17,066. During the three months ended March 31, 2026, the Company incurred interest and accretion expense of $514 and interest payment of $471.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2025 | Change |
| Operating cash flows before changes in working capital | $1904 | $2690 | $(786) |
| Changes in working capital | (3949) | (2487) | (1462) |
| Net cash flows generated by (used in) operating activities | (2045) | 203 | (2248) |
| Net cash flows generated by (used in) financing activities | (15) | 2534 | (2549) |
| Net cash flows generated by (used in) investing activities | (1608) | (724) | (884) |
|  | $(3668) | $2013 | $(5681) |

---

Operating cash flow before changes in working capital was lower during the three months ended March 31, 2026 by $786 compared to the same period in the prior year. This is mainly attributable to the combined effect of a higher income from mine operations of $3,242 net of a higher graphite project expenses of $905, expenses in feasibility study of $1,365, higher exploration and evaluation expenses of $166 and higher general and administrative expenses of $1,353.

Net cash flows from financing activities during the three months ended March 31, 2026 were $2,549 lower compared to the same period in 2025, primarily due to the $2,894 advance under the Equipment Facility in Q1 2025.

Net cash flows used in investing activities in the three months ended March 31, 2026 were higher when compared to the same period of 2025; this is mainly attributable to the acquisition of additional plant and equipment.

**Capital Expenditures**

The Company invested $1,806 in capital expenditures during the three months ended March 31, 2026, compared to $720 in capital expenditures for the same period in the prior year. The higher capital expenditure is mainly attributable to the improvements implemented in the production line of its graphite demonstration plant.

**Liquidity**

As at March 31, 2026, the Company had total liquidity of $13,816 in cash and cash equivalents. The Company had a working capital surplus of $11,587 and a deficit balance of $75,227. For the three months ended March 31, 2026, the Company had recognized net loss before taxes of $13,342 and negative operating cash flows of $2,045. The Company continues to monitor zinc prices and the impact on financial covenants associated with its EXIM Facility.

**Capital Management**

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue the development and exploration of its mineral properties and to maintain a flexible capital structure, which optimizes the costs of capital to an acceptable risk.

The capital structure of the Company currently consists of common shares and debt financing. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions, its expected funding requirements, and risk characteristics of the underlying assets. The Company's funding requirements are based on cash forecasts. In order to maintain or adjust the capital structure, the Company may issue new debt, new shares and/or consider strategic alternatives. Management reviews its capital management approach on a regular basis.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

As noted above with the Company's debt, the Company is subject to certain financial covenants relating to its EXIM Facility. As at March 31, 2026, the Company was in compliance with all financial covenants under the EXIM Facility .

The Company anticipates having sufficient cash to execute the Company's operational business plan and achieve its objectives in the short term. In the long term, the Company may need additional financing to fund its debt obligations, studies and potential construction of Kilbourne. As noted above, the Company announced that it has received financing interest of up to $120 million from EXIM for construction of the Company's Kilbourne project.

In addition, during January 2026 the Company filed a base shelf prospectus in Canada dated January 27, 2026 (the "Canadian Base Prospectus") and a registration statement on Form F-10 (File No. 333-292602) (the "Registration Statement") in the United States with the U.S. Securities and Exchange Commission (the "SEC") under the U.S./Canada Multijurisdictional Disclosure System, providing the Company the flexibility to be able to raise up to $150 million, from time to time, over a 25-month period, should it choose to do so. The filing does not mean that Titan is issuing shares today. Rather, it establishes a flexible financing framework that allows the Company to access capital efficiently in the future to support growth initiatives, advance its U.S. graphite strategy and strengthen its balance sheet as market conditions warrant. As part of this framework, the Company has also established an "at-the-market" equity program (the "ATM Program") under its Canadian Base Prospectus and Registration Statement that allows the Company to issue and sell, from time to time through sales agents, at prevailing market prices for up to $50 million of its common shares (the "Offered Shares") from treasury to the public, at the Company's discretion. Any use of the ATM program would be entirely at Titan's discretion, with timing and volume determined based on market conditions, funding needs, and shareholder considerations. If utilized, proceeds from the ATM program would be used for working capital, growth initiatives, and general corporate purposes.

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at March 31, 2026 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $9944 | $12137 | $2323 | $2256 | $26660 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 11 |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;Leases | 114 | 81 |  |  | 195 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 17228 | 17228 |
|  | $10069 | $12218 | $2323 | $19484 | $44094 |

---

**Off-Balance Sheet Arrangements**

The Company does not have any off-balance sheet arrangements.

**Outstanding Securities**

As of the date of this MD&A, the Company had 98,288,104 common shares issued, 10,666,666 warrants and 8,010,557 options outstanding. As of the date of this MD&A, the Company has not issued any common shares under its ATM.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**FINANCIAL INSTRUMENTS**

a) Carrying amount versus fair value

Set out below is a comparison by class of the carrying amounts and fair value of the Company's financial instruments, other than those whose carrying amounts are a reasonable approximation of fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,<br> 2026** | **March 31,<br> 2026** | **December 31,<br> 2025** | **December 31,<br> 2025** |
|  | **Carrying amount** | **Fair value** | **Carrying amount** | **Fair value** |
| **Financial liabilities** | | | | |
| Lease liabilities | $195 | $195 | $227 | $227 |
| Debt | $9605 | $9605 | $9109 | $9109 |
| Loans from related party | $17066 | $17066 | $17055 | $17055 |
| Derivative financial instruments – special warrant | $- | $- | $20717 | $20717 |
| Derivative financial instruments - warrants | $6042 | $6042 | $- | $- |

---

Management assessed that the fair values of cash and cash equivalents, other current assets, other receivables, and accounts payable approximate their carrying amounts due to the short-term maturities of these instruments, and the fair value of acquisition obligations approximate their carrying value as they are non-interest bearing. Trade receivables subject to provisional pricing are already carried at fair value.

Fair values of the Company's lease liabilities, debt, and loan from related party are determined by using discounted cash flow models that use discount rates that reflect the issuer's borrowing rate as at the end of the reporting period.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or other means.

Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs

All financial instruments measured at fair value use Level 2 valuation techniques, except for the fair value of the derivative financial instrument – special warrant and the derivative financial instruments – warrants which use a Level 3 valuation technique.

There have been no transfers between fair value levels during the reporting period.

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

On October 26, 2020, the Company entered into an arrangement to share office space, equipment, personnel, consultants and various services with other companies related by virtue of certain directors and management in common. These related parties include Highlander Silver Corp. and Armor Minerals Inc. A management company equally owned by each company party to the arrangement pays for these shared expenses as agent for the Company and the other companies. These costs incurred by the management company as agent are allocated and funded by the shareholders of the management company based on time incurred and use of services and goods. The management company recovers it's costs incurred in managing expenses and procuring goods and services on behalf of the Company without a markup. If the Company's participation in the arrangement is terminated, the Company will be obligated to pay its share of the rent payments for the remaining term of the office space rental agreement. The Company's obligation for future rental payments as of March 31, 2026 was approximately $212 (December 31, 2025 -CAD$340) over the course of the remaining term of the office space lease.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

The Company was charged for the following with respect to this arrangement during the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $217 | $76 |
| Office and other | 96 | 35 |
| Marketing and travel | 6 | 3 |
|  | $319 | $114 |

---

**Key management personnel compensation** 

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company, and comprises the Company's Executive Chairman, President and Chief Executive Officer, Chief Financial Officer, and Directors.

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Salaries and benefits | $126 | $107 |
| Consulting fees | 175 | 159 |
| Share-base compensation | 145 | 107 |
| Directors' fees | 55 | 55 |
|  | $501 | $428 |

---

The following amounts are outstanding as at March 31, 2026 and December 31, 2025, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br> 2026 | As at<br> December 31, <br> 2025 |
| Salaries and benefits payable | $403 | $659 |
| Consulting fees payable | - | 377 |
|  | $403 | $1036 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

a) Adoption of new standards

 

*Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: Disclosures*

In May 2024, the IASB issued amendments to update the classification and measurement requirements in IFRS 9 and related disclosure requirements in IFRS 7 as follows:

● Clarified the recognition and derecognition date of certain financial assets and liabilities and amended the requirements related to settling financial liabilities using an electronic payment system.

● Clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criteria.

● New disclosures for certain instruments with contractual terms that can change cash flows (including instruments with features linked to environmental, social and corporate governance targets).

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

● Additional disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs.

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

Effective January 1, 2026, the Company adopted the amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures. The adoption of these amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

b) Standards issued but not yet adopted

 

*IFRS 18, Presentation and disclosure in financial statements*

In April 2024, the IASB issued IFRS 18, *Presentation and disclosure in financial statements* ("IFRS 18"), which replaces IAS 1, Presentation of financial statements. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented in three codefined categories (operating, investing, and financing), and by specifying certain defined totals and subtotals. Where company-specific measures related to income statement disclosure are provided ("management-defined performance measures"), such as certain non-GAAP measures, IFRS 18 requires additional disclosure around those management-defined performance measures in the financial statements. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 does not affect the recognition and measurement of items in the financial statements, nor does it affect which items are classified in other comprehensive income and how these items are classified.

The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the effect of this new standard to its financial statements but has not yet adopted it.

**Estimates and judgments**

The preparation of consolidated financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the year. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements and may require accounting adjustments. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future years if the revision affects both current and future years.

These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant assumptions and judgments about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to the following areas:

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement;

● Determination of useful life of assets for depreciation purposes;

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

● Classification of Warrants; and

● Taxation

See note 5 of our 2025 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

**DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING** 

The Company's management, under the supervision of the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), have designed disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as defined in National Instrument 52-109, *Certification of Disclosure in Issuers' Annual and Interim Filings*, based on the 2013 control framework developed by the Committee of Sponsoring Organizations of the Treadway Commission.

The DC&P have been designed to provide reasonable assurance that material information relating to the Company is made known to the CEO and CFO, particularly during the period in which the interim filings are prepared and the information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified. The ICFR has been designed to provide reasonable assurance regarding the reliability of financial reporting for external purposes in accordance with international financial reporting standards. Due to the inherent limitations associated with any such controls and procedures, management recognizes that, no matter how well designed, they may not prevent or detect misstatements on a timely basis.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the three months ended March 31, 2026.

**NOTES TO READER**

**Cautionary note regarding forward-looking information** 

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; the nature, timing, costs and results of the FS; that Kilbourne will move to commercial production; timing of a construction decision for Kilbourne; a finalized commitment package of $120 million from EXIM would potentially represent a substantial portion of the projected capital required to construct the Kilbourne Project, providing a clear path to development that leverages federal partnership support and Titan's strong operating cash flow from its Empire State Mines zinc operations; anticipated head grade; anticipated zones that will be mined, and timing of such mining; that the Company continues to examine various financing options to bolster the Company's treasury; the Company anticipates having sufficient cash to execute the Company's operational business plan and achieve its objectives in the short term; beyond 12 months from reporting date, the Company may need additional financing to fund its debt obligations, studies and potential construction of Kilbourne; anticipated recommencement of mining at N2D, and timing and results therefrom; the Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM; ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth; and exploration results indicating further potential mineral resource growth. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include risks related to general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations being different than modelled; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs in respect of both the Company's zinc and graphite operations; future prices of zinc, graphite and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated in respect of both the Company's zinc and graphite operations; delays in completion of exploration, development or construction activities in respect of both the Company's zinc and graphite operations; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+. Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended.

Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs in respect of both the Company's zinc and graphite operations; our expectations regarding mining and metallurgical recoveries in respect of both the Company's zinc and graphite operations; mine life and production rates in respect of both the Company's zinc and graphite operations; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the FS; our experience with regulators; political and social support of the mining industry in New York State; our experience and knowledge of the New York State mining industry and our expectations of economic conditions and the price of zinc and graphite; demand for graphite; exploration results; the ability to secure adequate financing (as needed); the Company entering into a binding agreement in respect of the $120 million financing package with EXIM; the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.

Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2025 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the section entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available on www.sedarplus.ca.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**Qualified Person**

The technical and scientific information in this MD&A is based on the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report" with an effective date of December 1, 2025, filed on SEDAR+ at www.sedarplus.ca on December 15, 2025, and prepared by Donald R. Taylor, MSc, PG; Todd McCracken, P. Geo.; Bahareh Asi, P. Eng., David Willock, P. Eng.; Deepak Malhotra, SME Registered Member; Oliver Peters, MSc, P.Eng.; Derick de Wit, FAusIMM; and Steven M. Trader, PG, CPG, each of whom is a "Qualified Person" as defined by NI 43-101. All are independent of Titan, other than Mr. Donald Taylor, who is Vice Chair of the Company.

**NON-GAAP PERFORMANCE MEASURES**

This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable to similar measures reported by other issuers. The Company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the Company's performance. The Company uses these performance measures extensively in internal decision-making processes, including to assess how well ESM is performing and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team. The tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures as contained within the Company's issued financial statements.

**C1 cash cost per payable pound sold** 

C1 cash cost is a non-GAAP measure. C1 cash cost represents the cash cost incurred at each processing stage, from mining through to recoverable metal delivered to customers, including mine site operating and general and administrative costs, freight, treatment and refining charges.

The C1 cash cost per payable pound sold is calculated by dividing the total C1 cash costs by payable pounds of metal sold.

**All-In Sustaining Cost (AISC)** 

AISC measures the estimated cash costs to produce a pound of payable zinc plus the estimated capital sustaining costs to maintain the mine and mill. This measure includes the C1 cash cost and capital sustaining costs divided by pounds of payable zinc sold. AISC does not include depreciation, depletion, amortization, reclamation and exploration expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2026 | 2025 | 2025 |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 14.0 |  | 15.6 |
| Operating expenses and selling costs | $12157 | $0.87 | $12121 | $0.78 |
| Concentrate smelting and refining costs | 1642 | 0.12 | 1964 | 0.13 |
| Total C1 cash cost | $13799 | $0.98 | $14085 | $0.91 |
| Sustaining Capital Expenditures | $352 | $0.03 | $720 | $0.05 |
| AISC | $14151 | $1.01 | $14805 | $0.96 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

**Sustaining capital expenditures**

Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company's projects and certain expenditures at the Company's operating sites which are deemed expansionary in nature. Expansionary capital expenditures are expenditures that are deemed expansionary in nature. The following table reconciles sustaining capital expenditures and expansionary capital expenditures to the Company's additions to mineral, properties, plant and equipment (or total capital expenditures):

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Sustaining capital expenditures | $352 | $720 |
| Expansionary capital expenditures | 1454 | - |
| Additions to mineral, properties, plant and equipment | $1806 | $720 |

---

**Net Debt**

Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below**.** 

---

| | | |
|:---|:---|:---|
|  | As at<br> March 31,<br>2026 | As at<br> December 31,<br>2025 |
| Current portion of debt | $9955 | $23387 |
| Non-current portion of debt | 16716 | 2777 |
| Total debt | $26671 | $26164 |
| Less: Cash and cash equivalents | (13816) | (17484) |
| Net debt | $12855 | $8680 |

---

**Unleveraged Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Net cash generated (used) by operating activities | $(2045) | $203 |
| Less: Capital expenditures | (1806) | (720) |
| Free cash flow | $(3851) | $(517) |

---

**EBITDA and Adjusted EBITDA** 

EBITDA and Adjusted EBITDA are non-GAAP financial measures that do not have a standardised meaning prescribed by IFRS and may not be comparable to similarly titled measures used by other issuers. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with IFRS. The Company presents EBITDA and Adjusted EBITDA because management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and other stakeholders use these measures to evaluate the Company's operating performance and its ability to generate cash flows and service its debt obligations.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

For the Three Months Ended March 31, 2026, and 2025

(In thousands of US Dollars, unless otherwise indicated)

EBITDA is defined as net income (loss) before interest expense (net of interest income), income tax expense, depreciation, depletion, and amortization.

Adjusted EBITDA is defined as EBITDA further adjusted to exclude items that are significant in amount but not reflective of the underlying operating performance of the Company, including: (i) graphite project expenses; (ii) graphite feasibility study expenses; (iii) fair value changes on derivative-classified warrants (being the Special Warrants issued in December 2025 and the resulting Class A and Class B Warrants); (iv) unrealized foreign exchange gains and losses; (v) Special Warrant issuance costs; (vi) non-cash stock-based compensation expense; (vii) impairments; and (viii) gains and losses on disposals of assets and non-cash gains and losses on loan modifications.

In particular, the Company excludes graphite project expenses related to the graphite demonstration facility and the graphite feasibility expenses because both adjustments are growth projects and not indicative of the underlying operating performance. Additionally, fair value changes on derivative-classified warrants from Adjusted EBITDA are excluded because such adjustments are: (i) entirely non-cash; (ii) a mandatory consequence of IFRS accounting requirements applicable to equity instruments denominated in a currency other than the Company's Canadian dollar functional currency, rather than a reflection of any change in the Company's operating performance or financial condition; and (iii) not expected to affect the Company's future cash flows, as the amount of cash received or receivable by the Company in connection with these instruments is fixed at the original subscription price (USD $15 million) and, in the case of warrant exercises, at the fixed exercise prices of $3.04 per share (Class A) and $3.71 per share (Class B).

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Net income (loss) before tax | $(13342) | $354 |
| Depreciation and depletion of mineral property, plant and equipment | 1043 | 1506 |
| Interest and accretion on debt | 516 | 693 |
| Interest income | (99) | (89) |
| Amortization and accretion expenses | 81 | 87 |
| EBITDA (non GAAP) | (11801) | 2551 |
| Graphite project expenses | 905 |  |
| Graphite feasibility study | 1365 |  |
| Stock-based compensation | 221 | 127 |
| Loss on fair value of derivative financial instruments <sup>(1)</sup> | 13192 | - |
| Adjusted EBITDA (Non GAAP) | $3882 | $2678 |

---

(1) The loss on fair value of derivative financial instruments arises
from the issue, in December 2025, of 6,666,666 Special Warrants for proceeds of $15,000. Under IFRS (IAS 32) warrants are classified
as equity if they meet the "fixed-for-fixed" condition (fixed number of shares for a fixed amount of cash). If warrants do
not meet this condition, they are required to be classified as derivative liabilities measured at fair value with gains and losses during
each period end recorded in profit and loss until the warrants are settled through exercise or other means or they expire. The Special
Warrants and the Class A and Class B Warrants are exercisable in US Dollars while the functional currency of Titan Mining's parent
is the Canadian Dollar. Since the exercise price determined in Canadian Dollars is subject to change due to the change in the Canadian
to US dollar exchange rate the warrants do not meet the conditions to be classified as equity. As a consequence, the Special Warrants
and the Class A and Class B Warrants are classified as derivative financial liabilities at fair value through profit or loss (FVTPL).
Gains or losses recorded in respect of the warrants prior to exercise or expiry are a non-cash item and do not impact cash flow from
operations.

## Exhibit 99.3

**Exhibit 99.3**

**Form 52-109F2**

**Certification of Interim Filings Full Certificate**

 ****

I, **Rita Adiani,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim Management's Discussion
and Analysis ("MD&A") (together, the "interim filings") of **Titan Mining Corporation** (the "issuer")
for the interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those
terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the
issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's
other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's
GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s)
and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (2013) published by the Committee of
Sponsoring Organizations of the Treadway Commission ("COSO").

5.2 ICFR – material weakness relating to design: N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3  ***Limitation on scope of design: N/A*** 

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed in its interim MD&A any change
in the issuer's ICFR that occurred during the period beginning on **January 1, 2026** and ended on **March 31, 2026** that
has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **May 12, 2026** |
| |
| */s/ Rita Adiani* |
| Rita Adiani |
| Chief Executive Officer |

---

## Exhibit 99.4

**Exhibit 99.4**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, **Kevin Hart,** Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim Management's Discussion
and Analysis ("MD&A") (together, the "interim filings") of **Titan Mining Corporation.** (the "issuer")
for the interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.

4.  ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those
terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings,* for the
issuer.

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's
other certifying officer(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's
GAAP.

5.1  ***Control framework:*** The control framework the issuer's other certifying officer(s)
and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (2013) published by the Committee of
Sponsoring Organizations of the Treadway Commission ("COSO").

5.2  ***ICFR – material weakness relating to design: N/A*** 

5.3  ***Limitation on scope of design: N/A*** 

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed in its interim MD&A any change
in the issuer's ICFR that occurred during the period beginning on **January 1, 2026,** and ended on **March 31, 2026,** that
has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **May 12, 2026** |
| |
| */s/ Kevin Hart* |
| Kevin Hart |
| Chief Financial Officer |

---