# EDGAR Filing Document

**Accession Number:** 0001791703
**File Stem:** 0001213900-25-111742
**Filing Date:** 2025-11
**Character Count:** 154285
**Document Hash:** 076f82417b6dee27b0b03db6e16f2d27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-111742.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001213900-25-111742

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**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:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42955
- **FILM NUMBER:** 251492706

**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**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **FORM 40-F/A<br> (Amendment No. 1)**

&nbsp;&nbsp;&nbsp;&nbsp;**☒** **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934** 

**OR**

**☐** **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended _________**

**Commission file number: 001-42955**

![](image_001.jpg)

**Titan Mining Corporation**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **British Columbia** | **1040** | **N/A** |
| (Province or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code) | (I.R.S. Employer <br> Identification No.) |
| **Suite 555, 999 Canada Place** | **Suite 555, 999 Canada Place** | **Suite 555, 999 Canada Place** |
| **Vancouver, British Columbia, Canada V6C 3E1** | **Vancouver, British Columbia, Canada V6C 3E1** | **Vancouver, British Columbia, Canada V6C 3E1** |
| **(604) 687-1717** | **(604) 687-1717** | **(604) 687-1717** |
| (Address and Telephone Number of Registrant's Principal Executive Offices) | (Address and Telephone Number of Registrant's Principal Executive Offices) | (Address and Telephone Number of Registrant's Principal Executive Offices) |

---

---

| |
|:---|
| &nbsp;&nbsp; **Cogency Global Inc.**<br> **122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**<br> **New York, New York 10168**<br> **(800) 221-0102** |
| &nbsp;&nbsp;(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States) |

---

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class:</u> | <u>Trading Symbol(s)</u> | <u>Name of Each Exchange On Which Registered:</u> |
| **Common Shares, no par value** | **TII** | **NYSE American LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

For annual reports, indicate by check mark the information filed with this form:

☐ Annual Information Form ☐ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: N/A

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. ☒ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 **EXPLANATORY NOTE**

Titan Mining Corporation (the "Registrant" or the "Company") is a Canadian issuer eligible to file this registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3. The Registrant is filing this Form 40-F registration statement with the Securities and Exchange Commission (the "SEC") to register its class of common shares under Section 12(b) of the Exchange Act.

The Company is filing this Amendment No. 1 (this "Amendment") to its original registration statement on Form 40-F, filed with the SEC on November 13, 2025 (the "Original Filing"), to (i) correct a typographical error in Exhibit 99.2 relating to the date of the independent auditor's report, and (ii) include additional exhibits that were not available or required at the time of the Original Filing.

Except as described above, this Amendment does not amend, update, or modify any other information set forth in the Original Filing.

**FORWARD LOOKING STATEMENTS**

This registration statement on Form 40-F, including the exhibits hereto (collectively, the "Form 40-F"), includes certain statements that constitute "forward-looking statements" and "forward-looking information" (collectively referred to as "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These statements relate to future events or future performance and reflect management's expectations regarding the Registrant's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target" or the negative of these terms or other comparable terminology.

All statements, other than statements of historical facts, are forward-looking statements, including but not limited to statements the Company believes that the district surrounding the Empire State Ming (the "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; 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; that the Company may require additional funding in the next twelve months; and that the Company expects that it will continue to obtain funding through similar or other means depending on market conditions and other relevant factors at the time; anticipated recommencement of mining at the N2D zone of the ESM (the "N2D"), and timing and results therefrom; anticipated construction of the Facility 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; the Company is targeting production from the processing facility for the Kilbourne Graphite Project's ("Kilbourne") natural graphite mineraled material (the "Facility") by the fourth quarter of 2025; and the key objectives of the Facility are to obtain product for commencement of qualification sales and to develop a commercialization strategy for Kilbourne. 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..

The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to 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.

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. 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 due to new information, future events or results or otherwise, except as required by applicable law.

For a description of material factors that could cause the Registrant's actual results to differ materially from the forward-looking statements in this Form 40-F see "Risk Factors" in the Registrant's Annual Information Form for the fiscal year ended December 31, 2024, filed with this Form 40-F as Exhibit 99.61.

Readers should not place undue reliance on the Registrant's forward-looking statements, as the Registrant's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Registrant's business, or if the Registrant's estimates or assumptions prove inaccurate. Therefore, the Registrant cannot provide any assurance that such forward-looking statements will materialize. The Registrant does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.

**MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES**

Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the documents incorporated by reference into this Registration Statement have been prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the United States Securities and Exchange Commission (the "SEC"). Accordingly, mineral resource and mineral reserve estimates, and other scientific and technical information, contained in the documents incorporated by reference into this Registration Statement may not be comparable to similar information disclosed by U.S. companies.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multi-jurisdictional disclosure system adopted by the United States and Canada, to prepare this Form 40-F in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its financial statements, which are filed with this Form 40-F, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("***IFRS***"), and the audit is subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements of United States companies prepared in accordance with United States generally accepted accounting principles.

**DOCUMENTS FILED PURSUANT TO GENERAL INSTRUCTIONS**

In accordance with General Instruction B.(l) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through Exhibit 99.117, as set forth in the Exhibit Index attached hereto.

**DESCRIPTION OF THE SECURITIES**

The Company hereby incorporates the section entitled "Description of Capital Structure" from the Annual Information Form attached as Exhibit 99.61 hereto.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet transactions that have or are reasonably likely to have a current or future effect on the Registrant's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors

**CONTRACTUAL AND OTHER OBLIGATIONS**

The information provided under the heading "Commitments and Contingencies" in the Management's Discussion and Analysis for the quarter ended September 30, 2025 included as Exhibit 99.107 to this Registration Statement on Form 40-F, is incorporated herein by reference.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Form 40-F and the documents incorporated herein by reference are in United States dollars. C$ indicates Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on November 12, 2025, based upon the average rate of exchange of Canadian dollars into United States dollars as quoted by the Bank of Canada was US$1.00 = C$1.4005.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Form 40-F.

**NYSE AMERICAN CORPORATE GOVERNANCE**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the NYSE American LLC (the "NYSE American") must disclose the ways in which its corporate governance practices differ from those followed by U.S. domestic companies. As required by Section 110 of the NYSE American Company Guide, the Registrant will disclose on its website, www.titanminingcorp.com, as of the listing date, a description of the significant ways in which the Registrant's corporate governance practices differ from those followed by United States domestic companies pursuant to NYSE American standards.

**UNDERTAKINGS**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to this Form 40-F/A; the securities in relation to which the obligation to file an annual report on Form 40-F/A arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

Concurrently with the original filing of the Registration Statement on Form 40-F, the Registrant will file with the Commission a written irrevocable consent and power of attorney on Form F-X. Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F/A and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **TITAN MINING CORPORATION** | **TITAN MINING CORPORATION** |
| By: | /s/ Rita Adiani |
| Name: | Rita Adiani |
| Title: | Chief Executive Officer <br> (Principal Executive Officer) |

---

Date: November 18, 2025

**EXHIBIT INDEX**

The following documents are being filed with the Commission as exhibits to this registration statement on Form 40-F/A.

<u>Exhibits</u>

---

| | |
|:---|:---|
| 99.1\* | [News Release dated February 20, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-1_titan.htm) |
| 99.2 | [Audited Annual Financial Statements for the Company for the years ended December 31, 2023 and 2022](ea026606001ex99-2_titan.htm) |
| 99.3\* | [Annual Management's Discussion and Analysis for the years ended December 31, 2023 and 2022](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-3_titan.htm) |
| 99.4\* | [Certification of Annual Filings Full Certificate of the Company in connection with filing of annual financial statements and annual MD&A by CEO dated March 21, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-4_titan.htm) |
| 99.5\* | [Certification of Annual Filings Full Certificate of the Company in connection with filing of annual financial statements and annual MD&A by CFO dated March 21, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-5_titan.htm) |
| 99.6\* | [AB Form 13-501F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 21, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-6_titan.htm) |
| 99.7\* | [ON Form 13-502F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 21, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-7_titan.htm) |
| 99.8\* | [Annual Information Form for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-8_titan.htm) |
| 99.9\* | [News Release dated March 21, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-9_titan.htm) |
| 99.10\* | [News Release dated March 28, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-10_titan.htm) |
| 99.11\* | [Material Change Report dated April 5, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-11_titan.htm) |
| 99.12\* | [Notice of Meeting and Record Date for Annual General Meeting to be held on June 25, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-12_titan.htm) |
| 99.13\* | [News Release dated April 9, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-13_titan.htm) |
| 99.14\* | [News Release dated April 16, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-14_titan.htm) |
| 99.15\* | [Condensed Consolidated Interim Financial Statements of the Company for the three months ended March 31, 2024 and 2023](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-15_titan.htm) |
| 99.16\* | [Management's Discussion and Analysis of the Company for the three months ended March 31, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-16_titan.htm) |
| 99.17\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CEO dated May 13, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-17_titan.htm) |
| 99.18\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated May 13, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-18_titan.htm) |
| 99.19\* | [Form of Proxy for Annual General Meeting to be held on June 25, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-19_titan.htm) |
| 99.20\* | [Management Information Circular dated May 13, 2024 for Annual General Meeting to be held on June 25, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-20_titan.htm) |
| 99.21\* | [Notice of Meeting for Annual General Meeting to be held on June 25, 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-21_titan.htm) |
| 99.22\* | [Annual Return Card 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-22_titan.htm) |

---

---

| | |
|:---|:---|
| 99.23\* | [Notice of Meeting and Access Card for Annual General Meeting to be held on June 25, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-23_titan.htm) |
| 99.24\* | [News Release dated May 14, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-24_titan.htm) |
| 99.25\* | [News Release dated June 25, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-25_titan.htm) |
| 99.26\* | [Report of Voting Results dated June 25, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-26_titan.htm) |
| 99.27\* | [News Release dated June 26, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-27_titan.htm) |
| 99.28\* | [News Release dated August 12, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-28_titan.htm) |
| 99.29\* | [Condensed Consolidated Interim Financial Statements of the Company for the three and six months ended June 30, 2024 and 2023](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-29_titan.htm) |
| 99.30\* | [Management's Discussion and Analysis of the Company for the six months ended June 30, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-30_titan.htm) |
| 99.31\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CEO dated August 14, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-31_titan.htm) |
| 99.32\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated August 14, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-32_titan.htm) |
| 99.33\* | [News Release dated August 15, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-33_titan.htm) |
| 99.34\* | [News Release dated September 26, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-34_titan.htm) |
| 99.35\* | [News Release dated October 2, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-35_titan.htm) |
| 99.36\* | [Material Change Report dated October 4, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-36_titan.htm) |
| 99.37\* | [Condensed Consolidated Interim Financial Statements of the Company for the three and nine months ended September 30, 2024 and 2023](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-37_titan.htm) |
| 99.38\* | [Management's Discussion and Analysis of the Company for the nine months ended September 30, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-38_titan.htm) |
| 99.39\* | [Certification of Interim Filings Full Certificate of the Company. in connection with filing of interim financial statements and interim MD&A by CEO dated November 11, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-39_titan.htm) |
| 99.40\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated November 11, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-40_titan.htm) |
| 99.41\* | [News Release dated November 12, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-41_titan.htm) |
| 99.42\* | [News Release dated December 3, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-42_titan.htm) |
| 99.43\* | [News Release dated December 11, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-43_titan.htm) |
| 99.44\* | [Material Change Report dated December 13, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-44_titan.htm) |
| 99.45\* | [Material Change Report dated December 13, 2024 (Second)](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-45_titan.htm) |
| 99.46\* | [News Release dated January 7, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-46_titan.htm) |
| 99.47\* | [Material Change Report dated January 14, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-47_titan.htm) |
| 99.48\* | [Technical Report (NI 43-101) dated January 15, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-48_titan.htm) |
| 99.49\* | [Consent of Qualified Person (Todd McCracken) dated January 15, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-49_titan.htm) |
| 99.50\* | [Consent of Qualified Person (Oliver Peters) dated January 15, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-50_titan.htm) |
| 99.51\* | [Consent of Qualified Person (Donald Taylor) dated January 15, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-51_titan.htm) |
| 99.52\* | [Consent of Qualified Person (Deepak Malhotra) dated January 15, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-52_titan.htm) |

---

---

| | |
|:---|:---|
| 99.53\* | [News Release dated January 16, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-53_titan.htm) |
| 99.54\* | [News Release dated February 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-54_titan.htm) |
| 99.55\* | [Audited Annual Financial Statements for the Company for the years ended December 31, 2024 and 2023](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-55_titan.htm) |
| 99.56\* | [Annual Management's Discussion and Analysis for the years ended December 31, 2024 and 2023](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-56_titan.htm) |
| 99.57\* | [Certification of Annual Filings Full Certificate of the Company in connection with filing of annual financial statements and annual MD&A by CEO dated March 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-57_titan.htm) |
| 99.58\* | [Certification of Annual Filings Full Certificate of the Company in connection with filing of annual financial statements and annual MD&A by CFO dated March 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-58_titan.htm) |
| 99.59\* | [AB Form 13-501F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-59_titan.htm) |
| 99.60\* | [ON Form 13-502F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-60_titan.htm) |
| 99.61\* | [Annual Information Form for the year ended December 31, 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-61_titan.htm) |
| 99.62\* | [News Release dated March 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-62_titan.htm) |
| 99.63\* | [Notice of Meeting for Annual General Meeting to be held on June 25, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-63_titan.htm) |
| 99.64\* | [Condensed Consolidated Interim Financial Statements of the Company for the three months ended March 31, 2025 and 2024](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-64_titan.htm) |
| 99.65\* | [Management's Discussion and Analysis of the Company for the three months ended March 31, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-65_titan.htm) |
| 99.66\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CEO dated May 13, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-66_titan.htm) |
| 99.67\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated May 13, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-67_titan.htm) |
| 99.68\* | [News Release dated May 14, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-68_titan.htm) |
| 99.69\* | [News Release dated May 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-69_titan.htm) |
| 99.70\* | [News Release dated June 19, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-70_titan.htm) |
| 99.71\* | [Letter from PricewaterhouseCoopers LLP as successor auditor dated June 17, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-71_titan.htm) |
| 99.72\* | [Letter from Ernst & Young LLP as former auditor dated June 17, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-72_titan.htm) |
| 99.73\* | [Notice of Change of Auditor dated June 17, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-73_titan.htm) |
| 99.74\* | [Material Change Report dated June 30, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-74_titan.htm) |
| 99.75\* | [Notice of Meeting for Annual General Meeting (amended) to be held on August 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-75_titan.htm) |
| 99.76\* | [News Release dated July 4, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-76_titan.htm) |
| 99.77\* | [Annual Return Card 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-77_titan.htm) |
| 99.78\* | [Notice of Meeting and Access Card for Annual General Meeting to be held on August 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-78_titan.htm) |
| 99.79\* | [Form of Proxy for Annual General Meeting to be held on August 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-79_titan.htm) |
| 99.80\* | [Management Information Circular dated July 9, 2025 for Annual General Meeting to be held on August 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-80_titan.htm) |
| 99.81\* | [Notice of Meeting for Annual General Meeting to be held on August 20, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-81_titan.htm) |
| 99.82\* | [News Release dated July 21, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-82_titan.htm) |
| 99.83\* | [News Release dated July 22, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-83_titan.htm) |
| 99.84\* | [Material Change Report dated July 28, 2025](http://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-84_titan.htm) |

---

---

| | |
|:---|:---|
| 99.85\* | [Credit Agreement between the Company, certain of its subsidiaries and Augusta Investments Inc. dated July 21, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-85_titan.htm) |
| 99.86\* | [Condensed Consolidated Interim Financial Statements of the Company for the three and six months ended June 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-86_titan.htm) |
| 99.87\* | [Management's Discussion and Analysis of the Company for the six months ended June 30, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-87_titan.htm) |
| 99.88\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CEO dated August 11, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-88_titan.htm) |
| 99.89\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated August 11, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-89_titan.htm) |
| 99.90\* | [News Release dated August 12, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-90_titan.htm) |
| 99.91\* | [News Release dated August 20, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-91_titan.htm) |
| 99.92\* | [Report of Voting Results dated August 20, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-92_titan.htm) |
| 99.93\* | [News Release dated August 28, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-93_titan.htm) |
| 99.94\* | [News Release dated September 8, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-94_titan.htm) |
| 99.95\* | [Notice of Change of Auditor dated September 12, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-95_titan.htm) |
| 99.96\* | [Letter of Ernst & Young LLP as successor auditor dated September 15, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-96_titan.htm) |
| 99.97\* | [Letter of PriceWaterhouseCoppers LLP as former auditor dated September 12, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-97_titan.htm) |
| 99.98\* | [News Release dated September 16, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-98_titan.htm) |
| 99.99\* | [Material Change Report dated September 18, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-99_titan.htm) |
| 99.100\* | [News Release dated October 7, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-100_titan.htm) |
| 99.101\* | [News Release dated October 14, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-101_titan.htm) |
| 99.102\* | [News Release dated October 20, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-102_titan.htm) |
| 99.103\* | [News Release dated October 27, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-103_titan.htm) |
| 99.104\* | [News Release dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-104_titan.htm) |
| 99.105\* | [Letter of Transmittal dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-105_titan.htm) |
| 99.106\* | [Condensed Consolidated Interim Financial Statements of the Company for the three and nine months ended September 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-106_titan.htm) |
| 99.107\* | [Management's Discussion and Analysis of the Company for the nine months ended September 30, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-107_titan.htm) |
| 99.108\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CEO dated November 4, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-108_titan.htm) |
| 99.109\* | [Certification of Interim Filings Full Certificate of the Company in connection with filing of interim financial statements and interim MD&A by CFO dated November 4, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-109_titan.htm) |
| 99.110\* | [News Release dated November 5, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-110_titan.htm) |
| 99.111\* | [Material Change Report dated November 6, 2025](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-111_titan.htm) |
| 99.112 | [Consent of Ernst & Young LLP](ea026606001ex99-112_titan.htm) |
| 99.113\* | [Consent of Todd McCracken](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-113_titan.htm) |
| 99.114\* | [Consent of Oliver Peters](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-114_titan.htm) |
| 99.115\* | [Consent of Donald Taylor](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-115_titan.htm) |
| 99.116\* | [Consent of Deepak Malhotra](https://www.sec.gov/Archives/edgar/data/1791703/000121390025109899/ea026065501ex99-116_titan.htm) |
| 99.117 | [News Release dated November 17, 2025](ea026606001ex99-117_titan.htm) |

---

\* Previously filed as an exhibit to the original Form 40-F filed with the SEC on November 13, 2025.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

**TITAN MINING CORPORATION**

**CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022**

**MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING**

The accompanying consolidated financial statements of Titan Mining Corporation have been prepared by management in accordance with International Financial Reporting Standards and reflect management's best estimates and judgment based on information currently available. The financial information contained elsewhere in this report has been reviewed to ensure consistency with the consolidated financial statements.

Management maintains systems of internal control designed to provide reasonable assurance that the assets are safeguarded, all transactions are authorized and duly recorded, and financial records are properly maintained to facilitate consolidated financial statements in a timely manner. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board carries out this responsibility principally through its Audit Committee.

The Audit Committee of the Board of Directors has reviewed the consolidated financial statements with management and the external auditors. Ernst & Young LLP, an independent firm of chartered professional accountants, appointed as external auditors by the shareholders, have audited the consolidated financial statements and their report is included herein.

---

| | |
|:---|:---|
| */s/ Donald R. Taylor* | */s/ Michael McClelland* |
| Chief Executive Officer | Chief Financial Officer |

---

**March 21, 2024**

**Independent auditor's report**

To the Shareholders of

**Titan Mining Corporation**

 **Opinion**

We have audited the consolidated financial statements of **Titan Mining Corporation** [the "Company"], which comprise the consolidated statements of financial position as at December 31, 2023 and 2022, and the consolidated statements of loss and other comprehensive loss, consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2023 and 2022, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards ["IFRSs"].

**Basis for opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the *Auditor's responsibilities for the audit of the consolidated financial statements* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Material uncertainty related to going concern**

We draw attention to Note 1 in the consolidated financial statements, which indicates that the Company has cash and cash equivalents of $5,031, a working capital deficit of $23,512, and a net loss for the year of $10,196. As stated in Note 1, these events, or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

**Key audit matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the *Auditor's responsibilities for the audit of the consolidated financial statements* section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

![](ex99-2_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key audit matter** | &nbsp;&nbsp;**How our audit addressed the key audit matter** |
| &nbsp;&nbsp;Impairment of mineral properties, plant and equipment | &nbsp;&nbsp;Impairment of mineral properties, plant and equipment |
| &nbsp;&nbsp;As at December 31, 2023, the Company had mineral properties, plant and equipment of $37,387, which were allocated to the Empire State Mines cash-generating unit [the "CGU"]. As outlined in note 5[j] to the consolidated financial statements, at each reporting period the Company assesses whether there is an indication that the CGU may be impaired. When impairment indicators exist, the Company estimates the recoverable amount of the CGU and compares it against the carrying amount. The Company identified an indicator of impairment in the CGU and determined the recoverable amount of the CGU as at December 31, 2023.<br>Auditing the Company's estimated recoverable amount was complex due to the subjective nature of the various management inputs and assumptions. The primary inputs noted were future commodity prices, production levels, mineral resources, operating and capital cost requirements and discount rate.<br>| &nbsp;&nbsp;Our audit procedures included, among others, the following to address the key assumptions described:<br>● We involved our valuation specialists to assess the reasonability, and appropriateness of the valuation methodology and the various inputs utilized in determining the zinc price and the discount rate by referencing current industry, economic, and comparable company information, as well as company and cash-flow specific risk premiums.<br>● We also involved our valuation specialists to compare future commodity prices against market data including a range of analyst forecasts.<br>● We compared previous operational forecasts made by management to actual results achieved with respect to the production levels, operating and capital costs to assess reasonability of the model.<br>● We involved our EY mining engineer specialist to discuss with managements internal specialists, reviewed the models and evaluated the resources and costs associated with the LOM.<br>● We assessed the competency and objectivity of management's specialist in relation to estimates of mineral resources. |

---

**Other information**

Management is responsible for the other information. The other information comprises:

● Management's Discussion and Analysis

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

![](ex99-2_002.jpg)

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

**Responsibilities of management and those charged with governance for the consolidated financial statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's responsibilities for the audit of the consolidated financial statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

![](ex99-2_002.jpg)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Brenna Daloise.

---

| | |
|:---|:---|
| Vancouver, Canada | /s/ Ernst & Young LLP |
| March 21, 2024 | Chartered Professional Accountants |

---

![](ex99-2_002.jpg)

**TITAN MINING CORPORATION**

**Consolidated Statements of Financial Position**

*(Expressed in thousands of US dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | Notes | December 31,<br> 2023 | December 31,<br> 2022 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $5031 | $6720 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 8 | 1521 | 2222 |
| &nbsp;&nbsp;&nbsp;Inventories | 9 | 7208 | 6947 |
| &nbsp;&nbsp;&nbsp;Derivative asset | 20a | 648 | 473 |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 813 | 1228 |
|  |  | 15221 | 17590 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 10 | 36798 | 46230 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 11a | 71 | 161 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 12 |  | 1921 |
| &nbsp;&nbsp;&nbsp;Other assets | 12 | 672 | 97 |
| **Total assets** |  | $**52762** | $**65999** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $2878 | $4604 |
| &nbsp;&nbsp;&nbsp;Dividends payable |  |  | 1026 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 11b | 76 | 96 |
| &nbsp;&nbsp;&nbsp;Debt | 13b | 31655 | 176 |
| &nbsp;&nbsp;&nbsp;Loan from related party | 14b | 4124 |  |
| &nbsp;&nbsp;&nbsp;Acquisition obligations | 19b |  | 1025 |
| &nbsp;&nbsp;&nbsp;Settlement provision | 19b | - | 3374 |
|  |  | 38733 | 10301 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 11b |  | 96 |
| &nbsp;&nbsp;&nbsp;Debt | 13b |  | 29856 |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | 16 | 16299 | 15233 |
| Total liabilities |  | 55032 | 55486 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | 17a | 59813 | 61076 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 6245 | 6504 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (68328) | (57067) |
| Total equity (deficit) |  | (2270) | 10513 |
| **Total liabilities and shareholders' equity** |  | $**52762** | $**65999** |

---

Nature of operations and going concern (Note 1)

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

**TITAN MINING CORPORATION**

**Consolidated Statements of Loss and Other Comprehensive Loss**

*(Expressed in thousands of US dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | | Year ended<br> December 31 | Year ended <br> December 31 |
| | <br>Notes | 2023 | 2022 |
| **Revenue** | 6 | $52086 | $62061 |
| **Cost of Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | $46774 | $42751 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 10 | 12889 | 11922 |
|  |  | 59663 | 54673 |
| **Income(loss) from mine operations** |  | **(7577)** | **7388** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 7b | 1903 | 2304 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 7a | 4386 | 4772 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 15 | 3913 | 2596 |
| &nbsp;&nbsp;&nbsp;Accretion expenses | 16 | 257 | 85 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (234) | (155) |
| &nbsp;&nbsp;&nbsp;Gain on foreign exchange |  | (815) | (1577) |
| &nbsp;&nbsp;&nbsp;Realized gain on derivative | 20a | (5860) | (1733) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative | 20a | (648) | (473) |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | 13b |  | (893) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on settlement | 19b | (33) | 3374 |
| &nbsp;&nbsp;&nbsp;Other income |  | (250) | (42) |
|  |  | 2619 | 8258 |
| **Net loss for the year before tax** |  | **10196** | **870** |
| &nbsp;&nbsp;&nbsp;Current tax expense | 18 | 14 | 70 |
| **Net loss for the year after tax** |  | **10210** | **940** |
| **Other comprehensive loss** |  |  |  |
| Items that may be reclassified to profit or loss |  |  |  |
| Unrealized loss on translation to reporting currency |  | 1260 | 1526 |
| **Total comprehensive loss for the year** |  | $**11470** | $**2466** |
| **Basic and diluted loss per share** |  | $**0.07** | $**0.01** |
| **Weighted average shares outstanding (in '000)** |  | **137584** | **138979** |

---

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

**TITAN MINING CORPORATION**

**Consolidated Statements of Changes in Equity**

*(Expressed in thousands of US dollars)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Share capital | Share capital | Reserves | Reserves | Reserves | | |
| | Number<br> ('000s) | Amount | Share options <br> and warrants | Currency<br> translation<br> adjustment | Total |<br>Deficit |<br>Total <br> equity |
| Balance, January 1, 2022, as previously reported | 138979 | $61076 | $8606 | $(763) | 7843 | $(51896) | $17023 |
| Share based compensation 17b |  |  | 187 |  | 187 |  | 187 |
| Dividends declared |  |  |  |  |  | (4231) | (4231) |
| Total comprehensive loss for the year | - | - | - | (1526) | (1526) | (940) | (2466) |
| Balance, December 31, 2022 | 138979 | $61076 | $8793 | $(2289) | $6504 | $(57067) | $10513 |
| Exercise of warrants 17c | 357 | 161 | (31) |  | (31) |  | 130 |
| Share based compensation 17b |  |  | 387 |  | 387 |  | 387 |
| Dividends declared |  |  |  |  |  | (1051) | (1051) |
| Share cancellation 19b | (2969) | (1424) |  |  |  |  | (1424) |
| Fair value of warrants 17c |  |  | 645 |  | 645 |  | 645 |
| Total comprehensive income for the period | - | - | - | (1260) | (1260) | (10210) | (11470) |
| Balance, December 31, 2023 | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |

---

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

**TITAN MINING CORPORATION**

**Consolidated Statement of Cash Flows**

*(Expressed in thousands of US dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | Notes | 2023 | 2022 |
| **Operating activities** |  |  |  |
| Net loss for the year before tax |  | $(10196) | $(870) |
| &nbsp;&nbsp;&nbsp;Accretion expense | 16 | 257 | 85 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing and transaction costs | 13b,14b | 754 | 238 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 10 | 12889 | 11922 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 11a | 77 | 415 |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | 13b |  | (893) |
| &nbsp;&nbsp;&nbsp;Interest and borrowing expense accruals |  | 3137 | 2317 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities | 11b | 10 | 27 |
| &nbsp;&nbsp;&nbsp;Interest income accrual on restricted cash |  |  | (168) |
| &nbsp;&nbsp;&nbsp;Loss on settlement | 19b |  | 3374 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 387 | 187 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain (loss) |  | (1230) | (1579) |
|  |  | 6085 | 15055 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | 701 | 1071 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (774) | (2391) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 415 | 3040 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | (1782) | (635) |
| &nbsp;&nbsp;&nbsp;Release of restricted cash |  | 1921 |  |
| &nbsp;&nbsp;&nbsp;Star Mountain settlement | 19b | (5900) |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative | 20a | (176) | (473) |
| &nbsp;&nbsp;&nbsp;Income tax paid |  | (71) | - |
| **Net cash generated in operating activities** |  | 419 | 15667 |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid |  | (1978) | (4104) |
| &nbsp;&nbsp;&nbsp;Proceeds from bank indebtedness | 13b | 5900 | 35779 |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan | 14b | 5000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds of warrant exercise | 17c | 130 |  |
| &nbsp;&nbsp;&nbsp;Payment of bank indebtedness | 13b | (5000) | (13000) |
| &nbsp;&nbsp;&nbsp;Payment of related party loan |  |  | (20710) |
| &nbsp;&nbsp;&nbsp;Payment of interest, borrowing and transaction costs | 13b,14b | (3035) | (8211) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities | 11b | (85) | (421) |
| &nbsp;&nbsp;&nbsp;Repayment of equipment loans | 13c | (15) | (6) |
| &nbsp;&nbsp;&nbsp;Transaction fees paid for loans | 13b | (350) | (200) |
| **Net cash provided (used) by financing activities** |  | 567 | (10873) |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 10 | (2647) | (4309) |
| **Net cash used by investing activities** |  | (2647) | (4309) |
| Effect of foreign exchange on cash and cash equivalents |  | (28) | 194 |
| Increase (decrease) in cash and cash equivalents |  | (1689) | 679 |
| Cash and cash equivalents, beginning of year |  | 6720 | 6041 |
| **Cash and cash equivalents, end of year** |  | $**5031** | $**6720** |

---

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

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

1. NATURE OF OPERATIONS AND GOING CONCERN

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". The Company's head office is located at 555–999 Canada Place, Vancouver, BC, Canada V6C 3E1.

These consolidated 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. These consolidated financial statements do not reflect the adjustments to carrying values of assets and liabilities that would be necessary should the going concern assumption prove to be inappropriate, and these adjustments could be material.

As at December 31, 2023, the Company had cash and cash equivalents of $5,031, working capital deficit of $23,512, a net loss before tax for the year ended December 31, 2023 of $10,196 and a deficit of $68,328. During the year ended December 31, 2023, the Company had cash inflows from operating activities of $419 and cash inflow from financing activities of $567. In addition, the Company was in breach of certain financial covenants under its Credit Facility as at December 31, 2023 and had obtained a waiver until March 29, 2024. The Company has $3,655 of current debt as at December 31, 2023.

Based on the Company's plan for Empire State Mine's operations and continued exploration drilling programs, bank debt due in the current year, and its current level of corporate overheads, the Company will require additional funding within the next twelve months. The Company has historically raised funds principally through the sale of securities, the credit arrangement with financial institutions, and advances from a related party. The Company expects that it will continue to obtain funding through similar or other means depending on market conditions and other relevant factors at the time. However, there can be no assurance that the Company will be able to obtain such additional funding or obtain it on acceptable terms. This material uncertainty casts significant doubt about the Company's ability to continue as a going concern.

2. BASIS OF PRESENTATION

a) Overview

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). On March 21, 2024, the Company's Board of Directors approved these consolidated financial statements for issuance.

b) Basis of measurement

These consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair value.

c) Basis of consolidation

These consolidated financial statements include the accounts of the parent company, Titan Mining Corporation and its subsidiaries. Material intercompany transactions, balances, revenues, and expenses have been eliminated upon consolidation.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

Subsidiaries are included in the consolidated financial results from the effective date of acquisition of control through to the effective date of disposition or loss of control. Control is achieved when the Company has power over the investee, is exposed to or has rights to variable returns from its involvement with an investee, and has the ability to affect those returns through its power over the investee**.**

---

| | | | |
|:---|:---|:---|:---|
| Subsidiary | Incorporation jurisdiction | Ownership % | Ownership % |
| Subsidiary | Incorporation jurisdiction | 2023 | 2022 |
| 1100951 BC Ltd. | British Columbia | 100% | 100% |
| Titan Mining (US) Corporation | Delaware | 100% | 100% |
| Balmat Holdings Corp. | Delaware | 100% | 100% |
| Empire State Mines, LLC | Delaware | 100% | 100% |
| 1077615 US LLC | Nevada | 100% | 100% |

---

d) Functional and presentation currency

The financial statements of each company within the consolidated group are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional currency of the parent company is the Canadian dollar and the functional currency of all the subsidiaries is the US dollar. These consolidated financial statements are presented in US dollars, which is the Company's presentation currency.

3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of these consolidated financial statements requires management to make judgments, estimates and assumptions in the process of applying the Company's accounting policies that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements, and reported amounts of expenses during the reporting period. Estimates and assumptions are continually evaluated. However, actual outcomes could materially differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in future periods affected.

Information about critical judgments and estimates in applying accounting policies that have the most significant effect on amounts recognized in the consolidated financial statements are as follows:

● *Estimated mineral resources –* Mineral resources are estimates of the amount of metal that can be extracted from the Company's properties, considering both economic and legal factors. Estimating the quantity and/or grade of mineral resources requires the analysis of drilling samples and other geological data. Calculating mineral resource estimates requires decisions on assumptions about geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transportation costs, commodity prices and foreign exchange rates. Estimates of mineral resources may change from period to period as the economic assumptions used to estimate mineral resources change and as a result of additional geological data generated during the course of operations. Changes in reported mineral resources may affect the Company's financial position in a number of ways, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. asset carrying values may be affected due to changes in estimated
future cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. prospective depreciation charges in the Company's consolidated
statements of loss and comprehensive loss may change when such charges are determined by the unit-of-production basis, or when the useful
lives of assets change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.* provision for reclamation liabilities balances may be affected
as the estimated timing of reclamation activities is adjusted for changes in the estimated mine life as determined by the available mineral
resources.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

● *Revenue recognition –* The revenue standard sets out a five-step model for the recognition of revenue when control of goods is transferred to, or a service is performed for, the customer. The five steps are to identify the contract(s) with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to each performance obligation and recognize revenue as each performance obligation is satisfied. Management exercises judgment when taking into consideration the relevant facts and circumstances when applying each step of the model to contracts with customers. Zinc concentrate sales are invoiced based on provisional weights and assays upon the passage of control to the customer. The first provisional invoice is billed to the customer at the time of transfer of control. As final prices, weights and assays are received, an additional invoice is issued and collected. In general, consideration is promptly collected from the Company's customer.

● *Reclamation and remediation provision* – The Company's accounting policy requires the recognition of a provision for future reclamation and other closure activities when the obligation arises. The present value of future obligations is estimated by the Company using mine closure plans and other studies based on current environmental laws and regulations and Company policy. The estimates include assumptions as to the future estimated costs, timing of the cash flows to discharge the obligations, inflation rates, and the prevalent market discount rates. The reclamation and closure estimates are more uncertain the further into the future the activities are to be performed. Any changes to these assumptions will result in an adjustment to the provision which affects the Company's liabilities and its property, plant and equipment.

● *Impairment* – Management applies significant judgment in its assessment and evaluation of asset or cash generating units at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company's mineral properties, plant and equipment. External sources of information considered are changes in the Company's economic, legal and regulatory environment, which it does not control, but affect the recoverability of its mining assets. Internal sources of information the Company considers include the manner in which mining properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. Calculating the fair value less costs of disposal ("FVLCD") of cash generating units for impairment tests requires management to make estimates and assumptions such as future production levels, mine site operating expenses and general administrative costs, transportation costs, concentrate smelting and refining charges, and royalties, working capital changes, capital costs, including estimated salvage value, future metal prices, corporate tax rates, selling costs, and discount rates. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.

● *Fair value measurement* – When the fair values of financial instruments, including the estimated fair value of derivatives, recorded in the statements of financial position cannot be measured based on quoted prices in active markets, they are measured using the discounted cash flow ("DCF") model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. In relation to determining the fair value of provisionally priced trade receivables, they are measured based on estimated future zinc prices obtained from a company that provides base metal concentrate trading services (i.e. market participant). When the fair values of non-financial assets need to be determined, e.g., for the purposes of calculating fair value less costs of disposal for impairment testing purposes, they are measured using valuation techniques including the DCF model.

● *Determination of useful life of assets for depreciation purposes* – Significant judgment is involved in the determination of the useful life and residual value of long-lived assets that drive the calculation of depreciation charges. Changes in the estimate of useful lives and residual values may impact the depreciation calculations.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

● *Share-based compensation* – The fair value of share-based compensation is calculated using the Black-Scholes model. The main assumptions used in the model include the estimated life of the option, the expected volatility of the Company's share price, the expected dividends, the expected forfeiture rate, and the risk-free rate of interest. The resulting value calculated is not necessarily the value that the holder of the option could receive in an arm's-length transaction given that there is no market for the options and they are not transferable.

● *Taxation –* The provision for income taxes and the composition of income tax assets and liabilities requires management's judgment. In determining these amounts, management interprets the applicable income tax legislation and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future taxable profits, which affect the extent to which potential future tax benefits may be accrued. Assumptions about the generation of future taxable profits depend on management's estimates of future cash flows resulting from estimates of future production and sales volumes, commodity prices, mineral resources, operating costs and other capital management transactions. These judgments, estimates and assumptions are subject to risks and uncertainties, which may impact the actual amount of deferred income tax assets recognized in the Company's statements of financial position and the benefit of other tax losses and temporary differences not yet recognized.

4. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

<u>Standards issued and effective for annual reporting periods beginning on or after 1 January 2023:</u>

<u>Amendments to IAS 1 and IFRS Practice Statement 2:</u>

In February 2021, the Board issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements (the PS), in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures.

The amendments aim to help entities provide accounting policy disclosures that are more useful by:

● Replacing the requirement for entities to disclose their 'significant accounting policies' with a requirement to disclose 'material accounting policy information';

● Adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures

<u>Amendments to IAS 8 – Definition of Accounting Estimates:</u>

In February 2021, the Board issued amendments to IAS 8, in which it introduces a new definition of 'accounting estimates'.

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates.

<u>Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction:</u>

In May 2021, the Board issued amendments to IAS 12 Income Taxes, which narrow the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.

The adoption of these standards did not have a material impact on the Company's disclosures.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

<u>Standards issued and effective for annual reporting periods beginning on or after 1 January 2024:</u>

<u>Classification of Liabilities as Current or Noncurrent and Non-current Liabilities with Covenants – Amendments to IAS 1:</u>

In January 2020 and October 2022, the Board issued amendments to IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

● What is meant by a right to defer settlement;

● That a right to defer settlement must exist at the end of the reporting period;

● That classification is unaffected by the likelihood that an entity will exercise its deferral right;

● That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification;

● Disclosures

<u>Lack of exchangeability – Amendments to IAS 21:</u>

In August 2023, the Board issued Lack of Exchangeability (Amendments to IAS 21).

The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.

A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.

If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity's objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique. The management is still assessing the impact of these standards.

5. MATERIAL ACCOUNTING POLICIES

**a)** **Cash and cash equivalents** 

Cash and cash equivalents include cash at banks and on-hand, and short-term deposits with an original maturity of three months or less, but exclude any restricted cash. Restricted cash is not available for use by the Company and, therefore, is not considered highly liquid.

**b)** **Foreign currencies** 

<u>Transactions and balances</u>

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

Exchange differences arising on the translation of monetary items or on the settlement of monetary items denominated in currencies other than the functional currency are recognized in profit or loss in the statements of loss in the period in which they arise. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Nonmonetary items that are measured at historical cost in a foreign currency are translated at the exchange rate in effect at the date of the transaction. Foreign currency differences are generally recognized in profit or loss. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

<u>Parent and subsidiary companies</u>

The financial results and position of operations whose functional currency is different from the presentation currency are translated as follows:

● assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; and

● income and expenses are translated at the average exchange rates for the period.

Exchange differences are transferred directly to the consolidated statements of loss and other comprehensive loss and are included in a separate component of equity titled "Currency translation adjustment". These differences are recognized in profit or loss in the period in which the operation is disposed.

**c)** **Inventories** 

<u>Production inventories</u>

Ore in stockpiles and concentrate stockpiles are recorded at weighted average cost and measured at the lower of cost and net realizable value. Cost is determined on a weighted-average basis and comprises all costs of purchase, costs of conversion, depreciation and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories is recognized as an expense in the period the write-down or loss occurs

<u>Materials and supplies</u>

Materials and supplies inventory are recorded on a first-in-first-out ("FIFO") basis and measured at the lower of cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. A periodic review is undertaken to determine the extent of any provision for obsolescence. Major spare parts and standby equipment are included in property, plant, and equipment when they are expected to be used over more than one period, if they can only be used in connection with an item of property, plant and equipment.

**d)** **Financial instruments** 

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. All financial instruments are initially recorded at fair value, adjusted for directly attributable transaction costs except for those recognized as fair value through profit and loss. The Company determines each financial instrument's classification upon initial recognition. Measurement in subsequent periods depends on the financial instrument's classification.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

*Financial assets*

Under IFRS 9, financial assets are classified into three measurement categories on initial recognition: fair value through profit and loss ("FVTPL"), fair value through other comprehensive income ("FVOCI") and amortized cost. Investments in equity instruments are required to be measured by default at FVTPL (but there is an irrevocable option for each equity instrument to present fair value changes in other comprehensive income. Measurement and classification of financial assets is dependent on the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Financial assets are classified and measured at: FVTPL, FVOCI and amortized cost. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in other comprehensive income. Measurement and classification of financial assets is dependent on the Company's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset i.e. whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

*Financial assets at amortized cost (debt instruments)*

The Company measures financial assets at amortized cost if both of the following conditions: the financial asset is held with the objective to collect contractual cash flows; and the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest ("SPPI"). This is referred to as the SPPI test.

Financial assets at amortized cost are subsequently measured using the effective interest rate ("EIR") method and are subject to impairment. Interest received is recognized as part of finance income. Gains and losses are recognized when the asset is derecognized, modified or impaired.

The Company's financial assets at amortized cost include:

● cash and cash equivalents;

● trade and other receivables;

● derivative asset;

● restricted cash; and

● other receivables.

*Impairment* 

An expected credit loss ("ECL") impairment model applies which requires a loss allowance to be recognized based on ECLs. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset's original EIR, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

*Financial liabilities*

Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

*Loans and borrowings and payables*

After initial recognition, interest-bearing loans and borrowings and trade and other payables are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statements of comprehensive loss. Gains and losses are recognized when the financial liability is derecognized.

The Company's financial liabilities at amortized cost include:

● accounts payable and accrual liabilities

● dividends payable

● trade and other payables;

● loans and borrowings; and

● acquisition obligations.

A financial liability is derecognized when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statements of comprehensive loss.

**e)** **Mineral properties, plant and equipment** 

<u>Mineral properties</u>

Mineral properties are carried at cost, less accumulated depletion and any accumulated impairment charges and include:

● The fair value of exploration properties acquired;

● Development costs on an area of interest once management has determined the property has achieved technical feasibility and commercial viability. Development expenditure includes operating and site administration costs.

● Development costs on a property after commercial production is achieved when it is probable that additional economic benefit will be derived from future operations.

Mining properties are depleted over the economic life of the property on a units-of-production basis based on mineral reserves and, where included in the mine plan, mineral resources.

<u>Plant and equipment</u>

Plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of plant and equipment includes its purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated shutdown and restoration costs associated with dismantling and removing the asset.

Depreciation is provided at rates calculated to write off the cost of plant and equipment, less their estimated residual value, using the straight-line method or unit-of-production method over their expected useful lives.

Estimates of residual values and useful lives are reassessed annually and any change in estimate is taken into account in the determination of remaining depreciation charges. Depreciation commences on the date when the asset is available for use.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

**f)** **Exploration and evaluation expenses** 

Exploration and evaluation expenses comprise costs that are directly attributable to:

● researching and analyzing existing exploration data;

● conducting geological studies, exploratory drilling and sampling;

● examining and testing extraction and treatment methods; and

● activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource.

All exploration and evaluation expenditures are expensed. When technical feasibility and commercial viability have been determined and the subsequent costs incurred for the development of that project are capitalized as mining properties, plant and equipment, as appropriate.

**g)** **Reclamation and remediation provision** 

Reclamation and remediation provisions arise due to legal or constructive obligations as a result of the Company's exploration, development and operating activities, and are recorded in the year in which the activity generating the liability is incurred. The estimated present value of such reclamation and remediation costs, calculated using a risk-free, pre-tax discount rate, are capitalized to the corresponding asset along with the recording of a corresponding liability as soon as the obligation to incur such cost arises. The liability is adjusted each period for the unwinding of the discount rate, changes to the current market-based discount rate and for the amount or timing of the underlying cash flows needed to settle the obligation. Changes in reclamation and remediation estimates are accounted for prospectively as changes in the corresponding capitalized cost.

**h)** **Revenue** 

IFRS 15, Revenue from Contracts with Customers ("IFRS 15") applies to all revenue arising from contracts with customers. The revenue standard establishes a five-step model to account for revenue arising from contracts with customers. It requires revenue to be recognized when (or as) control of a good or service transfers to a customer at an amount that reflects the consideration to which an entity expects to be entitled. The standard also requires enhanced and extensive disclosures about revenue to help investors better understand the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers.

Revenue is generated from the sale of zinc concentrate. The Company does not sell on commercial terms that requires it to provide freight services after the date at which control of the product passes to the customer. As such, the Company's sole performance obligation relates to the delivery of zinc concentrates to its customer with each separate shipment representing a separate performance obligation. Revenue is recognized at the point in time when the customer obtains control of the product. Control is achieved when the product is delivered to the customer; the Company has a present right to payment for the product; significant risks and rewards of ownership have transferred to the customer according to contract terms; and there is no unfulfilled obligation that could affect the customer's acceptance of the product.

The amount of revenue recorded is based on the expected final pricing of the shipment, as specified in the pricing terms with the customer; and the net amount of metal for which the Company will receive payment. Adjustments are made in subsequent periods based on fluctuations in expected final pricing until the date of final settlement ("provisional pricing adjustments"). These provisional pricing adjustments (both gains and losses) are recorded in revenue in the Statements of loss and Other Comprehensive Loss and in trade receivables on the consolidated statements of financial position.

**i)** **Impairment of non-financial assets** 

At each reporting period the Company assesses whether there is an indication that an asset or group of assets may be impaired. When impairment indicators exist, or when the decision to proceed with the development of a particular project is taken based on its technical and commercial viability, the Company estimates the recoverable amount of the asset or group of assets and compares it against the carrying amount. The recoverable amount is the higher of the FVLCD and the asset's value in use. If the carrying value exceeds the recoverable amount, an impairment loss is recorded in the consolidated statements of loss and other comprehensive loss for the period.

In calculating the recoverable amount, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset. The cash flows are based on best estimates of expected future cash flows from the continued use of the asset.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

**j)** **Income taxes** 

Income tax is recognized in net income for the period except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or equity, respectively. Deferred tax is provided using the balance sheet method whereby deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they are realized or settled, based on the laws that have been enacted or substantively enacted by the balance sheet date. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

**k)** **Income per share** 

Basic income per share calculations are based on the net loss for the year divided by the weighted average number of common shares issued and outstanding during the respective periods.

Diluted income per share calculations are based on the net income attributable to common shareholders for the period divided by the weighted average number of common shares outstanding during the period plus the effects of dilutive common share equivalents. The Company uses the treasury stock method to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the in-the-money options and other dilutive instruments are used to repurchase common shares at the prevailing market rate.

6. REVENUES

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Zinc concentrate sales | $74070 | $78957 |
| Zinc concentrate provisional pricing adjustments | (3444) | (2851) |
| Smelting and refining charges | (18540) | (14045) |
| Revenue, net | $52086 | $62061 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. During 2022, the Company entered into fixed zinc pricing arrangements pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 60% of production for the period of January 2022 to March 2022 and fixed the price at $1.50 per pound of zinc. Additionally, the Company entered into a fixed zinc pricing arrangement for 50% of the Company's budgeted zinc production for the second quarter of 2022 at a price of US$1.76 per pound of zinc. Please refer to 20(a) for further information.

7. OTHER OPERATING EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **General and administration expenses** 

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Salaries and benefits | $1244 | $1166 |
| Share-based compensation 16c | 351 | 174 |
| Office and administration | 729 | 557 |
| Professional fees | 1933 | 2689 |
| Amortization of right-to-use assets | 77 | 134 |
| Investor relations | 52 | 52 |
|  | $4386 | $4772 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Exploration and evaluation expenses** 

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Salaries and benefits | $584 | $475 |
| Assay and analyses | 158 | 142 |
| Contractor and consultants | 880 | 1452 |
| Supplies | 53 | 33 |
| Other | 228 | 202 |
|  | $1903 | $2304 |

---

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Empire State Mines | $1852 | $2237 |
| Other | 51 | 67 |
| Exploration and Evaluation Expenses | $1903 | $2304 |

---

8. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
| | December 31,<br>2023 | December 31,<br>2022 |
| Trade receivables | $1500 | $2135 |
| GST receivable | 14 | 39 |
| Other | 7 | 48 |
|  | $1521 | $2222 |

---

9. INVENTORIES

---

| | | |
|:---|:---|:---|
| | December 31,<br>2023 | December 31,<br>2022 |
| Ore in stockpiles | $147 | $212 |
| Concentrate stockpiles | 276 | 1521 |
| Materials and supplies | 6785 | 5214 |
|  | $7208 | $6947 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

10. MINERAL PROPERTIES, PLANT AND EQUIPMENT

The Company depreciates plant and equipment over the estimated useful lives of the assets, and depletes mineral properties and the reclamation and remediation assets over units of production. The carrying value as at December 31, 2022 and 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2022 | $46713 | $37473 | $1135 | $1851 | $87172 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 4609 | 4609 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 2629 |  | (2629) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | (3940) | - | - | (3940) |
| As at December 31, 2022 | $46713 | $36162 | $1135 | $3831 | $87841 |
| &nbsp;&nbsp;&nbsp;Additions |  | 213 |  | 2435 | 2648 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 2426 |  | (2426) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 809 | - | - | 809 |
| As at December 31, 2023 | $46713 | $39610 | $1135 | $3840 | $91298 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2022 | 11671 | $18018 | $- | $- | $29689 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 6163 | 5759 | - | - | 11922 |
| As at December 31, 2022 | 17834 | $23777 | $- | $- | $41611 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 7387 | 5502 | - | - | 12889 |
| As at December 31, 2023 | $25221 | $29279 | $- | $- | $54500 |
| Net book value at December 31, 2022 | $28879 | $12385 | $1135 | $3831 | $46230 |
| Net book value at December 31, 2023 | $21492 | $10331 | $1135 | $3840 | $36798 |

---

11. LEASES

&nbsp;&nbsp;&nbsp;&nbsp;a) Right-of-use assets

---

| | | | |
|:---|:---|:---|:---|
| | Office space | Equipment | Total |
| As at January 1, 2022 | $290 | $310 | $600 |
| Additions |  |  |  |
| Changes to lease terms | (26) | 2 | (24) |
| Depreciation | (103) | (312) | (415) |
| As at December 31, 2022 | $161 | $- | $161 |
| Additions |  |  |  |
| Changes to lease terms | (13) |  | (13) |
| Depreciation | (77) | - | (77) |
| As at December 31, 2023 | $71 | $- | $71 |

---

The Company shares office space with other companies related to it by virtue of certain directors and management in common. During the year ended December 31, 2022 and 2023, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

&nbsp;&nbsp;&nbsp;&nbsp;b) Lease liabilities

---

| | | | |
|:---|:---|:---|:---|
| | Office space | Equipment | Total |
| As at January 1, 2022 | $300 | $321 | $621 |
| Changes to lease terms | (21) | 1 | (20) |
| Interest accretion | 20 | 7 | 27 |
| Unrealized foreign exchange | (14) |  | (14) |
| Lease payments | (93) | (329) | (422) |
| As at December 31, 2022 | $192 | $- | $192 |
| Changes to lease terms | (43) |  | (43) |
| Interest accretion | 10 |  | 10 |
| Unrealized foreign exchange | 2 |  | 2 |
| Lease payments | (85) | - | (85) |
| As at December 31, 2023 | $76 | $- | $76 |
| Current lease liabilities | $76 | $- | $76 |
| Non-current lease liabilities | - | - | - |
|  | $76 | $- | $76 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at December 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | > 3 years | Total |
| Lease liabilities | $78 | $- | $- | $78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;c) Amounts recognized in Statements of Loss and Other Comprehensive Loss

---

| | | |
|:---|:---|:---|
| | Year ended <br>December 31,<br> 2023 | Year ended <br>December 31,<br> 2022 |
| Interest on lease liabilities | $10 | $27 |
| Depreciation of right-of-use assets | $77 | $415 |
| Variable lease payments | $135 | $123 |
| Expenses relating to short-term leases | $273 | $310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;d) Amounts recognized in Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| | Year ended<br> December 31, <br> 2023 | Year ended<br> December 31, <br> 2022 |
| Payment of lease liabilities | $86 | $422 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

12. RESTRICTED CASH

Restricted cash comprises funds held in escrow for the New York State Department of Environmental Conservation as assurance for the funding of future reclamation costs associated with the Company's reclamation and remediation obligations. The funds are invested in a certificate of deposit which renews automatically for additional terms of one year or more. The certificate of deposit of $1,921 was released in the second quarter of 2023 and replaced by a surety bond of $672 to provide security on the Company's remediation obligations.

13. DEBT

a) Bank indebtedness - Bank of Nova Scotia

On May 31, 2019, the Company and the Bank of Nova Scotia further amended the Company's credit facility with Bank of Nova Scotia (the "BNS" Credit Facility) whereby the interest rate on the available credit was changed to LIBOR plus 2.25% or Bank of Nova Scotia's base rate plus 1.25%.

On December 20, 2021, the Company and the Lender amended the BNS Credit Facility extended the maturity date to April 3, 2023.

On June 6, 2022, the Company repaid the balance of the BNS Credit Facility and associated interest and retired the loan.

b) Bank indebtedness - National Bank of Canada

On June 6, 2022, the Company entered into a secured credit agreement for $40,000 (the "Credit Facility") with National Bank of Canada. The Credit Facility is secured by a general charge on the assets of the Company, and was used to consolidate the Company's existing loans with Bank of Nova Scotia and the Company's Executive Chairman, and is available to the Company on a revolving basis to finance the working capital and general corporate requirements. In addition to the Credit Facility, National Bank provided the Company with an up to US$15 million treasury line enabling additional access to funds for future zinc Swap contract. Terms of the Credit Facility include the following:

● The Credit Facility bears interest at the Secured Overnight Financing Rate ("SOFR") plus 2.25% or National Bank's base rate plus 1.25%;

● The Company is required to pay a standby fee on the unadvanced portion of the Credit Facility at a rate of 0.5625% per annum;

● The original maturity date was December 6, 2023. The Credit Facility includes an annual extension option and, on December 20, 2022, the maturity date was extended to December 6, 2024.

● The Credit Facility is subject to covenants that require the Company to maintain interest coverage ratio of not less than 4.0 to 1.0 and a total leverage ratio of not more than 3.0 to 1.0. At September 30, 2023 Titan was in breach of the covenants and obtained waiver from National Bank on covenants for the period of June 30, 2023 to January 19, 2024. In obtaining the waiver, the Company made a payment against the Credit Facility of $5,000 on November 1, 2023, and agreed to changes to the Credit Facility, reducing the available credit to $32,170, adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times. Refer to note 24 for additional disclosures related to covenant breaches.

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the $40,000 amount at an annual rate of 1.125%. The guarantee was extended to December 6, 2024 concurrent with the extension of the maturity date of the Credit Facility. A total guarantee fee of $450 was accrued and paid in the year of 2023.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

The Company withdrew an additional $5,900 on June 9, 2023, and made a payment of $5,000 on November 1, 2023. $nil of the Credit Facility was available to be withdrawn as of December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| | Principal | Interest and <br> borrowing costs | Total |
| Balance, January 1, 2022 |  |  |  |
| Proceeds of loan | 35779 |  | 35779 |
| Repayment of loan | (5000) |  | (5000) |
| Gain on loan modification | (893) |  | (893) |
| Transaction fees for loan extension | (200) |  | (200) |
| Accrued interest |  | 1210 | 1210 |
| Interest and borrowing costs paid |  | (1042) | (1042) |
| Amortization of borrowing costs | 162 | - | 162 |
| Balance, December 31, 2022 | 29848 | 168 | 30016 |
| Proceeds of loan | 5900 |  | 5900 |
| Repayment of loan | (5000) |  | (5000) |
| Accrued interest |  | 3054 | 3054 |
| Interest and borrowing costs paid |  | (3035) | (3035) |
| Amortization of borrowing costs | 720 | - | 720 |
| Balance, December 31, 2023 | $31468 | $187 | $31655 |

---

---

| | | |
|:---|:---|:---|
| | December 31,<br>2023 | December 31,<br>2022 |
| Current | 31655 | 168 |
| Non-current | - | 29848 |
|  | $31655 | $30016 |

---

c) Equipment loans

The Company financed the purchase of equipment with a 36-month loan that bears interest at 5.95%. The equipment loan balance was paid off as of December 31, 2023:

---

| | | |
|:---|:---|:---|
| | December 31, <br> 2023 | December 31,<br> 2022 |
| Current | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $8 |
| Non-current | - | 8 |
|  | $- | $16 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

14. RELATED PARTY TRANSACTIONS

a) Management company

The Company shares office space, equipment, personnel, consultants and various administrative services with other companies related by virtue of certain directors and management in common. These services have been provided through a management company equally owned by each company party to the arrangement. Costs incurred by the management company are allocated and funded by the shareholders of the management company based on time incurred and use of services. 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 on December 31, 2023 was approximately $206, determined based on the Company's average share of rent paid in the immediately preceding 12 months.

The Company was charged for the following with respect to this arrangement in the period ended December 31, 2023:

---

| | | |
|:---|:---|:---|
| | 2023 | Year ended<br> December 31,<br>2022 |
| Salaries and benefits | $482 | $453 |
| Office and other | 193 | 177 |
| Marketing and travel | 16 | 27 |
|  | $691 | $657 |

---

**b)** **Promissory Note – November 1, 2023** 

To remain compliant with the financial covenants under the Credit Facility with National Bank of Canada the Company made a $5,000 payment against the principal amount of the Credit Facility on November 1, 2023. In order to fund the payment to National Bank, the Company entered into a Promissory Note with a company controlled by Titan's Executive Chairman, the ("Lender"). Terms of the Promissory Note are 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 is 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.

On November 1, 2023, the Company paid a loan initiation fee of $350 and issued 6,000,000 warrants to a company controlled by Titan's Executive Chairman pursuant to the Loan. 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.

The Company accrued interest of $85 in the year 2023. Both the borrowing cost and Loan Initiation Fee was amortized during the year, and the balance was $610 as of December 31, 2023. As the Company is in breach of its covenants of the Credit Facility, therefore, the Promissory Note has been classified as current. Refer to note 24 for additional disclosures related to subsequent events.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

---

| | | | |
|:---|:---|:---|:---|
| | Principal | Interest and<br> borrowing<br> costs | Total |
| Balance, January 1, 2023 | $- | $- | $- |
| Proceeds of loan | 5000 |  | 5000 |
| Loan initiation fee |  | (350) | (350) |
| Warrant issuance costs | (645) |  | (645) |
| Accrued interest |  | 84 | 84 |
| Amortization of initiation fee | 35 | - | 35 |
| Balance, December 31, 2023 | $4390 | $(266) | $4124 |

---

---

| | | |
|:---|:---|:---|
| | December 31,<br>2023 | December 31,<br>2022 |
| Current | $4124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Non-current | $- | $- |
|  | $4124 | $- |

---

**c)** **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.

---

| | | |
|:---|:---|:---|
| | Year ended<br> December 31,<br> 2023 | Year ended<br> December 31,<br> 2022 |
| Salaries and benefits | $761 | $735 |
| Consulting fees | 422 | 269 |
| Share-based compensation | 309 | 147 |
| Directors' fees | 219 | 219 |
|  | $1711 | $1370 |

---

---

| | | |
|:---|:---|:---|
| | As of <br> December 31, <br> 2023 | As of <br> December 31, <br> 2022 |
| Salaries and benefits payable | $416 | $406 |
|  | $416 | $406 |

---

15. INTEREST AND OTHER FINANCE EXPENSES

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Interest expense on loans | $3138 | $2317 |
| Financial costs | 755 | 238 |
| Interest on Lease liabilities | 10 | 27 |
| Other transaction costs | 10 | 14 |
|  | $3913 | $2596 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

16. RECLAMATION AND REMEDIATION PROVISION

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Balance, beginning of year | $15233 | $19088 |
| Accretion | 257 | 85 |
| Change in estimates | 809 | (3940) |
| Balance, end of year | $16299 | $15233 |

---

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 December 31, 2023 the estimated future cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 1.89% (December 31, 2022 – discounted at a real rate of 1.66%). The impact of the change in estimate is included in the table above.

At December 31, 2023, the total undiscounted amount for the estimated future cash flows is $19,292 (December 31, 2022 – $18,438).

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 December 31, 2023, the Company had 136,366,599 (December 31, 2022 - 138,978,357) common shares issued and outstanding. Dividends of C$0.01 per share were declared in 2023 (2022- C$0.04).

**b)** **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.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

For the year ended December 31, 2023, the Company recognized share-based compensation expense of $387 (2022 – $187), of which $36(2022 – $13) was recorded to Operating Expenses in the Statements of Loss and Other Comprehensive Loss. The following table shows the change in the Company's stock options during the years ended December 31, 2023 and 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2023 | 2023 | 2022 | 2022 |
| | Number of options<br> ('000s) | Weighted-average exercise price<br> (in C$) | Number of options<br> ('000s) | Weighted-average exercise price<br> (in C$) |
| Outstanding, start of the year | 8735 | 1.12 | 7325 | 1.23 |
| &nbsp;&nbsp;&nbsp;Granted |  |  | 4750 | 0.51 |
| &nbsp;&nbsp;&nbsp;Expired | (2365) | 1.40 | (3140) | 1.00 |
| &nbsp;&nbsp;&nbsp;Forfeited | (40) | 0.54 | (200) | 0.63 |
| Outstanding, end of the year | 6330 | 0.55 | 8735 | 1.12 |
| Exercisable, end of the year | 3717 | 0.58 | 4045 | 1.08 |

---

For the options granted during the year ended December 31, 2022, the fair value was estimated at C$0.19 per option based on the Black-Scholes model using the following assumptions. There were no options granted during the year ended December 31, 2023.

---

| | |
|:---|:---|
| Assumptions | 2022 |
| Risk-free interest rate | 3.31% |
| Expected life | 5 years |
| Expected volatility | 74.24% |
| Grant date share price | C$0.51 |
| Expected dividend yield | - |

---

The following table provides information on outstanding and exercisable stock options at December 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Grant Date | Exercise price<br> (in C$) | Number of Options outstanding ('000s) | Weighted-average remaining contractual life (years) | Number of Options exercisable ('000s) |
| September 24, 2020 | 0.63 | 1360 | 1.7 | 1360 |
| November 13, 2020 | 0.85 | 250 | 1.9 | 250 |
| November 10, 2022 | 0.51 | 4720 | 3.9 | 2107 |
|  | 0.55 | 6330 | 3.3 | 3717 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

**c)** **Share purchase warrants** 

On November 1, 2023, the Company issued 6,000,000 warrants to a company controlled by Titan's Executive Chairman pursuant to the promissory note of $5,000. Each warrant entitles the holder to acquire one common share at the market price of $0.42. The fair market value of the warrants on the issuance date, November 1, 2023, was $645, which will be amortized over the remaining term of the promissory note. In 2023, $35 of the value of these borrowing costs was amortized as interest and other finance expenses, and the ending balance was $231 as of December 31, 2023.

The following table shows the change in the Company's share purchase warrants during the year ended December 31, 2022 and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | Number of share purchase warrants ('000s) | Weighted-average exercise price<br> (in C$) | Weighted-average life remaining (years) |
| Outstanding, December 31, 2022 and 2021 | 22504 | 0.62 | 1.28 |
| &nbsp;&nbsp;&nbsp;Granted | 6000 | 0.42 | 4.84 |
| &nbsp;&nbsp;&nbsp;Exercised | (357) | 0.50 |  |
| &nbsp;&nbsp;&nbsp;Expired | (8004) | 0.75 | - |
| Outstanding, December 31, 2023 | 20143 | 0.51 | 1.66 |

---

For the share purchase warrants granted during the year ended December 31, 2023, the weighted average fair value was estimated at $0.19 (C$0.26) per share purchase warrant based on the Black-Scholes model using the following assumptions:

---

| | |
|:---|:---|
| Assumptions | 2023 |
| Risk-free interest rate | 3.98% |
| Expected life | 5 years |
| Expected volatility | 76.10% |
| Share price at date of grant | C$0.41 |
| Fair value of warrants granted | C$0.26 |
| Expected dividend yield | - |

---

The following table provides information on outstanding and exercisable share purchase warrants at December 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of warrants outstanding ('000s) | Weighted-average remaining contractual life (years) | Weighted-average fair value per warrants <br>(in C$) |
| January 21, 2024 | 0.75 | 2500 | 0.1 | 0.55 |
| June 14, 2024 | 0.50 | 3000 | 0.5 | 0.22 |
| October 10, 2024 | 0.50 | 8643 | 0.8 | 0.12 |
| November 1, 2028 | 0.42 | 6000 | 4.8 | 0.26 |
|  | 0.51 | 20143 | 1.66 | 0.16 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

18. INCOME TAXES

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp;Current income tax expense | $14 | $70 |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | - | - |
| Total income tax expense | $14 | $70 |

---

The provision for income taxes reported differs from the amount computed by applying the cumulative Canadian federal and provincial income tax rates to the loss before the tax provision due to the following:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Net loss for the year before tax | $(10196) | $(870) |
| Statutory income tax rate | 27% | 27% |
| Expected income tax (recovery) | (2753) | (235) |
| &nbsp;&nbsp;&nbsp;Difference in tax rates | 54 | (6) |
| &nbsp;&nbsp;&nbsp;Permanent differences | 322 | (1734) |
| &nbsp;&nbsp;&nbsp;Temporary differences not recognized | 2376 | 2045 |
| &nbsp;&nbsp;&nbsp;Withholding taxes |  |  |
| &nbsp;&nbsp;&nbsp;Other | 14 | - |
|  | $14 | $70 |

---

The components of deferred tax liability and unrecognized deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Non-capital losses available | $351 | $458 |
| Deferred tax asset | $351 | $458 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt and other | $(351) | $(458) |
| Deferred tax liability | $(351) | $(458) |
| Net deferred tax asset (liability) | $- | $- |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

No deferred tax asset has been recognized in respect of the following losses and deductible temporary differences as it is not considered probable that sufficient future taxable profit will allow the deferred tax assets to be recovered. The components of deferred tax liability and unrecognized deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| Deferred tax assets not recognized: |  |  |
| &nbsp;&nbsp;&nbsp;Non-capital losses available | $9644 | $8484 |
| &nbsp;&nbsp;&nbsp;Resource tax pools in excess of net book value | 6968 | 4784 |
| &nbsp;&nbsp;&nbsp;Share issue costs and others | 977 | 1874 |
| Deferred tax asset not recognized | $17589 | $15142 |

---

The Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax assets has been met. The Company has $28,860 of unrecognized Canadian tax loss carry forwards which expire between 2035 to 2043 and $7,826 of unrecognized US tax loss that carry forward indefinitely.

The Canadian tax loss carry forwards includes $19,019 (2022 – $15,116) of available loses generated subsequent to a change of control of the Company in 2019. In addition, the Company has Canadian tax loss carry forwards equal to a portion of $9,841 of non-capital losses that are arose prior to the change of control and are only available to the extent they are not considered property losses. Business losses arising prior to the change of control may only be used to offset taxable income from the same or similar business. The US tax loss carry forwards include $7,826 (2022 - $8,143) of available losses to offset future taxable income.

19. CONTINGENCIES

a) On December 30, 2016, pursuant to a purchase agreement between Titan
Mining (US) Corporation (a wholly owned US subsidiary of the Company), Star Mountain Resources, Inc., Northern Zinc, LLC, and certain
other parties (the "Purchase Agreement"), Titan (US) Corporation acquired from Northern Zinc 100% of the issued and outstanding
shares of Balmat Holdings Corp, which indirectly owned the Empire State Mine.

On or about March 12, 2018, the Company received a letter from legal counsel to SGS Acquisition Company Limited ("SGS") dated March 9, 2018. The letter states that in 2016 SGS filed an action in the US District Court for the District of Colorado against certain parties including Star Mountain. The Company is not a named party in that case. SGS alleges the Company (a) has obligations to SGS under mutual indemnification provisions to Star Mountain for the breach of any representations, warranties or breaches of covenants under the Purchase Agreement and (b) failed to conduct its due diligence in connection with the Purchase Agreement, which allegedly interfered with SGS's ability to recover from Star Mountain. SGS is not a party to the Purchase Agreement. SGS states that "the net economic benefits lost to SGS resulting from Star Mountain's acts, and by extension, the Company, amount to approximately $28,300." The Company believes these claims are wholly without merit and to date has not received additional communication from SGS on this matter. This claim is separate from b) noted below.

b) The Company received notice on October 10, 2017 that Aviano Financial
Group LLC ("Aviano"), a creditor of Star Mountain, intended to amend a pre-existing action initially filed in February 2017
in Colorado against Star Mountain to collect debts owing by Star Mountain to Aviano aggregating approximately $800. The amended action
of Aviano against Star Mountain was filed in the state of Colorado on October 12, 2017, adding claims for damages and a claim to set aside
the alleged conveyance of Empire State Mine by Star Mountain to the Company alleging that it was a fraudulent conveyance. In addition,
the Aviano notice stated that it intends to file an analogous action in New York alleging fraudulent conveyance, naming Star Mountain
and the Company as defendants. While subsequent claims were filed by Aviano against Star Mountain, as of the date hereof and despite
several years passing since the date of both the sale of Balmat Holdings Corp. to the Company and the threat by Aviano no litigation has
been commenced by Aviano against the Company. The Company believes that the claim of fraudulent conveyance alleged by Aviano is wholly
without merit and will defend against any action by Aviano if commenced.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

On or about February 21, 2018, Star Mountain filed a voluntary petition commencing a Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Arizona. The filing of the bankruptcy case stayed the SGS and Aviano litigation against Star Mountain. The bankruptcy court has confirmed a Chapter 11 plan of liquidation in the bankruptcy proceedings, which went effective on July 8, 2019. The Chapter 11 plan provides for the appointment of a Plan Trustee to liquidate all of the remaining assets owned by Star Mountain, including causes of action owned by Star Mountain. The Chapter 11 plan indicates that the Plan Trustee will investigate, and may pursue, potential fraudulent conveyance claims against the Company. In August of 2019, the Plan Trustee sent a written demand to the Company to perform what the Plan Trustee asserts are the Company's remaining monetary obligations under the Purchase Agreement.

On November 19, 2019, the Plan Trustee filed a Complaint against the Company, Titan (US) Corporation, and certain former officers and directors of Star Mountain with the Arizona bankruptcy court. The Plan Trustee has filed a Second Amended Complaint (in response to motions to dismiss filed by the Company and Titan (US) Corporation). In his Second Amended Complaint, and as to the Company and Titan (US) Corporation, the Plan Trustee asserts: (a) a claim that the transaction under the Purchase Agreement should be avoided as a fraudulent conveyance under federal bankruptcy and state law; and (b) as purported alternative claims, that the Company and Titan (US) Corporation have breached their remaining payment obligations to Star Mountain related to the Purchase Agreement.

In March 2023, the Company and the Plan Trustee entered into a settlement agreement providing for, among other things, a one-time payment of $5,900 to the Plan Trustee in full satisfaction and release of all claims asserted by the Plan Trustee in its Complaint, full satisfaction and release of the Company's promissory note owing to Star Mountain Resources Inc. in a remaining principal amount of $1,025 and all interest thereon, and transfer of all ownership and other rights in the Plan Trustee's 2,968,900 Company common shares (the "Star Shares") and all past and future dividends thereon to the Company. On June 9, 2023, the Company made the one-time payment of $5,900 to the Plan Trustee, the Star Shares were transferred to the Company and cancelled. As a result, the Company reversed the acquisition obligation of $1,025 and loss provision of $3,374. The shares were valued at $1,424 at the time of the settlement which reduced share capital by this amount when cancelled. The total distributed dividends related to the Star Shares were refunded resulting in a small gain in the current year. The settlement provides that the Company's entry into, and court approval of, the settlement shall not be construed as an admission that the Company is liable to the Plan Trustee or that the Plan Trustee has suffered any damage.

c) The Company is from time to time involved in various legal proceedings
related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending
or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the
Company's financial condition or results of operations.

20. FINANCIAL INSTRUMENTS

a) Derivatives

In August 2022, the Company entered into a Monthly Cash Settled LME Zinc Swap contract with National Bank of Canada for approximately 50% of the Company's zinc production for the period of August 2022 to December 2022 at a price of $1.615 per pound of zinc.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

For the year ended December 31, 2022, the Company recognized $1,733 of realized gain on settlement of swaps, and $473 of unrealized gains from changes in the fair value of open positions. This derivative asset shown in the statements of financial position at December 31, 2022 was received on January 2, 2023.

In the first quarter of 2023, the Company entered into a Monthly Cash Settled LME Zinc Swap contract with National Bank of Canada for approximately 30% of the Company's zinc production for the period of February 01, 2023 to December 31, 2023 at a price of $1.55 per pound of zinc.

For the year ended December 31, 2023, the Company recognized $5,860 of realized gain on settlement of swaps, and $648 of unrealized gains from changes in the fair value of open positions. This derivative asset shown in the statements of financial position at December 31, 2023 was received on January 2, 2024.

b) Risk management objectives and policies

The Company's principal financial liabilities comprise accounts payable and accrued liabilities, debt, lease liabilities and loan from related party. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company's capital expenditures. The Company's principal financial assets comprise cash and cash equivalents, trade receivables, and other receivables that arise directly from its operations.

The Company may be exposed to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives. The Company manages risks to minimize potential losses. The main objective of the Company's risk management process is to ensure that the risks are properly identified and that the capital base is adequate in relation to those risks. The Company's risk exposure and the impact on the Company's financial instruments are summarized below:

*Credit risk*

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations.

The Company is exposed to credit risk with respect to its cash and cash equivalents, trade receivables, derivatives and other receivables. The Company's maximum exposure to credit risk is the amount disclosed in the consolidated statements of financial position.

Credit risk associated with cash and cash equivalents is minimized by placing the majority of these instruments with major Canadian financial institutions with strong investment-grade ratings as determined by a primary ratings agency.

Credit risk associated with trade receivables is managed by dealing with a reputable international metals trading company. The Company typically receives provisional payments of up to 90% of the value of each shipment within days after delivery. The Company assesses and monitors risk by performing an aging analysis of its trade receivables.

*Liquidity risk*

Liquidity risk represents the risk that the Company will be unable to meet its obligations associated with its financial liabilities. The Company manages liquidity risk by preparing an annual budget for approval by the Board of Directors and preparing cash flow and liquidity forecasts on, at minimum, a quarterly basis. The Company maintains credit facilities and endeavours to maintain sufficient cash balances to meet its liquidity requirements at any point in time.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

*Market risk*

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market factors. Market risk comprises three types of risk: price risk, interest rate risk and currency risk.

*Price risk*

Price risk is the risk that the fair value of future cash flows of the Company's financial instruments will fluctuate because of changes in market prices.

The Company is exposed to the risk of fluctuations in prevailing market commodity prices for zinc which it sells into global markets. The market price of zinc is a key driver of the Company's capacity to generate cash flow. The Company manages this risk through fixed price contracts when appropriate.

Management has estimated the impact on profit before tax for changes in zinc prices on the fair value of provisionally priced trade receivables. Based on the December 31, 2023 balance, and assuming all other variables remain constant, a 10% change in zinc prices would increase/decrease provisionally priced trade receivables and revenue by $150.

*Interest rate risk*

Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk to the extent that the cash maintained at financial institutions is subject to a floating rate of interest. The interest rate risk on cash is considered insignificant due to the low interest rates in the current economic environment and short-term nature of its holdings and as such the Company does not take any actions to manage interest rate risk.

The Company is exposed to interest rate cash flow risk on certain long-term debt amounts as the payments will fluctuate during their term with changes in the interest rate. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. Approximately 87% of the Company's portfolio of loans and borrowings bear interest at variable rates. Based on the principal owing at December 31, 2023, and assuming all other variables remain constant, a 1% change in the SOFR rate would result in an increase/decrease of $261 in the annual interest expense.

*Currency risk*

Currency risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in foreign currency exchange rates.

The Company's currency risk primarily arises from financial instruments denominated in US dollars that are held at the parent company level, as the functional currency of the parent company is Canadian dollars. Conversely for the Company's subsidiaries whose functional currency is US dollars, currency risk primarily arises from financial instruments denominated in Canadian dollars that are held at the subsidiary company level. The Company does not consider the currency risk to be material to the future operations of the Company and, as such, does not have a hedging program or any other programs to manage currency risk.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2023 and 2022**

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

21. SEGMENTED INFORMATION

The Company operates one reportable segment, mineral production and exploration in the United States. The Company's non-current assets located in the United States total $37,470 and those located in Canada total $71.

22. 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 alliances. Management reviews its capital management approach on a regular basis. The Company is not subject to any externally imposed capital requirements.

23. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | (413) | 301 |
| Change in accounts payable and accrued liabilities with respect to inventories | (513) | 669 |
| Change in accounts payable and accrued liabilities with respect to operating expenses | (218) | 225 |
| Change in reclamation and remediation asset | 809 | (3940) |

---

24. SUBSEQUENT EVENTS

To remain compliant with the financial covenants under the Credit Facility with National Bank of Canada a company controlled by Titan's Executive Chairman made a $5,000 payment against the principal amount of the Credit Facility on February 9, 2024 reducing the Available Credit to $27,170 and extended the waiver period to March 29, 2024. The Company has not yet agreed to commercial terms related to the $5,000 payment.

## Exhibit 99.112

**Exhibit 99.112**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement on Form 40-F/A of Titan Mining Corporation (the "Company") of our report dated March 19, 2025 relating to the consolidated financial statements of the Company as at December 31, 2024 and 2023, and for the years then ended, which appears in Exhibit 99.55 to this Registration Statement on Form 40-F/A and of our report dated March 21, 2024 relating to the consolidated financial statements of the Company as at December 31, 2023 and 2022, and for the years then ended, which appears in Exhibit 99.2 to this Registration Statement on Form 40-F/A.

We also consent to the references to us under the heading "Interests of Experts", which appear in the Annual Information Form for the year ended December 31, 2024, included in Exhibit 99.61, and in the Annual Information Form for the year ended December 31, 2023, included in Exhibit 99.8, to this Registration Statement on Form 40-F/A.

/s/ Ernst & Young LLP

Chartered Professional Accountants

Vancouver, Canada

November 18, 2025

## Exhibit 99.117

**Exhibit 99.117**

**Titan Mining to Begin NYSE American Trading November 20 as "TII"**<br> *Uplisting Marks Milestone in Titan's Mission to Rebuild America's Critical Minerals Supply Chain*

**Gouverneur, NY, November 17, 2025** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF<sup>(1)</sup>) ("Titan" or the "Company"), an existing zinc concentrate producer in upstate New York and an emerging natural flake graphite producer, a key component in the broader rare earths and critical minerals ecosystem, announced today that its common shares have been approved for listing on the NYSE American LLC ("NYSE American").

Trading on NYSE American is expected to commence on or about November 20, 2025, under the ticker symbol "TII". Concurrent with the NYSE American listing, the Company's common shares will cease being quoted on the OTCQB Venture Market. The Company's common shares will continue to trade on the Toronto Stock Exchange ("TSX") under the symbol "TI."

Rita Adiani, President and Chief Executive Officer, commented:

*"Listing on the NYSE American is a major milestone that reflects both the momentum in our business and Titan's growing role in strengthening America's critical minerals supply chain. Titan is uniquely positioned: our producing zinc mine provides stable cash flow today, while our federally supported U.S. graphite platform delivers transformative, long-term growth. This listing broadens our access to global capital markets and enhances Titan's visibility as we execute the next phase of development for our graphite project."*

Graphite is classified by the U.S. Department of Energy and the Department of War as an essential critical mineral for defense systems and industrial applications. Currently, the United States imports 100% of its natural graphite, with approximately 42% of the supply coming directly from China. Kilbourne represents one of only a few projects in the U.S. positioned to help reduce that dependency by providing a domestic source of mined and processed graphite.

 

**Additional Information for Shareholders**

Current shareholders do not need to take any action. Shareholders holding shares through OTCQB brokers (symbol: TIMCF) should monitor their accounts to ensure holdings are updated to the NYSE American symbol "TII" and contact their broker with any questions.

(1) OTCQB symbol temporarily changed to "TIMCD" due
to consolidation per FINRA rules; expected to revert to "TIMCF" after 20 business days unless NYSE American listing
becomes effective first

![](ex99-117_001.jpg)

**About Titan Mining Corporation**

Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is also an emerging natural flake graphite producer and targeting to be the USA's first end to end producer of natural flake graphite in 70 years. Titan's goal is to deliver shareholder value through operational excellence, development and exploration. We have a strong commitment towards developing critical minerals assets which enhance the security of the domestic supply chain. For more information on the Company, please visit our website at <u>www.titanminingcorp.com</u>

 ****

***Media & Investor Contact***

Irina Kuznetsova

Director, Investor Relations

Phone: (778) 870-7735

Email: <u>info@titanminingcorp.com</u>

 

***Cautionary Note Regarding Forward-Looking Information***

Certain statements and information contained in this new release constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that our federally supported U.S. graphite platform will deliver transformative, long-term growth; and that listing on the NYSE American will broaden our access to global capital markets and enhance Titan's visibility as we execute the next phase of development for our graphite project. When used in this news release words such as "to be", "will", "planned", "expected", "potential", and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of zinc and graphite; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in New York State; risks due to legal proceedings; risks that the Company will not qualify for NYSE listing; financing approval risks; and risks related to operation of mining projects generally and the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. 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; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the PEA; 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 maintaining its current strategy and objectives; assumptions that the Company will qualify for NYSE American listing; assumptions that the Company and EXIM will agree to financing terms; 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. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.