# EDGAR Filing Document

**Accession Number:** 0001791703
**File Stem:** 0001213900-25-109899
**Filing Date:** 2025-11
**Character Count:** 3145389
**Document Hash:** 822bc8aced46a78ec7c4db99eb426b4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-109899.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001213900-25-109899

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 335

**FILED AS OF DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Titan Mining Corp
- **CENTRAL INDEX KEY:** 0001791703

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42955
- **FILM NUMBER:** 251477686

**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**

&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: N/A**

![](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 SEC to register its class of common shares under Section 12(b) of the Exchange Act.

**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 99.116, 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; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

Concurrently with the 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 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 13, 2025

**EXHIBIT INDEX**

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

<u>Exhibits</u>

99.1 [News Release dated February 20, 2024](ea026065501ex99-1_titan.htm)

99.2 [Audited Annual Financial Statements for the Company for the years ended December 31, 2023 and 2022](ea026065501ex99-2_titan.htm)

99.3 [Annual Management's Discussion and Analysis for the years ended December 31, 2023 and 2022](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](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](ea026065501ex99-5_titan.htm)

99.6 [AB Form 13-501F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 21, 2024](ea026065501ex99-6_titan.htm)

99.7 [ON Form 13-502F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 21, 2024](ea026065501ex99-7_titan.htm)

99.8 [Annual Information Form for the year ended December 31, 2023](ea026065501ex99-8_titan.htm)

99.9 [News Release dated March 21, 2024](ea026065501ex99-9_titan.htm)

99.10 [News Release dated March 28, 2024](ea026065501ex99-10_titan.htm)

99.11 [Material Change Report dated April 5, 2024](ea026065501ex99-11_titan.htm)

99.12 [Notice of Meeting and Record Date for Annual General Meeting to be held on June 25, 2024](ea026065501ex99-12_titan.htm)

99.13 [News Release dated April 9, 2024](ea026065501ex99-13_titan.htm)

99.14 [News Release dated April 16, 2024](ea026065501ex99-14_titan.htm)

99.15 [Condensed Consolidated Interim Financial Statements of the Company for the three months ended March 31, 2024 and 2023](ea026065501ex99-15_titan.htm)

99.16 [Management's Discussion and Analysis of the Company for the three months ended March 31, 2024](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](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](ea026065501ex99-18_titan.htm)

99.19 [Form of Proxy for Annual General Meeting to be held on June 25, 2024](ea026065501ex99-19_titan.htm)

99.20 [Management Information Circular dated May 13, 2024 for Annual General Meeting to be held on June 25, 2024](ea026065501ex99-20_titan.htm)

99.21 [Notice of Meeting for Annual General Meeting to be held on June 25, 2024](ea026065501ex99-21_titan.htm)

99.22 [Annual Return Card 2024](ea026065501ex99-22_titan.htm)

99.23 [Notice of Meeting and Access Card for Annual General Meeting to be held on June 25, 2024](ea026065501ex99-23_titan.htm)

99.24 [News Release dated May 14, 2024](ea026065501ex99-24_titan.htm)

99.25 [News Release dated June 25, 2024](ea026065501ex99-25_titan.htm)

99.26 [Report of Voting Results dated June 25, 2024](ea026065501ex99-26_titan.htm)

99.27 [News Release dated June 26, 2024](ea026065501ex99-27_titan.htm)

99.28 [News Release dated August 12, 2024](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](ea026065501ex99-29_titan.htm)

99.30 [Management's Discussion and Analysis of the Company for the six months ended June 30, 2024](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](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](ea026065501ex99-32_titan.htm)

99.33 [News Release dated August 15, 2024](ea026065501ex99-33_titan.htm)

99.34 [News Release dated September 26, 2024](ea026065501ex99-34_titan.htm)

99.35 [News Release dated October 2, 2024](ea026065501ex99-35_titan.htm)

99.36 [Material Change Report dated October 4, 2024](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](ea026065501ex99-37_titan.htm)

99.38 [Management's Discussion and Analysis of the Company for the nine months ended September 30, 2024](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](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](ea026065501ex99-40_titan.htm)

99.41 [News Release dated November 12, 2024](ea026065501ex99-41_titan.htm)

99.42 [News Release dated December 3, 2024](ea026065501ex99-42_titan.htm)

99.43 [News Release dated December 11, 2024](ea026065501ex99-43_titan.htm)

99.44 [Material Change Report dated December 13, 2024](ea026065501ex99-44_titan.htm)

99.45 [Material Change Report dated December 13, 2024 (Second)](ea026065501ex99-45_titan.htm)

99.46 [News Release dated January 7, 2025](ea026065501ex99-46_titan.htm)

99.47 [Material Change Report dated January 14, 2025](ea026065501ex99-47_titan.htm)

99.48 [Technical Report (NI 43-101) dated January 15, 2025](ea026065501ex99-48_titan.htm)

99.49 [Consent of Qualified Person (Todd McCracken) dated January 15, 2025](ea026065501ex99-49_titan.htm)

99.50 [Consent of Qualified Person (Oliver Peters) dated January 15, 2025](ea026065501ex99-50_titan.htm)

99.51 [Consent of Qualified Person (Donald Taylor) dated January 15, 2025](ea026065501ex99-51_titan.htm)

99.52 [Consent of Qualified Person (Deepak Malhotra) dated January 15, 2025](ea026065501ex99-52_titan.htm)

99.53 [News Release dated January 16, 2025](ea026065501ex99-53_titan.htm)

99.54 [News Release dated February 19, 2025](ea026065501ex99-54_titan.htm)

99.55 [Audited Annual Financial Statements for the Company for the years ended December 31, 2024 and 2023](ea026065501ex99-55_titan.htm)

99.56 [Annual Management's Discussion and Analysis for the years ended December 31, 2024 and 2023](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](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](ea026065501ex99-58_titan.htm)

99.59 [AB Form 13-501F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 19, 2025](ea026065501ex99-59_titan.htm)

99.60 [ON Form 13-502F1 (Class 1 Reporting Issuers and 3B Reporting Issuers – Participation Fee) dated March 19, 2025](ea026065501ex99-60_titan.htm)

99.61 [Annual Information Form for the year ended December 31, 2024](ea026065501ex99-61_titan.htm)

99.62 [News Release dated March 20, 2025](ea026065501ex99-62_titan.htm)

99.63 [Notice of Meeting for Annual General Meeting to be held on June 25, 2025](ea026065501ex99-63_titan.htm)

99.64 [Condensed Consolidated Interim Financial Statements of the Company for the three months ended March 31, 2025 and 2024](ea026065501ex99-64_titan.htm)

99.65 [Management's Discussion and Analysis of the Company for the three months ended March 31, 2025](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](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](ea026065501ex99-67_titan.htm)

99.68 [News Release dated May 14, 2025](ea026065501ex99-68_titan.htm)

99.69 [News Release dated May 20, 2025](ea026065501ex99-69_titan.htm)

99.70 [News Release dated June 19, 2025](ea026065501ex99-70_titan.htm)

99.71 [Letter from PricewaterhouseCoopers LLP as successor auditor dated June 17, 2025](ea026065501ex99-71_titan.htm)

99.72 [Letter from Ernst & Young LLP as former auditor dated June 17, 2025](ea026065501ex99-72_titan.htm)

99.73 [Notice of Change of Auditor dated June 17, 2025](ea026065501ex99-73_titan.htm)

99.74 [Material Change Report dated June 30, 2025](ea026065501ex99-74_titan.htm)

99.75 [Notice of Meeting for Annual General Meeting (amended) to be held on August 20, 2025](ea026065501ex99-75_titan.htm)

99.76 [News Release dated July 4, 2025](ea026065501ex99-76_titan.htm)

99.77 [Annual Return Card 2025](ea026065501ex99-77_titan.htm)

99.78 [Notice of Meeting and Access Card for Annual General Meeting to be held on August 20, 2025](ea026065501ex99-78_titan.htm)

99.79 [Form of Proxy for Annual General Meeting to be held on August 20, 2025](ea026065501ex99-79_titan.htm)

99.80 [Management Information Circular dated July 9, 2025 for Annual General Meeting to be held on August 20, 2025](ea026065501ex99-80_titan.htm)

99.81 [Notice of Meeting for Annual General Meeting to be held on August 20, 2025](ea026065501ex99-81_titan.htm)

99.82 [News Release dated July 21, 2025](ea026065501ex99-82_titan.htm)

99.83 [News Release dated July 22, 2025](ea026065501ex99-83_titan.htm)

99.84 [Material Change Report dated July 28, 2025](ea026065501ex99-84_titan.htm)

99.85 [Credit Agreement between the Company, certain of its subsidiaries and Augusta Investments Inc. dated July 21, 2025](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](ea026065501ex99-86_titan.htm)

99.87 [Management's Discussion and Analysis of the Company for the six months ended June 30, 2025](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](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](ea026065501ex99-89_titan.htm)

99.90 [News Release dated August 12, 2025](ea026065501ex99-90_titan.htm)

99.91 [News Release dated August 20, 2025](ea026065501ex99-91_titan.htm)

99.92 [Report of Voting Results dated August 20, 2025](ea026065501ex99-92_titan.htm)

99.93 [News Release dated August 28, 2025](ea026065501ex99-93_titan.htm)

99.94 [News Release dated September 8, 2025](ea026065501ex99-94_titan.htm)

99.95 [Notice of Change of Auditor dated September 12, 2025](ea026065501ex99-95_titan.htm)

99.96 [Letter of Ernst & Young LLP as successor auditor dated September 15, 2025](ea026065501ex99-96_titan.htm)

99.97 [Letter of PriceWaterhouseCoppers LLP as former auditor dated September 12, 2025](ea026065501ex99-97_titan.htm)

99.98 [News Release dated September 16, 2025](ea026065501ex99-98_titan.htm)

99.99 [Material Change Report dated September 18, 2025](ea026065501ex99-99_titan.htm)

99.100 [News Release dated October 7, 2025](ea026065501ex99-100_titan.htm)

99.101 [News Release dated October 14, 2025](ea026065501ex99-101_titan.htm)

99.102 [News Release dated October 20, 2025](ea026065501ex99-102_titan.htm)

99.103 [News Release dated October 27, 2025](ea026065501ex99-103_titan.htm)

99.104 [News Release dated October 30, 2025](ea026065501ex99-104_titan.htm)

99.105 [Letter of Transmittal dated October 30, 2025](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](ea026065501ex99-106_titan.htm)

99.107 [Management's Discussion and Analysis of the Company for the nine months ended September 30, 2025](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](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](ea026065501ex99-109_titan.htm)

99.110 [News Release dated November 5, 2025](ea026065501ex99-110_titan.htm)

99.111 [Material Change Report dated November 6, 2025](ea026065501ex99-111_titan.htm)

99.112 [Consent of Ernst & Young LLP](ea026065501ex99-112_titan.htm)

99.113 [Consent of Todd McCracken](ea026065501ex99-113_titan.htm)

99.114 [Consent of Oliver Peters](ea026065501ex99-114_titan.htm)

99.115 [Consent of Donald Taylor](ea026065501ex99-115_titan.htm)

99.116 [Consent of Deepak Malhotra](ea026065501ex99-116_titan.htm)

## Exhibit 99.1

**Exhibit 99.1** 

**Titan Announces Another Record Year for Production and Safety, Provides 2024 Guidance and Update on Kilbourne Graphite Target** 

**Vancouver, B.C., February 20th, 2024** – Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") is pleased to release preliminary fourth quarter ("**Q4**") and full year 2023 production results and provide 2024 operating, capital and exploration expenditure guidance (all dollar figures are in US dollars, unless otherwise indicated).

**2023 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;· Safest year of operations on record at the Empire
State Mine since re-opening, with an injury frequency rate of 0.7, 70% lower than the national average.

&nbsp;&nbsp;&nbsp;&nbsp;· Produced a record 61.0 million payable pounds
of zinc in 2023, a 16 % increase over the record set in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;· Announced the discovery of the Kilbourne graphite
trend, an extensively drill tested graphite-bearing trend located on permitted lands.

Don Taylor, Titan's President and CEO, commented, "The operating team at ESM delivered record production exceeding guidance and producing 61 million payable pounds of zinc while achieving the best safety performance since the mine reopened. These are truly remarkable achievements and we expect this performance to be reflected in our share price as the price of zinc improves."

**Q4 and Full Year 2023 Preliminary Production Results & 2024 Production Guidance**

Total payable zinc production from the Company's Empire State Mine ("ESM") was 13.9 million pounds in Q4 2023 for total annual payable production of 61.0 million pounds, exceeding guidance of 54-58 million pounds. 2023 production is preliminary and subject to change when the Company releases its Q4 2023 and audited full-year 2023 financial and operating results in March 2024.

Production guidance for 2024 is estimated between 56-60 million pounds of payable zinc. C1 Cash Cost<sup>1</sup> for 2024 is estimated between $0.98 and $1.02 per payable pound and AISC<sup>1</sup> is estimated between $1.04 and $1.10 per payable pound. Both C1 Cash Cost and AISC are highly dependent on treatment charges which won't be known with certainty until the end of H1 2024. Titan estimates that for every $10 per tonne change to the treatment charge, C1 Cash Cost<sup>1</sup> and AISC<sup>1</sup> are impacted by approximately $0.01 per pound of payable zinc. C1 Cash Cost and AISC guidance for 2024 reflect an estimated annual treatment charge of $175 per tonne. Taylor continued, "as we enter 2024 market and price challenges continue with respect to the zinc markets, we are fortunate at ESM to have operational levers that we can pull to further cut costs and meet forecasts."

Exploration expenditures will be focused on advancing the Kilbourne graphite trend and district targets where ESM controls more than 80,000 acres of private mineral rights. The timing and extent of the exploration program is contingent on positive exploration results. The Company may allocate additional funds beyond guidance as merited.

![](ex99-1_001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Production and Cost Guidance** | &nbsp;&nbsp;**Production and Cost Guidance** | &nbsp;&nbsp;**Production and Cost Guidance** |
|  | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;**Payable Production** | &nbsp;&nbsp;**Payable Production** | &nbsp;&nbsp;**Payable Production** |
| &nbsp;&nbsp;**Zinc** | &nbsp;&nbsp;**Mlbs** | &nbsp;&nbsp;**56-60** |
| &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Cost** |
| &nbsp;&nbsp;**C1 cash cost<sup>1</sup>** | &nbsp;&nbsp;**$/lb** | &nbsp;&nbsp;**0.98 - 1.02** |
| &nbsp;&nbsp;**AISC<sup>1</sup>** | &nbsp;&nbsp;**$/lb** | &nbsp;&nbsp;**1.04 - 1.10** |
| &nbsp;&nbsp;**Capital** | &nbsp;&nbsp;**Capital** | &nbsp;&nbsp;**Capital** |
| &nbsp;&nbsp;**Sustaining** | &nbsp;&nbsp;**$ millions** | &nbsp;&nbsp;**3 - 5** |
| &nbsp;&nbsp;**Exploration** | &nbsp;&nbsp;**Exploration** | &nbsp;&nbsp;**Exploration** |
| &nbsp;&nbsp;**ESM** | &nbsp;&nbsp;**$ millions** | &nbsp;&nbsp;**2 - 3** |

---

*<sup>1</sup>* *C1 Cash Cost and AISC are non-GAAP measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For additional information, see the section titled "Non-GAAP performance measures" of Titan's MD&A dated November 14, 2023, available on SEDAR+ at www.sedarplus.com, which section is incorporated by reference herein.*

**Kilbourne Exploration Update**

The Company is pleased to provide an update on the Kilbourne exploration program first announced on November 2, 2023 (Titan Mining Advances Kilbourne Exploration, With Surface Trenching And Bulk Sample Identification Underway). A total of 99 samples were collected from 181 ft (55 m) of trenching with bedrock exposed for later channel sampling in five trenches totaling over 1,000 ft (305 m) of exposed Kilbourne host rock. Drilling began in December 2023 with eight holes totaling 2,074 ft (632 m) completed to date. The Company's Phase 1 drilling program contemplates an additional 10,000 ft (3,048 m) of drilling. An initial bulk sample was identified through these exploration activities and collected in January 2024.

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

 ****

***Contact***

 

*For further information, please contact:*

**Investor Relations:**

Email: info@titanminingcorp.com

![](ex99-1_001.jpg)

***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 new release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that we expect Titan's performance at its Empire State Mine to be reflected in our share price as the price of zinc improves; production guidance; C1 Cash Cost guidance; AISC guidance; sustaining and exploration capital guidance; estimates regarding the impact of treatment charges on AISC and C1 cash costs; that exploration expenditures will be focused on advancing the Kilbourne graphite trend and district targets where ESM controls more than 80,000 acres of private mineral rights; and plans for the remainder of the Kilbourne exploration program. When used in this news release words such as "will", "plans", "intends" 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 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 assumptions made regarding the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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. Readers 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.

## 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 20, 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

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| | | |
|:---|:---|:---|
|  | 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 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE YEAR ENDED DECEMBER 31, 2023**

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

This Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Titan Mining Corporation ("Titan", "we", "our" or the "Company"), our operations, financial performance, and current and future business environment. This MD&A is intended to supplement and complement our audited consolidated financial statements for the year ended December 31, 2023, prepared in accordance with International Financial Reporting Standards ("IFRS")..

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

This MD&A is dated March 21, 2024. All dollar amounts reported herein are in US dollars unless otherwise indicated.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 4 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 10 |
| LIQUIDITY AND CAPITAL RESOURCES | 12 |
| RELATED PARTY TRANSACTIONS | 17 |
| ACCOUNTING CHANGES AND CRITICAL ESTIMATES | 18 |
| DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING | 19 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 19 |
| NOTES TO READER | 19 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "Empire State Mine" or "ESM") Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district will be a focus for Titan's exploration team.

Mining and milling activities at ESM continued to increase during the past year with a record 61.0 million payable pounds of zinc produced. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine.

The Company will also be advancing the exploration of the Kilbourne (graphite) exploration program. Drilling under the Phase 1 program with a budgeted 14,000 ft (4,267 m) of drilling, of which a total of 5,200 ft (1,585 m) has been completed. The initial goal of 12,000 ft (3,658 m) of drilling for the Phase 1 program was expanded due to initial promising results. Results of surface drilling and trenching have identified a representative bulk sample that was collected in January and sent to the RDI laboratory in Wheat Ridge Colorado for metallurgical testing and concentrate production. The Kilbourne Graphite Target has near surface potential with a substantial portion of the targeted resource on fully permitted land.

In addition, the Company continues to examine various financing options to bolster the Company's treasury.

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Financial Performance** | **2023** | **2022** | **Change** | **2023** | **2022** | **Change** |
| Net loss before tax | $6959 | $4014 | $2945 | $10196 | $870 | $9326 |
| Operating cash inflow (outflow) before changes in non-cash working capital | $(1363) | $2315 | $(3678) | $6085 | $15055 | $(8970) |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **December 31, 2023** | **December 31, 2022** |
| Cash and cash equivalents | $5031 | $6720 |
| Working capital | $(23512) | $7289 |
| Total assets | $52762 | $65999 |
| Equity | $(2270) | $10513 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Operating Data** | **2023** | **2022** | **Change** | **2023** | **2022** | **Change** |
| Payable zinc produced (mlbs) | 13.9 | 14.4 | (0.5) | 61.0 | 52.5 | 8.5 |
| Payable zinc sold (mlbs) | 13.9 | 13.0 | 0.9 | 62.0 | 51.1 | 10.9 |
| Average provisional zinc price (per lb) | $1.13 | $1.36 | $(0.23) | $1.19 | $1.55 | $(0.36) |

---

**HIGHLIGHTS**

Significant events and operating highlights for the third quarter ended December 31, 2023 and up to the date of this MD&A include the following:

● Safest year of operations on record at the Empire State Mine since re-opening, with an injury frequency rate of 0.7, 70% lower than the national average.

● Produced 13.9 million pounds of payable zinc in the fourth quarter of 2023 and a record 61 million payable pounds of zinc in 2023, a 16% increase over the prior year.

● Announced the discovery of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on permitted lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drilling
 began in December 2023 with eight holes totaling 2,074 ft completed to date with an additional
 10,000 ft scheduled for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An
 initial bulk sample was identified and collected in January 2024

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2023 | 2023 | 2023 | 2023 | 2023 |
|  |  | FY <sup>(1)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |
| Ore mined | tons | 444588 | 108962 | 108210 | 112528 | 114888 |
| Ore milled | tons | 445803 | 109258 | 110202 | 112082 | 114261 |
| Feed grade | zn% | 8.4 | 7.8 | 10.1 | 8.1 | 7.4 |
| Recovery | &nbsp;&nbsp;&nbsp;&nbsp;% | 96.3 | 96.2 | 96.3 | 96.3 | 96.1 |
| Payable zinc | mlbs | 61.0 | 13.9 | 18.3 | 15.0 | 13.8 |
| Concentrate grade | zn% | 59.6 | 59.2 | 60.3 | 59.8 | 59 |
| Zinc concentrate produced | tons | 60123 | 13756 | 17855 | 14727 | 13785 |
| **Sales** |  |  |  |  |  |  |
| Payable zinc | mlbs | 62.0 | 13.9 | 18.3 | 15.0 | 14.8 |
| Average provisional zinc price | $/lb | $1.19 | $1.13 | $1.10 | $1.15 | $1.42 |
| C1 cash cost per payable zinc pound sold <sup>(2)</sup> | $/Ib | $1.05 | $1.16 | $0.84 | $1.05 | $1.23 |
| Sustaining capital expenditures <sup>(2)</sup> | $/lb | $0.03 | $0.01 | $0.02 | $0.07 | $0.03 |
| AISC<sup>(2)</sup> | $/lb | $1.08 | $1.17 | $0 .86 | $1.12 | $1.26 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2022 | 2022 | 2022 | 2022 | 2022 |
| | | FY <sup>(1)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |
| Ore mined | tons | 419104 | 111213 | 107437 | 111758 | 88696 |
| Ore milled | tons | 425022 | 112751 | 109587 | 110416 | 92268 |
| Feed grade | zn% | 7.5 | 7.9 | 6.5 | 9.1 | 6.7 |
| Recovery | &nbsp;&nbsp;&nbsp;&nbsp;% | 96.4 | 96.2 | 96.3 | 96.5 | 96.3 |
| Payable zinc | mlbs | 52.5 | 14.4 | 11.6 | 16.5 | 10.1 |
| Concentrate grade | zn% | 58.8 | 58.2 | 58 | 60.4 | 58.2 |
| Zinc concentrate produced | tons | 52547 | 14573 | 11744 | 16040 | 10191 |
| **Sales** |  |  |  |  |  |  |
| Payable zinc | mlbs | 51.1 | 13.0 | 12.6 | 15.0 | 10.4 |
| Average provisional zinc price | $/lb | $1.55 | $1.36 | $1.49 | $1.74 | $1.57 |
| C1 cash cost per payable zinc pound sold <sup>(2)</sup> | $/Ib | $1.11 | $1.06 | $1.26 | $0.93 | $1.25 |
| Sustaining capital expenditures <sup>(2)</sup> |  | $0.05 | $0.02 | $0.02 | 0.01 | 0.17 |
| AISC<sup>(2)</sup> | $/lb | $1.16 | $1.08 | $1.28 | $0.94 | $1.42 |

---

<sup>(1)</sup> The full-year figure may not equal the sum of the quarters due to rounding.

<sup>(2)</sup> C1 cash cost, Sustaining Capital Expenditures, and All-In Sustaining Cost ("AISC") are non-GAAP measures. These terms are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

**OPERATIONS REVIEW**

Mining efforts in 2023 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities have been suspended in the N2D zone since the second quarter in response to lower zinc prices. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported strong grades and record metal production. It is expected that ore from this zone will continue to support head grade at planned levels in the coming year. Mining is expected to continue in the same zones in 2024.

Work on projects, including the Turnpike project, has been limited since Q2 to preserve cash in response to lower zinc prices. Major projects completed include the counter-weight rail replacement for the service cage and purchase of a telehandler for underground material movement.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which are being prioritized for drill testing in 2024. The team continues to research and consolidate mineral rights interests in high priority target areas. Surface sampling and mapping is scheduled to continue in these priority areas in 2024.

In addition to zinc and base metal occurrences the company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESMs mineral rights, including the Kilbourne target within the stratigraphic sequence which hosts the ESM ore bodies.

*2023 Drill Programs*

Underground:

Drill programs in 2023 targeted Lower Mahler, N2D, New Fold, and Fowler. Underground drilling totalled 58 drillholes and 29,937 ft. Of these eight were completed in the fourth quarter of 2023, totalling 5,884 ft. Drilling will continue to target New Fold and Lower Mahler in the first quarter of 2024. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, five holes were completed targeting the down dip extensions of Lower Mahler, and the area between Lower Mahler and New Fold. A total of 7,984 ft was drilled, with mineralization intercepted 600 ft down dip from the current active faces of Lower Mahler.

Surface:

Surface drilling in 2023 focussed on the exploration and further delineation of the Turnpike project (formerly identified as Sphaleros). A total of 25 holes totalling 10,717 ft were drilled in the first and second quarters of 2023.

Two holes were drilled testing the 24 Crescent target, a district target within close proximity to existing Empire State Mine infrastructure. Drilling totalled 2,023 ft.

*Surface Exploration*

 

Follow up sampling and prospecting of soil anomalies from the 2022 surface program took place in the third quarter of 2023. A total of 13 samples were collected, with a high value of zinc returned from Moss Ridge. Through collaboration with Juniata College of Pennsylvania 132 water samples were collected and analysed for multielement concentration, and zinc and copper isotope ratios. Results from this program are under review and will be used for future hydrogeochemical and geochemical surveys.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Kilbourne**

*Kilbourne* 

 

Titan Mining has begun work on further defining the Kilbourne graphite trend, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented 8.2 km of strike length, to a depth of roughly 1 km from surface. Roughly 2.5 km of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.

Exploration activities began in the third quarter of 2023 with surface trenching and channel sampling generating 99 samples and aiding in the identification of a bulk sample target (collected January 2024). Drilling began in the fourth quarter of 2023 and is projected to continue into the second quarter of 2024. To date, nine holes totalling 2,718 ft have been completed.

**New Mexico**

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities. No additional exploration activities were performed on the property during 2023.

**TREND ANALYSIS**

**Selected Annual Information**

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| | 2023 | 2022 | 2021 |
| Revenue | $52086 | $62061 | $55594 |
| Net income (loss) before tax | $(10196) | $(870) | $754 |
| Basic & diluted income (loss) per share | $(0.07) | $— | $0.11 |
| Total assets | $52762 | $65999 | $77625 |
| Total non-current financial liabilities | $16299 | $45185 | $53909 |
| Dividends declared per share | 0.01 | 0.04 | 0.02 |

---

**Summary of Quarterly Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | 2022 |
| | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Revenue ($) | 10911 | 15481 | 8952 | 16742 | 13945 | 14025 | 20128 | 13963 |
| Net income (loss) before tax ($) | (7959) | 501 | (4841) | 1103 | (4014) | (161) | 5924 | (2618) |
| Basic & diluted income (loss) per share ($) | (0.05) |  | (0.03) | 0.01 | (0.03) |  | 0.04 | (0.02) |
| Cash and cash equivalents ($) | 5031 | 4319 | 2895 | 7411 | 6720 | 13568 | 11021 | 3236 |
| Total assets ($) | 52762 | 59060 | 59951 | 67916 | 65999 | 78199 | 78497 | 74755 |
| Total liabilities ($) | 55032 | 55528 | 56513 | 58953 | 55486 | 62147 | 59095 | 60352 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Seasonality has a limited impact on the Company's operating results.

Total assets increased in the second quarter of 2022 mainly due to an increase of cash and cash equivalents and inventory, offset by decrease of trade and other receivables, other current assets, mineral properties, plant and equipment, and right-of-use assets. Total assets decreased in the third quarter of 2022 mainly due to a decrease of trade and other receivables, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents, derivative asset, and restricted cash. Total assets decreased significantly in the fourth quarter of 2022 mainly due to a decrease of cash and cash equivalents, derivative asset, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of trade and other receivable and inventories.

Total assets increased in the first quarter of 2023, mainly due to increase of cash and cash equivalents, derivative asset, and other current assets, partially offset by decrease of trade and other receivables, inventories, mineral properties, plant and equipment, and right-of-use assets. Total assets decreased in the second quarter of 2023, mainly due to decrease of cash and cash equivalents, right-of-use assets, trade and other receivables, restricted cash, other assets, and mineral properties, plant and equipment, partially offset by increased of derivative asset, other current assets, and inventories. Total assets decreased in the third quarter of 2023, mainly due to decrease of mineral properties, plant and equipment, derivative asset and inventories, partially offset by increases of cash and cash equivalents, trade and other receivables, right-of-use assets, and other current assets. Total assets decreased in the fourth quarter of 2023 mainly due to a decrease of derivative asset, trade and other receivable, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents.

Net loss turned to income in the second quarter of 2022 as a result of higher realized zinc prices and lower general and administration expenses and foreign exchange loss, partially offset by higher operating, exploration and evaluation expenses and interest and other finance expenses. Net income turned to net loss again in the third quarter of 2022 as a result of lower realized zinc prices and higher operating, depreciation and depletion, exploration and evaluation expenses, and general and administration expenses, partially offset by higher foreign exchange gain, gain on derivative, and lower interest and other finance expenses. Net loss increased further in the fourth quarter of 2022 as a result of lower realized zinc prices and higher operating expenses, exploration and evaluation expenses, share based compensation, interest and other finance expenses, general and administration expenses, unrealized loss on derivative, loss on Star Mountain settlement, and lower foreign exchange gain, partially offset by realized gain on derivative and gain on modification.

Net loss turned to net income in the first quarter of 2023 as a result of higher unrealized gain on derivative and foreign exchange gain, and absence of loss on Star Mountain settlement booked in the prior quarter, partially offset by lower realized gain on derivative, gain on loan modification, higher general and administration expenses and interest and other finance expenses. Net income turned to net loss in the second quarter of 2023 as a result of lower revenue and unrealized gain on derivative, higher foreign exchange loss, interest and other finance expenses, partially offset by lower exploration and evaluation expenses, general and administration expenses, and higher realized gain on derivative. Net loss turned to net income in the third quarter of 2023 as a result of higher revenue, lower cost of sales, higher realized gain on derivative, foreign exchange income and other income, partially offset by higher exploration and evaluation expenses, interest and other finance expenses, and higher unrealized loss on derivative. Net income turned to net loss again in the fourth quarter of 2023 as a result of lower revenue and unrealized loss on derivative, higher cost of sales, foreign exchange loss, interest and other finance expenses, general and administration expenses, partially offset by lower exploration and evaluation expenses, realized gain on derivative, and higher other income.

Cash and cash equivalents increased in the second quarter of 2022 as a result of an increase in zinc concentrate sold and a decrease of operating expenses and fewer capital additions at ESM. Cash and cash equivalents increased in the third quarter of 2022 as a result of higher working capital generated from trade and other receivables, inventories, and accounts payable and accrued liabilities, partially offset by a loss for the period and higher cash used in financing and investing activities. Cash and cash equivalents decreased significantly in the fourth quarter of 2022 as a result of lower working capital generated from trade and other receivables, inventories, accounts payable and accrued liabilities, and higher cash used in financing and investing activities.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Cash and cash equivalents increased in the first quarter of 2023 as a result of net cash provided in operating activities, and less cash spent on financing activities, partially offset by cash spent on capital assets. Cash and cash equivalents decreased in the second quarter of 2023 as a result of higher cash used in operating activities, partially offset by less cash spent on capital assets and more cash generated from financing activities. Cash and cash equivalents increased in the third quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities. Cash and cash equivalents increased again in the fourth quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities.

**FINANCIAL REVIEW**

**Financial Results**

---

| | | |
|:---|:---|:---|
| ($000's) | **Three months ended** <br> **December 31** | **Year ended** <br> **December 31** |
| **Net loss for the 2022 period** | $4014 | $870 |
| Decrease (increase) in components of income: |  |  |
| Revenues | 3034 | 9975 |
| Cost of sales | 2227 | 5086 |
| Other expenses (income) | (2316) | (5504) |
| **Net loss for the 2023 period** | $6959 | $10427 |

---

During the year ended December 31, 2023, revenues decreased compared to the same period in 2022 as a result of higher zinc concentrate sold (2023 – 62.0 mlbs vs. 2022 – 51.1 mlbs) at a lower average provisional price (2023 - $1.19/lb vs. 2022 - $1.55/lb) and negative provisional and final pricing adjustments (2023 – negative $3,444 vs. 2022 – negative $2,851).

During the year ended December 31, 2023, cost of sales increased with the increased volume of tons milled and inflationary operating expenditure increases.

During the year ended December 31, 2023, other expenses decreased compared to the same period of 2022 due to decreases of exploration and evaluation expenses, professional fees, depreciation on ROU Assets, increases of other income, interest income, realized and unrealized gain on derivative, partially offset by increases of share based compensation, wages and benefits, office and administration expenses, interest and other finance expenses, and accretion expense and a decrease of foreign exchange income.

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>&nbsp;&nbsp;&nbsp;($000's) | **2023** | **2022** | **Change** | **2023** | **2022** | **Change** |
| Zinc concentrate sales | $15637 | $17698 | $(2061) | $74070 | $78957 | $(4887) |
| Zinc concentrate provisional pricing adjustments | (493) | (113) | (380) | (3444) | (2851) | (593) |
| Smelting and refining charges | (4233) | (3640) | (593) | (18540) | (14045) | (4495) |
| Revenue, net | $10911 | $13945 | $(3034) | $52 086 | $62061 | $(9975) |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Revenues were lower during the three months ended December 31, 2023 than the same period of 2022 due to zinc concentrate sold at a lower average provisional price. Revenues were lower during the year ended December 31, 2023 than the same period of 2022 due to zinc concentrate sold at a lower average provisional price. Specifically, revenues for the three months ended December 31, 2023 include sales of 13.9 million payable pounds of zinc (Q4 2022 – 13.0 million) at an average realized price per pound of $1.13 (Q4 2022 – $1.36). Revenues for the year ended December 31, 2023 include sales of 62.0 million payable pounds of zinc (2022 – 51.1 million) at an average realized price per pound of $1.19 (2022 – $1.55).

**Cost of sales**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>($000's) | **2023** | **2022** | **Change** | **2023** | **2022** | **Change** |
| Operating expenses | $10949 | $10501 | $448 | $41809 | $40662 | $1147 |
| Transportation costs | 810 | 829 | (19) | 3618 | 3191 | 427 |
| Royalties | 7 | 21 | (14) | 38 | 44 | (6) |
| Depreciation and depletion | 3832 | 3130 | 702 | 12889 | 11922 | 967 |
| Change of inventory | 17 | (1092) | 1109 | 1309 | (1146) | 2455 |
| Total | $15615 | $13389 | $2226 | $59663 | $54673 | $4990 |

---

In the three months ended December 31, 2023, cost of sales increased compared to the same period in 2022 due to increases in operating expenses, depreciation and change of inventory. Operating expenses increased due to increased tons milled and inflationary operating expenditure increases. Depreciation and depletion expense increased comparatively due to increased tons mined, and acquisition of capital assets. Change of inventory increase is a result of the ending inventory level change due to timing differences of sales of zinc concentrate.

In the year ended December 31, 2023, cost of sales increased compared to the same period in 2022 due to inflationary increases in operating expenses and transportation costs. Depreciation and change of inventory also increased compared to the same period in 2022. The increase in operating expenses was due to a higher number of tons milled (2023- 446,000 tons vs. 2022 – 425,000 tons) and inflationary pressures. Depreciation and depletion expense increased comparatively due to a higher number of tons mined.

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

**Other income**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2023** | **2022** | **Change** | **%** | **2023** | **2022** | **Change** | **%** |
| **<u>G&A expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $223 | $203 | $20 | 10 | $1244 | $1166 | 78 | 7 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 58 | 114 | (56) | (49) | 351 | 174 | 177 | >100 |
| &nbsp;&nbsp;&nbsp;Professional fees | 371 | 504 | (133) | (26) | 1933 | 2689 | (756) | (28) |
| &nbsp;&nbsp;&nbsp;Office and administration | 135 | 221 | (86) | (39) | 806 | 691 | 115 | 17 |
| &nbsp;&nbsp;&nbsp;Investor relations | 9 | 17 | (8) | (47) | 52 | 52 | - | - |
|  | $796 | $1059 | $(263) | (25) | $4386 | $4772 | (386) | (8) |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $172 | $133 | $39 | 29 | $584 | $475 | 109 | 23 |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 17 | 37 | (20) | (54) | 158 | 142 | 16 | 11 |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 73 | 542 | (469) | (87) | 880 | 1452 | (572) | (39) |
| &nbsp;&nbsp;&nbsp;Other | 121 | 81 | 40 | 49 | 281 | 235 | 46 | 20 |
|  | $383 | $793 | $(410) | (52) | $1903 | $2304 | (401) | (17) |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

G&A expenses for the three months ended December 31, 2023 have decreased 25% compared to the same period ended December 31, 2023 as a result of decreases in professional fees, share-based compensation, office and administration expenses, and investor relations, partially offset by increases of salaries and benefits.

G&A expenses for the year ended December 31, 2023 have decreased 8% compared to the same period ended December 31, 2022 as a result of decreases in professional fees, partially offset by increases of salaries and benefits, share-based compensation, and office and administration expenses.

E&E expenses for the three months ended December 31, 2023 decreased 52% compared to the same period in 2022 as a result of decreases in contractors and consultants, assay and analyses, and others, partially offset by increase of salaries and benefits.

E&E expenses for the year ended December 31, 2023 decreased 17% compared to the same period in 2022 as a result of a decrease in contractors and consultants, partially offset by increases of salaries and benefits, assay and analyses, and others.

**Other expenses (income)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **2023** | **2022** | **Change** | **%** | **2023** | **2022** | **Change** | **%** |
| $1078 | $2720 | $(1642) | <(60) | $(3670) | $1182 | $(4852) | <(100) |

---

For the three months ended December 31, 2023, other expenses decreased compared to the same period of 2022. The decrease was primarily due to increases in realized gains on derivative, and other income, partially offset by increases of interest and other finance expenses, accretion expense, foreign exchange loss, and decreases of interest income and unrealized loss on derivative.

For the year ended December 31, 2023, other expense decreased significantly compared to the same period of 2022. The decrease was primarily due to increases in realized and unrealized gains on derivative, interest income, and other income, partially offset by an increase of interest and other finance expenses, accretion expense, and decrease of foreign exchange gain.

**LIQUIDITY AND CAPITAL RESOURCES**

**Credit Facilities**

*Bank of Nova Scotia*

 

On May 31, 2019, the Company and the Lender 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 extend 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.

*Loan from Related Party*

On November 30, 2018, the Company entered a credit agreement with a company controlled by Titan's Executive Chairman, to establish a $18,710 subordinate general security credit facility. The initial advance of $3,710 bore interest at 8% per annum and advances on the subsequent $15,000 bore interest at a floating rate equal to 7% plus the greater of (i) LIBOR and (ii) 1%, per annum.

On December 20, 2021 the lender agreed to extend the term of the credit facility to April 5, 2023.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

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

*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 of the Company's Consolidated Financial Statements for The Years Ended December 31, 2023 and 2024 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.

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.

*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.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

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.

**Financial Condition**

---

| | | |
|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2022** |
| Cash and cash equivalents | $5031 | $6720 |
| Total debt | $35779 | $30032 |
| Net debt (cash)<sup>(1)</sup> | $30748 | $23312 |
| Working capital | $(23512) | $7289 |

---

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

Cash and cash equivalents as at December 31, 2023 decreased by $1,689 compared to December 31, 2022. Lower cash was generated from positive operating cash flows before changes in working capital of $6,085 during the year ended December 31, 2023 (2022 –$15,055), and cash outflow from changes in non-cash working capital of $5,569 (2022 – cash inflow $612). Cash inflow related to financing activities was $567 (2022 – negative $10,873). The Company received proceeds from National Bank and warrant exercises, partially offset by principal repayment and interest payments of bank indebtedness, payments of lease liabilities, and dividends paid. Additional spending related to investing activities of $2,647 (2022 - $4,309) and the effect of foreign exchange of negative $28 (2022 – $194) on cash and cash equivalents.

At December 31, 2023, the Company's debt was comprised of a loan from the Credit Facility of $31,655 and a loan from related party of $4,124. The Company accrued interest of $3,054 and amortized borrowing cost of $720 related to the Credit Facility, and accrued interest of $84 and amortized borrowing cost of $35 related to the related party loan for the year ended December 31, 2023.

Working capital decreased for the year ended December 31, 2023 compared to December 31, 2022 as a result of total debt were classified as current instead of long term in 2022.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2023** | **2022** | **Change** |
| Operating cash flows before changes in working capital | $6085 | $15055 | $(8970) |
| &nbsp;&nbsp;&nbsp;Changes in working capital | (5666) | 612 | (6278) |
| Net cash flows generated by (used in) operating activities | 419 | 15667 | (15248) |
| Net cash flows generated by (used in) financing activities | 567 | (10873) | 11440 |
| Net cash flows generated by (used in) investing activities | (2647) | (4309) | 1662 |
|  | $(1661) | $485 | $(2146) |

---

Net cash flows generated from operating activities were lower in the year of 2023 than in 2022 as a result of less cash generated from increased zinc pounds sold at a lower average concentrate zinc price compared with prior year, higher cash used from inventories, unrealized gain on derivative, accounts payable and accrued liabilities, and cash settlement for Star Mountain, partially offset by higher cash flows generated in release of restricted cash and less trade and other receivable. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Net cash flows used in investing activities in the year ended December 31, 2023 were lower compared with the year 2022 as the Company spent less on capital equipment.

Net cash flows generated in financing activities during the year ended December 31, 2023 reflect $5,900 of bank indebtedness proceeds, $5,000 of related party loan proceeds, $130 of warrant exercise proceeds, $1,978 of dividends paid, $3,035 of interest payments, $85 of payment of lease liabilities, and $15 of repayment of equipment loans. For comparison, Net cash flows used in financing activities by the Company in the same period in 2022 reflect $35,779 of bank indebtedness proceeds, $8,000 of bank indebtedness repayment, $20,710 of related party loan repayment, $4,104 of dividends paid, $8,211 of associated interest payments, $421 of payments made on lease liabilities, and $6 of repayment of equipment loans.

**Capital Expenditures**

The Company invested $2,647 in capital assets in the year ended December 31, 2023 compared to $4,309 capital expenditures made in the same period of 2022. A new telehandler, a scissor truck, a weasel drill, two transformers, a scooptram, and a service hoist were added to the mobile equipment fleet and additional expenditures were made on development of the Turnpike, primarily road building.

**Liquidity**

As at December 31, 2023, the Company had total liquidity of $5,031 in cash and cash equivalents. The Company had working capital of negative $23,512 and a deficit of $68,328. For the year ended December 31, 2023, the Company had positive operating cash flows before changes in working capital of $6,085 and a net loss of $10,196. On June 14, 2023, the Company announced that it temporarily suspended the payment of its quarterly dividend in order to preserve capital and strengthen its balance sheet as it navigates the downturn in zinc prices. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

As at December 31, 2022, the Company had total liquidity of $6,720 in cash and cash equivalents and $8,730 undrawn on its Credit Facility with National Bank of Canada. The Company had working capital of $7,289 and a deficit of $57,067. For the year ended December 31, 2022, the Company had positive operating cash flows before changes in working capital of $15,055 and a net loss before tax of $870.

**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.

At June 30, 2023, Titan was in breach of certain financial covenants under its Credit Facility. Titan obtained a waiver from National Bank on covenants for the period of June 30, 2023, to December 31, 2023. This waiver was subsequently extended to March 29, 2024. Based on its current forecast, the Company is likely to remain in breach of its covenants until such date. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, obtaining a further waiver from National Bank, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at December 31, 2023 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| Repayment of principal | $32170 | $5000 | $- | $- | $37170 |
| Repayment of interest | 18 | 84 |  |  | 102 |
| Leases | 78 |  |  |  | 78 |
| Reclamation and Remediation provision | - | - | - | 16299 | 16299 |
|  | $32266 | $5084 | $- | $16299 | $53649 |

---

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 17,642,856 warrants and 6,330,000 options outstanding.

**FINANCIAL INSTRUMENT**

&nbsp;&nbsp;&nbsp;&nbsp;a) Carrying
 amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2022 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $76 | $55 | $192 | $127 |
| Bank indebtedness | $31655 | $32087 | $30016 | $31115 |
| Equipment loans | $- | $- | $16 | $14 |
| Loan from related party | $4124 | $5061 | $- | $- |

---

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Fair values of the Company's lease liabilities, bank indebtedness, equipment loans, and loan from related-party are determined by using discounted cash flow models that use discount rates that reflect the issuer's borrowing rate as at the end of the reporting period. The fair value of the derivative asset is determined using discounted cash flow models that incorporate commodity forward prices, credit risk adjustments and discount rates.

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

b) 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.

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.

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed 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.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

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

---

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

---

**Key management personnel compensation**

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

---

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

---

---

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

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Estimates and judgments**

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

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Share-based compensation;

● Taxation

See note 3 of our 2023 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls in the year ended December 31, 2023.

**NOTES TO READER**

**Cautionary note regarding forward-looking information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; anticipated head grade; anticipated zones that will be mined, and timing of such mining; exploration plans at the Kilbourne target and timing of such plans; 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. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2023 Annual Financial Statements. The following are additional risk factors which the Company's management believes are most important in the context of the Company's business. It should be noted that this list is not fully comprehensive and that other risk factors may apply.

The Company has a limited operating history

The Company has a limited operating history upon which an evaluation of the Company, its current business and its prospects can be based. Further, its sole production mineral property, ESM's #4 mine, was on care and maintenance since 2008 until recommencing operations in 2017. If the Company is unable to generate significant revenues from ESM's #4 mine, it will not be able to earn profits or continue operations. There can be no assurance that the Company will be successful in ever achieving profitable operations. The Company has a limited operating history from which its business and prospects can be evaluated, and forecasts of any potential growth of the business of the Company are difficult to evaluate. The Company's prospects must be considered in light of the risks, expenses and difficulties frequently encountered by single asset companies in the early stages of development, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Dependence on ESM's #4 mine

The only mineral producing property the Company has is the ESM #4 mine. Because ESM's #4 mine has a limited life based on mineral resource estimates, now that the Company has re-commenced production at ESM's #4 mine, the Company will be required to replace and expand its mineral resources. In the absence of additional producing mineral projects, the Company will be solely dependent upon ESM's #4 mine for its revenue and profits, if any, and the Company's ability to maintain or increase its annual production will be dependent in significant part on its ability to expand its mineral resource base at ESM's #4 mine and increase throughput at ESM's #4 mine mill above its initially targeted rate.

There may be requirements for additional capital in the future

Any future mining, production, processing, development and exploration by the Company may require substantial additional financing, including capital for the continuation or expansion of mining operations at ESM's #4 mine. Failure to obtain sufficient financing may result in delaying or indefinite postponement of the Company's business plans. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. This uncertainty casts doubt about the Company's ability to continue as a going concern.

*Financial leverage and restrictive covenants may restrict our current and future operations*

 

The Company and its subsidiaries have agreed to various restrictive covenants with its lenders under its existing loan arrangements including to maintain certain interest coverage and total leverage ratios, make payments of interest and principal when due, to conduct its operations subject to certain restrictions and to comply with restrictions governing current and future indebtedness.

These restrictions prohibit or limit the Company's and its subsidiaries' ability to, among other things, incur additional debt, provide guarantees for indebtedness, create liens, dispose of assets, liquidate, dissolve, wind up, or assign or surrender a material contract. These restrictions may restrict the Company's ability to refinance its existing indebtedness. If the Company defaults in respect of its obligations under its loan arrangements, including without limitation servicing existing indebtedness, or if it is unable to refinance any such indebtedness, its lenders may be entitled to demand repayment and enforce their security against certain assets.

If there is any event of default under its existing loan arrangements, the principal amount owing, plus accrued and unpaid interest, may be declared immediately due and payable. If such an event occurs, or if any extended default under such agreements is ongoing, it could have a material negative impact on the Company financially.

In addition, the degree to which the Company and its subsidiaries are leveraged could have important consequences to shareholders, including: (i) the Company's ability to obtain additional financing for working capital, capital expenditures, acquisitions or other project developments in the future may be limited; (ii) a significant portion of the Company's cash flows from operations may be dedicated to the payment of the principal and interest on their indebtedness, thereby reducing funds available for future operations and flexibility to take advantage of business opportunities; (iii) the Company may be unable to refinance its existing indebtedness on terms favourable to the Company, if at all, and the consequences arising therefrom; and (iv) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures. The inability to meet these debt covenants or obtain lenders' consent to carry out restricted activities could materially and adversely affect the business and results of operations of the Company.

At June 30, 2023, Titan was in breach of certain financial covenants under its Credit Facility. Titan obtained a waiver from National Bank on covenants for the period of June 30, 2023, to December 31, 2023. This waiver was subsequently extended to March 29, 2024. Based on its current forecast, the Company is likely to remain in breach of its covenants as at such date. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, obtaining a further waiver from National Bank, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Fluctuations in demand for, and prices of, zinc

As the Company's sole source of revenue is the sale of zinc in separated and/or mixed form, changes in demand for, and the market price of, zinc are expected to have a significant effect on the Company's revenues and results of operations. The value and price of the Common Shares and the Company's financial results may be significantly adversely affected by declines in the prices of zinc. The price of zinc is influenced by many factors beyond the control of the Company. The level of interest rates, the rate of inflation, global and regional consumption patterns, the world supply of and demand for zinc, including zinc's intermediate and end product uses, market behaviour of current supply sources for zinc and the variation in exchange rates can all cause significant fluctuations in prices of zinc. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. The effect of these factors cannot be accurately predicted. The price of zinc and mineral commodities more generally has fluctuated widely in the past decade and future declines in the price of zinc received could cause commercial production to become uneconomic, thereby having a material adverse effect on the Company's business and financial condition and the value and price of the Common Shares. ESM's #4 mine was closed and placed on care and maintenance in the fall of 2008 in the face of a general economic turndown and resulting fall in zinc prices. The Company's results of operations will also be heavily dependent on the costs of consumables, particularly fuel, energy, chemical reagents and other products which may be required to be used in future exploration, development, mining and treatment operations.

A prolonged or significant economic contraction worldwide could put further downward pressure on market prices of zinc. Protracted periods of low prices for zinc could significantly reduce revenues and the availability of required development funds in the future. This could impair asset values and reduce the Company's mineral resources.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to supply and demand of zinc and ultimately to the broader markets. Strong prices for zinc may create economic pressure to identify or create alternate technologies using substitutes for zinc that ultimately could depress future long-term demand for zinc, and at the same time may incentivize development of otherwise marginal mining properties that would compete with the Company.

Ramping up mining operations

As Titan continues to ramp up commercial production, several risks remain for the Company, including: (i) Titan may encounter unforeseen obstacles or costs in operating the mine, some of which may be material and could cause Titan's estimates of time and costs to ramp up production to be significantly understated, (ii) certain lower levels of the mine are considered unsafe, (iii) some equipment may be more unreliable as operations ramp-up, and (iv) production rates and ore grades may not be as predicted. Any of these factors may adversely affect Titan's ability to ramp up commercial production and could place Titan in a position where it has insufficient cash resources to continue mining operations, or which could result in mining operations being uneconomic.

*Limited Supplies, Supply Chain Disruptions, and Inflation*

 

Our operations require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with government restrictions or regulations which delay importation of necessary items. COVID-19 has had a significant impact on global supply chains, which has impacted our ability to source supplies required for our operations and has increased the costs of those supplies. Global supply chains have been further strained by the current conflict between Russia and the Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

*Construction at Turnpike (formerly Sphaleros)*

 

On January 25, 2023, the Company announced that it would begin construction of the Turnpike project. On August 11, 2023, the Company announced work at Turnpike was temporarily suspended in order to preserve cash. The Company is committed to investing in Turnpike when zinc prices recover. The production decision for the Turnpike project was not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production could have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the Company's cash flow and future profitability. No mining study has been completed in respect of the economic feasibility of the Turnpike project. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the economic and technical viability of the Turnpike project will be realized.

The Company's current production projections and cost estimates for ESM's #4 mine may prove to be inaccurate

A reduction in the amount of, or a change in the timing of, the zinc production as compared to the Company's current projections for ESM's #4 mine may have a material adverse impact on the Company's anticipated future cash flows. The actual effect of such a reduction of the Company's cash flow from operations would depend on the quantity and timing of any such changes in production and on actual prices and costs. A change in the timing of these projected cash flows due to production shortfalls or labour disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels or fund capital expenditures. This could result in the Company being required to raise additional equity capital or incur additional indebtedness to finance capital expenditures in the future.

The level of production and capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are subject to considerable uncertainties. Actual results of operations at ESM's #4 mine are likely to differ from the Company's current estimates, and these differences may be significant. Moreover, experience from actual mining or processing operations may identify new or unexpected conditions that could decrease production below, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favourable than the Company currently estimates, the Company's business, results from operations, financial condition and liquidity could be materially adversely affected.

Profitability of the Company

There can be no assurance that the Company's business and strategy will enable it to become profitable or sustain profitability in future periods. The Company's future operating results will depend on various factors, many of which are beyond the Company's direct control, including the Company's ability to develop its mining projects and commercialize its mineral resources, its ability to control its costs, the demand and price for zinc and general economic conditions. If the Company is unable to generate profits in the future, the market price of the Common Shares could decline.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Mining is inherently risky and subject to conditions or events beyond the Company's control

The development and operation of a mine or mine property is inherently dangerous and involves many risks that the Company may not be able to overcome, including:

● unusual or unexpected geological formations;

● metallurgical and other processing problems;

● metal losses;

● environmental hazards;

● power outages;

● labour disruptions;

● industrial accidents;

● periodic interruptions due to inclement or hazardous weather conditions;

● flooding, explosions, fire, rockfalls, rockbursts, cave-ins and landslides;

● ground or soil conditions including seismic activity;

● mechanical equipment and facility performance problems;

● poor ventilation in all or part of ESM; and

● the availability of materials and equipment.

These risks could result in damage to, or destruction of, mineral properties, production facilities or other properties, personal injury or death, including to the Company's employees, environmental damage, delays in mining, increased production costs, asset write downs, monetary losses and legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums, or at all, or it may choose not to insure against these risks. Insurance against certain environmental risks, including potential liability for pollution and other hazards as a result of the disposal of waste products occurring from production, is not generally available to companies in the mining industry. The Company may suffer a material adverse effect on its business if the Company incurs losses related to any significant events that are not covered by the Company's insurance policies.

 

Mineral resource calculations are only estimates based on interpretation and assumptions

Any figures presented for mineral resources will only be estimates. There is a degree of uncertainty attributable to the calculation of mineral resources. Until **mineralized material** is actually mined and processed, the quantity of metal and grades must be considered as estimates only and no assurances can be given that the indicated levels of metals will be recovered. In making determinations about whether to advance any of its projects to development, the Company must rely upon such estimated calculations as to the mineral resources and grades of mineralization on its properties.

The estimation of mineral resources is a subjective process that relies on the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, analysis of drilling results and industry practices. Estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate.

Estimated mineral resources may have to be recalculated based on changes in mineral prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates or other important factors that influence mineral resource estimates. The extent to which mineral resources may ultimately be reclassified as mineral reserves is dependent upon the demonstration of their profitable recovery. Any material changes in mineral resource estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. The Company cannot provide assurance that mineralization can be mined and processed profitably.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

The Company's mineral resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market price for zinc may render portions of the Company's mineralization uneconomic and result in a reduction in reported mineral resources, which in turn could have a material adverse effect on the Company's results of operations, financial condition or the market price of the Common Shares. The Company cannot provide assurance that mineral recovery rates achieved in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale. In addition, if the Company's projects produce concentrate for which there is no market, this may have an impact on the economic model for ESM.

Production based on mineral resources

The Company based its production decision on the results of a preliminary economic assessment and not on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that would be analysed in more detail in a feasibility study, such as applying deeper economic analysis to mineral reserves and mineral resources, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

 

Uncertainty exists related to inferred mineral resources

There is a risk that inferred mineral resources referred to in the ESM Technical Report cannot be converted into measured or indicated mineral resources as there may be limited ability to assess geological continuity. Due to the uncertainty related to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to mineral resources with sufficient geological continuity to constitute mineral reserves as a result of continued exploration and economic evaluation.

Title

There is no guarantee that the Company's title to its properties will not be challenged or impugned. The Company's claims may be subject to prior unregistered agreements or transfers and title may be affected by unidentified or unknown defects. If title to the Company's properties is disputed, it may result in the Company paying substantial costs to settle the dispute or clear title and could result in the loss of the property, which events may affect the economic viability of the Company.

*The Company may experience difficulty attracting and retaining qualified management and employees to sustain and grow its business*

The Company is dependent on the services of key executives and its skilled employees to advance its corporate objectives and to identify new opportunities for growth and funding. The loss of any executive of the Company and the Company's inability to attract and retain a suitable replacement, or additional highly skilled employees required for the Company's activities, would have a material adverse effect on the Company's business and financial condition.

Competition

The Company competes with other mining companies, many of which are better capitalized, have greater financial resources, operational experience and technical capabilities or are further advanced in their development or are significantly larger and have access to mineral reserves, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel. If the Company requires and is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company will not be able to grow at the rate it desires, or at all.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Significant governmental regulations

The Company's mining activities are subject to extensive federal, state and local laws, regulations and policies governing various matters, including:

● environmental protection, including regulations with respect to processing concentrates;

● the management and use of toxic substances and explosives;

● the management of natural resources and land;

● the exploration of mineral properties;

● exports;

● price controls;

● taxation and mining royalties;

● labour standards and occupational health and safety, including mine safety; and

● historic and cultural preservation.

Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in significant expenditures. The Company may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause the Company to incur additional expenses or capital expenditure restrictions, or suspensions of the Company's activities and delays in the exploration and development of its properties.

Market events and general economic conditions

Adverse events in global financial markets can have profound impacts on the global economy. Many industries, including the zinc mining industry, are affected by these market conditions. Some of the key effects of the financial market turmoil experienced over the past decade include contraction in credit markets resulting in a spread of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's growth and profitability, financial liabilities and *results* of operations.

Environmental laws and regulations (including in respect of climate change)

All of the Company's exploration, development and production activities are subject to regulation by governmental agencies under various environmental laws. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, reclamation of lands disturbed by mining operations, and climate change. Environmental legislation is evolving and the general trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on the Company's behalf and may cause material changes or delays in the Company's intended activities. Future changes in these laws or regulations could have a significant adverse impact on some portion of the Company's business, requiring the Company to re-evaluate those activities at that time. Non-compliance thereof may result in significant penalties, fines and/or sanctions imposed on the Company by the relevant environmental regulatory authority resulting in a material adverse effect on the Company's reputation and results of its operations.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Threat of legal proceedings

Due to the nature of its business, the Company may be subject to numerous regulatory investigations, civil claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. The Company's efforts to respond to the legal proceedings could result in a diversion of management time and attention from revenue-generating activities. There can be no assurances that these matters will not have a material adverse effect on the Company's business. See "*Title*", above and "*Legal Proceedings*".

 

Rights, concessions and permits

The Company's current and anticipated future operations, including further exploration, development and production on its mineral properties, including ESM's #4 mine, require concessions and permits from various governmental authorities.

Obtaining or renewing governmental concessions and permits is a complex and time-consuming process. The duration and success of efforts to obtain and renew permits are contingent upon many variables not within the Company's control. The Company cannot provide assurance that all rights, concessions and permits that it requires for its operations will be obtainable or renewable on reasonable terms, or at all. Delays or a failure to obtain or renew such required concessions and permits, or the expiry, revocation or failure to comply with the terms of any such concessions and permits that the Company has obtained, would adversely affect the Company's business.

*Social and environmental activism can have a negative effect on exploration, development and mining activities*

There is an increasing level of public concern relating to the effects of mining on the natural landscape, on communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations ("NGOs") who oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. Local communities in St. Lawrence County, NGOs or local community organizations could direct adverse publicity and/or disrupt the operations of the Company in respect of ESM or another of the Company's properties, regardless of its successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company's operations specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

Land reclamation requirements for the Company's properties may be burdensome

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies in order to minimize long term effects of land disturbance. Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents; and

● reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on the Company in connection with exploration, development and production activities, the Company must allocate financial resources that might otherwise be spent on exploration and contemplated development programs. If the Company is required to carry out unanticipated reclamation work or provide security for further reclamation work, the Company's financial position could be adversely affected.

Tailings management facility and environmental reclamation

The embankment for the tailings management facility ("TMF") at ESM's #4 mine will need to be raised to fully contain the estimated tonnage for ESM's#4 mine as set out in the current mine plan. The Company is not certain how the native surface of the TMF was prepared, what design features were included, what sub-surface conditions existed prior to construction or the material properties of the fill used for construction. If the Company is unable to complete the embankment raise at the TMF, or if the TMF were to subsequently breach, the Company would be required to delay or cease operations at ESM's #4 mine for a significant period of time. This may also necessitate extensive response and rehabilitation activities. The Company may not receive approvals and consents necessary to proceed with the remaining rehabilitation plans in a timely manner. The Company cannot anticipate the timing and amount of the costs and the liabilities relating to any such TMF failure, or whether such failure would result in the Company being subject to regulatory charges or claims, fines and penalties or the potential quantum thereof.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Insurance

ESM's #4 mine is subject to numerous risks and hazards. Such risks could result in personal injury, environmental damage, damage to and destruction of the facilities, delays in production and liability. For some of these risks, the Company maintains insurance to protect against these losses at levels consistent with industry practice. However, the Company may choose not to insure certain risks or may not be able to maintain current or desired levels of insurance coverage, particularly if there is a significant increase in the cost of premiums. The Company's current policies may not cover all losses and the Company currently does not have specific coverage for environmental risk. Moreover, in the event that the Company is unable to fully pay for the cost of remedying damages, particularly environmental problems, the Company might be required to suspend or significantly curtail its activities or enter into other interim compliance measures.

Health & safety

Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities due to accidents that could result in serious injury or death. The impact of such accidents could affect the profitability of the operations, cause an interruption to operations, lead to a loss of licenses, affect the reputation of the Company and its ability to obtain further licenses, damage community relations and reduce the perceived appeal of the Company as an employer.

There is no assurance that the Company has been or will at all times be in full compliance with all laws and regulations or hold, and be in full compliance with, all required health and safety permits. The potential costs and delays associated with compliance with such laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a project, and any non-compliance therewith may adversely affect the Company's business, financial condition and results of operations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

The Company is dependent on information technology systems

The Company's operations depend, in part, upon information technology systems. The Company's information technology systems are subject to disruption, damage or failure from a number of sources, including, but not limited to, computer viruses, security breaches, natural disasters, power loss and defects in design. Although to date the Company has not experienced any material losses relating to information technology system disruptions, damage or failure, there can be no assurance that it will not incur such losses in future. Any of these and other events could result in information technology systems failures, operational delays, production downtimes, destruction or corruption of data, security breaches or other manipulation or improper use of the Company's systems and networks, any of which may result in a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

Fixed zinc pricing arrangements

The Company has entered into fixed zinc pricing arrangements in respect of a material amount of its forecasted zinc production. The use of these arrangements involves certain inherent risks including the risk of default on amounts owing to the Company by the counterparties with which the Company has entered into such transactions. In the event that such risks materialize, the Company's future cash flows, profitability, results of operations and financial condition could be materially and adversely affected.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

*Conflicts of interest*

 

Certain of the Company's directors also serve or may serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production or mining-related activities, including in other companies involved in the exploration, development and production of zinc. To the extent that such other companies may participate in ventures in which the Company may participate, or in ventures which the Company may seek to participate in, the Company's directors and officers may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In all cases where the Company's directors and officers have an interest in other companies, such other companies may also compete with the Company for the acquisition of mineral property investments. Such conflicts of the Company's directors and officers may result in a material and adverse effect on the Company's profitability, results of operation and financial condition. As a result of these conflicts of interest, the Company may miss the opportunity to participate in certain transactions, which may have a material adverse effect on the Company's financial position.

Risks inherent in acquisitions

The Company may actively pursue the acquisition of exploration, development and production assets consistent with its acquisition and growth strategy. From time to time, the Company may also acquire securities of or other interests in companies with respect to which it may enter into acquisitions or other transactions. Acquisition transactions involve inherent risks, including but not limited to:

● accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates;

● ability to achieve identified and anticipated operating and financial synergies;

● unanticipated costs;

● diversion of management's attention from existing business;

● potential loss of the Company's key employees or key employees of any business acquired;

● unanticipated changes in business, industry or general economic conditions that affect the assumptions underlying the acquisition; and

● decline in the value of acquired properties, companies or securities.

Any one or more of these factors or other risks could cause the Company not to realize the anticipated benefits of an acquisition of properties or companies, and could have a material adverse effect on its financial condition.

Labour and employment retention relations

Production at ESM's #4 mine will be dependent upon the ability of the Company to hire qualified employees and to maintain good relations with its employees. In addition, relations between the Company and its employees may be impacted by changes in the scheme of labour relations which may be introduced by the relevant governmental authorities in the United States. Adverse changes in such legislation or in the relationship between the Company and its employees or the ability to attract employees to ESM's #4 mine may have a negative impact on the Company's business, results of operations and financial condition.

 

Anti-corruption and bribery regulation, including the Canadian Extractive Sector Transparency Measures Act ("ESTMA") reporting

The Company is required to comply with anti-corruption and anti-bribery laws in Canada and the United States. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Although the Company has adopted a Code of Conduct that addresses these matters, no assurance can be given that the Company, or its employees, contractors or third-party agents will comply strictly with such laws. If the Company is the subject of an enforcement action or in violation of such laws, it may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on the Company's reputation and results of its operations.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

In addition, ESTMA requires public disclosure of payments to governments by mining and oil and gas companies engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more governments, and including aboriginal groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvement payments, and any other prescribed payment over C$100,000. Failure to report, false reporting or structuring payments to avoid reporting may result in fines of up to C$250,000 (which may be concurrent). The Company commenced reporting in 2017. If the Company finds itself subject to an enforcement action or in violation of ESTMA, this may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on its reputation.

Infrastructure

Mining, processing, development and exploration activities depend on the availability of adequate infrastructure. Reliable roads, bridges and power sources are important factors that affect capital and operating costs. Sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

Enforceability of judgments

Certain directors of the Company reside outside of Canada. As a result, holders of Common Shares may not be able to effect service of process within Canada to such directors, or to enforce Canadian court judgments obtained against such directors in jurisdictions outside of Canada, including those predicated upon the civil liability provisions of applicable Canadian securities laws. Furthermore, it may be difficult for the holders of Common Shares to enforce, in original actions brought in courts in jurisdictions outside of Canada, liabilities predicated upon Canadian securities laws.

*Global Outbreaks and Coronavirus* 

 

The Company's business could be significantly adversely affected by the effects of any widespread global outbreak of contagious disease. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downtown that could affect demand for the Company's products and likely impact operating results.

Russia-Ukraine Conflict

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets. As a result, the Company's business, financial condition, and results of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2021 NI 43-101 Technical Report (Amended) with an effective date of February 24, 2021, filed on SEDAR+ at www.sedarplus.ca.

For additional information related to the Kilbourne target, see the Company's news release titled, "Titan Mining Announces Significant Graphite Discovery at Empire State Mines in Upstate New York, USA" dated October 23, 2023.

**Non-GAAP performance measures** 

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

**C1 cash cost per payable pound sold** 

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

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

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

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** <br> **December 31,** | **Three months ended** <br> **December 31,** | **Three months ended** <br> **December 31,** | **Three months ended** <br> **December 31,** | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** | **Year ended**<br> **December 31,** |
| | **2023** | **2023** | **2022** | **2022** | **2023** | **2023** | **2022** | **2022** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | Total | Per pound | Total | Per <br>pound |
| Pounds of payable zinc sold (millions) |  | 13.9 |  | 13.0 |  | 62.0 |  | 51.1 |
| Operating expenses and selling costs | $11783 | $0.85 | $10259 | $0.78 | $46774 | $0.75 | $42752 | $0.83 |
| Concentrate smelting and refining costs | 4232 | 0.31 | 3639 | 0.28 | 18540 | 0.30 | 14045 | 0.28 |
| Total C1 cash cost | $16015 | $1.16 | $13898 | $1.06 | $65314 | $1.05 | $56797 | $1.11 |
| Sustaining Capital Expenditures | 86 | 0.01 | 229 | $.02 | 2029 | 0.03 | 2372 | 0.05 |
| AISC | $16101 | $1.17 | $14127 | $1.08 | $67343 | $1.08 | $59169 | $1.16 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
| | **Year ended<br> December 31, 2023** | **Year ended<br> December 31, 2022** |
| Sustaining capital expenditures | $2029 | $2372 |
| Expansionary capital expenditures | 618 | 2237 |
| Additions to mineral, properties, plant and equipment | $2647 | $4609 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **Year ended**<br> **December 31,**<br>**2023** | **Year ended<br> December 31,**<br>**2022** |
| Current portion of debt | $35779 | $176 |
| Non-current portion of debt | - | 29856 |
| Total debt | $35779 | $30032 |
| Less: Cash and cash equivalents | (5031) | (6720) |
| Net debt | $30748 | $23312 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
| | **Year ended**<br> **December 31,**<br>**2023** | **Year ended<br> December 31,**<br>**2022** |
| Net cash provided by operating activities | $419 | $15667 |
| Less: Capital expenditures | (2647) | (4309) |
| Free cash flow | $(2228) | $11358 |

---

## Exhibit 99.4

**Exhibit 99.4**

**Form 52-109F1**

**Certification of Annual Filings**

**Full Certificate**

 ****

I, **Donald Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual
financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference
in the AIF (together, the "annual filings") of **Titan Mining Corporation** (the "issuer") for the financial
year ended **December 31, 2023**.

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

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

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

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's
other certifying officer(s) and I have, as at the financial year end

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

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

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

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

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

5.2 N/A

5.3  ***N/A*** 

 ****

6.  ***Evaluation:*** The issuer's other certifying
officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated, or caused to be evaluated under our supervision,
the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions
about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated, or caused to be evaluated under our supervision,
the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our conclusions about the effectiveness of ICFR at the financial
year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A.

7.  ***Reporting changes in ICFR:*** The issuer has disclosed
in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2023** and
ended on **December 31, 2023** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.  ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation
of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud that involves
management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: **March 21, 2024** |
| */s/ Donald Taylor* |
| Donald Taylor |
| Chief Executive Officer |

---

## Exhibit 99.5

**Exhibit 99.5**

**Form 52-109F1**

**Certification of Annual Filings**

**Full Certificate**

 ****

I, **Michael McClelland,** Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual
financial statements and annual MD&A, including, for greater certainty, all documents and information that are incorporated by reference
in the AIF (together, the "annual filings") of **Titan Mining Corporation** (the "issuer") for the financial
year ended **December 31, 2023**.

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

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

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

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs
5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the financial year end

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

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

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

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

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

5.2 N/A

5.3  ***N/A*** 

6.  ***Evaluation:*** The issuer's other certifying
officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated, or caused to be evaluated under our supervision,
the effectiveness of the issuer's DC&P at the financial year end and the issuer has disclosed in its annual MD&A our conclusions
about the effectiveness of DC&P at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated, or caused to be evaluated under our supervision,
the effectiveness of the issuer's ICFR at the financial year end and the issuer has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our conclusions about the effectiveness of ICFR at the financial
year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A.

7.  ***Reporting changes in ICFR:*** The issuer has disclosed
in its annual MD&A any change in the issuer's ICFR that occurred during the period beginning on **October 1, 2023** and
ended on **December 31, 2023** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

8.  ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and I have disclosed, based on our most recent
evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit committee of the board of directors any fraud
that involves management or other employees who have a significant role in the issuer's ICFR.

---

| |
|:---|
| Date: **March 21, 2024** |
| */s/ Michael McClelland* |
| Michael McClelland<br> Chief Financial Officer |

---

## Exhibit 99.6

**Exhibit 99.6**

**Note: [01 Mar 2017]** – The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING***

***ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>PARIKH, Purni</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

<u>(s) PARIKH, Purni</u> <u>21 Mar 2024</u> <br> Name: PARIKH, Purni Date: <br> Title: SVP Corporate Affairs and Corporate Secretary

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Titan Mining Corporation / Titan Mining Corporation (000043356) |
| **End date of previous financial year:** | 31 Dec 2023 |
| **Type of Reporting Issuer:** | ☒ **Class 1 reporting issuer** ☐ **Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

**<u>Market value of listed or quoted equity securities:</u>**

---

| | | |
|:---|:---|:---|
| **Equity Symbol** | **Equity Symbol** | TI |
| **1st Specified Trading Period** (dd/mm/yy) | **1st Specified Trading Period** (dd/mm/yy) | 01/01/23 to 31/03/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.5700 (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 139335499.00 (ii) |
| Market value of class or series | (i) x (ii) | $79421234.43 (A) |
| **2nd Specified Trading Period** (dd/mm/yy) | **2nd Specified Trading Period** (dd/mm/yy) | 01/04/23 to 30/06/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.4100 (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (iv) |
| Market value of class or series | (iii) x (iv) | $55910305.59 (B) |
| **3rd Specified Trading Period** (dd/mm/yy) | **3rd Specified Trading Period** (dd/mm/yy) | 01/07/23 to 30/09/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.4100 (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (vi) |
| Market value of class or series | (v) x (vi) | $55910305.59 (C) |

---

---

| | | |
|:---|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | **4th Specified Trading Period** (dd/mm/yy) | 01/10/23 to 31/12/23 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.3400 (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (viii) |
| Market value of class or series | (vii) x (viii) | $46364643.66 (D) |
| **5th Specified Trading Period** (dd/mm/yy) | **5th Specified Trading Period** (dd/mm/yy) | N/A |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | N/A (x) |
| Market value of class or series | (ix) x (x) | $ N/A(E) |
| Average Market Value of Class or Series **(Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above))** | Average Market Value of Class or Series **(Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above))** | $59401622.32 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** |  |
| (Provide details of how value was determined) | $0.00(2) |
| **Capitalization for the previous financial year (1) + (2)** | $59401622.32 |
| **Participation Fee** | $3000.00 |
| **Late Fee,** if applicable | $N/A |
| **Total Fee Payable**(Participation Fee plus Late Fee) | $3000.00 |

---

## Exhibit 99.7

**Exhibit 99.7**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS –***

***PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>PARIKH, Purni</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

<u>(s) PARIKH, Purni</u> <u>21 Mar 2024</u> <br> Name: PARIKH, Purni Date: <br> Title: SVP Corporate Affairs and Corporate Secretary

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Titan Mining Corporation / Titan Mining Corporation (000043356) |
| **End date of previous financial year:** | 31 Dec 2023 |
| **Type of Reporting Issuer:** | **☒ Class 1 reporting issuer ☐ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted equity securities:</u>**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| **Equity Symbol** | TI |
| **1st Quarterly Trading Period** (dd/mm/yy) | 01/01/23 to 31/03/23 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.5700(i) |

---

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 139335499.00(ii) |
| Market value of class or series | (i) x (ii) | $79421234.43(A) |
| **2nd Quarterly Trading Period** (dd/mm/yy) | **2nd Quarterly Trading Period** (dd/mm/yy) | 01/04/23 to 30/06/23 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.4100(iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00(iv) |
| Market value of class or series | (iii) x (iv) | $55910305.59(B) |
| **3rd Quarterly Trading Period** (dd/mm/yy) | **3rd Quarterly Trading Period** (dd/mm/yy) | 01/07/23 to 30/09/23 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.4100(v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00(vi) |
| Market value of class or series | (v) x (vi) | $55910305.59(C) |
| **4th Quarterly Trading Period** (dd/mm/yy) | **4th Quarterly Trading Period** (dd/mm/yy) | 01/10/23 to 31/12/23 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.3400(vii) |

---

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00 (viii) |
| Market value of class or series | (vii) x (viii) | $46364643.66 (D) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $59401622.32 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:**<br> (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00 (2) |
| **Capitalization for the previous financial year (1) + (2)** | $59401622.32 |
| **Participation Fee** |  |
| <br> (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $6100.00 |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable<br> (As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable** | $6100.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.8

**Exhibit 99.8**

ANNUAL INFORMATION FORM

**For the Year Ended December 31, 2023**

Dated: March 21, 2024

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **PRELIMINARY NOTES** | **1** |
| **CORPORATE STRUCTURE** | **2** |
| **GENERAL DEVELOPMENT OF THE BUSINESS** | **3** |
| **DESCRIPTION OF The Business** | **6** |
| **RISK FACTORS** | **7** |
| **EMPIRE STATE MINE** | **19** |
| **Dividends** | **32** |
| **Capital Structure** | **33** |
| **MARKET FOR SECURITIES** | **33** |
| **DIRECTORS AND OFFICERS** | **34** |
| **Legal Proceedings and Regulatory Actions** | **37** |
| **Interest of Management and Others in Material Transactions** | **39** |
| **Transfer Agents and Registrars** | **39** |
| **Material Contracts** | **39** |
| **Interests of Experts** | **39** |
| **AUDIT COMMITTEE INFORMATION** | **40** |
| **Additional Information** | **41** |
| **SCHEDULE "A"** | **42** |

---

i

**PRELIMINARY NOTES**

This Annual Information Form ("**AIF**") takes into account information available up to and including December 31, 2023 unless otherwise indicated. Throughout this document the terms "**we**", "**us**", "**our**", the "**Company**" and "**Titan Mining**" refer to Titan Mining Corporation.

All financial information in this AIF is prepared in accordance with International Financial Reporting Standards ("**IFRS**"). Additional financial information may be found in the Company's audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2023.

**Currency**

All dollar amounts are expressed in US dollars unless otherwise indicated.

**Cautionary Note Regarding Forward-Looking Information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to the nature and extent of future exploration and testing at ESM; that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; that there is potential for significant resource expansion which is expected to support production growth; that other historic mines and new targets within the district will be a focus for Titan's exploration team; that other historic mines and new targets within the district will be a focus for Titan's exploration team with over 80,000 acres of mineral rights controlled through out the district; exploration plans generally and at the Kilbourne Target; timing and results of such exploration plans; ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine; that the Company continues to examine various financing options to bolster the Company's treasury; Mineral Resource and Mineral Reserve estimates; results from economic analyses on ESM; and production forecasts.

The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; assumptions as to mining dilution; assumptions as to closure costs and closure requirements; environmental risks; unanticipated reclamation expenses; unexpected variations in quantity of mineralized material, grade or recovery rates; geotechnical or hydrogeological considerations during mining being different from what was assumed; changes to assumptions as to salvage values; ability to maintain the social license to operate; changes to interest rates; changes to tax rates, including federal, state and county income and property tax rates; and the factors discussed in the section entitled "Risks Factors" in this document.

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 as a result of new information, future events or results or otherwise, except as required by applicable law.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Company was incorporated under the Business Corporations Act (British Columbia) on October 15, 2012. On November 10, 2016, the Company amended its articles of incorporation to change the name of the Company from "Triton Mining Corporation" to "Titan Mining Corporation". On June 13, 2017, the Company filed a notice of alteration to amend its authorized share capital by re-designating its Class A shares as Common Shares. A copy of the Company's Articles of Incorporation is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Titan Mining is listed on the Toronto Stock Exchange ("TSX") under the symbol TI.

At the date of this AIF the Company's head office is located at Suite 555 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1 and its the registered office is located at Suite 2900, 550 Burrard Street, Vancouver, BC V6C 0A3.

On November 10, 2016, the Company amended its articles of incorporation to change the name of the Company from "Triton Mining Corporation" to "Titan Mining Corporation".

On June 13, 2017, the Company filed a notice of alteration to amend its authorized share capital by re-designating its Class A shares as Common Shares.

**Intercorporate Relationships** 

The following chart identifies Titan Mining's subsidiaries (including jurisdiction of formation or incorporation of the various entities). Except for 1077615 US LLC, all subsidiaries are material subsidiaries.

**GENERAL DEVELOPMENT OF THE BUSINESS**

Titan Mining is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company's principal asset is its indirect ownership interest (as illustrated in the chart above) of Empire State Mines, LLC, which owns a group of high-grade zinc mines in St Lawrence County, New York. These past-producing operations include Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively referred to as "**ESM**" or the "**Empire State Mine**"), which had been on care and maintenance since 2008. The Company indirectly acquired ESM on December 30, 2016 as part of its acquisition of 100% of the issued and outstanding shares of Balmat Holdings Corp.

**Three Year History** 

Set out below is a summary of how the Company's business has developed over the last three completed financial years. In accordance with Form 51-102F2 *Annual Information Form*, the below summary includes only events, such as acquisitions or dispositions, or conditions that have influenced the general development of the business.

**Operations at the Empire State Mine**

On July 15, 2021, the Company provided an update on its surface exploration drilling program and the discovery of Little York which is a new zone of high-grade zinc mineralization between Mud Pond, currently an active mining area, and the historically mined Upper Fowler zone.

On May 25, 2022, the Company provided an update on the near mine drilling completed at ESM in New York State revealing significant mineralized extensions of the #2 Ore Body, which accounted for approximately half of the tons mined historically at ESM.

On September 6, 2022, the Company announced that ESM had received a permit from New York State Department of Environment and Conservation ("NYSDEC"), allowing it to begin mining activities on theTurnpike project.

On September 8, 2022, the Company announced that its common shares had been approved for trading on the OTCQB Venture Market.

On January 25, 2023, the Company announced that it planned to begin construction of the Turnpike project (formerly Sphaleros). On August 11, 2023, the Company announced work at Turnpike was temporarily suspended in order to preserve cash. The Company is committed to investing in Turnpike when zinc prices recover.

On January 31, 2023, the Company announced a discovery of near-mine proximity to the Company's New Fold and Mahler bodies.

On June 14 and September 14, 2023, the Company announced further updates to its exploration drilling, revealing both surface and underground drilling programs were successful in intercepting significant zinc mineralization.

On October 23, 2023, the Company announced the discovery of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on the permitted lands hosting Titan's currently operating Empire State Mine ("ESM") in upstate New York.

**Financings**

On January 18, 2021, following TSX approval, the Company extended the maturity dates of its credit facilities with each of the Bank of Nova Scotia and the Lender. The maturity date of the Company's senior secured revolving credit facility with a limit of $10,000,000 with the Bank of Nova Scotia was extended from April 3, 2021 to April 3, 2022. The maturity date of the Company's second ranking secured credit facility of $20,710,000 with the Lender was extended from November 30, 2021 to April 5, 2022.

In consideration of the extension of the Company's credit facility with a company owned by the Company's Executive Chairman (the "**Lender**"), the Company agreed to pay an extension/origination fee to the Lender in the amount of $71,492.

On January 10, 2022, following TSX approval, the Company extended the maturity dates of its credit facilities with each of the Bank of Nova Scotia and the Lender. The maturity date of the Company's senior secured revolving credit facility with a limit of $10,000,000 with the Bank of Nova Scotia was extended from April 3, 2022 to April 3, 2023. The maturity date of the Company's second ranking secured credit facility of $20,710,000 with the Lender was extended from April 5, 2022 to April 5, 2023.

In consideration of the extension of the Company's credit facility with the Lender, the Company paid an extension fee to the Lender in the amount of US$75,000.

On June 7, 2022, the Company announced the closing of the revolving credit facility with National Bank of Canada ("**National Bank**") for $40 million (the "**Credit Facility**"). In addition to the Credit Facility, National Bank provided the Company with an up to $15 million treasury line enabling additional access to funds for future zinc contract commitments. Titan used the proceeds to consolidate previous loans held with the Lender and the Bank of Nova Scotia.

On December 21, 2022, the Company extended the maturity date of its $40 million Credit Facility with National Bank of Canada. The maturity date of the Company's revolving credit facility has been extended from December 6, 2023, to December 6, 2024. Concurrently, the guarantee provided by the Company's Executive Chairman through the Lender was also extended to December 6, 2024.

On November 1, 2023, the Company entered into a promissory note with the Lender (the "**November 2023 Promissory Note**"). The November 2023 Promissory Note is in a principal amount of $5,000,000 plus an initiation fee of $350,000, bears interest at 10% compounded annually, and matures on May 1, 2025. The proceeds were used to repay part of the National Bank Credit Facility. In connection with the Promissory Note, the Company issued 6,000,000 warrants to the Lender. Each warrant entitles the Lender to acquire one common share of the Company at an exercise price of C$0.42 per share until November 1, 2028.

**Corporate**

On August 2, 2021, the Company announced that it had entered into a fixed zinc pricing arrangement with an affiliate of Glencore plc for approximately 50% of the Company's forecasted zinc production for the second half of 2021 at a price of $1.35 per pound of zinc.

On December 2, 2021, the Company announced that it had entered into a fixed zinc pricing arrangement with an affiliate of Glencore plc for 60% of the Company's budgeted zinc production for the first quarter of 2022 at a price of $1.4954 per pound of zinc.

On March 4, 2022, the Company announced that it had entered into a fixed zinc pricing arrangement with an affiliate of Glencore plc for 50% of the Company's budgeted zinc production for the second quarter of 2022 at a price of $1.76 per pound of zinc.

On September 6, 2022, Titan announced that it had entered into a fixed zinc pricing arrangement with National Bank for 50% of the Company's budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc.

On February 2, 2023, the Company announced that it had entered into a fixed zinc pricing arrangement with National Bank for approximately 30% of the Company's forecasted zinc production for the eleven-month period covering February 2023 to December 2023 at a price of $1.55 per pound of zinc.

**Mineral Ridge Option Agreement** 

On August 31, 2020, the Company announced the signing of an Option Agreement (the "**Mineral Ridge Agreement**") on the Mineral Ridge property located in Esmeralda County, Nevada (the "**Mineral Ridge Property**") owned by Scorpio Gold Corporation through its US affiliates.

On June 4, 2021, the Company terminated the Mineral Ridge Agreement after undertaking an extensive exploration program (67 holes totaling 46,182 feet of drilling testing the resource expansion potential of eight target areas) and an internal scoping level study, and concluding that the economic results did not meet Titan's requirements to advance the project.

**2024 Outlook**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district will be a focus for Titan's exploration team.

Mining and milling activities at ESM continued to increase during the past year with a record 61.0 million payable pounds of zinc produced. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine.

The Company will also be advancing the exploration of the Kilbourne (graphite) exploration program. Drilling under the Phase 1 program with a budgeted 14,000 ft (4,267 m) of drilling, of which a total of 5,200 ft (1,585 m) has been completed. The initial goal of 12,000 ft (3,658 m) of drilling for the Phase 1 program was expanded due to initial promising results. Results of surface drilling and trenching have identified a representative bulk sample that was collected in January and sent to the RDI laboratory in Wheat Ridge Colorado for metallurgical testing and concentrate production. The Kilbourne graphite target has near surface potential with a substantial portion of the target on fully permitted land.

In addition, the Company continues to examine various financing options to bolster the Company's treasury.

**DESCRIPTION OF The Business**

**General**

***Summary*** *-* The Company is engaged in the acquisition, exploration, development and extraction of natural mineral resources. The Company's only source of revenue is from sales of zinc concentrates produced at ESM in New York State. The Company did not recognize revenue on the sales of its zinc concentrates until it reached commercial production on January 1, 2020. Other than mark-to-market adjustments relating to provisional pricing adjustments on concentrate shipments, revenue realized during the pre-commercial operating period at ESM was recorded as a credit to mineral properties, plant and equipment. The zinc concentrates produced by the Company at ESM is 100% sold to Glencore Ltd. pursuant to an off-take agreement between the Company and Glencore Ltd. dated February 26, 2018.

***Production and Services -* ESM announced commercial production on January 1, 2020. The method of production at ESM's #4 mine consists of underground mining principally through long hole stoping, sub-level drift and pillar slashing, modified or stepped room and pillar, mechanized cut and fill and sub-level drives, access, and stope cross-cut development operations. Extracted ore is trucked to a conventional crushing, milling and processing plant.**

***Specialized Skill and Knowledge -* Various aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of permitting, geology, drilling, engineering, mine planning, mining, milling, metallurgy, logistical planning and implementation of exploration and production programs as well as financing and accounting. While competitive conditions exist in the industry, and challenges in hiring at the mine site exists consistent with the industry, the Company has been able to locate and retain employees and consultants with such skills and believes it will continue to be able to do so in the future.**

***Competitive Conditions*** - Competition in the mineral exploration and mining industry is intense. The Company competes with other mining companies, many of which have greater financial resources and technical facilities for the acquisition and development of, and production from, mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants and, to a lesser extent, for the supply of raw materials. The price of zinc is also a factor affecting the Company as it is determined by world markets over which the Company has no influence or control as further described below under 'Business Cycles'. Our competitive position is primarily determined by our costs compared to other producers throughout the world and our ability to maintain our financial integrity through metal price cycles. In addition, the mining industry is competitive, particularly in the acquisition of additional mineral reserves and resources in all phases of operation, and we compete with many companies possessing similar or greater financial and technical resources.

***Business Cycles*** - The mining business is subject to mineral price cycles and in the case of the Company, the price of zinc. The marketability of minerals and mineral concentrates (zinc) is also affected by worldwide economic cycles. The ultimate economic viability of ESM is primarily sensitive to the market price of zinc. Metal prices fluctuate widely and are affected by numerous factors such as global supply, demand, inflation, exchange rates, interest rates, forward selling by producers, central bank sales and purchases, production, global or regional political, economic or financial situations and other factors beyond the control of the Company.

***Economic Dependence*** - On February 26, 2018, the Company concluded an offtake agreement with Glencore Ltd. for 100% of the zinc concentrate from ESM's #4 mine. The long-term contract commenced on January 1, 2018 with first concentrate being delivered in March 2018.

 ****

 ****

***Environmental Protection* - The Company's exploration, development and production activities are subject to United States laws and regulations regarding the protection of the environment. If required, Titan will make expenditures to ensure compliance with applicable laws and regulations. New environmental laws and regulations, amendments to existing laws and regulations, or more stringent implementation or enforcement of existing laws and regulations could have a material adverse effect on the Company's business, cash flows, earnings, results of operations, financial condition and prospects, by potentially increasing capital and/or operating costs and/or delaying or preventing the exploration and/or development of mineral properties. The Company intends to control and mitigate the environmental impact from the exploration, development and production of its projects and their future operation. Reclamation plans approved by the NYSDEC are in place for ESM's #4 mine (formerly the Balmat No. 4 Mine) and the Balmat No. 2 shaft area (which is still in use as an alternate exit route and ventilation shaft for ESM's #4 mine) and are the ongoing responsibility of Empire State Mines LLC. ESM and mine tailings reclamation is guaranteed with a $1,662,870 certificate of deposit.**

***Employees*** – At December 31, 2023, the Company had 7 employees in its British Columbia office and 135 employees at ESM's #4 mine. As operations require, the Company also retains geologists, engineers, geophysicists and other consultants on a fee for service basis. Certain of the employees have responsibilities with other publicly traded companies and, as such, the Company pays a pro-rata portion of the costs of such employees based on their time spent working on the Company's business.

 

***Foreign Operations*** - Substantially all of the Company's long-term assets, primarily comprising its mineral properties, are located in St. Lawrence County, New York, USA. The Company also has an exploration project in New Mexico, USA.

***Social and Environmental Policies* - The Company has an Environmental, Health and Safety Policy. The focus of the policy is concern for the environment and the health and safety of individuals and the communities in which it operates. The Company endeavors to provide and maintain safe and healthy working conditions to safeguard its employees and the communities in which it operates. In doing so, the Company considers compliance with the regulatory standards as a minimum.** 

**RISK FACTORS**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2023 Annual Financial Statements. The following are additional risk factors which the Company's management believes are most important in the context of the Company's business. It should be noted that this list is not fully comprehensive and that other risk factors may apply.

**The Company has a limited operating history**

The Company has a limited operating history upon which an evaluation of the Company, its current business and its prospects can be based. Further, its sole production mineral property, ESM's #4 mine, was on care and maintenance since 2008 until recommencing operations in 2017. If the Company is unable to generate significant revenues from ESM's #4 mine, it will not be able to earn profits or continue operations. There can be no assurance that the Company will be successful in ever achieving profitable operations. The Company has a limited operating history from which its business and prospects can be evaluated, and forecasts of any potential growth of the business of the Company are difficult to evaluate. The Company's prospects must be considered in light of the risks, expenses and difficulties frequently encountered by single asset companies in the early stages of development, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues.

**Dependence on ESM's #4 mine**

The only mineral producing property the Company has is the ESM #4 mine. Because ESM's #4 mine has a limited life based on mineral resource estimates, now that the Company has re-commenced production at ESM's #4 mine, the Company will be required to replace and expand its mineral resources. In the absence of additional producing mineral projects, the Company will be solely dependent upon ESM's #4 mine for its revenue and profits, if any, and the Company's ability to maintain or increase its annual production will be dependent in significant part on its ability to expand its mineral resource base at ESM's #4 mine and increase throughput at ESM's #4 mine mill above its initially targeted rate.

**There may be requirements for additional capital in the future**

Any future mining, production, processing, development and exploration by the Company may require substantial additional financing, including capital for the continuation or expansion of mining operations at ESM's #4 mine. Failure to obtain sufficient financing may result in delaying or indefinite postponement of the Company's business plans. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. This uncertainty casts doubt about the Company's ability to continue as a going concern.

***Financial leverage and restrictive covenants may restrict our current and future operations***

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The Company and its subsidiaries have agreed to various restrictive covenants with its lenders under its existing loan arrangements, including to maintain certain interest coverage and total leverage ratios, make payments of interest and principal when due, to conduct its operations subject to certain restrictions and to comply with restrictions governing current and future indebtedness.

These restrictions prohibit or limit the Company's and its subsidiaries' ability to, among other things, incur additional debt, provide guarantees for indebtedness, create liens, dispose of assets, liquidate, dissolve, wind up, or assign or surrender a material contract. These restrictions may restrict the Company's ability to refinance its existing indebtedness. If the Company defaults in respect of its obligations under its loan arrangements, including without limitation servicing existing indebtedness, or if it is unable to refinance any such indebtedness, its lenders may be entitled to demand repayment and enforce their security against certain assets.

If there is any event of default under its existing loan arrangements, the principal amount owing, plus accrued and unpaid interest, may be declared immediately due and payable. If such an event occurs, or if any extended default under such agreements is ongoing, it could have a material negative impact on the Company financially.

In addition, the degree to which the Company and its subsidiaries are leveraged could have important consequences to shareholders, including: (i) the Company's ability to obtain additional financing for working capital, capital expenditures, acquisitions or other project developments in the future may be limited; (ii) a significant portion of the Company's cash flows from operations may be dedicated to the payment of the principal and interest on their indebtedness, thereby reducing funds available for future operations and flexibility to take advantage of business opportunities; (iii) the Company may be unable to refinance its existing indebtedness on terms favourable to the Company, if at all, and the consequences arising therefrom; and (iv) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures. The inability to meet these debt covenants or obtain lenders' consent to carry out restricted activities could materially and adversely affect the business and results of operations of the Company.

At June 30, 2023, Titan was in breach of certain financial covenants under its Credit Facility. Titan obtained a waiver from National Bank on covenants for the period of June 30, 2023, to December 31, 2023. This waiver was subsequently extended to March 29, 2024. Based on its current forecast, the Company is likely to remain in breach of its covenants as at such date. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, obtaining a further waiver from National Bank, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**Fluctuations in demand for, and prices of, zinc**

As the Company's sole source of revenue is the sale of zinc in separated and/or mixed form, changes in demand for, and the market price of, zinc are expected to have a significant effect on the Company's revenues and results of operations. The value and price of the Common Shares and the Company's financial results may be significantly adversely affected by declines in the prices of zinc. The price of zinc is influenced by many factors beyond the control of the Company. The level of interest rates, the rate of inflation, global and regional consumption patterns, the world supply of and demand for zinc, including zinc's intermediate and end product uses, market behaviour of current supply sources for zinc and the variation in exchange rates can all cause significant fluctuations in prices of zinc. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. The effect of these factors cannot be accurately predicted. The price of zinc and mineral commodities more generally has fluctuated widely in the past decade and future declines in the price of zinc received could cause commercial production to become uneconomic, thereby having a material adverse effect on the Company's business and financial condition and the value and price of the Common Shares. ESM's #4 mine was closed and placed on care and maintenance in the fall of 2008 in the face of a general economic turndown and resulting fall in zinc prices. The Company's results of operations will also be heavily dependent on the costs of consumables, particularly fuel, energy, chemical reagents and other products which may be required to be used in future exploration, development, mining and treatment operations.

A prolonged or significant economic contraction worldwide could put further downward pressure on market prices of zinc. Protracted periods of low prices for zinc could significantly reduce revenues and the availability of required development funds in the future. This could impair asset values and reduce the Company's mineral resources.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to supply and demand of zinc and ultimately to the broader markets. Strong prices for zinc may create economic pressure to identify or create alternate technologies using substitutes for zinc that ultimately could depress future long-term demand for zinc, and at the same time may incentivize development of otherwise marginal mining properties that would compete with the Company.

**Ramping up mining operations**

As Titan continues to ramp up commercial production, several risks remain for the Company, including: **(**i) Titan may encounter unforeseen obstacles or costs in operating the mine, some of which may be material and could cause Titan's estimates of time and costs to ramp up production to be significantly understated, (ii) certain lower levels of the mine are considered unsafe, (iii) some equipment may be more unreliable as operations ramp-up, and (iv) production rates and ore grades may not be as predicted. Any of these factors may adversely affect Titan's ability to ramp up commercial production and could place Titan in a position where it has insufficient cash resources to continue mining operations, or which could result in mining operations being uneconomic.

***Limited Supplies, Supply Chain Disruptions, and Inflation***

Our operations require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with government restrictions or regulations which delay importation of necessary items. COVID-19 has had a significant impact on global supply chains, which has impacted our ability to source supplies required for our operations and has increased the costs of those supplies. Global supply chains have been further strained by the current conflict between Russia and the Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

***Construction at Turnpike (formerly Sphaleros)***

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On January 25, 2023, the Company announced that it would begin construction of the Turnpike project. On August 11, 2023, the Company announced work at Turnpike was temporarily suspended in order to preserve cash. The Company is committed to investing in Turnpike when zinc prices recover. The production decision for the Turnpike project was not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production could have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the Company's cash flow and future profitability. No mining study has been completed in respect of the economic feasibility of the Turnpike project. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the economic and technical viability of the Turnpike project will be realized.

**The Company's current production projections and cost estimates for ESM's #4 mine may prove to be inaccurate**

A reduction in the amount of, or a change in the timing of, the zinc production as compared to the Company's current projections for ESM's #4 mine may have a material adverse impact on the Company's anticipated future cash flows. The actual effect of such a reduction of the Company's cash flow from operations would depend on the quantity and timing of any such changes in production and on actual prices and costs. A change in the timing of these projected cash flows due to production shortfalls or labour disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels or fund capital expenditures. This could result in the Company being required to raise additional equity capital or incur additional indebtedness to finance capital expenditures in the future.

The level of production and capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are subject to considerable uncertainties. Actual results of operations at ESM's #4 mine are likely to differ from the Company's current estimates, and these differences may be significant. Moreover, experience from actual mining or processing operations may identify new or unexpected conditions that could decrease production below, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favourable than the Company currently estimates, the Company's business, results from operations, financial condition and liquidity could be materially adversely affected.

**Profitability of the Company**

There can be no assurance that the Company's business and strategy will enable it to become profitable or sustain profitability in future periods. The Company's future operating results will depend on various factors, many of which are beyond the Company's direct control, including the Company's ability to develop its mining projects and commercialize its mineral resources, its ability to control its costs, the demand and price for zinc and general economic conditions. If the Company is unable to generate profits in the future, the market price of the Common Shares could decline.

**Mining is inherently risky and subject to conditions or events beyond the Company's control**

The development and operation of a mine or mine property is inherently dangerous and involves many risks that the Company may not be able to overcome, including:

● unusual or unexpected geological formations;

● metallurgical and other processing problems;

● metal losses;

● environmental hazards;

● power outages;

● labour disruptions;

● industrial accidents;

● periodic interruptions due to inclement or hazardous weather conditions;

● flooding, explosions, fire, rockfalls, rockbursts, cave-ins and landslides;

● ground or soil conditions including seismic activity;

● mechanical equipment and facility performance problems;

● poor ventilation in all or part of ESM; and

● the availability of materials and equipment.

These risks could result in damage to, or destruction of, mineral properties, production facilities or other properties, personal injury or death, including to the Company's employees, environmental damage, delays in mining, increased production costs, asset write downs, monetary losses and legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums, or at all, or it may choose not to insure against these risks. Insurance against certain environmental risks, including potential liability for pollution and other hazards as a result of the disposal of waste products occurring from production, is not generally available to companies in the mining industry. The Company may suffer a material adverse effect on its business if the Company incurs losses related to any significant events that are not covered by the Company's insurance policies.

 

**Mineral resource calculations are only estimates based on interpretation and assumptions**

Any figures presented for mineral resources will only be estimates. There is a degree of uncertainty attributable to the calculation of mineral resources. Until mineralized material is actually mined and processed, the quantity of metal and grades must be considered as estimates only and no assurances can be given that the indicated levels of metals will be recovered. In making determinations about whether to advance any of its projects to development, the Company must rely upon such estimated calculations as to the mineral resources and grades of mineralization on its properties.

The estimation of mineral resources is a subjective process that relies on the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, analysis of drilling results and industry practices. Estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate.

Estimated mineral resources may have to be recalculated based on changes in mineral prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates or other important factors that influence mineral resource estimates. The extent to which mineral resources may ultimately be reclassified as mineral reserves is dependent upon the demonstration of their profitable recovery. Any material changes in mineral resource estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. The Company cannot provide assurance that mineralization can be mined and processed profitably.

The Company's mineral resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market price for zinc may render portions of the Company's mineralization uneconomic and result in a reduction in reported mineral resources, which in turn could have a material adverse effect on the Company's results of operations, financial condition or the market price of the Common Shares. The Company cannot provide assurance that mineral recovery rates achieved in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale. In addition, if the Company's projects produce concentrate for which there is no market, this may have an impact on the economic model for ESM.

**Production based on mineral resources**

The Company based its production decision on the results of a preliminary economic assessment and not on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that would be analysed in more detail in a feasibility study, such as applying deeper economic analysis to mineral reserves and mineral resources, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

 

**Uncertainty exists related to inferred mineral resources**

There is a risk that inferred mineral resources referred to in the ESM Technical Report cannot be converted into measured or indicated mineral resources as there may be limited ability to assess geological continuity. Due to the uncertainty related to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to mineral resources with sufficient geological continuity to constitute mineral reserves as a result of continued exploration and economic evaluation.

**Title**

There is no guarantee that the Company's title to its properties will not be challenged or impugned. The Company's claims may be subject to prior unregistered agreements or transfers and title may be affected by unidentified or unknown defects. If title to the Company's properties is disputed, it may result in the Company paying substantial costs to settle the dispute or clear title and could result in the loss of the property, which events may affect the economic viability of the Company.

**The Company may experience difficulty attracting and retaining qualified management and employees to sustain and grow its business**

The Company is dependent on the services of key executives and its skilled employees to advance its corporate objectives and to identify new opportunities for growth and funding. The loss of any executive of the Company and the Company's inability to attract and retain a suitable replacement, or additional highly skilled employees required for the Company's activities, would have a material adverse effect on the Company's business and financial condition.

**Competition**

The Company competes with other mining companies, many of which are better capitalized, have greater financial resources, operational experience and technical capabilities or are further advanced in their development or are significantly larger and have access to mineral reserves, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel. If the Company requires and is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company will not be able to grow at the rate it desires, or at all.

**Significant governmental regulations**

The Company's mining activities are subject to extensive federal, state and local laws, regulations and policies governing various matters, including:

● environmental protection, including regulations with respect to processing concentrates;

● the management and use of toxic substances and explosives;

● the management of natural resources and land;

● the exploration of mineral properties;

● exports;

● price controls;

● taxation and mining royalties;

● labour standards and occupational health and safety, including mine safety; and

● historic and cultural preservation.

Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in significant expenditures. The Company may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause the Company to incur additional expenses or capital expenditure restrictions, or suspensions of the Company's activities and delays in the exploration and development of its properties.

**Market events and general economic conditions**

Adverse events in global financial markets can have profound impacts on the global economy. Many industries, including the zinc mining industry, are affected by these market conditions. Some of the key effects of the financial market turmoil experienced over the past decade include contraction in credit markets resulting in a spread of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's growth and profitability, financial liabilities and results of operations.

**Environmental laws and regulations (including in respect of climate change)**

All of the Company's exploration, development and production activities are subject to regulation by governmental agencies under various environmental laws. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, reclamation of lands disturbed by mining operations and climate change. Environmental legislation is evolving, and the general trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on the Company's behalf and may cause material changes or delays in the Company's intended activities. Future changes in these laws or regulations could have a significant adverse impact on some portion of the Company's business, requiring the Company to re-evaluate those activities at that time. Non-compliance thereof may result in significant penalties, fines and/or sanctions imposed on the Company by the relevant environmental regulatory authority resulting in a material adverse effect on the Company's reputation and results of its operations.

**Threat of legal proceedings**

Due to the nature of its business, the Company may be subject to numerous regulatory investigations, civil claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. The Company's efforts to respond to the legal proceedings could result in a diversion of management time and attention from revenue-generating activities. There can be no assurances that these matters will not have a material adverse effect on the Company's business. See "*Title*", above and *"Legal Proceedings*".

 

**Rights, concessions and permits**

The Company's current and anticipated future operations, including further exploration, development and production on its mineral properties, including ESM's #4 mine, require concessions and permits from various governmental authorities.

Obtaining or renewing governmental concessions and permits is a complex and time-consuming process. The duration and success of efforts to obtain and renew permits are contingent upon many variables not within the Company's control. The Company cannot provide assurance that all rights, concessions and permits that it requires for its operations will be obtainable or renewable on reasonable terms, or at all. Delays or a failure to obtain or renew such required concessions and permits, or the expiry, revocation or failure to comply with the terms of any such concessions and permits that the Company has obtained, would adversely affect the Company's business.

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***Social and environmental activism can have a negative effect on exploration, development and mining activities***

There is an increasing level of public concern relating to the effects of mining on the natural landscape, on communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations ("**NGOs**") who oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. Local communities in St. Lawrence County, NGOs or local community organizations could direct adverse publicity and/or disrupt the operations of the Company in respect of ESM or another of the Company's properties, regardless of its successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company's operations specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

**Land reclamation requirements for the Company's properties may be burdensome**

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies in order to minimize long term effects of land disturbance. Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents; and

● reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on the Company in connection with exploration, development and production activities, the Company must allocate financial resources that might otherwise be spent on exploration and contemplated development programs. If the Company is required to carry out unanticipated reclamation work or provide security for further reclamation work, the Company's financial position could be adversely affected.

**Tailings management facility and environmental reclamation**

The embankment for the tailings management facility ("**TMF**") at ESM's #4 mine will need to be raised to fully contain the estimated tonnage for ESM's#4 mine as set out in the current mine plan. The Company is not certain how the native surface of the TMF was prepared, what design features were included, what sub-surface conditions existed prior to construction or the material properties of the fill used for construction. If the Company is unable to complete the embankment raise at the TMF, or if the TMF were to subsequently breach, the Company would be required to delay or cease operations at ESM's #4 mine for a significant period of time. This may also necessitate extensive response and rehabilitation activities. The Company may not receive approvals and consents necessary to proceed with the remaining rehabilitation plans in a timely manner. The Company cannot anticipate the timing and amount of the costs and the liabilities relating to any such TMF failure, or whether such failure would result in the Company being subject to regulatory charges or claims, fines and penalties or the potential quantum thereof.

**Insurance**

ESM's #4 mine is subject to numerous risks and hazards. Such risks could result in personal injury, environmental damage, damage to and destruction of the facilities, delays in production and liability. For some of these risks, the Company maintains insurance to protect against these losses at levels consistent with industry practice. However, the Company may choose not to insure certain risks or may not be able to maintain current or desired levels of insurance coverage, particularly if there is a significant increase in the cost of premiums. The Company's current policies may not cover all losses and the Company currently does not have specific coverage for environmental risk. Moreover, in the event that the Company is unable to fully pay for the cost of remedying damages, particularly environmental problems, the Company might be required to suspend or significantly curtail its activities or enter into other interim compliance measures.

**Health & safety**

Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities due to accidents that could result in serious injury or death. The impact of such accidents could affect the profitability of the operations, cause an interruption to operations, lead to a loss of licenses, affect the reputation of the Company and its ability to obtain further licenses, damage community relations and reduce the perceived appeal of the Company as an employer.

There is no assurance that the Company has been or will at all times be in full compliance with all laws and regulations or hold, and be in full compliance with, all required health and safety permits. The potential costs and delays associated with compliance with such laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a project, and any non-compliance therewith may adversely affect the Company's business, financial condition and results of operations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

**The Company is dependent on information technology systems**

The Company's operations depend, in part, upon information technology systems. The Company's information technology systems are subject to disruption, damage or failure from a number of sources, including, but not limited to, computer viruses, security breaches, natural disasters, power loss and defects in design. Although to date the Company has not experienced any material losses relating to information technology system disruptions, damage or failure, there can be no assurance that it will not incur such losses in future. Any of these and other events could result in information technology systems failures, operational delays, production downtimes, destruction or corruption of data, security breaches or other manipulation or improper use of the Company's systems and networks, any of which may result in a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

**Fixed Zinc Pricing Arrangements**

The Company has entered into fixed zinc pricing arrangements in respect of a material amount of its forecasted zinc production. The use of these arrangements involves certain inherent risks including the risk of default on amounts owing to the Company by the counterparties with which the Company has entered into such transactions. In the event that such risks materialize, the Company's future cash flows, profitability, results of operations and financial condition could be materially and adversely affected.

**Conflicts of interest**

Certain of the Company's directors also serve or may serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production or mining-related activities, including in other companies involved in the exploration, development and production of zinc. To the extent that such other companies may participate in ventures in which the Company may participate, or in ventures which the Company may seek to participate in, the Company's directors and officers may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In all cases where the Company's directors and officers have an interest in other companies, such other companies may also compete with the Company for the acquisition of mineral property investments. Such conflicts of the Company's directors and officers may result in a material and adverse effect on the Company's profitability, results of operation and financial condition. As a result of these conflicts of interest, the Company may miss the opportunity to participate in certain transactions, which may have a material adverse effect on the Company's financial position.

**Risks inherent in acquisitions**

The Company may actively pursue the acquisition of exploration, development and production assets consistent with its acquisition and growth strategy. From time to time, the Company may also acquire securities of or other interests in companies with respect to which it may enter into acquisitions or other transactions. Acquisition transactions involve inherent risks, including but not limited to:

● accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates;

● ability to achieve identified and anticipated operating and financial synergies;

● unanticipated costs;

● diversion of management's attention from existing business;

● potential loss of the Company's key employees or key employees of any business acquired;

● unanticipated changes in business, industry or general economic conditions that affect the assumptions underlying the acquisition; and

● decline in the value of acquired properties, companies or securities.

Any one or more of these factors or other risks could cause the Company not to realize the anticipated benefits of an acquisition of properties or companies, and could have a material adverse effect on its financial condition.

**Labour and employment retention relations**

Production at ESM's #4 mine will be dependent upon the ability of the Company to hire qualified employees and to maintain good relations with its employees. In addition, relations between the Company and its employees may be impacted by changes in the scheme of labour relations which may be introduced by the relevant governmental authorities in the United States. Adverse changes in such legislation or in the relationship between the Company and its employees or the ability to attract employees to ESM's #4 mine may have a negative impact on the Company's business, results of operations and financial condition.

 

**Anti-corruption and bribery regulation, including the Canadian Extractive Sector Transparency Measures Act ("ESTMA") reporting**

The Company is required to comply with anti-corruption and anti-bribery laws in Canada and the United States. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Although the Company has adopted a Code of Conduct that addresses these matters, no assurance can be given that the Company, or its employees, contractors or third-party agents will comply strictly with such laws. If the Company is the subject of an enforcement action or in violation of such laws, it may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on the Company's reputation and results of its operations.

In addition, ESTMA requires public disclosure of payments to governments by mining and oil and gas companies engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more governments, and including aboriginal groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvement payments, and any other prescribed payment over C$100,000. Failure to report, false reporting or structuring payments to avoid reporting may result in fines of up to C$250,000 (which may be concurrent). The Company commenced reporting in 2017. If the Company finds itself subject to an enforcement action or in violation of ESTMA, this may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on its reputation.

**Infrastructure**

Mining, processing, development and exploration activities depend on the availability of adequate infrastructure. Reliable roads, bridges and power sources are important factors that affect capital and operating costs. Sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

**Enforceability of judgments**

Certain directors of the Company reside outside of Canada. As a result, holders of Common Shares may not be able to effect service of process within Canada to such directors, or to enforce Canadian court judgments obtained against such directors in jurisdictions outside of Canada, including those predicated upon the civil liability provisions of applicable Canadian securities laws. Furthermore, it may be difficult for the holders of Common Shares to enforce, in original actions brought in courts in jurisdictions outside of Canada, liabilities predicated upon Canadian securities laws.

**Global outbreaks and Coronavirus**

The Company's business could be significantly adversely affected by the effects of any widespread global outbreak of contagious disease. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downtown that could affect demand for the Company's products and likely impact operating results.

***Russia-Ukraine conflict***

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In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets. As a result, the Company's business, financial condition, and results of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action.

**EMPIRE STATE MINE**

The following information on ESM is the Summary exactly as included in and extracted from the Technical Report titled "Empire State Mines 2021 NI 43-101 Technical Report (Amended)" with an effective date of February 24, 2021 (the "**ESM Technical Report**"). The ESM Technical Report is incorporated by reference herein and available on the Company's profile on SEDAR+.

1.1 Introduction

AMC Mining Consultants (Canada) Ltd. (AMC) was engaged by Titan Mining Corporation (Titan) to update the previous National Instrument 43-101 (NI 43-101) Technical Report for the Empire State Mine (ESM) operation. The previous Technical Report was titled "Empire State Mines 2021 NI 43-101 Technical Report for Titan Mining Corporation" with an effective date of 4 February 2021 and was filed on 24 March 2021. That report summarized the results of a 2021 Preliminary Economic Assessment (2021 PEA) study and was prepared following the guidelines of NI 43-101.

This Technical Report amends certain tables in Sections 1 and 14 where previously there was an incorrect computation of contained metal. This computation did not affect any other tables, calculations, or any outcomes in the PEA, or in the Technical Report.

ESM or the Property, is an underground zinc mine near the town of Gouverneur, New York State. It is located approximately 1.3 miles (mi) south-west of Fowler, in St. Lawrence County. Titan owns a total of 2,699 acres of fee simple surface and mineral rights in three towns in St. Lawrence County. The majority of the property consists of the 1,754 acres in the town of Fowler where the ESM, mill and tailings disposal facility are located. Nine parcels totalling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine which is located on four owned parcels totalling 242 acres. Titan holds 100% ownership.

The key difference between this Technical Report (2021 PEA) and the PEA completed in 2018 (2018 PEA) is the consideration of near surface Mineral Resources to be extracted by open pit mining. The 2021 PEA considers the economic impact of both underground and open pit mining to be processed through the existing process plant. Some adjustments are planned to include a lead concentrate circuit to treat lead mineralization from the proposed open pits.

All currency in this report is United States dollars (US$), unless stated otherwise. Imperial and metric units are used and defined as required.

Throughout this report, words such as orebody, ore shaft and fine ore bins have been used; these refer to standard terms and do not imply the confirmed presence of Mineral Reserves.

1.2 Project description

The mine is fully developed with shaft access and mobile equipment on-site. Existing surface facilities at the mine include a maintenance shop, offices, mine dry, primary crusher, mine ventilation fans, 12,000-ton (t) covered concentrate storage building, rail siding, warehouse, and storage buildings. The mine and its facilities were maintained to good standards during the period of care and maintenance.

Mineralization is hosted within an Upper Marble rock unit, comprised of metamorphosed and complexly folded (silicified) marbles. The mineralization is located primarily in hinges of large fold structures.

The mine utilizes a combination of selective longhole stoping, modified or stepped room and pillar and mechanized Cut and Fill as mining methods. An underground crusher is in place and is capable of feeding a surface flotation concentrator with name plate capacity of 5,000 tons per day (t/d). The proposed mine plan is expected to reach an initial target production rate of 1,400 t/d for 2021 and ramp up to 1,800 t/d in 2022 for the combined open pit and underground mines. The overall mine life is projected to be seven years with open pit mining completed in year three.

Tailings are being placed in the existing permitted 260-acre conventional impoundment. The Tailings Management Facility (TMF) is categorized as a low-risk dam by the New York State Bureau of Flood Protection and Dam Safety.

The ultimate capacity of the 260-acre footprint has been estimated at 20 million tons (Mt), with immediate capacity of 2.7 Mt, before further embankment construction will be needed. Tailing and waste rock materials at the TMF are non-acid generating due to the high carbonate content of the host rocks. Volunteer vegetation is evident and continues to naturally revegetate inactive areas of the TMF.

1.3 Location, access, and ownership

ESM is located approximately 1.3 mi south-west of Fowler, New York State, in St. Lawrence County. SLZ owns a total of 2,699 acres of fee simple surface and mineral rights in three towns in St. Lawrence County. The majority of the property consists of the 1,754 acres in the town of Fowler where the ESM, mill and tailings disposal facility are located. Nine parcels totalling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine which is located on four owned parcels totalling 242 acres.

1.4 History, exploration, and drilling

The Balmat-Edwards district consists of four mines. Edwards produced from 1915 to 1980, Balmat from 1930 to 2008, Pierrepont from 1982 to 2001, and Hyatt from 1974 to 1998 on an intermittent basis. The Balmat mine operated continuously from 1930 to 2001 when production ceased due to depressed zinc metal prices. Production resumed in 2006 until Hudbay placed the Balmat mine on care and maintenance in the third quarter of 2008 in response to depressed metal prices. Since that time all typical care and maintenance tasks have been performed.

Cabo was contracted to drill underground in 2018 to 2019 and Boart Longyear was contracted for all surface programs in 2018 to 2020. Prior to ESM's 2018 to 2020 surface and underground drill programs, the drillhole database contained 4,342 drillholes completed at various times in the project's history within the Balmat area. ESM has subsequently added 4,050 historic drillholes to the database through the digitization of original log scans. Drilling during 2018 to 2020 consisted of both surface and underground holes. A total of 128 surface holes and 110 underground holes were drilled in the #2 and #4 Mines as well as near the historic No. 1 and No. 2 shafts, with an aggregate total of 194,755 feet (ft).

The Balmat mine (now ESM) has produced a total of 33.8M tons grading 8.6% zinc. A history of mine ownership is listed in Table 1.1.

**Table 1.1 Balmat (now ESM) ownership history**

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| | |
|:---|:---|
| **Date** | **Company** |
| 1930 | St. Joe Minerals |
| 1987 | Zinc Corporation of America |
| 2003 | OntZinc (renamed Hudbay Minerals in December 2004) |
| 2015 | Star Mountain Resources Inc. |
| **2017** | **Titan Mining (US) Corporation** |

---

Source: SLZ 2018.

1.5 Geology and mineralization

ESM is comprised of multiple deposits in and around Fowler, NY. There are ten deposits currently considered as viable economic targets; American, Cal Marble, Davis, Fowler, Mahler, Mud Pond, N2D, Northeast Fowler, New Fold, and Sylvia Lake. Historic mining at these locations has provided a good geological understanding of each, with supporting mapping, sampling, and drilling data.

This Mineral Resource report has been created through a collaboration between ESM and SRK and has been prepared under the Canadian NI 43-101 guidelines. A comprehensive re-modelling effort was undertaken by ESM in 2018 using Leapfrog Geo for all geological models. Mining and grade control experience by ESM geologists have supported that the implicit modelling of the mineralized zones as veins in Leapfrog Geo, results in more accurate geological wireframes.

The 2017 Mineral Resources were in seven mineralized zones between 1,400 ft and 5,500 ft below surface in the #4 Mine; these zones are known as: Mud Pond, Mahler, New Fold, NE Fowler, Davis, Sylvia Lake, and Cal Marble. The zones are aerially scattered and all zones except NE Fowler and Cal Marble are connected by existing development to the shaft. The zones are up to 50 ft thick, but average 8 ft and dip between 20° and 35°, with local variations from 10° to 90°. The elongated mineralized zones are up to 500 ft wide and in the order of 6,000 ft long. The mineralized zones while generally continuous, display considerable geometrical variability. For 2018, follow-up work focused upon the remnant and / or unmined portions in the #2 Mine and #3 Mine areas.

The Balmat-Edwards district deposits are similar to Mississippi Valley-type resources that were deposited in flat lying limestones and subsequently metamorphosed and folded. The mineralized zones are elongated parallel to ancient shorelines and were deposited in porous host rocks. Historical mining and diamond drilling have shown that the geometry and continuity of the mineralized zones is consistent.

1.6 Metallurgical testing and mineral processing

A test program was undertaken in 2005 to confirm the processing requirements of selected mineralized material zones from the ESM mine. These mineralized material zones were selected based on projected tonnage, mineralized material type, and sample availability. The results were used to confirm concentrate grades and recoveries for the re-start of operations in 2005.

Flotation tests were completed under the guidance of Fred Vargas, the metallurgical consultant who developed the pHLOTEC flotation process in use at ESM since 1984.

The 2005 metallurgical test results, and operational results from 2006 to 2008, support a zinc recovery of 96% and a zinc concentrate grade of 58% for the underground operations.

ESM recently discovered two new zones of near-surface mineralization near the existing operation. Metallurgical test work was undertaken on the samples from the new zones to determine the process flowsheet for treating them to produce both lead / silver and zinc concentrates.

The primary objective of the test work undertaken at Resource Development Inc. (RDi) in 2020 was to determine if the ores from the Turnpike and Hoist House prospects can be processed in the existing circuit with minor modifications to produce both lead and zinc concentrates.

Approximately 121 pounds (lbs) or 55 kgs of each sample, some half core samples and existing mill feed samples were sent to RDi for metallurgical test work which consisted of Bond's Mill Work Index and abrasion index determination and flotation test work. Reagents, currently employed in the milling circuit at the mine, were also sent for the study.

The conclusions drawn based on the scoping level study undertaken by RDi were that the recently discovered prospects could be processed using sequential flotation process to produce separate lead and zinc concentrate. Mineralization form Turnpike and Hoist House prospects are slightly harder than the current ore being processed in the plant. The lead recovery and concentrate grade are dependent on the feed grade of the ore. The higher the feed grade, the higher the final concentrate recovery and grade.

Due to the low feed lead grade, one would require a large amount of mineralization to run a locked-cycle test. Since limited ore was available, the optimization can be done once new flotation cells for the lead circuit are incorporated into the flowsheet.

1.7 Mineral Resource estimates

Drillhole database

The drillhole database was provided to SRK through the current Vulcan projects for each zone. Assays and associated composites were extracted from drillholes that were used in estimation, of which there were 1,622 in total.

The complete database for ESM consists of 8,678 surface or UG core holes. There are 68 sets of channel samples, 1,728 surface core holes, 6,872 UG core holes, and 10 core holes identified as other (including monitoring wells). Smaller subsets of this database were used for geologic modelling and / or estimation on a lithological unit basis. Each lithological group was modelled separately in isolated geological and estimation projects.

Geologic model

The ten deposit zones were defined and modelled by ESM geologists. Each one is comprised of multiple veins designating variably oriented and spatially-distinct mineralized zones which were modelled using combinations of explicit and implicit methods. Input data for these models are based on drilling intercepts and years of surface and underground mapping. Some wireframes for these zones were modelled using GEMS software from 2008 - 2017 and have subsequently been modified as new information has become available and modelling software has changed.

All new geological modelling in 2019 - 2020 was conducted in Leapfrog Geo. Each zone has been analyzed and divided where appropriate to facilitate a more accurate estimation of grade. SRK notes that, in some cases, this has resulted in splitting of domains based on morphology or orientation for the purposes of estimation. Mud Pond has been separated into a main zone and an upper Apron lens of mineralization as well, but for the purposes of this report will be discussed collective as Mud Pond. Updates periods for modelling are summarized in Table 1.2.

**Table 1.2 Update periods for geological modelling**

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| | |
|:---|:---|
| **Zone** | Years modelled and updated |
| American | 2019 |
| Cal Marble | 2009, 2017, 2019 |
| Davis | 2017, 2019 |
| Fowler | 2019 |
| Mahler | 2009, 2017, 2019 |
| Mud Pond | 2008, 2009, 2017, 2019 |
| N2D | 2019 |
| New Fold | 2009, 2017, 2020 |
| Northeast Fowler | 2017, 2019 |
| Sylvia Lake | 2017, 2019 |

---

Source: ESM 2020.

Block model

Separate block models were created for each zone. The parameters for each consist of origins, rotations (in Maptek rotation convention), parent block parameters and associated sub-block parameters.

Historical mine workings, or as-built solids, were used for sub-blocking during model creation and mined blocks contained in these wireframes were removed from the estimated material. A comprehensive as-built wireframe was updated as of 1 October 2020 and utilized to deplete tonnage within the block models.

Due to the high variability of the ESM deposits and the lack of robust variography, inverse distance squared estimates were used to estimate grade into parent blocks within the block model. The control of each estimate was based on sample selection criteria such as, minimum and maximum number of composites, minimum number of drillholes, and search distances. For each pass, the search distances were either isotropic (spherical) or anisotropic (ellipsoidal) depending on the geometric control and limits in each vein. For isotropic searches, the geometry of the vein was considered adequate to control sample selection. For anisotropic searches, the direction was defined using a variable orientation algorithm in Vulcan called Locally Varying Anisotropy (LVA). This oriented the search ellipse for each block down a plane which paralleled the modelled geologic continuity (i.e., the hangingwall or footwall of the ESM veins). LVA parameters were defined as the mid-point between the vein bounding surfaces, or manually set based on a triangulated surface.

Underground Mineral Resources have been modelled (Leapfrog Geo) and estimated (Maptek Vulcan) by ESM geologists and reviewed for consistency with industry standards by SRK. In some cases, SRK participated in classification or refinement of the estimates based on this review. Matthew Hastings of SRK Consulting (U.S.) Inc. is the Qualified Person (QP) who has reviewed the geological models and estimates and has conducted multiple site inspections. Mineral Resources for the underground Number 4 mine areas have been compiled from ten separate block models including the American, Cal Marble, Davis, Fowler, Mahler, Mud Pond, Number 2 Deeps, North East Fowler, New Fold, and Silvia Lake areas (Table 1.3).

**Table 1.3 Underground Mineral Resource estimate as of 1 October 2020**

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Tons (000's US short tons)** | **Zn (%)** | **Contained pounds (M lbs)** |
| Measured | 190 | 13.56 | 51.6 |
| Indicated | 1524 | 11.49 | 350.3 |
| Measured + Indicated | 1714 | 11.72 | 401.9 |
| Inferred | 6551 | 11.11 | 1455.6 |

---

Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate. Resources stated as in-situ grade at a Zinc price of $1.07/lb, with an assumed zinc recovery of 96.3% Resources are reported using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing, and G&A costs from the ESM operation. Numbers in the table have been rounded to reflect the accuracy or the estimate and may not sum due to rounding.

Source: SRK 2020.

Open-pit Number 2 Mine Mineral Resources have also been modelled (Leapfrog Geo) and estimated (Leapfrog EDGE) by ESM geologists and reviewed for consistency with industry standards by SRK. In some cases, SRK participated in classification or refinement of the estimates based on this review. Matthew Hastings of SRK Consulting (U.S.) Inc. is the QP who has reviewed the geological models and estimates, and has conducted one site inspection to the Number 2 Mine surface areas. Mineral Resources for the Number 2 Mine Open Pit area have been taken from a single block model which features the Hoist House, Pump House, and Turnpike areas (Table 1.4).

**Table 1.4 Open pit Mineral Resource estimate as of 1 October 2020**

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Tons (000's US short tons)** | **Zn (%)** | **Contained pounds (M lbs)** |
| Measured | 105 | 3.34 | 7.0 |
| Indicated | 595 | 3.09 | 36.8 |
| Measured + Indicated | 701 | 3.13 | 43.8 |
| Inferred | 217 | 3.37 | 14.6 |

---

Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate. Resources stated as internal to an optimized pit shell, above a cut-off grade of 1.57% Zn. Cut-off is based on break-even economics at a Zinc price of $1.07/lb, with an assumed zinc recovery of 94%, and actual processing, and G&A costs from the ESM operation. No mining costs were considered in the calculation of this COG, as the pit optimization incorporates the mining costs to develop the shape for reporting. Numbers in the table have been rounded to reflect the accuracy or the estimate and may not sum due to rounding.

Source: SRK 2020.

1.8 Mining

The mine plan tons at the ESM deposit will be extracted using a combination of longitudinal retreat stoping (LGS), Cut and Fill (C&F), Panel Mining – Primary and Secondary (PAP & PAS), and development drifting underground mining methods with rock backfill. Longhole backstopes (BCK) are also used in the design where applicable. The proposed combined underground and open pit mine plan is expected to reach an initial target production rate of 1,200 t/d for 2021 and ramp up to 1,800 t/d in 2022. Open pit mining will be completed in Year three (2024). The overall mine life will be seven years.

The ESM deposit will be accessed from surface via the No. 4 shaft, and all mineralized material and some waste rock will be hoisted out of the mine via that shaft. In addition to the existing development and raises, new lateral development and ramping will be required to access mineralized zones.

To supplement the ventilation provided by the raises, as the ramps are being driven, shorter internal ventilation drop raises will ensure air delivery to the active development face.

Measured, Indicated, and Inferred Mineral Resources were included in the mine design and schedule optimization process. The Mineral Inventory is based on the Mineral Resource stated as of February 2020 and is estimated at a 6% Zinc cut-off grade for the underground mine and 1.2% Zn for open pit mining.

For the underground mine, dilution was estimated based on typical stope dimensions to calculate unplanned over break experienced during mining operations. The rock quality at ESM is considered to be very good geotechnically, so overbreak is considered to be minimal. For LGS and BCK stopes, two sources of dilution were considered. Sloughing was estimated to be 2.0 ft on both the hangingwall and footwall of LGS stopes. For C&F, planned over break dilution of 0.5 ft was applied to both walls. A dilution grade of 0% Zn was assumed for all dilution. An additional 5% of unplanned dilution at a grade 0% Zn is also included in all mining methods.

Mine recovery was calculated under the following mine assumptions:

● C&F and waste development passing incremental cut-off, assume 95% mine recovery after losses.

● Longitudinal retreat and backstopes assume 95% mine recovery.

● Panel mining assumes 71% mine recovery after losses from pillars left behind.

Provided care is taking during blasting and rigorous ore control and monitoring systems are followed, AMC estimates that dilution and ore losses can be minimized for open pit mining. A mining recovery factor of 95% and dilution of 5% has been applied. The production schedule for both the underground and open pit mines and the combined productions schedule are provided in Table 1.5.

**Table 1.5 Mine production schedule**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Item | Unit | LOM | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
| Underground ore mined | 000s tons | 2650 | 375 | 390 | 390 | 390 | 390 | 390 | 325 |
| Zinc grade | % | 8.5 | 8.6 | 8.7 | 9.2 | 8.8 | 8.3 | 8.1 | 7.8 |
| Contained zinc | 000s lbs | 450371 | 64345 | 67704 | 71575 | 68396 | 64400 | 62965 | 50987 |
| Open pit ore mined | 000s tons | 658 | 69 | 275 | 275 | 40 |  |  |  |
| Total open pit waste | 000s tons | 3262 | 325 | 1450 | 1331 | 156 |  |  |  |
| Stripping ratio |  | 5.0 | 4.7 | 5.3 | 4.8 | 3.9 |  |  |  |
| Total material moved | 000s tons | 3921 | 394 | 1725 | 1606 | 196 |  |  |  |
| Zinc grade | % | 3.1 | 2.5 | 2.9 | 3.3 | 3.3 | 0.0 | 0.0 | 0.0 |
| Lead grade | % | 0.9 | 0.8 | 1.3 | 0.6 | 0.4 | 0.0 | 0.0 | 0.0 |
| Contained zinc | 000s lbs | 40364 | 3454 | 15968 | 18321 | 2621 |  |  |  |
| Contained lead | 000s lbs | 11875 | 1146 | 7308 | 3129 | 293 | - | - | - |
| Ore processed | 000s tons | 3309 | 444 | 665 | 665 | 430 | 390 | 390 | 325 |
| Zinc grade | % | 6.6 | 7.6 | 6.3 | 6.8 | 8.3 | 8.3 | 8.1 | 7.8 |
| Lead grade | % | 0.4 | 0.1 | 0.5 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 |
| Contained zinc | 000s lbs | 490735 | 67799 | 83672 | 89896 | 71016 | 64400 | 62965 | 50987 |
| Contained lead | 000s lbs | 11875 | 1146 | 7308 | 3129 | 293 | - | - | - |

---

Source: AMC 2021.

1.9 Recovery methods

Mineralized material mined in the ESM deposits is processed at the existing ESM concentrator that was commissioned in 1970 and last shut down in 2008. The concentrator was refurbished in late 2017 and began processing ore in 2018. The concentrator flowsheet includes crushing, grinding, sequential lead and zinc flotation circuits, concentrate dewatering circuits, and loadout facilities.

The design capacity of the concentrator is 5,000 t/d. Through-out the history of the Balmat operation (now ESM), the capacity of the concentrator has exceeded that of the mines' capacity. The operating strategy is to operate the concentrator at its rated hourly throughput of 200 tons per hour (t/h) to 220 t/h, but for only as many hours as necessary to suit mine production. It currently is processing between 6,500 to 7,000 tons per week operating on a schedule of one shift per day, four days per week. The concentrator suffers no notable losses from intermittent operation.

The zinc flotation circuit consists of rougher flotation followed by scavenger flotation. The scavenger concentrate returns to the head of the rougher circuit. Rougher concentrate undergoes two stages of cleaner flotation. Cleaner tailings are returned to the previous stage of flotation in the traditional manner. Currently, the concentrator is producing zinc concentrate at an average of 59.0% zinc with 3% iron and 0.50% magnesium.

Lead values in the underground ore will be generally very low, and lead concentrate is not planned to be produced. Lead values in the open pit ore are expected to be higher and it will be possible to produce a lead concentrate from this ore source.

While aged, the concentrator is in good working order and runs efficiently. No modifications are required to continue processing underground ore sources and minimal modifications would be required for processing the mineralized material to be mined from the open pits.

1.10 Infrastructure

Access to the ESM facility is by existing paved state, town, and site roads. All access to the mine / mill facility as well as concentrate haulage from the facility is by paved public roads and / or an existing CSX rail short line. The existing facilities at ESM mine are well established and will generally meet the requirements of the planned operations.

The ESM site is located adjacent to State Highway 812, approximately 1.5 mi from the junction with State Highway 58. A mile-long stretch of Sylvia Lake Road currently handles traffic to and from the site, including truck haulage of concentrate. Road maintenance is carried out by the Town and State Government Department of Highways.

There are currently two entries from Sylvia Lake Road providing access to the site. The main entry provides access to the parking lot and the approach to the office complex, and the tailings line entry is the waste truck haulage route to the tailings impoundment. These accesses are adequate, and no improvements are planned.

The existing mine office complex is a two-story steel frame and concrete block / galbestos-sided building with steel joist / concrete plank built up roof system. As part of the first floor, the maintenance vehicle storage garage, the boiler room, and the dry / lamp room is a 60 ft x 273 ft area. The dry, located on the ground floor, accommodates 125 men with individual lockers for clean clothes and hanging baskets for working clothes for all personnel, as well as the appropriate number of showers and toilet facilities.

The ground floor also contains mine offices, a boiler room and lamp room. Hot water for sanitary purposes is provided by quick recovery propane water heater, eliminating the need to operate a steam boiler through the summer months. The second floor contains a warehouse, machine shop, mine rescue room, first aid equipment room and training room.

Power to site is fed by line from Niagara Mohawk's substation at Battle Hill-ESM #5 circuit. On-site power is distributed to the plant and mine. SLZ owns two portable generators for emergency use. One is a 125 kVA portable used for general 480 V / 220 V / 110 V applications. The other is a 100 kVA portable generator which will run the No. 2 emergency egress hoist.

Mill process and cooling water (non-potable) for the site are pumped from the Sylvia Lake pump house to two 100,000 gallon (gal) concrete deluge tanks near the concentrate storage building / rail loadout shed. Water is pumped from the reservoir tanks to the concentrator. Mine water is pumped from the mill basement sump down the 4" shaft water line to the various mine levels.

The tailings disposal facility covers 260 acres approximately 4,000 ft north of the mill. Water from tailings flows through a series of retention ponds before discharge into Turnpike Creek. Discharge is regulated by the New York State Department of Environmental Conservation (NYSDEC) under permit NY0001791.

The mineralized materials and waste rock from the development and operation of the mine is non-acid-generating due to the alkaline nature of the host rock. The designated surface pads were designed such that any run-off will drain to the concentrator pond. The capacity of this stockpile area is sufficient for the tonnages in the contained mine schedule.

1.11 Environment and permitting

All permits required to operate the ESM #4 Mine are active and in place. Additionally, there are not any other significant factors or risks that may affect access, title, or the right or ability to perform work on the ESM properties.

Permits have remained active for mining at No. 4 since the previous operating periods. No environmental studies are underway at this time, nor are any required for this existing fully permitted mine. The site is well managed and is in compliance with all environmental regulatory requirements.

Renewals for State Pollutant Discharge Elimination System (SPDES) Permit and Water Withdrawal Permit were submitted to the NYSDEC in a timely manner. Both permits are on the Department's schedule for technical review due to length of time elapsed since previous review.

Tailings are non-acid generating so conventional reclamation methods can be used to rehabilitate the tailings area. Currently, surface water discharge is in compliance with a SPDES permit and is expected to remain so for operating, closure, and post-closure periods.

The ESM No. 2 Mine site has been partially reclaimed. ESM No. 2 shaft serves as secondary access to the underground operations at the No. 4 Mine and will be included in the final reclamation of the No. 4 Mine and concentrator complex. No. 4 Mine and mine tailings reclamation is assured with a $1,627,341 certificate of deposit.

1.12 Operating and capital cost estimates

Estimated project capital costs (including closure costs) total $19.1M, consisting of the following distinct areas:

● #2 Mine pre-production

● #4 Mine capital equipment

● #4 infrastructure and process capital

The capital cost estimate was compiled using a combination of quotations, labour rates, and database costs.

Table 1.6 presents the capital estimate summary for each area in 2020 US$ with no escalation.

**Table 1.6 Capital cost summary**

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| | |
|:---|:---|
| **Area** | **Cost estimate ($M)** |
| #2 Mine pre-production capital | 3.1 |
| #4 Mine capital equipment | 5.2 |
| #4 infrastructure and process capital | 2.9 |
| **Total capital cost** | **11.1** |
| Closure costs | 11.9 |
| Salvage value | 4.0 |
| **Total capital cost (incl. closure costs)** | **19.1** |

---

Source: Titan / AMC 2021.

Underground capital costs are estimated to be $5.2M, which include the lease purchase of one bolter and two 6-yard loaders, mobile equipment rebuilds, replacement of one single-boom Jumbo drill, one bolter, one lift truck and service cage, and purchases of a StopeMaster longhole drill, a 40T haul truck, 750 KW transformer and a leaky feeder head.

AMC has assumed that, due to the short life of the pits (three years), a contractor will be used to mine the open pits. Mark-ups on the operating costs have been assumed to cover the contractor's mining equipment and infrastructure capital costs.

Capital item allowance for the open pit includes upgrade of the railway right of way into a haul road, land acquisition, process plant upgrade for lead circuit, and site facility preparation.

Closure costs were estimated based on the SRK cost estimate of a total of $11.9M, this will be offset by the estimated $4M in salvage value. This cost is however not included in the economic model due to ongoing mining discoveries and expansions.

Indirect, owner's, and contingency costs are all incorporated into the capital cost estimates.

Preparation of the site operating cost estimate is based on current underground operation performance. The site operating cost is based on Owner-owned and operated mining / services fleets, and minimal use of permanent contractors except where value is provided through expertise and / or packages efficiencies / skills. Open pit operating costs were estimated by AMC.

Site operating costs in this section of the report is broken into three major sections, which include mining, processing, and general and administrative (G&A) costs. AMC estimated open pit mining costs assuming a contractor mining operation. The operating cost estimate allows for all labour, equipment, supplies, fuel, consumables, and supervision.

Site operating costs (Table 1.7) are presented in 2020 US$ on a calendar year basis. No escalation or inflation is included.

**Table 1.7 Breakdown of estimated site operating costs**

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| | | |
|:---|:---|:---|
| **Site operating costs** | **Unit cost ($/t milled)** | **LOM cost ($M)** |
| **Underground** |  |  |
| Mining | 43.00 | 114.0 |
| Processing | 14.00 | 37.1 |
| G&A | 22.00 | 58.3 |
| **Underground total** | **79.00** | **209.4** |
| **Open pit** |  |  |
| Mining | 20.07 | 13.2 |
| Processing | 7.00 | 4.6 |
| G&A | 5.92 | 3.9 |
| **Open pit total** | **32.99** | **21.7** |
| **Underground and open pit** |  |  |
| Mining | 38.44 | 127.2 |
| Processing | 12.61 | 41.7 |
| G&A | 18.80 | 62.2 |
| **Underground and open pit total** | **69.95** | **231.1** |

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Source: Titan / AMC 2021.

1.13 Economic analysis

An economic model was developed to estimate annual cash flows and sensitivities of the project. Pre-tax estimates of project values were prepared for comparative purposes, while after-tax estimates were developed and are likely to approximate the true investment value. It must be noted, however, that tax estimates involve many complex variables that can only be accurately calculated during operations and, as such, the after-tax results are only approximations.

Sensitivity analyses were performed for variations in grade, metal price, operating costs, capital costs, and discount rates to determine their relative importance as project value drivers.

It must be noted that this PEA is preliminary in nature and includes the use of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized.

Other economic factors include the following:

● Discount rate of 8%.

● Nominal 2021 dollars.

● Revenues, costs, and taxes are calculated for each period in which they occur.

● All costs and time prior to 1 January 2021 are considered sunk costs.

● Results are presented on 100% ownership basis.

The project has been evaluated on an after-tax basis to provide an indicative value of the potential project economics. Corporate income tax was calculated by Titan of $8.4M for the life-of-mine (LOM).

The economic analysis incorporates royalties. A royalty of 0.3% is applied to the NSR for the zinc concentrate. However, it is assumed that there are no royalties for the sale of the lead concentrate.

The results of the economic evaluation indicate that the project is economic under the current assumptions. The pre-tax cash flow is estimated to be $107M, with a pre-tax and post-tax Net Present Value (NPV) at a discount rate of 8% of $88M and $81M, respectively. The results of the assessment are provided in Table 1.8.

A sensitivity analysis was performed to determine which factors most affected the project economics. The analysis revealed that the project is most sensitive to zinc price, then zinc grade, followed by operating costs and capital costs. The results of the sensitivity analysis are provided in Table 1.9.

**Table 1.8 Summary of results**

---

| | | |
|:---|:---|:---|
| **Summary of results** | **Unit** | **Value** |
| Mine life | Years | 7.0 |
| Resource mined | kt | 3309 |
| LOM throughput rate | t/d | 1294 |
| Average head zinc grade | % Zn | 6.6 |
| Average head lead grade | % Pb | 0.4 |
| LOM recovered zinc | Mlbs | 470 |
| LOM recovered lead | Mlbs | 10 |
| LOM payable zinc | Mlbs | 400 |
| LOM payable lead | Mlbs | 9.5 |
| Revenue by commodity (zinc) | % | 98 |
| Revenue by commodity (lead) | % | 2 |
| Zinc revenue | $M | 460 |
| Lead revenue | $M | 8 |
| Total revenue | $M | 468 |
| Total offsite charges | $M | 113 |
| Royalties | $M | 1 |
| NSR (net of royalties) | $M | 349 |
| Capital costs (including sustaining) | $M | 11 |
| Operating costs | $M | 231 |
| Operating costs | $/t processed | 69.85 |
| Pre-tax cash flow | $M | 107 |
| Taxes | $M | 8 |
| After-tax cash flow | $M | 98 |
| Pre-tax NPV (8% discount) | $M | 88 |
| **After-tax NPV (8% discount)** | **$M** | **81** |

---

Source: AMC 2021.

**Table 1.9 Sensitivity results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pre-tax NPV @ 8% ($M)** | **Pre-tax NPV @ 8% ($M)** | **Pre-tax NPV @ 8% ($M)** | **Post-tax NPV @ 8% ($M)** | **Post-tax NPV @ 8% ($M)** | **Post-tax NPV @ 8% ($M)** |
| **Variable** | **-20% variance** | **0% variance** | **20% variance** | **-20% variance** | **0% variance** | **20% variance** |
| Zinc price | 13 | 88 | 162 | 13 | 81 | 144 |
| Zinc grade | 31 | 88 | 144 | 31 | 81 | 128 |
| CAPEX | 90 | 88 | 85 | 83 | 81 | 78 |
| **OPEX** | **125** | **88** | **50** | **112** | **81** | **48** |

---

Source: AMC 2021.

1.14 Conclusions

It is the conclusion of the QPs that the PEA summarized in this Technical Report contains adequate detail and information to support the positive economic result. The PEA proposes the use of industry standard equipment and operating practices. To date, the QPs are not aware of any fatal flaws for the project.

Risks

The most significant risks associated with the project are commodity prices, uncontrolled dilution, mineral recovery, operating and sustaining capital cost escalation, ventilation limitations, and Inferred Mineral Resource confidence.

These risks are common to most mining projects, many of which may be mitigated, at least to some degree, with adequate engineering, planning, and proactive management.

Opportunities

The resource potential has not been fully defined, and as such there is opportunity for resource expansion. The mine historically operated with little definition drilling in comparison to greenfield exploration properties. The replacement of ore reserves depended heavily on the ability to follow the mineralized zones through mine development. Additional exploration drilling may yield high returns in the discovery and upgrade of additional Mineral Resources.

Dilution is important to manage in any mining operation, particularly where mineralization occurs in narrow zones. The implementation of grade control by equipping geologists on shift with electronic survey and mapping software is an opportunity to improve control of the excavations and follow the mineralization more closely.

The dark mineralization hosted within a light dolomitic rock may lend itself to optical sorting technology, which could provide an increase to mill feed head grade while simultaneously providing a source of crushed waste rock for cemented and un-cemented backfill. In addition, a sorted mill feed may permit a lower mine cut-off grade which could increase the Mineral Resources within the PEA mine plan, without requiring additional exploration.

Recommendations

The items shown in Table 1.10 are recommended for ESM to improve confidence and performance of the PEA mine plan and economics.

**Table 1.10 Project recommendations and cost**

---

| | |
|:---|:---|
| **Item** | **Cost ($)** |
| Infill drilling and conversion of Inferred Mineral Resources | 1500000 |
| Geotechnical review | 50000 |
| Sorting test work and integration study | 100000 |
| Contractor quotes for open pit cost assumptions | 15000 |
| **Total estimate** | **1665000** |

---

Source: AMC 2020.

**Dividends**

Set out below are all dividends declared by the Company for the three most recently completed financial years:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Declaration Date** | **Declaration Date** | **Amount per Common Share** | **Amount per Common Share** |
| 2023 | ● | March 7 | ● | C$0.01 |
| 2022 | ● | December 13 | ● | C$0.01 |
|  | ● | September 20 | ● | C$0.01 |
|  | ● | June 16 | ● | C$0.01 |
|  | ● | March 4 | ● | C$0.01 |
| 2021 | ● | December 2 | ● | C$0.01 |
|  | ● | September 15 | ● | C$0.01 |

---

On December 13, 2022, the Company adopted a dividend policy to declare a quarterly cash dividend of C$0.01 per common share. On June 14, 2023, the Company temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflected the Company's focus on strengthening its balance sheet as it navigates the downturn in zinc prices. Under its Credit Facility, the Company is not currently permitted to pay or declare dividends.

**Capital Structure**

**General Description of Capital Structure**

The Company is authorized to issue an unlimited number of common shares. The common shares of the Company are all without par value and rank equally as to dividends, voting powers and participation in assets and as to all other benefits which might accrue to holders of the common shares. No shares have been issued subject to call or assessment. Each common share carries one vote at shareholder meetings of the Company. All of the common shares outstanding as at the date of this AIF are fully paid and non-assessable. There are no pre-emptive or conversion rights, and no provision for redemption, purchase for cancellation, surrender or sinking funds attached to any of the Company's common shares. Provisions as to the modification, amendment or variation of such rights or provisions are contained in the Company's Articles of Incorporation.

As at the date hereof, there were 136,366,599 common shares issued and outstanding, 17,642,856 warrants outstanding and 6,330,000 options outstanding.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The common shares of the Company trade on the TSX under the symbol "TI". The following table presents the high, low and closing sale price and volume traded on the TSX for the Company's common shares during fiscal 2023.

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **High** | **Low** | **Volume** |
| December 2023 | 0.40 | 0.32 | 469961 |
| November 2023 | 0.46 | 0.38 | 463005 |
| October 2023 | 0.47 | 0.38 | 279926 |
| September 2023 | 0.48 | 0.39 | 142327 |
| August 2023 | 0.47 | 0.41 | 110000 |
| July 2023 | 0.47 | 0.35 | 231916 |
| June 2023 | 0.47 | 0.41 | 273675 |
| May 2023 | 0.65 | 0.45 | 448845 |
| April 2023 | 0.58 | 0.48 | 252409 |
| March 2023 | 0.66 | 0.54 | 280567 |
| February 2023 | 0.77 | 0.49 | 1009333 |
| January 2023 | 0.55 | 0.42 | 406838 |

---

**DIRECTORS AND OFFICERS**

At the date of this AIF the following were the directors and officers of the Company:

**Name, Occupation and Security Holdings**

---

| | | |
|:---|:---|:---|
| **Name, Province and Country of Residence** | **Date First Appointed** | **Position Held with the Company and<br> Present and Principal Occupation During the <br> Past Five Years**<sup>(1)</sup> |
| Richard W. Warke<br> West Vancouver, BC Canada | October 15, 2012 | **Executive Chairman of the Company**; Executive Chairman of Solaris Resources Inc. since January 2020; Executive Chairman of Augusta Gold Corp. since January 2021 and Director of Armor Minerals Inc. since February 2015 and President and CEO since October 2018; Executive Chairman of Tethyan Resource Corp. from January 2019 to March 2020. |
| Donald R. Taylor<br> Oro Valley, AZ<br> USA | June 21, 2018 | **Director, President, and CEO of the Company**; Director of Solaris Resources Inc. since January 2020, Director of Augusta Gold Corp. since October 2020 and President and CEO since April 2021. |
| Lenard Boggio<sup>(2)(3)(4)</sup><br> West Vancouver, BC Canada | January 1, 2017 | **Director of the Company**; Independent corporate director of several publicly listed corporations; Partner of PricewaterhouseCoopers LLP from 1988 and senior member of the firm's mining industry group until his retirement from the firm in May 2012. |
| George Pataki<sup>(2)(4)</sup><br> Garrison, NY<br> USA | June 29, 2017 | **Director of the Company**; Senior Counsel at Norton Rose Fulbright since March 2007; Co-founder and Chairman or the Pataki-Cahill Group. |
| John Boehner <sup>(2)(3)</sup><br> Marco Island, FL<br> USA | October 9, 2018 | **Director of the Company**; Strategic Advisor for Squire Patton Boggs since November 2017. |
| William Mulrow<sup>(3)(4)</sup><br> New York, NY<br> USA | October 9, 2018 | **Director of the Company**; Senior Advisory Director at Blackstone Group since May 2017; Secretary to New York State Governor Cuomo from January 2015 to April 2017. |
| Michael McClelland<br> Vancouver, BC<br> Canada | March 26, 2018 | **Chief Financial Officer of the Company**; CFO of Augusta Gold Corp. since October 2020. |
| Purni Parikh<br> Burnaby, BC<br> Canada | November 12, 2021<br>| **Senior Vice President, Corporate Affairs and Corporate Secretary of the Company**; Senior Vice President, Corporate Affairs and Corporate Secretary of Solaris Resources Inc. since November 2019 and for Augusta Gold Corp. since November 2020. |
| Tom Ladner<br> Vancouver, BC | November 23, 2020 | **Vice President, Legal of the Company**; Vice President, Legal for the Augusta Group of companies, including Solaris Resources Inc. and Augusta Gold Corp. since November 2020; practiced law at Borden Ladner Gervais LLP from August 2014 to November 2020. |

---

(1) Information has been provided by the directors and officers of the Company.

(2) Member of the Company's Audit Committee.

(3) Member of the Company's Compensation Committee.

(4) Member of the Company's Nominating and Corporate Governance Committee.

The directors of the Company are elected annually and hold office until the next annual meeting of shareholders or until their successors are elected or appointed. There are three committees of the Board, an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee.

To the knowledge of the Company, the number of common shares of the Company which are beneficially owned, or controlled or directed, directly and indirectly, by all directors and officers of the Company, as a group, as of the date hereof, is 80,691,383 (approximately 59.17% of the Company's issued and outstanding share capital).

**Cease Trade Orders and Bankruptcies**

Except as disclosed below, no director or executive officer of the Company is, as at the date of the AIF, or was within 10 years before the date of the AIF, a director, chief executive officer or chief financial officer of any company (including the Company), that (a) was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer, or (b) was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

Except as disclosed below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, or a personal holding company of any such persons, as at the date of this AIF, is or has been within the 10 years before the date of this AIF, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets; or has, within 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or become subject to or instituted proceedings, an arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

Mr. Boggio was a director of Great Western Minerals Group Ltd. ("**GWMG**") from January 2013 until July 2015. In April 2015, GWMG entered a support agreement with certain of the holders of GWMG's secured convertible bonds and GWMG was subsequently granted protection from its creditors under the Companies' Creditors Arrangements Act. In May 2015, an order was issued by the Financial and Consumers Affairs Authority of the Province of Saskatchewan that all trading in the securities of GWMG be ceased due to its failure to file financial statements for the year ended December 31, 2014. In December, 2015, GWMG entered bankruptcy proceedings.

Mr. Boggio was a director of Pure Gold Mining Inc. ("**Pure Gold**") until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia (the "**Court**") under the Companies' Creditors Arrangement Act ("**CCAA**"). KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSX Venture Exchange. Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings.

**Penalties or Sanctions**

No director or officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement since December 31, 2000 that would likely be important to a reasonable investor in making an investment decision, with a securities regulatory authority; or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**Conflicts of Interest**

The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in a conflict will disclose his interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, that director will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

To the best of the Company's knowledge, there are no known existing or potential conflicts of interest among the Company, its promoters, directors, officers or other members of management of the Company as a result of their outside business interests except as described herein and also that certain of the directors, officers, promoters and other members of management serve as directors, officers, promoters and members of management of other public companies, and therefore it is possible that a conflict may arise between their duties as a director, officer, promoter or member of management of such other companies. See "Financings" and "Directors and Officers".

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest and the Company will rely upon such laws in respect of any directors' and officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers. Such directors or officers, in accordance with the *Business Corporations Act* (British Columbia), will disclose all such conflicts and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

**Legal Proceedings and Regulatory Actions**

**Legal Proceedings**

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 $28.3 million." The Company believes these claims are wholly without merit.

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 $800,000,000. 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.

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 $5,900,000 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 $1,025,000 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 $5,900,000 to the Plan Trustee, the Star Shares were transferred to the Company and cancelled, and total distributed dividends related to the Star Shares were refunded. 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.

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.

**Regulatory Actions** 

There are no: (a) penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the Company's most recently completed financial period and up to the date of this AIF; (b) other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision; or (c) settlement agreements the Company entered into with a court relating to securities legislation or with a securities regulatory authority during the Company's most recently completed financial period and up to the date of this AIF.

**Interest of Management and Others in Material Transactions**

Other than as set forth earlier in this AIF, to the knowledge of the Company, no director, executive officer, person or company that beneficially owns, or controls, or directs, directly or indirectly, more than ten percent of the Company's voting securities, or associates or affiliates of the foregoing, has had any material interest, direct or indirect, in any transactions in which the Company has participated within the three most recently completed financial years or in the current financial year prior to the date of this AIF, which has materially affected or is reasonably expected to materially affect the Company.

**Transfer Agents and Registrars**

The Registrar and Transfer Agent for the common shares in British Columbia is Computershare Investor Services Inc., at its offices at 4<sup>th</sup> Floor, 510 Burrard Street, Vancouver, British Columbia, V6C 3B9.

**Material Contracts**

The only material contracts, which the Company or its subsidiaries have entered into in the last financial year, or previously if still in effect, other than in the ordinary course of business, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Credit Facility (see "General Development of the Business – Financings" above for
more information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the November 2023 Promissory Note (see "General Development of the Business – Financings"
above for more information); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the off-take agreement with Glencore Ltd. dated effective January 1, 2018 (see "Description of Business"
above for more information).

Copies of the material contracts set out above are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

**Interests of Experts**

The following are names of persons or companies (a) that have prepared or certified a report, valuation statement or opinion described or included in a filing, or referred to in a filing made under NI 51-102 by the Company during, or relating to, the Company's most recently completed financial period and (b) whose profession or business gives authority to the report, valuation statement or opinion made by the person or company:

Each of David Warren, Gary Methven, Deepak Malhotra, David Vatterodt, Ben Peacock and Matthew Hastings, being an author of the ESM Technical Report, is a "qualified person" for the purposes of NI 43-101. Each such qualified person has reviewed certain scientific and technical information relating to ESM as more fully described in this AIF or has supervised the preparation of information upon which such scientific and technical information is based as detailed in the ESM Technical Report. As of the date hereof, to the best of the Company's knowledge, the foregoing experts beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company and have no other direct or indirect interest in the Company or any of its associates or affiliates.

The auditors of the Company are Ernst & Young, LLP, Chartered Professional Accountants, of Vancouver, British Columbia. Ernst & Young, LLP, has advised the Company that it is independent within the meaning of the CPA Code of Professional Conduct.

 

*Qualified Person*

Donald R. Taylor, MSc., PG, SME, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101, has reviewed and approved certain scientific and technical information made in filings made by the Company under NI 51-102 in the most recently completed financial year. Mr. Taylor is a Director and officer of the Company. As of the date of this AIF, Mr. Taylor owns, beneficially, directly or indirectly, 5,123,571common shares of the Company, 714,285warrants and 1,150,000stock options, each to acquire one common share of the Company.

**AUDIT COMMITTEE INFORMATION**

**National Instrument 52-110 – *Audit Committees* ("NI 52-110") requires companies to provide disclosure with respect to their audit committee including the text of the audit committee's charter, the composition of the audit committee and the fees paid to the external auditor.**

The text of the audit committee's charter is attached as Schedule "A" to this AIF.

For the year ended December 31, 2023, the Company's audit committee consisted of Messrs. Boggio, Boehner and Pataki. All are independent and financially literate as defined in NI 52-110.

The following is a description of the education and experience of each member of the audit committee during the year ended December 31, 2023, that is relevant to the performance of their responsibilities as an audit committee member.

*Lenard Boggio* (Chair of Audit Committee) - Mr. Boggio is a former partner of PwC LLP, where he was an audit partner and the leader of the mining industry practice in British Columbia. Mr. Boggio has significant expertise in financial reporting, auditing matters and transactional support, previously assisting, amongst others, clients in the mineral resource and energy sectors, including exploration, development and production stage operations in the Americas, Africa, Europe and Asia. Mr. Boggio previously served as an independent director and audit committee chair of Blue Gold Mining Inc., Augusta Resource Corp., Armor Minerals Inc., Polaris Materials Corporation, Lithium Americas Corp., Pure Gold Mining Inc., and Three Valley Copper Corp., and currently serves as an independent director and audit committee chair of Equinox Gold Corp. and Augusta Gold Corp. Mr. Boggio has a Bachelor of Arts Degree and an Honors Bachelor of Commerce Degree from the University of Windsor. In 1985 Mr. Boggio became a member of the Institute of Chartered Accountants of BC (ICABC, now CPA BC). Mr. Boggio was conferred with a Fellow's designation in 2007 by the ICABC for distinguished service to the profession and community and in 2018 he was awarded a Lifetime Achievement Award by CPA BC for his outstanding lifetime of service to the profession and community. He is a past president of ICABC and a past Chair of the Canadian Institute of Chartered Accountants. He is also a member of the Canadian Institute of Corporate Directors (ICD.D).

John Boehner – Mr. Boehner served as the 53rd Speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, Mr. Boehner was the U.S. Representative from Ohio's 8th congressional district, serving from 1991 to 2015. He previously served as the House Minority Leader from 2007 until 2011, and House Majority Leader from 2006 until 2007. Following his career in government service, Mr. Boehner joined Squire Patton Boggs, a global law and public policy firm. He earned a Bachelor of Arts in business administration from Xavier University.

 

*George Pataki -* Mr. Pataki is the co-founder and Chairman of the Pataki-Cahill Group, a specialized development firm, and serves as Senior Counsel to the international law firm Norton Rose Fullbright. Previously, he served three terms as the 53rd Governor of the State of New York from 1995 to 2006, being elected after serving consecutively as the mayor of Peekskill, an assemblyman in the New York State Legislature, and as a senator in the New York State Senate. Mr. Pataki has significant experience serving on the boards of public and private corporations.

**Pre-Approval Policies and Procedures**

The audit committee has not adopted any specific policies and procedures for the engagement of non-audit services. However, under its charter, the audit committee must approve all non-audit services to be provided to the Company or its subsidiaries by the Company's external auditors.

**External Auditor Service Fees**

The following table sets forth the fees billed to the Company by Ernst & Young, LLP, Chartered Professional Accountants in the last two fiscal periods for services rendered:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Period** | **Audit Fees**(1)<br> Cdn$ | **Audit Related Fees**(2)<br> Cdn$ | **Tax Fees**<br> Cdn$ | **All Other Fees**(3)<br> Cdn$ |
| December 31, 2023 | $306500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| December 31, 2022 | $322200 | $0 | $0 | $0 |

---

(1) Aggregate fees billed by the Company's auditors for audit and review services.

(2) Aggregate fees billed by the Company's auditors for assurance and related services that are reasonably related to the performance
of the audit or review of the Company's financial statements and not contained under "Audit Fees".

(3) Aggregate fees billed by the Company's auditors for services not contained "Audit Fees", "Audit Related Fees"
or "Tax Fees".

**Additional Information**

Additional information about the Company may be found under the Company's profile on SEDAR+ atwww.sedarplus.ca.

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under equity compensation plans, where applicable, will be contained in the Company's information circular for the annual meeting of shareholders involving the election of directors.

Additional financial information is provided in the Company's consolidated financial statements and management discussion & analysis for its most recently completed financial year.

Titan Mining Corporation<br> Suite 555 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1

Telephone: 604-687-1717; Facsimile: 604-687-1715<br> Website: www.titanminingcorp.com<br> Email: info@titanminingcorp.com

**SCHEDULE "A"**

**Attached.**

**TITAN MINING CORPoration**

**(the "Company")**

**AUDIT COMMITTEE**

**CHARTER**

The Audit Committee (the "Committee") is a committee of the Board of Directors (the "Board") of Titan Mining Corporation (the "Company") to which the Board delegates its responsibilities for the oversight of the accounting and financial reporting process and financial statement audits.

The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review and report to the Board on the following before they are published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the financial statements and MD&A (management discussion and analysis) (as defined in National Instrument
51-102) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the auditors report, if any, prepared in relation to those financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all other filings with regulatory authorities and any other publicly disclosed information containing
the Company's financial statements, including any certification, report, opinion or review rendered by the independent accountants,
and all financial information and earnings guidance intended to be provided to analysts and the public or to rating agencies, and consider
whether the information contained in these documents is consistent with the information contained in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Company's annual and interim earnings press releases, if any, before the Company publicly
discloses this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy itself that adequate procedures are in place for the review of the Company's public disclosure
of financial information extracted or derived from the Company's financial statements and periodically assess the adequacy of those
procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) recommend to the Board the external auditor to be nominated for the purposes of preparing and issuing
an auditor's report or performing other audit, review or attest services for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) approve the compensation of such external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be directly responsible for overseeing the work of the external auditor engaged for the purpose of preparing
or issuing an auditor's report or performing other audit, review or attest services for the Company, including the resolution of
disagreements between management and the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) monitor and report to the Board on the integrity of the financial reporting process and the system of
internal controls that management and the Board have established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal
accounting controls, or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approve all non-audit services to be provided to the Company or its subsidiary entities by the Company's
external auditor, including as contemplated by National Instrument 52-110 and consider such fees in relation to fees for audit services
as well as any risk or conflicts of such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) review and approve the Company's hiring of partners, employees and former partners and employees
of the external auditor of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to ensuring the integrity of disclosure controls and internal controls over financial reporting,
understand the process utilized by the Chief Executive Officer and the Chief Financial Officer to comply with National Instrument 52-109;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) review any changes proposed by management to accounting policies and report to the Board on such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) oversee the opportunities and risks inherent in the Company's financial management and the effectiveness
of the controls thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) review major transactions (acquisitions, divestitures and funding), in respect of which a special committee
of the Board is not established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) review the reports of the Chief Executive Officer and Chief Financial Officer regarding any significant
deficiencies or material weaknesses in the design of operation of internal controls and any fraud that involves management or other employees
of the Company who have a significant role in managing or implementing the Company's internal controls and evaluate whether the
internal control structure, as created and as implemented, provides reasonable assurances that transactions are recorded as necessary
to permit the Company's external auditor to reconcile the Company's financial statements in accordance with applicable securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) review with management the adequacy of the insurance and fidelity bond coverage, reported contingent liabilities,
and management's assessment of contingency planning. Review management's plans regarding any changes in accounting practices
or policies and the financial impact of such changes, any major areas in management's judgment that have a significant effect upon
the financial statements of the Company, and any litigation or claim, including tax assessments, that could have a material effect upon
the financial position or operating results of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) periodically review and discuss with the external auditor all significant relationships the external auditor
has with the Company to determine the independence of the external auditor, including a review of service fees for audit and non-audit
services; and

consider, in consultation with the external auditor, the audit scope and plan of the external auditor and approve the proposed audit fee and the final fees for the audit.

**Composition of the Committee**

The Committee shall be composed of at least three independent directors. Independence of the Board members will be as defined by applicable legislation and as a minimum each committee member will have no direct or indirect relationship with the Company which, in the view of the Board, could reasonably interfere with the exercise of a member's independent judgement.

All members of the Committee must be financially literate or must become financially literate within a reasonable period of time after his or her appointment to the Committee. "Financial literate" means that such member has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. One or more members of the Committee shall, in the judgment of the Board, have accounting or financial management expertise.

**Appointing Members**

The members of the Committee shall be appointed or re-appointed by the Board on an annual basis. Each member of the Committee shall continue to be a member thereof until such member's successor is appointed, unless such member shall resign or be removed by the Board or such member shall cease to be a director of the Company. Where a vacancy occurs at any time in the membership of the Committee, it may be filled by the Board and shall be filled by the Board if the membership of the Committee is less than three directors as a result of the vacancy or the Committee no longer has a member who has, in the judgment of the Board, accounting or financial management expertise.

**Authority**

The Committee has the authority to engage independent counsel and other advisors as it deems necessary to carry out its duties and the Committee will set the compensation for such advisors.

The Committee has the authority to communicate directly with and to meet with the external auditors and the internal auditor, without management involvement. This extends to requiring the external auditor to report directly to the Committee.

The Committee has the authority to approve, if so delegated by the board of directors, the interim financial statements and management discussion and analysis and to cause the filing of the same together with all required documents and information with the securities commissions and other regulatory authorities in the required jurisdictions.

The Committee shall have full access to the books, records and facilities of the Company in carrying out its responsibilities.

The Board shall adopt resolutions which provide for appropriate funding, as determined by the Committee, for (i) services provided by the external auditor in rendering or issuing an audit report, (ii) services provided by any adviser employed by the Committee which it believes, in its sole discretion, are needed to carry out its duties and responsibilities, or (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties and responsibilities.

**Reporting**

The reporting obligations of the Committee will include:

1. reporting to the Board on the proceedings of each Committee meeting and on the Committee's recommendations
at the next regularly scheduled directors meeting; and

2. reviewing, and reporting to the Board on its concurrence with, the disclosure required by Form 52-110F2
in any management information circular prepared by the Company.

**Meetings**

The time and place of meetings of the Committee and the procedure at such meetings shall be determined from time to time by the members thereof provided that:

● A quorum for meetings shall be at least a majority of the members of the Committee, present in person or by telephone or other telecommunication device that permit all persons participating in the meeting to speak and hear each other;

● The Committee shall meet at least quarterly (or more frequently as circumstances dictate); and

● Notice of the time and place of every meeting shall be given in writing or facsimile communication to each member of the Committee and the external auditors of the Company at least 48 hours prior to the time of such meeting.

While the Committee is expected to communicate regularly with management, the Committee shall exercise a high degree of independence in establishing its meeting agenda and in carrying out its responsibilities. The Committee shall submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the Board.

The members of the Committee must elect a chair from among the members of the Committee. On request of the auditor of the Company, the chair of the Committee must convene a meeting of the Committee to consider any matter that the auditor believes should be brought to the attention of the directors or shareholders.

Approved by the Board of Directors of

Titan Mining Corporation on November 10, 2022

## Exhibit 99.9

**Exhibit 99.9**

![](ex99-9_001.jpg)

**Titan Reports 16% Increase in Production While Lowering Costs**

**Vancouver, BC – March 21, 2024** – Titan Mining Corporation (TSX: TI) ("**Titan**" or the "**Company**") announces the results for the year ended December 31, 2023. *(All amounts are in U.S. dollars unless otherwise stated).*

Don Taylor, President and Chief Executive Officer of Titan, commented, "Titan finished 2023 with a strong fourth quarter in both safety and production which allowed Empire State Mine ("ESM") to produce a record 61.0 million payable zinc pounds in 2023. As we enter 2024 our plans are to continue the upward trajectory on production while improving our safety performance."

***FY 2023 HIGHLIGHTS:***

&nbsp;&nbsp;&nbsp;&nbsp;· Safest year of operations on record at the Empire
State Mine since re-opening, with an injury frequency rate of 0.7, 70% lower than the national average.

&nbsp;&nbsp;&nbsp;&nbsp;· Produced 13.9 million pounds of payable zinc
in the fourth quarter of 2023 and a record 61 million payable pounds of zinc in 2023, a 16% increase over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Announced the discovery of the Kilbourne graphite
trend, an extensively drill-tested graphite-bearing trend located on permitted lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drilling began in December 2023 with eight holes totaling 2,074 ft completed to date with an additional
10,000 ft scheduled for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An initial bulk sample was identified and collected in January 2024

![](ex99-9_001.jpg)

***TABLE 1 Financial and Operating Highlights***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q4 2023** | **Q3 2023** | **Q2 2023** | **Q1 2023** | **FY 2023** |
| **Operating** |  |  |  |  |  |  |
| Payable Zinc Produced | mlbs | 13.9 | 18.3 | 15.0 | 13.8 | 61.0 |
| Payable Zinc Sold | mlbs | 13.9 | 18.3 | 15.0 | 14.8 | 62.0 |
| Average Realized Zinc Price | $/lb | 1.13 | 1.10 | 1.15 | 1.42 | 1.19 |
| **Financial** |  |  |  |  |  |  |
| Revenue | $m | 10.91 | 15.50 | 8.95 | 16.74 | 52.09 |
| Net Income (loss) after tax | $m | (6.96) | 0.50 | (4.84) | 1.10 | (10.20) |
| Earnings (loss) per share - basic | $/sh | (0.05) | 0.00 | (0.03) | 0.01 | (0.07) |
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | (1.36) | 4.21 | (0.11) | 3.35 | 5.95 |
| **Financial Position** |  | **31-Dec-23** | **30-Sep-23** | **30-Jun-23** | **31-Mar-23** | **31-Dec-22** |
| Cash and Cash Equivalents | $m | 5.03 | 4.32 | 2.90 | 7.41 | 6.72 |
| Net Debt <sup>1</sup> | $m | 30.75 | 32.93 | 33.43 | 23.34 | 23.31 |

---

Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding.

<sup>1</sup> Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See *Non-GAAP Performance Measures* below for additional information.

For further details the reader is directed to the Company's year ended December 31, 2023 Financial Statements and Management Discussion and Analysis available on sedarplus.ca

***OPERATIONS REVIEW***

Mining efforts in 2023 focused on the Mahler, New Fold, and Mud Pond zones. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported strong grades and record metal production. It is expected that ore from this zone will continue to support budgeted zinc grades for FY2024. Mining is expected to continue in the same zones in 2024.

Major projects completed include the counter-weight rail replacement for the service cage and purchase of a telehandler for underground material movement.

![](ex99-9_001.jpg)

***EXPLORATION UPDATE***

*Underground:*

Drill programs in 2023 targeted Lower Mahler, N2D, New Fold, and Fowler. Underground drilling totaled 58 drillholes and 29,937 ft. Of these, eight were completed in the fourth quarter of 2023, totaling 5,884 ft. Drilling has continued to target New Fold and Lower Mahler in the first quarter of 2024. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, five holes were completed targeting the down dip extensions of Lower Mahler, and the area between Lower Mahler and New Fold. A total of 7,984 ft was drilled, with mineralization intercepted 600 ft down dip from the current active faces of Lower Mahler.

*Surface:*

Surface drilling in 2023 focused on the exploration and further delineation of the Turnpike project (formerly identified as Sphaleros). A total of 25 holes totaling 10,717 ft were drilled in the first and second quarters of 2023.

Two holes were drilled testing the 24 Crescent target, a district target within close proximity to existing Empire State Mine infrastructure. Drilling totaled 2,023 ft.

*Kilbourne:* 

Titan has begun work on further defining the Kilbourne graphite trend, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Mapping and drilling have documented 8.2 km of strike length, to a depth of 1 km from surface. Approximately 2.5 km of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.

Exploration activities began in the third quarter of 2023 with surface trenching and channel sampling generating 99 samples. Based on that sampling a representative bulk sample (X tons) was sent to RDI labs in Wheat Ridge Colorado for metallurgical testing. Drilling began in the fourth quarter of 2023 and is projected to continue into the second quarter of 2024. To date, nine holes totaling 2,718 ft have been completed.

***Assays and Quality Assurance/Quality Control***

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) has been performed at ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

![](ex99-9_001.jpg)

The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release.

***Qualified Person***

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

***Non-GAAP Performance Measures***

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

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **December 31**<br>**2023** | **December 31**<br>**2022** |
| Current portion of debt | $35779 | $176 |
| Non-current portion of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29856 |
| Total debt | $35779 | $30032 |
| Less: Cash and cash equivalents | (5031) | (6720) |
| Net debt | $30748 | $23312 |

---

 ****

![](ex99-9_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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com

***Contact***

*For further information, please contact:* 

**Investor Relations:**

Email: info@titanminingcorp.com

***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 future results of operations; future exploration plans; future safety results; that it is expected that ore from the Lower Mahler zone will continue to support budgeted zinc grades for FY2024; as we enter 2024 our plans are to continue the upward trajectory on production while improving our safety performance; mining is expected to continue in the same zones in 2024; drilling began in the fourth quarter of 2023 and is projected to continue into the second quarter of 2024. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.10

**Exhibit 99.10**

![](ex99-10_001.jpg)

**Titan Announces Appointment of Ty Minnick as Interim CFO** 

**Vancouver, B.C., March 28, 2024** – Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") is pleased to announce the appointment of Ty Minnick as Interim CFO of the Company effective April 1, 2024.

Mr. Minnick has been affiliated with the Augusta Group as a consultant of Augusta Gold Corp. (formerly, Bullfrog Gold Corp.), and was its Chief Financial Officer from 2011 until October 2020. Mr. Minnick has served as the Chief Financial Officer of Athena Gold Corp since May 2021 and has 13 years of experience in the mining industry. Since December 2018, Mr. Minnick has acted as a Certified Public Accountant (1993) with Grand Mesa CPAs, LLC.

The Company would like to thank Michael McClelland for his years of service as CFO and wishes him the best in his future endeavours.

 

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

 ****

***Contact***

 

*For further information, please contact:*

 

**Investor Relations:**

Email: info@titanminingcorp.com

***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 new release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that we expect Titan's performance at its Empire State Mine to be reflected in our share price as the price of zinc improves; production guidance; C1 Cash Cost guidance; AISC guidance; sustaining and exploration capital guidance; estimates regarding the impact of treatment charges on AISC and C1 cash costs; that exploration expenditures will be focused on advancing the Kilbourne graphite trend and district targets where ESM controls more than 80,000 acres of private mineral rights; and plans for the remainder of the Kilbourne exploration program. When used in this news release words such as "will", "plans", "intends" 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 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 assumptions made regarding the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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. Readers 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.

## Exhibit 99.11

**Exhibit 99.11**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company") <br> Suite 555 – 999 Canada Place<br> Vancouver, BC V6C 3E1

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>DATE OF MATERIAL CHANGE</u> 

March 28, 2024

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>NEWS RELEASE</u> 

News release dated March 28, 2024, was disseminated through the facilities of Newswire and filed on SEDAR.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced the appointment of Ty Minnick as Interim CFO of the Company effective April 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced the appointment of Ty Minnick as Interim CFO of the Company effective April 1, 2024.

Mr. Minnick has been affiliated with the Augusta Group as a consultant of Augusta Gold Corp. (formerly, Bullfrog Gold Corp.), and was its Chief Financial Officer from 2011 until October 2020. Mr. Minnick has served as the Chief Financial Officer of Athena Gold Corp since May 2021 and has 13 years of experience in the mining industry. Since December 2018, Mr. Minnick has acted as a Certified Public Accountant (1993) with Grand Mesa CPAs, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>OMITTED INFORMATION</u> 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, VP Legal, (604) 638-1470

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>DATE OF REPORT</u> 

April 5, 2024

## Exhibit 99.12

**Exhibit 99.12**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](ex99-12_001.jpg) | &nbsp;&nbsp; <br> Suite 555 – 999 Canada Place<br> Vancouver, BC, V6C 3E1<br> Tel: 604-687-1717<br> Fax: 604-687-1715 |

---

April 8, 2024

**TO: ALL APPLICABLE EXCHANGES AND COMMISSIONS**

Dear All:

**Re: TITAN MINING CORPORATION. (the "Company")**

We advise the following with respect to the upcoming meeting of shareholders for the referenced Company:

---

| | | |
|:---|:---|:---|
| 1. | &nbsp;&nbsp;Meeting Type | &nbsp;&nbsp;Annual General |
| 2. | &nbsp;&nbsp;Class of Securities Entitled to Receive Notice | &nbsp;&nbsp;Common |
| 3 | &nbsp;&nbsp;Class of Securities Entitled to Vote | &nbsp;&nbsp;Common |
| 4. | &nbsp;&nbsp;CUSIP Number | &nbsp;&nbsp;88831L103 |
| 5. | &nbsp;&nbsp;Record Date for Notice | &nbsp;&nbsp;May 6, 2024 |
| 6. | &nbsp;&nbsp;Record Date for Voting | &nbsp;&nbsp;May 6, 2024 |
| 7. | &nbsp;&nbsp;Beneficial Ownership determination date | &nbsp;&nbsp;May 6, 2024 |
| 8. | &nbsp;&nbsp;Meeting Date | &nbsp;&nbsp;June 25, 2024 |
| 9. | &nbsp;&nbsp;Issuer is sending proxy related materials directly to NOBO | &nbsp;&nbsp;No |
| 10. | &nbsp;&nbsp;Issuer paying for delivery to OBO | &nbsp;&nbsp;No |
| 11. | &nbsp;&nbsp;Issuer is sending proxy-related materials to registered holders using notice-and-access | &nbsp;&nbsp;Yes |
| 12. | &nbsp;&nbsp;Issuer is sending proxy-related materials to beneficial owners using notice-and-access | &nbsp;&nbsp;Yes |
| 13. | &nbsp;&nbsp;Stratification | &nbsp;&nbsp;No |

---

---

| |
|:---|
| Yours truly, |
| **TITAN MINING CORPORATION** |
| *"Tom Ladner"* |
| Tom Ladner |
| Vice President, Legal |

---

## Exhibit 99.13

**Exhibit 99.13**

![](ex99-13_001.jpg)

**Titan Mining Provides Initial Drill Results on the Kilbourne Graphite Project, Results Include 173.5 ft at 3.75% Graphitic Carbon**

**<br> Vancouver, B.C., April 9, 2024 –** Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") is pleased to provide an update on the ongoing Kilbourne exploration program. The Company has received assays from the initial phase of trenching and from the initial fifteen drill holes of the Company's ongoing graphite exploration program. The first phase of exploration has been focused on mineralization within the fully permitted footprint of the Company's 100% owned Empire State Mine ("**ESM**") in upstate New York.

Titan CEO Don Taylor commented, "We are very pleased with the results of the initial programs. The results have provided definitive evidence that the potential size and grade of the deposit are significant and present Titan with an early entry opportunity into the US graphite market. The Kilbourne target being tested is amenable to open pit mining on permitted ground."

Surface drilling at Kilbourne has focused on delineating the thickness and grade of the historically documented graphite mineralization within the Company's active mine permit. To date 21 core holes have been completed, totaling 7,357 ft (2,242 m) of drilling. The Company has received assays from 15 of the completed 21 holes.

**Significant mineralized intercepts from drilling include:**

&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-004 - 173.5 feet assaying 3.8% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Including 80.0 feet assaying 4.0%graphitic carbon*** 

&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-003 - 140.0 feet assaying 3.5% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;o **KX23-001 - 91.5 feet assaying 3.3% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-002 - 83.9 feet assaying 3.3% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-015 - 80.0 feet assaying 3.6% graphitic carbon** 

The Company is pleased by the early success of the Phase I exploration program at Kilbourne. Graphite mineralization has been successfully tested from surface to vertical depths of 592 ft (180 m), and along a strike length of nearly 5,000 ft (1,524 m). All drilling has taken place within the Company's active use permit. In Phase I an additional 11 holes are planned to test near surface mineralization within the remaining 3,500 ft (1,066.8 m) of target strike length.

In addition to the ongoing drill program, the Company completed 265 feet (80.7 m) of channel sampling, testing bedrock exposed through trenching. To date, 91 trench samples have been collected.

The assay results have continued to exceed expectations, with the grade of mineralized drill intercepts averaging 3.2% Cg (graphitic carbon). Individual samples within the mineralized zones have returned assays ranging up to 11.3 % Cg (KX24-007 from 165.0 ft to 168.2 ft, part of the noted 13 ft interval from 160.0 ft to 173.0 ft at 6.0% Cg).

As part of Phase I, representative drill core intervals of both the upper and lower mineralized zones have been selected for composite and metallurgical testing. Forte Analytics (formerly RDI) of Wheat Ridge, Colorado has been contracted to perform tests to evaluate processing options in order to maximize recovery and concentrate grades while maintaining the natural large flake size of the Kilbourne mineralization. Preliminary testing at SGS Labs in Lakefield, Ontario has shown that the Kilbourne Mineralization is able to be purified to a satisfactory quality, and that early size fraction analyses places the material in a suitable range for battery usage, and other applications.

**Table I. Mineralized intercepts from underground exploration program**

![](ex99-13_002.jpg)

*Note: The true width of the mineralization is not currently known.*

 

![](ex99-13_001.jpg) 

 

**Table II. Collar Location**

**Table III. Results from the Kilbourne Trenching Program**

**Table IV. Trench Segment Start and End Points**

***All trench samples collected from within 6 inches (15.2 cm) of the bedrock surface.***

---

| | |
|:---|:---|
| ***Figure 1.*** | ***Location of the Kilbourne Project relative to ESM Operations, solid hollow shape represents the active mine area currently permitted.*** |

---

![](ex99-13_006.jpg)

![](ex99-13_001.jpg)

---

| | |
|:---|:---|
| **Figure 2.** | ***Figure 2. Plan view of drilling showing the location of Kilbourne Exploration holes, planned drill holes, and trenching.*** |

---

 ****

 ****

 ****

**Figure 3. Cross section showing host lithologies with assays from 2023-2024 drilling. Highlighted are holes KX23-001, KX24-002, and KX24-015.**![](ex99-13_008.jpg)

***Looking North East, section line marked on Figure 2.*** 

***Qualified Person***

 ****

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). Mr. Taylor verified the data disclosed, including sampling, analytical, and test data underlying the information included in this news release for which he is responsible, by performing a number of checks to confirm the accuracy of such data. In addition, Mr. Taylor reviewed the QA/QC reports from the Company's drill programs and noted that there were no issues that arose which would affect confidence with the assay data.

 **

***Assays and Quality Assurance/Quality Control***

 **

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Drill core samples submitted for analysis had a minimum weight of 0.6 lb (0.3 kg) and a maximum weight of 6.0 lb (2.7 kg), with an average weight of 3.6 lb (1.6 kg). Trench samples submitted for analysis had a minimum weight of 4.2 lb (1.9 kg) and a maximum weight of 26.2 lb (11.9 kg), with an average weight of 6.2 lb (13.6 kg).

![](ex99-13_001.jpg)

Analysis has been performed at SGS Canada Inc. ("SGS") an independent ISO/IEC accredited lab. Sample preparation (crushing and pulverizing) and total graphitic carbon analysis has been completed at SGS Lakefield, Ontario, Canada. SGS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Burnaby, B.C., Canada for multielement analysis. SGS analyzes the pulp sample by leach and IR combustion for total graphitic carbon (GC_CSA05V) and aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (GO_ICP21B100) with the elements reported in percentage (%).

The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release. True widths of the mineralized zones described in this news release are not presently known.

 ****

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

 ****

***Contact***

*For further information, please contact:*

 

**Investor Relations:** Email: info@titanminingcorp.com

***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 future exploration plans at the Kilbourne target and plans for future testing to evaluate processing options. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts;; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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. Readers 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.

## Exhibit 99.14

**Exhibit 99.14**

![](ex99-14_001.jpg)

**Titan Mining Announces US$10M Bridge Loan**

**Vancouver, B.C., April 16, 2024 –** Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") is pleased to announce a US$10M bridge loan from the Company's largest shareholder, Augusta Investments Inc. ("**Augusta Investments**"). Proceeds from this loan have been used to repay part of the Company's current credit facility with the National Bank of Canada ("**NBC**") bringing the outstanding amount down from $27.2 million to $17.2 million following the payment to NBC. The Company and Augusta Investments are in ongoing negotiations regarding terms of this loan and of the US$5M advance made by Augusta Investments earlier this year.

 ****

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

 ****

***Contact***

*For further information, please contact:*

**Investor Relations:** Email: info@titanminingcorp.com

***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 the Company and Augusta Investments are in ongoing negotiations regarding terms of the loan announced in this news release and of the US$5M advance made by Augusta Investments earlier this year. 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 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 the Company and Augusta Investments being able to agree to commercial terms for the loans; and receipt of all necessary approvals for the loans. 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. Readers 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.

## Exhibit 99.15

**Exhibit 99.15**

![](ex99-15_001.jpg)

**TITAN MINING CORPORATION**

**CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023**

(Unaudited)

**Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements**

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.

**TITAN MINING CORPORATION**<br> **Consolidated Statements of Financial Position**<br> *(Expressed in thousands of US dollars - unaudited)*<br>

---

| | | | |
|:---|:---|:---|:---|
| | Notes | March 31, <br>2024 | December 31,<br>2023 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $4176 | $5031 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 6 | 1725 | 1521 |
| &nbsp;&nbsp;&nbsp;Inventories | 7 | 7556 | 7208 |
| &nbsp;&nbsp;&nbsp;Derivative asset | 15a |  | 648 |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 1005 | 813 |
|  |  | 14462 | 15221 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 8 | 34627 | 36798 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 9a | 52 | 71 |
| &nbsp;&nbsp;&nbsp;Other assets | 10 | 672 | 672 |
| **Total assets** |  | $**49813** | $**52762** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $2629 | $2878 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 9b | 56 | 76 |
| &nbsp;&nbsp;&nbsp;Debt | 11 | 27318 | 31655 |
| &nbsp;&nbsp;&nbsp;Loan from related party | 12b,c | 9301 | 4124 |
|  |  | 39304 | 38733 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision |  | 16717 | 16299 |
| Total liabilities |  | 56021 | 55032 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 4939 | 6245 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (70960) | (68328) |
| Total equity (deficit) |  | (6208) | (2270) |
| **Total liabilities and shareholders' equity** |  | $**49813** | $**52762** |

---

Nature of operations and going concern (Note 1)

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

**TITAN MINING CORPORATION**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | | Three months ended March 31 | Three months ended March 31 |
| |<br>Notes | 2024 | 2023 |
| **Revenue** | **4** | $11731 | $16742 |
| **Cost of Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | 10262 | 14145 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 8 | 2957 | 3066 |
|  |  | $13219 | $17211 |
| **Loss from mine operations** |  | $**1488** | $**469** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 5b | 465 | 737 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 5a | 893 | 2.103 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 13 | 1143 | 865 |
| &nbsp;&nbsp;&nbsp;Accretion expenses |  | 70 | 60 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (58) | (66) |
| &nbsp;&nbsp;&nbsp;Gain on foreign exchange |  | (1331) | (1380) |
| &nbsp;&nbsp;&nbsp;Realized gain on derivative | 15a |  | (634) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative | 15a |  | (3239) |
| &nbsp;&nbsp;&nbsp;Other income |  | (38) | (18) |
|  |  | 1144 | (1572) |
| **Net loss (income) for the year after tax** |  | $**2632** | $**(1103)** |
| **Other comprehensive loss** |  |  |  |
| Items that may be reclassified to profit or loss Unrealized loss on translation to reporting currency |  | 1311 | 1862 |
| **Total comprehensive loss for the year** |  | $**3943** | $**759** |
| **Basic and diluted loss (gain) per share** |  | $**0.02** | $**(0.01)** |
| **Weighted average shares outstanding (in '000)** |  | **136367** | **139335** |

---

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

**TITAN MINING CORPORATION**

**Consolidated Statements of Changes in Equity**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Share capital | Share capital | Reserves | Reserves | Reserves | | |
| |<br>Notes | Number ('000s) | Amount | Share options <br> and warrants | Currency<br> translation adjustment | Total |<br>Deficit |<br>Total equity |
| Balance, January 1, 2023, as previously |  |  |  |  |  |  |  |  |
| reported |  | 138979 | $61076 | $8793 | $(2289) | 6504 | $(57067) | $10513 |
| Exercise of warrants |  | 357 | 161 | (31) |  | (31) |  | 130 |
| Share based compensation |  |  |  | 387 |  | 387 |  | 387 |
| Dividends declared |  |  |  |  |  |  | (1051) | (1051) |
| Share cancellation |  | (2969) | (1424) |  |  |  |  | (1424) |
| Fair value of warrants |  |  |  | 645 |  | 645 |  | 645 |
| Total comprehensive loss for the year |  | - | - | - | (1260) | (1260) | (10210) | (11470) |
| Balance, December 31, 2023 |  | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation |  |  |  | 5 |  | 5 |  | 5 |
| Total comprehensive loss for the period |  | - | - | - | (1311) | (1311) | (2, 632) | (3943) |
| Balance, March 31, 2024 |  | 136367 | $59813 | $9799 | $(4860) | $4939 | $(70960) | $(6208) |

---

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

**TITAN MINING CORPORATION** 

**Consolidated Statement of Cash Flows**

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

 

---

| | | | |
|:---|:---|:---|:---|
|  | | Three Months ended March 31 | Three Months ended March 31 |
|  |<br>Notes | 2024 | 2023 |
| **Operating activities** |  |  |  |
| Income (loss) before tax |  | $(2632) | $1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense |  | 70 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of borrowing and transaction costs | 11a, 12b | 236 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 8 | 2957 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 9a | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and borrowing expense accruals |  | 974 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on lease liabilities | 9c | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  | 5 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain (loss) |  | (1367) | (1868) |
| Changes in non-cash working capital |  | 263 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  | (204) | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | (681) | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets |  | (193) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 99 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  | 648 | (2766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax paid |  | (14) | - |
| **Net cash provided (used) in operating activities** |  | $(82) | $2892 |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  |  | (1027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of interest, borrowing and transaction costs | 11a | (124) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of lease liabilities | 9d | (22) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of loan transaction fee |  | (175) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of equipment loans |  |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of bank indebtedness |  | (5000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds of related party loan |  | 5000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds of warrant exercise |  | - | 130 |
| **Net cash used by financing activities** |  | $(321) | $(1056) |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 8 | (439) | (1148) |
| **Net cash used by investing activities** |  | $(439) | $(1148) |
| &nbsp;&nbsp;&nbsp;Effect of foreign exchange on cash and cash equivalents |  | (13) | 3 |
| Increase (decrease) in cash and cash equivalents |  | (855) | 691 |
| Cash and cash equivalents, beginning of year |  | 5031 | 6720 |
| **Cash and cash equivalents, end of period** |  | $**4176** | $**7411** |

---

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

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

*(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 March 31, 2024, the Company had cash and cash equivalents of $4,176, working capital deficit of $24,842, a net loss before tax for the period ended March 31, 2024 of $2,632 and a deficit of $70,960. During the period ended March 31, 2024, the Company had cash outflows from operating activities of $82 and cash outflow from financing activities of $321. In addition, the Company was in breach of certain financial covenants under its Credit Facility as at March 31, 2024 and had obtained a waiver until April 9, 2024. The Company has $36,619 of current debt as at March 31, 2024.

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 May 13, 2024, the Company's Board of Directors approved these consolidated financial statements for issuance.

a) Basis of presentation

The accounting policies used in the preparation of these financial statements are the same as those applied in the Company's most recent audited consolidated annual financial statements for the year ended December 31, 2023.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied in these condensed consolidated interim financial statements are the same as those applied in the Company's annual audited consolidated financial statements as at and for the year ended December 31, 2023.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

4. REVENUES

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Zinc concentrate sales | $16003 | $21053 |
| Zinc concentrate provisional pricing adjustments | (605) | (254) |
| Smelting and refining charges | (3667) | (4057) |
| Revenue, net | $11731 | $16742 |

---

Please refer to 15(a) for further information.

5. OTHER OPERATING EXPENSES

a) General and administration expenses

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Salaries and benefits | $543 | $550 |
| Share-based compensation | 1 | 97 |
| Office and administration | 292 | 307 |
| Professional fees | 25 | 1119 |
| Amortization of right-to-use assets | 19 | 17 |
| Investor relations | 13 | 13 |
|  | $893 | $2103 |

---

**b) Exploration and evaluation expenses**

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Salaries and benefits | $244 | $147 |
| Assay and analyses | 42 | 93 |
| Contractor and consultants | 126 | 423 |
| Supplies | 8 | 18 |
| Other | 45 | 56 |
|  | $465 | $737 |

---

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Empire State Mines | $456 | $728 |
| Other | 9 | 9 |
| Exploration and Evaluation Expenses | $465 | $737 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

**6. TRADE AND OTHER RECEIVABLES**

---

| | | |
|:---|:---|:---|
| | March 31, <br>2024 | December 31, <br>2023 |
| Trade receivables | $1645 | $1500 |
| GST receivable | 37 | 14 |
| Other | 43 | 7 |
|  | $1725 | $1521 |

---

**7. INVENTORIES**

---

| | | |
|:---|:---|:---|
| | March 31, <br>2024 | December 31, <br>2023 |
| Ore in stockpiles | $87 | $147 |
| Concentrate stockpiles | 344 | 276 |
| Materials and supplies | 7125 | 6785 |
|  | $7556 | $7208 |

---

**8. 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, 2023 and March 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and<br> equipment | Land | Construction in<br> progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2023 | $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 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 439 | 439 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 383 |  | (383) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 347 | - | - | 347 |
| As at March 31, 2024 | $46713 | $40340 | $1135 | $3896 | $92084 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2023 | 17834 | $23777 | $- | $- | $41611 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 7387 | 5502 | - | - | 12889 |
| As at December 31, 2023 | 25221 | $29279 | $- | $- | $54500 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 1705 | 1252 | - | - | 2957 |
| As at March 31, 2024 | $26926 | $30531 | $- | $- | $57457 |
| Net book value at December 31, 2023 | $21492 | $10331 | $1135 | $3840 | $36798 |
| Net book value at March 31, 2024 | $19787 | $9809 | $1135 | $3896 | $34627 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

9. LEASES

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

---

| | | | |
|:---|:---|:---|:---|
| | Office space | Equipment | Total |
| As at January 1, 2023 | $161 | $- | $161 |
| Changes to lease terms | (13) |  | (13) |
| Depreciation | (77) | - | (77) |
| As at December 31, 2023 | $71 | $- | $71 |
| Depreciation | (19) | - | (19) |
| As at March 31, 2024 | $52 | $- | $52 |

---

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, 2023 and period ended March 31, 2024, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above.

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

---

| | | | |
|:---|:---|:---|:---|
| | Office space | Equipment | Total |
| As at January 1, 2023 | $192 | $- | $192 |
| Changes to lease terms | (43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (43) |
| Interest accretion | 10 |  | 10 |
| Unrealized foreign exchange | 2 |  | 2 |
| Lease payments | (85) | - | (85) |
| As at December 31, 2023 | $76 | $- | $76 |
| Changes to lease terms | 2 |  | 2 |
| Interest accretion | 1 |  | 1 |
| Unrealized foreign exchange | (1) |  | (1) |
| Lease payments | (22) | - | (22) |
| As at March 31, 2024 | $56 | $- | $56 |
| Current lease liabilities | $56 | $- | $56 |
| Non-current lease liabilities | - | - | - |
|  | $56 | $- | $56 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at March 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | > 3 years | Total |
| Lease liabilities | $58 | $- | $- | $58 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

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

---

| | |
|:---|:---|
| | Three months ended <br> March 31, 2024 |
| Interest on lease liabilities | $1 |
| Depreciation of right-of-use assets | $19 |
| Variable lease payments | $36 |
| Expenses relating to short-term leases | $65 |

---

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

---

| | |
|:---|:---|
| | Three months ended<br> March 31, 2024 |
| Payment of lease liabilities | $22 |
| Variable lease payments | $36 |
| Expenses relating to short-term leases | $65 |

---

10. 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.

11. DEBT

a) 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. On April 9, 2024, the maturity date was extended to June 30, 2025.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

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 $112 was accrued and paid in the first quarter of 2024.

The Company withdrew an additional $5,900 on June 9, 2023, made a payment of $5,000 on November 1, 2023, and also made a payment of $5,000 on February 9, 2024. $nil of the Credit Facility was available to be withdrawn as of March 31, 2024. Refer to note 18 for additional disclosures related to the covenant breaches.

---

| | | | |
|:---|:---|:---|:---|
| |<br>Principal | Interest and borrowing<br>costs |<br>Total |
| Balance, January 1, 2023 | 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 |
| Repayment of loan | (5000) |  | (5000) |
| Accrued interest |  | 669 | 669 |
| Interest and borrowing costs paid |  | (13) | (13) |
| Loan application fee |  | (175) | (175) |
| Amortization of borrowing costs | 182 | - | 182 |
| Balance, March 31, 2024 | $26650 | $668 | $27318 |

---

---

| | | |
|:---|:---|:---|
| | As at March 31, <br> 2024 | As at Dec 31, <br>2023 |
| Current | 27318 | 31655 |
| Non-current | - | - |
|  | $27318 | $31655 |

---

12. 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 March 31, 2024 was approximately $202, determined based on the Company's average share of rent paid in the immediately preceding 12 months.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

The Company was charged for the following with respect to this arrangement in the period ended March 31, 2024:

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Salaries and benefits | $205 | $193 |
| Office and other | 30 | 43 |
| Marketing and travel | 4 | 3 |
|  | $239 | $239 |

---

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.

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. The Loan Initiation Fee was amortized during the year, and the balance was $315 as of December 31, 2023.

The Company accrued interest of $123 in the three months ended March 31, 2024. The Loan Initiation Fee was amortized during the quarter, and the balance was $261 as of March 31, 2024. The Promissory Note has been classified as current. Refer to note 18 for additional disclosures related to subsequent events.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

---

| | | | |
|:---|:---|:---|:---|
| | Principal | Interest and 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 |
| Proceeds of loan | 5000 |  | 5000 |
| Accrued interest |  | 123 | 123 |
| Amortization of initiation fee | 54 | - | 54 |
| Balance, March 31, 2024 | $9444 | $(143) | $9301 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;As at March 31,<br>2024 | As at Dec 31,<br>2023 |
| Current | $9301 | $4124 |
| Non-current | - | - |
|  | $9301 | $4124 |

---

c) Related party loan – February 09, 2024

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

$5,000 loan from the company controlled by Titan's Executive Chairman.

d) Key management personnel compensation

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

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Salaries and benefits | $428 | $376 |
| Consulting fees | 228 | 228 |
| Share-based compensation | (3) | 84 |
| Directors' fees | 55 | 55 |
|  | $708 | $743 |

---

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

13. INTEREST AND OTHER FINANCE EXPENSES

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| Interest expense on loans | $906 | $686 |
| Financial costs | 236 | 174 |
| Interest on lease liabilities | 1 | 5 |
|  | $1143 | $865 |

---

14. CONTINGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;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. ("Star
 Mountain"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;b) 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 bankruptcy
 court confirmed a Chapter 11 plan of liquidation in the bankruptcy proceedings, which went
 effective on July 8, 2019. The Chapter 11 plan provided 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.

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 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 asserted: (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 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.

&nbsp;&nbsp;&nbsp;&nbsp;c) The
Company is from time to time involved in various legal proceedings related to its business. 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.

**TITAN MINING CORPORATION**

**Notes to the Consolidated Financial Statements**

**For the three months ended March 31, 2024 and 2023**

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

15. FINANCIAL INSTRUMENTS

a) Derivatives

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 three months ended March 31, 2023, the Company recognized $634 of realized gain on settlement of swaps, and $3,239 of unrealized gains from changes in the fair value of open positions.

16. 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 $35,014 and those located in Canada total $52.

17. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2024 | 2023 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | (46) | 127 |
| Change in accounts payable and accrued liabilities with respect to inventories | (333) | 417 |
| Change in accounts payable and accrued liabilities with respect to operating expenses | (122) | 897 |
| Change in reclamation and remediation asset | 347 | 1014 |

---

18. SUBSEQUENT EVENTS

Subsequent to the end of the most recently completed financial quarter, to remain compliant with the financial covenants under the Credit Facility with National Bank of Canada, a company controlled by Titan's Executive Chairman loaned the Company $10,000, which was paid by the Company against the principal amount of the Credit Facility on April 10, 2024, reducing the Available Credit to $17,170.

The Company has not yet agreed to commercial terms related to the $10,000 loan from the company controlled by Titan's Executive Chairman.

On April 9, 2024, the Credit Facility covenants were amended to remove the leverage covenant and to change the interest coverage ratio to 1:50:1.00. As at such date, the Company was and continues to be in compliance with its covenants under the Credit Facility. The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024.

On <u>April 28</u>, 2024 ESM experienced an electrical failure in the main drive control panel rendering the hoist inoperable. The outage occurred at the beginning of shift and no persons or materials were at risk as a result of the failure. Repairs are underway and are expected to be completed shortly. In the interim alternate ingress and escapeways are being utilized to allow employees underground to perform equipment maintenance, waste development and roof bolting. The outage will negatively affect revenue for the second quarter. The Company is undertaking steps to mitigate the loss in revenues for the quarter and to mitigate the risk of future losses from the occurrence of such events.

## Exhibit 99.16

**Exhibit 99.16**

![](ex99-16_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS<br> FOR THE THREE MONTHS ENDED MARCH 31, 2024**

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |

---

This Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Titan Mining Corporation ("Titan", "we", "our" or the "Company"), our operations, financial performance, and current and future business environment. This MD&A is intended to supplement and complement our audited consolidated financial statements for the year ended December 31, 2023, prepared in accordance with International Financial Reporting Standards ("IFRS").

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

This MD&A is dated May 13, 2024. All dollar amounts reported herein are in US dollars unless otherwise indicated.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 10 |
| LIQUIDITY AND CAPITAL RESOURCES | 12 |
| RELATED PARTY TRANSACTIONS | 17 |
| ACCOUNTING CHANGES AND CRITICAL ESTIMATES | 18 |
| DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING | 18 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 19 |
| NOTES TO READER | 19 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "Empire State Mine" or "ESM") Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district are a focus for Titan's exploration team.

Mining and milling activities at ESM continued to increase during the past year with a record 61.0 million payable pounds of zinc produced. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine.

The Company will also be advancing the exploration of the Kilbourne (graphite) exploration program. Drilling under the Phase 1 program with a budgeted 14,000 ft (4,267 m) of drilling, of which a total of 6,870 ft (2,093 m) has been completed. The initial goal of 12,000 ft (3,658 m) of drilling for the Phase 1 program was expanded due to initial promising results. Results of surface drilling and trenching have identified a representative sample that was collected in January and sent to the Forte Dynamics Lab in Wheat Ridge Colorado for metallurgical testing and concentrate production. The Kilbourne Graphite Target has near surface potential with a substantial portion of the targeted resource on fully permitted land.

In addition, the Company continues to examine various financing options to bolster the Company's treasury.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  |
| <br>**Financial Performance** | **2024** | **2023** | **Change** |
| Net loss (profit) before tax | $2632 | $(1103) | $3735 |
| Operating cash inflow before changes in non-cash working capital | $263 | $3351 | $(3088) |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **March 31, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $4176 | $5031 |
| Working capital | $(24842) | $(23512) |
| Total assets | $49813 | $52762 |
| Equity | $(6208) | $(2270) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| <br>**Operating Data** | **2024** | **2023** | **Change** |
| Payable zinc produced (mlbs) | 14.7 | 13.8 | 0.9 |
| Payable zinc sold (mlbs) | 14.4 | 14.8 | (0.4) |
| Average provisional zinc price (per lb) | $1.11 | $1.42 | $(0.31) |

---

**HIGHLIGHTS**

Significant events and operating highlights for the first quarter ended March 31, 2024 and up to the date of this MD&A include the following:

● There was one Lost Time Injury in the first quarter.

● Produced 14.7 million pounds of payable zinc in the first quarter of 2024.

● Advanced the exploration of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on permitted lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drilling in the first quarter totaled 6,870 ft in 19 holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Highlights include 174 ft at 3.75 graphitic carbon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An initial bulk sample was identified and collected in January 2024.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2024** | **2023** | **2023** | **2023** | **2023** | **2023** |
| | | Q1 | FY (1) | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |
| Ore mined | tons | 110795 | 444588 | 108962 | 108210 | 112528 | 114888 |
| Ore milled | tons | 110703 | 445803 | 109258 | 110202 | 112082 | 114261 |
| Feed grade | zn % | 8.1 | 8.4 | 7.8 | 10.1 | 8.1 | 7.4 |
| Recovery | % | 96.2 | 96.3 | 96.2 | 96.3 | 96.3 | 96.1 |
| Payable zinc | mlbs | 14.7 | 61.0 | 13.9 | 18.3 | 15.0 | 13.8 |
| Concentrate grade | zn % | 59.9 | 59.6 | 59.2 | 60.3 | 59.8 | 59 |
| Zinc concentrate produced | tons | 14392 | 60123 | 13756 | 17855 | 14727 | 13785 |
| **Sales** |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 14.4 | 62.0 | 13.9 | 18.3 | 15.0 | 14.8 |
| Average provisional zinc price | $/lb | $1.11 | $1.19 | $1.13 | $1.10 | $1.15 | $1.42 |
| C1 cash cost (2) | $/lb | $0.97 | $1.05 | $1.16 | $0.84 | $1.05 | $1.23 |
| Sustaining capital |  |  |  |  |  |  |  |
| expenditures (2) | $/lb | $0.03 | $0.03 | $0.01 | $0.02 | $0.07 | $0.03 |
| AISC(2) | $/lb | $1.00 | $1.08 | $1.17 | $0.86 | $1.12 | $1.26 |

---

(1) The full-year figure may not equal the sum of the quarters
due to rounding.

(2) C1 cash cost, Sustaining Capital Expenditures, and All-In
Sustaining Cost ("AISC") are non-GAAP measures. These terms are not standardized financial measures under IFRS and might
not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

**OPERATIONS REVIEW**

Mining efforts in the first quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone in response to lower zinc prices. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported strong grades and record metal production. It is expected that ore from this zone will continue to support head grade at planned levels in the coming year. Redesign of accesses and mining methods has allowed continued mining in the New Fold Zone. Mining is expected to continue in the same zones in the second quarter of 2024.

Work on projects, including the Turnpike project, has been limited since Q2 of 2023 to preserve cash in response to lower zinc prices. Rod mill liners were received and will be installed in the second quarter of 2024.

On <u>April 28</u>, 2024 ESM experienced an electrical failure in the main drive control panel rendering the hoist inoperable. The outage occurred at the beginning of shift and no persons or materials were at risk as a result of the failure. Repairs are underway and are expected to be completed shortly. In the interim alternate ingress and escapeways are being utilized to allow employees underground to perform equipment maintenance, waste development and roof bolting. The outage will negatively affect revenue for the second quarter. The Company is undertaking steps to mitigate the loss in revenues for the quarter and to mitigate the risk of future losses from the occurrence of such events.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**EXPLORATION UPDATE**

**Empire State Mine**

*Historic Data*

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which are being prioritized for drill testing in 2024. The team continues to research and consolidate mineral rights interests in high priority target areas. Surface sampling and mapping is scheduled to continue in these priority areas in 2024.

In addition to zinc and base metal occurrences the company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESMs mineral rights, including the Kilbourne target within the stratigraphic sequence which hosts the ESM ore bodies.

*2024 Drill Programs*

Underground:

Drill programs in the first quarter of 2024 targeted Lower Mahler, New Fold, and Fowler. Underground drilling totalled nine drillholes totalling 2,609 ft (795 m). All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, one exploration hole was completed targeting the down dip extensions of Lower Mahler with a second hole targeting this area underway.

Surface:

Surface drilling was limited to the Kilbourne Project in the first quarter of 2024. Planning is underway for 2024 surface drilling.

**Kilbourne**

Titan has begun work on further defining the Kilbourne graphite trend, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented roughly 25,000 ft (7.6 km) of strike length, to a depth of roughly 3,000 ft (1 km) from surface. Roughly 8,500 ft (2.5 km) of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.

Kilbourne exploration activities in the first quarter of 2024 were focused on drilling, with a total of 19 holes totalling 6,870 ft (2,093 m) drilled. All drilling was completed with a Company owned drill by Company employees. The initial phase of Kilbourne exploration is targeting mineralization within the Company's active-use permit. Graphite mineralization has been intercepted in all 19 holes completed the first quarter of 2024, with assays returned on 15 of those holes. The results received to date show promising results (see Titan's news release "Titan Mining Provides Initial Drill Results On the Kilbourne Graphite Project, results include 173.5 Ft At 3.75% Graphitic Carbon" dated April 9, 2024). A bulk sample was collected in January 2024.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**New Mexico**

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities. -

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 | 2022 | 2022 |
| | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Revenues ($) | 11731 | 10911 | 15481 | 8952 | 16742 | 13945 | 14025 | 20128 |
| Net income (loss) ($) | (2632) | (7959) | 501 | (4841) | 1103 | (4014) | (161) | 5924 |
| Basic & diluted income (loss) per |  |  |  |  |  |  |  |  |
| share ($) | (0.02) | (0.05) |  | (0.03) | 0.01 | (0.03) |  | 0.04 |
| Cash and cash equivalents ($) | 4176 | 5031 | 4319 | 2895 | 7411 | 6720 | 13568 | 11021 |
| Total assets ($) | 49813 | 52762 | 59060 | 59591 | 67916 | 65999 | 78199 | 78497 |
| Total liabilities ($) | 56021 | 55032 | 55528 | 56513 | 58953 | 55486 | 62147 | 59059 |

---

Seasonality has a limited impact on the Company's operating results.

Total assets decreased in the third quarter of 2022 mainly due to a decrease of trade and other receivables, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents, derivative asset, and restricted cash. Total assets decreased significantly in the fourth quarter of 2022 mainly due to a decrease of cash and cash equivalents, derivative asset, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of trade and other receivable and inventories.

Total assets increased in the first quarter of 2023, mainly due to increase of cash and cash equivalents, derivative asset, and other current assets, partially offset by decrease of trade and other receivables, inventories, mineral properties, plant and equipment, and right-of-use assets. Total assets decreased in the second quarter of 2023, mainly due to decrease of cash and cash equivalents, right-of-use assets, trade and other receivables, restricted cash, other assets, and mineral properties, plant and equipment, partially offset by increased of derivative asset, other current assets, and inventories. Total assets decreased in the third quarter of 2023, mainly due to decrease of mineral properties, plant and equipment, derivative asset and inventories, partially offset by increases of cash and cash equivalents, trade and other receivables, right-of-use assets, and other current assets. Total assets decreased in the fourth quarter of 2023 mainly due to a decrease of derivative asset, trade and other receivable, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents.

Total assets decreased in the first quarter of 2024, mainly due to decrease of cash and cash equivalents, derivative asset, mineral properties, plant and equipment, and right-of-use assets, partially offset by increase of trade and other receivables, other current assets, and inventories.

Net income turned to net loss in the third quarter of 2022 as a result of lower realized zinc prices and higher operating, depreciation and depletion, exploration and evaluation expenses, and general and administration expenses, partially offset by higher foreign exchange gain, gain on derivative, and lower interest and other finance expenses. Net loss increased further in the fourth quarter of 2022 as a result of lower realized zinc prices and higher operating expenses, exploration and evaluation expenses, share based compensation, interest and other finance expenses, general and administration expenses, unrealized loss on derivative, loss on Star Mountain settlement, and lower foreign exchange gain, partially offset by realized gain on derivative and gain on modification.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Net loss turned to net income in the first quarter of 2023 as a result of higher unrealized gain on derivative and foreign exchange gain, and absence of loss on Star Mountain settlement booked in the prior quarter, partially offset by lower realized gain on derivative, gain on loan modification, higher general and administration expenses and interest and other finance expenses. Net income turned to net loss in the second quarter of 2023 as a result of lower revenue and unrealized gain on derivative, higher foreign exchange loss, interest and other finance expenses, partially offset by lower exploration and evaluation expenses, general and administration expenses, and higher realized gain on derivative. Net loss turned to net income in the third quarter of 2023 as a result of higher revenue, lower cost of sales, higher realized gain on derivative, foreign exchange income and other income, partially offset by higher exploration and evaluation expenses, interest and other finance expenses, and higher unrealized loss on derivative. Net income turned to net loss again in the fourth quarter of 2023 as a result of lower revenue and unrealized loss on derivative, higher cost of sales, foreign exchange loss, interest and other finance expenses, general and administration expenses, partially offset by lower exploration and evaluation expenses, realized gain on derivative, and higher other income.

Net loss decreased in the first quarter of 2024 as a result of lower cost of sales, accretion expense, loss on unrealized derivative, and higher foreign exchange income, partially offset by higher exploration and evaluation expenses, general and administration expenses, interest and other finance expenses, lower interest income, absence of gain on realized derivative and loss on Star Mountain settlement.

Cash and cash equivalents increased in the third quarter of 2022 as a result of higher working capital generated from trade and other receivables, inventories, and accounts payable and accrued liabilities, partially offset by a loss for the period and higher cash used in financing and investing activities. Cash and cash equivalents decreased significantly in the fourth quarter of 2022 as a result of lower working capital generated from trade and other receivables, inventories, accounts payable and accrued liabilities, and higher cash used in financing and investing activities.

Cash and cash equivalents increased in the first quarter of 2023 as a result of net cash provided in operating activities, and less cash spent on financing activities, partially offset by cash spent on capital assets. Cash and cash equivalents decreased in the second quarter of 2023 as a result of higher cash used in operating activities, partially offset by less cash spent on capital assets and more cash generated from financing activities. Cash and cash equivalents increased in the third quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities. Cash and cash equivalents increased again in the fourth quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities.

Cash and cash equivalents decreased in the first quarter of 2024 as a result of less cash provided in operating activities and financing activities, partially offset by less cash spent on capital assets.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | |
|:---|:---|
| **FINANCIAL REVIEW**<br>**Financial Results**<br>($000's) |<br>**Three months ended <br> March 31** |
| **Net income (loss) for the 2023 period Changes in components of income:** | $1103 |
| Revenues increase (decrease) | (5011) |
| Cost of sales decrease (increase) | 3992 |
| Other expenses decrease (increase) | (2716) |
| **Net income (loss) for the 2024 period** | $(2632) |

---

During the period ended March 31, 2024, revenues decreased compared to the same period in 2023 as a result of less zinc concentrate sold (Q1 2024 – 14.4 mlbs vs. Q1 2023 – 14.8 mlbs) at a lower average provisional price (Q1 2024 - $1.11/lb vs. Q1 2023 - $1.42/lb) and negative provisional and final pricing adjustments (Q1 2024 – negative

$605 vs. Q1 2023 – negative $254).

During the period ended March 31, 2024, cost of sales decreased with lower volume of tons milled (Q1 2024 – 110,703 tons vs. Q1 2023 – 114,261 tons) and lower depreciation expenses.

During the period ended March 31, 2024, other expenses increased compared to the same period of 2023 due to increases of interest and other finance expenses, accretion expense, and other income, decreases of interest income, foreign exchange income, realized and unrealized gain on derivative, partially offset by decreases of exploration and evaluation expenses, general and administration expenses.

**Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended March 31** | **Three months ended March 31** | **Three months ended March 31** |
| | **2024** | **2023** | **Change** |
| Zinc concentrate sales | $16003 | $21053 | $(5050) |
| Zinc concentrate provisional pricing adjustments | (605) | (254) | (351) |
| Smelting and refining charges | (3667) | (4057) | 390 |
| Revenue, net | $11731 | $16742 | $(5011) |

---

Revenues were lower during the three months ended March 31, 2024 than the same period of 2023 due to zinc concentrate sold at a lower average provisional price. Specifically, revenues include sales of 14.4 million payable pounds of zinc (Q1 2023 – 14.8 million) at an average realized price per pound of $1.11 (Q1 2023 – $1.42).

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Cost of sales**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2023** | **Change** |
| Operating expenses | $9429 | $12211 | $(2781) |
| Transportation costs | 834 | 851 | (17) |
| Royalties | 7 | 7 |  |
| Depreciation and depletion | 2957 | 3066 | (109) |
| Change of Inventory | (8) | 1076 | (1084) |
| Total | $13219 | $17211 | $(3992) |

---

In the three months ended March 31, 2024, cost of sales decreased compared to the same period in 2023 due to decreases in operating expenses, depreciation and change of inventory. Operating expenses decreased due to a decline in tons milled and efficient management of site costs. Depreciation and depletion expenses decreased comparatively due to lower tons mined, and a decrease in capital asset acquisitions. Change of inventory decrease is a result of the ending inventory level change due to timing differences of sales of zinc concentrate.

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

**Other operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2023** | **Change** | **%** |
| **General and Administrative ("G&A") expenses:** |  |  |  |  |
| Salaries and benefits | $543 | $550 | $(7) | (1) |
| Share-based compensation | 1 | 97 | (96) | (99) |
| Professional fees | 25 | 1119 | (1094) | (98) |
| Office and administration | 311 | 324 | (13) | (4) |
| Investor relations | 13 | 13 | - | - |
|  | $893 | $2103 | $(1210) | (58) |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |
| Salaries and benefits | $244 | $147 | $97 | 66 |
| Assay and analyses | 42 | 93 | (51) | (55) |
| Contractors and consultants | 126 | 423 | (297) | (70) |
| Other | 53 | 74 | (21) | (28) |
|  | $465 | $737 | $(272) | (37) |

---

G&A expenses for the three months ended March 31, 2024 have decreased 58% compared to the same period ended March 31, 2023 as a result of decreases in salaries and benefits, share-based compensation, professional fees, and office and administration expenses.

E&E expenses for the three months ended March 31, 2024 decreased 37% compared to the same period in 2023 as a result of decreases in contractors and consultants, assay and analyses, and others, partially offset by increase of salaries and benefits.

**Other income**

---

| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| **2024** | **2023** | **Change** | **%** |
| $213 | $4411 | $(4198) | (95) |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

For the three months ended March 31, 2024, other income decreased compared to the same period of 2023. The decrease was primarily due to decreases of interest income, foreign exchange income, realized and unrealized gain on derivative, partially offset by increases of interest and other finance expenses, accretion expense, and other income.

**LIQUIDITY AND CAPITAL RESOURCES**

**Credit Facilities**

*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. On April 9, 2024, the maturity date was extended to June 30, 2025.

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

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 $112 was accrued and paid in the first quarter of 2024.

The Company withdrew an additional $5,900 on June 9, 2023, made a payment of $5,000 on November 1, 2023, and also made a payment of $5,000 on February 9, 2024. $nil of the Credit Facility was available to be withdrawn as of March 31, 2024. Refer to note 11 of the Company's Consolidated Financial Statements for the three months ended March 31, 2024 and 2023 for additional disclosures related to the covenant breaches.

Subsequent to the end of the most recently completed financial quarter, the Company made a further payment of $10,000 toward the Credit Facility on April 10, 2024, reducing the Available Credit to $17,170. On that same date, the Credit Facility covenants were amended to remove the leverage covenant and to change the interest coverage ratio to 1:50:1.00. As at such date, the Company was and continues to be in compliance with its covenants under the Credit Facility.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024.

*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.

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. The Loan Initiation Fee was amortized during the year, and the balance was $315 as of December 31, 2023.

The Company accrued interest of $123 in the three months ended March 31, 2024. The Loan Initiation Fee was amortized during the quarter, and the balance was $261 as of March 31, 2024. The Promissory Note has been classified as current. Refer to note 18 of the Company's Consolidated Financial Statements for the three months ended March 31, 2024 and 2023 for additional disclosures related to subsequent events.

*Loan from Related Party*

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

Subsequent to the end of the most recently completed financial quarter, to remain compliant with the financial covenants under the Credit Facility with National Bank of Canada, a company controlled by Titan's Executive Chairman loaned the Company $10,000, which was paid by the Company, against the principal amount of the Credit Facility on April 10, 2024, reducing the Available Credit to $17,170. As of such date, the Company was and continues to be in compliance with its covenants under the Credit Facility.

The Company has not yet agreed to commercial terms related to the $5,000 loan or the $10,000 loan from the company controlled by Titan's Executive Chairman.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** |<br>**March 31, 2024** |<br>**December 31, 2023** |
| Cash and cash equivalents | $4176 | $5031 |
| Total debt | $36619 | $35779 |
| Net debt (cash)(1) | $32443 | $30748 |
| Working capital | $(24842) | $(23512) |

---

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

Cash and cash equivalents as at March 31, 2024 decreased by $855 compared to December 31, 2023. Lower cash was generated from positive operating cash flows before changes in working capital of $263 during the period ended March 31, 2024 (Q1 2023 –$3,351), and cash outflow from changes in non-cash working capital of $345 (Q1 2023 – cash outflow $459). Cash outflow related to financing activities was $321 (Q1 2023 – negative $1,056). The Company received proceeds from related party loan, offset by principal repayment and interest payments of bank indebtedness, payments of lease liabilities, and loan application fee. Additional spending related to investing activities of $439 (Q1 2023 - $1,148) and the effect of foreign exchange of negative $13 (Q1 2023 – $3) on cash and cash equivalents.

At March 31, 2024, the Company's debt was comprised of a loan from the Credit Facility of $27,318 and a loan from related party of $9,301. The Company accrued interest of $781 and amortized borrowing cost of $182 related to the Credit Facility, and accrued interest of $123 and amortized borrowing cost of $54 related to the related party loan for the period ended March 31, 2024.

Working capital decreased for the period ended March 31, 2024 compared to December 31, 2023 as a result of decrease of cash and cash equivalents and derivative asset, increase of loan from related party, partially offset by increases of trade and other receivable, inventories, and other current assets, and decreases of accounts payable and accrued liabilities, lease liabilities, and current debt.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2023** | **Change** |
| Operating cash flows before changes in working capital | $263 | $3351 | $(3088) |
| &nbsp;&nbsp;Changes in working capital | (345) | (459) | 114 |
| Net cash flows generated by (used in) operating activities | (82) | 2892 | (2974) |
| Net cash flows generated by (used in) financing activities | (321) | (1056) | 735 |
| Net cash flows generated by (used in) investing activities | (439) | (1148) | 709 |
|  | $(842) | $688 | $(1530) |

---

Net cash flows generated from operating activities were lower in the period ended March 31, 2024 than the same period in 2023 as a result of less cash generated from increased zinc pounds sold at a lower average concentrate zinc price compared with the first quarter of 2023, higher cash used in trade and other receivable, inventories, other current assets, and income tax paid, partially offset by higher cash flows generated in lower unrealized loss on derivative, accounts payable and accrued liabilities. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Net cash flows used in investing activities in the period ended March 31, 2024 were lower compared with the same period in 2023 as the Company spent less on capital equipment.

Net cash flows used in financing activities during the period ended March 31, 2024 reflect $5,000 of related party loan proceeds, $5,000 of bank indebtedness repayment, $124 of interest payments, $22 of payment of lease liabilities, and $175 of payment of loan transaction fee. For comparison, net cash flows used in financing activities by the Company in the same period in 2023 reflect $130 of warrant exercise proceeds, $1,027 of dividends paid, $123 of associated interest payments, $21 of payments made on lease liabilities, and $15 of repayment of equipment loans. For comparison.

**Capital Expenditures**

The Company invested $439 in capital assets in the period ended March 31, 2024 compared to $1,148 capital expenditures made in the same period of 2023. A new transformer and a server room were added to capital assets, and a compact twin-boom mining equipment was rebuilt during the period.

**Liquidity**

As at March 31, 2024, the Company had total liquidity of $4,176 in cash and cash equivalents. The Company had working capital of negative $24,842 and a deficit of $70,960. For the period ended March 31, 2024, the Company had positive operating cash flows before changes in working capital of $263 and a net loss of $2,632. On June 14, 2023, the Company announced that it temporarily suspended the payment of its quarterly dividend in order to preserve capital and strengthen its balance sheet as it navigates the downturn in zinc prices. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

As at December 31, 2023, the Company had total liquidity of $5,031 in cash and cash equivalents. The Company had working capital of negative $23,512 and a deficit of $68,328. For the year ended December 31, 2023, the Company had positive operating cash flows before changes in working capital of $6,085 and a net loss of $10,196.

**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.

At June 30, 2023, Titan was in breach of certain financial covenants under its Credit Facility. Titan obtained a waiver from National Bank on covenants for the period of June 30, 2023, to December 31, 2023. This waiver was subsequently extended to April 9, 2024. As of such date and the date of this MD&A, the Company was and continues to be in compliance with its covenants under the Credit Facility. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at March 31, 2024 and their approximate timing of payment are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **< 1 year** | | **1 to 3 years** | | **4 – 5 years** | | **>5 years** | | **Total** | |
| Debt: |  |  |  |  |  |  |  |  |  |  |  |
| Repayment of principal |  | $27170 |  | $10000 |  | $- |  | $- |  | $37170 |  |
| Repayment of interest |  | 658 |  | 123 |  |  |  |  |  | 781 |  |
| Leases |  | 58 |  |  |  |  |  |  |  | 58 |  |
| *Reclamation and Remediation provision* | | *-* | | *-* | | *-* | | *16717* | | *16717* | |
|  |  | $27886 |  | $10123 |  | $- |  | $16717 |  | $54726 |  |

---

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of March 31, 2024, the Company had 136,366,599 common shares issued, 17,642,856 warrants and 5,920,000 options outstanding.

**FINANCIAL INSTRUMENT**

**a)** **Carrying amount versus fair value** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2024** | **March 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| | Carrying<br> amount | Fair value | Carrying <br> amount | Fair value |
| **Financial liabilities Lease liabilities** | $56 | $40 | $76 | $55 |
| Bank indebtedness | $27318 | $27116 | $31655 | $32087 |
| Loan from related party | $9301 | $10168 | $4124 | $5061 |

---

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

Fair values of the Company's lease liabilities, bank indebtedness, equipment loans, and loan from related-party are determined by using discounted cash flow models that use discount rates that reflect the issuer's borrowing rate as at the end of the reporting period. The fair value of the derivative asset is determined using discounted cash flow models that incorporate commodity forward prices, credit risk adjustments and discount rates.

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**b)** **Derivatives** 

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 three months ended March 31, 2023, the Company recognized $634 of realized gain on settlement of swaps, and $3,239 of unrealized gains from changes in the fair value of open positions.

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on March 31, 2024 was approximately $202, 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 March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Three months ended <br> March 31,** | **Three months ended <br> March 31,** |
| | 2024 | 2023 |
| Salaries and benefits | $205 | $193 |
| Office and other | 30 | 43 |
| Marketing and travel | 4 | 3 |
|  | $239 | $239 |

---

**Key management personnel compensation**

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| Management's Discussion and Analysis |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2023** |
| Salaries and benefits | $428 | $376 |
| Consulting fees | 228 | 228 |
| Share-based compensation | (3) | 84 |
| Directors' fees | 55 | 55 |
|  | $708 | $743 |

---

The following amounts are outstanding as at March 31, 2023 and December 31, 2022, and are included in accounts payable and accrued liabilities above.

---

| | | |
|:---|:---|:---|
| | **As at<br> March 31,**<br>2024 | **As at<br> December 31,**<br>2023 |
| Salaries and benefits payable | $406 | $416 |
|  | $406 | $416 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Estimates and judgments**

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

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Share-based compensation;

● Taxation

See note 3 of our 2023 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

,

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls in the period ended March 31, 2024.

**NOTES TO READER**

**Cautionary note regarding forward-looking information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; anticipated head grade; anticipated zones that will be mined, and timing of such mining; exploration plans at the Kilbourne target and timing of such plans; that rod mill liners will be installed and timing of such installation; 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. 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 and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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 as a result of new information, future events or results or otherwise, except as required by applicable law.

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2023 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the sections entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available at www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2021 NI 43-101 Technical Report (Amended) with an effective date of February 24, 2021, filed on SEDAR+ at www.sedarplus.ca.

For additional information related to the Kilbourne target, see the Company's news release titled, "Titan Mining Announces Significant Graphite Discovery at Empire State Mines in Upstate New York, USA" dated October 23, 2023.

**Non-GAAP performance measures**

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

**C1 cash cost per payable pound sold**

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2024** | **2024** | **2023** | **2023** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) | 14.4 |  | 14.8 |  |
| Operating expenses and selling costs | $10263 | $0.71 | $14145 | $0.95 |
| Concentrate smelting and refining costs | 3667 | 0.26 | 4057 | 0.28 |
| Total C1 cash cost | $13930 | $0.97 | $18202 | $1.23 |
| Sustaining Capital Expenditures | $438 | $0.03 | $477 | $0.03 |
| AISC | $14368 | $1.00 | $18679 | $1.26 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31** | **Three months ended March 31** |
| | **2024** | **2023** |
| Sustaining capital expenditures | $438 | $477 |
| Expansionary capital expenditures | 1 | 768 |
| Additions to mineral, properties, plant and equipment | $439 | $1245 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br>**March 31,**<br>**2024** | **Year ended**<br>**December 31,**<br>**2023** |
| Current portion of debt | $36619 | $35779 |
| Non-current portion of debt | - | - |
| Total debt | $36619 | $35779 |
| Less: Cash and cash equivalents | (4176) | (5031) |
| Net debt | $32443 | $30748 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | |
|:---|:---|:---|
| **Free Cash Flow**<br>|<br>**Three months ended March 31,**<br>**2024** |<br>**Three months ended March 31,**<br>**2023** |
| Net cash provided by operating activities | $(82) | $2892 |
| Less: Capital expenditures | (439) | (1245) |
| Free cash flow | $(521) | $1647 |

---

## Exhibit 99.17

**Exhibit 99.17**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

 ****

I, **Donald R. Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation** (the "issuer") for the interim period ended **March 31, 2024**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2024** and ended on **March 31, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

---

| |
|:---|
| Date: **May 13, 2024** |
| */s/ Donald R. Taylor* |
| Donald R. Taylor |
| Chief Executive Officer |

---

## Exhibit 99.18

**Exhibit 99.18**

**Form 52-109F2**

**Certification of Interim Filings <br> Full Certificate**

I, **Ty Minnick,** Interim Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation.** (the "issuer") for the interim period ended **March 31, 2024**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2024,** and ended on **March 31, 2024,** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

---

| |
|:---|
| Date: **May 13, 2024** |
| */s/ Ty Minnick* |
| Ty Minnick |
| Interim Chief Financial Officer |

---

## Exhibit 99.19

**Exhibit 99.19**

![](ex99-19_001.jpg)

Security Class Holder Account Number Form of Proxy - Annual General Meeting to be held on June 25, 2024 This Form of Proxy is solicited by and on behalf of Management. Notes to proxy 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse). 2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. 3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy. 4. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management. 5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. • Call the number listed BELOW from a touch tone telephone. 1 - 866 - 732 - VOTE (8683) Toll Free • Go to the following web site: www.investorvote.com • Smartphone? Scan the QR code to vote now. Proxies submitted must be received by 10:00 am, (Vancouver Time) on June 21, 2024. VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! To Vote Using the Telephone To Vote Using the Internet To Receive Documents Electronically • You can enroll to receive future securityholder communications electronically by visiting www.investorcentre.com. If you vote by telephone or the Internet, DO NOT mail back this proxy. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. CONTROL NUMBER ------ - Fold ------ - Fold

![](ex99-19_002.jpg)

------ - Fold ------ - Fold Appointment of Proxyholder I/We being holder(s) of securities of Titan Mining Corporation (the "Company") hereby appoint: Richard W. Warke, or failing this person, Purni Parikh, or failing this person, Tom Ladner (the "Management Nominees") OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein. as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General Meeting of shareholders of the Company to be held at Suite 555, 999 Canada Place, Vancouver, BC on June 25, 2024 at 10:00 am (Vancouver Time), and at any adjournment or postponement thereof. VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES. 1. Election of Directors 01. Richard W. Warke For Withhold 02. Donald R. Taylor For Withhold 03. John Boehner For Withhold 04. Lenard Boggio 05. William Mulrow 06. George Pataki 2. Appointment of Auditors To appoint Ernst & Young LLP as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration. For Withhold 3. Option Plan Resolution To approve all unallocated options under the Company's current stock option plan, as more particularly set out in the management information circular for the Meeting. For Against 4. RSU Plan Resolution To approve all unallocated rights and other entitlements under the Company's current restricted share unit plan, as more particularly set out in management information circular for the Meeting. For Against Signature of Proxyholder I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management. Signature(s) Date 3 6 4 3 3 8 A R 0 T Q Q Q

## Exhibit 99.20

**Exhibit 99.20**

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON JUNE 25, 2024**

NOTICE IS HEREBY GIVEN that the Annual General Meeting (the "**Meeting**") of holders (the "**Shareholders**") of common shares (the "**Common Shares**") of Titan Mining Corporation (the "**Company**") will be held at Suite 555, 999 Canada Place, Vancouver, BC, on June 25, 2024, at 10:00 a.m. (Vancouver time), for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;1. To receive the consolidated audited financial statements of the Company for the year ended December 31,
2023, together with the auditors' report thereon;

&nbsp;&nbsp;&nbsp;&nbsp;2. To elect directors of the Company for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;3. To appoint Ernst and Young, LLP, Chartered Accountants as auditors of the Company until the Company's
next annual meeting, and to authorize the directors to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;4. To approve all unallocated options under the Company's current stock option plan, as more particularly
set out in the accompanying management information circular for the Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;5. To approve all unallocated rights and other entitlements under the Company's current restricted
share unit plan, as more particularly set out in the accompanying management information circular for the Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;6. To transact such other business as many properly come before the Meeting or any adjournment thereof.

Accompanying this Notice of Meeting is a Management Information Circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on May 6, 2024, for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access provisions ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders will still receive a Proxy enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.titanminingcorp.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@titanmining.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Computershare Investor Services Inc. (the "Transfer Agent") at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of May 13, 2024<br>

BY ORDER OF THE BOARD OF DIRECTORS

<u>*"Donald R. Taylor*" </u> <br> DONALD R. TAYLOR <br> President and CEO

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

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**MANAGEMENT INFORMATION CIRCULAR**

INFORMATION PROVIDED AS AT MAY 13, 2024 (*unless otherwise stated)*<br> FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS<br> TO BE HELD ON JUNE 25, 2024

**PERSONS MAKING THE SOLICITATION**

**This Management Information Circular (the "Circular") is being furnished in connection with the solicitation of proxies being made by or on behalf of the management of Titan Mining Corporation (the "Company" or "Titan Mining") for use at the annual general meeting (the "Meeting") of holders (the "Shareholders") of the common shares of the Company (the "Common Shares") to be held on June 25, 2024 at the time and place and for the purposes set forth in the accompanying notice of meeting (the "Notice of Meeting")**.

While it is expected that the solicitation of proxies will be made primarily by mail, proxies may also be solicited personally, by telephone or other means of communication by the directors, officers, employees and agents of the Company. All costs of this solicitation will be borne by the Company.

Unless otherwise indicated, all dollar amounts in this Circular are in United States dollars. The exchange rate of Canadian dollars into United States dollars based upon the exchange rate reported by the Bank of Canada on December 31, 2023, was US$1.00 = C$1.3226.

**APPOINTMENT OF PROXIES**

The individuals named as proxyholders in the accompanying form of proxy (the "**Proxy**") are directors or officers of the Company or both. **A registered Shareholder wishing to appoint some other person (who need not be a Shareholder) to attend and act for the Shareholder or on the Shareholder's behalf at the Meeting, or any adjournment or postponement thereof, has the right to do so, by inserting the desired person's name in the blank space provided in the Proxy or by completing another valid form of proxy. A proxy will not be valid unless the completed form of proxy is received by Computershare Investor Services Inc. (the "Transfer Agent"), at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1, not less than 24 hours (excluding Saturdays, Sundays and holidays) before the time for holding the Meeting or any adjournment or postponement thereof. Late proxies may be accepted or rejected by the Chair of the Meeting at their discretion, and the Chair is under no obligation to accept or reject any particular late proxy.**

**NON-REGISTERED SHAREHOLDERS**

**Only registered Shareholders ("Registered Shareholders") or duly appointed proxyholders are permitted to vote at the Meeting. Most Shareholders of the Company are "non-registered" Shareholders because the Common Shares they own are not registered in their names but are instead registered in the names of a brokerage firm, bank or other intermediary or in the name of a clearing agency. Shareholders who do not hold their Common Shares in their own name (referred to herein as "Beneficial Shareholders") should note that only Registered Shareholders (or duly appointed proxyholders) may complete a proxy or vote at the Meeting in person.** If Common Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Common Shares will not be registered in such Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's broker or an agent of that broker. In Canada, the vast majority of such Common Shares are registered under the name of CDS and Co. (the registration name for CDS Clearing and Depository Services Inc., which company acts as nominee for many Canadian brokerage firms). Common Shares held by brokers (or their agents or nominees) on behalf of a broker's client can only be voted (for or against resolutions) at the direction of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the brokers' clients.

This Circular and accompanying materials are being sent to both Registered Shareholders and Beneficial Shareholders. Beneficial Shareholders fall into two categories – those who object to their identity being known to the issuers of securities which they own ("**Objecting Beneficial Owners**", or "**OBOs**") and those who do not object to their identity being made known to the issuers of the securities they own ("**Non-Objecting Beneficial Owners**", or "**NOBOs**"). Subject to the provision of National Instrument 54-101 – *Communication with Beneficial Owners of Securities of Reporting Issuers* ("**NI 54-101**"), issuers may request and obtain a list of their NOBOs from intermediaries via their transfer agents and use this NOBO list for distribution of proxy-related materials directly to NOBOs.

The Company is taking advantage of those provisions of NI 54-101 that permit the Company to deliver proxy-related materials to the Company's NOBOs who have not waived the right to receive them. As a result, NOBOs can expect to receive a Voting Instruction Form ("**VIF**") together with the notice and access notice and related documents through their respective broker or other intermediary. These VIFs are to be completed and returned in line with the instructions provided by each NOBO's respective broker or other intermediary. **NOBOs should carefully follow the instructions provided, including those regarding when and where to return the completed VIFs.**

Should a NOBO wish to attend and vote at the Meeting in person, the NOBO must insert the NOBO's name (or such other person as the NOBO wishes to attend and vote on the NOBO's behalf) in the blank space provided for that purpose on the VIF and return the completed VIF in line with the instructions provided by such NOBO's broker or other intermediary. **If a NOBO or a nominee of the NOBO is appointed as a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**NOBOs that wish to change their vote must contact their broker or other intermediary who provided the instructions to arrange to change their vote in sufficient time in advance of the Meeting.**

The Company does not intend to pay for intermediaries to deliver the Meeting materials and Form 54-101F7 – *Request for Voting Instructions Made by Intermediary* to OBOs. As a result, OBOs will not receive the Meeting materials unless their intermediary assumes the costs of delivery.

Should an OBO wish to vote at the Meeting in person, the OBO must insert the OBO's name (or such other person as the OBO wishes to attend and vote on the OBO's behalf) in the blank space provided for that purpose on the request for a VIF and return the completed request for a VIF form to the intermediary or its service provider or the OBO must submit, to their intermediary, any other document in writing that requests that the OBO or a nominee of the OBO be appointed as proxyholder. **If the OBO or a nominee of the OBO is appointed a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**Only Registered Shareholders have the right to revoke a proxy. NOBOs and OBOs who wish to change their vote must, sufficiently in advance of the Meeting, arrange for their respective intermediaries to change their vote and if necessary, revoke their proxy in accordance with the revocation procedures set out below.**

All references to Shareholders in this Circular, the accompanying Proxy and Notice of Meeting of Shareholders are to Registered Shareholders of record unless specifically stated otherwise.

**NOTICE AND ACCESS**

The Company is using Notice and Access procedures to deliver its 2024 Meeting materials to Shareholders. The Notice and Access provisions are a mechanism which allows reporting issuers to choose to deliver proxy-related materials to Registered Shareholders and non-registered Shareholders by posting such materials on a non-SEDAR+ website rather than delivering such materials by mail.

The Meeting materials have been posted in full on the Company's website at https://www.titanminingcorp.com/investors/agm/ and under the Company's SEDAR+ profile at www.sedarplus.ca.

The Company has determined that those registered and beneficial Shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting materials together with the Notice of Meeting and Proxy or VIF.

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone at 1-888-442-2224 or by email at info@titanminingcorp.com. In order to ensure that a paper copy of the Circular can be delivered to a requesting Shareholder in time for such Shareholder to review the Circular and return a proxy or voting instruction form prior to the deadline to received proxies, it is suggested that a shareholder ensure their request is received no later than June 4, 2024.

**REVOCATION OF PROXIES**

A Shareholder who has delivered a proxy for use at the Meeting may revoke it by an instrument in writing executed by the Shareholder or by the Shareholder's attorney authorized in writing or, if the Shareholder is a corporation, by a duly authorized officer or attorney of the corporation, and delivered either (i) to the registered office of the Company, at Suite 2600, 595 Burrard Street, Vancouver, British Columbia V7X 1L3, at any time up to and including the last business day preceding the day of the Meeting or any adjournment or postponement thereof, (ii) to the Transfer Agent at 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 (attention Proxy Department), at any time up to and including the last business day preceding the day of the Meeting or any adjournment or postponement thereof, or (iii) to the Chair of the Meeting on the day of the Meeting or any adjournment or postponement thereof. A revocation of a proxy does not affect any matter on which a vote has been taken prior to the revocation.

**VOTING OF PROXIES**

The Common Shares represented by a properly executed proxy in favour of the individuals designated as management proxyholders in the enclosed form of proxy will:

&nbsp;&nbsp;&nbsp;&nbsp;a. be voted or withheld from voting in accordance with the instructions of the person appointing the management
proxyholder on any ballot that may be called for; and

&nbsp;&nbsp;&nbsp;&nbsp;b. where a choice with respect to any matter to be acted upon has been specified in the form of proxy, be
voted in accordance with the specification made in such proxy.

If, however, direction is not given in respect of any matter, the proxy will be voted as recommended by management of the Company.

The enclosed form of proxy, when properly completed and delivered and not revoked, confers discretionary authority upon the individuals appointed as management proxyholder thereunder to vote with respect to amendments or variations of matters identified in the Notice of the Meeting, and in respect of other matters which may properly come before the Meeting. In the event that amendments or variations to matters identified in the Notice of Meeting are properly brought before the Meeting or any further or other business is properly brought before the Meeting, it is the intention of the individuals designated by management as proxyholders in the enclosed form of proxy to vote in accordance with their best judgment on such matters or business. At the time of the printing of this Circular, management of the Company knows of no such amendment, variation or other matter which may be presented to the Meeting.

**VOTING SHARES AND PRINCIPAL HOLDERS THEREOF**

The board of directors of the Company (the "**Board of Directors**" or the "**Board**") has fixed a record date as of the close of business on May 6, 2024 (the "**Record Date**") for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

As at the Record Date, there were a total of 136,366,599 Common Shares outstanding. Except as may otherwise be set forth herein, each Common Share entitles the holder thereof to one vote for each Common Share shown as registered in the holder's name as of the Record Date. Only Registered Shareholders at the close of business on the Record Date who either personally attend the Meeting or who have completed and delivered a form of proxy in the manner and subject to the provisions described above shall be entitled to vote or to have their Common Shares voted at the Meeting.

To the knowledge of the directors and executive officers of the Company, no person or company beneficially owns, controls or directs, directly or indirectly, 10% or more of the voting rights attached to any class of voting securities of the Company as of the Record Date, other than the following:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Number of Shares Beneficially Owned** | &nbsp;&nbsp;**Percentage of Issued Shares** |
| &nbsp;&nbsp;Richard W. Warke<sup>(1)</sup> | &nbsp;&nbsp;73320612 | &nbsp;&nbsp;53.77% |

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<sup>(1)</sup> Richard Warke directly holds 1,000 Common Shares and indirectly holds (i) 29,619,612 Common Shares through Augusta Investments Inc., a company controlled by Mr. Warke; (ii) 40,700,000 Common Shares through Augusta Ozama Investment Limited Partnership, a partnership controlled by Mr. Warke; and (iii) 3,000,000 Common Shares through Ozama River Holdings Corp., a company controlled by Mr. Warke.

**ANNUAL FINANCIAL STATEMENTS**

The audited consolidated financial statements of the Company for the year ended December 31, 2023, together with the report of the Company's auditors thereon, which were filed on SEDAR+ at www.sedarplus.ca on March 21, 2024, will be presented to the Shareholders at the Meeting. Shareholders wishing to obtain a copy of the Company's audited consolidated financial statements and Management's Discussion and Analysis may obtain a copy, free of charge, from the Company's profile on SEDAR+, the Company's website at www.titanminingcorp.com or from the Company by contacting the Company at the following:

Titan Mining Corporation Telephone: (604) 687-1717 <br> Suite 555 – 999 Canada Place Email: info@titanminingcorp.com <br> Vancouver, British Columbia V6C 3E1

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

No person who has been a director or executive officer of the Company at any time since the beginning of the last financial year, nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting except with respect to the election of directors*.*

**ELECTION OF DIRECTORS**

At the date of this Circular there were six directors of the Company. The present term of office of each of these six directors will expire immediately prior to the election of directors at the Meeting. Management of the Company does not contemplate that any of the nominees will be unable to serve as directors. Each director will hold office until the next annual meeting of the Company or until his successor is appointed or elected, unless his office is earlier vacated in accordance with the articles of the Company or with the provisions of the *Business Corporations Act (British Columbia)*.

At the Meeting, the individuals nominated for election as directors of the Company will be voted on individually and the voting results for each nominee will be publicly disclosed in a news release. **Unless such authority is withheld by a Shareholder, the management proxyholder named in the accompanying form of proxy or VIF intend to vote "FOR" the election of the individuals whose names are set out below.** 

In the following table and notes thereto is stated the name of each person proposed to be nominated by management for election as a director of the Company, the country in which the proposed director is ordinarily resident, all offices of the Company currently held by the proposed director, the proposed director's principal occupation, the business or employments of each proposed director within the preceding five years, the date the proposed director was first appointed as a director of the Company and the number of Common Shares beneficially owned by the proposed director, directly or indirectly, or over which the proposed director exercises control or direction, as at the Record Date.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name of Proposed Director and Current Position with the Company and location of residence** | &nbsp;&nbsp; <br> **Principal Occupation, Business or Employment During the**<br> **Past Five Years<sup>(1)</sup>**<br>| &nbsp;&nbsp; <br> **Date First Appointed as Director of the Company**<br>| &nbsp;&nbsp; **Number of Common Shares beneficially owned, controlled or directed, directly or indirectly<sup>(1)</sup>** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman<br> West Vancouver, BC Canada<br>| &nbsp;&nbsp;**Executive Chairman of the Company**; President and CEO to September 2018; Executive Chairman of Solaris Resources Inc. since March 2020; Executive Chairman of Augusta Gold Corp. since January 2021; President and CEO of Armor Minerals Inc. since October 2, 2018, Executive Chairman of Tethyan Resource Corp. from January 2019 to March 2020 | &nbsp;&nbsp;October 15, 2012 | &nbsp;&nbsp; 73320612 <sup>(5)</sup> |
| &nbsp;&nbsp; Donald R. Taylor<br> President and CEO and Director<br> Oro Valley, AZ<br> USA | &nbsp;&nbsp;**President and CEO of the Company;** President and CEO of Augusta Gold Corp. since October 2020 | &nbsp;&nbsp;June 21, 2018 | &nbsp;&nbsp; 5126071 |
| &nbsp;&nbsp; Lenard Boggio<sup>(2)(3)(4)</sup><br> Lead Director<br> West Vancouver, BC Canada<br>| &nbsp;&nbsp;Corporate director of several publicly listed corporations since his retirement in 2012 from PricewaterhouseCoopers LLP as Partner and senior member of the firm's mining industry group in Vancouver. | &nbsp;&nbsp;January 1, 2017 | &nbsp;&nbsp; 134000 |
| &nbsp;&nbsp; George Pataki<sup>(2)(4)</sup><br> Director<br> Garrison, NY<br> USA | &nbsp;&nbsp;Senior Counsel at Norton Rose Fulbright since March 2007. Co-founder and Chairman of the Pataki-Cahill Group. | &nbsp;&nbsp; June 29, 2017 | &nbsp;&nbsp; Nil |
| &nbsp;&nbsp; John Boehner<sup>(2)(3)</sup><br> Director<br> Marco Island, FL<br> USA | &nbsp;&nbsp;Strategic Advisor for Squire Patton Boggs since November 2017. | &nbsp;&nbsp;October 9, 2018 | &nbsp;&nbsp; Nil |
| &nbsp;&nbsp; William Mulrow<sup>(3)(4)</sup><br> Director<br> New York, NY<br> USA | &nbsp;&nbsp;Senior Advisory Director at Blackstone Group since May 2017. | &nbsp;&nbsp;October 9, 2018 | &nbsp;&nbsp; Nil |

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<sup>(1)</sup> This information has been furnished by the respective directors, individually. The directors listed may be directors of other reporting issuers. Details with respect to other directorships are provided under the heading entitled "Statement of Corporate Governance Practices".

<sup>(2)</sup> Member of Audit Committee.

<sup>(3)</sup> Member of the Compensation Committee.

<sup>(4)</sup> Member of the Nominating and Corporate Governance Committee.

The Board has adopted a majority voting policy (the "**Majority Voting Policy**") that stipulates that, in an uncontested election of directors, if a nominee receives a greater number of votes "withheld" from his or her election than votes "for" such election, the nominee will immediately submit his or her resignation to the Chair of the Board for consideration following the meeting (to take effect immediately upon acceptance by the Board). The Nominating and Corporate Governance Committee will consider the offer of resignation and will make a recommendation to the Board of whether or not to accept it. The Board shall review, consider and act on the Nominating and Corporate Governance Committee's recommendation within 90 days following the applicable meeting of the Shareholders of the Company. The Board shall accept the resignation absent exceptional circumstances that would warrant the nominee to continue to serve on the Board. The Company will promptly issue a press release announcing the Board's decision, and a copy of that press release will be provided to the Toronto Stock Exchange ("**TSX**"). If the Board declines to accept the resignation, the press release shall fully state the reasons for its decision. Any director who tenders his or her resignation shall not participate in any Nominating and Corporate Governance Committee or Board meetings at which his or her resignation is considered. The Majority Voting Policy does not apply in circumstances involving contested director elections.

**CORPORATE CEASE TRADE ORDERS OR BANKRUPTCIES**

Except for as provided below, no proposed director of the Company is, as at the date of this Circular, or was within 10 years before the date of this Circular, a director, chief executive officer or chief financial officer of any company (including the Company), that (i) was subject to a cease trade or similar order or an order that denied such company access to any exemption under securities legislation (that was in effect for a period of more than 30 days) that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to any such order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

Except for as provided below, no proposed director of the Company is or has been within the 10 years before the date of this Circular a director or executive officer of any company (including the Company) that while that person was acting in that capacity or within a year of that person ceasing to act in that capacity became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets.

Mr. Boggio was a director of Great Western Minerals Group Ltd. ("**GWMG**") from January 2013 until July 2015. In April 2015, GWMG entered a support agreement with certain of the holders of GWMG's secured convertible bonds and GWMG was subsequently granted protection from its creditors under the Companies' Creditors Arrangements Act. In May 2015, an order was issued by the Financial and Consumers Affairs Authority of the Province of Saskatchewan that all trading in the securities of GWMG be ceased due to its failure to file financial statements for the year ended December 31, 2014. In December 2015, GWMG entered bankruptcy proceedings.

Mr. Boggio was a director of Pure Gold Mining Inc. ("**Pure Gold**") until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia (the "**Court**") under the Companies' Creditors Arrangement Act ("**CCAA**"). KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSX Venture Exchange. Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings

No proposed director of the Company is or has within the 10 years before the date of this Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

**Penalties or Sanctions**

No proposed director of the Company has been subject to (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement, with a securities regulatory authority, or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

**APPOINTMENT OF AUDITORS**

Unless such authority is withheld, the persons named in the accompanying Proxy or VIF intend to vote to re-elect Ernst and Young, LLP, Chartered Professional Accountants, as auditor of the Company and to authorize the directors to fix their remuneration. Ernst and Young, LLP were first appointed auditors of the Company on January 31, 2017.

**STATEMENT OF EXECUTIVE COMPENSATION**

**Compensation Discussion and Analysis**

The following information describes the significant elements of compensation paid to the Company's Chief Executive Officer ("**CEO**"), Chief Financial Officer ("**CFO**") and the three most highly compensated executive officers, other than the CEO and CFO who were serving as executive officers during the most recent fiscal year (the "**Named Executive Officers**" or "**NEOs**") whose total compensation was, individually, more than $150,000, if any. For the year ended December 31, 2023, the Company's NEOs were: Richard W. Warke – Executive Chairman, Donald R. Taylor – President and CEO, Michael McClelland – CFO, and Joel Rheault – Vice President, Operations. The Company did not have any other officers whose total compensation was, individually, more than $150,000. Mr. McClelland resigned effective March 31, 2024. Mr. Ty Minnick assumed the role of Interim Chief Financial Officer effective April 1, 2024.

The Board has established a Compensation Committee whose mandate is to develop and recommend compensation policies and programs to the Board with the objective of ensuring the Company is able to attract, retain and motivate executives and key personnel to develop and implement the Company's strategic goals. For the year ended December 31, 2023, the Compensation Committee was comprised of John Boehner (Chair), William Mulrow and Lenard Boggio. Members of the Compensation Committee have direct experience in executive compensation matters as directors of other companies, which experience assists in evaluating the suitability of the Company's compensation practices and policies.

In consultation with the President and CEO, the Compensation Committee reviews and recommends, as required on an annual basis, the process, evaluation and determination of the various elements of compensation for the Company's executive officers. The Company is dependent on individuals with specialized skills and knowledge related to mining exploration and development of mineral prospects, corporate finance and management. The objective of the Compensation Committee is to assist in attracting, retaining and motivating executives and key personnel with these skills and in view of the Company's goals. In reviewing the compensation arrangements of the Company's executive officers, the Compensation Committee will consider the fairness to Shareholders, the Company's requirements and market competitiveness in order to attract and retain capable and experienced personnel, performance and such other objectives as the Compensation Committee considers advisable.

The Compensation Committee has the authority to engage independent consultants as necessary to assist it in performing its mandate including assessing the competitiveness of the Company's compensation program.

**Elements of Compensation**

Compensation for the Company's executive officers is comprised of three elements: base salary, discretionary bonus ("**STIP**") and a long term incentive program ("**LTIP**") comprised of incentive stock options ("**Options**") granted pursuant to the Company's Stock Option Plan dated June 1, 2017, as amended (the "**Option Plan**") and restricted share units ("**RSUs**") granted pursuant to the Restricted Share Units Plan dated May 11, 2018, as amended (the "**RSU Plan**"). This compensation structure is intended to reward performance and be competitive with the compensation arrangements of other companies of similar size and scope in the industry. As of the date of this Circular, no RSUs have been granted.

***Base Salary***

 

Base salary for the Company's executive officers is established taking into account each executive's responsibilities, performance assessment and career experience. To ensure that the Company will continue to attract and retain qualified and experienced executives, base salaries may be reviewed annually by the Compensation Committee and adjusted to ensure that they remain competitive subject to the discretion of the Board.

***Bonus (STIP)***

The STIP is intended to motivate and reward executives for the achievement of short-term goals and their contribution to the business objectives during the relevant year. Bonus payments under the STIP are paid at the discretion of the Board on the recommendations of the Compensation Committee (in consultation with management where appropriate) and may be based on a combination of individual and corporate performance against a target percentage of the executive's salary as approved by the Board. Compared to other executives, the compensation of the President and CEO is weighted more against the Company's performance. Details regarding the target bonus for each NEO for the most recently completed financial year is set out below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Position in Organization** | &nbsp;&nbsp;**STIP Payout as Percentage of Base Salary on <br> Meeting Target Performance** |
| &nbsp;&nbsp; Richard Warke<br> Executive Chairman | &nbsp;&nbsp;70% |
| &nbsp;&nbsp; Donald R. Taylor<br> President and CEO | &nbsp;&nbsp;70% |
| &nbsp;&nbsp; Michael McClelland<br> CFO | &nbsp;&nbsp;50% |
| &nbsp;&nbsp; Joel Rheault<br> VP Operations | &nbsp;&nbsp;30% |

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 ****

***Long Term Incentive Compensation (LTIP) – Stock Options and Restricted Share Units***

The Company's LTIP is currently comprised of Option grants pursuant to its Option Plan and RSUs pursuant to the RSU Plan (collectively the "**Plans**"). The purpose of the Plans is to secure for the Company and Shareholders the benefits of the incentives inherent to common share ownership by officers, directors and other eligible persons who, in the judgment of the Board, will have a significant role in the Company's growth and success.

Options and RSUs, if granted, are generally granted during the first quarter of the year following review of the prior year's performance. The timing of the grant, and number of Options or RSUs proposed to be granted by the Company to its executive officers and directors is proposed by the President and CEO, reviewed and recommended (or revised if thought appropriate) by the Compensation Committee, and ultimately approved by the Board. In certain cases, grants proposed by the President and CEO are reviewed (and revised if thought appropriate) by the entire Board before being ultimately approved. In determining grants, consideration is given to, among other things, the total number of convertible securities outstanding, current and future expected contribution to the advancement of corporate objectives by such individual, the position of the individual, tenure, and the status of previous grants to such individuals. No specific weightings are assigned to each factor; instead, a subjective determination is made based on an assessment of the individual relative to such factors. Convertible securities also comprise a portion of the compensation package offered to attract and retain new directors and executive officers to the Company. Options granted by the Board are priced at the closing price of the Common Shares on the TSX on the last trading day prior to the date of the grant in accordance with the Option Plan. Refer to the column entitled "Option-Based Awards" in the Summary Compensation Table for further details with respect to stock options awarded to NEOs during the most recently completed financial year.

 

*Stock Option Plan*

The Board adopted the Option Plan on June 1, 2017, and was ratified and approved, as amended, by Shareholders on June 30, 2021. Pursuant to the policies of the TSX, all unallocated options, rights or other entitlements under a security-based compensation arrangement that do not have a fixed maximum number of securities issuable must be approved by the listed issuer's securityholders every three years after the institution of such compensation arrangement.

The summary of the Option Plan set out below is intended to be a brief description and is subject to and qualified in its entirety by the full text of the Option Plan. Capitalized terms used in the following section "Summary of the Option Plan" but not otherwise defined in this Circular have the meanings given to them in the Option Plan.

 

*Summary of the Option Plan*

The purpose of the Option Plan is to secure for the Company and the Shareholders the benefits of the incentives inherent to Common Share ownership by officers, directors and other eligible persons who, in the judgment of the Board, will have a sufficient role in the Company's growth and success.

Directors, officers and employees of, and consultants to, the Company or any of its subsidiaries, as well as employees of companies providing management services or support to the Company or any of its subsidiaries (each, an "**Eligible Person**"), are eligible to receive Option grants under the Option Plan. The Option Plan includes the following significant terms and restrictions:

● The aggregate number of Common Shares that may be reserved for issuance pursuant to the Option Plan and all other Share Compensation Arrangements may not exceed 10% of the number of Common Shares issued and outstanding from time to time. Of this number, a maximum of 10% Common Shares may be granted as Incentive Stock Options.

● Any Common Shares subject to an Option that expires or terminates without having been fully exercised may be made the subject of a further Option.

● Upon the partial or full exercise of an Option, the Common Shares issued upon such exercise will automatically become available to be made the subject of a new Option, provided that the total number of Common Shares reserved for issuance under the Option Plan does not exceed 10% of the number of Common Shares then issued and outstanding.

● The aggregate number of Common Shares reserved for issuance pursuant to the Option Plan or any other Share Compensation Arrangement to any one Participant may not exceed 5% of the number of Common Shares issued and outstanding at any time.

● The aggregate number of Common Shares issuable pursuant to the Option Plan or any other Share Compensation Arrangement to Insiders may not exceed 10% of the number of Common Shares issued and outstanding at any time.

● The aggregate number of Common Shares issued to Insiders pursuant to the Option Plan or any other Share Compensation Arrangement in any one-year period may not exceed 10% of the number of Common Shares then issued and outstanding.

Subject to the terms of the Option Plan, the Exercise Price for each Common Share subject to an Option will be determined by the Board at the time of the Option grant and may not be lower than the last closing price of a common share on the TSX preceding the time of the Option grant, rounded up to the nearest whole cent.

Options will vest and become exercisable at such time or times as may be determined by the Board on the date of the Option grant.

Unless the Board determines otherwise and subject to any accelerated termination in accordance with the Option Plan, each Option will expire on the fifth anniversary of the date on which it was granted. In no event may an Option expire later than the tenth anniversary of the date on which it was granted. If the date on which an Option is scheduled to expire occurs during, or within ten business days after the last day of, a Black Out Period applicable to the Optionee, then the date on which the Option will expire will be extended to the last day of such ten business day period.

Options are non-assignable and non-transferable, with the exception of an assignment by testate succession or by the laws of descent and distribution upon the death of an Optionee.

If an Optionee ceases to be an Eligible Person (other than by reason of death, permanent disability or termination for cause), the Optionee may exercise any vested Options for a period of 30 days after the Optionee ceases to provide services to the Company or any of its subsidiaries, subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person by reason of death, the Optionee's heir may exercise any vested Options for one-year following the date of the Optionee's death, subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person while on permanent disability, the Optionee or his legal representatives may exercise any vested Options until the expiry of the Options. If an Optionee is dismissed for cause, any Options (whether vested or unvested) held by such Optionee shall terminate immediately upon receipt by the Optionee of notice of such dismissal.

If a "Change of Control" (as defined below) occurs, the Board may, in its discretion, (a) amend, abridge or otherwise eliminate any vesting schedule so that notwithstanding the other terms of any outstanding Option or the Option Plan, any outstanding Option may be exercised in whole or in part by the Optionee and/or (b) determine that all holders of outstanding Options with an exercise price equal to or greater than the price per Common Share provided for in the transaction giving rise to such Change of Control shall be entitled to receive and shall accept, immediately prior to or concurrently with the transaction giving rise to such Change of Control, in consideration for the surrender of such Options, the value of such Options determined in accordance with the Black and Scholes Option Pricing Model, as determined by the Board.

The Board may from time to time, subject to applicable law and any required approval of the TSX, any other regulatory authority, or the Shareholders, suspend, terminate or discontinue the Option Plan at any time, or amend or revise the terms of the Option Plan or of any Option granted thereunder; provided that no such amendment, revision, suspension, termination or discontinuance can adversely affect the rights of an Optionee under any previously granted Option except with the consent of that Optionee.

Shareholder approval shall not be required for the following amendments, subject to any regulatory approvals, including, where required, the approval of the TSX:

&nbsp;&nbsp;&nbsp;&nbsp;1. amendments to the Option Plan to ensure continuing compliance with applicable laws, regulations, requirements,
rules or policies of any governmental or regulatory authority or any stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;2. amendments of a "housekeeping", clerical, technical or stylistic nature, which include amendments
relating to the administration of the Option Plan or to eliminate any ambiguity or correct or supplement any provision herein which may
be incorrect or incompatible with any other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;3. changing the terms and conditions governing any Option(s) granted under the Option Plan, including the
vesting terms, the exercise and payment method, the Exercise Price and the effect of the Optionee's death or permanent disability,
the termination of the Optionee's employment, term of office or consulting engagement or the Optionee ceasing to be an Eligible
Person;

&nbsp;&nbsp;&nbsp;&nbsp;4. determining that any of the provisions of the Option Plan concerning the effect of the Optionee's
death or permanent disability, the termination of the Optionee's employment, term of office or consulting engagement or the Optionee
ceasing to be an Eligible Person shall not apply for any reason acceptable to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;5. amendments to the definition of Eligible Person;

&nbsp;&nbsp;&nbsp;&nbsp;6. changing the termination provisions of the Plan or any Option which, in the case of an Option, does not
entail an extension beyond an Option's originally scheduled expiry date;

&nbsp;&nbsp;&nbsp;&nbsp;7. changing the terms and conditions of any financial assistance which may be provided by the Company to
Optionees to facilitate the purchase of Common Shares under the Option Plan, or adding or removing any provisions providing for such financial
assistance;

&nbsp;&nbsp;&nbsp;&nbsp;8. amendments to the cashless exercise feature set out in Section 2.8 of the Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;9. the addition of or amendments to any provisions necessary for Options to qualify for favourable tax treatment
to Optionees or the Company under applicable tax laws or otherwise address changes in applicable tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;10. amendments relating to the administration of the Option Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;11. any other amendment, whether fundamental or otherwise, not requiring Shareholder approval under applicable
law or the rules or policies of any stock exchange upon which the Common Shares trade from time to time.

Notwithstanding anything contained in the Option Plan to the contrary, no amendment requiring the approval of the Shareholders under applicable law or the rules or policies of any stock exchange upon which the Common Shares trade from time to time shall become effective until such approval is obtained. In addition to the foregoing, approval by the Shareholders by ordinary resolution shall be required for:

&nbsp;&nbsp;&nbsp;&nbsp;1. any amendment to the provisions of Section 3.9 of the Option Plan that is not an amendment within the
nature of Sections 3.9(a)(i) and 3.9(a)(ii) of the Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;2. any increase in the maximum number of Common Shares that can be issued under the Option Plan, except in
connection with an adjustment made in accordance with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;3. any reduction in the Exercise Price of an Option granted under the Option Plan (including the cancellation
and re-grant of an Option, constituting a reduction of the Exercise Price of an Option), except in connection with an adjustment made
in accordance with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;4. any amendment to extend the expiry of an Option beyond its original Expiry Date;

&nbsp;&nbsp;&nbsp;&nbsp;5. any amendment to Section 3.1(e) or Section 3.1(f) of the Option Plan to increase participation by Insiders;
and

&nbsp;&nbsp;&nbsp;&nbsp;6. any amendment to the provisions of the Option Plan that would
permit Options to be transferred or assigned other than for normal estate settlement purposes, provided further that, in the case of
any amendment or variance referred to (I) in clause (v) of Section 3.9(b) of the Option Plan, Insiders are not eligible to vote their
Common Shares in respect of the required approval of the Shareholders, and (II) in clauses (iii), (iv) or (vi) of Section 3.9(b) of the
Option Plan, Insiders who shall benefit from such amendment or variance are not eligible to vote their Common Shares in respect of the
required approval of the Shareholders.

For the purposes of the Option Plan, "**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;1. any one person holds a sufficient number of voting shares of the Company or resulting company to affect
materially the control of the Company or resulting company;

&nbsp;&nbsp;&nbsp;&nbsp;2. any combination of persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding,
hold in total a sufficient number of voting shares of the Company or its successor to affect materially the control of the Company or
its successor; or

&nbsp;&nbsp;&nbsp;&nbsp;3. the Board adopts a resolution to the effect that the circumstances
in clause (1) or (2) of this definition have occurred or are imminent,

where such person or combination of persons referred to in clause (1) or (2) of this definition did not previously hold a sufficient number of voting shares to affect materially control of the Company or its successor. In the absence of evidence to the contrary, any person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding holding more than 20% of the voting shares of the Company or its successor is deemed to materially affect control of the Company or its successor.

*RSU Plan*

The Board adopted the RSU Plan on May 11, 2018, and was ratified and approved, as amended, by the Shareholders on June 30, 2021.

Similar to the Option Plan, the RSU Plan must also be reconfirmed every three years by Company's Shareholders at a meeting of Shareholders in accordance with the requirements of the TSX and if the RSU Plan is not reconfirmed, no further grants of RSUs may be made under the RSU Plan. The summary of the RSU Plan set out below is intended to be a brief description and is subject to and qualified in its entirety by the full text of the RSU Plan. Capitalized terms used in the following section "Summary of the RSU Plan" but not otherwise defined in this Circular have the meanings given to them in the RSU Plan.

 

 

*Summary of the RSU Plan*

The purpose of the RSU Plan is to promote further alignment of interests between Designated Participants and the Shareholders of the Company, to provide a compensation system for Designated Participants that is reflective of the responsibility, commitment and risk accompanying their role over the medium term and to allow Designated Participants to participate in the success of the Company over the medium term.

Pursuant to the RSU Plan, the Board may grant RSUs to Designated Participants who are directors, officers, employees or consultants of the Company or an affiliate of the Company, other than directors of the Company who are not also employees of the Company, in consideration of such persons providing their services to the Company or an affiliate of the Company. When cash dividends are paid on the Common Shares, additional RSUs of equivalent value are credited to the Designated Participant's RSU account. RSUs can be redeemed for either cash or Common Shares, or a combination of both, at the discretion of the Board, at the end of each Performance Period upon achievement by the Designated Participant of certain Target Milestones established by the Board at the time of the original RSU grant, which may include vesting based on length of service. Holders of RSUs are not entitled to any rights of a Shareholder of the Company with respect to the Common Shares underlying any such RSUs.

The RSU Plan authorizes the Board to grant RSUs to Designated Participants on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;1. The aggregate number of Common Shares that may be issued upon the redemption of RSUs granted under the
RSU Plan shall not at any time, when taken together with any Common Shares issuable under any other security based compensation arrangement
of the Company either then in effect or proposed, including the Option Plan, exceed 10% of the issued and outstanding Common Shares of
the Company from time to time on a non-diluted basis. If any RSU is cancelled for any reason without having been redeemed in full, the
Common Shares reserved for issuance in respect of such RSUs will become available again for the purposes of the RSU Plan.

&nbsp;&nbsp;&nbsp;&nbsp;2. The maximum number of Common Shares issuable to Insiders of the Company, at any time, under all security
based compensation arrangements of the Company, shall not exceed 10% of the issued and outstanding Common Shares and the maximum number
of Common Shares issued to Insiders of the Company, within any 12 month period, under all security based compensation arrangements of
the Company, shall not exceed 10% of issued and outstanding Common Shares, both on a non-diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;3. RSUs credited to the Designated Participant's account from time to time vest based upon the Designated
Participant's performance toward the Target Milestones as specified by the Board at the time of grant. If a Designated Participant
dies, or if a Designated Participant who is an employee or officer retires, suffers a disability preventing him from carrying out his
employment, or is terminated without cause, or for cause but such cause does not disqualify the officer or employee from statutory notice
under minimum standards legislation, if applicable, during a Performance Period, and the Designated Participant's Target Milestones
have not been met, the Board, in its sole discretion and taking into consideration the Designated Participant's proportional achievement
toward Target Milestones, may determine that a portion of such RSUs will immediately become vested.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notwithstanding paragraph 3, RSUs will vest in accordance with the terms and conditions of any applicable
employment or consulting agreement between the Company or an affiliate of the Company and a Designated Participant. If the Board determines
it is necessary or desirable in order to comply with applicable laws of a foreign jurisdiction or to avoid adverse tax consequences in
a foreign jurisdiction, the Board may set forth in the applicable RSU Acknowledgement such terms as it deems appropriate, which will govern
such awards notwithstanding any other provisions of the RSU Plan.

&nbsp;&nbsp;&nbsp;&nbsp;5. If a Designated Participant who is an employee or officer is terminated for cause and provided such cause
disqualifies the Designated Participant from statutory notice under minimum standards legislation, if applicable or resigns prior to the
end of a Performance Period in respect of any RSUs granted, or is a consultant and the consulting contract with the Company or an affiliate
of the Company is terminated by such consultant or the Company or such affiliate of the Company, the Designated Participant is not entitled
to any cash payment or treasury Common Shares on account of RSUs relating to such Performance Period in which such Designated Participant's
employment terminates, and all outstanding RSUs shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of a Change in Control of the Company, as defined in the RSU Plan, subject to TSX or any
other required regulatory approvals, then, notwithstanding the achievement or non-achievement of the Target Milestones set forth in a
RSU Acknowledgement, all of the RSUs held by such Designated Participant shall be deemed hereunder to have been vested upon the Change
in Control.

&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the grant of RSUs under the RSU Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. unless the Board specifies a shorter period, the Performance Period applicable to a grant of RSUs commences
on the January 1 coincident with or immediately preceding the grant and ends on November 30 of the third year following the calendar year
in which such RSUs were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. RSUs (including dividend equivalent RSUs) credited to the Designated Participant's account from
time to time are denominated in Common Shares of the Company. Whenever cash dividends are paid on the Common Shares of the Company, additional
RSUs will be credited to RSU accounts of Designated Participant's holding RSUs. The number of such dividend equivalent RSUs will
be calculated by dividing the amount of cash dividends that would have been payable if such RSUs had been Common Shares as at the record
date for the dividend by the market value on the trading day immediately preceding the date on which the Common Shares began trading on
an ex-dividend basis, rounded down to the next whole number of RSUs. No fractional RSUs will be issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. vested RSUs credited to the Designated Participant's account shall be redeemed on the last day of
the Performance Period of such RSUs (or such earlier date in the case of vested RSUs that are redeemable immediately upon the achievement
of Target Milestones). In addition, if a Designated Participant dies or if a Designated Participant who is an employee or officer retires,
suffers a disability preventing him from carrying out his employment, or is terminated without cause, or for cause but such cause does
not disqualify the officer or employee from statutory notice under minimum standards legislation, if applicable, during a Performance
Period, and the Designated Participant's Target Milestones have not been met, RSUs that have vested in accordance with paragraph
3 above credited to the Designated Participant's account are redeemable as soon as practicable following the closing date. The RSUs
are redeemable in cash equal to the market value of vested RSUs (being the closing trading price of the Common Shares on the TSX immediately
preceding the relevant date), in treasury Common Shares equal to the number of vested RSUs or in any combination of cash or treasury Common
Shares, at the sole discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;8. Subject to the restrictions noted in paragraph 10, below, and to regulatory and TSX approval, where required,
the Board may amend the terms of the RSU Plan or any RSUs without Shareholder approval, including in the following circumstances, provided
that no such amendment or revision may materially decrease the rights or benefits accruing or materially increase the obligations of a
Designated Participant without the consent of such Designated Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. amendments of a "housekeeping" nature including, but not limited to, of a clerical, grammatical
or typographical nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to correct any defect, supply any information or reconcile any inconsistency in the RSU Plan in such a
manner and to such extent as shall be deemed necessary or advisable to carry out the purposes of the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in the case of any granted RSUs, amend, including the acceleration of, the vesting provisions, the Target
Milestones, the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. in the case of any granted RSUs, substitute another award for the same or different type or make such
adjustments contemplated under the RSU Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. amendments to reflect any changes in requirements of any regulatory authority or stock exchange to which
the Company is subject.

&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to regulatory and TSX approval, where required, the Board may, from time to time, suspend or terminate
the RSU Plan in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;10. Shareholder approval is required to amend the RSU Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. increase the number of Common Shares reserved for issuance under the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to remove or exceed the limits set out in paragraph 2 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to amend the amendment or assignment provisions of the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to allow grants of RSUs to non-employee directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. amend RSUs granted under the RSU Plan to extend the Performance Period beyond the original expiration
date for the benefit of Insiders of the Company, except in circumstances where the Company has imposed a trading black-out, as described
in paragraph 13.

&nbsp;&nbsp;&nbsp;&nbsp;11. The RSUs are not transferable or assignable other than by will or pursuant to the laws of succession,
except that the Designated Participant may, subject to Board approval, assign RSUs granted under the RSU Plan to a trustee, custodian
or administrator acting on behalf of or for the benefit of the Designated Participant, a personal holding corporation, partnership, trust
or other entity controlled by the Designated Participant or a registered retirement income fund or registered retirement savings plan
of the Designated Participant.

&nbsp;&nbsp;&nbsp;&nbsp;12. If a Performance Period ends during a trading black-out period imposed by the Company to restrict trades
in the Company's securities, then, notwithstanding any other provision of the RSU Plan, the Performance Period shall end 10 business
days after the trading black-out period is lifted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. No financial assistance is available to Designated Participants under the RSU Plan.

&nbsp;&nbsp;&nbsp;&nbsp;14. The Board has delegated to the Compensation Committee of the Company such administrative duties and powers
required to administer the RSU Plan.

 ****

 ****

***Securities Available for Grant Under the Option Plan and RSU Plan***

The Plans are "rolling" such that the number of securities granted under the Plans can be up to a maximum of 10% of the issued capital of the Company at the time of the grant on a non-diluted basis, and such aggregate number of Common Shares shall increase or decrease as the number of issued and outstanding Common Shares changes. As of the end of the most recently completed financial year, the Company was able to grant a maximum number of securities convertible for up to 13,636,660 Common Shares, representing 10% of Common Shares outstanding. As of the end of the most recently completed financial year, the Company had awarded 6,330,000 Options representing approximately 4.64% of the Common Shares outstanding and nil RSUs. As of the end of the most recently completed financial year, the Company had further securities convertible into up to 7,306,660 Common Shares available for grant under its Option Plan and RSU Plan representing approximately 5.36% of the Common Shares outstanding.

 ****

***Annual Burn Rate***

 

The following table sets forth the annual "burn rate" of the Option Plan for each of the three most recently completed fiscal years, calculated using the TSX's prescribed methodology pursuant to Section 613(d) of the TSX Company Manual:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Burn Rate<sup>(1)</sup>** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;Option Plan | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;3.42% | &nbsp;&nbsp;0.07% |

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<sup>(1)</sup> The burn rate is the number of awards granted in a fiscal year, expressed as a percentage of the weighted average number of common shares outstanding for the applicable fiscal year calculated in accordance with the CPA Canada Handbook.

**Risk Assessment of the Company's Compensation Policies and Practices**

During the financial year ended December 31, 2023, the Compensation Committee of the Board generally considered the implications of the risks associated with the Company's compensation policies and practices. The Compensation Committee believes the Company's compensation policies alleviate risk by having a balance of short-term and long-term compensation. The Compensation Committee will also evaluate the risks and make adjustments to the Company's compensation policies as necessary.

**Hedging**

Pursuant to the Company's Disclosure Policy, NEOs and directors are not permitted to purchase financial instruments, including, for greater certainty, prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by the NEO or director.

**Compensation Governance**

Compensation for the Company's directors and officers is determined based on the recommendations of the Compensation Committee. The Compensation Committee is entitled to consult with external experts on the adequacy of the compensation paid to the Company's directors. During fiscal 2023, the Compensation Committee was comprised of John Boehner (Chair), Lenard Boggio and William Mulrow all of whom are independent directors in accordance with corporate governance rules of NI 58-101 and the policies of the TSX. The objective of the Committee is to assist in attracting, retaining and motivating executives and key personnel in view of the Company's goals and setting director and executive officer compensation and to develop and submit to the Board recommendations with respect to such other employee benefits as considered advisable, pursuant to the following principles: (a) to offer competitive compensation to attract, retain and motivate qualified executives in order for the Company to achieve the strategic plan and budget approved by the Board from time to time; and (b) to act in the best interests of the Company by being financially responsible.

**Performance Graph**

The Company's Shares commenced trading in the TSX on October 19, 2017. The following graph compares the annual percentage change in the Company's cumulative total shareholder return based on the assumption that C$100 was invested in the Company's Common Shares on December 31, 2018, against the cumulative total shareholder return of the S&P/TSX Composite Index and the TSX Global Mining Index for the five most recently completed financial years of the Company ended December 31, 2023.

![](ex99-20_002.jpg)

As discussed in the Compensation Discussion and Analysis, compensation for the Company's NEOs is comprised of various elements including a base salary and bonus that may not necessarily correlate directly with the market price of the Company's shares. In addition, the market price of a publicly traded stock, especially a junior resource issuer as is the case for the Company, may be affected by many variables that may not be directly related to NEO performance including the market for junior resource stocks, the strength of the economy generally, commodity prices, the availability and attractiveness of alternative investments, and the breadth of the public market for the stock.

The trend in overall compensation paid to the Company's executives over the period has not specifically tracked the performance of the market price of the Company's common shares, or the S&P/TSX Composite Index.

**Compensation Consultants and Advisors**

 ****

No compensation consultants or advisors were retained by the Company since inception of the Company.

**Summary Compensation Table**

The following table sets forth compensation awarded, earned or paid to the NEOs of the Company for the three most recently completed financial years:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name and principal<br> position** | &nbsp;&nbsp; <br>**Year** | &nbsp;&nbsp; <br>**Salary**<br> **($)<sup>(1)</sup>** | &nbsp;&nbsp; <br>**Option-based awards**<br> **($)<sup>(2)</sup>** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; <br>**Pension value**<br> **($)** | &nbsp;&nbsp; <br>**Total compen-sation**<br> **($)** |
| &nbsp;&nbsp; <br>**Name and principal<br> position** | &nbsp;&nbsp; <br>**Year** | &nbsp;&nbsp; <br>**Salary**<br> **($)<sup>(1)</sup>** | &nbsp;&nbsp; <br>**Option-based awards**<br> **($)<sup>(2)</sup>** | &nbsp;&nbsp; <br> **Annual incentive plans<sup>(3)</sup>** | &nbsp;&nbsp;**Long-term incentive plans** | &nbsp;&nbsp; <br>**Pension value**<br> **($)** | &nbsp;&nbsp; <br>**Total compen-sation**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke<sup>(4)</sup><br> Executive Chairman | &nbsp;&nbsp;2023 | &nbsp;&nbsp;259317 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;145217 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;404534 |
| &nbsp;&nbsp; Richard W. Warke<sup>(4)</sup><br> Executive Chairman | &nbsp;&nbsp; 2022<br> 2021 | &nbsp;&nbsp; 268969<br> 279212<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 140,000<br> Nil | &nbsp;&nbsp; 169,450<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 578419<br> 279212 |
| &nbsp;&nbsp; Donald R. Taylor<br> President and CEO | &nbsp;&nbsp;2023 | &nbsp;&nbsp;311149 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;192780 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;503929 |
| &nbsp;&nbsp; Donald R. Taylor<br> President and CEO | &nbsp;&nbsp; 2022<br> 2021 | &nbsp;&nbsp; 306000<br> 306000<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 140,000<br> Nil | &nbsp;&nbsp; 192780<br> 157500 | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 638780<br> 463500 |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer | &nbsp;&nbsp;2023 | &nbsp;&nbsp;152812 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;42602 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;195414 |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer | &nbsp;&nbsp; 2022<br> 2021 | &nbsp;&nbsp; 152913<br> 114826<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 84,000<br> Nil | &nbsp;&nbsp; 48030<br> 56616 | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 284943<br> 171442 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;2023 | &nbsp;&nbsp;236250 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;64409 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;300659 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp; 2022<br> 2021 | &nbsp;&nbsp; 225000<br> 210121<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 35,000<br> Nil | &nbsp;&nbsp; 64125<br> 63036 | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; 324125<br> 273157 |

---

<sup>(1)</sup> With the exception of Donald R. Taylor and Joel Rheault whose salaries are paid in US dollars by the Company or its subsidiary and Richard Warke (see note 4), salaries are paid through a management services company equally owned by the Company and other companies related by virtue of certain common directors and officers. The salaries reflect the amount charged to the Company and are paid in Canadian dollars. For purposes of this table these salaries were converted into US dollars at the average exchange rate for the period over which they were earned as follows: 2023 - 1.3497; 2022 - $1.3013; and 2021 - $1.253.

<sup>(2)</sup> The fair value of the option-based awards for 2022 was calculated using the Black Scholes model using the following weighted average assumptions: 2022 - expected life of 5 years, annualized volatility of 74.42%, a risk-free interest rate of 3.31%, annual rate of dividends 2022 - 7.84%. For the purposes of this table the Canadian dollar value of the option award is converted into US dollars. For 2022 the US$/C$ exchange rate at the date of the grants was $1.3545. For the year ended December 31, 2023 and 2021, no option-based awards were provided to the Company's NEOs.

<sup>(3)</sup> 2023 annual incentive payments for Messrs. Taylor, McClelland and Rheault were paid in March 2024. However, the annual incentive for Mr. Warke was accrued but has not been paid.

<sup>(4)</sup> On January 1, 2021, the Company entered an agreement with Augusta Capital Corporation, a company controlled by Mr. Warke for consulting services. Consulting services for 2023, 2022 and 2021 were charged directly to the Company in C$. For purposes of this table the fees were converted into US dollars at the average exchange rate over the period over which they were earned as follows: 2023 - 1.3497; 2022 - $1.3013; and 2021 - $1.253.

The value for stock option awards disclosed in footnote (2) was calculated using the Black-Scholes option pricing model based on the assumptions indicated in the footnote. These assumptions are highly subjective and can materially affect the calculated fair value. Further, calculating the value of stock options using this methodology is not the same as the simple "in-the-money" value of the options, which on the date of grant would be $nil. Accordingly, caution should be exercised in comparing grant date fair values, as calculated using the Black-Scholes model, to cash values or an in-the-money calculation.

*NEO Employment Agreements*

 

The Company has entered into an employment agreement, letter agreement or consulting agreement with each NEO for an indefinite term. Except in the case of Richard Warke (details of which are provided below), such agreements provide for a base salary (as may be adjusted annually), a bonus, grant of Options and/or RSUs, vacation time and various standard benefits including life, disability, medical, dental and reimbursement of reasonable expenses. Where applicable, the payment of a bonus is to be tied to corporate, operational and individual performance and the grant of Options are at the discretion of the Board. Bonus is also at the discretion of the Board. Refer to the Summary Compensation Table above for compensation paid to, earned by or accrued for each NEO for fiscal year ended December 31, 2023.

**Incentive Plan Awards**

 

*Outstanding Share-based Awards and Option-based Awards*

The following table sets out all awards outstanding at the end of the most recently completed financial year held by each NEO including awards granted before the most recently completed financial year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Name**  | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Share-based Awards** | &nbsp;&nbsp;**Share-based Awards** |
| &nbsp;&nbsp;<br> **Name**  | &nbsp;&nbsp;<br> **Number of securities underlying unexercised options** | &nbsp;&nbsp;<br> **Option** <br> **exercise** <br> **price**<br> **(C$)** | &nbsp;&nbsp;<br> **Option expiration** <br> **Date** | &nbsp;&nbsp;**Number of shares or units of shares that have not vested (#)** | &nbsp;&nbsp;<br> **Market or payout value of share-based awards that have<br> not vested** |
| &nbsp;&nbsp;Richard W. Warke | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Executive Chairman | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;President and CEO | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael McClelland | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;600000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Joel Rheault | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Vice President, Operations | &nbsp;&nbsp;250000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>(1)</sup> This amount is calculated based on the difference between the market price of the Common Shares underlying the Options at the end of the most recently completed financial year, which was C$0.34, and the exercise or base price of the Option.

 

 

*Value Vested or Earned During the Year*

The following table represents the aggregate dollar value that would have been realized if the awards had been exercised on the vesting date for each NEO:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Name** | &nbsp;&nbsp; <br> **Share-based awards – Value vested during the year**<br> **(C$)** | &nbsp;&nbsp; <br> **Non-equity incentive plan compensation – Value earned during the year<br> (C$)** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Donald R. Taylor<br> President and CEO &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Joel Rheault<br> Vice President, Operations &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>(1)</sup> Represents the value of stock options vested during the year ended December 31, 2023, calculated as if stock options had been exercised on their vesting date based on the market price on the vesting date of the stock options less the exercise price.

**Pension Plan Benefits**

The Company does not have any pension or retirement plans.

**Termination and Change of Control Benefits**

The following describes the principal terms of remuneration payable to such NEO of the Company in the event of termination. If the NEO is terminated for cause as defined no payment or incremental benefits are due to the NEO.

*Richard W. Warke, Executive Chairman*

The Company has entered into a consulting agreement with Augusta Capital Corporation, a private company 100% beneficially held by Mr. Warke, Chairman of the Company. Under the terms of the agreement, Augusta Capital Corporation is paid a monthly rate of C$29,167 and is eligible for an annual success fee of C$245,000 at the discretion of the Board. In the event of a change of control, Augusta Capital Corporation shall be paid a success fee of C$1,785,000. The agreement went into effect January 1, 2021, and remains in effect until terminated.

*Donald R. Taylor, President and CEO*

If Mr. Taylor's employment is terminated without cause or by him for good reason, the Company shall pay an amount in cash equal to (i) one and one-half times his then base annual salary, and (ii) an amount equal to twelve (12) times the excess of the total monthly premium cost for Mr. Taylor's healthcare coverage under all Company plans over the employee-paid portion of such premiums, each as determined immediately before the termination date. Mr. Taylor will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event of a Change of Control, if Mr. Taylor is terminated without cause or resigns for any reason before the earlier of (i) the last day of the six month period after such Change of Control or (ii) February 1 of the year following the calendar year of such Change of Control, he will be entitled to an amount in cash equal to three times the aggregate of his then base annual salary and three times his target bonus. All unvested Options held by Mr. Taylor at the time of a Change of Control will vest on the date of such Change of Control.

 

 

*Michael McClelland, CFO*

If Mr. McClelland's employment is terminated without cause or by him for good reason, the Company will pay an amount in cash equal to one and one-half (1.5) times the aggregate of his then base annual salary paid by the Company. Mr. McClelland will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event that Mr. McClelland is terminated without cause or resigns for any reason within six months following a Change of Control, he will be entitled to an amount in cash equal to two times the aggregate of his then base annual salary paid by the Company and two times his target bonus. All unvested Options held by Mr. McClelland at the time of a Change of Control will vest on the date of such Change of Control.

 

*Joel Rheault, Vice President, Operations*

If Mr. Rheault's employment is terminated without cause or by him for good reason, the Company shall pay an amount in cash equal to one-half times his then base annual salary plus one month for every year of service to a maximum of nine (9) months. Mr. Rheault will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event of a Change of Control, if Mr. Rheault is terminated without cause or resigns for any reason before the earlier of (i) the last day of the six (6) month period after such Change of Control or (ii) February 1 of the year following the calendar year of such Change of Control, he will be entitled to an amount in cash equal to two times the aggregate of his then base annual salary and two times target bonus. All unvested Options held by Mr. Rheault at the time of a Change of Control will vest on the date of such Change of Control.

*Estimated Payment on Termination without Cause or by NEO for Good Reason*

The following table provides details regarding the estimated incremental payments and benefits to each NEO on termination without cause or by the NEO for good reason, assuming a triggering event occurred on December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Multiple** | &nbsp;&nbsp; **Base Salary**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp; Donald R. Taylor<sup>(3)</sup><br> President and CEO | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;404716 &nbsp;&nbsp;Nil | &nbsp;&nbsp;404716 |
| &nbsp;&nbsp; Michael McClelland<sup>(1)</sup><br> CFO | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;287500 &nbsp;&nbsp;Nil | &nbsp;&nbsp;287500 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;312464 &nbsp;&nbsp;Nil | &nbsp;&nbsp;312464 |

---

<sup>(1)</sup> Converted from C$ to US$ based exchange rate reported by the Bank of Canada on December 31, 2023, of $1.3226.

<sup>(2)</sup> At December 31, 2023, the closing price of the Company's shares on the TSX was C$0.34. Vested options were out-of-the money.

<sup>(3)</sup> Salary amount includes one year of health benefits estimated at $18,920 which is not impacted by the multiplier.

*Estimated Payment on a Change of Control*

The following table provides details regarding the estimated incremental payments and benefits to each NEO on termination on a change of control, assuming a triggering event occurred on December 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Multiple** | &nbsp;&nbsp; **Base Salary**<br> **($)** | &nbsp;&nbsp; **Bonus**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke<sup>(1)(4)</sup><br> Executive Chairman | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Nil | &nbsp;&nbsp;1785000 &nbsp;&nbsp;Nil | &nbsp;&nbsp;1785000 |
| &nbsp;&nbsp; Donald R. Taylor<br> President and CEO | &nbsp;&nbsp;3 | &nbsp;&nbsp;1214147 | &nbsp;&nbsp;849903 &nbsp;&nbsp;Nil | &nbsp;&nbsp;2064050 |
| &nbsp;&nbsp; Michael McClelland<sup>(1)</sup><br> CFO | &nbsp;&nbsp;2 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;287500 &nbsp;&nbsp;Nil | &nbsp;&nbsp;862500 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;1 | &nbsp;&nbsp;312464 | &nbsp;&nbsp;93739 &nbsp;&nbsp;Nil | &nbsp;&nbsp;406203 |

---

<sup>(1)</sup> Converted from C$ to US$ based on the exchange rate reported by the Bank of Canada on December 31, 2023, of $1.3226.

<sup>(2)</sup> Equity value represents the calculated value of the unvested stock options that would vest at December 31, 2023, as a result of termination and is not impacted by the applicable multiple. At December 31, 2023, the closing price of the Company's shares on the TSX was C$0.34. Options were out-of-the money.

<sup>(3)</sup> In accordance with the Company's Option Plan, if there is a change of control, the Board may in its discretion determine that all holders of outstanding Options with an exercise price equal to or greater than the price per share provided for in the transaction giving rise to such change of control shall be entitled to receive and shall accept, immediately prior to or concurrently with the transaction giving rise to such change of control, in consideration for the surrender of such Options, the value of such Options determined in accordance with the Black and Scholes Option pricing Model, as determined by the Board.

<sup>(4)</sup> Pursuant to the terms of Mr. Warke's consulting agreement, he is entitled to receive a success fee in the event of a Change of Control. For the purposes of this table, the success fee has been classified as a bonus.

**Director Compensation**

During fiscal 2023 Board fees for the Company's non-executive directors were structured as provided for in the table below.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**(US$)** |
| &nbsp;&nbsp;Annual base compensation per Board member | &nbsp;&nbsp;50,000/annum |
| &nbsp;&nbsp;Board meeting attendance (per meeting basis) | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Audit Committee Chair | &nbsp;&nbsp;9,000/annum |
| &nbsp;&nbsp;Compensation Committee Chair | &nbsp;&nbsp;6,000/annum |
| &nbsp;&nbsp;Nominating and Corporate Governance Committee Chair | &nbsp;&nbsp;3,600/annum |
| &nbsp;&nbsp;Committee Member Compensation | &nbsp;&nbsp;Nil |

---

All reasonable expenses incurred by a director in attending Board meetings, committee meetings or shareholder meetings, together with all expenses properly and reasonably incurred by any director in the conduct of the Company's business or in the discharge of his or her duties as a director are paid by the Company.

Compensation levels are typically impacted by the demand and supply of talent. In the case of board directors there continues to be a shortage of leadership talent caused by both supply and demand. This shortage is driving up the price of leadership talent and companies face difficult pay decisions to attract and retain experienced leaders. As a result, there is a need to provide fair and competitive pay levels in a highly priced marketplace.

Following the implementation of Sarbanes Oxley, many companies have been diversifying the talent requirements at the board level. In particular they have been seeking expertise in finance, auditing, capital markets, governance and compensation. Such talent is not always readily available, especially as directors are limiting the number of boards upon which they serve. Continuing changes to the regulatory environment and governance practices in Canada places additional responsibilities and demands on Board members. Boards have a need to diversify their knowledge and expertise, particularly in risk management. This need for experienced talent at the Board level combined with the continuing emphasis being placed on good corporate governance in North America has resulted in a compensation structure for directors to reward them for contributing to the success of the Company while recognizing the value of their time and effort.

The following table sets forth all amounts of compensation paid to or earned by the non-executive directors of the Company for the year ended December 31, 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Fees earned**<br> **($)** | &nbsp;&nbsp; **Share-based awards**<br> **($)** | &nbsp;&nbsp; **Option-based awards**<br> **($)** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; **Pension value**<br> **($)** | &nbsp;&nbsp; <br> **All other compensation**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;59000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;59000 |
| &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;50000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;56000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;56000 |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;53600 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;53600 |

---

 

*Directors' Outstanding Share-based and Option-based Awards*

The following table sets forth, for each director of the Company that is not a NEO, all awards outstanding at the end of the period ended December 31, 2023, including awards granted before this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Share-based Awards** | &nbsp;&nbsp;**Share-based Awards** |
| &nbsp;&nbsp; <br>**Name** | &nbsp;&nbsp;**Number of securities underlying unexercised options** | &nbsp;&nbsp; <br> **Option**<br> **exercise**<br> **price**<br> **(C$)** | &nbsp;&nbsp; **Option expiration**<br> **date** | &nbsp;&nbsp;**Number of shares or units of shares that have not vested** | &nbsp;&nbsp;**Market or payout<br> value of share-based<br> awards that have<br> not vested** |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>(1)</sup> This amount is calculated based on the difference between the market price of the Common Shares underlying the Options at the end of the most recently completed financial year, which was C$0.34, and the exercise or base price of the Option.

 

 

*Value Vested or Earned During the Year*

The following table represents the aggregate dollar value that would have been realized if the stock options under the option-based award had been exercised on the vesting date in 2023 for each listed director:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Name** | &nbsp;&nbsp; <br> **Share-based awards – Value vested during the year**<br> **(C$)** | &nbsp;&nbsp; <br> **Non-equity incentive plan compensation – Value earned during the year<br> (C$)** |
| &nbsp;&nbsp;Lenard Boggio &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;George Pataki &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;John Boehner &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William Mulrow &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>(1)</sup> Represents the value of stock options vested during the year ended December 31, 2023, calculated as if stock options had been exercised on their vesting date based on the market price on the vesting date of the stock options less the exercise price.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

**Option Plan and RSU Plan**

The following table sets forth information as at December 31, 2023 concerning the Company's Option Plan:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Equity compensation<br> plans approved by<br> securityholders** | &nbsp;&nbsp; **Number of Common Shares to be<br> issued upon exercise of<br> outstanding options or<br> redemption of RSUs** | &nbsp;&nbsp; **Weighted-average exercise<br> price of outstanding options or <br> redemption of RSUs (C$)** | &nbsp;&nbsp; **Number of securities<br> remaining available for<br> future issuance under equity <br> compensation plans** |
| &nbsp;&nbsp; Option Plan | &nbsp;&nbsp; 6330000<sup>(1)</sup> | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; 7306660<sup>(2)</sup> |
| &nbsp;&nbsp; RSU Plan | &nbsp;&nbsp; 0 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 7306660<sup>(2)</sup> |

---

<sup>(1)</sup> Of these, 3,544,999 Options were exercisable at December 31, 2023.

<sup>(2)</sup> Based on 10% of the Company's issued and outstanding Common Shares at December 31, 2023, less stock options outstanding at December 31, 2023. This aggregate number of securities will be available for issue under all security-based compensation plans of the Company.

**PARTICULARS OF OTHER MATTERS TO BE ACTED UPON**

**<u>Approval of All Unallocated Options Under the Company's Option Plan</u>**

At the Meeting, management is seeking shareholder approval of all unallocated Options under the Company's Option Plan. In order to comply with the rules of the TSX, all unallocated options under the Option Plan must be approved by ordinary resolution of the shareholders of the Company every three years. Accordingly, at the Meeting, shareholders will be asked to pass the following ordinary resolution (the "**Option Plan Resolution**"):

"RESOLVED THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. all unallocated Options under the Company's stock option plan dated June 1, 2017, as amended (the
" **Option Plan** "), are hereby approved;

&nbsp;&nbsp;&nbsp;&nbsp;2. the Company be and shall have the authority to grant Options pursuant
to and subject to the terms and conditions of the Option Plan until June 25, 2027, that is until the date that is three years from the
date of the meeting shareholder approval is currently being sought unless the Option Plan is terminated earlier; and

&nbsp;&nbsp;&nbsp;&nbsp;3. any one director or officer of the Company be and is hereby
authorized and directed, for and in the name of and on behalf of the Company, to execute and to deliver all such agreements, instruments,
amendments, certificates and other documents and to perform all such acts or things as such director or officer may determine to be necessary
or advisable for the purpose of giving full force and effect to the provisions of this resolution, the execution by such director or
officer and delivery of any such agreement, instrument, amendment, certificate or other document or the performance of any such other
act or thing being conclusive evidence of such determination."

If Shareholder approval is not obtained at the Meeting, the Option Plan will continue to be in full force and effect and all Options issued thereunder will continue unaffected. However, pursuant to the rules of the TSX, all unallocated Options under the Option Plan will be cancelled as of June 25, 2024, and the Company will not be able to issue any additional Options under the Option Plan.

**The Board recommends that Shareholders vote <u>FOR</u> the Option Plan Resolution. Unless otherwise directed, the management proxy nominees named in the accompanying form of proxy to this Management Information Circular intend to vote the Common Shares represented thereby <u>FOR</u> the approval of the resolution set forth above.** 

**<u>Approval of Unallocated Rights and Entitlements Under the Company's RSU Plan</u>**

At the Meeting, management is seeking shareholder approval of all unallocated rights and other entitlements under the Company's RSU Plan. In order to comply with the rules of the TSX, all unallocated rights and other entitlements under the RSU Plan must be approved by ordinary resolution of the shareholders of the Company every three years. Shareholders will be asked at the Meeting to consider and, if considered advisable, to adopt the following ordinary resolution (the "**RSU Plan Resolution**"):

"RESOLVED THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. all unallocated rights and other entitlements under the Company's Restricted Share Unit Plan dated
May 11, 2018, as amended (the "**RSU Plan**") are hereby approved;

&nbsp;&nbsp;&nbsp;&nbsp;2. the Company be and shall have the authority to grant Restricted Share Units pursuant to and subject to
the terms and conditions of the RSU Plan until June 25, 2027, that is until the date that is three years from the date of the meeting
when shareholder approval is currently being sought, unless the RSU Plan is terminated earlier; and

&nbsp;&nbsp;&nbsp;&nbsp;3. any one director or officer of the Company be and is hereby
authorized and directed, for and in the name of and on behalf of the Company, to execute and to deliver all such agreements, instruments,
amendments, certificates and other documents and to perform all such acts or things as such director or officer may determine to be necessary
or advisable for the purpose of giving full force and effect to the provisions of this resolution, the execution by such director or
officer and delivery of any such agreement, instrument, amendment, certificate or other document or the performance of any such other
act or thing being conclusive evidence of such determination."

**The Board recommends that Shareholders vote <u>FOR</u> the approval of the RSU Plan Resolution. Unless otherwise directed, the management nominees named in the accompanying form of proxy to this Management Information Circular intend to vote the Common Shares represented thereby <u>FOR</u> the approval of the resolution set forth above.** 

**Statement of Corporate Governance PracticeS**

National Instrument 58-101 – *Disclosure of Corporate Governance Practices* requires all companies to provide certain annual disclosure of their corporate governance practices with respect to the corporate governance guidelines (the "**Guidelines**") adopted in National Policy 58-201 – *Corporate Governance Guidelines* ("**NP 58-201**"). These Guidelines are not prescriptive but have been used by the Company in adopting its corporate governance practices. The Company's approach to corporate governance is set out below.

**Board of Directors**

Management is nominating six individuals to the Company's Board all of whom are current directors of the Company.

The Guidelines suggest that the board of directors of every listed company should be constituted with a majority of individuals who qualify as "independent" directors under NI 52-110, which provides that a director is independent if he or she has no direct or indirect "material relationship" with the Company. Of the proposed nominees, Richard W. Warke, Executive Chairman of the Board, and Donald R. Taylor, President and CEO of the Company, are considered to be "non-independent" within the meaning of NI 52-110. The other proposed nominees, John Boehner, Lenard Boggio, William Mulrow and George Pataki are considered by the Board to be "independent" within the meaning of NI 52-110 and the Board is therefore majority independent. To ensure the Board functions independently of management a Lead Director (Mr. Lenard Boggio) was appointed during fiscal 2022. Mr. Boggio is responsible for providing leadership for the independent directors and facilitating open and candid discussion among the independent directors.

At the date of this Circular, some of the Company's directors were directors of other reporting issuers as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;Augusta Gold Corp. and Acreage Holdings, Inc. |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;Equinox Gold Corp., Rubicon Organics Inc., and Augusta Gold Corp. |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;Consolidated Edison, Inc. and JBG Smith Properties |
| &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;Solaris Resources Inc. and Augusta Gold Corp. |
| &nbsp;&nbsp;Richard W. Warke | &nbsp;&nbsp;Solaris Resources Inc., Augusta Gold Corp., and Armor Minerals Inc. |

---

The independent directors of the Company may hold scheduled meetings at which non-independent directors and members of management are not in attendance. During the calendar year ended December 31, 2023, the Audit Committee held four meetings, the Compensation Committee held two meetings and the Nominating and Corporate Governance Committee held two meetings. Also, as required from time to time, the Board may constitute a Special Committee for a specific purpose.

During the calendar year ended December 31, 2023, the Board held two meetings, which were attended by each Board member. The independent board members also held an additional meeting where board members except for Richard Warke were invited due to conflict relating to the discussion matters.

***Term Limits***

The directors of the Company are elected annually and hold office until the next annual meeting of Shareholders or until their successors are elected or appointed. No term limits have been adopted for directors so far. However, the Company may consider adopting term limits for directors in the future.

***Board Mandate***

The Board has a formal written mandate which defines its stewardship responsibilities. A copy of the Board of directors Mandate is attached hereto as Schedule "A".

***Position Descriptions***

The Board has not developed formal written position descriptions for the Chair of the Board, or for the Chairs of the Audit, Compensation, or Nominating and Corporate Governance Committees. However, each committee has a charter governing its function. The majority of the Board members are also directors of other reporting issuers and are therefore knowledgeable and experienced in their capacity as such and the role designated for them. Informal discussions occur at the Board level with respect to their responsibilities. The Board has also not developed a formal position description for the CEO. The CEO has considerable prior management experience and is therefore knowledgeable and experienced in his capacity as such and the role designated for him.

***Orientation and Continuing Education***

The Nominating and Corporate Governance Committee is responsible for ensuring that new directors are provided with an orientation including written information about the duties and obligations of directors, the business and operations of the Company, documents from recent Board meetings as applicable, and opportunities for meetings and discussion with senior management and other directors. Directors are expected to attend all scheduled Board and committee meetings as applicable either by telephone conference or in person when possible.

The Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for the process. To facilitate ongoing education of the Company's directors, the Company supports training or education in areas relating to their role as a director of the Company; arranges visitation by directors to the Company's facilities and operations; and encourages presentations by outside experts to the Board or committees on matters of particular importance or emerging significance.

 ****

***Ethical Business Conduct***

The Board has adopted a Code of Business Conduct and Ethics (the "**Code**") for its directors, officers and employees. The Company's reporting contacts for the purposes of the Code, the Chairman of the Audit Committee and the Chief Financial Officer of the Company, have the responsibility for monitoring compliance with the Code by ensuring all directors, officers and employees receive and become thoroughly familiar with the Code and acknowledge their support and understanding of the Code. Any non-compliance with the Code is to be reported to either the Chairman of the Audit Committee or the Chief Financial Officer, or other designated persons. A copy of the Code may be accessed on the Company's website at www.titanminingcorp.com or on SEDAR+ at www.sedarplus.ca.

The Board ensures that directors, officers and employees are familiar with the Code to ensure that they exercise independent judgment in considering transactions and agreements in respect of which a director or executive officer has a material interest. To encourage and promote a culture of ethical business conduct, the Board has adopted a Corporate Disclosure Policy and a Whistleblower Policy. Both of these policies are available on the Company's website at www.titanminingcorp.com. In addition, the Board requests from management periodic reports relating to any fraud or unethical behavior.

***Nominating Directors***

 ****

The process by which the Board anticipates that it will identify new candidates is by keeping itself informed of potential candidates in the industry. Any Board member may suggest a director nominee. The Nominating and Corporate Governance Committee must formally review and consider the background, expertise, qualifications and skill sets, to the needs of the Company and recommend the appointment of the potential candidate to the Board as a whole.

During the most recently completed financial year, the members of the Nominating and Corporate Governance Committee were independent directors in accordance with Corporate Governance Disclosure Rules. The Nominating and Corporate Governance Committee has been established by the Board to (a) identify individuals qualified to become Board members; (b) to assess and report on the effectiveness of the Board and any committees thereof; and (c) develop and recommend to the Board a set of corporate governance policies and principles applicable to the Company in light of the corporate governance guidelines published by regulatory bodies having jurisdiction.

***Compensation***

Compensation for the Company's directors and officers is determined based on the recommendations of the Compensation Committee. The Compensation Committee is entitled to consult with external experts on the adequacy of the compensation paid to the Company's directors. During the most recently completed fiscal year, the Compensation Committee was comprised of all independent directors in accordance with corporate governance rules of NI 58-101 and the policies of the TSX. The Compensation Committee has been established by the Board to review and recommend compensation policies and programs to the Company as well as salary and benefit levels for its executives. The objective of the Committee is to assist in attracting, retaining and motivating executives and key personnel in view of the Company's goals.

 ****

***Other Board Committees***

During the most recently completed fiscal year, the Board had the following standing committees: the Audit Committee; the Compensation Committee; and the Nominating and Corporate Governance Committee. The Board may appoint an Environment, Health and Safety Committee when appropriate. The committees report directly to the Board. The purpose of the Audit Committee is to assist the Board's oversight of the integrity of the Company's financial statements; the Company's compliance with legal and regulatory requirements; the qualifications and independence of the Company's independent auditors; and the performance of the independent auditors. Further information regarding the Audit Committee is contained in the Company's annual information form (the "**AIF**") dated March 21, 2024, under the heading "Audit Committee Information" and a copy of the Audit Committee charter is attached to the AIF as Schedule A. The AIF is available under the Company's profile at www.sedarplus.ca. The purpose of the Nominating and Corporate Governance Committee and the Compensation Committee has been described above under "Nominating Directors" and "Compensation" respectively.

***Assessment***

The Board currently does not have a formal process in place to assess its committees and individual directors with respect to their effectiveness and contribution. This matter has been discussed among the Board members and it was felt that the current size and constitution of the Board allows for informal discussions regarding the contribution of each director. In addition, each individual director is significantly qualified through their current or previous positions to fulfil their duties as a Board member. A formal process for evaluating the Board, its committees and individual directors may be implemented in the future.

**MANAGEMENT CONTRACTS**

Pursuant to a management services agreement with 688284 B.C. Ltd. (the "**Management Company**") and certain other reporting issuers, the Management Company provides the Company and the other reporting issuers with office space, facilities, equipment and services, including personnel, with respect to the administrative and corporate affairs of the Company. The Company reimburses the Management Company's cost for the Company's pro rata share of estimated expenses on a full cost recovery basis for the services provided. Wage and benefit costs of personnel (including any termination of employment costs) are charged to the Company based on the time spent by employees of the Management Company providing the services. The charges are reviewed and adjusted from time to time to reflect actual expenses paid.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

During the Company's past fiscal year, no director, executive officer or senior officer of the Company, proposed management nominee for election as a director of the Company or associate or affiliate of any such director, executive or senior officer or proposed nominee is or has been indebted to the Company or any of its subsidiaries or is or has been indebted to another entity where such indebtedness is or has been the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company or any of its subsidiaries, other than routine indebtedness.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Other than as set forth in this paragraph below or elsewhere in this Circular and other than transactions carried out in the ordinary course of business of the Company or any of its subsidiaries, no informed person or proposed director of the Company and no associate or affiliate of the foregoing persons has or has had any material interest, direct or indirect, in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which in either of such cases has materially affected or would materially affect the Company or any of its subsidiaries. Additional details with respect to related party transactions can be found in the Company's audited consolidated financial statements for the year ended December 31, 2023, copies of which are available on SEDAR+ at www.sedarplus.ca and from the Company as set out in "Additional Information" below.

**OTHER MATTERS**

Management of the Company knows of no matters to come before the Meeting other than the matters referred to in the Notice of Meeting accompanying this Circular. However, if any other matters that are not known to management should properly come before the Meeting, it is the intention of the persons named in the form of proxy accompanying this Circular to vote upon such matters in accordance with their best judgement.

**GENERAL**

Unless otherwise directed, it is management's intention to vote proxies in favour of the resolutions set forth herein. All matters herein submitted to shareholder vote must be passed by ordinary resolution. Ordinary resolutions require, for the passing of the same, a simple majority of the votes cast at the Meeting by the holders of Common Shares in favour of the matter.

**ADDITIONAL INFORMATION**

Additional information concerning the Company is available on SEDAR+ at www.sedarplus.ca. Financial information concerning the Company is provided in the Company's audited consolidated financial statements and Management Discussion and Analysis for the financial year ended December 31, 2023. Shareholders wishing to obtain a copy of the Company's audited consolidated financial statements and Management's Discussion and Analysis may contact the Company at the following:

Titan Mining Corporation Telephone: (604) 687-1717 <br> Suite 555 – 999 Canada Place Email: info@titanminingcorp.com <br> Vancouver, British Columbia V6C 3E1

Dated effective as of May 13, 2024.

**BY ORDER OF THE BOARD OF DIRECTORS**

<u>*"Donald R. Taylor*" </u> <br> Donald R. Taylor <br> President and CEO

**SCHEDULE "A"**

**BOARD OF DIRECTORS MANDATE**

**TITAN MINING CORPORATION (the "Company")**

**1.** **ROLE AND RESPONSIBILITIES** 

1.1 The Board of Directors (the "Board") is responsible
for the stewardship of the Company. This requires the Board to oversee the conduct of the business and supervise management, which is
responsible for the day-to-day conduct of the business. The Board shall meet as frequently as may be required to fulfil these responsibilities,
and at least once per quarter.

1.2 The Board is responsible for the review of the Company's
strategic business plan proposed by management, and to adopt the plan with such changes as the Board deems appropriate. The plan and
discussion should take into account, among other things, the opportunities and risks of the business.

1.3 The Board shall review and measure corporate performance against
strategic plans, senior management objectives, financial plans and budgets.

1.4 The Board is responsible for ensuring that management has undertaken
identification of the principal risks of the Company's business and is overseeing the implementation of appropriate systems to
manage these risks.

1.5 The Board is responsible for satisfying itself as to the integrity
of the CEO and other executive officers and that the CEO and the other senior officers create a culture of integrity throughout the Company.

1.6 The Board is responsible for overseeing and approving the Company's
communication policies, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) address how the Company interacts with analysts, investors, other key stakeholders and the public,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contain measures for the Company to comply with its continuous and timely disclosure obligations and to
avoid selective disclosure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are reviewed from time to time.

1.7 The Board is responsible for ensuring the integrity of the Company's
internal control and management information systems.

1.8 The Board is responsible for acting in accordance with all applicable
laws, the Company's constating documents and the Company's Code of Business Conduct and Ethics.

A - 1

1.9 The Board and each individual director is responsible for acting
in accordance with the obligations imposed by the *Business Corporations Act* (British Columbia) *,* applicable securities commissions
and The Toronto Stock Exchange. In exercising their powers and discharging their duties, each director shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act honestly and in good faith with a view to the best interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise independent judgment regardless of the existence of relationships or interests which could interfere
with the exercise of independent judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) disclose to the Company, in writing, the nature and extent of any interest that the director has
 in a material contract or material transaction (a "disclosable interest"), whether made or proposed, with the Company if
 the director is a party to the contract or transaction, is a director or officer, or an individual acting in a similar capacity, of
 a party to the contract or transaction, or, has a material interest in a party to the contract or transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such director shall refrain from voting on any resolution to
approve such contract or transaction unless all directors have a disclosable interest.

1.10 The Board has the authority to establish committees and appoint
directors to be members of these committees. The Board may not delegate to such committees the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit to the shareholders any question or matter requiring the approval of the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fill a vacancy among the directors or in the office of auditor, or appoint additional directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue securities, except as authorized by the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issue shares of a series, except as authorized by the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) declare dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) purchase, redeem or otherwise acquire shares issued by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay a commission to any person in consideration of his purchasing or agreeing to purchase shares of the
Company from the Company or from any other person, or procuring or agreeing to procure purchasers for any such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) approve a management proxy circular, take-over bid circular or directors' circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approve financial statements to be put before an annual meeting of shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) adopt, amend or repeal articles.

A - 2

1.11 The matters to be delegated to committees of the Board and the
constitution of such committees are to be assessed annually or more frequently, as circumstances require. From time to time the Board
may create an ad hoc committee to examine specific issues on behalf of the Board. The following are the current committees of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Audit Committee, consisting of not less than three directors, each of whom must be an "unrelated
or "independent" director under applicable securities laws and applicable stock exchange rules. The role of the Audit Committee
is to provide oversight of the Company's financial management and of the design and implementation of an effective system of internal
financial controls as well as to review and report to the Board on the integrity of the financial statements of the Company, its subsidiaries
and associated companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Nominating and Corporate Governance Committee, consisting of not less than three directors, each of
whom must be an "unrelated or "independent" director under applicable securities laws and applicable stock exchange
rules. The role of the Nominating and Corporate Governance Committee is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) develop and monitor the effectiveness of the Company's system of corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish procedures for identifying, evaluating and recommending prospective new nominees to the Board
and leading the candidate selection process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) develop and implement orientation procedures for new directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) recommend the appointment of committee members to the Board's standing committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assess the effectiveness of directors, the Board and the various committees of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure appropriate corporate governance and the proper delineation of the roles, duties and responsibilities
of management, the Board, and its committees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) establish a plan of succession including in respect of the CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Compensation Committee, consisting of not less than three directors, each of whom must be an "unrelated
or "independent" director under applicable securities laws and applicable stock exchange rules. The role of the Compensation
Committee is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish a remuneration and benefits plan for the directors and officers of the Company as deemed appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review the adequacy and form of compensation of the directors and officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) setting objectives and undertaking the performance evaluation of the CEO in consultation with the Chair
of the Board, if not the CEO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make recommendations to the Board.

1.12 The independent directors shall meet on a regular basis as often
as necessary to fulfill their responsibilities, including at least annually in executive session without the presence of non-independent
directors and management.

A - 3

**2.** **COMPOSITION** 

2.1 From time to time the Board or an appropriate committee of the
Board shall review the size of the Board to ensure that the size facilitates effective decision-making.

2.2 The Board shall be composed of a majority of directors who qualify
as "unrelated" or "independent" directors under applicable securities laws and applicable stock exchange rules.
The determination of whether an individual director is unrelated or independent is the responsibility of the Board.

2.3 If at any time the Company has a significant shareholder, meaning
a shareholder with the ability to exercise a majority of the votes for the election of the Board, the Board will include at least one
director who does not have interests in or relationships with either the Company or the significant shareholder and who fairly reflect
the investment in the Company by shareholders other than the significant shareholder.

2.4 The Board should, as a whole, have the following competencies
and skills:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) technical and operating knowledge of the mining industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowledge of current corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) financial and accounting expertise.

**3.** **PROCEDURES TO ENSURE EFFECTIVE OPERATION** 

3.1 The Board recognizes the importance of having procedures in
place to ensure the effective and independent operation of the Board.

3.2 If the Chair of the Board is not a member of management, the
Chair shall be responsible for overseeing that the Board discharges its responsibilities. If the Chair is a member of management, responsibility
for overseeing that the Board discharges its responsibility shall be assigned to a non-management director.

3.3 The Board has complete access to the Company's management.
The Board shall require timely and accurate reporting from management and shall regularly review the quality of management's reports.

3.4 An individual director may engage an external adviser at the
expense of the Company in appropriate circumstances. Such engagement is subject to the approval of the Nominating and Corporate Governance
Committee.

3.5 The Board may provide an orientation program for new recruits
to the Board as well as continuing education on topics relevant to all directors from time to time as required.

3.6 The Board shall institute procedures for receiving shareholder
feedback.

A - 4

3.7 The Board requires management to run the day-to-day operations
of the Company, including internal controls and disclosure controls and procedures.

3.8 The Board sets appropriate limits on management's authority.
In addition, the following decisions require the approval of the Board or one of its committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of the annual and quarterly (unless delegated to the Audit Committee) consolidated financial
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the approval of the consolidated annual budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any equity or debt financing of the Company, other than debt incurred in the ordinary course of business
such as trade payables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation of subsidiaries for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the creation of new Company bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) payment of dividends by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) proxy solicitation material for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) projected issuances of securities from treasury by the Company as well as any projected redemption of
such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the appointment of members on any committee of the Board of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the appointment or discharge of any senior officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) entering into employment contracts with any senior officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) entering into any license, strategic alliance, partnership or other agreement outside the ordinary course
of business for the Company or its subsidiaries (the "Consolidated Group");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the acquisition and assignment of material assets (including intellectual property and fixed assets) outside
of the ordinary course of business within the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any material change to the business of the Consolidated Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) initiating or defending any law suits or other legal actions for the Consolidated Group.

A - 5

## Exhibit 99.21

**Exhibit 99.21**

![](ex99-21_001.jpg)

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON JUNE 25, 2024**

NOTICE IS HEREBY GIVEN that the Annual General Meeting (the "**Meeting**") of holders (the "**Shareholders**") of common shares (the "**Common Shares**") of Titan Mining Corporation (the "**Company**") will be held at Suite 555, 999 Canada Place, Vancouver, BC, on June 25, 2024, at 10:00 a.m. (Vancouver time), for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;1. To receive the consolidated audited financial statements of the Company for the year ended December 31,
2023, together with the auditors' report thereon;

&nbsp;&nbsp;&nbsp;&nbsp;2. To elect directors of the Company for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;3. To appoint Ernst and Young, LLP, Chartered Accountants as auditors of the Company until the Company's
next annual meeting, and to authorize the directors to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;4. To approve all unallocated options under the Company's current stock option plan, as more particularly
set out in the accompanying management information circular for the Meeting;

5. To approve all unallocated rights and other entitlements under the Company's current restricted
share unit plan, as more particularly set out in the accompanying management information circular for the Meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;6. To transact such other business as many properly come before the Meeting or any adjournment thereof.

Accompanying this Notice of Meeting is a Management Information Circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on May 6, 2024, for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access provisions ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders will still receive a Proxy enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.titanminingcorp.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@titanmining.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Computershare Investor Services Inc. (the "Transfer Agent") at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of May 13, 2024

BY ORDER OF THE BOARD OF DIRECTORS

 

*"Donald R. Taylor"*

DONALD R. TAYLOR

President and CEO

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

 ****

## Exhibit 99.22

**Exhibit 99.22**

**TITAN MINING CORPORATION**

**Request for Printed Copies of Annual and Interim Financial Statements and MD&A**

In accordance with the rules of National Instrument 51-102 - *Continuous Disclosure Obligations*, a reporting issuer must send annually a request form to the registered holders and to the beneficial owners of its securities, that the registered holders and beneficial owners may use to request a copy of the reporting issuer's annual financial statements and Management Discussion & Analysis ("MD&A"), the interim financial statements and MD&A, or both. Please complete the form below if you wish to receive the statement(s) this year.

**You will not automatically receive copies of the financial statement(s) unless this card is completed and returned. Copies of all previously issued annual and quarterly financial statements and related MD&A are available to the public on the SEDAR+ website at www.sedarplus.ca.**

If you wish to receive printed copies of any of these documents, please indicate your request by completing this form and returning it to:

TITAN MINING CORPORATION

Suite 555 – 999 Canada Place

Vancouver, BC, V6C 3E1

OR BY FAX TO: 604-687-1715

OR BY EMAIL TO: info@titanminingcorp.com

**Please select one or both of the following options:** 

☐ A. Please send me the annual financial statements and MD&A

☐ B. Please send me the interim financial statements and MD&A

☐ C. Please send me both A and B above.

I certify that I am a registered and/or beneficial holder of shares of the above referenced company.

---

| |
|:---|
| **Signature** |
| **Printed Name of Shareholder** |
| **Address** |
| **Address** |
| **Postal Code** |
| **Name and Title of Person Signing, if different from name above.** |

---

**APPENDIX A**

**<br> Consent to Electronic Delivery of Documents**

TO: Titan Mining Corporation (the "Corporation")

I have read and understand this "Consent to Electronic Delivery of Documents" and hereby consent to the electronic delivery of the Corporation's interim and annual financial statements and related MD&A that the Corporation elects to deliver to me electronically, all in accordance with my instructions below:

1. I acknowledge that the interim and annual financial statements and related MD&A will be attached to
an email sent to my email address that is set out below.

2. I understand that as the interim and annual financial statements and related MD&A will be sent by
email and will be in PDF format that I will need access to a personal computer with appropriate software, including email software, and
communication access to the Internet to receive the documents, Adobe Acrobat Reader software to view the PDF – formatted documents
and a printer to print the documents.

3. I acknowledge that I may receive from the Corporation a paper copy of any documents delivered electronically
at no cost if I contact the Corporation by telephone, regular mail or email as set out in number 6 below.

4. I understand that I will be provided with a paper copy of any documents delivered electronically if electronic
delivery fails.

5. I acknowledge that my personal information will be stored electronically and the electronic file will
be password protected.

6. I understand that my consent may be revoked or changed, including any change in the email address to which
documents are delivered, at any time by notifying the Corporation of such revised or revoked consent by mail, fax or email at:

TITAN MINING CORPORATION

Suite 555 – 999 Canada Place

Vancouver, BC, V6C 3E1

Tel: 604-687-1717

info@titanminingcorp.com

OR BY FAX TO: 604-687-1715

7. I understand that I am not required to consent to electronic delivery.

By signing below, I confirm that I have consented to the foregoing and to the collection and use of personal information for the purposes outlined above and to the disclosure to the Corporation and to its agents, including its registrar and transfer agent, for the purpose of administering the delivery of the documents described above.

---

| |
|:---|
| SIGNATURE OF SHAREHOLDER |
| NAME OF SHAREHOLDER |
| EMAIL ADDRESS |

---

## Exhibit 99.23

**Exhibit 99.23**

![](ex99-23_001.jpg)

**Notice of Meeting**

**Important Notice Regarding the Availability of Proxy Materials for the Annual General Meeting of Titan Mining Corporation** 

**to be held at Suite 555, 999 Canada Place, Vancouver, BC** 

**on June 25, 2024, at 10:00 am (Pacific Time)**

You are receiving this notice to advise that Titan Mining Corporation is using notice-and-access for its upcoming annual general meeting (the "**Meeting**"). Notice-and-access is a set of rules for reducing the volume of materials that must be physically mailed to shareholders by allowing issuers to post the information circular and additional proxy materials online.

This communication presents only an overview of the more complete proxy materials that are available to you on the internet. We remind you to access and review all of the important information contained in the information circular and other proxy materials before voting. The information circular and other relevant materials are available at:

https://www.titanminingcorp.com/investors/agm/ OR

www.sedarplus.ca

**Obtaining a Paper Copy of the Proxy Materials**

If you would like to receive a paper copy of the meeting materials by mail, you must request one. There is no charge to you for requesting a copy.

Please call toll-free 1-888-442-2224 or send an e-mail to info@titanminingcorp.com to request a paper copy of the materials for the Meeting or to obtain additional information on notice-and-access.

To ensure you receive the material in advance of the voting deadline, all requests must be received by us no later than June 4, 2024 to ensure timely receipt. If you do request a paper copy of the proxy materials, please note that another proxy/voting instruction form will not be sent to you - please retain your current one for voting purposes.

To obtain paper copies of the materials after the Meeting date, please send a message to info@titanminingcorp.com.

**Shareholders' Meeting Notice**

**PLEASE NOTE – YOU CANNOT VOTE BY RETURNING THIS NOTICE**. To vote your securities you must vote online, via telephone or by mailing the enclosed proxy/voting instruction form for receipt using the enclosed Business Reply Envelope. Please refer to the enclosed proxy/voting instruction form for additional details on how to vote (including the deadline to submit your proxy/voting instruction form).

The resolutions to be voted on at the meeting are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;1. Election of Directors – See "Election of Directors" in the information circular for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;2. Appointment of Auditors – See "Appointment of Auditors" in the information circular for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;3. Approval of Unallocated Options under the Company's Option Plan – See "Approval of All Unallocated Options under
the Company's Option Plan" in the information circular for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;4. Approval of Unallocated Rights and Entitlements under the Company's RSU Plan – See "Approval of Unallocated Rights
and Entitlements Under the Company's RSU Plan" in the information circular for additional information.

**PLEASE REVIEW THE INFORMATION CIRCULAR PRIOR TO VOTING**

## Exhibit 99.24

**Exhibit 99.24**

![](ex99-24_001.jpg)

**Titan Reports First Quarter 2024 Results; National Safety Recognition Award**

**Vancouver, BC – May 14, 2024** – Titan Mining Corporation (TSX: TI) ("**Titan**" or the "**Company**") announces the results for the quarter ended March 31, 2024. *(All amounts are in U.S. dollars unless otherwise stated)*

Don Taylor, President and Chief Executive Officer of Titan, commented, "We are pleased to announce that the Empire State Mine has been recognized by MSHA for its outstanding safety performance in 2023 with two 'C*ertificates of Achievement in Safety'.* In addition to the outstanding safety performance, ESM continues to meet or exceed production goals remaining on track to produce an estimated 56-60 million pounds of payable zinc during 2024. The management and workforce at ESM have established a firm foundation for both production and safety as we contemplate the Turnpike expansion project and development of the Kilbourne graphite project."

***Q1 2024 HIGHLIGHTS:***

● Produced 14.7 million pounds of payable zinc

● Advanced the exploration of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on permitted lands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Dr illing
 totaled 6,870 ft in 19 holes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Highlights include 174 ft at 3.75 graphitic carbon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An initial bulk sample was identified and collected in January 2024

***TABLE 1 Financial and Operating Highlights***

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Q1 2024** | &nbsp;&nbsp;**Q4 2023** | &nbsp;&nbsp;**Q3 2023** | &nbsp;&nbsp;**Q2 2023** | &nbsp;&nbsp;**Q1 2023** |
| &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** | &nbsp;&nbsp;**Operating** |
| &nbsp;&nbsp;Payable Zinc Produced | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;13.8 |
| &nbsp;&nbsp;Payable Zinc Sold | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Average Realized Zinc Price | &nbsp;&nbsp;$/lb | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.42 |
| &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** | &nbsp;&nbsp;**Financial** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$m | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;8.95 | &nbsp;&nbsp;16.74 |
| &nbsp;&nbsp;Net Income (loss) before tax | &nbsp;&nbsp;$m | &nbsp;&nbsp;(2.63) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;(4.84) | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;Earnings (loss) per share - basic | &nbsp;&nbsp;$/sh | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Cash Flow from Operating Activities before changes in non-cash working capital | &nbsp;&nbsp;$m | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;**Financial Position** | &nbsp;&nbsp;**Financial Position** | &nbsp;&nbsp;**31-Mar 24** | &nbsp;&nbsp;**31-Dec-23** | &nbsp;&nbsp;**30-Sep-23** | &nbsp;&nbsp;**30-Jun-23** | &nbsp;&nbsp;**31-Mar-23** |
| &nbsp;&nbsp;Cash and Cash Equivalents | &nbsp;&nbsp;$m | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;5.03 | &nbsp;&nbsp;4.32 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;7.41 |
| &nbsp;&nbsp;Net Debt <sup>1</sup> | &nbsp;&nbsp;$m | &nbsp;&nbsp;32.44 | &nbsp;&nbsp;30.75 | &nbsp;&nbsp;32.93 | &nbsp;&nbsp;33.43 | &nbsp;&nbsp;23.34 |

---

 ****

<sup>1</sup> Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See *Non-GAAP Performance Measures* below for additional information.

 ****

![](ex99-24_001.jpg)

***OPERATIONS REVIEW***

Mining efforts in the first quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone in response to lower zinc prices. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone which supported above budget grades and metal production. It is expected that ore from this zone will continue to support head grade at planned levels in the coming year. Redesign of access and mining methods has allowed continued mining in the New Fold Zone. Mining is expected to continue in the same zones in the second quarter of 2024.

Work on projects, including the Turnpike project, has been limited since Q2 of 2023 to preserve cash in response to lower zinc prices. Rod mill liners were received and will be installed in the second quarter of 2024.

 ****

***EXPLORATION UPDATE***

 

*Kilbourne Graphite Project:*

 

The Company began Phase 1 of Kilbourne exploration in the fourth quarter of 2023 with surface trenching and surface diamond drilling. In the first quarter of 2024 a total of 19 surface drill holes totalling 6,870 ft (2,093 m) were completed. All drill holes intercepted the Kilbourne Host unit, with graphite confirmed through assay in the first 15 holes of the program (please refer to the Company's press release dated April 9, 2024 titled "Titan Mining Provides Initial Drill Results On The Kilbourne Graphite Project, Results Include 173.5 Ft At 3.75% Graphitic Carbon"). The Company is currently awaiting the results on the remaining four holes. Results from both trenching and drilling have returned an average graphitic carbon grade of 3.2%. Based on the positive results, Phase II drilling at Kilbourne will commence in the second quarter of 2024.

In February of 2024, bulk, representative samples from the upper and lower graphitic host units were delivered to Forte Analytical in Wheat Ridge, Colorado for metallurgical analysis and floatation testing. Results from this program are expected in the second quarter of 2024.

 

*Underground:*

Drill programs in the first quarter of 2024 targeted the Lower Mahler, New Fold, and Fowler zones. Underground drilling completed nine drillholes totalling 2,609 ft (795 m). All underground drilling was completed with Company-owned underground drills by Company employees.

![](ex99-24_001.jpg)

*Surface:*

No surface drilling was undertaken on district zinc targets in the first quarter of 2024. Plans are underway to continue the surface exploration program in H2 2024.

***Qualified Person***

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

***Non-GAAP Performance Measures***

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

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; **Three months ended**<br> **March 31, 2024** | &nbsp;&nbsp; **Year ended**<br> **December 31, 2023** |
| Current portion of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35779 |
| Non-current portion of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35779 |
| Less: Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5031) |
| Net debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30748 |

---

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 ****

***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 it is expected that ore from the Lower Mahler mining zone will support head grade at planned levels for the remainder of the year; production guidance; planned mining zones; rod mill liners were received and will be installed in the second quarter of 2024; future exploration plans; and timing of results of metallurgical results and flotation testing. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.25

**Exhibit 99.25**

![](ex99-25_001.jpg)

**Titan Announces Results of its Annual Shareholders' Meeting**

**Vancouver, B.C., June 25, 2024** – Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") announces that all matters presented for approval at Titan's annual meeting of shareholders held today, as more particularly set out in the Company's Management Information Circular dated May 13, 2024 (the "**Circular**"), have been approved. These matters included:

● Electing each of the Company's six nominees as directors of the Company;

● Re-appointing Ernst & Young, LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration.

● Approving all unallocated rights and other entitlements under the Company's current restricted share unit plan, as more particularly set out in the Circular; and

● Approving all unallocated options under the Company's current stock option plan, as more particularly set out in the Circular;

A summary of the results for the election of Titan's Board of Directors is provided below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Nominee** | **Votes For** | **Votes For** | **Votes Against** | **Votes Against** | **Votes Withheld** | **Votes Withheld** |
| **Name of Nominee** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
| John Boehner | 94461043 | 99.99 | - | - | 8151 | 0.01 |
| Lenard Boggio | 87344941 | 92.46 | - | - | 7124253 | 7.54 |
| William Mulrow | 87304891 | 92.42 | - | - | 7164303 | 7.58 |
| George Pataki | 87345941 | 92.46 | - | - | 7123253 | 7.54 |
| Donald R. Taylor | 94463043 | 99.99 | - | - | 6151 | 0.01 |
| Richard Warke | 94422993 | 99.95 | - | - | 46201 | 0.05 |

---

**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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

**Contact**

 

*For further information, please contact:*

**Investor Relations:**

Email: info@titanminingcorp.com

**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 the timing of payment of the Dividend. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.26

**Exhibit 99.26**

**Titan Mining Corporation**

**Report of Voting Results**

(Section 11.3 of National Instrument 51-102)

June 25, 2024

The following provides matters voted upon and the results of the votes at the Annual General Meeting of the shareholders of Titan Mining Corporation (the "**Company**") held on June 25, 2024, in Vancouver, British Columbia (the "**Meeting**").

---

| | |
|:---|:---|
| Common Shares represented at the Meeting: | 95,033,776 or 69.69% |

---

All matters were approved by shareholders present in person or represented by proxy at the Meeting as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;*Votes For* | &nbsp;&nbsp;*Votes For* | &nbsp;&nbsp;*Votes Against* | &nbsp;&nbsp;*Votes Against* | &nbsp;&nbsp;*Votes Withheld* | &nbsp;&nbsp;*Votes Withheld* |
|  | &nbsp;&nbsp; <br> **Description of Matter** | &nbsp;&nbsp; <br> **Number** | &nbsp;&nbsp; <br> **%** | &nbsp;&nbsp; <br> **Number**<br>| &nbsp;&nbsp; <br> **%** | &nbsp;&nbsp; <br> **Number**<br>| &nbsp;&nbsp; <br> **%** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Ordinary resolution to elect the following nominees as Directors: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;94461043 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;8151 | &nbsp;&nbsp;0.01 |
|  | &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;87344941 | &nbsp;&nbsp;92.46 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;7124253 | &nbsp;&nbsp;7.54 |
|  | &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;87304891 | &nbsp;&nbsp;92.42 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;7164303 | &nbsp;&nbsp;7.58 |
|  | &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;87345941 | &nbsp;&nbsp;92.46 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;7123253 | &nbsp;&nbsp;7.54 |
|  | &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;94463043 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6151 | &nbsp;&nbsp;0.01 |
|  | &nbsp;&nbsp;Richard Warke | &nbsp;&nbsp;94422993 | &nbsp;&nbsp;99.95 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;46201 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Ordinary resolution to appoint Ernst & Young LLP as Auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration. | &nbsp;&nbsp;95029826 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3950 | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Ordinary resolution to approve all unallocated options under the Company's current stock option plan, as described in the management information circular for the Meeting. | &nbsp;&nbsp;93666058 | &nbsp;&nbsp;99.15 | &nbsp;&nbsp;803136 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Ordinary resolution to approve all unallocated rights and other entitlements under the Company's current restricted share unit plan, as described in the management information circular for the Meeting. | &nbsp;&nbsp;93668048 | &nbsp;&nbsp;99.15 | &nbsp;&nbsp;801146 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |

---

**Titan Mining Corporation**

---

| |
|:---|
| */s/ Purni Parikh* |
| Purni Parikh |
| Senior VP, Corporate Affairs and Corporate Secretary |

---

## Exhibit 99.27

**Exhibit 99.27**

**Titan Mining Completes Phase I Drilling at the Kilbourne Graphite Project, Additional Assays Returned including 143 ft at 3.6% Graphitic Carbon**

**Vancouver, B.C., June 26, 2024 –** Titan Mining Corporation (TSX:TI) ("**Titan**" or the "**Company**") is pleased to announce the completion of Phase I drilling at the Company's Kilbourne Graphite Project. Phase I included a total of 11,916 feet (3,632 m) of drilling in 39 diamond drill holes. This phase of exploration has been focused on mineralization amenable to open pit mining within the fully permitted footprint of the Company's 100% owned Empire State Mine ("**ESM**") in upstate New York.

Assays from 32 of the 39 holes have been returned to date, including the 17 holes highlighted below. Results from the most recent assays continued to demonstrate the consistency of graphitic carbon grades returned from the initial 15 holes from Phase I of drilling. These results were reported in the Company's April 9, 2024 press release titled "Titan Mining Provides Initial Drill Results on the Kilbourne Graphite Project, Results Include 173.5 ft at 3.75% Graphitic Carbon".

**Significant mineralized intercepts from drilling include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-017 – 143.5 feet assaying 3.6% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **KX24-031 – 92.8 feet assaying 3.5% graphitic carbon** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **KX23-016 – 89.1 feet assaying 3.1% graphitic carbon** 

Phase I has successfully tested 8,225 ft (2,507 m) of Kilbourne strike length, with graphitic carbon mineralization intercepted in all 39 holes. Twenty-nine of the 32 holes with assays returned intercepted graphite mineralization with an average thickness of 58.5 ft (17.8 m) for the upper mineralized zone, and 25.5 ft (7.8 m) for the lower mineralized zone. The non-weighted, arithmetic average grade of the mineralized intercepts is 3.1% graphitic carbon, with individual assays reaching 13.5% graphitic carbon.

Significant mineralized intercepts bookend the Kilbourne strike length within ESM's active use permit. Mineralization remains open along strike, with an additional ~17,000 ft of the Kilbourne host geology mapped outside of the permitted ground. The mapped extent of this geologic unit falls within mineral rights held by the Company. The Company continues to develop its understanding of the Kilbourne deposit and plans for Phase II of drilling to commence in or before the fourth quarter of this year.

In addition to Phase I drilling, Titan has continued metallurgical and materials testing, with initial results expected in the third quarter of this year. These tests will provide the Company with a description of the size and quality of the flake graphite in concentrate and help guide additional test work and end use application studies.

![](ex99-27_004.jpg)

**Table I. Mineralized intercepts from Kilbourne exploration program (holes 16-32)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**2023-2024 Kilbourne Drilling** | &nbsp;&nbsp;**2023-2024 Kilbourne Drilling** | &nbsp;&nbsp;**2023-2024 Kilbourne Drilling** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From (ft)** | &nbsp;&nbsp;**To (ft)** | &nbsp;&nbsp;**Interval (ft)** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Cg%** | &nbsp;&nbsp;**Zone** |
| &nbsp;&nbsp;**KX24-016** | &nbsp;&nbsp;**355.0** | &nbsp;&nbsp;**444.1** | &nbsp;&nbsp;**89.1** | &nbsp;&nbsp;**108.2** | &nbsp;&nbsp;**135.4** | &nbsp;&nbsp;**27.2** | &nbsp;&nbsp;**3.1** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**505.0** | &nbsp;&nbsp;**571.3** | &nbsp;&nbsp;**66.3** | &nbsp;&nbsp;**153.9** | &nbsp;&nbsp;**174.1** | &nbsp;&nbsp;**20.2** | &nbsp;&nbsp;**2.8** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-017** | &nbsp;&nbsp;**331.0** | &nbsp;&nbsp;**474.5** | &nbsp;&nbsp;**143.5** | &nbsp;&nbsp;**100.9** | &nbsp;&nbsp;**144.6** | &nbsp;&nbsp;**43.7** | &nbsp;&nbsp;**3.6** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**572.0** | &nbsp;&nbsp;**572.6** | &nbsp;&nbsp;**0.6** | &nbsp;&nbsp;**174.3** | &nbsp;&nbsp;**174.5** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**2.6** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-018** | &nbsp;&nbsp;**533.1** | &nbsp;&nbsp;**596.0** | &nbsp;&nbsp;**62.9** | &nbsp;&nbsp;**162.5** | &nbsp;&nbsp;**181.7** | &nbsp;&nbsp;**19.2** | &nbsp;&nbsp;**3.4** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**640.0** | &nbsp;&nbsp;**677.0** | &nbsp;&nbsp;**37.0** | &nbsp;&nbsp;**195.1** | &nbsp;&nbsp;**206.3** | &nbsp;&nbsp;**11.3** | &nbsp;&nbsp;**3.2** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-019** | &nbsp;&nbsp;**316.0** | &nbsp;&nbsp;**334.7** | &nbsp;&nbsp;**18.7** | &nbsp;&nbsp;**96.3** | &nbsp;&nbsp;**102.0** | &nbsp;&nbsp;**5.7** | &nbsp;&nbsp;**2.8** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**367.0** | &nbsp;&nbsp;**381.6** | &nbsp;&nbsp;**14.6** | &nbsp;&nbsp;**111.9** | &nbsp;&nbsp;**116.3** | &nbsp;&nbsp;**4.5** | &nbsp;&nbsp;**2.9** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-020** | &nbsp;&nbsp;**231.1** | &nbsp;&nbsp;**262.6** | &nbsp;&nbsp;**31.5** | &nbsp;&nbsp;**70.4** | &nbsp;&nbsp;**80.0** | &nbsp;&nbsp;**9.6** | &nbsp;&nbsp;**2.7** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**301.1** | &nbsp;&nbsp;**316.0** | &nbsp;&nbsp;**14.9** | &nbsp;&nbsp;**91.8** | &nbsp;&nbsp;**96.3** | &nbsp;&nbsp;**4.5** | &nbsp;&nbsp;**2.5** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-021** | &nbsp;&nbsp;**26.7** | &nbsp;&nbsp;**70.4** | &nbsp;&nbsp;**43.7** | &nbsp;&nbsp;**8.1** | &nbsp;&nbsp;**21.5** | &nbsp;&nbsp;**13.3** | &nbsp;&nbsp;**3.3** | &nbsp;&nbsp;**Upper** |
| &nbsp;&nbsp;**KX24-022** | &nbsp;&nbsp;**458.2** | &nbsp;&nbsp;**508.9** | &nbsp;&nbsp;**50.7** | &nbsp;&nbsp;**139.7** | &nbsp;&nbsp;**155.1** | &nbsp;&nbsp;**15.5** | &nbsp;&nbsp;**3.1** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**543.6** | &nbsp;&nbsp;**574.4** | &nbsp;&nbsp;**30.8** | &nbsp;&nbsp;**165.7** | &nbsp;&nbsp;**175.1** | &nbsp;&nbsp;**9.4** | &nbsp;&nbsp;**3.0** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-023** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** |
| &nbsp;&nbsp;**KX24-024** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** |
| &nbsp;&nbsp;**KX24-025** | &nbsp;&nbsp;**47.0** | &nbsp;&nbsp;**77.1** | &nbsp;&nbsp;**30.1** | &nbsp;&nbsp;**14.3** | &nbsp;&nbsp;**23.5** | &nbsp;&nbsp;**9.2** | &nbsp;&nbsp;**3.0** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-026** | &nbsp;&nbsp;**345.7** | &nbsp;&nbsp;**363.0** | &nbsp;&nbsp;**17.3** | &nbsp;&nbsp;**105.4** | &nbsp;&nbsp;**110.6** | &nbsp;&nbsp;**5.3** | &nbsp;&nbsp;**2.5** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**420.5** | &nbsp;&nbsp;**440.0** | &nbsp;&nbsp;**19.5** | &nbsp;&nbsp;**128.2** | &nbsp;&nbsp;**134.1** | &nbsp;&nbsp;**5.9** | &nbsp;&nbsp;**2.8** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-027** | &nbsp;&nbsp;**23.0** | &nbsp;&nbsp;**52.6** | &nbsp;&nbsp;**29.6** | &nbsp;&nbsp;**7.0** | &nbsp;&nbsp;**16.0** | &nbsp;&nbsp;**9.0** | &nbsp;&nbsp;**2.9** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**119.9** | &nbsp;&nbsp;**145.9** | &nbsp;&nbsp;**26.0** | &nbsp;&nbsp;**36.5** | &nbsp;&nbsp;**44.5** | &nbsp;&nbsp;**7.9** | &nbsp;&nbsp;**2.5** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-028** | &nbsp;&nbsp;**53.0** | &nbsp;&nbsp;**92.7** | &nbsp;&nbsp;**39.7** | &nbsp;&nbsp;**16.2** | &nbsp;&nbsp;**28.3** | &nbsp;&nbsp;**12.1** | &nbsp;&nbsp;**3.0** | &nbsp;&nbsp;**Upper** |
| &nbsp;&nbsp;**KX24-029** | &nbsp;&nbsp;**31.3** | &nbsp;&nbsp;**48.4** | &nbsp;&nbsp;**17.1** | &nbsp;&nbsp;**9.5** | &nbsp;&nbsp;**14.8** | &nbsp;&nbsp;**5.2** | &nbsp;&nbsp;**3.0** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**54.0** | &nbsp;&nbsp;**90.7** | &nbsp;&nbsp;**36.7** | &nbsp;&nbsp;**16.5** | &nbsp;&nbsp;**27.6** | &nbsp;&nbsp;**11.2** | &nbsp;&nbsp;**3.3** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-030** | &nbsp;&nbsp;**0.0** | &nbsp;&nbsp;**38.7** | &nbsp;&nbsp;**38.7** | &nbsp;&nbsp;**0.0** | &nbsp;&nbsp;**11.8** | &nbsp;&nbsp;**11.8** | &nbsp;&nbsp;**2.7** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**49.4** | &nbsp;&nbsp;**88.7** | &nbsp;&nbsp;**39.3** | &nbsp;&nbsp;**15.1** | &nbsp;&nbsp;**27.0** | &nbsp;&nbsp;**12.0** | &nbsp;&nbsp;**2.3** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-031** | &nbsp;&nbsp;**87.2** | &nbsp;&nbsp;**180.0** | &nbsp;&nbsp;**92.8** | &nbsp;&nbsp;**26.6** | &nbsp;&nbsp;**54.9** | &nbsp;&nbsp;**28.3** | &nbsp;&nbsp;**3.5** | &nbsp;&nbsp;**Upper** |
|  | &nbsp;&nbsp;**234.9** | &nbsp;&nbsp;**273.1** | &nbsp;&nbsp;**38.2** | &nbsp;&nbsp;**71.6** | &nbsp;&nbsp;**83.2** | &nbsp;&nbsp;**11.6** | &nbsp;&nbsp;**2.9** | &nbsp;&nbsp;**Lower** |
| &nbsp;&nbsp;**KX24-032** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** | &nbsp;&nbsp;***No Significant Intercepts*** |

---

*Note: The true width of the mineralization is not currently known.*

**Table II. Collar Location**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Kilbourne Collars** | &nbsp;&nbsp;**Kilbourne Collars** |  |  |  |  |  |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Length (ft)** | &nbsp;&nbsp;**Easting (ft)** | &nbsp;&nbsp;**Northing (ft)** | &nbsp;&nbsp;**Elevation (ft)** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** |
| &nbsp;&nbsp;**KX24-016** | &nbsp;&nbsp;**607** | &nbsp;&nbsp;**13112.5** | &nbsp;&nbsp;**13638.8** | &nbsp;&nbsp;**609.2** | &nbsp;&nbsp;**130** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-017** | &nbsp;&nbsp;**623** | &nbsp;&nbsp;**12874.1** | &nbsp;&nbsp;**13130.2** | &nbsp;&nbsp;**614.3** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-018** | &nbsp;&nbsp;**719** | &nbsp;&nbsp;**13174.1** | &nbsp;&nbsp;**14255.2** | &nbsp;&nbsp;**599.2** | &nbsp;&nbsp;**140** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-019** | &nbsp;&nbsp;**408** | &nbsp;&nbsp;**14143.0** | &nbsp;&nbsp;**14574.6** | &nbsp;&nbsp;**593.4** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-020** | &nbsp;&nbsp;**332** | &nbsp;&nbsp;**14664.3** | &nbsp;&nbsp;**14594.7** | &nbsp;&nbsp;**593.5** | &nbsp;&nbsp;**170** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-021** | &nbsp;&nbsp;**152** | &nbsp;&nbsp;**15130.4** | &nbsp;&nbsp;**14311.3** | &nbsp;&nbsp;**593.3** | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-022** | &nbsp;&nbsp;**611** | &nbsp;&nbsp;**13654.8** | &nbsp;&nbsp;**14516.8** | &nbsp;&nbsp;**597.6** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-023** | &nbsp;&nbsp;**106** | &nbsp;&nbsp;**13695.0** | &nbsp;&nbsp;**12984.0** | &nbsp;&nbsp;**636.5** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-024** | &nbsp;&nbsp;**67** | &nbsp;&nbsp;**14064.4** | &nbsp;&nbsp;**13477.8** | &nbsp;&nbsp;**630.3** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-025** | &nbsp;&nbsp;**95** | &nbsp;&nbsp;**14544.9** | &nbsp;&nbsp;**13817.1** | &nbsp;&nbsp;**635.8** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-026** | &nbsp;&nbsp;**612** | &nbsp;&nbsp;**8942.8** | &nbsp;&nbsp;**8895.1** | &nbsp;&nbsp;**626.6** | &nbsp;&nbsp;**105** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-027** | &nbsp;&nbsp;**179** | &nbsp;&nbsp;**13796.1** | &nbsp;&nbsp;**13519.0** | &nbsp;&nbsp;**610.2** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-028** | &nbsp;&nbsp;**149** | &nbsp;&nbsp;**14043.5** | &nbsp;&nbsp;**13741.8** | &nbsp;&nbsp;**604.1** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-029** | &nbsp;&nbsp;**119** | &nbsp;&nbsp;**14542.7** | &nbsp;&nbsp;**14117.5** | &nbsp;&nbsp;**592.3** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-030** | &nbsp;&nbsp;**117** | &nbsp;&nbsp;**14943.5** | &nbsp;&nbsp;**14078.8** | &nbsp;&nbsp;**633.3** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**-90** |
| &nbsp;&nbsp;**KX24-031** | &nbsp;&nbsp;**286** | &nbsp;&nbsp;**13290.4** | &nbsp;&nbsp;**12964.7** | &nbsp;&nbsp;**627.5** | &nbsp;&nbsp;**140** | &nbsp;&nbsp;**-50** |
| &nbsp;&nbsp;**KX24-032** | &nbsp;&nbsp;**226** | &nbsp;&nbsp;**9321.5** | &nbsp;&nbsp;**8769.2** | &nbsp;&nbsp;**635.8** | &nbsp;&nbsp;**110** | &nbsp;&nbsp;**-50** |

---

**Figure 1. Location of the Kilbourne Project relative to ESM Operations**![](ex99-27_001.jpg)

![](ex99-27_004.jpg)

**Figure 2. Plan view of drilling showing the location of Kilbourne Exploration holes, planned drill holes, and trenching.** 

![](ex99-27_004.jpg)

**Figure 3. Cross section showing host lithologies with assays from 2023-2024 drilling. Highlighted are holes KX23-001, KX24-002, and KX24-015,KX24-016.**![](ex99-27_003.jpg)

**Looking North East, section line marked on Figure 2.**

***Qualified Person***

 **

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). Mr. Taylor verified the data disclosed, including sampling, analytical, and test data underlying the information included in this news release for which he is responsible, by performing a number of checks to confirm the accuracy of such data. In addition, Mr. Taylor reviewed the QA/QC reports from the Company's drill programs and noted that there were no issues that arose which would affect confidence with the assay data.

 **

***Assays and Quality Assurance/Quality Control***

 **

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Drill core samples submitted for analysis had a minimum weight of 0.6 lb (0.3 kg) and a maximum weight of 6.0 lb (2.7 kg), with an average weight of 3.6 lb (1.6 kg). Trench samples submitted for analysis had a minimum weight of 4.2 lb (1.9 kg) and a maximum weight of 26.2 lb (11.9 kg), with an average weight of 6.2 lb (13.6 kg).

![](ex99-27_004.jpg)

Analysis has been performed as SGS Canada Inc. ("SGS") an independent ISO/IEC accredited lab. Sample preparation (crushing and pulverizing) and total graphitic carbon analysis has been completed at SGS Lakefield, Ontario, Canada. SGS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Burnaby, B.C., Canada for multielement analysis. SGS analyzes the pulp sample by leach and IR combustion for total graphitic carbon (GC_CSA05V) and aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (GO_ICP21B100) with the elements reported in percentage (%).

The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release. True widths of the mineralized zones described in this news release are not presently known.

 ****

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com.

 **

***Contact***

 **

*For further information, please contact:*

**Investor Relations:** Email: info@titanminingcorp.com

***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 future exploration plans at the Kilbourne target and results of metallurgical and materials testing and timing thereof. 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 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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. Readers 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.

## Exhibit 99.28

**Exhibit 99.28**

**Titan Suspends ESM Operations Following Flooding From Tropical Storm Debby; Annual Production Guidance Remains Unchanged**

**Vancouver, BC – August 12, 2024** – Titan Mining Corporation (TSX: TI) ("**Titan**" or the "**Company**") announces that operations at Titan's Empire State Mine ("**ESM**") have been temporarily suspended following historic flooding from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Despite efforts by mine personnel to divert water to mined out areas of the mine, floodwater rose in the shaft above the crusher level leading to electrical power failure in the mine.

As of this morning, power has been partially restored to the underground and floodwaters are receding. The Company continues to pump water out of the underground workings. Once mining operations resume, ore will be stockpiled underground. As a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate. The Company has declared force majeure for its contractual concentrate delivery obligations for the near term.

During the rebuild period, Titan will continue to mine and stockpile ore underground. The Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year. Titan's annual production guidance for ESM remains unchanged.

New York Governor Kathy Hochul declared a statewide State of Emergency in response to the flooding caused by Tropical Storm Debby. The Company is in contact with the State and Federal authorities regarding potential assistance to address business disruptions caused by the flooding.

 **

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 ****

![](ex99-28_001.jpg)

***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 once mining operations resume, ore will be stockpiled underground; as a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate; during the rebuild period, Titan will continue to mine and stockpile ore underground; the Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year; and that Titan's annual production guidance for ESM remains unchanged. 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 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 the damage caused by Tropical Storm Debby; the Company's assumptions regarding time and cost to repair damage caused by Tropical Storm Debby; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.29

**Exhibit 99.29**

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023**

(Unaudited)

**Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements**

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Financial Position**

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Notes | | June 30, <br>2024 | December 31, <br>2023 |
| **Assets** |  |  |  |  |
| Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  | $5547 | $5031 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 5 |  | 2390 | 1521 |
| &nbsp;&nbsp;&nbsp;Inventories | 8 |  | 8197 | 7208 |
| &nbsp;&nbsp;&nbsp;Other current assets |  |  | 951 | 813 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 5 |  | 2777 |  |
| &nbsp;&nbsp;&nbsp;Derivative asset | 16 |  | - | 648 |
|  |  |  | 19862 | 15221 |
| Non-current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 9 |  | 31670 | 36798 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 10 | a | 32 | 71 |
| &nbsp;&nbsp;&nbsp;Other assets | 11 |  | 822 | 672 |
| **Total assets** |  |  | $**52386** | $**52762** |
| **Liabilities** |  |  |  |  |
| Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  |  | $2462 | $2878 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 10 | b | 34 | 76 |
| &nbsp;&nbsp;&nbsp;Credit Facility | 12 | a | 14983 | 31655 |
| &nbsp;&nbsp;&nbsp;Related Party Loans | 12 | b,c | 21194 | 4124 |
|  |  |  | 38673 | 38733 |
| Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision |  |  | 16521 | 16299 |
| Total liabilities |  |  | 55194 | 55032 |
| **Shareholders' equity** |  |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  |  | 5722 | 6245 |
| &nbsp;&nbsp;&nbsp;Deficit |  |  | (68343) | (68328) |
| Total equity (deficit) |  |  | (2808) | (2270) |
| **Total liabilities and shareholders' equity** |  |  | $**52386** | $**52762** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 20)

Approved by the Board on August 13, 2024:

*<u>"Lenard Boggio"</u>* , Audit Committee Chair *<u>"Donald Taylor"</u>* , Director

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

**TITAN MINING CORPORATION**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended <br> June 30, | Six months ended <br> June 30, |
| |<br>Notes | 2024 | 2023 | 2024 | 2023 |
| **Revenue** | 5 | $17969 | $8952 | $29700 | $25694 |
| **Cost of Sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | 9653 | 11085 | 19915 | 25230 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | 2670 | 3007 | 5627 | 6073 |
|  |  | 12323 | 14092 | 25542 | 31303 |
| **Income (loss) from mine operations** |  | **5646** | **(5140)** | **4158** | **(5609)** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 6b | 500 | 326 | 965 | 1063 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 6a | 806 | 752 | 1699 | 2855 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 12a,b | 1130 | 926 | 2273 | 1791 |
| &nbsp;&nbsp;&nbsp;Accretion income |  | 79 | 47 | 149 | 107 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (64) | (62) | (122) | (128) |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) |  | 563 | 592 | (768) | (788) |
| &nbsp;&nbsp;&nbsp;Other expense (income) |  | 15 | (12) | (23) | (30) |
| &nbsp;&nbsp;&nbsp;Realized loss (gain) on derivative |  |  | (1336) |  | (1970) |
| &nbsp;&nbsp;&nbsp;Unrealized loss (gain) derivative |  | - | (1532) | - | (4771) |
|  |  | (3029) | 299 | (4173) | 1871 |
| **Net income (loss) for the period** |  | **2617** | **(4841)** | **(15)** | **(3738)** |
| **Other comprehensive income (loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on translation to reporting currency |  | 567 | 597 | (744) | (1265) |
| **Total comprehensive income (loss) for the period** |  | $**3184** | $**(4244)** | $**(759)** | $**(5003)** |
| **Basic and diluted earnings (loss) per share** |  | $**0.02** | $**(0.03)** | $**(0.01)** | $**(0.03)** |
| **Weighted average shares outstanding (in '000)** |  | **136367** | **138991** | **136367** | **138821** |

---

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

**TITAN MINING CORPORATION**

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Share capital | Share capital | Reserves | Reserves | Reserves | | |
|  |<br>Notes | Number ('000s) | Amount | Share options and warrants | Currency translation adjustment | Total |<br>Deficit |<br>Total <br> equity |
| Balance, January 1, 2023, as previously reported |  | 138979 | $61076 | $8793 | $(2289) | 6504 | $(57067) | $10513 |
| Exercise of warrants |  | 357 | 161 | (31) |  | (31) |  | 130 |
| Share based compensation |  |  |  | 387 |  | 387 |  | 387 |
| Dividends declared |  |  |  |  |  |  | (1051) | (1051) |
| Share cancellation |  | (2969) | (1424) |  |  |  |  | (1424) |
| Fair value of warrants |  |  |  | 645 |  | 645 |  | 645 |
| Total comprehensive loss for the year |  | - | - | - | (1260) | (1260) | (10210) | (11470) |
| Balance, December 31, 2023 |  | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation | 13 |  |  | 221 |  | 221 |  | 221 |
| Total comprehensive gain (loss) for the period |  | - | - | - | (744) | (744) | (15) | (759) |
| Balance, June 30, 2024 |  | 136367 | $59813 | $10015 | $(4293) | $5722 | $(68343) | $(2808) |

---

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

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statement of Cash Flows**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended <br> June 30, | Six months ended <br> June 30, |
| |<br>Notes | 2024 | 2023 | 2024 | 2023 |
| **Operating activities** |  |  |  |  |  |
| Profit (loss) for the period |  | $2617 | $(4841) | $(15) | $(3738) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 79 | 47 | 149 | 107 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 12 | 245 | 179 | 482 | 353 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 2670 | 3007 | 5627 | 6073 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 19 | 20 | 38 | 37 |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 471 | 741 | 1444 | 1428 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 2 | 5 | 2 | 10 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 216 | 108 | 221 | 214 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 646 | 624 | (722) | (1243) |
|  |  | 6965 | (110) | 7226 | 3241 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | (178) | (2737) | (93) | (1473) |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | (665) | 1650 | (867) | 2015 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (632) | (1493) | (1313) | (748) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 54 | (124) | (139) | (191) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  |  | (1532) | 648 | (4298) |
| &nbsp;&nbsp;&nbsp;Star Mountain settlement |  |  | (5900) |  | (5900) |
| &nbsp;&nbsp;&nbsp;Restricted cash deposit (release) |  | (2777) | 1921 | (2777) | 1921 |
| **Net cash generated (used) in operating activities** |  | 2767 | (8325) | 2685 | (5433) |
| **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of Credit Facility |  | (12000) |  | (17000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  | 11500 |  | 16500 |  |
| &nbsp;&nbsp;&nbsp;Credit Facility interest payments |  | (1028) | (1247) | (1028) | (1370) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (20) | 21 | (42) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from bank indebtedness |  |  | 5900 |  | 5900 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  |  | (1075) |  | (2102) |
| &nbsp;&nbsp;&nbsp;Proceeds from warrant exercise |  |  |  |  | 130 |
| &nbsp;&nbsp;&nbsp;Repayment of equipment loans |  | - | - | - | (15) |
| **Net cash generated (used) by financing activities** |  | (1249) | 3599 | (1570) | 2543 |
| **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets |  | (150) |  | (150) |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 8 | (1) | (676) | (440) | (1824) |
| **Net cash used by investing activities** |  | (151) | (676) | (590) | (1824) |
| Effect of foreign exchange on cash and cash equivalents |  | 4 | 886 | (9) | 889 |
| Increase (decrease) in cash and cash equivalents |  | 1371 | (4516) | 516 | (3825) |
| Cash and cash equivalents, beginning of period |  | 4176 | 7411 | 5031 | 6720 |
| **Cash and cash equivalents, end of period** |  | $**5547** | $**2895** | $**5547** | $**2895** |

---

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

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

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 ("ESM") 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 June 30, 2024, the Company had cash and cash equivalents of $5,547, working capital deficit of $18,811, a net loss before tax for the six months ended June 30, 2024 of $15 and a deficit of $68,343. During the six months ended June 30, 2024, the Company had cash inflows from operating activities of $2,685 and cash outflow from financing activities of $1,570. The Company has $36,177 of current debt as at June 30, 2024.

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 may 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

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

a) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2023 (the "**Annual Financial Statements**").

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

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

3. ADOPTION OF NEW ACCOUNTING
STANDARDS

IAS 1, *Presentation of Financial Statements* ("**IAS 1**"): In October 2022, the International Accounting Standards Board ("**IASB**") issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its Interim Financial Statements.

4. USE OF ESTIMATES AND JUDGEMENTS

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

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 3 of the Annual Financial Statements.

5. REVENUE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Zinc concentrate sales | $19010 | $17255 | $35013 | $38308 |
| Zinc concentrate provisional pricing adjustments | 872 | (3726) | 267 | (3980) |
| Smelting and refining charges | (1913) | (4577) | (5580) | (8634) |
| Revenue, net | $17969 | $8952 | $29700 | $25694 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit will be returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six-month period of the fixed price arrangement.

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

6. OTHER OPERATING EXPENSES

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> June 30, | Three months ended<br> June 30, | Six months ended <br> June 3 | Six months ended <br> June 3 |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $208 | $250 | $751 | $800 |
| Share-based compensation | 211 | 97 | 212 | 194 |
| Office and administration | 139 | 163 | 431 | 470 |
| Professional fees | 222 | 208 | 247 | 1327 |
| Amortization of right-to-use assets | 20 | 20 | 39 | 37 |
| Investor relations | 6 | 14 | 19 | 27 |
|  | $806 | $752 | $1699 | $2855 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended<br> June 30, | Six months ended<br> June 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $206 | $129 | $450 | $276 |
| Assay and analyses | 78 | 39 | 120 | 132 |
| Contractor and consultants | 160 | 115 | 286 | 538 |
| Supplies | 41 | 10 | 49 | 28 |
| Other | 15 | 33 | 60 | 89 |
|  | $500 | $326 | $965 | $1063 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended <br> June 30. | Six months ended <br> June 30. |
| | 2024 | 2023 | 2024 | 2023 |
| Empire State Mines | $492 | $317 | $948 | $1045 |
| Apache Hills Project | 8 | 9 | 17 | 18 |
| Exploration and Evaluation Expenses | $500 | $326 | $965 | $1063 |

---

7. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
| | June 30,<br>2024 | December 31,<br>2023 |
| Trade receivables | $2346 | $1500 |
| GST receivable | 22 | 14 |
| Other | 22 | 7 |
|  | $2390 | $1521 |

---

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

8. INVENTORIES

---

| | | |
|:---|:---|:---|
| | June 30,<br>2024 | December 31,<br>2023 |
| Ore in stockpiles | $161 | $147 |
| Concentrate stockpiles | 510 | 276 |
| Materials and supplies | 7526 | 6785 |
|  | $8197 | $7208 |

---

9. 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, 2023 and June 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2023 | $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 <br>remediation provision | - | 809 | - | - | 809 |
| As at December 31, 2023 | $46713 | $39610 | $1135 | $3840 | $91298 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 440 | 440 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 383 |  | (383) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and <br>remediation provision | - | 74 | - | - | 74 |
| As at June 30, 2024 | $46713 | $40067 | $1135 | $3897 | $91812 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2023 | 17834 | $23777 | $- | $- | $41611 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 7387 | 5502 | - | - | 12889 |
| As at December 31, 2023 | 25221 | $29279 | $- | $- | $54500 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 3179 | 2463 | - | - | 5642 |
| As at June 30, 2024 | $28400 | $31742 | $- | $- | $60142 |
| Net book value at December 31, 2023 | $21492 | $10331 | $1135 | $3840 | $36798 |
| Net book value at June 30, 2024 | $18313 | $8325 | $1135 | $3897 | $31670 |

---

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

10. LEASES

a) Right-of-use assets

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $161 |
| Changes to lease terms | (13) |
| Depreciation | (77) |
| As at December 31, 2023 | $71 |
| Changes to lease terms | (1) |
| Depreciation | (38) |
| As at June 30, 2024 | $32 |

---

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, 2023 and the six months ended June 30, 2024, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above.

b) Lease liabilities

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $192 |
| Changes to lease terms | (43) |
| Interest accretion | 10 |
| Unrealized foreign exchange | 2 |
| Lease payments | (85) |
| As at December 31, 2023 | $76 |
| Changes to lease terms | 1 |
| Interest accretion | 2 |
| Unrealized foreign exchange | (2) |
| Lease payments | (41) |
| As at June 30, 2024 | $34 |
| Current lease liabilities | $34 |
| Non-current lease liabilities | - |
|  | $34 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at June 30, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | > 3 years | Total |
| Lease liabilities | $34 | $- | $- | $34 |

---

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

10. LEASES (continued)

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

---

| | | |
|:---|:---|:---|
| Three months <br>ended <br>June 30, 2024 | Three months <br>ended <br>June 30, 2024 | Six months<br> ended <br>June 30, 2024 |
| Interest on lease liabilities | $1 | $3 |
| Depreciation of right-of-use assets | $20 | $38 |
| Variable lease payments | $9 | $22 |
| Expenses relating to short-term leases | $107 | $182 |

---

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

---

| | | |
|:---|:---|:---|
| Three months <br>ended <br>June 30, 2024 | Three months <br>ended <br>June 30, 2024 | Six months ended <br>June 30, 2024 |
| Payment of lease liabilities | $20 | $42 |
| Variable lease payments | $9 | $25 |
| Expenses relating to short-term leases | $107 | $182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER ASSETS

---

| | | |
|:---|:---|:---|
| | June 30,<br>2024 | December 31,<br>2023 |
| Reclamation deposit | $672 | 672 |
| Other | 150 | - |
|  | $822 | $672 |

---

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

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

12. DEBT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Credit <br> Facility (a) | Related Party<br> Promissory<br> Note (b) | Related <br> Party Loans<br> (other) (c) | Total |
| Balance, January 1, 2023 | 30016 |  |  | 30016 |
| Proceeds of loan | 5900 | 5000 |  | 5900 |
| Repayment of loan | (5000) |  |  | (5000) |
| Loan initiation fee |  | (350) |  |  |
| Warrant issuance |  | (645) |  |  |
| Interest and accretion | 3054 | 130 |  | 3054 |
| Interest payment | (3035) |  |  | (3035) |
| Amortization of borrowing costs | 720 | 35 | - | 720 |
| Balance, December 31, 2023 | 31655 | 4124 | - | 35779 |
| Proceeds of loan |  | **-** | 16500 | 16500 |
| Repayment of loan | (17000) |  |  | (17000) |
| Interest and accretion | 985 | 459 |  | 1444 |
| Interest payment | (1028) |  |  | (1028) |
| Amortization of borrowing costs | 371 | 111 | - | 482 |
| Balance, June 30, 2024 | $14983 | $4694 | $16500 | $36177 |
| Current | 14893 | 4694 | 16500 | 36177 |
| Non-current | $- | $- | $- | $- |

---

a) Credit Facility

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. On April 9, 2024, the maturity date was extended to June 30, 2025.

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

12. DEBT (continued)

**a)** **Credit Facility (continued)** 

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

● On April 9, 2024, the Credit Facility covenants were further amended whereby, the leverage ratio was removed, and the interest coverage ratio was reduced to 1.5 to 1. The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024. As at June 30, 2024, the Company' was in compliance with the Credit Facility covenants.

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. During the three and six months ended June 30, 2024, the Company incurred a guarantee fee charge of $87 and $197, respectively, recognized on the Company's Statement of Income and Comprehensive Income.

**b)** **Related Party Promissory Note** 

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.

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.

**c) Related Party Loans** 

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Inc., as a part of the Company's fixed price zinc contract (Notes 5), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the Credit Facility. As at the date of these financial statements, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman.

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

13. 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.

For the three and six months ended June 30, 2024, the Company recognized share-based compensation expense of $216 and $221, respectively (2023 - $214 and $108).

The following table shows the change in the Company's stock options during the six months ended June 30, 2024 and the years ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Year ended December 31, 2024 | Year ended December 31, 2024 |
| | Number of options ('000s) | Weighted-average exercise price (in C$) | Number of options ('000s) | Weighted-average exercise price (in C$) |
| Outstanding, start of the period | 6330 | 1.12 | 8735 | 1.12 |
| &nbsp;&nbsp;&nbsp;Granted | 3950 | 0.36 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (1002) | 0.5 | (40) | 0.54 |
| &nbsp;&nbsp;&nbsp;Expired | - | - | (2365) | 1.40 |
| Outstanding, end of the period | 9278 | 0.47 | 6330 | 0.55 |
| Exercisable, end of the period | 3893 | 0.54 | 3717 | 0.58 |

---

For the options granted during the six months ended June 30, 2024, the fair value was estimated at year ended December 31, 2022, the fair value was estimated at C$0.17 per option based on the Black-Scholes model using the following assumptions.

---

| | |
|:---|:---|
| Assumptions | Six months<br> ended June 30,<br> 2024 |
| Risk-free interest rate | 3.76% |
| Expected life | 5 years |
| Expected volatility | 75.97% |
| Grant date share price | C$0.36 |
| Expected dividend yield | - |

---

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

13. STOCK OPTIONS (continued)

The following table provides information on outstanding and exercisable stock options at June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 1155 | 1.2 | 1155 |
| November 13, 2020 | 0.85 | 250 | 1.4 | 250 |
| November 10, 2022 | 0.51 | 3998 | 3.4 | 1888 |
| April 16, 2024 | 0.36 | 3875 | 4.8 | 600 |
|  | 0.47 | 9278 | 3.3 | 3893 |

---

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 June 30, 2024 was approximately $120, 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 three and six months ended June 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $67 | $106 | $271 | $299 |
| Office and other | 12 | 62 | 42 | 105 |
| Marketing and travel | 4 | 4 | 8 | 7 |
|  | $83 | $172 | $321 | $411 |

---

**d)** **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.

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

14. RELATED PARTY TRANSACTIONS (continued)

**d)** **Key management personnel compensation (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br> June 30, | Three months ended<br> June 30, | Six months ended<br> June 30, | Six months ended<br> June 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $100 | $154 | $504 | $530 |
| Consulting Fees | 81 | 85 | 309 | 313 |
| Share-based compensation | 200 | 86 | 197 | 170 |
| Directors' fees | 54 | 54 | 109 | 109 |
|  | $435 | $379 | $1119 | $1122 |

---

15. INTEREST AND OTHER FINANCE EXPENSES

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended <br> June 30, | Six months ended <br> June 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Interest and borrowing costs | $1053 | $926 | $2186 | $1791 |
| Other | 77 | - | 87 | - |
|  | $1130 | $926 | $2273 | $1791 |

---

16. CONTINGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;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. ("Star Mountain"), 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 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 bankruptcy court confirmed a Chapter 11 plan of liquidation in the bankruptcy proceedings, which went effective on July 8, 2019. The Chapter 11 plan provided 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.

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 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 asserted: (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 breached their remaining payment obligations to Star Mountain related to the Purchase Agreement.

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

16. CONTINGENCIES (continued)

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 and 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.

&nbsp;&nbsp;&nbsp;&nbsp;b) The Company is from time to time involved in various legal proceedings related to its business. 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.

17. FINANCIAL INSTRUMENTS

**Derivatives**

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.

As at December 31, 2023, the Company recognized a $648 of unrealized gains from changes in the fair value of remaining open positions relating to the LME Zinc Swap contract. This derivative asset was realized on January 2, 2024.

18. 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 $35,269 and those located in Canada total $31.

19. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30, | Six months ended June 30, |
| | 2024 | 2023 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | nil | (413) |
| Change in accounts payable and accrued liabilities with respect to inventories | (324) | (410) |
| Change in accounts payable and accrued liabilities with respect to operating expenses | 102 | 349 |
| Change in reclamation and remediation asset | 74 | 776 |

---

**TITAN MINING CORPORATION**

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

**For the three and six months ended June 30, 2024 and 2023**

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

20. SUBSEQUENT EVENTS

On August 12, 2024, the Company announced that operations at Titan's ESM had been temporarily suspended following historic flooding from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Despite efforts by mine personnel to divert water to mined out areas of the mine, floodwater rose in the shaft above the crusher level leading to electrical power failure in the mine

As of the morning of August 12, 2024, power had since been partially restored to the underground and floodwaters were receding. The Company continues to pump water out of the underground workings. Once mining operations resume, ore will be stockpiled underground. As a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate from the mine. The Company has declared force majeure for its contractual concentrate delivery obligations for the near term.

During the rebuild period, Titan will continue to mine and stockpile ore underground. The Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year. Titan's annual production guidance for ESM remains unchanged.

## Exhibit 99.30

**Exhibit 99.30**

![](ex99-30_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024**

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the six months ended June 30, 2024, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's audited consolidated financial statements for the year ended December 31, 2023 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of interim financial statements including International Accounting Standards 34 – Interim Financial Reporting ("**IAS 34**").

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

This MD&A is dated August 13, 2024. All dollar amounts reported herein are in US dollars unless otherwise indicated.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 6 |
| FINANCIAL REVIEW | 9 |
| LIQUIDITY AND CAPITAL RESOURCES | 12 |
| FINANCIAL INSTRUMENT | 16 |
| RELATED PARTY TRANSACTIONS | 16 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 18 |
| NOTES TO READER | 19 |
| SUBSEQUENT EVENTS | 22 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "Empire State Mine" or "ESM"). Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district are a focus for Titan's exploration team.

Mining and milling activities at ESM continued to increase during the past year with a record 61.0 million payable pounds of zinc produced. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine.

The Company will also be advancing the exploration of the Kilbourne (graphite) exploration program. Drilling under the Phase 1 program with a budgeted 14,000 ft (4,267 m) of drilling, of which a total of 6,870 ft (2,093 m) has been completed. The initial goal of 12,000 ft (3,658 m) of drilling for the Phase 1 program was expanded due to initial promising results. Results of surface drilling and trenching have identified a representative sample that was collected in January and sent to the Forte Dynamics Lab in Wheat Ridge Colorado for metallurgical testing and concentrate production. The Kilbourne Graphite Target has near surface potential with a substantial portion of the targeted resource on fully permitted land.

In addition, the Company continues to examine various financing options to bolster the Company's treasury.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>**Financial Performance** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Net income (loss) before tax | $2617 | $(4841) | $7882 | $(15) | $(3738) | $4508 |
| Operating cash inflow before changes in non-cash working capital | $6965 | $(110) | $7075 | $7226 | $3241 | $3985 |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **June 30, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $5547 | $5031 |
| Working capital | $(18811) | $(23512) |
| Total assets | $52386 | $52762 |
| Equity | $(2808) | $(2270) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>**Operating Data** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Payable zinc produced (mlbs) | 14.5 | 15.0 | (0.5) | 29.1 | 28.8 | 0.3 |
| Payable zinc sold (mlbs) | 14.7 | 15.0 | (0.3) | 29.1 | 29.8 | (0.7) |
| Average provisional zinc price (per lb) | $1.30 | $1.15 | $0.15 | $1.21 | $1.28 | $(0.07) |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended June 30, 2024 include the following:

● There were no Lost Time Injuries in the second quarter.

● Produced 14.5 million pounds of payable zinc in the second quarter of 2024.

● Revenues of $17,969 in Q2 2024, an increase from $11,731 in Q1 2024, and $8,952 in Q2 2023.

● AISC<sup>(1)</sup> of $0.79/lb in Q2 2024, a decrease from $1.00/lb in Q1 2024 and $1.12/lb in Q2 2023

● Completion of Phase 1 of drilling at the Kilbourne Exploration Target with a total of 39 holes totalling 11,916 ft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 20
 holes totalling 5,044 ft completed in the Second Quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Highlights
 include 92.8 ft at 3.5% graphitic carbon

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** | **2023** |
| | | Q2 | Q1 | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |  |
| Ore mined | &nbsp;&nbsp;tons | 95575 | 110795 | 444588 | 108962 | 108210 | 112528 | 114888 |
| Ore milled | &nbsp;&nbsp;tons | 95762 | 110703 | 445803 | 109258 | 110202 | 112082 | 114261 |
| Feed grade | &nbsp;&nbsp;zn % | 9.1 | 8.1 | 8.4 | 7.8 | 10.1 | 8.1 | 7.4 |
| Recovery | &nbsp;&nbsp;% | 96.5 | 96.2 | 96.3 | 96.2 | 96.3 | 96.3 | 96.1 |
| Payable zinc | &nbsp;&nbsp;mlbs | 14.5 | 14.7 | 61.0 | 13.9 | 18.3 | 15.0 | 13.8 |
| Concentrate grade | &nbsp;&nbsp;zn % | 60.1 | 59.9 | 59.6 | 59.2 | 60.3 | 59.8 | 59 |
| Zinc concentrate produced | &nbsp;&nbsp;tons | 14155 | 14392 | 60123 | 13756 | 17855 | 14727 | 13785 |
| **Sales** |  |  |  |  |  |  |  |  |
| Payable zinc | &nbsp;&nbsp;mlbs | 14.7 | 14.4 | 62.0 | 13.9 | 18.3 | 15.0 | 14.8 |
| Average provisional zinc price | &nbsp;&nbsp;$/lb | $1.30 | $1.11 | $1.19 | $1.13 | $1.10 | $1.15 | $1.42 |
| C1 cash cost <sup>(1)</sup> | &nbsp;&nbsp;$/lb | $0.79 | $0.97 | $1.05 | $1.16 | $0.84 | $1.05 | $1.23 |
| Sustaining capital expenditures <sup>(1)</sup> | &nbsp;&nbsp;$/lb | $0.00 | $0.03 | $0.03 | $0.01 | $0.02 | $0.07 | $0.03 |
| AISC<sup>(1)</sup> | &nbsp;&nbsp;$/lb | $0.79 | $1.00 | $1.08 | $1.17 | $0.86 | $1.12 | $1.26 |

---

 

<sup>(1)</sup> C1 cash cost, Sustaining Capital Expenditures, and All-In Sustaining Cost ("AISC") are non-GAAP measures. These terms are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

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

**OPERATIONS REVIEW**

Mining efforts in the second quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone in response to lower zinc prices. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above target grades and tons. Ore recovery from the longhole stoping in New Fold will continue into July and August. It is expected that ore from New Fold and Lower Mahler zones will continue to support head grades at planned levels for the remainder of the year. Mining is expected to continue in the same zones in the third quarter of 2024.

Work on projects, including the Turnpike project, has been limited since Q2 of 2023 to preserve cash in response to lower zinc prices. Rod mill liners were received and will be installed in the third quarter of 2024. In the third quarter of 2024, the Company plans to initiate a market search for a replacement UG haulage truck and a mechanical bolter.

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which are being prioritized for drill testing in 2024. The team continues to research and consolidate mineral rights interests in high priority target areas. Surface sampling and mapping is scheduled to continue in these priority areas in 2024.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

In addition to zinc and base metal occurrences the company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESM's mineral rights, including the Kilbourne target within the stratigraphic sequence which hosts the ESM ore bodies.

 

*2024 Drill Programs*

 

Underground:

Drill programs in the second quarter of 2024 targeted Lower Mahler and Fowler. Underground drilling totalled 3,315 ft (1,010 m) across six holes. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, two exploration holes were completed targeting the down dip extensions of Lower Mahler with a third hole targeting this area underway.

Surface:

Surface drilling was limited to the Kilbourne Project in the second quarter of 2024. An exploration plan for the remainder of 2024 and 2025 has been developed with six regional zinc targets currently being evaluated and prioritized.

 

**Kilbourne**

 

Titan has continued work on defining the Kilbourne graphite target, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented roughly 25,000 ft (7.6 km) of strike length, from surface to a depth of over 3,000 ft (914 m). Roughly 8,500 ft (2.5 km) of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.

Kilbourne exploration activities in the second quarter of 2024 were focused on drilling, with a total of 20 holes totalling 5,044 ft (1,537 m) drilled. All drilling was completed with a Company owned drill by Company employees. The initial phase of Kilbourne exploration targeted mineralization within the Company's active-use permit. Graphite mineralization has been intercepted in all 39 holes of the program, with assays returned on the graphitic intercepts from all 39 of those holes. The results received to date continue to show promising results (see Titan's news releases "Titan Mining Provides Initial Drill Results On the Kilbourne Graphite Project, results include 173.5 Ft At 3.75% Graphitic Carbon" dated April 9, 2024 and "Titan Mining Completes Phase I Drilling at the Kilbourne Graphite Project, Additional Assays Returned including 143 ft at 3.6% Graphitic Carbon" dated June 26, 2024). A bulk sample was collected in January 2024 with anticipated usage in material classification.

Phase I of Kilbourne drilling successfully tested 8,255 ft of strike length within the ESM active use permit. The program has helped identify two distinct zones of mineralization within Unit 2. The upper zone averages 54 ft (16.5 m) in thickness with an average grade of 3.1% graphitic carbon (Cg), and the lower zone averages 28.9 ft (8.8 m) in thickness with an average grade of 3.0% Cg. Phase I of metallurgical work began in the fourth quarter of 2023 with SGS in Lakefield, ON, and demonstrated the ability of Kilbourne graphite to be concentrated and purified to qualities suitable for modern industrial applications. Phase II of metallurgy began in the second quarter of 2024 with Forte Analytical of Wheat Ridge, CO. Testing has built off the initial results of Phase I, with preliminary results expected in the third quarter of 2024.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**New Mexico**

 

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities.

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 2024 | | 2023 | | | 2022 | |
| | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Revenues ($) | 17969 | 11731 | 10911 | 15481 | 8952 | 16742 | 13945 | 14025 |
| Net income (loss) ($) | 2617 | (2632) | (7959) | 501 | (4841) | 1103 | (4014) | (161) |
| Basic & diluted income (loss) per share ($) | 0.02 | (0.02) | (0.05) |  | (0.03) | 0.01 | (0.03) |  |
| Cash and cash equivalents ($) | 5547 | 4176 | 5031 | 4319 | 2895 | 7411 | 6720 | 13568 |
| Total assets ($) | 52386 | 49813 | 52762 | 59060 | 59591 | 67916 | 65999 | 78199 |
| Total liabilities ($) | 55194 | 56021 | 55032 | 55528 | 56513 | 58953 | 55486 | 62147 |

---

Seasonality has a limited impact on the Company's operating results.

Total assets decreased significantly in the fourth quarter of 2022 mainly due to a decrease of cash and cash equivalents, derivative asset, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of trade and other receivable and inventories.

Total assets increased in the first quarter of 2023, mainly due to increase of cash and cash equivalents, derivative asset, and other current assets, partially offset by decrease of trade and other receivables, inventories, mineral properties, plant and equipment, and right-of-use assets. Total assets decreased in the second quarter of 2023, mainly due to decrease of cash and cash equivalents, right-of-use assets, trade and other receivables, restricted cash, other assets, and mineral properties, plant and equipment, partially offset by increased of derivative asset, other current assets, and inventories. Total assets decreased in the third quarter of 2023, mainly due to decrease of mineral properties, plant and equipment, derivative asset and inventories, partially offset by increases of cash and cash equivalents, trade and other receivables, right-of-use assets, and other current assets. Total assets decreased in the fourth quarter of 2023 mainly due to a decrease of derivative asset, trade and other receivable, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents.

Total assets decreased in the first quarter of 2024, mainly due to decrease of cash and cash equivalents, derivative asset, mineral properties, plant and equipment, and right-of-use assets, partially offset by increase of trade and other receivables, other current assets, and inventories. Total assets increased in the second quarter of 2024 mainly due to an increase in cash, an increase in other assets, partially offset by a decrease in mineral properties, plant and equipment.

Net loss increased in the fourth quarter of 2022 as a result of lower realized zinc prices and higher operating expenses, exploration and evaluation expenses, share based compensation, interest and other finance expenses, general and administration expenses, unrealized loss on derivative, loss on Star Mountain settlement, and lower foreign exchange gain, partially offset by realized gain on derivative and gain on modification.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

Net loss turned to net income in the first quarter of 2023 as a result of higher unrealized gain on derivative and foreign exchange gain, and absence of loss on Star Mountain settlement booked in the prior quarter, partially offset by lower realized gain on derivative, gain on loan modification, higher general and administration expenses and interest and other finance expenses. Net income turned to net loss in the second quarter of 2023 as a result of lower revenue and unrealized gain on derivative, higher foreign exchange loss, interest and other finance expenses, partially offset by lower exploration and evaluation expenses, general and administration expenses, and higher realized gain on derivative. Net loss turned to net income in the third quarter of 2023 as a result of higher revenue, lower cost of sales, higher realized gain on derivative, foreign exchange income and other income, partially offset by higher exploration and evaluation expenses, interest and other finance expenses, and higher unrealized loss on derivative. Net income turned to net loss again in the fourth quarter of 2023 as a result of lower revenue and unrealized loss on derivative, higher cost of sales, foreign exchange loss, interest and other finance expenses, general and administration expenses, partially offset by lower exploration and evaluation expenses, realized gain on derivative, and higher other income.

Net loss decreased in the first quarter of 2024 as a result of lower cost of sales, accretion expense, loss on unrealized derivative, and higher foreign exchange income, partially offset by higher exploration and evaluation expenses, general and administration expenses, interest and other finance expenses, lower interest income, absence of gain on realized derivative and loss on Star Mountain settlement. Net loss turned to net income in the second quarter of 2024 as a result of higher revenue and lower cost of sales.

Cash and cash equivalents decreased significantly in the fourth quarter of 2022 as a result of lower working capital generated from trade and other receivables, inventories, accounts payable and accrued liabilities, and higher cash used in financing and investing activities.

Cash and cash equivalents increased in the first quarter of 2023 as a result of net cash provided in operating activities, and less cash spent on financing activities, partially offset by cash spent on capital assets. Cash and cash equivalents decreased in the second quarter of 2023 as a result of higher cash used in operating activities, partially offset by less cash spent on capital assets and more cash generated from financing activities. Cash and cash equivalents increased in the third quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities. Cash and cash equivalents increased again in the fourth quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities.

Cash and cash equivalents decreased in the first quarter of 2024 as a result of less cash provided in operating activities and financing activities, partially offset by less cash spent on capital assets. Cash and cash equivalents increased in the second quarter of 2024 as a result of higher cash provided by operating activities generated from the increased revenue and lower cost of sales, this was partially offset by an increase in cash used in financing activities relating to additional principal payments made towards the Company's Credit Facility.

AISC decreased to $0.79/lb in Q2 2024 from $1.00/lb in Q1 2024 and $1.12/lb in Q2 2023, primarily as a result of a recovery of treatment charges from Q1 2024 recognized in Q2 2024, and lower operating costs as compared to Q1 2024 and Q2 2023.

**FINANCIAL REVIEW**

**Financial Results**

---

| | | |
|:---|:---|:---|
| ($000's) | **Three months ended** <br> **June 30** | **Six months ended** <br> **June 30** |
| **Net income (loss) for the 2023 period** | $(4841) | $(3738) |
| Changes in components of income: |  |  |
| &nbsp;&nbsp;&nbsp;Revenues increase (decrease) | 9017 | 4006 |
| &nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | 1796 | 5761 |
| &nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | (3355) | (6044) |
| **Net income (loss) for the 2024 period** | $2617 | $(15) |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

During the three months ended June 30, 2024, revenues increased compared to the same period in 2024 as a result of higher average provisional zinc prices (Q2 2024 – $1.30/lb vs. Q2 2023 - $1.15/lb) and a positive provisional and final pricing adjustment (Q2 2024 – positive $872 vs. Q2 2023 – negative $3,726).

During the six months ended June 30, 2024, revenues increased compared to the same period in 2024 as a result of a positive provisional and final pricing adjustment (H1 2024 – positive $267 vs. H1 2023 – negative $3,979).

During the three and six months ended June 30, 2024, cost of sales decreased with lower volume of tons milled (Q2 2024 – 95,762 tons vs Q2 2023 – 112,082 tons and H1 2024 – 206,465 vs H1 2023 – 226,343 tons).

During the three and six months ended June 30, 2024, other expenses increased compared to the same period of 2023 largely due to a realized gain on derivative that was incurred in 2023 and was not incurred in 2024.

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Zinc concentrate sales | $19010 | $17255 | $1755 | $35014 | $38308 | $(3294) |
| Zinc concentrate provisional pricing adjustments | 873 | (3726) | (4599) | 267 | (3980) | (4247) |
| Smelting and refining charges | (1914) | (4577) | (2663) | (5581) | (8634) | (3053) |
| Revenue, net | $17969 | $8952 | $9017 | $29700 | $25694 | $4006 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit will be returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six month period of the fix pricing arrangement. The cash deposit has been classified as current restricted cash in the Company's statement of financial position.

Revenues were higher during the three and six months ended June 30, 2024, largely due to a positive provisional pricing adjustment in 2024 compared to a negative provisional pricing adjustment that was realized in 2023, as well as lower smelting and refining charges compared to the same period in the prior year.

**Cost of sales**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Operating expenses | $9032 | $10042 | $(1010) | $18461 | $22253 | $(3792) |
| Transportation costs | 847 | 975 | (128) | 1682 | 1826 | (144) |
| Royalties | 13 | 13 |  | 19 | 20 | (1) |
| Depreciation and depletion | 2670 | 3007 | (337) | 5627 | 6073 | (446) |
| Change of Inventory | (239) | 55 | (294) | (247) | 1131 | (1378) |
| Total | $12323 | $14092 | $(1769) | $25542 | $31303 | $(5761) |

---

During the three and six months ended June 30, 2024, cost of sales decreased compared to the same periods in the prior year. Operating expenses decreased due to a decline in tons milled and efficient management of site costs. Depreciation and depletion expenses decreased comparatively due to lower tons mined, and a decrease in capital asset acquisitions. The change of inventory decrease is a result of the ending inventory level change due to timing differences of sales of zinc concentrate.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

**Other operating expenses**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| **<u>G&A expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $208 | $250 | $(43) | (17) | 751 | 800 | (49) | (6) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 211 | 97 | 114 | >100 | 212 | 194 | 18 | 9 |
| &nbsp;&nbsp;&nbsp;Professional fees | 222 | 208 | 14 | 7 | 247 | 1327 | (1080) | (81) |
| &nbsp;&nbsp;&nbsp;Office and administration | 159 | 183 | (24) | (13) | 470 | 507 | (37) | (7) |
| &nbsp;&nbsp;&nbsp;Investor relations | 6 | 14 | (8) | (52) | 19 | 27 | (8) | (7) |
|  | $806 | $752 | $54 | 7 | 1699 | 2855 | (1156) | (40) |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $206 | $129 | $77 | 60 | 450 | 276 | 174 | 63 |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 78 | 39 | 39 | 100 | 120 | 132 | (12) | (9) |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 160 | 115 | 45 | 39 | 286 | 538 | (252) | (47) |
| &nbsp;&nbsp;&nbsp;Other | 56 | 43 | 13 | 30 | 109 | 117 | (8) | (7) |
|  | $500 | $326 | $174 | 53 | 965 | 1063 | (98) | (9) |

---

G&A expenses for the three months ended June 30, 2024 have remained relatively consistent with the same period in the prior year. Share-based compensation increased as a result of a higher number of options vesting during the quarter compared to the comparative year. G&A expenses for the six months ended June 30, 2024, have decreased 42% compared to the same period in the prior year as a result of a decrease in professional fees.

E&E expenses for the three months ended June 30, 2024, increased 53% from the same period in the prior year as a result of higher salaries and benefits and an increase in assay costs and contractor costs. E&E expenses remained relatively consistent for the six months ended June 30, 2024 compared with the same period in the prior year with a decrease of 9%, largely as a result of a decrease in contractors and consultants, partially offset by an increase in salaries and benefits.

**Other expenses (income)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1723 | $(1377) | $3100 | >(100) | $1509 | $(5789) | $7298 | >(100) |

---

For the three and six months ended June 30, 2024, other income decreased from the same period of 2023, primarily as a result of the realized gain on derivative that was incurred in 2023, and no similar income was incurred in 2024.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - 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. On April 9, 2024, the maturity date was extended to June 30, 2025.

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

● On April 9, 2024, the Credit Facility covenants were further amended whereby, the leverage ratio was removed, and the interest coverage ratio was reduced to 1.5 to 1. The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024.

● During the six months ended June 30, 2024, the Company made cumulative payments of $17,000 toward the Credit Facility, reducing the Available Credit to $15,170 as at June 30, 2024, with $nil of the Credit Facility was available to be withdrawn. As at June 30, 2024, the Company' was in compliance with the Credit Facility covenants.

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. During the three and six months ended June 30, 2024, the Company incurred a guarantee fee charge of $87 and $197, respectively, recognized on the Company's Statement of Income and Comprehensive Income.

*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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

● 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.

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. As at June 30, 2024, the Company had an unpaid accrued interest balance of $315.

 

*Other Related Party Loans*

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

As at the date of this report, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman.

**Financial Condition**

---

| | | |
|:---|:---|:---|
| | **June 30, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $5547 | $5031 |
| Total debt | $36177 | $35779 |
| Net debt (cash)<sup>(1)</sup> | $30630 | $30748 |
| Working capital | $(18811) | $(23512) |

---

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

Cash and cash equivalents as at June 30, 2024 increased by $516 compared to December 31, 2023. The increase in cash was generated from positive operating cash flows of $2,685. This was partially offset by $1,570 of net cash used in financing activities, largely as a result of the payment of interest on the Company's Credit Facility. Further, the Company made $17,000 of principal payments towards the Credit Facility, funded by $16,500 of related party loans. The Company's net cash used in investing activities was $590 during the period, largely related to the cash security deposit that was required as part of the Company's fixed price zinc contract (refer to Revenue discussion above).

At June 30, 2024, the Company's debt was comprised of a loan from the Credit Facility of $14,983, the Promissory Note from a related party of $4,694, and additional loans from a related party of $16,500. The Company incurred interest and accretion expense of $1,444 during the six months ended June 30, 2024, related to the debt, and made an interest payment of $1,028 towards the Credit Facility. Amortized borrowing costs during the six months ended June 30, 2024 were $482.

The working capital deficit decreased as at June 30, 2024 compared to December 31, 2023 as a result of an increase in cash and cash equivalents, an increase in accounts receivable and an increase in inventories, partially offset by an increase in debt.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2024** | **2023** | **Change** |
| Operating cash flows before changes in working capital | $7226 | $3241 | $3985 |
| Changes in working capital | (4541) | (8674) | 4133 |
| Net cash flows generated by (used in) operating activities | 2685 | (5433) | 8118 |
| Net cash flows generated by (used in) financing activities | (1570) | 2543 | (4113) |
| Net cash flows generated by (used in) investing activities | (590) | (1824) | 1234 |
|  | $516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3825) | $4341 |

---

Net cash flows generated from operating activities were higher during the six months ended June 30, 2024 compared to the same period in the prior year largely as a result of increased revenues and lower cost of sales. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

Net cash flows used in financing activities during the six months ended June 30, 2024 reflect $17,000 of principal payments and $1,028 of interest payments made towards the Credit Facility, partially offset by $16,500 proceeds received from related party loans. For comparison, net cash flows used in financing activities by the Company in the same period in 2023 reflects $1,370 of Credit Facility interest payments, $5,900 advances received from the Credit Facility, $2,102 of dividends paid, and $130 of warrant exercise proceeds.

Net cash flows used in investing activities in the six months ended June 30, 2024 were lower compared to the same period in the prior year as a result of lower capital expenditures incurred.

**Capital Expenditures**

The Company invested $440 in capital assets during the six months ended June 30, 2024 compared to $1,824 in capital expenditures made in the same period of 2023. A new transformer and a server room were added to capital assets, and a compact twin-boom mining equipment was rebuilt during the period.

**Liquidity**

As at June 30, 2024, the Company had total liquidity of $5,547 in cash and cash equivalents. The Company had negative working capital of $18,811 and a deficit balance of $68,343. For the six months ended June 30, 2024, the Company had incurred a net loss of $15 and positive operating cash flows of $2,685. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

As at December 31, 2023, the Company had total liquidity of $5,031 in cash and cash equivalents. The Company had negative working capital of $23,512 and a deficit of $68,328. For the year ended December 31, 2023, the Company had positive operating cash flows before changes in working capital of $6,085 and a net loss of $10,196. On June 14, 2023, the Company announced that it temporarily suspended the payment of its quarterly dividend in order to preserve capital and strengthen its balance sheet as it navigates the downturn in zinc prices.

**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.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

At June 30, 2023, Titan was in breach of certain financial covenants under its Credit Facility. Titan obtained a waiver from National Bank on covenants for the period of June 30, 2023, to December 31, 2023. This waiver was subsequently extended to April 9, 2024. As of such date and the date of this MD&A, the Company was and continues to be in compliance with its covenants under the Credit Facility. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at June 30, 2024 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $36669 | $- | $- | $- | $36669 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 1797 |  |  |  | 1797 |
| &nbsp;&nbsp;&nbsp;Leases | 34 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 16717 | 16717 |
|  | $38500 | $- | $- | $16717 | $55217 |

---

The repayment of debt principal includes $16,500 owing to a related party, of which commercial terms have not yet been finalized. Until such terms have been finalized, the Company has classified all principal amounts owing as current.

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 14,642,856 warrants and 9,278,333 options outstanding.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**FINANCIAL INSTRUMENT**

a) Carrying amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2024 | June 30, 2024 | December 31, 2023 | December 31, 2023 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $34 | $34 | $76 | $55 |
| Bank indebtedness | $15253 | $15253 | $31655 | $32087 |
| Loans from related party | $21397 | $21397 | $4124 | $5061 |

---

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

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

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on June 30, 2024 was approximately $120, determined based on the Company's average share of rent paid in the immediately preceding 12 months.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

The Company was charged for the following with respect to this arrangement during the six months ended June 30, 2024:

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | 2024 | 2023 |
| Salaries and benefits | $271 | $299 |
| Office and other | 42 | 105 |
| Marketing and travel | 8 | 7 |
|  | $321 | $411 |

---

**Key management personnel compensation** 

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

---

| | | |
|:---|:---|:---|
| | Six months ended June 30, | Six months ended June 30, |
| | 2024 | 2023 |
| Salaries and benefits | $504 | $530 |
| Consulting fees | 309 | 313 |
| Share-based compensation | 197 | 170 |
| Directors' fees | 109 | 109 |
|  | $1119 | $1122 |

---

The following amounts are outstanding as at June 30, 2024 and December 31, 2023, and are included in accounts payable and accrued liabilities above.

---

| | | |
|:---|:---|:---|
| | As at June 30,<br> 2024 | As at December 31, 2023 |
| Salaries and benefits payable | $401 | $416 |
|  | $401 | $416 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Adoption of New Accounting Standards**

IAS 1, *Presentation of Financial Statements* ("IAS 1"): In October 2022, the IASB issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its Interim Financial Statements.

**Estimates and judgments**

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Share-based compensation;

● Taxation

See note 3 of our 2023 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the six months ended June 30, 2024.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**NOTES TO READER**

**Cautionary note regarding forward-looking information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; anticipated head grade; anticipated zones that will be mined, and timing of such mining; exploration plans at the Kilbourne target and timing of such plans; that rod mill liners will be installed and timing of such installation; future testing and timing thereof (including timing of results of Phase II of the Company's metallurgy testing program); 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; once mining operations resume, ore will be stockpiled underground; as a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate from the mine; during the rebuild period, Titan will continue to mine and stockpile ore underground; the Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year; and annual production guidance. 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 and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; damage caused by Tropical Storm Debby; the Company's assumptions regarding time and cost to repair damage caused by Tropical Storm Debby; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2023 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the sections entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available at www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2021 NI 43-101 Technical Report (Amended) with an effective date of February 24, 2021, filed on SEDAR+ at www.sedarplus.ca.

For additional information related to the Kilbourne target, see the Company's news release titled, "Titan Mining Announces Significant Graphite Discovery at Empire State Mines in Upstate New York, USA" dated October 23, 2023.

**Non-GAAP performance measures** 

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

**C1 cash cost per payable pound sold** 

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

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

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

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2024** | **2024** | **2023** | **2023** | **2024** | **2024** | **2023** | **2023** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 14.7 |  | 15.0 |  | 29.1 |  | 30.0 |
| Operating expenses and selling costs | $9652 | $0.66 | $11085 | $0.74 | $19914 | $0.69 | $25230 | $0.85 |
| Concentrate smelting and refining costs | 1913 | 0.13 | 4600 | $0.31 | 5581 | $0.19 | 8656 | 0.29 |
| Total C1 cash cost | $11565 | $0.79 | $15685 | $1.05 | $25495 | $0.88 | $33886 | $1.14 |
| Sustaining Capital Expenditures | $- | $0.00 | $1042 | $0.07 | $439 | $0.02 | $1519 | $0.05 |
| AISC | $11565 | $0.79 | $16727 | $1.12 | $25934 | $0.89 | $35405 | $1.19 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2024** | **2023** |
| Sustaining capital expenditures | $438 | $1519 |
| Expansionary capital expenditures | 2 | 401 |
| Additions to mineral, properties, plant and equipment | $440 | $1920 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **Three months ended**<br> **June 30,**<br>**2024** | **Year ended**<br> **December 31,**<br>**2023** |
| Current portion of debt | $36177 | $35779 |
| Non-current portion of debt | - | - |
| Total debt | $36177 | $35779 |
| Less: Cash and cash equivalents | (5547) | (5031) |
| Net debt | $30630 | $30748 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2024** | **2023** |
| Net cash provided (used) by operating activities | $2685 | $(5433) |
| Less: Capital expenditures | (440) | (1824) |
| Free cash flow | $2245 | $(7257) |

---

**SUBSEQUENT EVENTS**

On August 12, 2024, the Company announced that operations at Titan's ESM had been temporarily suspended following historic flooding from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Despite efforts by mine personnel to divert water to mined out areas of the mine, floodwater rose in the shaft above the crusher level leading to electrical power failure in the mine.

As of the morning of August 12, 2024, power had been partially restored to the underground and floodwaters were receding. The Company continues to pump water out of the underground workings. Once mining operations resume, ore will be stockpiled underground. As a result of flooding, the underground crusher and control room will require an electrical rebuild that is expected to take four to eight weeks, during which period there will be no production of zinc concentrate from the mine. The Company has declared force majeure for its contractual concentrate delivery obligations for the near term.

During the rebuild period, Titan will continue to mine and stockpile ore underground. The Company anticipates that stockpiling ore coupled with the excess mill capacity will enable the Company to meet budgeted production for the year. Titan's annual production guidance for ESM remains unchanged.

## Exhibit 99.31

**Exhibit 99.31**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

I, **Donald R. Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation** (the "issuer") for the interim period ended **June 30, 2024**.

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

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

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

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

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

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

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

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

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

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

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

 ****

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2024** and ended on **June 30, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **August 14, 2024** |
| */s/ Donald R. Taylor* |
| Donald R. Taylor |
| Chief Executive Officer |

---

## Exhibit 99.32

**Exhibit 99.32**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

I, **Ty Minnick,** Interim Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation.** (the "issuer") for the interim period ended **June 30, 2024**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **April 1, 2024,** and ended on **June 30, 2024,** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

---

| |
|:---|
| Date: **August 14, 2024** |
| */s/ Ty Minnick* |
| Ty Minnick |
| Interim Chief Financial Officer |

---

## Exhibit 99.33

**Exhibit 99.33**

**Titan Reports Second Quarter 2024 Results**

**Vancouver, BC – August 15, 2024** – Titan Mining Corporation (TSX: TI) ("**Titan**" or the "**Company**") announces the results for the quarter ended June 30, 2024. *(All amounts are in U.S. dollars unless otherwise stated)*

Don Taylor, President and Chief Executive Officer of Titan, commented, "During the quarter, ESM operations continued to outperform with respect to safety, production and costs. Increased zinc prices for the period coupled with cost-cutting measures and lower smelter treatment charges contributed to improved operating margins and increased revenue helping to build our cash position. Also during the period, underground drilling was successful in expanding the Mud Pond and New Fold resource areas which will be reported in the second half of the year with an updated Life of Mine plan. Additionally, Phase I drilling was completed on the Kilbourne graphite project. Evaluation of the drill results is underway by an independent engineering firm with a maiden mineral resource estimate to be released in the second half of the year. In tandem with the resource evaluation, large scale metallurgical testing is underway to further determine purity, concentrate grades and grain morphology expected in the final product."

***Q2 2024 HIGHLIGHTS:***

· Zero Lost Time Injuries in the second quarter.

● Produced 14.5 million pounds of payable zinc in the second quarter of 2024.

● Revenues of $17,969 in Q2 2024, an increase from
$11,731 in Q1 2024, and $8,952 in Q2 2023.

● AISC<sup>1</sup> of $0.79/lb in Q2 2024, a decrease
from $1.00/lb in Q1 2024 and $1.12/lb in Q2 2023.

● Completion of Phase 1 drilling at the Kilbourne
Exploration Target with a total of 39 holes totalling 11,916 ft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 20 holes totalling 5,044 ft completed in Q2 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Highlights include 92.8 ft at 3.5% graphitic carbon

<sup>1</sup> AISC is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See *Non-GAAP Performance Measures* below for additional information.

![](ex99-33_001.jpg)

***TABLE 1 Financial and Operating Highlights***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Q2 2024** | &nbsp;&nbsp;**Q1 2024** | &nbsp;&nbsp;**Q4 2023** | &nbsp;&nbsp;**Q3 2023** | &nbsp;&nbsp;**Q2 2023** |
| &nbsp;&nbsp;**Operating** |  |  |  |  |  |  |
| &nbsp;&nbsp;Payable Zinc Produced | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Payable Zinc Sold | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;Average Realized Zinc Price | &nbsp;&nbsp;$/lb | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;**Financial** |  |  |  |  |  |  |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$m | &nbsp;&nbsp;17.97 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;15.50 | &nbsp;&nbsp;8.95 |
| &nbsp;&nbsp;Net Income (loss) before tax | &nbsp;&nbsp;$m | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;(2.63) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;(4.84) |
| &nbsp;&nbsp;Earnings (loss) per share - basic | &nbsp;&nbsp;$/sh | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;Cash Flow from Operating Activities before changes in non-cash working capital | &nbsp;&nbsp;$m | &nbsp;&nbsp;6.97 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;4.21 | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;**Financial Position** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash and Cash Equivalents | &nbsp;&nbsp;$m | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;5.03 | &nbsp;&nbsp;4.32 | &nbsp;&nbsp;2.90 |
| &nbsp;&nbsp;Net Debt <sup>1</sup> | &nbsp;&nbsp;$m | &nbsp;&nbsp;30.63 | &nbsp;&nbsp;32.44 | &nbsp;&nbsp;30.75 | &nbsp;&nbsp;32.93 | &nbsp;&nbsp;33.43 |

---

<sup>1</sup> Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See *Non-GAAP Performance Measures* below for additional information.

Revenues were higher during the three and six months ended June 30, 2024, largely due to a positive provisional pricing adjustment in 2024 compared to a negative provisional pricing adjustment that was realized in 2023, as well as lower smelting and refining charges compared to the same period in the prior year. AISC decreased to $0.79/lb in Q2 2024 from $1.00/lb in Q1 2024 and $1.12/lb in Q2 2023, primarily as a result of a recovery of treatment charges from Q1 2024 recognized in Q2 2024, and lower operating costs as compared to Q1 2024 and Q2 2023.

***OPERATIONS REVIEW***

Mining efforts in the second quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone in response to lower zinc prices. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above target grades and tons. Ore recovery from the longhole stoping in New Fold will continue into August. It is expected that ore from New Fold and Lower Mahler zones will continue to support head grades at planned levels for the remainder of the year. Mining is expected to continue in the same zones in the third quarter of 2024.

Work on projects, including the Turnpike project, has been limited since Q2 of 2023 to preserve cash in response to lower zinc prices. Rod mill liners were received and will be installed in the third quarter of 2024. In the third quarter of 2024, the Company plans to initiate a market search for a replacement UG haulage truck and a mechanical bolter.

![](ex99-33_001.jpg)

The Company's dewatering and other necessary activities to prepare equipment and infrastructure for recommencement of operations following the flooding from Tropical Storm Debby (see the Company's press release dated August 12, 2024) are continuing as planned.

***EXPLORATION UPDATE***

*Underground:*

Drill programs in the second quarter of 2024 targeted Lower Mahler and Fowler. Underground drilling totalled 3,315 ft (1,010 m) across six holes. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, two exploration holes were completed targeting the down dip extensions of Lower Mahler with a third hole targeting this area underway.

*Surface:*

Surface drilling was limited to the Kilbourne Project in the second quarter of 2024. An exploration plan for the remainder of 2024 and 2025 has been developed with six regional zinc targets currently being evaluated and prioritized.

*Kilbourne:*

Titan has continued work on defining the Kilbourne graphite target, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented roughly 25,000 ft (7.6 km) of strike length, from surface to a depth of over 3,000 ft (914 m). Roughly 8,500 ft (2.5 km) of this strike length is within the affected area of the Empire State Mine and is covered by current permitting. The remaining strike length is securely within mineral rights held by ESM.

Kilbourne exploration activities in the second quarter of 2024 were focused on drilling, with a total of 20 holes totalling 5,044 ft (1,537 m) drilled. All drilling was completed with a Company owned drill by Company employees. The initial phase of Kilbourne exploration targeted mineralization within the Company's active-use permit. Graphite mineralization has been intercepted in all 39 holes of the program, with assays returned on the graphitic intercepts from all 39 of those holes. The results received to date continue to show promising results (see Titan's news releases "Titan Mining Provides Initial Drill Results On the Kilbourne Graphite Project, results include 173.5 Ft At 3.75% Graphitic Carbon" dated April 9, 2024 and "Titan Mining Completes Phase I Drilling at the Kilbourne Graphite Project, Additional Assays Returned including 143 ft at 3.6% Graphitic Carbon" dated June 26, 2024). A bulk sample was collected in January 2024 with anticipated usage in material classification.

Phase I of Kilbourne drilling successfully tested 8,255 ft of strike length within the ESM active use permit. The program has helped identify two distinct zones of mineralization within Unit 2. The upper zone averages 54 ft (16.5 m) in thickness with an average grade of 3.1% graphitic carbon (Cg), and the lower zone averages 28.9 ft (8.8 m) in thickness with an average grade of 3.0% Cg.

![](ex99-33_001.jpg)

Phase I of metallurgical work began in the fourth quarter of 2023 with SGS in Lakefield, ON, and demonstrated the ability of Kilbourne graphite to be concentrated and purified to qualities suitable for modern industrial applications. Phase II of metallurgy began in the second quarter of 2024 with Forte Analytical of Wheat Ridge, CO. Testing has built off the initial results of Phase I, with preliminary results expected in the third quarter of 2024.

***Qualified Person***

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

***Non-GAAP Performance Measures***

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

**C1 cash cost per payable pound sold** 

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

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

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

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

![](ex99-33_001.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Three months ended June 30,** | &nbsp;&nbsp;**Three months ended June 30,** | &nbsp;&nbsp;**Three months ended June 30,** | &nbsp;&nbsp;**Three months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;C1 cash cost per payable pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per pound | &nbsp;&nbsp;Per pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per pound | &nbsp;&nbsp;Per pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per pound |
| &nbsp;&nbsp;Pounds of payable zinc sold (millions) |  | &nbsp;&nbsp;14.7 |  | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;15.0 |  | &nbsp;&nbsp;29.1 | &nbsp;&nbsp;29.1 |  | &nbsp;&nbsp;30.0 |
| &nbsp;&nbsp;Operating expenses and selling costs | $&nbsp;&nbsp;9652 | $&nbsp;&nbsp;0.66 | $&nbsp;&nbsp;11085 | $&nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.74 | $&nbsp;&nbsp;19914 | $&nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.69 | $&nbsp;&nbsp;25230 | $&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;Concentrate smelting and refining costs | &nbsp;&nbsp;1913 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;5581 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;8656 | &nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;Total C1 cash cost | $&nbsp;&nbsp;11565 | $&nbsp;&nbsp;0.79 | $&nbsp;&nbsp;15685 | $&nbsp;&nbsp;1.05 | &nbsp;&nbsp;1.05 | $&nbsp;&nbsp;25495 | $&nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.88 | $&nbsp;&nbsp;33886 | $&nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;Sustaining Capital Expenditures | $&nbsp;&nbsp;- | $&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;1042 | $&nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.07 | $&nbsp;&nbsp;439 | $&nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | $&nbsp;&nbsp;1519 | $&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;AISC | $&nbsp;&nbsp;11565 | $&nbsp;&nbsp;0.79 | $&nbsp;&nbsp;16727 | $&nbsp;&nbsp;1.12 | &nbsp;&nbsp;1.12 | $&nbsp;&nbsp;25934 | $&nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.89 | $&nbsp;&nbsp;35405 | $&nbsp;&nbsp;1.19 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Six months ended June 30,** | &nbsp;&nbsp;**Six months ended June 30,** |
|  | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **2023** |
| &nbsp;&nbsp;Sustaining capital expenditures | &nbsp;&nbsp;$438 | &nbsp;&nbsp;$1519 |
| &nbsp;&nbsp;Expansionary capital expenditures | &nbsp;&nbsp;2 | &nbsp;&nbsp;401 |
| &nbsp;&nbsp;Additions to mineral, properties, plant and equipment | &nbsp;&nbsp;$440 | &nbsp;&nbsp;$1920 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Six months ended<br>&nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;Year ended<br>&nbsp;&nbsp;December 31, 2023 |
| &nbsp;&nbsp;Current portion of debt | &nbsp;&nbsp;$36177 | &nbsp;&nbsp;$35779 |
| &nbsp;&nbsp;Non-current portion of debt | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp;Total debt | &nbsp;&nbsp;$36177 | &nbsp;&nbsp;$35779 |
| &nbsp;&nbsp;Less: Cash and cash equivalents | &nbsp;&nbsp; (5547) | &nbsp;&nbsp;(5031) |
| &nbsp;&nbsp;Net debt | &nbsp;&nbsp;$30630 | &nbsp;&nbsp;$30748 |

---

![](ex99-33_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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com

***Contact***

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

***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 underground drilling that was successful in expanding the Mud Pond and New Fold resource areas will be reported on in the second half of the year with an updated Life of Mine plan; evaluation of the Kilbourne drill results is underway by an independent engineering firm with a maiden mineral resource estimate to be released in the second half of the year; large scale metallurgical testing is underway to further determine purity, concentrate grades and grain morphology expected in the final product; ore recovery from the longhole stoping in New Fold will continue into August; it is expected that ore from New Fold and Lower Mahler zones will continue to support head grades at planned levels for the remainder of the year; mining is expected to continue in the same zones in the third quarter of 2024; rod mill liners were received and will be installed in the third quarter of 2024; in the third quarter of 2024, the Company plans to initiate a market search for a replacement UG haulage truck and a mechanical bolter; A bulk sample was collected in January 2024 with anticipated usage in material classification; and preliminary results of the Phase II metallurgy program are expected in the third quarter of 2024. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.34

**Exhibit 99.34**

![](ex99-34_001.jpg)

**Titan Announces Appointment of New President; <br> Strengthening Leadership in Advancing the U.S. Domestic <br> Supply of Critical Materials**

**Vancouver, B.C., September 26, 2024** – Titan Mining Corporation (TSX:TI) (OTCQB:TIMCF) ("**Titan**" or the "**Company**") announces the appointment of Rita Adiani as President of the Company.

Ms. Adiani has over 18 years of global experience in the mining industry, with a proven track record in capital markets, project development, and corporate leadership. She was previously Senior Vice President of Corporate Development at Arizona Sonoran Copper Company and has held senior roles at firms such as NRG Capital, La Mancha Resources and Societe Generale in London and Paris, respectively. She also served as Senior Adviser to International Battery Metals and has specific experience in the energy transition sector. Over her career, Ms. Adiani has been involved in raising over US$10 billion in public equity capital markets.

Don Taylor, Chief Executive Officer of Titan, commented, "We are pleased to have Rita join the Titan team. Ms. Adiani's extensive experience in the mining sector, as well as global capital markets, positions her to play an instrumental role in unlocking the graphite potential at Empire State Mines ("ESM"). Currently there are no stable, secure, domestic suppliers of natural flake graphite in the United States. Titan's Kilbourne graphite project has near surface potential with a substantial portion of the targeted resource on fully permitted land, and we believe ESM could be a key player in the securing a stable supply of critical materials."

A graduate of the University of Oxford and the University of Sheffield, Ms. Adiani is a qualified solicitor of the Supreme Court of England & Wales (non-practicing), with additional qualifications in ESG investing and Mining Engineering.

Ms. Adiani will be starting in her new role as President of the Company in mid-October 2024.

**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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

***Contact***

*For further information, please contact:*

**Investor Relations:**

Email: info@titanminingcorp.com

![](ex99-34_001.jpg)

**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 Ms. Adiani's extensive experience in the mining sector, as well as global capital markets, positions her to play an instrumental role in unlocking the graphite potential at ESM; we believe ESM could be a key player in the securing a stable supply of critical materials; Ms. Adiani's expected start-date with the Company; the Company has continued to mine and stockpile ore underground which the Company anticipates will enable the Company to meet its annual production guidance for the year. 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 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 the graphite potential at ESM; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.35

**Exhibit 99.35**

![](ex99-35_001.jpg)

**Titan Announces Return to Full Commercial Production; Maintains Full Year Guidance**

**Vancouver, B.C., October 2, 2024** – Titan Mining Corporation (TSX:TI, OTCQB:TIMCF) ("**Titan**" or the "**Company**") announces the return to full commercial production at the Empire State Mine in upstate New York. Historic flooding in upstate New York from tropical Storm Debby on August 10, 2024 caused damage to the electrical components of the underground crusher level. Repairs were completed ahead of schedule and under budget and the site is now in full operation.

Mining activities restarted on August 20, 2024 and continued during the crusher level repairs. The inventory of broken ore stockpiled in the underground, combined with normal ongoing production and the excess milling capacity, the Company expects to meet its original full year production guidance of 56 to 60 million payable pounds of zinc.

Joel Rheault, Vice President of Operations at Empire State Mines, commented, "Company personnel and external contractors worked safely and diligently to complete the repairs ahead of schedule and under cost estimates. We are pleased with the speed and quality of the repairs and with the stockpiled ore and excess milling capacity, we are confident that we can meet our production targets for the year."

**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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

**Contact**

 

*For further information, please contact:*

**Investor Relations:**

Email: info@titanminingcorp.com

**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 the Company expects to meet its original full year guidance of 56 to 60 million payable pounds of zinc and that we are confident that we can meet our production targets for the year. When used in this news release words such as "expects", 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 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 production ability for the remainder of the year, ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.36

**Exhibit 99.36**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")<br> Suite 555 – 999 Canada Place<br> Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

September 26, 2024

3. <u>NEWS RELEASE</u> 

News release dated September 26, 2024, was disseminated through the facilities of Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced the appointment of Rita Adiani as President of the Company.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced the appointment of Rita Adiani as President of the Company.

Ms. Adiani has over 18 years of global experience in the mining industry, with a proven track record in capital markets, project development, and corporate leadership. She was previously Senior Vice President of Corporate Development at Arizona Sonoran Copper Company and has held senior roles at firms such as NRG Capital, La Mancha Resources and Societe Generale in London and Paris, respectively. She also served as Senior Adviser to International Battery Metals and has specific experience in the energy transition sector. Over her career, Ms. Adiani has been involved in raising over US$10 billion in public equity capital markets.

A graduate of the University of Oxford and the University of Sheffield, Ms. Adiani is a qualified solicitor of the Supreme Court of England & Wales (non-practicing), with additional qualifications in ESG investing and Mining Engineering.

Ms. Adiani will be starting in her new role as President of the Company in mid-October 2024.

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, VP Legal, (604) 638-1470

9. <u>DATE OF REPORT</u> 

October 4, 2024

## Exhibit 99.37

**Exhibit 99.37**

![](ex99-37_001.jpg)

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023**

(Unaudited)

**Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements**

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Financial Position**

(Expressed in thousands of US dollars - unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | Notes | September 30, <br>2024 | December 31, <br>2023 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $5844 | $5031 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 5 | 902 | 1521 |
| &nbsp;&nbsp;&nbsp;Inventories | 8 | 9385 | 7208 |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 1017 | 813 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 5 | 1574 |  |
| &nbsp;&nbsp;&nbsp;Derivative asset | 16 | - | 648 |
|  |  | 18722 | 15221 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 9 | 30887 | 36798 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 10a | 9 | 71 |
| &nbsp;&nbsp;&nbsp;Other assets | 11 | 672 | 672 |
| **Total assets** |  | $**50290** | $**52762** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $3952 | $2878 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 10b | 10 | 76 |
| &nbsp;&nbsp;&nbsp;Credit Facility | 12a | 15150 | 31655 |
| &nbsp;&nbsp;&nbsp;Related Party Loans | 12b,c | 21473 | 4124 |
|  |  | 40585 | 38733 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision |  | 16950 | 16299 |
| Total liabilities |  | 57535 | 55032 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 6148 | 6245 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (73206) | (68328) |
| Total equity (deficit) |  | (7245) | (2270) |
| **Total liabilities and shareholders' equity** |  | $**50290** | $**52762** |

---

Nature of operations and going concern (Note 1)

Approved by the Board on November 11, 2024:

*<u>"Lenard Boggio"</u>* , Audit Committee Chair *<u>"Donald Taylor"</u>* , Director

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

**TITAN MINING CORPORATION**

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

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| |<br>Notes | 2024 | 2023 | 2024 | 2023 |
| **Revenue** | 5 | $8274 | $15481 | $37974 | $41175 |
| **Cost of Sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | 9206 | 9761 | 29121 | 34991 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | 1897 | 2984 | 7524 | 9057 |
|  |  | 11103 | 12745 | 36645 | 44048 |
| **Income (loss) from mine operations** |  | **(2829)** | **2736** | **1329** | **(2873)** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 6b | 399 | 457 | 1364 | 1520 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 6a | 573 | 735 | 2272 | 3590 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 12a,b,15 | 793 | 1045 | 3066 | 2836 |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 86 | 65 | 235 | 172 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (88) | (38) | (210) | (166) |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) |  | 292 | (541) | (477) | (1329) |
| &nbsp;&nbsp;&nbsp;Other income |  | (20) | (53) | (43) | (83) |
| &nbsp;&nbsp;&nbsp;Realized gain on derivative |  |  | (2036) |  | (4006) |
| &nbsp;&nbsp;&nbsp;Unrealized loss (gain) derivative |  | - | 2601 | - | (2170) |
|  |  | (2035) | 2235 | (6207) | 364 |
| **Net income (loss) for the period** |  | **(4864)** | 501 | **(4878)** | **(3237)** |
| **Other comprehensive income (loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on translation to reporting currency |  | 316 | 538 | (428) | 1803 |
| **Total comprehensive loss for the period** |  | $**(4548)** | $**(37)** | $**(5306)** | $**(5040)** |
| **Basic and diluted earnings (loss) per share** |  | $**(0.04)** | $**0.00** | $**(0.04)** | $**(0.02)** |
| &nbsp;&nbsp;&nbsp;**Weighted average shares outstanding**<br> **(in '000)** |  | **136367** | **136367** | **136367** | **137994** |

---

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

**TITAN MINING CORPORATION**

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

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Share capital | Share capital | Reserves | Reserves | Reserves | | |
| |<br>Notes | Number<br> ('000s) | Amount | Share options<br> and warrants | Currency<br> translation<br> adjustment | Total |<br>Deficit |<br>Total <br> equity |
| Balance, January 1, 2023, as previously reported |  | 138979 | $61076 | $8793 | $(2289) | 6504 | $(57067) | $10513 |
| Exercise of warrants |  | 357 | 161 | (31) |  | (31) |  | 130 |
| Share based compensation |  |  |  | 387 |  | 387 |  | 387 |
| Dividends declared |  |  |  |  |  |  | (1051) | (1051) |
| Share cancellation |  | (2969) | (1424) |  |  |  |  | (1424) |
| Fair value of warrants |  |  |  | 645 |  | 645 |  | 645 |
| Total comprehensive loss for the year |  | - | - | - | (1260) | (1260) | (10210) | (11470) |
| Balance, December 31, 2023 |  | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation | 13 |  |  | 331 |  | 331 |  | 331 |
| Total comprehensive gain (loss) for the period |  | - | - | - | (428) | (428) | (4878) | (5306) |
| Balance, September 30, 2024 |  | 136367 | $59813 | $10125 | $(3977) | $6148 | $(73206) | $(7245) |

---

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

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statement of Cash Flows**

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | <br>Notes | 2024 | 2023 | 2024 | 2023 |
| **Operating activities** |  |  |  |  |  |
| Profit (loss) for the period |  | (4864) | $501 | $(4878) | $(3237) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 86 | 65 | 235 | 172 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 12 | 254 | 182 | 734 | 535 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 1897 | 2984 | 7524 | 9057 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 22 | 20 | 60 | 57 |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 481 | 859 | 1927 | 2287 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  |  | 5 | 3 | 15 |
| &nbsp;&nbsp;&nbsp;Change in lease terms |  | (12) |  | (12) |  |
| &nbsp;&nbsp;&nbsp;Loss on sale of equipment |  | 19 |  | 19 |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 110 | 109 | 331 | 323 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 332 | (518) | (389) | (1761) |
|  |  | (1675) | 4207 | 5554 | 7448 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 829 | (974) | 736 | (2447) |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | 1488 | (3496) | 619 | (1481) |
| &nbsp;&nbsp;&nbsp;Inventories |  | (527) | (298) | (1840) | (1046) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | (65) | 177 | (204) | (14) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  |  | 2601 | 648 | (1697) |
| &nbsp;&nbsp;&nbsp;Star Mountain settlement |  |  |  |  | (5900) |
| &nbsp;&nbsp;&nbsp;Restricted cash deposit (release) |  | 1203 | - | (1574) | 1921 |
| **Net cash generated (used) in operating activities** |  | 1253 | 2217 | 3939 | (3216) |
| **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of Credit Facility |  |  |  | (17000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  |  |  | 16500 |  |
| &nbsp;&nbsp;&nbsp;Credit Facility interest payments |  | (314) | (124) | (1342) | (1494) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (15) | (63) | (57) | (63) |
| &nbsp;&nbsp;&nbsp;Proceeds from bank indebtedness |  |  |  |  | 5900 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  |  |  |  | (2102) |
| &nbsp;&nbsp;&nbsp;Proceeds from warrant exercise |  |  |  |  | 130 |
| &nbsp;&nbsp;&nbsp;Repayment of equipment loans |  | - | - | - | (15) |
| **Net cash generated (used) by financing activities** |  | (329) | (187) | (1899) | 2356 |
| **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 8 | (821) | (612) | (1261) | (2436) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  | 45 |  | 45 |  |
| &nbsp;&nbsp;&nbsp;Other assets |  | 150 | - | - | - |
| **Net cash used by investing activities** |  | (626) | (612) | (1216) | (2436) |
| Effect of foreign exchange on cash and cash equivalents |  | (3) | 6 | (11) | 895 |
| Increase (decrease) in cash and cash equivalents |  | 295 | 1424 | 813 | (2401) |
| Cash and cash equivalents, beginning of period |  | 5549 | 2895 | 5031 | 6720 |
| **Cash and cash equivalents, end of period** |  | $**5844** | $**4319** | $**5844** | $**4319** |

---

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

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023** 

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

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 ("ESM") 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 September 30, 2024, the Company had cash and cash equivalents of $5,844, working capital deficit of $21,863, a net loss before tax for the nine months ended September 30, 2024 of $4,878 and a deficit of $73,206. During the nine months ended September 30, 2024, the Company had cash inflows from operating activities of $3,939 and cash outflow from financing activities of $1,899. The Company has $36,623 of current debt as at September 30, 2024.

Based on the Company's plan for ESM's operations and continued exploration drilling programs, bank debt due in the current year, and its current level of corporate overheads, the Company may 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

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

a) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2023 (the "**Annual Financial Statements**").

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

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

3. ADOPTION OF NEW ACCOUNTING STANDARDS

IAS 1, *Presentation of Financial Statements* ("**IAS 1**"): In October 2022, the International Accounting Standards Board ("**IASB**") issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its Interim Financial Statements.

4. USE OF ESTIMATES AND JUDGEMENTS

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

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 3 of the Annual Financial Statements.

5. REVENUE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Zinc concentrate sales | $10584 | $20125 | $45598 | $58433 |
| Zinc concentrate provisional pricing adjustments | (645) | 1029 | (379) | (2951) |
| Smelting and refining charges | (1665) | (5673) | (7245) | (14307) |
| Revenue, net | $8274 | $15481 | $37974 | $41175 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit will be returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six-month period of the fixed price arrangement. As at September 30, 2024, the cash deposit was $1,574, recognized as restricted cash on the Statement of Financial Position.

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

6. OTHER OPERATING EXPENSES

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> September 30, | Three months ended <br> September 30, | Nine months ended <br> September 30, | Nine months ended <br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $170 | $221 | $921 | $1021 |
| Share-based compensation | 129 | 99 | 341 | 293 |
| Office and administration | 134 | 145 | 565 | 615 |
| Professional fees | 108 | 235 | 355 | 1562 |
| Amortization of right-to-use assets | 23 | 19 | 62 | 56 |
| Investor relations | 9 | 16 | 28 | 43 |
|  | $573 | $735 | $2272 | $3590 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> September 30, | Three months ended <br> September 30, | Nine months ended <br> September 30, | Nine months ended <br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $138 | $136 | $589 | $412 |
| Assay and analyses | 45 | 9 | 162 | 141 |
| Contractor and consultants | 131 | 269 | 316 | 807 |
| Supplies | 65 | 7 | 215 | 35 |
| Other | 20 | 36 | 82 | 125 |
|  | $399 | $457 | $1364 | $1520 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Empire State Mines | $391 | $450 | $1339 | $1494 |
| Apache Hills Project | 8 | 7 | 25 | 26 |
| Exploration and Evaluation Expenses | $399 | $457 | $1364 | $1520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
| | September 30,<br>2024 | December 31,<br>2023 |
| Trade receivables | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | $1500 |
| GST receivable | 11 | 14 |
| Other | 20 | 7 |
|  | $902 | $1521 |

---

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;8. INVENTORIES

---

| | | |
|:---|:---|:---|
| | September 30,<br>2024 | December 31,<br>2023 |
| Ore in stockpiles | $360 | $147 |
| Concentrate stockpiles | 751 | 276 |
| Materials and supplies | 8274 | 6785 |
|  | $9385 | $7208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9. 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 September 30, 2024 and December 31, 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2023 | $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 |
| &nbsp;&nbsp;&nbsp;Additions |  | 50 |  | 1211 | 1261 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 884 |  | (884) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 416 | - | - | 416 |
| As at September 30, 2024 | $46713 | $40862 | $1135 | $4167 | $92877 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2023 | 17834 | $23777 | $- | $- | $41611 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 7387 | 5502 | - | - | 12889 |
| As at December 31, 2023 | 25221 | $29279 | $- | $- | $54500 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (34) |  |  | (34) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 4057 | 3467 | - | - | 7524 |
| As at September 30, 2024 | $29278 | $32712 | $- | $- | $61990 |
| Net book value at December 31, 2023 | $21492 | $10331 | $1135 | $3840 | $36798 |
| Net book value at September 30, 2024 | $17435 | $8150 | $1135 | $4167 | $30887 |

---

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;10. LEASES

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $161 |
| Changes to lease terms | (13) |
| Depreciation | (77) |
| As at December 31, 2023 | $71 |
| Changes to lease terms | (11) |
| Depreciation | (51) |
| As at September 30, 2024 | $9 |

---

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, 2023 and the nine months ended September 30, 2024, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above.

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $192 |
| Changes to lease terms | (43) |
| Interest accretion | 10 |
| Unrealized foreign exchange | 2 |
| Lease payments | (85) |
| As at December 31, 2023 | $76 |
| Changes to lease terms | (11) |
| Interest accretion | 3 |
| Unrealized foreign exchange | (2) |
| Lease payments | (56) |
| As at September 30, 2024 | $10 |
| Current lease liabilities | $10 |
| Non-current lease liabilities | - |
|  | $10 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at September 30, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | > 3 years | Total |
| Lease liabilities | $10 | $- | $- | $10 |

---

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;10. LEASES (continued)

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

---

| | | |
|:---|:---|:---|
| | Three months ended <br> September 30,<br> 2024 | Nine months ended <br> September 30,<br> 2024 |
| Interest on lease liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Depreciation of right-of-use assets | $22 | $60 |
| Variable lease payments | $21 | $43 |
| Expenses relating to short-term leases | $16 | $117 |

---

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

---

| | | |
|:---|:---|:---|
| | Three months ended <br> September 30, 2024 | Nine months ended <br> September 30, 2024 |
| Payment of lease liabilities | $&nbsp;&nbsp;&nbsp;&nbsp;15 | $57 |
| Variable lease payments | $21 | $43 |
| Expenses relating to short-term leases | $16 | $117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER ASSETS

---

| | | |
|:---|:---|:---|
| | September 30,<br>2024 | December 31,<br>2023 |
| Reclamation deposit | $672 | 672 |
|  | $672 | $672 |

---

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

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;12. DEBT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Credit<br> Facility (a) | Related Party Promissory Note (b) | Related Party Loans<br> (other) (c) | Total |
| Balance, January 1, 2023 | 30016 |  |  | 30016 |
| Proceeds of loan | 5900 | 5000 |  | 5900 |
| Repayment of loan | (5000) |  |  | (5000) |
| Loan initiation fee |  | (350) |  |  |
| Warrant issuance |  | (645) |  |  |
| Interest and accretion | 3054 | 130 |  | 3054 |
| Interest payment | (3035) |  |  | (3035) |
| Amortization of borrowing costs | 720 | 35 | - | 720 |
| Balance, December 31, 2023 | 31655 | 4124 | - | 35779 |
| Proceeds of loan |  | **-** | 16500 | 16500 |
| Repayment of loan | (17000) |  |  | (17000) |
| Interest and accretion | 1272 | 679 |  | 1951 |
| Interest payment | (1342) |  |  | (1342) |
| Amortization of borrowing costs | 565 | 170 |  | 735 |
| Balance, September 30, 2024 | $15150 | $4973 | $16500 | $36623 |
| Current | 15150 | 4973 | 16500 | 36623 |
| Non-current | $- | $- | $- | $- |

---

a) Credit Facility

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 contracts. 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. On April 9, 2024, the maturity date was extended to June 30, 2025.

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **DEBT (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit Facility (continued)** 

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

● On April 9, 2024, the Credit Facility covenants were further amended whereby, the leverage ratio was removed, and the interest coverage ratio was reduced to 1.5 to 1.0. The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024. As at September 30, 2024, the Company was not in compliance with the interest coverage ratio as a result of the temporary suspension of operations that occurred at ESM from August 12, 2024 to September 26, 2024 due to the historic flooding from Tropical Storm Debby, which negatively impacted earnings during Q3 2024. On November 4, 2024, the Company obtained a waiver for the interest coverage ratio from National Bank for the quarter ending September 30, 2024.

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. During the three and nine months ended September 30, 2024, the Company incurred a guarantee fee charge of $43 and $240, respectively, recognized on the Company's Statement of Loss and Comprehensive Loss.

**b)** **Related Party Promissory Note** 

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.

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.

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;12. DEBT (continued)

**c)** **Related Party Loans** 

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Notes 5), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the Credit Facility. As at the date of these financial statements, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;13. 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.

For the three and nine months ended September 30, 2024, the Company recognized share-based compensation expense of $110 and $331, respectively (2023 - $108 and $323).

The following table shows the change in the Company's stock options during the nine months ended September 30, 2024 and the year ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Nine months ended<br> September 30, 2024 | Nine months ended<br> September 30, 2024 | Year ended <br> December 31, 2023 | Year ended <br> December 31, 2023 |
| | Number of options ('000s) | Weighted-average exercise price<br> (in C$) | Number of options ('000s) | Weighted-average exercise price<br> (in C$) |
| Outstanding, start of the period | 6330 | 1.12 | 8735 | 1.12 |
| &nbsp;&nbsp;&nbsp;Granted | 4150 | 0.36 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (1035) | 0.50 | (40) | 0.54 |
| &nbsp;&nbsp;&nbsp;Expired | - | - | (2365) | 1.40 |
| Outstanding, end of the period | 9445 | 0.47 | 6330 | 0.55 |
| Exercisable, end of the period | 3893 | 0.54 | 3717 | 0.58 |

---

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

13. STOCK OPTIONS (continued)

The fair value and assumptions for the options granted during the nine months ended September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected <br> Life of <br> Options | Exercise<br> Price | Risk-free<br> Interest<br> Rate | Volatility | Black-Scholes<br> Fair Value |
| April 16, 2024 | 5 years | $0.36 | 3.76% | 0.76 | $0.23 |
| August 15, 2024 | 5 years | $0.36 | 2.98% | 0.74 | $0.11 |

---

The following table provides information on outstanding and exercisable stock options at September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Grant Date | Exercise price<br> (in C$) | Number of<br> Options<br> outstanding<br> ('000s) | Weighted-average<br> remaining<br> contractual life<br> (years) | Number of<br> Options<br> exercisable<br> ('000s) |
| September 24, 2020 | 0.63 | 1155 | 1 | 1155 |
| November 13, 2020 | 0.85 | 250 | 1.1 | 250 |
| November 10, 2022 | 0.51 | 3965 | 3.1 | 1888 |
| April 16, 2024 | 0.36 | 3875 | 4.6 | 600 |
| August 15, 2024 | 0.36 | 200 | 4.9 | - |
|  | 0.47 | 9445 | 3.4 | 3893 |

---

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 September 30, 2024 was approximately $75, 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 three and nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $36 | $91 | $308 | $390 |
| Office and other | 28 | 42 | 92 | 147 |
| Marketing and travel | 4 | 5 | 12 | 12 |
|  | $68 | $138 | $412 | $549 |

---

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

14. RELATED PARTY TRANSACTIONS (continued)

**d)** **Key management personnel compensation** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $97 | $114 | $601 | $644 |
| Consulting Fees | 80 | 45 | 389 | 358 |
| Share-based compensation | 89 | 86 | 286 | 256 |
| Directors' fees | 55 | 55 | 164 | 164 |
|  | $321 | $300 | $1440 | $1422 |

---

15. INTEREST AND OTHER FINANCE EXPENSES

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Interest and borrowing costs | $761 | $1045 | $2686 | $2836 |
| Other | 32 | - | 380 | - |
|  | $793 | $1045 | $3066 | $2836 |

---

16. CONTINGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;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. ("Star Mountain"), 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 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 bankruptcy court confirmed a Chapter 11 plan of liquidation in the bankruptcy proceedings, which went effective on July 8, 2019. The Chapter 11 plan provided 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.

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 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 asserted: (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 breached their remaining payment obligations to Star Mountain related to the Purchase Agreement.

**TITAN MINING CORPORATION**

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

**For the three and nine months ended September 30, 2024 and 2023**

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

&nbsp;&nbsp;&nbsp;&nbsp;16. CONTINGENCIES (continued)

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 and 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.

&nbsp;&nbsp;&nbsp;&nbsp;b) The Company is from time to time involved in various legal proceedings related to its business. 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.

17. FINANCIAL INSTRUMENTS

**Derivatives**

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.

As at December 31, 2023, the Company recognized $648 of unrealized gains from changes in the fair value of remaining open positions relating to the LME Zinc Swap contract. This derivative asset was realized on January 2, 2024.

18. 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 $32,311 and those located in Canada total $10.

19. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
| | 2024 | 2023 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | Nil | (413) |
| Change in accounts payable and accrued liabilities with respect to inventories | 337 | (737) |
| Change in accounts payable and accrued liabilities with respect to operating expenses | 900 | 48 |
| Change in reclamation and remediation asset | 416 | (65) |

---

## Exhibit 99.38

**Exhibit 99.38**

![](ex99-38_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024**

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |

---

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the nine months ended September 30, 2024, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2024 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's audited consolidated financial statements for the year ended December 31, 2023 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of interim financial statements including International Accounting Standards 34 – Interim Financial Reporting ("**IAS 34**").

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

This MD&A is dated November 11, 2024. All dollar amounts reported herein are in US dollars unless otherwise indicated.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 9 |
| LIQUIDITY AND CAPITAL RESOURCES | 12 |
| FINANCIAL INSTRUMENT | 16 |
| RELATED PARTY TRANSACTIONS | 16 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 18 |
| NOTES TO READER | 19 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "Empire State Mine" or "ESM"). Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district are a focus for Titan's exploration team.

Mining and milling activities at ESM continued to increase during the past year with a record 61.0 million payable pounds of zinc produced. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine. An updated Life of Mine Plan is expected to be released for ESM's zinc operations in the fourth quarter of 2024.

The Company has continued to work on defining the Kilbourne graphite target ("Kilbourne"), a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. Phase 1 of drilling at Kilbourne was completed in the second quarter of 2024 and totalled 11,916 ft (3,362 m)

Phase II of the metallurgical testing performed by Forte Analytical of Wheatridge Colorado was completed in the third quarter of 2024. The Company is awaiting assay results from these tests. The Company has additionally sought the services of Metpro Services to help in developing the next stages of metallurgical and process testing. Phase III of metallurgy will take place at SGS Lakefield and is likely to be completed by Q4 2024. A maiden resource estimate is expected to be released for the Kilbourne graphite project in Q4 2024.

In addition, the Company continues to examine various financing options to bolster the Company's treasury.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **Financial Performance** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Net income (loss) before tax | $(4864) | $501 | $(5365) | $(4878) | $(3237) | $(1642) |
| Operating cash inflow before changes in non-cash working capital | $(1675) | $4207 | $(5882) | $5554 | $7448 | $(1894) |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **September 30,<br> 2024** | **December 31, <br> 2023** |
| Cash and cash equivalents | $5844 | $5031 |
| Working capital | $(21863) | $(23512) |
| Total assets | $50290 | $52762 |
| Equity | $(7245) | $(2270) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **Operating Data** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Payable zinc produced (mlbs) | 8.0 | 18.3 | (10.3) | 37.2 | 47.1 | (9.9) |
| Payable zinc sold (mlbs) | 8.2 | 18.3 | (10.1) | 37.3 | 48.2 | (10.9) |
| Average provisional zinc price (per lb) | $1.27 | $1.10 | $0.17 | $1.23 | $1.21 | $0.02 |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended September 30, 2024 include the following:

● Appointment of Rita Adiani as President of the Company.

● Zero Lost Time Injuries in the third quarter.

● Returned to full commercial production on September 26, 2024
following the temporary suspension of operations resulting from the historic flooding caused from Tropical Storm Debby. There were no
injuries to employees or damage to the mobile fleet. Repairs were completed ahead of schedule and under budget.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2023** | **2023** |
| | | Q3 | Q2 | Q1 | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |  |  |
| Ore mined | tons | 58353 | 95575 | 110795 | 444588 | 108962 | 108210 | 112528 | 114888 |
| Ore milled | tons | 57011 | 95762 | 110703 | 445803 | 109258 | 110202 | 112082 | 114261 |
| Feed grade | zn % | 8.6 | 9.1 | 8.1 | 8.4 | 7.8 | 10.1 | 8.1 | 7.4 |
| Recovery | % | 96.3 | 96.5 | 96.2 | 96.3 | 96.2 | 96.3 | 96.3 | 96.1 |
| Payable zinc | mlbs | 8.0 | 14.5 | 14.7 | 61.0 | 13.9 | 18.3 | 15.0 | 13.8 |
| Concentrate grade | zn % | 59.8 | 60.1 | 59.9 | 59.6 | 59.2 | 60.3 | 59.8 | 59 |
| Zinc concentrate produced | tons | 7920 | 14155 | 14392 | 60123 | 13756 | 17855 | 14727 | 13785 |
| **Sales** |  |  |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 8.2 | 14.7 | 14.4 | 62.0 | 13.9 | 18.3 | 15.0 | 14.8 |
| Average provisional zinc price | $/lb | $1.27 | $1.30 | $1.11 | $1.19 | $1.13 | $1.10 | $1.15 | $1.42 |
| C1 cash cost <sup>(1)</sup> | $/lb | $1.32 | $0.79 | $0.97 | $1.05 | $1.16 | $0.84 | $1.05 | $1.23 |
| Sustaining capital<br> expenditures <sup>(1)</sup> | $/lb | $0.03 | $0.00 | $0.03 | $0.03 | $0.01 | $0.02 | $0.07 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $1.35 | $0.79 | $1.00 | $1.08 | $1.17 | $0.86 | $1.12 | $1.26 |

---

<sup>(1)</sup> C1 cash cost, Sustaining Capital Expenditures, and All-In Sustaining Cost ("AISC") are non-GAAP measures. These terms are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.

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

**OPERATIONS REVIEW**

Mining in the third quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Ore recovery from the longhole stoping in New Fold will continue into the fourth quarter. It is expected that ore from New Fold and Lower Mahler zones will continue to support budgeted head grades for the remainder of the fiscal year. Mining will continue in these key same zones during the fourth quarter of 2024.

While crushing and hoisting activities were halted from August 12, 2024 to September 26, 2024, mining activities continued and ore was stockpiled in the underground. The Company expects to hoist and mill budgeted tonnage in Q4 plus all underground ore that was stockpiled in Q3. With the excess capacity in the mill, the Company expects to meet full year guidance.

Work on projects focused mainly on the rehabilitation of the underground crusher and associated electrical components that were damaged during the flooding caused by Tropical Storm Debby. In addition, a previously unknown raise at the old Streeter Portal at the #2 mine area, which is suspected to have been a major contributor to the inflow, was permanently plugged to prevent any future inflow. Rod mill liners were installed in the third quarter of 2024. In the fourth quarter of 2024, the Company plans to initiate a market search for a replacement underground haulage truck and a mechanical bolter.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which are being prioritized for drill testing in 2024 and 2025. The team continues to research and consolidate mineral rights interests in high priority target areas.

In addition to zinc and base metal occurrences the Company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESM's mineral rights, including the Kilbourne target within the stratigraphic sequence which hosts the ESM ore bodies.

 

*2024 Drill Programs*

 

Underground:

Drill programs in the third quarter of 2024 targeted Lower Mahler and Fowler. Underground drilling totalled 3,607 ft (1,099 m) across 11 holes. All underground drilling was completed with Company-owned underground drills by Company employees. Of the total drilling, two exploration holes were completed targeting the down dip extensions of Lower Mahler with a third hole targeting this area underway. Additionally, 4 utility holes were completed totalling 1,064 ft (324 m).

Surface:

The Company acquired two surface drill rigs in the third quarter of 2024. A total of 519 ft was drilled by Company drillers on a Company-owned surface drill rig. Drilling is targeting the open up-dip extension of the historic Gleason orebody.

 

**Kilbourne**

 

Titan has continued work on defining the Kilbourne graphite target, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented roughly 25,000 ft (7.6 km) of strike length, from surface to a depth of over 3,000 ft (914 m). Roughly 8,500 ft (2.5 km) of this strike length is within the affected area of the Empire State Mine. The remaining strike length is securely within mineral rights held by ESM. Permitting for bringing Kilbourne into production is subject to a state level permitting process.

Phase I of drilling at Kilbourne was completed in the second quarter of 2024 and totalled 11,916 ft (3,362 m). Drilling indicates that host lithology can be divided into two zones of mineralization. The upper mineralized zone with an average thickness of 57 ft (17.4 m) and an average grade of 3.1% graphitic carbon (Cg) and the lower mineralized zone with an average thickness of 29 ft (8.8 m) and an average grade of 2.8% Cg. Phase I of Kilbourne drilling successfully tested 8,255 ft of strike length within the ESM active use permit.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Phase II of the metallurgical testing performed by Forte Analytical of Wheatridge Colorado was completed in the third quarter. The Company is awaiting assay results from these tests. The Company has additionally sought the services of Metpro Services to help in developing the next stages of metallurgical and process testing. Phase III of metallurgy will take place at SGS Lakefield, and is likely to be completed by the end of Q4 2024.

 

**New Mexico**

 

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities.

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 2024 | | | 2023 | | | 2022 |
| | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 |
| Revenues ($) | 8274 | 17969 | 11731 | 10911 | 15481 | 8952 | 16742 | 13945 |
| Net income (loss) ($) | (4864) | 2617 | (2632) | (7959) | 501 | (4841) | 1103 | (4014) |
| Basic & diluted income (loss) per share ($) | (0.04) | 0.02 | (0.02) | (0.05) |  | (0.03) | 0.01 | (0.03) |
| Cash and cash equivalents ($) | 5844 | 5547 | 4176 | 5031 | 4319 | 2895 | 7411 | 6720 |
| Total assets ($) | 50290 | 52386 | 49813 | 52762 | 59060 | 59591 | 67916 | 65999 |
| Total liabilities ($) | 57535 | 55194 | 56021 | 55032 | 55528 | 56513 | 58953 | 55486 |

---

Seasonality has a limited impact on the Company's operating results.

Total assets increased in the first quarter of 2023 compared to the fourth quarter of 2022, mainly due to an increase of cash and cash equivalents, derivative asset, and other current assets, partially offset by decrease of trade and other receivables, inventories, mineral properties, plant and equipment, and right-of-use assets. Total assets decreased in the second quarter of 2023, mainly due to decrease of cash and cash equivalents, right-of-use assets, trade and other receivables, restricted cash, other assets, and mineral properties, plant and equipment, partially offset by increased of derivative asset, other current assets, and inventories. Total assets decreased in the third quarter of 2023, mainly due to decrease of mineral properties, plant and equipment, derivative asset and inventories, partially offset by increases of cash and cash equivalents, trade and other receivables, right-of-use assets, and other current assets. Total assets decreased in the fourth quarter of 2023 mainly due to a decrease of derivative asset, trade and other receivable, inventories, other current assets, mineral properties, plant and equipment, and right-of-use assets, partially offset by an increase of cash and cash equivalents.

Total assets decreased in the first quarter of 2024, mainly due to decrease of cash and cash equivalents, derivative asset, mineral properties, plant and equipment, and right-of-use assets, partially offset by increase of trade and other receivables, other current assets, and inventories. Total assets increased in the second quarter of 2024 mainly due to an increase in cash, an increase in other assets, partially offset by a decrease in mineral properties, plant and equipment. Total assets decreased in the third quarter of 2024 as a result of a decrease in accounts receivable, mineral properties, and restricted cash. This was partially offset by an increase in inventory and cash and cash equivalents.

Net loss turned to net income in the first quarter of 2023 as a result of higher unrealized gain on derivative and foreign exchange gain, and absence of loss on Star Mountain settlement booked in the prior quarter, partially offset by lower realized gain on derivative, gain on loan modification, higher general and administration expenses and interest and other finance expenses. Net income turned to net loss in the second quarter of 2023 as a result of lower revenue and unrealized gain on derivative, higher foreign exchange loss, interest and other finance expenses, partially offset by lower exploration and evaluation expenses, general and administration expenses, and higher realized gain on derivative. Net loss turned to net income in the third quarter of 2023 as a result of higher revenue, lower cost of sales, higher realized gain on derivative, foreign exchange income and other income, partially offset by higher exploration and evaluation expenses, interest and other finance expenses, and higher unrealized loss on derivative. Net income turned to net loss again in the fourth quarter of 2023 as a result of lower revenue and unrealized loss on derivative, higher cost of sales, foreign exchange loss, interest and other finance expenses, general and administration expenses, partially offset by lower exploration and evaluation expenses, realized gain on derivative, and higher other income.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Net loss decreased in the first quarter of 2024 as a result of lower cost of sales, accretion expense, loss on unrealized derivative, and higher foreign exchange income, partially offset by higher exploration and evaluation expenses, general and administration expenses, interest and other finance expenses, lower interest income, absence of gain on realized derivative and loss on Star Mountain settlement. Net loss turned to net income in the second quarter of 2024 as a result of higher revenue and lower cost of sales. As a result of Tropical Storm Debby, revenues were lower during the three months ended September 30, 2024, due to the temporary suspension of operations at ESM during the period from August 12, 2024 to September 26, 2024. AISC increased to $1.35/lb in Q3 2024 from $0.79/lb in Q2 2024, primarily due to lower concentrate deliveries during August and September, and resulting in a net loss in Q3 2024 compared to Q2 2024.

Cash and cash equivalents increased in the first quarter of 2023 as a result of net cash provided in operating activities, and less cash spent on financing activities, partially offset by cash spent on capital assets. Cash and cash equivalents decreased in the second quarter of 2023 as a result of higher cash used in operating activities, partially offset by less cash spent on capital assets and more cash generated from financing activities. Cash and cash equivalents increased in the third quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities. Cash and cash equivalents increased again in the fourth quarter of 2023 as a result of more cash generated in operating activities, and less cash spent on capital assets, partially offset by more cash spent in financing activities.

Cash and cash equivalents decreased in the first quarter of 2024 as a result of less cash provided in operating activities and financing activities, partially offset by less cash spent on capital assets. Cash and cash equivalents increased in the second quarter of 2024 as a result of higher cash provided by operating activities generated from the increased revenue and lower cost of sales, this was partially offset by an increase in cash used in financing activities relating to additional principal payments made towards the Company's Credit Facility. Cash and cash equivalents increased slightly in the third quarter of 2024 as a result of less cash spent on financing activities as there were no principal payments required to be made during the quarter, partially offset by lower cash provided by operating activities as a result of lower revenue during the quarter.

**FINANCIAL REVIEW**

**Financial Results**

---

| | | |
|:---|:---|:---|
| <br>($000's) | **Three months ended**<br>**September 30** | **Nine months ended**<br>**September 30** |
| **Net income (loss) for the 2023 period** | $501 | $(3237) |
| Changes in components of income: |  |  |
| &nbsp;&nbsp;&nbsp; Revenues increase (decrease) | (7207) | (3201) |
| &nbsp;&nbsp;&nbsp; Cost of sales decrease (increase) | 1642 | 7403 |
| &nbsp;&nbsp;&nbsp; Other expenses decrease (increase) | 200 | (5844) |
| **Net income (loss) for the 2024 period** | $(4864) | $(4879) |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

During the three months ended September 30, 2024, revenues decreased compared to the same period in 2023, as a result of lower zinc concentrate sales due to the temporary suspension of operations at ESM during August and September as a result of Tropical Storm Debby (Q3 2024 - $10,584, vs. Q3 2023 - $20,125).

During the nine months ended September 30, 2024, revenues decreased compared to the same period in 2023 as a result of lower concentrate sales due to the temporary suspension of operations at ESM in August and September (YTD Q3 2024 – $45,598 vs. YTD Q3 2023 – 58,433).

During the three and nine months ended September 30, 2024, cost of sales decreased due to lower volume of tons milled (Q3 2024 – 57,011 tons vs Q3 2023 – 110,202 tons and YTD Q3 2024 – 263,476 vs YTD Q3 2023 – 336,545 tons) largely as a result of the temporary suspension of operations at ESM during August and September as a result of Tropical storm Debby.

During the nine months ended September 30, 2024, other expenses increased compared to the same period of 2023 largely due to a realized gain on derivative that was incurred in 2023 and was not incurred in 2024. Other expenses increased slightly during the three months ended September 30, 2024 compared to the same period of 2023, largely as a result of foreign exchange loss compared to a foreign exchange gain in 2023, partially offset by a decrease in interest expense relating to the Company's debt.

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Zinc concentrate sales | $10584 | $20125 | $(9541) | $45598 | $58433 | $(12835) |
| Zinc concentrate provisional pricing adjustments | (645) | 1029 | (1674) | (378) | (2951) | 2573 |
| Smelting and refining charges | (1665) | (5673) | (4008) | (7245) | (14307) | 7062 |
| Revenue, net | $8274 | $15481 | $(7207) | $37974 | $41175 | $(3201) |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit will be returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six month period of the fix pricing arrangement. The cash deposit has been classified as current restricted cash in the Company's statement of financial position. As at September 30, 2024, the cash deposit balance was $1,574.

Revenues were lower during the three and nine months ended September 30, 2024, largely due to the temporary suspension of operations at ESM from August 12, 2024 and September 26, 2024 as a result of Tropical Storm Debby.

**Cost of sales**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Operating expenses | $9178 | $8607 | $571 | $27638 | $30860 | $(3221) |
| Transportation costs | 460 | 982 | (521) | 2143 | 2808 | (666) |
| Royalties | 8 | 10 | (2) | 27 | 30 | (3) |
| Depreciation and depletion | 1897 | 2984 | (1088) | 7524 | 9058 | (1533) |
| Change of Inventory | (440) | 162 | (602) | (687) | 1292 | (1979) |
| Total | $11103 | $12745 | $(1642) | $36645 | $44048 | $(7403) |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

During the nine months ended September 30, 2024, cost of sales decreased compared to the same period in the prior year due to a decline in tons milled and efficient management of site costs. Depreciation and depletion expenses decreased during the three and nine months ended September 30, 2024 compared to the same period in the prior year due to lower tons mined, and a decrease in capital asset acquisitions. The change of inventory decrease is a result of the ending inventory level change due to timing differences of sales of zinc concentrate.

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

**Other operating expenses**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| **<u>G&A expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $170 | $221 | $(51) | (23) | 921 | 1021 | (100) | (10) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 129 | 99 | 30 | 30 | 341 | 293 | 48 | 16 |
| &nbsp;&nbsp;&nbsp;Professional fees | 108 | 235 | (127) | (540) | 355 | 1562 | (1207) | (77) |
| &nbsp;&nbsp;&nbsp;Office and administration | 157 | 164 | (7) | (4) | 627 | 671 | (44) | (7) |
| &nbsp;&nbsp;&nbsp;Investor relations | 9 | 16 | (7) | (43) | 28 | 43 | (15) | (35) |
|  | $573 | $735 | $(162) | (22) | 2272 | 3590 | (1318) | (37) |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $138 | $136 | $2 | 2 | 589 | 412 | 177 | 43 |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 45 | 9 | 36 | >100 | 162 | 141 | 21 | 15 |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 131 | 269 | (138) | (51) | 316 | 807 | (491) | (61) |
| &nbsp;&nbsp;&nbsp;Other | 85 | 43 | 42 | 98 | 297 | 160 | 137 | (7) |
|  | $399 | $457 | $(58) | (13) | 1364 | 1520 | (160) | (86) |

---

G&A expenses for the three and nine months ended September 30, 2024 decreased compared to the same period in the prior year, largely as a result of lower professional fees incurred and lower salaries and benefits as a result of lower head count at the Company's head office.

E&E expenses for the three and nine months ended September 30, 2024, decreased from the same period in the prior year as a result of a decrease in contractors and consultant costs incurred.

**Other expenses (income)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| $1062 | $1042 | $20 | 2 | $2572 | $(4747) | $7319 | >(100) |

---

For the three months ended September 30, 2024, other expenses increased slightly from the same period in the period year as a result of a foreign exchange loss compared to a foreign exchange gain recognized in the prior year, partially offset by lower interest and finance expenses. For the nine months ended September 30, 2024, other expenses increased from other income recognized in the same period in the prior year, largely as a result of the realized gain on derivative that was incurred in 2023, and no similar income was incurred in 2024.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - 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. On April 9, 2024, the maturity date was extended to June 30, 2025.

● The Credit Facility was 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 a 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, and adding an additional covenant that requires the Company to have $3,000 of unrestricted cash at all times.

● On April 9, 2024, the Credit Facility covenants were further amended whereby, the leverage ratio was removed, and the interest coverage ratio was reduced to 1.5 to 1. The Company further agreed to make repayments on the Credit Facility to reduce the Available Credit to $15,170 by June 30, 2024, and to make repayments on the Credit Facility to reduce the Available Credit to $10,170 by December 30, 2024.

● During the nine months ended September 30, 2024, the Company made cumulative payments of $17,000 toward the Credit Facility, reducing the Available Credit to $15,170 as at September 30, 2024, with $nil of the Credit Facility was available to be withdrawn. As at September 30, 2024, the Company was not in compliance with the interest coverage ratio as a result of the temporary suspension of operations that occurred at ESM from August 12, 2024 to September 26, 2024 due to the historic flooding from Tropical Storm Debby, which negatively impacted earnings during Q3 2024. On November 4, 2024, the Company obtained a waiver on the interest coverage ratio from National Bank for the quarter ending September 30, 2024. The Company does not anticipate any issues with meeting all financial covenants for the fourth quarter in 2024.

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. During the three and nine months ended September 30, 2024, the Company incurred a guarantee fee charge of $43 and $240, respectively, recognized on the Company's Statement of Loss and Comprehensive Loss.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

*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.

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. As at September 30, 2024, the Company had an unpaid accrued interest balance of $400.

*Other Related Party Loans*

 

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

As at the date of this report, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman.

**Financial Condition**

---

| | | |
|:---|:---|:---|
| | **September 30, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $5844 | $5031 |
| Total debt | $36623 | $35779 |
| Net debt (cash)<sup>(1)</sup> | $30779 | $30748 |
| Working capital | $(21863) | $(23512) |

---

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

Cash and cash equivalents as at September 30, 2024 increased by $813 compared to December 31, 2023. The increase in cash was generated from positive operating cash flows of $4,089. This was partially offset by $1,899 of net cash used in financing activities, largely as a result of the payment of interest on the Company's Credit Facility. Further, the Company made $17,000 of principal payments towards the Credit Facility, funded by $16,500 of related party loans. The Company's net cash used in investing activities was $1,366 during the period, largely related to the purchase of equipment.

At September 30, 2024, the Company's debt was comprised of a loan from the Credit Facility of $15,150, the Promissory Note from a related party of $5,118, and additional loans from a related party of $16,500. The Company incurred interest and accretion expense of $1,951 during the nine months ended September 30, 2024, related to the debt, and made an interest payment of $1,342 towards the Credit Facility. Amortized borrowing costs during the nine months ended September 30, 2024 were $735.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

The working capital deficit decreased as at September 30, 2024 compared to December 31, 2023 as a result of an increase in cash and cash equivalents, an increase in restricted cash and an increase in inventories, partially offset by an increase in accounts payable and debt.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2024** | **2023** | **Change** |
| Operating cash flows before changes in working capital | $5554 | $7448 | $(1894) |
| &nbsp;&nbsp;&nbsp;Changes in working capital | (1615) | (10664) | 9049 |
| Net cash flows generated by (used in) operating activities | 3939 | (3216) | 7155 |
| Net cash flows generated by (used in) financing activities | (1899) | 2356 | (4255) |
| Net cash flows generated by (used in) investing activities | (1216) | (2436) | 1220 |
|  | $824 | $(3296) | $4120 |

---

Net cash flows generated from operating activities were higher during the nine months ended September 30, 2024 compared to the same period in the prior year largely as a result of lower cost of sales. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

Net cash flows used in financing activities during the nine months ended September 30, 2024 reflect $17,000 of principal payments and $1,342 of interest payments made towards the Credit Facility, partially offset by $16,500 proceeds received from related party loans. For comparison, net cash flows used in financing activities by the Company in the same period in 2023 reflects $1,494 of Credit Facility interest payments, $5,900 advances received from the Credit Facility, $2,102 of dividends paid, and $130 of warrant exercise proceeds.

Net cash flows used in investing activities in the nine months ended September 30, 2024 were lower compared to the same period in the prior year as a result of lower capital expenditures incurred.

**Capital Expenditures**

The Company invested $1,260 in capital expenditures during the nine months ended September 30, 2024 compared to $2,436 in capital expenditures made in the same period of 2023. A new transformer and a server room were added to capital assets, in addition to two drill rigs, and a compact twin-boom mining equipment was rebuilt during the period. Further, additional capital expenditures were incurred in Q3 2024 to repair a damaged crusher and surrounding infrastructure following the historic flooding from Tropical Storm Debby.

**Liquidity**

As at September 30, 2024, the Company had total liquidity of $5,844 in cash and cash equivalents. The Company had negative working capital of $21,863 and a deficit balance of $73,206. For the nine months ended September 30, 2024, the Company had incurred a net loss of $5,306 and positive operating cash flows of $3,939. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

As at December 31, 2023, the Company had total liquidity of $5,031 in cash and cash equivalents. The Company had negative working capital of $23,512 and a deficit of $68,328. For the year ended December 31, 2023, the Company had positive operating cash flows before changes in working capital of $6,085 and a net loss of $10,196. On June 14, 2023, the Company announced that it temporarily suspended the payment of its quarterly dividend in order to preserve capital and strengthen its balance sheet as it navigates the downturn in zinc prices.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**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.

As at September 30, 2024, the Company was not in compliance with its interest coverage ratio as a result of the temporary suspension of operations that occurred at ESM from August 12, 2024 to September 26, 2024 due to the historic flooding from Tropical Storm Debby, which negatively impacted earnings during Q3 2024. On November 4, 2024 the Company obtained a waiver on the interest coverage ratio from National Bank for the quarter ending September 30, 2024. The Company does not anticipate any issues with meeting all financial covenants for the fourth quarter in 2024. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that a further waiver from National Bank, debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at September 30, 2024 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $36669 | $- | $- | $- | $36669 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 1483 |  |  |  | 1483 |
| &nbsp;&nbsp;&nbsp;Leases | 10 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 16950 | 16950 |
|  | $38162 | $- | $- | $16950 | $55112 |

---

The repayment of debt principal includes $16,500 owing to a related party, of which commercial terms have not yet been finalized. Until such terms have been finalized, the Company has classified all principal amounts owing as current.

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 6,000,000 warrants and 10,245,000 options outstanding.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**FINANCIAL INSTRUMENT**

&nbsp;&nbsp;&nbsp;&nbsp;a) Carrying amount versus fair value

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | September 30, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2023 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $10 | $10 | $76 | $55 |
| Bank indebtedness | $15150 | $15150 | $31655 | $32087 |
| Loans from related party | $21473 | $21473 | $4124 | $5061 |

---

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

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

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on September 30, 2024 was approximately $75, determined based on the Company's average share of rent paid in the immediately preceding 12 months.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

The Company was charged for the following with respect to this arrangement during the three and nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $36 | $91 | $308 | $390 |
| Office and other | 28 | 42 | 92 | 147 |
| Marketing and travel | 4 | 5 | 12 | 12 |
|  | $68 | $138 | $412 | $549 |

---

**Key management personnel compensation** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
| | 2024 | 2023 | 2024 | 2023 |
| Salaries and benefits | $97 | $114 | $601 | $644 |
| Consulting fees | 80 | 45 | 389 | 358 |
| Share-base compensation | 89 | 86 | 286 | 256 |
| Directors' fees | 55 | 55 | 164 | 164 |
|  | $321 | $300 | $1440 | $1422 |

---

The following amounts are outstanding as at September 30, 2024 and December 31, 2023, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
| | As at September 30, 2024 | As at December 31, 2023 |
| Salaries and benefits payable | $407 | $416 |
|  | $407 | $416 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Adoption of New Accounting Standards**

IAS 1, *Presentation of Financial Statements* ("IAS 1"): In October 2022, the IASB issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its Interim Financial Statements.

**Estimates and judgments**

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Share-based compensation;

● Taxation

See note 3 of our 2023 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the nine months ended September 30, 2024.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**NOTES TO READER**

**Cautionary note regarding forward-looking information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; anticipated head grade; anticipated zones that will be mined, and timing of such mining; exploration plans at the Kilbourne target and timing of such plans; 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; in Q4, Titan expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for Titan's Kilbourne graphite project; ore recovery from the longhole stoping in New Fold will continue into the fourth quarter; it is expected that ore from New Fold and Lower Mahler zones will continue to support budgeted head grades for the remainder of the fiscal year; mining will continue in these key zones during the fourth quarter of 2024; the Company expects to hoist and mill budgeted tonnage in Q4 plus all underground ore that was stockpiled in Q3; With the excess capacity in the mill, the Company expects to meet full year guidance; in the fourth quarter of 2024, the Company plans to initiate a market search for a replacement underground haulage truck and a mechanical bolter; any permitting for bringing Kilbourne into production is likely to be subject to a permitting process at state level; phase III of metallurgy will take place at SGS Lakefield and is likely to be completed by Q4 2024. 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 and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; damage caused by Tropical Storm Debby; the Company's assumptions regarding time and cost to repair damage caused by Tropical Storm Debby; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2023 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the sections entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available at www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2021 NI 43-101 Technical Report (Amended)" with an effective date of February 24, 2021, filed on SEDAR+ at www.sedarplus.ca.

For additional information related to the Kilbourne target, see the Company's news release titled, "Titan Mining Announces Significant Graphite Discovery at Empire State Mines in Upstate New York, USA" dated October 23, 2023.

**Non-GAAP performance measures** 

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

**C1 cash cost per payable pound sold** 

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

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

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | | **2024** | | **2023** | | **2024** | | **2023** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 8.2 |  | 18.3 |  | 37.3 |  | 48.2 |
| Operating expenses and selling costs | $9206 | $1.12 | $9761 | $0.53 | $29121 | $0.78 | $34991 | $0.72 |
| Concentrate smelting and refining costs | 1664 | 0.20 | 5673 | 0.31 | 7245 | 0.19 | 14307 | 0.30 |
| Total C1 cash cost | $10871 | $1.32 | $15434 | $0.84 | $36366 | $0.97 | $49298 | $1.02 |
| Sustaining Capital Expenditures | $266 | $0.03 | $425 | $0.02 | $705 | $0.02 | $1944 | $0.04 |
| AISC | $11137 | $1.35 | $15859 | $0.86 | $37071 | $0.99 | $51242 | $1.06 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2024** | **2023** |
| Sustaining capital expenditures | $705 | $1944 |
| Expansionary capital expenditures | 557 | 588 |
| Additions to mineral, properties, plant and equipment | $1262 | $2532 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **As at**<br> **September 30,**<br>**2024** | **As at**<br> **December 31,**<br>**2023** |
| Current portion of debt | $36623 | $35779 |
| Non-current portion of debt | - | - |
| Total debt | $36623 | $35779 |
| Less: Cash and cash equivalents | (5844) | (5031) |
| Net debt | $30779 | $30748 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2024** | **2023** |
| Net cash provided (used) by operating activities | $3939 | $(3216) |
| Less: Capital expenditures | (1261) | (2436) |
| Free cash flow | $2678 | $(5652) |

---

## Exhibit 99.39

**Exhibit 99.39**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, **Donald R. Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation** (the "issuer") for the interim period ended **September 30, 2024**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed
in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2024** and ended
on **September 30, 2024** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **November 11, 2024** |
| */s/ Donald R. Taylor* |
| Donald R. Taylor |
| Chief Executive Officer |

---

## Exhibit 99.40

**Exhibit 99.40**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

I, **Ty Minnick,** Interim Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation.** (the "issuer") for the interim period ended **September 30, 2024**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed
in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2024,** and ended
on **September 30, 2024,** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **November 11, 2024** |
| */s/ Ty Minnick* |
| Ty Minnick |
| Interim Chief Financial Officer |

---

## Exhibit 99.41

**Exhibit 99.41**

**Titan Reports Third Quarter 2024 Results**

****<br> **Vancouver, BC – November 12, 2024** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") announces the results for the quarter ended September 30, 2024. *(All amounts are in U.S. dollars unless otherwise stated)*

Don Taylor, Chief Executive Officer of Titan, commented, "Despite the setback caused by Tropical Storm Debby, management and staff at the mine were able to make full repairs and stockpile ore during the recovery period while the crusher repairs were being completed. As a result, Titan reiterates its full year production guidance and fully expects Q4 cash costs to offset the higher costs reflected in Q3. Additionally, in Q4, Titan expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for its Kilbourne graphite project."

***Q3 2024 HIGHLIGHTS:***

 ****

● Appointment of Rita Adiani as President of the Company

● Zero Lost Time Injuries in the third quarter.

● Returned to full commercial production on September 26, 2024 following the temporary suspension of operations resulting from the historic flooding caused from Tropical Storm Debby. There were no injuries to employees or damage to the mobile fleet. Repairs were completed ahead of schedule and under budget.

***TABLE 1 Financial and Operating Highlights***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Q3 2024** | &nbsp;&nbsp;**Q2 2024** | &nbsp;&nbsp;**Q1 2024** | &nbsp;&nbsp;**Q4 2023** | &nbsp;&nbsp;**Q3 2023** |
| &nbsp;&nbsp;**Operating** |  |  |  |  |  |  |
| &nbsp;&nbsp;Payable Zinc Produced | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 |
| &nbsp;&nbsp;Payable Zinc Sold | &nbsp;&nbsp;mlbs | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;14.4 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.3 |
| &nbsp;&nbsp;Average Realized Zinc Price | &nbsp;&nbsp;$/lb | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;**Financial** |  |  |  |  |  |  |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;$m | &nbsp;&nbsp;8.27 | &nbsp;&nbsp;17.97 | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;15.50 |
| &nbsp;&nbsp;Net Income (loss) before tax | &nbsp;&nbsp;$m | &nbsp;&nbsp;(4.86) | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;(2.63) | &nbsp;&nbsp;(6.96) | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;Earnings (loss) per share - basic | &nbsp;&nbsp;$/sh | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Cash Flow from Operating Activities before changes in non-cash working capital | &nbsp;&nbsp;$m | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;6.97 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(1.36) | &nbsp;&nbsp;4.21 |
| &nbsp;&nbsp;Cash and Cash Equivalents | &nbsp;&nbsp;$m | &nbsp;&nbsp;5.84 | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;5.03 | &nbsp;&nbsp;4.32 |
| &nbsp;&nbsp;Net Debt <sup>1</sup> | &nbsp;&nbsp;$m | &nbsp;&nbsp;30.78 | &nbsp;&nbsp;30.63 | &nbsp;&nbsp;32.44 | &nbsp;&nbsp;30.75 | &nbsp;&nbsp;32.93 |

---

<sup>1</sup> Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See *Non-GAAP Performance Measures* below for additional information.

![](ex99-41_001.jpg)

As a result of Tropical Storm Debby, revenues were lower during the three and nine months ended September 30, 2024, largely due to the temporary suspension of operations at ESM during the period from August 12, 2024 to September 26, 2024. Additionally, AISC increased to $1.35 in Q3 2024 from $0.79/lb in Q2 2024, primarily due to lower concentrate deliveries during August and September.

***OPERATIONS REVIEW***

Mining in the third quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Mining activities remain suspended in the N2D zone while the Company reviews opportunities to restart production in this area. Deepening of the Lower Mahler ramp system provided access to higher-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Ore recovery from the longhole stoping in New Fold will continue into the fourth quarter. It is expected that ore from New Fold and Lower Mahler zones will continue to support budgeted head grades for the remainder of the fiscal year. Mining will continue in these key zones during the fourth quarter of 2024.

While crushing and hoisting activities were halted from August 12, 2024 to September 26, 2024, mining activities continued and ore was stockpiled in the underground. The Company expects to hoist and mill budgeted tonnage in Q4 plus all underground ore that was stockpiled in Q3. With the excess capacity in the mill, the Company expects to meet full year guidance.

Work on projects focused mainly on the rehabilitation of the underground crusher and associated electrical components that were damaged during the flooding caused by Tropical Storm Debby. In addition, a previously unknown raise at the old Streeter Portal at the #2 mine area, which is suspected to have been a major contributor to the inflow, was permanently plugged to prevent any future inflow. Rod mill liners were installed in the third quarter of 2024. In the fourth quarter of 2024, the Company plans to initiate a market search for a replacement underground haulage truck and a mechanical bolter.

***EXPLORATION UPDATE***

*Kilbourne:*

Titan has continued work on defining the Kilbourne graphite target, a graphite exploration target hosted within the same stratigraphic sequence as ESM's zinc mineralization. The host unit is Unit 2 of the lower marbles. Historic mapping and drilling have documented roughly 25,000 ft (7.6 km) of strike length, from surface to a depth of over 3,000 ft (914 m). Roughly 8,500 ft (2.5 km) of this strike length is within the affected area of the Empire State Mine. The remaining strike length is securely within mineral rights held by Titan. Permitting for bringing Kilbourne into production is subject to a state level permitting process.

Phase I of drilling at Kilbourne was completed in the second quarter of 2024 and totalled 11,916 ft (3,362 m). Drilling indicates that host lithology can be divided into two zones of mineralization. The upper mineralized zone with an average thickness of 57 ft (17.4 m) and an average grade of 3.1% graphitic carbon (Cg) and the lower mineralized zone with an average thickness of 29 ft (8.8 m) and an average grade of 2.8% Cg. Phase I of Kilbourne drilling successfully tested 8,255 ft of strike length within the ESM active use permit.

![](ex99-41_001.jpg)

Phase II of the metallurgical testing performed by Forte Analytical of Wheatridge Colorado was completed in the third quarter. The Company is awaiting assay results from these tests. The Company has additionally sought the services of Metpro Services to help in developing the next stages of metallurgical and process testing. Phase III of metallurgy will take place at SGS Lakefield and is likely to be completed by Q4 2024.

***Qualified Person***

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.

***Assays and Quality Assurance/Quality Control***

 ****

To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Drill core samples submitted for analysis had a minimum weight of 0.6 lb (0.3 kg) and a maximum weight of 6.0 lb (2.7 kg), with an average weight of 3.6 lb (1.6 kg). Trench samples submitted for analysis had a minimum weight of 4.2 lb (1.9 kg) and a maximum weight of 26.2 lb (11.9 kg), with an average weight of 6.2 lb (13.6 kg).

Analysis has been performed as SGS Canada Inc. ("SGS") an independent ISO/IEC accredited lab. Sample preparation (crushing and pulverizing) and total graphitic carbon analysis has been completed at SGS Lakefield, Ontario, Canada. SGS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Burnaby, B.C., Canada for multielement analysis. SGS analyzes the pulp sample by leach and IR combustion for total graphitic carbon (GC_CSA05V) and aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (GO_ICP21B100) with the elements reported in percentage (%).

The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release. True widths of the mineralized zones described in this news release are not presently known.

![](ex99-41_001.jpg)

***Non-GAAP Performance Measures***

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

**C1 cash cost per payable pound sold** 

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

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

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2024** | **2024** | **2023** | **2023** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| &nbsp;&nbsp;C1 cash cost per payable pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per <br> pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per <br> pound | &nbsp;&nbsp;Per <br> pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per <br> pound | &nbsp;&nbsp;Per <br> pound | &nbsp;&nbsp;Total | &nbsp;&nbsp;Per <br> pound |
| &nbsp;&nbsp;Pounds of payable zinc sold (millions) |  | &nbsp;&nbsp;8.2 |  | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;18.3 |  | &nbsp;&nbsp;37.3 | &nbsp;&nbsp;37.3 |  | &nbsp;&nbsp;48.2 |
| &nbsp;&nbsp;Operating expenses and selling costs | $&nbsp;&nbsp;9206 | $&nbsp;&nbsp;1.12 | $&nbsp;&nbsp;9761 | $&nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.53 | $&nbsp;&nbsp;29121 | $&nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.78 | $&nbsp;&nbsp;34991 | $&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Concentrate smelting and refining costs | &nbsp;&nbsp;1664 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;5673 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;7245 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;14307 | &nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;Total C1 cash cost | $&nbsp;&nbsp;10871 | $&nbsp;&nbsp;1.32 | $&nbsp;&nbsp;15434 | $&nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.84 | $&nbsp;&nbsp;36366 | $&nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.97 | $&nbsp;&nbsp;49298 | $&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;Sustaining Capital Expenditures | $&nbsp;&nbsp;266 | $&nbsp;&nbsp;0.03 | $&nbsp;&nbsp;425 | $&nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | $&nbsp;&nbsp;705 | $&nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.02 | $&nbsp;&nbsp;1944 | $&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;AISC | $&nbsp;&nbsp;11137 | $&nbsp;&nbsp;1.35 | $&nbsp;&nbsp;15859 | $&nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.86 | $&nbsp;&nbsp;37071 | $&nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.99 | $&nbsp;&nbsp;51242 | $&nbsp;&nbsp;1.06 |

---

![](ex99-41_001.jpg)

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;Sustaining capital expenditures | $&nbsp;&nbsp;705 | $&nbsp;&nbsp;1944 |
| &nbsp;&nbsp;Expansionary capital expenditures | &nbsp;&nbsp;557 | &nbsp;&nbsp;588 |
| &nbsp;&nbsp;Additions to mineral, properties, plant and equipment | $&nbsp;&nbsp;1262 | $&nbsp;&nbsp;2532 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
|  | As of September 30,<br>&nbsp;&nbsp;2024 | As of December 31,<br>&nbsp;&nbsp;2023 |
| &nbsp;&nbsp;Current portion of debt | $&nbsp;&nbsp;36623 | $&nbsp;&nbsp;35779 |
| &nbsp;&nbsp;Non-current portion of debt | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Total debt | $&nbsp;&nbsp;36623 | $&nbsp;&nbsp;35779 |
| &nbsp;&nbsp;Less: Cash and cash equivalents | &nbsp;&nbsp;(5844) | &nbsp;&nbsp;(5031) |
| &nbsp;&nbsp;Net debt | $&nbsp;&nbsp;30779 | $&nbsp;&nbsp;30748 |

---

***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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

 **

 ****

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 ****

***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 in Q4, Titan expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for Titan's Kilbourne graphite project; ore recovery from the longhole stoping in New Fold will continue into the fourth quarter; it is expected that ore from New Fold and Lower Mahler zones will continue to support budgeted head grades for the remainder of the fiscal year; mining will continue in these key zones during the fourth quarter of 2024; the Company expects to hoist and mill budgeted tonnage in Q4 plus all underground ore that was stockpiled in Q3; With the excess capacity in the mill, the Company expects to meet full year guidance; in the fourth quarter of 2024, the Company plans to initiate a market search for a replacement underground haulage truck and a mechanical bolter; any permitting for bringing Kilbourne into production is likely to be subject to a streamlined permitting process at state level; phase III of metallurgy will take place at SGS Lakefield and is likely to be completed by Q4 2024. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the permitting process for Kilbourne; the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.42

**Exhibit 99.42**

![](ex99-1_001.jpg)

**Titan Mining Announces Maiden Mineral Resource Estimate for 100% Owned<br> Kilbourne Graphite Project at the Empire State Mine**

 **Vancouver, BC – December 3, 2024** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") is pleased to announce the successful completion of its maiden mineral resource estimate ("MRE") for the Kilbourne Graphite Project, located within the mining permit boundary at its 100% owned Empire State Mine ("ESM") located in St Lawrence County in New York State.

**Highlights:**

● An open-pit constrained inferred mineral resource estimate of 22 million US short tons ("tons") at an average grade of 2.91% (Cg) containing 653,000 tons of graphite, based on a cut-off grade of 1.50%

● Maiden mineral resource estimate based on 45 diamond drill holes totaling 29,699 ft completed as Phase I drilling

● The Phase I drilling and maiden mineral resource estimate represents a small subset of the total graphite bearing unit identified through surface mapping and historical drilling

● Maiden mineral resource estimate based on strike length of 7,000 ft of a total strike length of 25,000 ft. Potential for mineral resource expansion along strike and down dip, almost entirely hosted within the existing active use permit, part of the over 80,000 acres of mineral rights controlled by the company in St. Lawrence County, NY

● Kilbourne is targeted to be fast-tracked to commercial production to secure the preferred US domestic supply chain, given its unique advantage of having existing infrastructure and operational talent at ESM

● Metallurgical test work in progress at SGS Lakefield is due for completion in Q4 2024. This will provide product segmentation information and refine the flowsheet for a commercial demonstration plant

● Production of concentrate from a commercial demonstration plant, located within the ESM mill, in 2025. This is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain

● Preparations for an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project will begin in early 2025

Don Taylor, CEO of Titan, commented: *The maiden mineral resource estimate at Kilbourne is an excellent result based on limited Phase I drilling and confirms the prospect of a long life, open pit, graphite operation at ESM. There remains significant potential to expand the mineral resource estimate within the ESM mineral tenure, to potentially fully meet US domestic needs, and to secure our supply chain. Kilbourne is located less than 4,000 ft from the existing ESM mill and infrastructure. With significant operational synergies, Titan is targeting being the first US commercial producer of natural flake graphite delivering to a broad spectrum of US based customers.*

 

Rita Adiani, President of Titan, commented: *The maiden mineral resource estimate at Kilbourne together with existing infrastructure at ESM allows Titan to fast-track the development of the Kilbourne Project. Our short-term focus is to de-risk the process and end products through the Phase III program currently in progress at SGS Lakefield. Following that test work, Titan will engineer, build and operate a commercial demonstration plant on site during FY 2025. This process will allow Titan to deliver a variety of high value natural flake graphite products to US consumers and build our product offering prior to potentially scaling production, following relevant studies, in the ensuing 18 months. This approach will maximize pricing for our products and ensure we build a facility which matches demand.* 

 

 

 

**Mineral Resource Estimate**

**Figure 1**: Kilbourne conceptual pit outline with modeled mineralization and Titan Property and permitting outlines.

![](ex99-42_001.jpg)

**Table 1**: Kilbourne Graphite Mineral Resource Summary and in-situ Metal within Pit Shell

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Cut-Off Grade<br> (% Cg)** | &nbsp;&nbsp;**Tonnage<br> ('000 Ton)** | &nbsp;&nbsp;**Grade<br> (% Cg)** | &nbsp;&nbsp;**Contained Graphite<br> ('000 Ton)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;Kilbourne | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;22423 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;653 |

---

Source: BBA USA Inc., 2024.

*Notes to Table 1:*

 

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101 is Mr. Todd McCracken (PGO 0631) of BBA USA Inc. The effective date of this Mineral Resource Estimate is December 3, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Three-dimensional (3D) wireframe models of mineralization were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50% Cg* *defining two mineralized sub-domains.* 

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Geological and block models for the Mineral Resource Estimate used data from a total of 45 surface diamond drill holes (core) and 1 surface channel sample. The drill hole database was validated prior to mineral resource estimation and QA/QC checks were made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mine personnel.* 

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Quantities and grades in the Mineral Resource Estimate are rounded to an appropriate number of significant figures to reflect that they are estimations.* 

&nbsp;&nbsp;&nbsp;&nbsp;*5.* *The mineral resource estimate was constrained using the following optimization parameters, as agreed upon by Empire State Mine and the QP. The parameters include mining costs of $4.60/ton for mineralized rock, $3.50/ton for unmineralized rock, and $2.00/ton for overburden and tailings, with a 5.0% dilution and 95.0% mining recovery. Processing costs are $14.00/ton milled, with a 91.0% processing recovery and a concentrate grade of 95.0%. No general and administrative (G&A) costs were applied. The selling price is $1,090/ton of concentrate, with transportation costs of $50/ton and no additional selling costs. The overall slope angles are 23 degrees for overburden and tailings, and 45 degrees for rock.* 

&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Process recovery estimates based on Phase I testing done at SGS Lakefield and Forte Dynamics, open circuit recovery 86.5% with expected increase to 90-91% in closed circuit.* 

&nbsp;&nbsp;&nbsp;&nbsp;*7.* *The reported mineral resource estimate has been tabulated in terms of a pit-constrained cut-off value of 1.50% Cg.* 

&nbsp;&nbsp;&nbsp;&nbsp;*8.* *The block model was prepared using Datamine Studio RM™. A 30 ft x 30 ft x 15 ft block model was created, and samples were composited at 5.00 ft intervals. Grade estimation for graphite used data from drill hole data and was carried out using Ordinary Kriging (OK), Inverse Distance Squared (ID <sup>2</sup>), and Nearest Neighbor (NN) methods. The OK methodology is the method used to report the mineral estimate statement.* 

&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Grade estimation was validated by comparison of the global mean block grades for OK, ID<sup>2</sup>, and NN by domain and composite mean grades by domain, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.* 

&nbsp;&nbsp;&nbsp;&nbsp;*10.* *The specific gravity (SG) assessment was carried out for all domains using measurements collected during the core logging process. The mean specific gravity value within the mineralized domains is 2.75.* 

&nbsp;&nbsp;&nbsp;&nbsp;*11.* *The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).* 

 

**Sensitivity Analysis**

The results of grade sensitivity analysis are presented in Figure 2 to illustrate the continuity of the grade estimates at various cut-off increments and the sensitivity of the mineralization to changes in cut-off grade. The reader is cautioned that figures in the following chart should not be misconstrued as Mineral Resources or confused with the Mineral Resource Statement reported above. These figures are only presented to show the sensitivity of the block model estimated grades and tonnages to the selection of cut-off grade. Cut-off at the Kilbourne Graphite Project was set at 1.50% (Cg).

![](ex99-1_001.jpg)

**Figure 2**: Kilbourne Graphite: Revenue Factor Sensitivity

![](ex99-42_002.jpg)

Source: BBA USA Inc., 2024.

**Table 2:** Kilbourne Graphite Revenue Factor Sensitivity

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **$USD per Ton Concentrate** | &nbsp;&nbsp;**RF** | &nbsp;&nbsp;**Graphite (%)** | &nbsp;&nbsp; **Mill Feed**<br> **(k Ton)** | &nbsp;&nbsp; **Contained Graphite**<br> **(k Ton)** | &nbsp;&nbsp; **Waste**<br> **(k Ton)** | &nbsp;&nbsp;**Overburden (k Ton)** |
| &nbsp;&nbsp;872.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;7198 | &nbsp;&nbsp;238 | &nbsp;&nbsp;4810 | &nbsp;&nbsp;3532 |
| &nbsp;&nbsp;926.50 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;10627 | &nbsp;&nbsp;339 | &nbsp;&nbsp;9247 | &nbsp;&nbsp;5763 |
| &nbsp;&nbsp;981.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;14987 | &nbsp;&nbsp;457 | &nbsp;&nbsp;13578 | &nbsp;&nbsp;9261 |
| &nbsp;&nbsp;1035.50 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;18303 | &nbsp;&nbsp;547 | &nbsp;&nbsp;18824 | &nbsp;&nbsp;11072 |
| &nbsp;&nbsp;**1090.00** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**2.91** | &nbsp;&nbsp;**22423** | &nbsp;&nbsp;**653** | &nbsp;&nbsp;**25278** | &nbsp;&nbsp;**13425** |
| &nbsp;&nbsp;1144.50 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;25109 | &nbsp;&nbsp;719 | &nbsp;&nbsp;29871 | &nbsp;&nbsp;14557 |
| &nbsp;&nbsp;1199.00 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;28790 | &nbsp;&nbsp;808 | &nbsp;&nbsp;36399 | &nbsp;&nbsp;16528 |
| &nbsp;&nbsp;1253.50 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;32401 | &nbsp;&nbsp;895 | &nbsp;&nbsp;44365 | &nbsp;&nbsp;18400 |
| &nbsp;&nbsp;1308.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.73 | &nbsp;&nbsp;36959 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;56969 | &nbsp;&nbsp;21433 |

---

Source: BBA USA Inc., 2024.

Note: RF is a reference to Revenue Factor.

**Further Potential for Growth**

The Company is planning Phase II drilling at Kilbourne, with a projected start date in H1 2025. The primary goal of the program is to raise mineral resource confidence from Inferred to Measured/Indicated status within the core of the Kilbourne mineral resource area. Drilling will also aim to extend zones of high-grade mineralization, and test the extensions of mineralization along strike, and down dip. Phase II will consist of an additional 12,000 ft of drilling.

![](ex99-1_001.jpg)

Phase I of drilling successfully tested roughly 8,250 ft of Kilbourne strike length. The Company holds mineral rights on over 15,000 ft of additional Unit 2 strike length. This includes 8,000 ft to the east, and 7,500 ft to the south. Historic drilling and surface mapping documents graphite mineralization, however there are no historic assays to confirm these observations. To date, a little over 30% of the Kilbourne trend has been tested with drilling. Exploration planning is underway to further test these extensions.

**Next Steps**

*De-risking Metallurgy:* Phase III test program at SGS Lakefield is designed to de-risk metallurgy by defining a flowsheet and conditions that will serve as input into the engineering of the commercial demonstration plant. The metallurgical flowsheet optimization work is conducted on a composite that aims to replicate the overall mineral resource. The robustness of the optimized flowsheet and conditions are verified with a series of variability composites.

The data from the SGS work will then be utilized to develop the mass and water balance, process design criteria, and process flow diagram of the commercial demonstration plant, which are expected to be completed by the end of Q4 2024. These documents will be the building blocks to complete equipment selection and engineering for the commercial demonstration plant. Further metallurgical work programs will be defined based on operating data of the commercial demonstration plant.

*Establishing product-segmentation*: The Phase III test program will be used for defining market and product segmentation for potential products from the Kilbourne Graphite Project and for refining the scope of a commercial demonstration plant.

*Commercial demonstration plant*: The Kilbourne Graphite Project has a unique advantage of being hosted within ESM's mine permit boundary, which has an existing mill, established infrastructure and a trained workforce. The Company is targeting production of concentrate from a commercial demonstration plant in 2025 to be co-located within the existing ESM mill facilities and benefiting from the shared infrastructure and operational talent present on site. This is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain.

*Preliminary Economic Assessment*: Titan will begin preparation of an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project in H1 2025 with the goal of defining project economics and delivering a phased approach to the development of the Kilbourne Graphite Project. Permitting for the expanded scope of operations is subject to a state level process.

An NI 43-101 technical report supporting the mineral resource estimate disclosed herein will be filed on SEDAR+ within 45 days of this press release.

![](ex99-1_001.jpg)

**Quality Assurance and Quality Control**

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. Shipping boxes are placed onto pallets and shipped by freight to SGS Lakefield laboratory in Lakefield, ON, Canada for sample preparation and graphitic carbon analysis. Pulps are forwarded to SGS Burnaby laboratory in Burnaby, BC, Canada for multi-element analysis. SGS Lakefield is a Canadian accredited laboratory (ISO/IEC 17025) and independent of ESM. SGS Lakefield prepares the pulps and analyzes each sample for graphitic carbon (Cg-CSA06V) with a detection limit of >0.01%. Pulps are shipped to SGS Burnaby for multi-element analysis by aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish. All samples in which silver, calcium, manganese, iron, zinc and sulfur exceed their upper limit are re-run using methods of aqua regia digestion (Fe-ICP21B100), four acid digestion (Ag, Ca, Zn, and Mn-ICP42Q100) and infrared combustion (S-CSA06V) with the elements reported in percentage (%). Standards and blanks are inserted during the logging process. The assays for QA/QC samples are reviewed as certificates are received from the laboratory. Failures are identified on a batch basis and followed up as required. The scientific and technical information disclosed herein has been verified by Todd McCracken of BBA USA Inc., using data validation and quality assurance procedures under high industry standards. The verification activities included a search for factual errors, completeness of the lithological and assay data, and suitability of the primary data. As part of the database verification activities, the assay information and certificates obtained directly from the analytical laboratory have been examined as well. Mr. McCracken has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

**Qualified Person**

The technical and scientific information in this news release has been reviewed and approved by Todd McCracken of BBA USA Inc. Mr. McCracken is a Qualified Person as defined by National Instrument 43-101 and is independent of Titan.

***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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain and the Kilbourne Graphite Project is a core part of this strategy. For more information on the Company, please visit our website at www.titanminingcorp.com.

 **

***Contact***

 **

*For further information, please contact: Rita Adiani, President, Email: radiani@titanminingcorp.com, Investor Relations, Email: info@titanminingcorp.com*

 

 

![](ex99-1_001.jpg)

 

***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 potential for mineral resource expansion along strike and down dip, almost entirely hosted within the existing active use permit; Kilbourne is targeted to be fast-tracked to commercial production to secure the preferred US domestic supply chain; metallurgical test work in progress at SGS Lakefield is due for completion in Q4 2024; this will provide product segmentation information and refine the flowsheet for a commercial demonstration plant, producing graphite concentrate at full run-time, to be co-located within the existing mill at ESM; there remains significant potential to expand the mineral resource estimate within the ESM mineral tenure, to potentially fully meet US domestic needs, and to secure our supply chain; with significant operational synergies, Titan is targeting being the first US commercial producer of natural flake graphite delivering to a broad spectrum of US based customers; the maiden mineral resource estimate at Kilbourne together with existing infrastructure at ESM allows Titan to fast-track the development of the Kilbourne Project; our short-term focus is to de-risk the process and end products through the Phase III program currently in progress at SGS Lakefield; following that test work, Titan will engineer, build and operate a commercial demonstration plant on site during FY 2025; this process will allow Titan to deliver a variety of high value natural flake graphite products to US consumers and build our product offering prior to potentially scaling production, following relevant studies, in the ensuing 18 months; this approach will maximize pricing for our products and ensure we build a facility which matches demand; Phase II will consist of an additional 12,000 ft of drilling, in addition to the roughly 8,250 ft tested during Phase I drilling at Kilbourne, and the Company holds the mineral rights on over 15,000 ft of additional Unit 2 strike length; Phase III test program at SGS Lakefield is designed to de-risk metallurgy by defining a flowsheet and conditions that will serve as input into the engineering of the commercial demonstration plant; the metallurgical flowsheet optimization work is conducted on a composite that aims to replicate the overall mineral resource; the robustness of the optimized flowsheet and conditions are verified with a series of variability composites; the data from the SGS work will then be utilized to develop the mass and water balance, process design criteria, and process flow diagram of the commercial demonstration plant, which are expected to be completed by the end of Q4 2024; these documents will be the building blocks to complete equipment selection and engineering for the commercial demonstration plant; further metallurgical work programs will be defined based on operating data of the commercial demonstration plant; the Phase III test program will be used for defining market and product segmentation for potential products from the Kilbourne Graphite Project and for refining the scope of a commercial demonstration plant; the Company is targeting production of concentrate from a commercial demonstration plant in 2025 to be co-located within the existing ESM mill facilities and benefiting from the shared infrastructure and operational talent present on site; this is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain; Titan will begin preparation of an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project in H1 2025 with the goal of defining project economics and delivering a phased approach to the development of the Kilbourne Graphite Project; permitting for the expanded scope of operations is subject to a state level process; an NI 43-101 technical report supporting the mineral resource estimate disclosed herein will be filed on SEDAR+ within 45 days of this press release. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.*

## Exhibit 99.43

**Exhibit 99.43**

**Titan Mining Hits Key Loan Milestone, Executes Financial Deleveraging Strategy for 2025**

**Vancouver, BC – December 11, 2024** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce that it has agreed to certain amendments to the credit facility with National Bank of Canada dated June 6, 2022 (the "Credit Facility") which will result in Titan significantly deleveraging by the end of 2025 while maintaining flexibility to pursue multiple growth projects within the Company.

**Highlights:**

● Principal repayment of US$5 million by December 30, 2024, for an aggregate of US$17 million in principal repaid in 2024

● Extension of the Credit Facility maturity date from June 30, 2025 to December 31, 2025

● Extension of the remaining principal repayment from $10.2 million by June 30, 2025 *to* US$5 million by June 30, 2025 and US$5.2 million by December 31, 2025

Don Taylor, CEO of Titan, commented: "*We are pleased to have achieved a key milestone for Titan with a total of US$17 million of principal being repaid towards the outstanding Credit Facility in 2024. The Company's Empire State Mines continues to deliver strong results operationally and we remain focused on reducing unit costs and improving cash flow. The revisions to the Credit Facility will allow us to achieve our goal of significantly deleveraging the Company while advancing near term expansion. We are excited to be entering 2025 with a stronger balance sheet and renewed financial momentum".*

 

Rita Adiani, President of Titan, commented: "*The amended payment schedule for the Credit Facility provides Titan with the financial flexibility to capitalize on multiple growth opportunities in 2025 while continuing to reduce debt, positioning us well for 2025 and beyond. As we focus on executing potential near-term increases to production, supported by a favorable zinc price environment, we are committed to unlocking significant value for our shareholders".* 

***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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain and the Kilbourne Graphite Project is a core part of this strategy. For more information on the Company, please visit our website at www.titanminingcorp.com.

 **

***Contact***

 **

*For further information, please contact: Rita Adiani, President, Email: radiani@titanminingcorp.com, Investor Relations, Email: info@titanminingcorp.com*

 

 

 

***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 the amendments to the Credit Facility will result in Titan significantly deleveraging by the end of 2025 while maintaining flexibility to pursue multiple growth projects within the Company; that a principal repayment of US$5 million will occur by December 31, 2024; that Titan will meet its repayment milestones; that the revisions to the Credit Facility will allow us to achieve our goal of significantly deleveraging the Company while advancing near term expansion; and that we are committed to unlocking significant value for our shareholders. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.*

## Exhibit 99.44

**Exhibit 99.44**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")

Suite 555 – 999 Canada Place

Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

December 3, 2024

3. <u>NEWS RELEASE</u> 

News release dated December 3, 2024, was disseminated through the facilities of Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced a maiden mineral resource estimate for tis 100% owned Kilbourne Graphite Project at the Empire State Mine.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced the successful completion of its maiden mineral resource estimate ("MRE") for the Kilbourne Graphite Project, located within the mining permit boundary at its 100% owned Empire State Mine ("ESM") located in St Lawrence County in New York State.

**Highlights:**

● An open-pit constrained inferred mineral resource estimate of 22 million US short tons ("tons") at an average grade of 2.91% (Cg) containing 653,000 tons of graphite, based on a cut-off grade of 1.50%

● Maiden mineral resource estimate based on 45 diamond drill holes totaling 29,699 ft completed as Phase I drilling

● The Phase I drilling and maiden mineral resource estimate represents a small subset of the total graphite bearing unit identified through surface mapping and historical drilling

● Maiden mineral resource estimate based on strike length of 7,000 ft of a total strike length of 25,000 ft. Potential for mineral resource expansion along strike and down dip, almost entirely hosted within the existing active use permit, part of the over 80,000 acres of mineral rights controlled by the company in St. Lawrence County, NY

● Kilbourne is targeted to be fast-tracked to commercial production to secure the preferred US domestic supply chain, given its unique advantage of having existing infrastructure and operational talent at ESM

● Metallurgical test work in progress at SGS Lakefield is due for completion in Q4 2024. This will provide product segmentation information and refine the flowsheet for a commercial demonstration plant

● Production of concentrate from a commercial demonstration plant, located within the ESM mill, in 2025. This is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain

● Preparations for an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project will begin in early 2025

Don Taylor, CEO of Titan, commented: *The maiden mineral resource estimate at Kilbourne is an excellent result based on limited Phase I drilling and confirms the prospect of a long life, open pit, graphite operation at ESM. There remains significant potential to expand the mineral resource estimate within the ESM mineral tenure, to potentially fully meet US domestic needs, and to secure our supply chain. Kilbourne is located less than 4,000 ft from the existing ESM mill and infrastructure. With significant operational synergies, Titan is targeting being the first US commercial producer of natural flake graphite delivering to a broad spectrum of US based customers.*

 

 

Rita Adiani, President of Titan, commented: *The maiden mineral resource estimate at Kilbourne together with existing infrastructure at ESM allows Titan to fast-track the development of the Kilbourne Project. Our short-term focus is to de-risk the process and end products through the Phase III program currently in progress at SGS Lakefield. Following that test work, Titan will engineer, build and operate a commercial demonstration plant on site during FY 2025. This process will allow Titan to deliver a variety of high value natural flake graphite products to US consumers and build our product offering prior to potentially scaling production, following relevant studies, in the ensuing 18 months. This approach will maximize pricing for our products and ensure we build a facility which matches demand.* 

 

**Mineral Resource Estimate**

**Figure 1**: Kilbourne conceptual pit outline with modeled mineralization and Titan Property and permitting outlines.

![](ex99-44_001.jpg)

**Table 1**: Kilbourne Graphite Mineral Resource Summary and in-situ Metal within Pit Shell

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Cut-Off Grade<br> (% Cg)** | &nbsp;&nbsp;**Tonnage<br> ('000 Ton)** | &nbsp;&nbsp;**Grade<br> (% Cg)** | &nbsp;&nbsp;**Contained Graphite<br> ('000 Ton)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;Kilbourne | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;22423 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;653 |

---

Source: BBA USA Inc., 2024.

*Notes to Table 1:*

 

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101 is Mr. Todd McCracken (PGO 0631) of BBA USA Inc. The effective date of this Mineral Resource Estimate is December 3, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Three-dimensional (3D) wireframe models of mineralization were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50% Cg defining two mineralized sub-domains.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Geological and block models for the Mineral Resource Estimate used data from a total of 45 surface diamond drill holes (core) and 1 surface channel sample. The drill hole database was validated prior to mineral resource estimation and QA/QC checks were made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mine personnel.* 

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Quantities and grades in the Mineral Resource Estimate are rounded to an appropriate number of significant figures to reflect that they are estimations.* 

&nbsp;&nbsp;&nbsp;&nbsp;*5.* *The mineral resource estimate was constrained using the following optimization parameters, as agreed upon by Empire State Mine and the QP. The parameters include mining costs of $4.60/ton for mineralized rock, $3.50/ton for unmineralized rock, and $2.00/ton for overburden and tailings, with a 5.0% dilution and 95.0% mining recovery. Processing costs are $14.00/ton milled, with a 91.0% processing recovery and a concentrate grade of 95.0%. No general and administrative (G&A) costs were applied. The selling price is $1,090/ton of concentrate, with transportation costs of $50/ton and no additional selling costs. The overall slope angles are 23 degrees for overburden and tailings, and 45 degrees for rock.* 

&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Process recovery estimates based on Phase I testing done at SGS Lakefield and Forte Dynamics, open circuit recovery 86.5% with expected increase to 90-91% in closed circuit.* 

&nbsp;&nbsp;&nbsp;&nbsp;*7.* *The reported mineral resource estimate has been tabulated in terms of a pit-constrained cut-off value of 1.50% Cg.* 

&nbsp;&nbsp;&nbsp;&nbsp;*8.* *The block model was prepared using Datamine Studio RM™. A 30 ft x 30 ft x 15 ft block model was created, and samples were composited at 5.00 ft intervals. Grade estimation for graphite used data from drill hole data and was carried out using Ordinary Kriging (OK), Inverse Distance Squared (ID <sup>2</sup>), and Nearest Neighbor (NN) methods. The OK methodology is the method used to report the mineral estimate statement.* 

&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Grade estimation was validated by comparison of the global mean block grades for OK, ID<sup>2</sup>, and NN by domain and composite mean grades by domain, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.* 

&nbsp;&nbsp;&nbsp;&nbsp;*10.* *The specific gravity (SG) assessment was carried out for all domains using measurements collected during the core logging process. The mean specific gravity value within the mineralized domains is 2.75.* 

&nbsp;&nbsp;&nbsp;&nbsp;*11.* *The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).* 

 

**Sensitivity Analysis**

The results of grade sensitivity analysis are presented in Figure 2 to illustrate the continuity of the grade estimates at various cut-off increments and the sensitivity of the mineralization to changes in cut-off grade. The reader is cautioned that figures in the following chart should not be misconstrued as Mineral Resources or confused with the Mineral Resource Statement reported above. These figures are only presented to show the sensitivity of the block model estimated grades and tonnages to the selection of cut-off grade. Cut-off at the Kilbourne Graphite Project was set at 1.50% (Cg).

**Figure 2**: Kilbourne Graphite: Revenue Factor Sensitivity

![](ex99-44_002.jpg)

Source: BBA USA Inc., 2024.

**Table 2:** Kilbourne Graphite Revenue Factor Sensitivity

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**$USD per Ton Concentrate** | &nbsp;&nbsp;**RF** | &nbsp;&nbsp;**Graphite (%)** | &nbsp;&nbsp;**Mill Feed**<br> **(k Ton)** | &nbsp;&nbsp;**Contained Graphite**<br> **(k Ton)** | &nbsp;&nbsp;**Waste**<br> **(k Ton)** | &nbsp;&nbsp;**Overburden (k Ton)** |
| &nbsp;&nbsp;872.00 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;7198 | &nbsp;&nbsp;238 | &nbsp;&nbsp;4810 | &nbsp;&nbsp;3532 |
| &nbsp;&nbsp;926.50 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;10627 | &nbsp;&nbsp;339 | &nbsp;&nbsp;9247 | &nbsp;&nbsp;5763 |
| &nbsp;&nbsp;981.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;14987 | &nbsp;&nbsp;457 | &nbsp;&nbsp;13578 | &nbsp;&nbsp;9261 |
| &nbsp;&nbsp;1035.50 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;18303 | &nbsp;&nbsp;547 | &nbsp;&nbsp;18824 | &nbsp;&nbsp;11072 |
| &nbsp;&nbsp;**1090.00** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**2.91** | &nbsp;&nbsp;**22423** | &nbsp;&nbsp;**653** | &nbsp;&nbsp;**25278** | &nbsp;&nbsp;**13425** |
| &nbsp;&nbsp;1144.50 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;25109 | &nbsp;&nbsp;719 | &nbsp;&nbsp;29871 | &nbsp;&nbsp;14557 |
| &nbsp;&nbsp;1199.00 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;28790 | &nbsp;&nbsp;808 | &nbsp;&nbsp;36399 | &nbsp;&nbsp;16528 |
| &nbsp;&nbsp;1253.50 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;32401 | &nbsp;&nbsp;895 | &nbsp;&nbsp;44365 | &nbsp;&nbsp;18400 |
| &nbsp;&nbsp;1308.00 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;2.73 | &nbsp;&nbsp;36959 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;56969 | &nbsp;&nbsp;21433 |

---

Source: BBA USA Inc., 2024.

Note: RF is a reference to Revenue Factor.

**Further Potential for Growth**

The Company is planning Phase II drilling at Kilbourne, with a projected start date in H1 2025. The primary goal of the program is to raise mineral resource confidence from Inferred to Measured/Indicated status within the core of the Kilbourne mineral resource area. Drilling will also aim to extend zones of high-grade mineralization, and test the extensions of mineralization along strike, and down dip. Phase II will consist of an additional 12,000 ft of drilling.

Phase I of drilling successfully tested roughly 8,250 ft of Kilbourne strike length. The Company holds mineral rights on over 15,000 ft of additional Unit 2 strike length. This includes 8,000 ft to the east, and 7,500 ft to the south. Historic drilling and surface mapping documents graphite mineralization, however there are no historic assays to confirm these observations. To date, a little over 30% of the Kilbourne trend has been tested with drilling. Exploration planning is underway to further test these extensions.

**Next Steps**

*De-risking Metallurgy:* Phase III test program at SGS Lakefield is designed to de-risk metallurgy by defining a flowsheet and conditions that will serve as input into the engineering of the commercial demonstration plant. The metallurgical flowsheet optimization work is conducted on a composite that aims to replicate the overall mineral resource. The robustness of the optimized flowsheet and conditions are verified with a series of variability composites.

The data from the SGS work will then be utilized to develop the mass and water balance, process design criteria, and process flow diagram of the commercial demonstration plant, which are expected to be completed by the end of Q4 2024. These documents will be the building blocks to complete equipment selection and engineering for the commercial demonstration plant. Further metallurgical work programs will be defined based on operating data of the commercial demonstration plant.

*Establishing product-segmentation*: The Phase III test program will be used for defining market and product segmentation for potential products from the Kilbourne Graphite Project and for refining the scope of a commercial demonstration plant.

*Commercial demonstration plant*: The Kilbourne Graphite Project has a unique advantage of being hosted within ESM's mine permit boundary, which has an existing mill, established infrastructure and a trained workforce. The Company is targeting production of concentrate from a commercial demonstration plant in 2025 to be co-located within the existing ESM mill facilities and benefiting from the shared infrastructure and operational talent present on site. This is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain.

*Preliminary Economic Assessment*: Titan will begin preparation of an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project in H1 2025 with the goal of defining project economics and delivering a phased approach to the development of the Kilbourne Graphite Project. Permitting for the expanded scope of operations is subject to a state level process.

An NI 43-101 technical report supporting the mineral resource estimate disclosed herein will be filed on SEDAR+ within 45 days of December 3, 2024.

**Quality Assurance and Quality Control**

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. Shipping boxes are placed onto pallets and shipped by freight to SGS Lakefield laboratory in Lakefield, ON, Canada for sample preparation and graphitic carbon analysis. Pulps are forwarded to SGS Burnaby laboratory in Burnaby, BC, Canada for multi-element analysis. SGS Lakefield is a Canadian accredited laboratory (ISO/IEC 17025) and independent of ESM. SGS Lakefield prepares the pulps and analyzes each sample for graphitic carbon (Cg-CSA06V) with a detection limit of >0.01%. Pulps are shipped to SGS Burnaby for multi-element analysis by aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish. All samples in which silver, calcium, manganese, iron, zinc and sulfur exceed their upper limit are re-run using methods of aqua regia digestion (Fe-ICP21B100), four acid digestion (Ag, Ca, Zn, and Mn-ICP42Q100) and infrared combustion (S-CSA06V) with the elements reported in percentage (%). Standards and blanks are inserted during the logging process. The assays for QA/QC samples are reviewed as certificates are received from the laboratory. Failures are identified on a batch basis and followed up as required. The scientific and technical information disclosed herein has been verified by Todd McCracken of BBA USA Inc., using data validation and quality assurance procedures under high industry standards. The verification activities included a search for factual errors, completeness of the lithological and assay data, and suitability of the primary data. As part of the database verification activities, the assay information and certificates obtained directly from the analytical laboratory have been examined as well. Mr. McCracken has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

**Qualified Person**

The technical and scientific information in this material change report has been reviewed and approved by Todd McCracken of BBA USA Inc. Mr. McCracken is a Qualified Person as defined by National Instrument 43-101 and is independent of Titan.

 

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

 

*Certain statements and information contained in this material change report 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 material change report and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that potential for mineral resource expansion along strike and down dip, almost entirely hosted within the existing active use permit; Kilbourne is targeted to be fast-tracked to commercial production to secure the preferred US domestic supply chain; metallurgical test work in progress at SGS Lakefield is due for completion in Q4 2024; this will provide product segmentation information and refine the flowsheet for a commercial demonstration plant, producing graphite concentrate at full run-time, to be co-located within the existing mill at ESM; there remains significant potential to expand the mineral resource estimate within the ESM mineral tenure, to potentially fully meet US domestic needs, and to secure our supply chain; with significant operational synergies, Titan is targeting being the first US commercial producer of natural flake graphite delivering to a broad spectrum of US based customers; the maiden mineral resource estimate at Kilbourne together with existing infrastructure at ESM allows Titan to fast-track the development of the Kilbourne Project; our short-term focus is to de-risk the process and end products through the Phase III program currently in progress at SGS Lakefield; following that test work, Titan will engineer, build and operate a commercial demonstration plant on site during FY 2025; this process will allow Titan to deliver a variety of high value natural flake graphite products to US consumers and build our product offering prior to potentially scaling production, following relevant studies, in the ensuing 18 months; this approach will maximize pricing for our products and ensure we build a facility which matches demand; Phase II will consist of an additional 12,000 ft of drilling, in addition to the roughly 8,250 ft tested during Phase I drilling at Kilbourne, and the Company holds the mineral rights on over 15,000 ft of additional Unit 2 strike length; Phase III test program at SGS Lakefield is designed to de-risk metallurgy by defining a flowsheet and conditions that will serve as input into the engineering of the commercial demonstration plant; the metallurgical flowsheet optimization work is conducted on a composite that aims to replicate the overall mineral resource; the robustness of the optimized flowsheet and conditions are verified with a series of variability composites; the data from the SGS work will then be utilized to develop the mass and water balance, process design criteria, and process flow diagram of the commercial demonstration plant, which are expected to be completed by the end of Q4 2024; these documents will be the building blocks to complete equipment selection and engineering for the commercial demonstration plant; further metallurgical work programs will be defined based on operating data of the commercial demonstration plant; the Phase III test program will be used for defining market and product segmentation for potential products from the Kilbourne Graphite Project and for refining the scope of a commercial demonstration plant; the Company is targeting production of concentrate from a commercial demonstration plant in 2025 to be co-located within the existing ESM mill facilities and benefiting from the shared infrastructure and operational talent present on site; this is expected to be the first commercial demonstration plant in full run-time in the United States capable of delivering to the US supply chain; Titan will begin preparation of an NI 43-101 Preliminary Economic Assessment for the Kilbourne Graphite Project in H1 2025 with the goal of defining project economics and delivering a phased approach to the development of the Kilbourne Graphite Project; permitting for the expanded scope of operations is subject to a state level process; an NI 43-101 technical report supporting the mineral resource estimate disclosed herein will be filed on SEDAR+ within 45 days. When used in this material change report 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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 material change report are expressly qualified in their entirety by this cautionary statement.*

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, VP Legal, (604) 638-1470

9. <u>DATE OF REPORT</u> 

December 13, 2024

## Exhibit 99.45

**Exhibit 99.45**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")<br> Suite 555 – 999 Canada Place<br> Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

December 11, 2024

3. <u>NEWS RELEASE</u> 

News release dated December 11, 2024, was disseminated through the facilities of Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced it had agreed to certain amendments to the credit facility with National Bank of Canada dated June 6, 2022 (the "Credit Facility") which will result in Titan significantly deleveraging by the end of 2025 while maintaining flexibility to pursue multiple growth projects within the Company.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced it had agreed to certain amendments to the Credit Facility which will result in Titan significantly deleveraging by the end of 2025 while maintaining flexibility to pursue multiple growth projects within the Company.

Highlights:

● Principal repayment of US$5 million by December 30, 2024, for an aggregate of US$17 million in principal repaid in 2024

● Extension of the Credit Facility maturity date from June 30, 2025 to December 31, 2025

● Extension of the remaining principal repayment from $10.2 million by June 30, 2025 to US$5 million by June 30, 2025 and US$5.2 million by December 31, 2025

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, VP Legal, (604) 638-1470

9. <u>DATE OF REPORT</u> 

December 13, 2024

## Exhibit 99.46

**Exhibit 99.46**

![](ex99-46_003.jpg)

**Titan Mining Announces District Scale Exploration Plans and Extended Life of Mine Plan at its 100% Owned Empire State Mines** 

**Vancouver, BC – January 7, 2025** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") is pleased to announce district scale exploration plans, updated mineral resource estimate and extended mine life for its Empire State Mines ("**ESM**") zinc operations. The regional and near mine exploration plans cover ESM's 80,000 acres of controlled mineral rights in upstate New York and target multiple high quality, near mine and district scale targets with potential to increase near term production and further extend mine life.

 ****

***Highlights:***

● Increase in measured & indicated contained pounds of zinc by 22%<sup>1</sup> as compared to Titan's 2020 Zinc Mineral Resource Estimate (net of depletions)

● Updated base case life of mine plan with extended life of mine until 2033

● The updated life of mine plan (the "**Zinc LOM Plan**") provides total recoverable zinc of 636 million pounds and payable zinc production of 541 million pounds.

● Established operating base with 5,000 tpd mill and 130+ employee workforce in a Tier 1 jurisdiction

● 40,000 ft of near mine underground drilling planned in 2025 within existing mining areas. 31,000 ft of exploration drilling also planned for 2025 with 13,000 ft in near mine drilling and 18,000 ft in regional surface drilling

● The 100+ year track record at ESM of converting near-mine exploration targets into production suggests the Company's exploration program has the potential to continue adding incremental production in the near term

● The exploration drilling comprises fifteen drill ready targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend

● Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 mlbs to 1,470 mlbs of contained zinc

The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

 

*Don Taylor, CEO of Titan commented*: "*We are pleased with the results of the most recent Zinc LOM Plan demonstrating an increased mine life and a strong base case production. As we ramp up exploration plans in 2025, we aim for increased production and a significantly enhanced mine-life. We see a bright future for ESM in 2025 and beyond, as the team continues to focus on lowering unit costs, expanding the mineral resource, growing zinc production while we continue our evaluation of the Kilbourne graphite project."*

 

<sup>1</sup> Includes the open pit resource

 

![](ex99-46_003.jpg)

*Rita Adiani, President of Titan commented*: "*Our Zinc business demonstrates a robust growth profile and significant volumes of contained zinc in near mine exploration targets. Our existing infrastructure and 5,000 tpd mill provide the unique opportunity to translate exploration into production in the near term at a low capital cost. Our management team remains focused on delivering value growth for shareholders as we assess and deliver on the district scale potential in a Tier 1 jurisdiction."*

**2024 Zinc Mineral Resource Tables**

**Table 1: Underground Mineral Resource Estimate**

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tons (000's US short tons)** | **Zn (%)** | **Contained pounds (Mlbs)** |
| Measured | 295 | 17.1 | 101 |
| Indicated | 1158 | 15.7 | 364 |
| Measured + Indicated | 1453 | 16.0 | 465 |
| Inferred | 4327 | 12.1 | 1049 |

---

Source: ESM 2024

Notes:

*1.* *The qualified person for the 2024 Zinc Mineral Resource Estimate (the "2024 Zinc MRE"), as defined by National Instrument ("NI") 43-101 guidelines, is Donald (Don) R. Taylor, of Titan Mining Corp., SME registered member (#4029597).* 

*2.* *Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 Zinc MRE (underground) encompasses 36 vein domains and 6 indicator RBF interpolant shells totaling 42 individual wireframes.* 

*3.* *Geological and block models for the 2024 Zinc MRE (underground) used data from a total of 1,100 surface and underground diamond drill holes (core). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mine personnel.* 

*4.* *High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping method.* 

*5.* *The 2024 Zinc MRE was compiled from 10 individual block models that were prepared using Leapfrog Edge. Block models were sub-blocked at domain boundaries and samples were composited using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10 foot run-length composites with residuals less than 5 feet added to the prior interval, honoring the modeled geological boundaries. Grade estimation was carried out using Inverse Distance Weighted (IDW) methods coupled with variably orientated search ellipses derived from modelled vein surfaces.* 

*6.* *The specific gravity (SG) assessment was carried out for all domains using measurements collected during the core logging process. Where there is sufficient sampling the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists then density was assigned to models based on calculated means or by a regression formula.* 

*7.* *Resources are reported using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing, G&A costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.* 

*8.* *Resources stated as in-situ grade at a Zinc price of $1.30/lb.* 

*9.* *The resource classification considered the quality, quantity and distance to the data informing blocks in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality, quantity, and distance parameters.* 

*10.* *Quantities and grades in the 2024 Zinc MRE are rounded to an appropriate number of significant figures to reflect that they are estimations.* 

*11.* *The 2024 Zinc MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).* 

*12.* *CIM definitions and guidelines for Mineral Resource Estimates have been followed.* 

*13.* *The effective date of the underground mineral estimate is July 16, 2024.* 

![](ex99-46_003.jpg)

**Zinc LOM Plan Update Summary**

Table 2 presents the key metrics of the Zinc LOM Plan compared to the LOM Report issued in 2021 (the "**2021 Zinc LOM Plan**"), considering the comparable periods from July 16, 2024 onwards (the effective date of the Zinc LOM Plan).

The total zinc production in the Zinc LOM Plan has increased by 35% compared to the 2021 LOM Plan. LOM throughput rate increased by 37% to 1,775 tons per day with total tons processed increased by 35% to 4.5mt over LOM.

**Table 2- Summary of the Zinc LOM Plan and Comparison to the 2021 Zinc LOM Plan**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**LOM Plan comparisons** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Latest Zinc<br> LOM Plan** | &nbsp;&nbsp;**2021 Zinc<br> LOM Plan** | &nbsp;&nbsp;**Change** | &nbsp;&nbsp;**Change (%)<sup>2</sup>** |
| &nbsp;&nbsp;Mine Life | &nbsp;&nbsp;Years | &nbsp;&nbsp;9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;2 | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;Resource Mined | &nbsp;&nbsp;kt | &nbsp;&nbsp;4469 | &nbsp;&nbsp;3309 | &nbsp;&nbsp;1160 | &nbsp;&nbsp;35% |
| &nbsp;&nbsp;LOM Throughput Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;1775 | &nbsp;&nbsp;1294 | &nbsp;&nbsp;481 | &nbsp;&nbsp;37% |
| &nbsp;&nbsp;Average Head Zinc Grade | &nbsp;&nbsp;% Zn | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;LOM Recovered Zinc | &nbsp;&nbsp;Mlbs | &nbsp;&nbsp;636 | &nbsp;&nbsp;470 | &nbsp;&nbsp;166 | &nbsp;&nbsp;35% |
| &nbsp;&nbsp;LOM Payable Zinc | &nbsp;&nbsp;Mlbs | &nbsp;&nbsp;541 | &nbsp;&nbsp;400 | &nbsp;&nbsp;141 | &nbsp;&nbsp;35% |

---

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves Estimate. The results disclosed herein are the results of a preliminary economic assessment. On this basis, it is considered preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

**Opportunities - Near Term Increase in Production and District Scale Potential**

Titan is assessing various near term production increase opportunities at N2D and Turnpike. Accelerating mining of N2D and commencement of open pit mining at Turnpike could increase near term production, cash flows and project NPV over the life of the zones. Near mine exploration targets provide opportunities for mineral resource expansion that could increase mine life and are summarized in Figure 3 below.

<sup>2</sup> Net of depletions

![](ex99-46_003.jpg)

**Figure 3- Near mine exploration and production opportunity targets**

![](ex99-46_001.jpg)

Targets for exploration drilling can be broken into three categories, near mine, within the Balmat (ESM #1-#4) - Pierrepont trend, and within the greater district. Figure 4 shows the current near mine drill targets.

In 2025, near mine exploration is expected to expand the Mahler, Mud Pond Main and New Fold zones with planned underground drilling totaling 40,000 ft and test Arnold Pit/Wight, Streeter East, Streeter West, and Little York with planned surface drilling totaling 13,000 ft.

Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 Mlbs to 1,470 Mlbs of contained zinc, providing significant potential to increase mine life. The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

![](ex99-46_003.jpg)

In addition to the near mine targets, the Company has developed an additional fifteen drill ready targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend. Targeting has focused on: the extension of historic mineralized intercepts with room down dip, and along strike to accommodate a significant body of mineralization; testing historically productive stratigraphic units; and testing down dip from surficial zinc anomalies. Targets for the 2025 in trend drill program include Pleasant Valley, Pork Creek, and Bend (See Figure 4 below).

There are currently four drill ready targets within the district. These target: the down dip extensions of zinc anomalies identified through surface geochemical sampling; stratigraphy with known past base metal production; and conceptual geologic and geophysical targets. The Company currently has 18,000 ft planned to test targets within the trend and district. The primary district drill target for 2025 is Moss Ridge.

In addition to the 71,000 ft planned for the 2025 drill programs, the Company plans on collecting greater than 2,000 soil samples annually from its existing and future mineral tenure. This program will begin targeting historically productive stratigraphic units within the trend, and historic geochemical samples (rock and soil) with elevated Zn recorded. The Company's 2022 soil program led to the development of the Pork Creek, and Moss Ridge drill targets.

**Figure 4 – District Drilling and Geochemical Sampling Targets**

![](ex99-46_002.jpg)

![](ex99-46_003.jpg)

An NI 43-101 technical report supporting the results disclosed herein will be filed on SEDAR+ within 45 days of the Company's December 3, 2024 press release.

**Quality Assurance and Quality Control**

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes.

For graphitic samples, shipping boxes are placed onto pallets and shipped by freight to SGS Lakefield laboratory in Lakefield, ON, Canada for sample preparation and graphitic carbon analysis. Pulps are forwarded to SGS Burnaby laboratory in Burnaby, BC, Canada for multi-element analysis. SGS Lakefield is a Canadian accredited laboratory (ISO/IEC 17025) and independent of ESM. SGS Lakefield prepares the pulps and analyzes each sample for graphitic carbon (Cg-CSA06V) with a detection limit of >0.01%. Pulps are shipped to SGS Burnaby for multi-element analysis by aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish. All samples in which silver, calcium, manganese, iron, zinc and sulfur exceed their upper limit are re-run using methods of aqua regia digestion (Fe-ICP21B100), four acid digestion (Ag, Ca, Zn, and Mn-ICP42Q100) and infrared combustion (S-CSA06V) with the elements reported in percentage (%). Standards and blanks are inserted during the logging process. The assays for QA/QC samples are reviewed as certificates are received from the laboratory. Failures are identified on a batch basis and followed up as required.

For samples related to zinc operations and exploration, shipping boxes are placed on pallets and shipped by freight to ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical data in this news release. Mr. Taylor has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

**Qualified Person** 

The scientific and technical information contained in this news release has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, and Deepak Malhotra, P. Eng, who is independent of the Company. Each of Mr. Taylor and Mr. Malhotra is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597). Dr. Malhotra has more than 52 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member No. 2006420).

![](ex99-46_003.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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

 

***Contact***

 

*For further information, please contact: Rita Adiani, President. Email: radiani@titanminingcorp.com,* Investor Relations: Email: info@titanminingcorp.com

 

***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 realization of the results of the PEA, including an increased mine life, the results of the new mine plan, mine design, economic and financial results; we see a bright future for ESM in 2025 and beyond, as the team continues to focus on lowering unit costs, expanding the mineral resource base, and growing production, and potential future exploration results; our existing infrastructure and 5,000 tpd mill provides the unique opportunity to translate exploration into production in the near term at a low capital cost; near term and existing drilling continues and is expected to expand the Mahler, Mud Pond Main and New Fold zones with 40,000 ft of drilling targeted for 2025; accelerating production from N2D has the potential to increase project NPV over the life of the zone and add incrementally to near term production and cash flows; drilling of surface near-mine and district exploration targets to be increased in 2025 with key targets being Pleasant Valley, Pork Creek, Moss Ridge, Bend, Little York , Streeter East, and Streeter West; 31,000 ft of exploration drilling planned for 2025 with 13,000 ft in near mine drilling and 18,000 ft in regional surface drilling; estimates; total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 mlbs to 1,470 mlbs of contained zinc, providing significant potential to increase mine life; realization of near mine exploration targets that provide mineral resource expansion and increase mine life; exploration targets and plans. 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; 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 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; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.47

**Exhibit 99.47** 

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")<br> Suite 555 – 999 Canada Place<br> Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

January 7, 2025

3. <u>NEWS RELEASE</u> 

News release dated January 7, 2025, was disseminated through the facilities of Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced an updated mineral resource estimate and extended mine life for its Empire State Mines ("**ESM**") zinc operations.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced an updated mineral resource estimate and extended mine life for its ESM zinc operations.

 ****

***Highlights:***

● Increase in measured & indicated contained pounds of zinc by 22%<sup>1</sup> as compared to Titan's 2020 Zinc Mineral Resource Estimate (net of depletions)

● Updated base case life of mine plan with extended life of mine until 2033

● The updated life of mine plan (the "**Zinc LOM Plan**") provides total recoverable zinc of 636 million pounds and payable zinc production of 541 million pounds.

● Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 mlbs to 1,470 mlbs of contained zinc

The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

<sup>1</sup> Includes the open pit resource

**2024 Zinc Mineral Resource Tables**

**Table 1: Underground Mineral Resource Estimate**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Classification** | **Tons (000's US short tons)** | **Zn (%)** | **Contained pounds (Mlbs)** |
| &nbsp;&nbsp;Measured | 295 | 17.1 | 101 |
| &nbsp;&nbsp;Indicated | 1158 | 15.7 | 364 |
| &nbsp;&nbsp;Measured + Indicated | 1453 | 16.0 | 465 |
| &nbsp;&nbsp;Inferred | 4327 | 12.1 | 1049 |

---

Source: ESM 2024

Notes:

*1.* *The qualified person for the 2024 Zinc Mineral Resource Estimate (the "2024 Zinc MRE"), as defined by National Instrument ("NI") 43-101 guidelines, is Donald (Don) R. Taylor, of Titan Mining Corp., SME registered member (#4029597).* 

*2.* *Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 Zinc MRE (underground) encompasses 36 vein domains and 6 indicator RBF interpolant shells totaling 42 individual wireframes.* 

*3.* *Geological and block models for the 2024 Zinc MRE (underground) used data from a total of 1,100 surface and underground diamond drill holes (core). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mine personnel.* 

*4.* *High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping method.* 

*5.* *The 2024 Zinc MRE was compiled from 10 individual block models that were prepared using Leapfrog Edge. Block models were sub-blocked at domain boundaries and samples were composited using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10 foot run-length composites with residuals less than 5 feet added to the prior interval, honoring the modeled geological boundaries. Grade estimation was carried out using Inverse Distance Weighted (IDW) methods coupled with variably orientated search ellipses derived from modelled vein surfaces.* 

*6.* *The specific gravity (SG) assessment was carried out for all domains using measurements collected during the core logging process. Where there is sufficient sampling the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists then density was assigned to models based on calculated means or by a regression formula.* 

*7.* *Resources are reported using a 5.3% Zinc cut - off grade, based on actual break-even mining, processing, G&A costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.* 

&nbsp;&nbsp;&nbsp;&nbsp;*8.* *Resources stated as in - situ grade at a Zinc price of $1.30/lb.* 

*9.* *The resource classification considered the quality, quantity and distance to the data informing blocks in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality, quantity, and distance parameters.* 

*10.* *Quantities and grades in the 2024 Zinc MRE are rounded to an appropriate number of significant figures to reflect that they are estimations.* 

*11.* *The 2024 Zinc MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).* 

*12.* *CIM definitions and guidelines for Mineral Resource Estimates have been followed.* 

13. The effective date of the underground mineral estimate is July
16, 2024.

**Zinc LOM Plan Update Summary**

Table 2 presents the key metrics of the Zinc LOM Plan compared to the LOM Report issued in 2021 (the "**2021 Zinc LOM Plan**"), considering the comparable periods from July 16, 2024 onwards (the effective date of the Zinc LOM Plan).

The total zinc production in the Zinc LOM Plan has increased by 35% compared to the 2021 LOM Plan. LOM throughput rate increased by 37% to 1,775 tons per day with total tons processed increased by 35% to 4.5mt over LOM.

**Table 2- Summary of the Zinc LOM Plan and Comparison to the 2021 Zinc LOM Plan**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **LOM Plan comparisons** | **Unit** | **Latest Zinc LOM Plan** | **2021 Zinc LOM Plan** | **Change** | **Change (%)<sup>2</sup>** |
| &nbsp;&nbsp;Mine Life | Years | 9 | 7 | 2 | 29% |
| &nbsp;&nbsp;Resource Mined | kt | 4469 | 3309 | 1160 | 35% |
| &nbsp;&nbsp;LOM Throughput Rate | t/d | 1775 | 1294 | 481 | 37% |
| &nbsp;&nbsp;Average Head Zinc Grade | % Zn | 7.4 | 6.6 | 0.8 | 12% |
| &nbsp;&nbsp;LOM Recovered Zinc | Mlbs | 636 | 470 | 166 | 35% |
| &nbsp;&nbsp;LOM Payable Zinc | Mlbs | 541 | 400 | 141 | 35% |

---

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves Estimate. The results disclosed herein are the results of a preliminary economic assessment. On this basis, it is considered preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

**Opportunities - Near Term Increase in Production and District Scale Potential**

Titan is assessing various near term production increase opportunities at N2D and Turnpike. Accelerating mining of N2D and commencement of open pit mining at Turnpike could increase near term production, cash flows and project NPV over the life of the zones. Near mine exploration targets provide opportunities for mineral resource expansion that could increase mine life and are summarized in Figure 3 below.

 

<sup>2</sup> Net of depletions

**Figure 3- Near mine exploration and production opportunity targets**

![](ex99-47_001.jpg)

Targets for exploration drilling can be broken into three categories, near mine, within the Balmat (ESM #1-#4) - Pierrepont trend, and within the greater district. Figure 4 shows the current near mine drill targets.

Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 Mlbs to 1,470 Mlbs of contained zinc, providing significant potential to increase mine life. The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

In addition to the near mine targets, the Company has developed an additional fifteen drill ready targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend. Targeting has focused on: the extension of historic mineralized intercepts with room down dip, and along strike to accommodate a significant body of mineralization; testing historically productive stratigraphic units; and testing down dip from surficial zinc anomalies. Targets for the 2025 in trend drill program include Pleasant Valley, Pork Creek, and Bend (See Figure 4 below).

There are currently four drill ready targets within the district. These target: the down dip extensions of zinc anomalies identified through surface geochemical sampling; stratigraphy with known past base metal production; and conceptual geologic and geophysical targets.

**Figure 4 – District Drilling and Geochemical Sampling Targets**

![](ex99-47_002.jpg)

**Quality Assurance and Quality Control**

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes.

For samples related to zinc operations and exploration, shipping boxes are placed on pallets and shipped by freight to ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical data disclosed herein. Mr. Taylor has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

**Qualified Person** 

The scientific and technical information contained herein has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, and Deepak Malhotra, P. Eng, who is independent of the Company. Each of Mr. Taylor and Mr. Malhotra is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597). Dr. Malhotra has more than 52 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member No. 2006420).

**Cautionary Note Regarding Forward-Looking Information** 

Certain statements and information contained herein 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 herein and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including realization of the results of the PEA, including an increased mine life, the results of the new mine plan, mine design, economic and financial results; we see a bright future for ESM in 2025 and beyond, as the team continues to focus on lowering unit costs, expanding the mineral resource base, and growing production, and potential future exploration results; our existing infrastructure and 5,000 tpd mill provides the unique opportunity to translate exploration into production in the near term at a low capital cost; near term and existing drilling continues and is expected to expand the Mahler, Mud Pond Main and New Fold zones with 40,000 ft of drilling targeted for 2025; accelerating production from N2D has the potential to increase project NPV over the life of the zone and add incrementally to near term production and cash flows; drilling of surface near-mine and district exploration targets to be increased in 2025 with key targets being Pleasant Valley, Pork Creek, Moss Ridge, Bend, Little York , Streeter East, and Streeter West; 31,000 ft of exploration drilling planned for 2025 with 13,000 ft in near mine drilling and 18,000 ft in regional surface drilling; estimates; total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 mlbs to 1,470 mlbs of contained zinc, providing significant potential to increase mine life; realization of near mine exploration targets that provide mineral resource expansion and increase mine life; exploration targets and plans. When used herein, 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; 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 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; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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 herein are expressly qualified in their entirety by this cautionary statement.

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

January 14, 2025

## Exhibit 99.48

**Exhibit 99.48**

![](ex99-48_001a.jpg)

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Date and Signature Page

This technical report is effective as of the 3<sup>rd</sup> day of December 2024.

---

| | |
|:---|:---|
| *Signed and Sealed* | *January 15, 2025* |
| Donald R. Taylor, MSc, PG | Date |
| Titan Mining Corporation |  |
| *Signed and Sealed* | *January 15, 2025* |
| Todd McCracken, P.Geo. | Date |
| BBA USA Inc. |  |
| *Signed and Sealed* | *January 15, 2025* |
| Deepak Malhotra, P.Eng. | Date |
| Forte Dynamics, Inc. |  |
| *Signed and Sealed* | *January 15, 2025* |
| Oliver Peters, MSc, P.Eng., MBA | Date |
| Metpro Management Inc. |  |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | BBA Document No.: 6280006-000000-40-ERA-0001-R00 |

---

![](ex99-48_004a.jpg)

**CERTIFICATE OF QUALIFIED PERSON**

**Donald R. Taylor, MSc, PG**

This certificate applies to the NI 43101 Technical Report titled "*Empire State Mines 2024 NI 43101 Technical Report Update*" (the "Technical Report"), prepared for Titan Mining Corporation (the "Company"), with a signing date of January 15, 2025, and an effective date of December 3, 2024.

I, Donald R. Taylor, MSc, PG, as a co-author of the Technical Report, do hereby certify that:

1. I am the Chief Executive Officer of the Company, located
at Suite 555 - 999 Canada Place, Vancouver, BC V6C 3E1.

2. I am a graduate of Southeast Missouri State University and
the University of Missouri Rolla, where I received a Bachelor of Science degree in Geology and a Master of Science in Geology and Geophysics,
respectively.

3. I am a member in good standing of the Society for Mining,
Metallurgy & Exploration (SME Registered Member #4029597).

4. My relevant experience includes over 40 years of global mineral
exploration and mining experience in the precious and base metal sectors. I have been responsible for many successful exploration and
mine development programs, including several discoveries and deposit expansions. My experience includes positions with BHP Minerals,
Bear Creek Mining, American Copper and Nickel, The Doe Run Resources Company and Westmont Mining. I serve as President and CEO of Augusta
Gold and CEO of the Company, two mining companies listed on the Toronto Stock Exchange. Prior to this I was the Chief Operating Officer
for Arizona Mining Inc., where I was credited with the discovery of the Hermosa Taylor Project in Arizona. The Hermosa Taylor Project
is one of the world's largest undeveloped lead/zinc/silver deposits, which was purchased by Australia's South32. I was the
2017 winner of the SME's Ben F. Dickerson award; the recipient of PDAC's 2018 Thayer Lindsley award for the best global discovery
and winner of the 2019 Robert M Dreyer award.

5. I have read the definition of "qualified person"
set out in the NI 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that, by reason of
my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a qualified
person for the purposes of NI 43-101.

6. I am not independent of the issuer applying all the tests
in Section 1.5 of NI 43-101, as I am the Chief Executive Officer of the Company.

7. I am author and responsible for the preparation of Chapters
1 (except Sections 1.5.2, 1.6.2, 1.7.2 and 1.9), 2, 3, 4, 5, 6, 7, 8 (except Section 8.2), 9 (except Section 9.2), 10 (except Section
10.2), 11, 12, 14 (except Section 14.2), 15, 16, 18, 19, 20, 21, 22, 23, 24, 25 (except Section 25.2) and 26 (except Section 26.2). I
am also co-author and responsible for the relevant portions of Chapter 27 of the Technical Report.

8. I have visited the Property that is the subject of the Technical
Report, from August 20 to 22, 2024 as part of this current mandate.

9. I have had prior involvement with the Property that is the
subject of the Technical Report as I have been Chief Executive Officer of the Company since June 21, 2018.

10. I have read NI 43-101, and the sections of the Technical
Report for which I am responsible have been prepared following NI 43-101 rules and regulations.

11. As at the effective date of the Technical Report, to the
best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific
and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not
misleading.

Signed and sealed this 15<sup>th</sup> day of January 2025.

<u>*Signed and Sealed*</u> <br> Donald R. Taylor, MSc, PG

---

| | |
|:---|:---|
| ![](ex99-48_005a.jpg) | 144, Pine Street, Unit 501 |
| ![](ex99-48_005a.jpg) | Sudbury, ON P3C 1X3 |
| ![](ex99-48_005a.jpg) | **T +**1 705.265.1119 |
| ![](ex99-48_005a.jpg) | **F +**1 450.464.0901 |
| ![](ex99-48_005a.jpg) | **BBA.CA** |

---

**CERTIFICATE OF QUALIFIED PERSON**

**Todd McCracken, P.Geo.**

This certificate applies to the NI 43101 Technical Report titled "*Empire State Mines 2024 NI 43101 Technical Report Update*" (the "Technical Report"), prepared for Titan Mining Corporation (the "Company"), with a signing date of January 15, 2025, and an effective date of December 3, 2024.

I, Todd McCracken, P.Geo., as author of the Technical Report, do hereby certify that:

1. I am Senior Geologist and Director of Mining and Geology
at BBA USA Inc., located at 144 Pine Street, Unit 501, Sudbury, ON, P3C 1X3.

2. I am a graduate from University of Waterloo, Ontario, in
1992, with a bachelor's degree in Honors Applied Earth Sciences. I have practiced my profession continuously since my graduation.

3. I am a member in good standing of Association of Professional
Geoscientists of Ontario (PGO No. 0631) and Ordre des Géologues du Québec (OGQ No. 02371).

4. My relevant experience includes 30 years in exploration,
operations, and consulting, including resource estimation on graphite deposits.

5. I have read the definition of "qualified person"
set out in the NI 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that, by reason of
my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a qualified
person for the purposes of NI 43-101.

6. I am independent of the issuer applying all the tests in
Section 1.5 of NI 43-101.

7. I am author and responsible for the preparation of Sections
1.5.2, 1.7.2, 8.2, 9.2, 10.2, 14.2, 25.2 and 26.2. I am also co-author and responsible for the relevant portions of Chapter 27 of the
Technical Report.

8. I have visited the Property that is the subject of the Technical
Report, on August 26-27, 2024, as part of this current mandate.

9. I have had no prior involvement with the Property that is
the subject of the Technical Report.

10. I have read NI 43-101, and the sections of the Technical
Report for which I am responsible have been prepared following NI 43-101 rules and regulations.

11. As at the effective date of the Technical Report, to the
best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific
and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not
misleading.

Signed and sealed this 15<sup>th</sup> day of January 2025.

<u>*Signed and Sealed*</u> <br> Todd McCracken, P.Geo.

![](ex99-48_006a.jpg)

**CERTIFICATE OF QUALIFIED PERSON**

**Deepak Malhotra, P.Eng.**

This certificate applies to the NI 43101 Technical Report titled "*Empire State Mines 2024 NI 43101 Technical Report Update*" (the "Technical Report"), prepared for Titan Mining Corporation (the "Company"), with a signing date of January 15, 2025, with an effective date of December 3, 2024.

I, Deepak Malhotra, P.Eng., as author of the Technical Report, do hereby certify that:

1. I am Principal / Director at Forte Dynamics, Inc., located
at 12600 W Colfax Ave, Ste A-540, Lakewood, CO 80215.

2. I am a graduate of Colorado School of Mines with a M.Sc.
degree in Metallurgical Engineering (1974), and PhD in Mineral Economics (1978).

3. I am a member in good standing of the Society for Mining,
Metallurgy & Exploration (SME Registered Member #2006420).

4. My relevant experience includes having worked as a Metallurgist
/ Mineral economist for over 40 years, since my graduation from university; as an employee of several mining companies, an engineering
company, a mine development and mine construction company, an exploration company, and as a consulting engineer.

5. I have read the definition of "qualified person"
set out in the NI 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that, by reason of
my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a qualified
person for the purposes of NI 43-101.

6. I am independent of the issuer applying all the tests in
Section 1.5 of NI 43-101.

7. I am author and responsible for the preparation of Chapters
13 (except Section 13.2), 17, and Section 1.9. I am also co-author and responsible for the relevant portions of Chapter 27 of the Technical
Report.

8. I have visited the Property that is the subject of the Technical
Report in 2016 as part of another mandate. I did not visit the Property as part of this current mandate as it was not required for the
purpose of this mandate.

9. I have had prior involvement with the Property that is the
subject of the Technical Report as I have participated as a QP on the Company's most recent NI 43-101 technical report titled,
"Empire State Mines 2021 NI 43-101 Technical Report (Amended)" with an effective date of February 24, 2021. I have also participated
in due diligence examinations of the project as part of its purchase in 2017.

10. I have read NI 43-101, and the sections of the Technical
Report for which I am responsible have been prepared following NI 43-101 rules and regulations.

11. As at the effective date of the Technical Report, to the
best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific
and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not
misleading.

Signed and sealed this 15<sup>th</sup> day of January 2025.

<u>*Signed and Sealed*</u> <br> Deepak Malhotra, P.Eng.

![](ex99-48_007a.jpg)

**CERTIFICATE OF QUALIFIED PERSON**

**Oliver Peters, MSc, P.Eng., MBA**

This certificate applies to the NI 43101 Technical Report titled "*Empire State Mines 2024 NI 43101 Technical Report Update*" (the "Technical Report"), prepared for Titan Mining Corporation (the "Company"), with a signing date of January 15, 2025, and an effective date of December 3, 2024.

I, Oliver Peters, MSc, P.Eng., MBA, as author of the Technical Report, do hereby certify that:

1. I am Mineral Processing Engineer & President of Metpro Management Inc., located at 102 Milroy Drive, Peterborough, ON, K9H 7T2.

2. I am a graduate from RWTH Aachen, Germany.

3. I am a member in good standing of the Professional Engineers
of Ontario (Member #100078050).

4. My relevant experience includes 26 years of mineral processing
of which the last 13 years focused on graphite with over 40 projects completed.

5. I have read the definition of "qualified person"
set out in the NI 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and certify that, by reason of
my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a qualified
person for the purposes of NI 43-101.

6. I am independent of the issuer applying all the tests in
Section 1.5 of NI 43-101.

7. I am author and responsible for the preparation of Sections
1.6.2 and 13.2. I am also co-author and responsible for the relevant portions of Chapter 27 of the Technical Report.

8. I have visited the Property that is the subject of the Technical
Report in 2024 as part of another mandate. I did not visit the Property as part of this current mandate as it was not required for the
purpose of this mandate.

9. I have no prior involvement with the Property that is the
subject of the Technical Report *.* 

10. I have read NI 43-101, and the sections of the Technical
Report for which I am responsible have been prepared following NI 43-101 rules and regulations.

11. As at the effective date of the Technical Report, to the
best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific
and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not
misleading.

Signed and sealed this 15<sup>th</sup> day of January 2025.

<u>*Signed and Sealed*</u> <br> Oliver Peters, MSc, P.Eng., MBA

102 Milroy Drive oliver@metpro.ca <br> Peterborough, ON, K9H7T2, Canada T: +1 (705) 761-7276

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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TABLE of contents

---

| | | | | |
|:---|:---|:---|:---|:---|
| **List of Abbreviations and Units of Measurement** | **List of Abbreviations and Units of Measurement** | **List of Abbreviations and Units of Measurement** | **List of Abbreviations and Units of Measurement** | **xv** |
| **1.** | **Summary** | **Summary** | **Summary** | **1-1** |
|  | 1.1 | Introduction | Introduction | 1-1 |
|  | 1.2 | Project Description | Project Description | 1-1 |
|  | 1.3 | Location, Access, and Ownership | Location, Access, and Ownership | 1-2 |
|  | 1.4 | History, Exploration, and Drilling | History, Exploration, and Drilling | 1-2 |
|  | 1.5 | Geology and Mineralization | Geology and Mineralization | 1-3 |
|  |  | 1.5.1 | Zinc | 1-3 |
|  |  | 1.5.2 | Graphite | 1-3 |
|  | 1.6 | Metallurgical Testing and Mineral Processing | Metallurgical Testing and Mineral Processing | 1-4 |
|  |  | 1.6.1 | Zinc | 1-4 |
|  |  | 1.6.2 | Graphite | 1-5 |
|  | 1.7 | Mineral Resource Estimates | Mineral Resource Estimates | 1-6 |
|  |  | 1.7.1 | Zinc | 1-6 |
|  |  | 1.7.2 | Graphite | 1-10 |
|  | 1.8 | Mining | Mining | 1-12 |
|  | 1.9 | Recovery Methods | Recovery Methods | 1-13 |
|  | 1.10 | Infrastructure | Infrastructure | 1-14 |
|  | 1.11 | Environment and Permitting | Environment and Permitting | 1-15 |
|  | 1.12 | Operating and Capital Cost Estimates | Operating and Capital Cost Estimates | 1-16 |
|  | 1.13 | Economic Analysis | Economic Analysis | 1-17 |
|  | 1.14 | Conclusions | Conclusions | 1-20 |
|  |  | 1.14.1 | Risks | 1-20 |
|  |  | 1.14.2 | Opportunities | 1-20 |
|  |  | 1.14.3 | Recommendations | 1-21 |
| **2.** | **Introduction** | **Introduction** | **Introduction** | **2-22** |
|  | 2.1 | Basis of the Technical Report | Basis of the Technical Report | 2-22 |
|  | 2.2 | Units, Currency, and Rounding | Units, Currency, and Rounding | 2-24 |
| **3.** | **Reliance on Other Experts** | **Reliance on Other Experts** | **Reliance on Other Experts** | **3-25** |
| **4.** | **Property Description and Location** | **Property Description and Location** | **Property Description and Location** | **4-26** |
|  | 4.1 | Location | Location | 4-26 |
|  | 4.2 | Mineral Tenure | Mineral Tenure | 4-28 |
|  | 4.3 | Mining Rights | Mining Rights | 4-35 |
|  | 4.4 | Project Agreements | Project Agreements | 4-35 |

---

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| | |
|:---|:---|
| **JANUARY 2025** | **i** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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4.5 Environmental Liabilities and Considerations 4-35

4.6 Permit Requirements 4-36

**5.** **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** **5-37** 

5.1 Accessibility 5-37

5.2 Local Resources and Infrastructure 5-38

5.3 Climate 5-38

5.4 Vegetation and Wildlife 5-38

5.5 Physiography 5-38

5.6 Surface Facilities and Rights 5-39

**6.** **History** **6-41** 

6.1 Empire State Mines History 6-41

6.1.1 Management and Ownership 6-41

6.1.2 Exploration History 6-41

6.1.3 Production History 6-42

6.1.4 Historical Mineral Reserves 6-44

6.2 Kilbourne History 6-44

6.2.1 Kilbourne Management and Ownership 6-45

6.2.2 Kilbourne Exploration History 6-45

6.2.3 Kilbourne Production History 6-45

6.2.4 Kilbourne Historical Mineral Reserves 6-45

**7.** **Geologic Setting and Mineralization** **7-46** 

7.1 Geological Setting 7-46

7.2 Regional Geology 7-49

7.3 Property Geology 7-50

7.4 Mineralization 7-52

7.4.1 ESM Mineralization 7-52

7.4.2 Kilbourne Mineralization 7-55

**8.** **Deposit Types** **8-57** 

8.1 Zinc 8-57

8.2 Graphite 8-60

**9.** **Exploration** **9-61** 

9.1 Zinc 9-61

9.1.1 Historic Data Review 9-61

9.1.2 Surface Geochemical Sampling 9-63

9.1.3 Hydrogeochemistry 9-67

9.1.4 Airborne Geophysics 9-68

9.1.5 Exploration Potential and Targeting 9-70

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| | |
|:---|:---|
| **JANUARY 2025** | **ii** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.2 Graphite 9-73

9.2.1 Kilbourne Historic Data Review 9-73

9.2.2 Airborne Geophysics 9-73

9.2.3 Exploration Potential and Targeting 9-73

**10.** **Drilling** **10-75** 

10.1 ESM Drilling 10-75

10.1.1 Drilling Summary 10-75

10.1.2 Drilling Procedures 10-78

10.1.3 Core Handling and Sampling 10-78

10.1.4 Downhole Surveying 10-80

10.2 Kilbourne Graphite Drilling 10-80

10.2.1 Core Re-sampling 10-80

10.2.2 Surface Channel Sampling 10-81

10.2.3 Core Drilling Summary 10-82

10.2.4 Drilling Procedure 10-84

10.2.5 Core Handling and Sampling 10-85

**11.** **Sample Preparation, Analyses, and Security** **11-86** 

11.1 Historical Assaying 11-86

11.1.1 Pre Hudbay and Checks 11-86

11.1.2 Hudbay Post-2005 Assaying 11-87

11.2 2017 to 2024 Sample Preparation and Assaying 11-89

11.2.1 Sample Preparation and Analysis 11-89

11.2.2 Security 11-90

11.2.3 Quality Assurance / Quality Control 11-91

11.3 Kilbourne 2023 and 2024 Sample Preparation and Assaying 11-97

11.3.1 Sample Preparation and Analysis 11-97

11.3.2 Security 11-99

11.3.3 Quality Assurance/Quality Control 11-99

11.4 Qualified Person's Opinion 11-104

**12.** **Data Verification** **12-105** 

12.1 Verifications in Previous Technical Reports 12-105

12.2 Verifications 12-106

12.3 Limitations 12-106

12.4 Adequacy 12-107

12.5 Kilbourne Data Validation 12-107

12.5.1 Site Investigation 12-107

12.5.2 Drill Collar Validation 12-107

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| | |
|:---|:---|
| **JANUARY 2025** | **iii** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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12.5.3 Database Validation 12-107

12.5.4 Independent Sampling 12-107

12.5.5 Qualified Person's Opinion 12-107

**13.** **Mineral Processing and Metallurgical Testing** **13-108** 

13.1 Zinc 13-108

13.1.1 Processing 2018-2024 13-108

13.1.2 Turnpike and Hoist House Metallurgical Test Work 13-110

13.2 Graphite 13-117

13.2.1 SGS Mineralogical Characterization 13-117

13.2.2 SGS Phase I Metallurgical Program 13-119

13.2.3 Forte Analytical Phase II Metallurgical Program 13-125

13.2.4 Conclusions 13-130

**14.** **Mineral Resource Estimates** **14-131** 

14.1 Zinc Mineral Resource Estimate 14-131

14.1.1 Drillhole Database 14-132

14.1.2 Density 14-133

14.1.3 Topography Data 14-136

14.1.4 Geological Interpretation 14-137

14.1.5 Voids Model 14-141

14.1.6 Exploratory Data Analysis 14-142

14.1.7 Resource Block Model 14-148

14.1.8 Resource Classification 14-156

14.1.9 Mineral Resource Tabulation 14-158

14.1.10 Model Validation 14-174

14.1.11 Relevant Factors 14-175

14.2 Graphite Mineral Resource Estimate 14-176

14.2.1 Deposit Database 14-176

14.2.2 Density 14-177

14.2.3 Topography Data 14-178

14.2.4 Geological Interpretation 14-178

14.2.5 Exploratory Data Analysis 14-180

14.2.6 Resource Block Model 14-187

14.2.7 Resource Classification 14-188

14.2.8 Mineral Resource Tabulation 14-189

14.2.9 Model Validation 14-190

14.2.10 Previous Estimates 14-194

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| | |
|:---|:---|
| **JANUARY 2025** | **iv** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**15.** **Mineral Reserve Estimates** **15-195** 

**16.** **Mining Methods** **16-196** 

16.1 Underground 16-196

16.1.1 Deposit Characteristics 16-197

16.1.2 Mineral Resources Within the PEA Mine Plan – Estimation Process 16-199

16.1.3 Mining Method Selection 16-199

16.1.4 Geotechnical Parameters 16-205

16.1.5 Stope Design Parameters 16-207

16.1.6 Mine Dilution and Recovery 16-207

16.1.7 Cut-off Grade Criteria 16-208

16.1.8 Mine Plan Tons and Grade 16-209

16.1.9 Mine Design Criteria 16-210

16.1.10 Production Rate Selection 16-210

16.1.11 Production Sequencing 16-211

16.1.12 Underground Mine Development 16-211

16.1.13 Unit Operations 16-212

16.1.14 Mine Services 16-214

16.1.15 Underground Mine Equipment 16-218

16.1.16 Mine Personnel 16-220

16.1.17 Mine Production Schedule 16-221

16.1.18 Mine Development Schedule 16-222

16.2 Open Pit 16-223

16.2.1 Hydrological Parameters 16-223

16.2.2 Open Pit Geotechnical Considerations 16-223

16.2.3 Mineral Resource Model for Mining 16-225

16.2.4 Cut-off Value 16-225

16.2.5 Dilution and Mining Recovery Factors 16-226

16.2.6 Pit Optimization and Selection 16-226

16.2.7 Pit Design 16-230

16.2.8 Mining Method 16-234

16.2.9 Open Pit Equipment 16-236

16.2.10 Open Pit Labor and Staff 16-236

16.2.11 Proposed Open Pit Production Schedule 16-238

**17.** **Recovery Methods** **17-239** 

17.1 Introduction 17-239

17.2 Plant Design Criteria 17-239

17.2.1 Crushing Circuit 17-241

17.2.2 Fine Mineralized Material Bin 17-243

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| | |
|:---|:---|
| **JANUARY 2025** | **v** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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17.2.3 Grinding Circuit 17-243

17.2.4 Lead Flotation Circuit 17-244

17.2.5 Zinc Flotation Circuit 17-245

17.2.6 Lead Dewatering Circuit 17-248

17.2.7 Zinc Dewatering Circuit 17-248

17.2.8 Ancillary Equipment 17-248

17.3 Metallurgical Balance 17-249

17.4 Water Balance 17-249

17.5 Opportunities for Metallurgical Improvement 17-250

17.6 Assumptions 17-251

17.7 Conclusions 17-251

**18.** **Project Infrastructure** **18-252** 

18.1 General Site Arrangement 18-252

18.2 Roads, Barging, Airstrip, and Rail 18-253

18.3 Buildings and Structures 18-253

18.3.1 Office Complex 18-253

18.3.2 Hoisting Facility 18-254

18.3.3 Concentrator and Support Facilities 18-257

18.3.4 No. 2 Mine Escape Shaft Complex 18-257

18.3.5 Storage and Miscellaneous Facilities 18-258

18.4 Power 18-258

18.5 Water 18-259

18.5.1 Water Supply 18-259

18.5.2 Water Treatment 18-260

18.5.3 Water Balance 18-260

18.6 Waste Rock Management 18-261

18.7 Tailings Management Facility 18-261

18.8 Concentrate Transportation 18-263

18.8.1 Roads 18-263

**19.** **Market Studies and Contracts** **19-264** 

19.1 Smelter Market 19-264

19.1.1 International Zinc Smelters (partial list) 19-264

19.2 Zinc Concentrate Terms 19-265

**20.** **Environmental Studies, Permitting and Social or Community Impact** **20-267** 

20.1 Environmental Studies 20-267

20.2 Permitting 20-267

20.3 Groundwater 20-268

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| | |
|:---|:---|
| **JANUARY 2025** | **vi** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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20.4 Closure 20-269

20.5 Social and Community Factors 20-272

**21.** **Capital and Operating Costs** **21-273** 

21.1 Capital Cost Estimate 21-273

21.1.1 Capital Cost Summary and Estimate Results 21-273

21.1.2 Key Estimate Parameters 21-273

21.1.3 Basis of Estimate 21-274

21.2 Operating Cost Estimate 21-278

21.2.1 Site Operating Cost Summary 21-278

21.2.2 Summary of Site Personnel 21-279

21.2.3 Underground Mining Operating Cost 21-280

**22.** **Economic Analysis** **22-282** 

22.1 Introduction 22-282

22.2 LOM Summary and Assumptions 22-282

22.3 Revenues and Net Revenue Parameters 22-283

22.4 Taxes 22-284

22.5 Royalties 22-284

22.6 Results 22-284

22.7 Sensitivities 22-288

**23.** **Adjacent Properties** **23-289** 

**24.** **Other Relevant Data and Information** **24-290** 

**25.** **Interpretation and Conclusions** **25-291** 

25.1 Zinc 25-291

25.1.1 Risks 25-293

25.1.2 Opportunities 25-294

25.2 Graphite 25-294

**26.** **Recommendations** **26-296** 

26.1 Zinc 26-296

26.1.1 Zinc Operations 26-296

26.1.2 Zinc Exploration 26-297

26.2 Graphite 26-298

26.2.1 Preliminary Economic Assessment 26-298

26.2.2 Commercial Scoping and Demonstration Plant 26-299

**27.** **References** **27-301** 

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|:---|:---|
| **JANUARY 2025** | **vii** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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LIST OF TABLES

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| | |
|:---|:---|
| Table 1-1: Balmat (now ESM) ownership history | 1-3 |
| Table 1-2: Update periods, model methodology, and volumes | 1-6 |
| Table 1-3: Underground Mineral Resource Estimate as of July 16, 2024 | 1-7 |
| Table 1-4: Turnpike Open Pit Mineral Resource Estimate as of October 17, 2024 | 1-9 |
| Table 1-5: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell | 1-11 |
| Table 1-6: Mine production schedule | 1-13 |
| Table 1-7: Turnpike Open Pit conceptual schedule | 1-13 |
| Table 1-8: Capital cost summary | 1-16 |
| Table 1-9: Breakdown of estimated site operating costs | 1-17 |
| Table 1-10: Summary of the economic analysis results | 1-19 |
| Table 1-11: Sensitivity analysis results | 1-19 |
| Table 1-12: Project recommendations and estimated cost | 1-21 |
| Table 1-13: Project recommendations and estimated cost | 1-21 |
| Table 1-14: Commercial recommendations and estimated cost | 1-21 |
| Table 2-1: QP Responsibilities and date of last site visit | 2-23 |
| Table 4-1: Lease list with expiration dates | 4-29 |
| Table 4-2: Mineral tenure information | 4-31 |
| Table 4-3: Environmental permits for operation of ESM #4 Mine | 4-36 |
| Table 6-1: History of ownership | 6-41 |
| Table 6-2: Historic production totals by region | 6-43 |
| Table 6-3: Empire State Mines annual production totals | 6-43 |
| Table 6-4: Historical Mineral Reserves | 6-44 |
| Table 7-1: Upper Marble stratigraphic sequence | 7-50 |
| Table 9-1: Occurrences highlighting lead and zinc occurrences within the district | 9-62 |
| Table 9-2: 2022 Soil sampling totals and high Zn (%) values | 9-63 |
| Table 9-3: Rock samples by target with highest zinc values | 9-65 |
| Table 9-4: Near-mine exploration targets | 9-70 |
| Table 9-5: Exploration targets | 9-72 |
| Table 10-1: Area drilling by year since 2017 | 10-77 |
| Table 10-2: Drilling by category and target commodity since the last technical report | 10-78 |
| Table 10-3: ESM surface holes re-sampled for graphite | 10-81 |
| Table 10-4: ESM outcrop channel samples | 10-81 |

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|:---|:---|
| **JANUARY 2025** | **viii** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| Table 10-5: Kilbourne drilling by year since 2017 | 10-83 |
| Table 11-1: Hudbay QA/QC standards certified by OREAS Hudbay | 11-88 |
| Table 11-2: ESM QA/QC certified standards supplied by OREAS June 2008 | 11-88 |
| Table 11-3: Summary of assay methods | 11-89 |
| Table 11-4: Upper and lower limits for aqua regia ICP method | 11-90 |
| Table 11-5: Blank failure threshold | 11-91 |
| Table 11-6: Summary tables of results for reference materials | 11-93 |
| Table 11-7: Summary of assay methods | 11-97 |
| Table 11-8: Upper and lower limits for aqua regia GE-ICP21B20 method | 11-98 |
| Table 11-9: Certified reference material expected values | 11-99 |
| Table 11-10: Blank failure threshold | 11-100 |
| Table 11-11: Summary of results for reference materials | 11-100 |
| Table 13-1: ESM mill statistics 2018-2023 | 13-110 |
| Table 13-2: Head analyses of composite samples including ICP | 13-111 |
| Table 13-3: Bond's ball mill work index | 13-112 |
| Table 13-4: Sequential rougher flotation results - Turnpike | 13-113 |
| Table 13-5: Sequential rougher flotation results - Hoist House | 13-113 |
| Table 13-6: Cleaner flotation results - Turnpike | 13-115 |
| Table 13-7: Cleaner flotation results - Hoist House | 13-115 |
| Table 13-8: Results from the XRD Analysis | 13-117 |
| Table 13-9: Chemical analysis of Kilbourne composite | 13-119 |
| Table 13-10: Flash & rougher flotation tests (F3 to F6) | 13-121 |
| Table 13-11: Primary cleaner flotation tests | 13-122 |
| Table 13-12: Results of full cleaner test F10 | 13-123 |
| Table 13-13: Size fraction analysis of F10 9th cleaner concentrate | 13-125 |
| Table 13-14: Bulk concentrate production results | 13-126 |
| Table 13-15: 6th Cleaner tests of flash flotation concentrate | 13-127 |
| Table 13-16: 6th Cleaner tests of rougher flotation concentrate | 13-128 |
| Table 13-17: Size fraction analysis - 6th Cleaner flash concentrate Batch 1 | 13-130 |
| Table 14-1: Core holes used in estimation of each zone | 14-132 |
| Table 14-2: Density by zone and material type | 14-135 |
| Table 14-3: Turnpike indicator RBF interpolant performance statistics | 14-138 |
| Table 14-4: Update periods, model methodology, and volumes | 14-139 |
| Table 14-5: ESM assay summary statistics by domain | 14-142 |
| Table 14-6: ESM capping summary by domain | 14-144 |

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| | |
|:---|:---|
| **JANUARY 2025** | **ix** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| Table 14-7: Compositing method by domain | 14-146 |
| Table 14-8: Block model size and location by zone | 14-150 |
| Table 14-9: Estimation method, ellipse parameters, and outlier restrictions | 14-153 |
| Table 14-10: Underground Mineral Resource Estimate as of July 16, 2024 | 14-159 |
| Table 14-11: Turnpike pit constraint parameters | 14-160 |
| Table 14-12: Open Pit Mineral Resource Estimate as of October 17, 2024 | 14-161 |
| Table 14-13: Kilbourne Deposit geological domains | 14-176 |
| Table 14-14: Kilbourne Deposit specific gravity and tonnage factor summary | 14-178 |
| Table 14-15: Kilbourne Deposit wireframe volume to block model volume summary | 14-179 |
| Table 14-16: Kilbourne Deposit drillhole basic "raw" statistics by domain | 14-181 |
| Table 14-17: Kilbourne Deposit grade capping summary | 14-182 |
| Table 14-18: Kilbourne Deposit drillhole composited statistics by domain | 14-185 |
| Table 14-19: Variogram parameters | 14-186 |
| Table 14-20: Block model parameters | 14-187 |
| Table 14-21: Search ellipse and rotations | 14-188 |
| Table 14-22: Interpolation parameters | 14-188 |
| Table 14-23: Kilbourne Deposit pit constraint parameters | 14-189 |
| Table 14-24: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell | 14-190 |
| Table 14-25: Kilbourne global composite to block model statistics comparison | 14-192 |
| Table 16-1: Mineral Resources for the LOM by mining method | 16-197 |
| Table 16-2: Production stope design criteria | 16-207 |
| Table 16-3: Overbreak dilution parameters | 16-208 |
| Table 16-4: Cut-off grade parameters | 16-208 |
| Table 16-5: Tons contained in the LOM plan by zone | 16-209 |
| Table 16-6: Tons contained in the LOM plan by mineral resource class | 16-209 |
| Table 16-7: Rates used for mine scheduling | 16-210 |
| Table 16-8: Existing mobile mine equipment fleet | 16-219 |
| Table 16-9: Mine personnel summary | 16-220 |
| Table 16-10: Annual mineralized material by mining zone | 16-222 |
| Table 16-11: Projected production for 2024 | 16-222 |
| Table 16-12: Annual development schedule | 16-222 |
| Table 16-13: Knight Piésold pit slope recommendations | 16-224 |
| Table 16-14: Generalized slope angles for pit optimization and design | 16-225 |
| Table 16-15: Cut-off value assumptions | 16-225 |
| Table 16-16: Pit shell optimization results | 16-230 |

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|:---|:---|
| **JANUARY 2025** | **x** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| Table 16-17: Open pit projected tons and grades | 16-233 |
| Table 16-18: Open pit drilling parameters | 16-235 |
| Table 16-19: Equipment estimate | 16-236 |
| Table 16-20: Open pit labor and supervision | 16-237 |
| Table 16-21: Conceptual open pit production schedule | 16-238 |
| Table 17-1: Crushing circuit design criteria | 17-242 |
| Table 17-2: Grinding circuit design criteria | 17-244 |
| Table 17-3: Zinc rougher / scavenger flotation circuit design criteria | 17-246 |
| Table 17-4: Zinc first cleaners design criteria | 17-247 |
| Table 17-5: Zinc second cleaners | 17-247 |
| Table 17-6: Concentrator mass balance | 17-249 |
| Table 17-7: ESM water balance, plant operating | 17-250 |
| Table 17-8: ESM water balance, plant not operating | 17-250 |
| Table 18-1: No. 4 Shaft availability | 18-256 |
| Table 18-2: Facility building list | 18-258 |
| Table 19-1: North American zinc smelters | 19-264 |
| Table 19-2: International zinc smelters | 19-264 |
| Table 19-3: Zinc concentrate treatment charge assumptions | 19-266 |
| Table 20-1: Environmental permits | 20-268 |
| Table 20-2: Post-closure water quality monitoring frequency | 20-271 |
| Table 20-3: Schedule of closure activities | 20-271 |
| Table 21-1: Capital cost summary | 21-273 |
| Table 21-2: Distribution of #4 Mine capital equipment costs | 21-274 |
| Table 21-3: Distribution of #4 Mine infrastructure and process costs | 21-275 |
| Table 21-4: Closure cost summary | 21-276 |
| Table 21-5: Summary of underground operating cost | 21-278 |
| Table 21-6: Summary of site personnel | 21-279 |
| Table 21-7: Summary of underground mining cost | 21-280 |
| Table 21-8: Summary of processing operating cost | 21-280 |
| Table 21-9: Summary of G&A operating cost | 21-281 |
| Table 22-1: LOM plan summary | 22-283 |
| Table 22-2: Net revenue parameters | 22-283 |
| Table 22-3: Summary of the economic analysis results | 22-285 |
| Table 22-4: Cash flow model for ESM | 22-286 |
| Table 22-5: Sensitivity results | 22-288 |

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|:---|:---|
| **JANUARY 2025** | **xi** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| Table 22-6: Discount rate sensitivities | 22-288 |
| Table 25-1: Main project risks | 25-293 |
| Table 25-2: Identified project opportunities | 25-294 |
| Table 26-1: Project recommendations and cost | 26-296 |
| Table 26-2: Cost estimate for recommended exploration activities | 26-298 |
| Table 26-3: Project recommendations and estimated cost | 26-299 |
| Table 26-4: Commercial recommendations and estimated cost | 26-300 |

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LIST OF FIGURES

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| | |
|:---|:---|
| Figure 4-1: Regional project location | 4-26 |
| Figure 4-2: Local project location | 4-27 |
| Figure 4-3: Mineral tenure map | 4-34 |
| Figure 5-1: Site accessibility | 5-37 |
| Figure 5-2: Empire State Mines aerial view | 5-39 |
| Figure 5-3: Empire State Mine, Turnpike, and Kilbourne | 5-40 |
| Figure 7-1: Regional geology setting | 7-47 |
| Figure 7-2: Local geologic setting | 7-51 |
| Figure 7-3: Section through the Sylvia Lake Syncline | 7-52 |
| Figure 7-4: Plan view showing assay Pb (%) grade variation within the Sylvia Lake Syncline | 7-54 |
| Figure 7-5: Upper Marble 2 mapped surface expression | 7-56 |
| Figure 8-1: Illustration of the process of formation of Sedex deposits | 8-59 |
| Figure 9-1: Location of 2022 soil sampling programs relative to ESM | 9-64 |
| Figure 9-2: Location of rock samples by target | 9-66 |
| Figure 9-3: 2023 Water sampling sites by area | 9-68 |
| Figure 9-4: Geophysical survey area | 9-69 |
| Figure 9-5: Near-mine exploration targets shown in green, mine workings in grey | 9-71 |
| Figure 9-6: Kilbourne exploration target | 9-74 |
| Figure 10-1: Map showing the distribution of Balmat underground drilling by decade | 10-76 |
| Figure 10-2: Underground core storage crate staged outside the on-site logging facility | 10-79 |
| Figure 10-3: Kilbourne drilling with collars colored by end date, with 10 ft contours | 10-82 |
| Figure 10-4: Diamec #2 on the surface drilling for graphite | 10-84 |
| Figure 10-5: Example of photographed AWJ size graphitic core | 10-85 |
| Figure 11-1: Hudbay Flin Flon Lab check assays of ESM 1995 to 2000 pulps | 11-87 |

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|:---|:---|
| **JANUARY 2025** | **xii** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| Figure 11-2: Zinc in blank control chart | 11-92 |
| Figure 11-3: Control chart for Zn in reference material H-5 | 11-95 |
| Figure 11-4: Control chart for Zn in reference material G-5 | 11-96 |
| Figure 11-5: Graphitic carbon in blank control chart | 11-101 |
| Figure 11-6: Control chart for graphitic carbon in reference material OREAS-722 | 11-102 |
| Figure 11-7: Control chart for graphitic carbon in reference material OREAS-724 | 11-103 |
| Figure 11-8: Control chart for graphitic carbon in reference material OREAS-725 | 11-104 |
| Figure 13-1: ESM Mill flowsheet | 13-109 |
| Figure 13-2: Photomicrographs from the optical microscope from F03225 | 13-118 |
| Figure 13-3: Flowsheet test F10 | 13-124 |
| Figure 13-4: Integrated Forte flowsheet | 13-129 |
| Figure 14-1: Scatterplot of specific gravity vs assay zinc (%) for Mahler | 14-134 |
| Figure 14-2: Zones relative to topographic surface | 14-136 |
| Figure 14-3: Mud Pond – Main vein model | 14-137 |
| Figure 14-4: Locations of each zone | 14-140 |
| Figure 14-5: ESM 3D voids model | 14-141 |
| Figure 14-6: Plan view of block model extents | 14-149 |
| Figure 14-7: Classification for New Fold, view looking SE (Az 135) | 14-156 |
| Figure 14-8: Classification for all ESM zones | 14-157 |
| Figure 14-9: American grade tonnage graph | 14-162 |
| Figure 14-10: Cal Marble grade tonnage graph | 14-163 |
| Figure 14-11: Fowler grade tonnage graph | 14-164 |
| Figure 14-12: Lower Mahler grade tonnage graph | 14-165 |
| Figure 14-13: Upper Mahler grade tonnage graph | 14-166 |
| Figure 14-14: Mud Pond Apron grade tonnage graph | 14-167 |
| Figure 14-15: Mud Pond - Main grade tonnage graph | 14-168 |
| Figure 14-16: N2D grade tonnage graph | 14-169 |
| Figure 14-17: New Fold grade tonnage graph | 14-170 |
| Figure 14-18: Northeast Fowler grade tonnage graph | 14-171 |
| Figure 14-19: Sylvia Lake grade tonnage graph | 14-172 |
| Figure 14-20: Turnpike Open Pit grade tonnage graph | 14-173 |
| Figure 14-21: New Fold model and composite values for zinc | 14-174 |
| Figure 14-22: Swath plot Zn% - Turnpike area | 14-175 |
| Figure 14-23: Interpretation of Kilbourne Domains | 14-180 |
| Figure 14-24: Parrish decile analysis for domain 210 | 14-183 |

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| **JANUARY 2025** | **xiii** |

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| | |
|:---|:---|
| Figure 14-25: Global top cut analysis for domain 210 using Snowden Supervisor | 14-184 |
| Figure 14-26: Variography for Domain 210 using Snowden Supervisor | 14-186 |
| Figure 14-27: Surface plan showing the optimized pit shell for the Kilbourne Deposit | 14-191 |
| Figure 14-28: Kilbourne Deposit visual validation through A-A' | 14-191 |
| Figure 14-29: Kilbourne Deposit swath plot, 300 ft slice - easting (X) | 14-193 |
| Figure 14-30: Kilbourne Deposit swath plot, 300 ft slice - northing (Y) | 14-194 |
| Figure 16-1: Mine production by method | 16-196 |
| Figure 16-2: Mining zones in the LOM | 16-198 |
| Figure 16-3: Plan view of Panel Mining | 16-200 |
| Figure 16-4: Isometric view of Panel Mining | 16-201 |
| Figure 16-5: Typical LRS with sill pillar | 16-203 |
| Figure 16-6: Typical C&F | 16-204 |
| Figure 16-7: 2500 level workshop back conditions | 16-205 |
| Figure 16-8: Ground support for typical ground | 16-206 |
| Figure 16-9: Typical development cross-sections | 16-212 |
| Figure 16-10: LOM ventilation installations | 16-215 |
| Figure 16-11: Site elementary electrical one-line diagram | 16-216 |
| Figure 16-12: Permitting exclusion cone | 16-227 |
| Figure 16-13: Plan view optimization shells (with cross-section locations) | 16-228 |
| Figure 16-14: Cross-section views | 16-229 |
| Figure 16-15: Open pit designs | 16-231 |
| Figure 16-16: Cross-section of design and shell | 16-232 |
| Figure 16-17: Layout of open pit | 16-234 |
| Figure 17-1: Concentrator flowsheet current state | 17-240 |
| Figure 17-2: Concentrator flowsheet with Pb circuit | 17-241 |
| Figure 18-1: EMS general site arrangement | 18-252 |
| Figure 19-1: Zinc smelter treatment charges | 19-265 |

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| **JANUARY 2025** | **xiv** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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List of Abbreviations and Units of Measurement

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| $ or US$ | United States dollar (examples of use: US$2.5M / $2.5M) |
| $/t | dollar per ton |
| % | percent |
| ° | angular degree |
| °C | degrees Celsius (e.g., 22 °C) |
| °F | degrees Fahrenheit (e.g., 72 °F) |
| 3D | three dimensional |
| AC | alternating current |
| ACM | AMC Mining Consultants (Canada) Ltd. |
| Ag | silver |
| Ai | Bond Abrasion Index |
| AIF | Annual Information Filing |
| Al | aluminum |
| ALS | ALS Limited (laboratories) |
| amsl | above mean sea level |
| ANFO | ammonium nitrate fuel oil (explosive) |
| As | arsenic |
| asl | above sea level |
| Au | gold |
| Azi | Azimuth |
| Ba | barium |
| BBA | BBA USA Inc. |
| BCK | back-stope |
| BFA | bench face angle |
| Bi | bismuth |
| BWi | Bond Ball Mill Work Index |
| C&F | cut and fill |
| Ca | calcium |
| CAPEX | Capital cost estimate |
| Cd | cadmium |
| CDA | Canadian Dam Association |
| Cg or C(g) | graphitic carbon |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| cm | centimeter |
| cm<sup>3</sup> | cubic centimeter |
| Co | cobalt  |
| COG | cut-off grade |
| Conc | concentrate |

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| **JANUARY 2025** | **xv** |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| Cr | chromium |
| CRMs | certified reference materials |
| CSX | CSX Corporation |
| C(t) | total carbon |
| Cu | copper |
| d | day (24 hours) |
| d/y | days per year |
| DBA | Dam Breach Analysis |
| DDH | diamond drillhole |
| DEC | Department of Environmental Conservation |
| dmt | dry metric ton |
| EM | electromagnetic |
| ESM | Empire State Mines |
| et al. | and others |
| Fe | iron |
| FOG | fall of ground |
| FoS | factor of safety |
| ft | feet |
| ft<sup>3</sup> | cubic feet |
| g | gram |
| G&A | General and Administration |
| gal | gallon |
| gal/d | gallons per day |
| gal/min | gallon per minute |
| gal/s | gallons per second |
| GT | grade/tonnage |
| h | hour (60 minutes) |
| h/d | hours per day |
| h/y | hours per year |
| H<sub>2</sub>S | hydrogen sulfide |
| HDPE | High Density Polyethylene |
| hp | horsepower |
| Hudbay | Hudbay Minerals Inc. |
| ICP | Inductively Coupled Plasma |
| ICP-AES | Inductively Coupled Plasma Atomic Emission Spectrometry |
| ICP-OES | Inductively Coupled Plasma Optical Emission Spectrometry |
| ID | identification |
| ID2 | inverse distance squared |
| ID3 | inverse distance cubed |
| IDW | inverse distance weighted |

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|:---|:---|
| **JANUARY 2025** | **xvi** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| in or ″ | inch |
| IRA | inter-ramp angle |
| JDS | JDS Energy and Mining Inc. |
| K | potassium |
| kcfm | kilo-cubic feet per minute |
| kg | kilogram |
| km | kilometer |
| km<sup>3</sup> | cubic kilometer |
| kt | kiloton |
| kV | kilovolt |
| kVA | kilovolt amperes |
| kW | kilowatt |
| kWh | kilowatt per hour |
| L | liter |
| lb | pound(s) |
| LGS | Lower Graphitic Schist |
| LHD | load haul dump (loaders) |
| LLD | lower limit of detection |
| LOM | life of mine |
| LRS | longitudinal retreat stoping |
| LVA | Locally Varying Anisotropy |
| m | meter |
| M | million |
| m<sup>3</sup> | cubic meter |
| Ma | mega annum |
| Max. | maximum |
| mesh | US mesh |
| Mg | magnesium |
| mg | milligram |
| mi | mile |
| min | minute |
| Min. | minimum |
| mm | millimeter |
| Mn | manganese |
| Mo | molybdenum |
| MRE | Mineral Resource Estimate |
| Mt | million tons |
| MVT | Mississippi Valley-type |
| MW | megawatt |
| Na | sodium |

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| **JANUARY 2025** | **xvii** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| Ni | nickel |
| NI 43-101 | Canadian National Instrument 43-101 |
| NN | nearest neighbor |
| No. | number |
| NONEL | non-electric |
| NPV | net present value |
| NR | net revenue |
| NS | not sampled |
| NSG | non-sulfide gangue |
| NSR | net smelter royalty |
| NY | New York |
| NYSDEC | New York State Department of Environmental Conservation |
| OK | ordinary kriging |
| OMS | Operation, Maintenance and Surveillance Manual |
| ON | Ontario |
| OPEX | Operating cost estimate |
| OREAS | Ore Research and Exploration Pty. Ltd. |
| OSA | overall slope angle |
| OVB | overburden |
| oz | ounce |
| PAP & PAS | Panel Mining – Primary and Secondary |
| Pb | lead |
| PbS | lead sulfide |
| PEA | preliminary economic assessment |
| PEG | Pegmatite Intrusion |
| PGS | Phlogopitic Garnet Schist |
| PHG | Popple Hill Gneiss |
| PM | Panel Mining |
| ppm | parts per million |
| psi | pound per square inch |
| PSS | Pathway-Specific Standards |
| Q1, Q2, etc. | first quarter, second quarter, etc. |
| QA/QC | quality assurance / quality control |
| QP | qualified person |
| RBF | radial basis function |
| RDi | Resource Development Inc. |
| RMR | rock mass rating |
| ROM | run of mine |
| RPEEE | Reasonable Prospects for Eventual Economic Extraction |
| s | second |

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| **JANUARY 2025** | **xviii** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| SD | standard deviations |
| SEDAR+ | System for Electronic Document Analysis and Retrieval |
| Sedex | sedimentary exhalative |
| SG | specific gravity |
| SGS | SGS Canada Inc. |
| SHA | Seismic Hazard Analysis |
| SLZ | St. Lawrence Zinc Company, LLC |
| SO<sub>4</sub> | sulfate |
| SPDES | State Pollutant Discharge Elimination System |
| Sr | strontium |
| SRK | SRK Consulting Ltd. |
| t | short ton (2,000 lb) (ton) |
| t/d | ton per day |
| t/h | ton per hour |
| t/w | ton per week |
| t/y | ton per year |
| TF | tonnage factor |
| Ti | titanium |
| Titan | Titan Mining Corporation |
| TMF | Tailings Management Facility |
| TP1, TP2, etc. | Tailings Pond #1, #2, etc. |
| TSF | tailings storage facility |
| UG | underground |
| UGS | Upper Garnet Schist |
| UM | Upper Marble |
| USDA | US Department of Agriculture |
| V | vanadium |
| V | volt |
| VFD | Variable Speed Drive |
| VTEM | versatile time domain electromagnetic |
| W | tungsten |
| w/w | weight in weight |
| XRF | X-ray fluorescence |
| y | year |
| yd | yard |
| yd<sup>3</sup> | cubic yard |
| ZCA | Zinc Corporation of America |
| Zn | zinc |

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|:---|:---|
| **JANUARY 2025** | **xix** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1. Summary

**1.1** **Introduction** 

BBA USA Inc. (BBA) has been engaged by Titan Mining Corporation (Titan or the Company) to update the current National Instrument 43-101 (NI 43-101) Technical Report for the Empire State Mines (ESM) operation. This technical report summarizes the results of this update and was prepared following the guidelines of NI 43-101.

ESM owns the Balmat No. 4 Underground Zinc Mine (the Mine), which is known as ESM No. 4 Mine or #4 Mine. The mine is located in the Balmat-Edwards-Pierrepont mining district in northern New York State, near Gouverneur and is 25 miles (mi) south of the Port of Ogdensburg.

The district is a mature zinc mining camp with production first recorded in 1915. Mining proceeded over the decades primarily as underground (UG) operations serviced by shafts and portals.

This revision to the technical report provides an update to ESM's zinc resources following additional drilling and mining exposure since the last technical report. Additionally, an initial resource estimate is provided for a graphite target called "Kilbourne".

The currency in this report is United States dollars (US$), unless stated otherwise. Imperial and metric units are used and defined as required.

**1.2** **Project Description** 

The mine is fully developed with shaft access and mobile equipment on-site. Existing surface facilities at the mine include a maintenance shop, offices, mine dry, primary crusher, mine ventilation fans, 12,000-ton (t) covered concentrate storage building, rail siding, warehouse, and storage buildings. The mine and its facilities were maintained to good standards during the period of care and maintenance.

Mineralization is hosted within an Upper Marble rock unit, comprised of metamorphosed and complexly folded (silicified) marbles. The mineralization is located primarily in hinges of large fold structures.

The mine uses a combination of longhole stoping, inclined room and pillar style panel mining, and mechanized Cut and Fill as mining methods. An underground crusher is in place and is capable of feeding a surface flotation concentrator with name plate capacity of 5,000 tons per day (t/d). The mine plan scales up slightly from the current production rate of 1,750 t/d to 1,775 t/d in 2025. The current mine life is projected to be 9 years with the open pits being started depending on zinc price.

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| **JANUARY 2025** | **1-1** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Tailings are being placed in the existing permitted 260-acre conventional impoundment. The Tailings Management Facility (TMF) is categorized as a low-risk dam by the New York State Bureau of Flood Protection and Dam Safety.

The ultimate capacity of the 260-acre footprint has been estimated at 20 million tons (Mt), with immediate capacity of 2.7 Mt, before further embankment construction will be needed. Tailings and waste rock materials at the TMF are non-acid generating due to the high carbonate content of the host rocks. Volunteer vegetation is evident and continues to naturally revegetate inactive areas of the TMF.

1.3 Location, Access, and Ownership

ESM is located approximately 1.3 mi southwest of Fowler, New York State, in St. Lawrence County. St. Lawrence Zinc Company, LLC (SLZ) owns a total of 2,699 acres of fee simple surface and mineral rights in three towns in St. Lawrence County. The majority of the Property consists of the 1,754 acres in the town of Fowler where the ESM, mill and tailings disposal facility are located. Nine parcels totaling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine, which is located on four owned parcels totaling 242 acres.

1.4 History, Exploration, and Drilling

The Balmat-Edwards-Pierrepont district consists of four mining regions (Balmat, Hyatt, Edwards, and Pierrepont) with production first recorded out of Edwards in 1915. Balmat operated continuously from 1930 to 2001 when production ceased due to depressed zinc metal prices. Production resumed in 2006 until Hudbay placed the Balmat mine on care and maintenance in the third quarter of 2008 in response to depressed metal prices. ESM resumed production in 2018 and has produced continually since then.

Drilling on site has been exclusively core drilling either with contract drillers such as Cabo, Major, and Boart Longyear, or by company owned and operated drills. The drillhole database contains 9,514 surface and underground drillholes, of which 513 holes totaling 219,095 ft have been drilled since 2020.

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| **JANUARY 2025** | **1-2** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The Balmat mine (now ESM) has produced a total of 35.5 Mt grading 8.7% zinc. A history of mine ownership is listed in Table 1-1.

**Table 1-1: Balmat (now ESM) ownership history**

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| | |
|:---|:---|
| **Date** | &nbsp;&nbsp;**Company** |
| 1930 | &nbsp;&nbsp;St. Joe Minerals |
| 1987 | &nbsp;&nbsp;Zinc Corporation of America |
| 2003 | &nbsp;&nbsp;OntZinc (renamed Hudbay Minerals in December 2004) |
| 2015 | &nbsp;&nbsp;Star Mountain Resources Inc. |
| 2017 | &nbsp;&nbsp;Titan Mining (US) Corporation |

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Source: ESM 2024

1.5 Geology and Mineralization

1.5.1 Zinc

The carbonate hosted ESM zinc deposits are comprised of multiple zones in and around Fowler, NY. There are ten deposits currently considered as viable economic targets; American, Cal Marble, Fowler, Mahler, Mud Pond, N2, Northeast Fowler, New Fold, Sylvia Lake, and Turnpike. Historic mining at these locations has provided a good geological understanding of each, with supporting mapping, sampling, and drilling data.

Mining and grade control experience by ESM geologists have supported that the implicit modeling of the mineralized zones as veins in Leapfrog Geo™ version 2023.2.3, results in more accurate geological wireframes.

The zinc mineralization extends from the surface down to a depth of 5,700 ft below surface. The zones are aerially scattered and all zones except NE Fowler and Cal Marble are connected by existing development to the shaft. The zones range in thickness from 2 ft to 50 ft with an overall plunge between 20° to 25° with local dips ranging from 0° to 90°. The deposit footprints are up to 500 ft wide and 9,000 ft long. The veins can display considerable geometrical variability depending on the degree of folding.

1.5.2 Graphite

Graphite mineralization occurs as weakly disseminated flakes within many of the marbles and dolomites, and occurs in the highest grades in the Upper Marble Unit 2 schists with graphitic carbon content averaging around 3% graphitic carbon.

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| **JANUARY 2025** | **1-3** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1.6 Metallurgical Testing and Mineral Processing

1.6.1 Zinc

A test program was undertaken in 2005 to confirm the processing requirements of selected mineralized material zones from the ESM mine. These mineralized material zones were selected based on projected tonnage, mineralized material type, and sample availability. The results were used to confirm concentrate grades and recoveries for the re-start of operations in 2005.

Flotation tests were completed under the guidance of Fred Vargas, the metallurgical consultant who developed the pHLOTEC flotation process in use at ESM since 1984.

The 2005 metallurgical test results, and operational results from 2006 to 2008, support a zinc recovery of 96% and a zinc concentrate grade of 58% for the UG operations.

ESM recently discovered two new zones of near-surface mineralization near the existing operation. Metallurgical test work was undertaken on the samples from the new zones to determine the process flowsheet for treating them to produce both lead/silver and zinc concentrates.

The primary objective of the test work undertaken at Resource Development Inc. (RDi) in 2020 was to determine if the ores from the Turnpike and Hoist House prospects can be processed in the existing circuit with minor modifications to produce both lead and zinc concentrates.

Approximately 121 pounds (lb) or 55 kg of each sample, some half core samples, and existing mill feed samples were sent to RDi for metallurgical test work which consisted of Bond's Ball Mill Work Index and abrasion index determination and flotation test work. Reagents, currently employed in the milling circuit at the mine, were also sent for the study.

The conclusions drawn based on the scoping level study undertaken by RDi were that the recently discovered prospects could be processed using sequential flotation process to produce separate lead and zinc concentrate. Mineralization from Turnpike and Hoist House prospects are slightly harder than the current ore being processed in the plant. The lead recovery and concentrate grade are dependent on the feed grade of the ore. The higher the feed grade, the higher the final concentrate recovery and grade.

Due to the low feed lead grade, one would require a large amount of mineralization to run a locked-cycle test. Since limited ore was available, the optimization can be done once new flotation cells for the lead circuit are incorporated into the flowsheet.

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| **JANUARY 2025** | **1-4** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1.6.2 Graphite

Mineralogical characterization and metallurgical testing were performed on samples from the Kilbourne Graphite Project (Kilbourne).

Optical microscopy of the samples showed that graphite was acicular to prismatic, and platy in habit. It ranged from <50 μm as individual flakes to 1.5 mm in size as polycrystalline clusters. Graphite was generally finer-grained in the low-grade samples and coarser in the higher-grade samples.

Flotation process development conducted at SGS on a sample grading 1.67% C(g) culminated in a flowsheet and conditions that produced a final concentrate grading 97.4% C(t). The graphite concentrate was classified as finer grained with less than 8% of the concentrate mass reporting to the +100 mesh size fractions. It is noteworthy that even the smallest size fraction of -200 mesh produced a very high total carbon content of 97.4% C(t).

Forte Analytical (Forte) conducted a test work program on two composites grading between 2.4% and 2.5% C(g). The focus of the test program was to produce a concentrate grading at least 95% C(t) while minimizing flake degradation. The optimized flowsheet and conditions produced an upgraded flash concentrate grading 98.3% C(t) with 21.4% of the concentrate mass reporting to the +100 mesh size fractions. The flash concentrate accounted for only 50-60% of the contained graphite and a global concentrate product including the upgraded rougher concentrate was not characterized.

While the execution of the test programs conducted by SGS and Forte varied significantly, the results are consistent. Both programs determined that the flake size distribution in the Kilbourne mineralization is relatively fine but upgraded readily to very high concentrate grades well above 95% C(t).

A review of the drillhole data revealed that the material between the upper and lower zones is almost barren. Sensor-based ore sorting may be an effective technology to reject the barren material, thus upgrading the average mill feed noticeably. Hence, ore sorting will be explored in the next phase of testing, which could significantly increase the mill head grade.

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| **JANUARY 2025** | **1-5** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1.7 Mineral Resource Estimates

1.7.1 Zinc

**Drillhole Database**

The drillhole database was exported as CSV files for the resource updates. Assays and associated composites were extracted from drillholes that were used in estimation, of which there were 1,321 in total.

The complete database for ESM consists of 12,264 records. There are 89 sets of channel samples, 2,193 surface core holes, 7,321 UG core holes, and 2,661 holes identified as other (including monitoring wells, blast holes, and un-categorized historic drilling). Smaller subsets of this database were used for geologic modeling and/or estimation on a lithological unit basis. Each lithological group was modeled separately in isolated geological and estimation projects.

**Geologic Model**

Ten zones were defined and modeled by ESM geologists. Each one is comprised of multiple veins designating variably oriented and spatially-distinct mineralized zones, which were modeled using implicit methods. Input data for these models are based on drilling intercepts and years of surface and underground mapping.

All geological modeling was conducted in Leapfrog Geo™ version 2023.2.3. Each zone has been analyzed and divided where appropriate to facilitate a more accurate estimation of grade. In some cases, this has resulted in splitting of domains based on morphology or orientation for the purposes of estimation. Updates periods for modeling are summarized in Table 1-2.

**Table 1-2: Update periods, model methodology, and volumes**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Modeling Method** | &nbsp;&nbsp;**Years Modeled and Updated** | &nbsp;&nbsp;**Model Volumes** |
| &nbsp;&nbsp;American | &nbsp;&nbsp;Implicit vein model | &nbsp;&nbsp;2019 | &nbsp;&nbsp;4586000 |
| &nbsp;&nbsp;Cal Marble | &nbsp;&nbsp;Implicit vein system model | &nbsp;&nbsp;2009, 2017, 2019, 2024 | &nbsp;&nbsp;5206900 |
| &nbsp;&nbsp;Fowler | &nbsp;&nbsp;Implicit vein system model | &nbsp;&nbsp;2019, 2023 | &nbsp;&nbsp;2598000 |
| &nbsp;&nbsp;Mahler | &nbsp;&nbsp;Implicit vein model; indicator RBF interpolant | &nbsp;&nbsp;2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | &nbsp;&nbsp;25915000 |
| &nbsp;&nbsp;Mud Pond | &nbsp;&nbsp;Implicit vein system model | &nbsp;&nbsp;2008, 2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | &nbsp;&nbsp;14875000 |
| &nbsp;&nbsp;N2D | &nbsp;&nbsp;Implicit vein system model; indicator RBF interpolant | &nbsp;&nbsp;2019, 2021, 2022, 2023 | &nbsp;&nbsp;22420000 |
| &nbsp;&nbsp;New Fold | &nbsp;&nbsp;Implicit vein system model; indicator RBF interpolant | &nbsp;&nbsp;2009, 2017, 2020, 2021, 2022, 2023, 2024 | &nbsp;&nbsp;15392000 |
| &nbsp;&nbsp;Northeast Fowler | &nbsp;&nbsp;Implicit vein model | &nbsp;&nbsp;2017, 2019 | &nbsp;&nbsp;6852600 |
| &nbsp;&nbsp;Sylvia Lake | &nbsp;&nbsp;Implicit vein system model | &nbsp;&nbsp;2017, 2019, 2024 | &nbsp;&nbsp;7102000 |
| &nbsp;&nbsp;Turnpike | &nbsp;&nbsp;Indicator RBF interpolant | &nbsp;&nbsp;2019, 2021, 2022, 2023 | &nbsp;&nbsp;65041000 |

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Source: ESM 2024

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| **JANUARY 2025** | **1-6** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Block Model**

Separate block models were created for each zone. The parameters for each consist of origins, rotations (in Leapfrog rotation convention), parent block parameters and associated sub-block parameters. The American and Northeast Fowler block models were created in Vulcan and have parameters consistent with Vulcan conventions.

Historical mine workings, or as-built solids, were used for sub-blocking during model creation and mined blocks contained in these wireframes were removed from the estimated material. A comprehensive as-built wireframe was updated as of June 11, 2024, and used to deplete tonnage within the block models.

Due to the high variability of the ESM deposits and the lack of robust variography, inverse distance squared estimates were used to estimate grade into parent blocks within the block model. The control of each estimate was based on sample selection criteria such as minimum and maximum number of composites, minimum number of drillholes, and search distances. For each pass, the search distances were either isotropic (spherical) or anisotropic (ellipsoidal) depending on the geometric control and limits in each vein. For isotropic searches, the geometry of the vein was considered adequate to control sample selection. For anisotropic searches, the direction was defined using a variable orientation algorithm in Leapfrog EDGE called Variable Orientation or in Vulcan called Locally Varying Anisotropy (LVA). This oriented the search ellipse for each block down a plane which paralleled the modeled geologic continuity (i.e., the hanging wall or footwall of the ESM veins). The VO and LVA parameters were defined within the estimator based on the modeled vein surfaces.

Underground Mineral Resources have been modeled (Leapfrog Geo™ version 2023.2.3) and estimated (Leapfrog EDGE) by ESM geologists and reviewed for consistency with industry standards. Don Taylor of Titan Mining Corp. is the qualified person (QP) who has reviewed the geological models and estimates and has conducted multiple site inspections. Mineral Resources for the underground #4 Mine areas have been compiled from ten separate block models including the American, Cal Marble, Fowler, Mahler – Lower, Mahler - Upper, Mud Pond, N2D, New Fold, Northeast Fowler and Silvia Lake areas (Table 1-3).

**Table 1-3: Underground Mineral Resource Estimate as of July 16, 2024**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tons (000's US short tons)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Contained Pounds (000's lb)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;295 | &nbsp;&nbsp;17.1 | &nbsp;&nbsp;101086 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;1158 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;363825 |
| &nbsp;&nbsp;Measured + Indicated | &nbsp;&nbsp;1453 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;464911 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;4327 | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;1048630 |

---

Source: ESM 2024

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R.
Taylor, of Titan Mining Corp., SME registered member (#4029597).

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|:---|:---|
| **JANUARY 2025** | **1-7** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves Estimate.

3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 underground MRE encompasses
36 vein domains and six indicator RBF interpolant shells totaling 42 individual wireframes.

4. Geological and block models for the underground MRE used data from a total of 1,100 surface and underground
diamond drillholes (core). The drillhole database was validated prior to resource estimation and QA/QC checks were made using industry-standard
control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms
and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping
method.

6. The MRE was compiled from 10 individual block models that were prepared using Leapfrog Edge. Block models
were sub-blocked at domain boundaries and samples were composited using vein length intervals where a single composite is generated for
each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10-ft run-length
composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Grade estimation
was carried out using inverse distance weighted (IDW) methods coupled with variably orientated search ellipses derived from modeled vein
surfaces.

7. The specific gravity (SG) assessment was carried out for all domains using measurements collected during
the core logging process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient
sampling exists, then density was assigned to models based on calculated means or by a regression formula.

8. Resources are reported using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing,
G&A costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.

9. Resources stated as in-situ grade at a Zinc price of $1.30/lb.

10. The resource classification considered the quality, quantity and distance to the data informing blocks
in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the
nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality,
quantity, and distance parameters.

11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect
that they are estimations.

12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political
or marketing issues or any other relevant issues that could materially affect this MRE.

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|:---|:---|
| **JANUARY 2025** | **1-8** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Open Pit #2 Mine (Turnpike) Mineral Resources have also been modeled (Leapfrog Geo™ version 2023.2.3) and estimated (Leapfrog EDGE) by ESM geologists and reviewed for consistency with industry standards. Don Taylor of Titan Mining Corp. is the QP who has reviewed the geological models and estimates and has conducted multiple site inspections. Mineral Resources for the Turnpike Open Pit area have been taken from a single block model (Table 1-4).

**Table 1-4: Turnpike Open Pit Mineral Resource Estimate as of October 17, 2024**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Tons (000's US short tons)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Contained pounds (000's lb)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;251 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;15679 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;950 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;61088 |
| &nbsp;&nbsp;Measured + Indicated | &nbsp;&nbsp;1201 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;76767 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;461 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;32360 |

---

Source: ESM 2024

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R. Taylor,
of Titan Mining Corp., SME registered member (#4029597).

2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate.

3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 Open Pit MRE encompasses
three vein domains and nine indicator RBF interpolant shells totaling 12 individual wireframes.

4. Geological and block models for the Open Pit MRE used data from a total of 254 surface and underground
diamond drillholes (core). The drillhole database was validated prior to resource estimation and QA/QC checks were made using industry-standard
control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms
and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping
method.

6. The Open Pit MRE was compiled from a single block model that was prepared using Leapfrog Edge. The block
model was sub-blocked at domain boundaries and samples were composited within the indicator RBF interpolant models as 10-ft run-length
composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Assays were composited
within the vein models using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole.
Grade estimation was carried out using IDW methods coupled with variably orientated search ellipses derived from modeled trend surfaces.

7. The SG assessment was carried out for all domains using measurements collected during the core logging
process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists,
then density was assigned to models based on calculated means or by a regression formula.

8. Resources stated as internal to an optimized pit shell, above a cut-off grade of 0.6% Zn.

9. Cut-off is based on break-even economics at a Zinc price of $1.27/lb, with an assumed zinc recovery of
96%, and actual processing, mining, and transportation costs from the ESM operation. No G&A costs were applied as ESM considers the
Project accretive. No extra mining dilution was added as a regularized block model was used.

10. The resource classification considered the quality, quantity and distance to the data informing blocks
in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the
nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality,
quantity, and distance parameters.

11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect
that they are estimations.

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|:---|:---|
| **JANUARY 2025** | **1-9** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political
or marketing issues or any other relevant issues that could materially affect this MRE.

1.7.2 Graphite

**Drill Database**

The Kilbourne Graphite Project database totals 45 surface-collared diamond drillholes (DDH) and one surface channel, totaling 29,699 ft used for modeling Kilbourne. There are a total of 3,396 assay records in the Kilbourne database, of which 2,088 assay records for graphite (%Cg).

**Geology Model**

Three-dimensional (3D) wireframe models of mineralization were developed in Leapfrog Geo™ version 2023.2.3 (Leapfrog) by ESM and reviewed by the QP. The wireframes were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50 %Cg within the Upper Marble #2 (UM2) formation, defining the Upper, Middle, and Lower sub-domains of UM2 (210, 220, 230). Contiguous grade intervals greater than or equal to 0.50 %Cg were modeled within the higher-grade 210 and 230 sub-domains (UM2 – Upper and Lower, respectively), while contiguous grade intervals less than 0.50 %Cg were modeled as the 220 sub-domain (UM2 – Middle). These 200 series domains form the basis of the Kilbourne Mineral Resource Estimate.

The wireframe solids were imported from Leapfrog into Datamine Studio RM™ version 2.1.125.0 (Datamine) in .dwg format. The solids were validated within Datamine. The modeling is broken down into twelve separate geological domains based on lithology

The wireframes extend at depth, below the deepest DDH. This is to provide a target for future exploration. The block model extents did not encompass the entire wireframe extents to reduce block model and file sizes. As such the volumes related to the block model may significantly differ in comparison to the wireframe volumes. The volumes were validated with an initial block fill of the entire wireframes and no significant discrepancies were noted.

**Block Model**

Block modeling was completed in Datamine using industry accepted standard practices. The geological model wireframes were filled with parent block 30' x 30' x 15' and sub-celled to filled the volumes.

Drillhole samples intervals were assigned to the appropriate mineral domain. Geostatistical analysis was completed on each mineral domain for grade capping, compositing, and spatial analysis.

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| **JANUARY 2025** | **1-10** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Grades were estimated into the model using a three-pass estimation requiring a minimum and maximum number of samples to estimate a block. Table 1-5 summarizes the pit constrained Mineral Resource using a 1.5% Cg cut-off grade.

**Table 1-5: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Deposit** | &nbsp;&nbsp;**Cut-Off Grade**<br> **(% Cg)** | &nbsp;&nbsp;**Tonnage**<br> **('000 Ton)** | &nbsp;&nbsp;**Grade**<br> **(% Cg)** | &nbsp;&nbsp;**Contained Graphite**<br> **('000 Ton)** |
| &nbsp;&nbsp;**Inferred** | &nbsp;&nbsp;Kilbourne | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;22423 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;653 |

---

Source: BBA 2024

Notes:

1. The independent qualified person for the 2024 MRE, as defined by NI 43-101, is Mr. Todd McCracken
(PGO 0631) of BBA USA Inc. The effective date of this Mineral Resource Estimate is December 3, 2024.

2. Three-dimensional (3D) wireframe models of mineralization were based on the geological interpretation
of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50% Cg defining two mineralized
sub-domains.

3. Geological and block models for the Mineral Resource Estimate used data from a total of 45 surface diamond
drillholes (core) and 1 surface channel sample. The drillhole database was validated prior to resource estimation and QA/QC checks were
made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire
State Mines personnel.

4. Quantities and grades in the Mineral Resource Estimate are rounded to an appropriate number of significant
figures to reflect that they are estimations.

5. The Mineral Resource Estimate was constrained using the following optimization parameters, as agreed upon
by Empire State Mines and the QP. The parameters include mining costs of $4.60/ ton for
mineralized rock, $3.50/ton for unmineralized rock, and $2.00/ton for overburden and tailings, with a 5.0% dilution and 95.0% mining recovery.
Processing costs are $14.00 /ton milled, with a 91.0% processing recovery and a concentrate grade of
95.0%. No general and administrative (G&A) costs were applied. The selling price is $1,090 /ton of
concentrate, with transportation costs of $50 /ton and no additional selling costs. The overall slope
angles are 23 degrees for overburden and tailings, and 45 degrees for rock.

6. The resource reported has been tabulated in terms of a pit-constrained cut-off value of 1.50% Cg.

7. The block model was prepared using Datamine Studio RM™. A 30 ft x 30 ft x 15 ft block model was
created, and samples were composited at 5 ft intervals. Grade estimation for graphite used data from drillhole
data and was carried out using ordinary kriging (OK), inverse distance squared (ID2), and nearest neighbor (NN) methods. The OK
methodology is the method used to report the mineral estimate statement.

8. Grade estimation was validated by comparison of the global mean block grades for OK, ID2, and NN by domain
and composite mean grades by domain , swath plot analysis, and by visual inspection of the assay data, block
model, and grade shells in cross-sections.

9. The SG assessment was carried out for all domains using measurements collected
during the core logging process. The mean specific gravity value within the mineralized domains is 2.75.

10. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

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|:---|:---|
| **JANUARY 2025** | **1-11** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1.8 Mining

The mine plan tons at the ESM deposit are extracted using a combination of longitudinal retreat stoping (LRS), Cut and Fill (C&F), Panel Mining (PM) – Primary and Secondary (PAP & PAS), and development drifting underground mining methods with rock backfill. Longhole back-stopes (BCK) are also used in the design where applicable. The mine plan scales up slightly from the current production rate of 1,750 t/d continuing through 2032 winding down in 2033. The current mine life is projected to be 9 years with the Turnpike open pits being dependent on zinc price. For the purposes of this report, the open pits are not included in the economic analysis. A conceptual schedule is included, but the tons are not included in the life of mine (LOM) mineable inventory.

The ESM deposit will be accessed from surface via the No. 4 shaft, and all mineralized material and some waste rock will be hoisted out of the mine via that shaft. In addition to the existing development and raises, new lateral development and ramping will be required to access mineralized zones.

To supplement the ventilation provided by the raises, as the ramps are being driven, shorter internal ventilation drop raises will ensure air delivery to the active development face.

Measured, Indicated, and Inferred Mineral Resources were included in the mine design and schedule optimization process. The Mineral Inventory is based on the Mineral Resource stated as of July 2024 and is estimated at a 5.5% Zinc cut-off grade for the UG mine and 0.6% Zn for open pit mining. The LOM plan is considered to start January 2025 with the production from 2024 being calculated from actuals and short-range estimates.

For the underground mine, dilution was estimated based on typical stope dimensions to calculate unplanned overbreak experienced during mining operations. The rock quality at ESM is considered to be very good geotechnically, so overbreak is considered to be minimal. For LRS and BCK stopes, two sources of dilution were considered. Sloughing was estimated to be 2.0 ft on both the hanging wall and footwall of LRS stopes. For C&F, planned over break dilution of 0.5 ft was applied to both walls. A dilution grade of 0% Zn was assumed for all dilution.

Mine recovery was calculated under the following mine assumptions:

■ C&F and waste development passing incremental cut-off, assume 95% mine recovery after losses.

■ Longitudinal retreat and back-stopes assume 95% mine recovery.

■ Panel mining assumes 75% mine recovery after losses from pillars left behind.

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| **JANUARY 2025** | **1-12** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Provided care is taking during blasting and rigorous ore control and monitoring systems are followed, BBA estimates that dilution and ore losses can be minimized for open pit mining. A mining recovery factor and dilution factor were not applied as a regularized block model was used for the mine design and scheduling.

The production schedule for the underground LOM is provided in Table 1-6. A proposed schedule for potential Turnpike Open Pit order of extraction is provided in Table 1-7.

**Table 1-6: Mine production schedule**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**2029** | &nbsp;&nbsp;**2030** | &nbsp;&nbsp;**2031** | &nbsp;&nbsp;**2032** | &nbsp;&nbsp;**2033** |
| &nbsp;&nbsp;Underground Ore Mined | &nbsp;&nbsp;kt | &nbsp;&nbsp;**4467** | &nbsp;&nbsp;425 | &nbsp;&nbsp;462 | &nbsp;&nbsp;467 | &nbsp;&nbsp;455 | &nbsp;&nbsp;455 | &nbsp;&nbsp;455 | &nbsp;&nbsp;455 | &nbsp;&nbsp;455 | &nbsp;&nbsp;455 | &nbsp;&nbsp;383 |
| &nbsp;&nbsp;Zinc Grade | &nbsp;&nbsp;% | &nbsp;&nbsp;**7.41** | &nbsp;&nbsp;8.60 | &nbsp;&nbsp;7.80 | &nbsp;&nbsp;7.50 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;7.30 | &nbsp;&nbsp;6.50 | &nbsp;&nbsp;7.30 |
| &nbsp;&nbsp;Contained Zinc | &nbsp;&nbsp;M lb | &nbsp;&nbsp;**662** | &nbsp;&nbsp;73 | &nbsp;&nbsp;72 | &nbsp;&nbsp;70 | &nbsp;&nbsp;66 | &nbsp;&nbsp;66 | &nbsp;&nbsp;66 | &nbsp;&nbsp;66 | &nbsp;&nbsp;66 | &nbsp;&nbsp;59 | &nbsp;&nbsp;56 |

---

Source: ESM 2024

**Table 1-7: Turnpike Open Pit conceptual schedule**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**LOM** | &nbsp;&nbsp;**Y1** | &nbsp;&nbsp;**Y2** | &nbsp;&nbsp;**Y3** |
| &nbsp;&nbsp;Open Pit Ore Mined | &nbsp;&nbsp;kt | &nbsp;&nbsp;399 | &nbsp;&nbsp;120 | &nbsp;&nbsp;195 | &nbsp;&nbsp;84 |
| &nbsp;&nbsp;Total Open Pit Waste | &nbsp;&nbsp;kt | &nbsp;&nbsp;1364 | &nbsp;&nbsp;580 | &nbsp;&nbsp;627 | &nbsp;&nbsp;158 |
| &nbsp;&nbsp;Stripping Ratio | &nbsp;&nbsp;W:O | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;Total Material moved | &nbsp;&nbsp;kt | &nbsp;&nbsp;1763 | &nbsp;&nbsp;700 | &nbsp;&nbsp;822 | &nbsp;&nbsp;242 |
| &nbsp;&nbsp;Zinc Grade | &nbsp;&nbsp;% | &nbsp;&nbsp;2.79 | &nbsp;&nbsp;3.13 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;3.17 |
| &nbsp;&nbsp;Contained Zinc | &nbsp;&nbsp;000s lb | &nbsp;&nbsp;6695 | &nbsp;&nbsp;12210 | &nbsp;&nbsp;6390 | &nbsp;&nbsp;25292 |

---

Source: BBA 2024

1.9 Recovery Methods

Mineralized material mined in the ESM deposits is processed at the existing ESM concentrator that was commissioned in 1970 and last shut down in 2008. The concentrator was refurbished in late 2017 and began processing ore in 2018. The concentrator flowsheet includes crushing, grinding, sequential lead and zinc flotation circuits, concentrate dewatering circuits, and loadout facilities.

The design capacity of the concentrator is 5,000 t/d. Throughout the history of the Balmat operation (now ESM), the capacity of the concentrator has exceeded that of the mines' capacity. The operating strategy is to operate the concentrator at its rated hourly throughput of 200 tons per hour (t/h) to 220 t/h, but for only as many hours as necessary to suit mine production. It currently is processing between 6,500 to 7,000 tons per week operating on a schedule of one shift per day, 4 days per week. The concentrator suffers no notable losses from intermittent operation.

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| **JANUARY 2025** | **1-13** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The zinc flotation circuit consists of rougher flotation followed by scavenger flotation. The scavenger concentrate returns to the head of the rougher circuit. Rougher concentrate undergoes two stages of cleaner flotation. Cleaner tailings are returned to the previous stage of flotation in the traditional manner. Currently, the concentrator is producing zinc concentrate at an average of 59.0% zinc with 3% iron and 0.50% magnesium.

Lead values in the underground ore will be generally very low, and lead concentrate is not planned to be produced. Lead values in the open pit ore are expected to be higher and it will be possible to produce a lead concentrate from this ore source.

While aged, the concentrator is in good working order and runs efficiently. No modifications are required to continue processing underground ore sources and minimal modifications would be required for processing the mineralized material to be mined from the open pits.

1.10 Infrastructure

Access to the ESM facility is by existing paved state, town, and site roads. All access to the mine/mill facility as well as concentrate haulage from the facility is by paved public roads and/or an existing CSX rail short line. The existing facilities at ESM mine are well established and will generally meet the requirements of the planned operations.

The ESM site is located adjacent to State Highway 812, approximately 1.5 mi from the junction with State Highway 58. A mile-long stretch of Sylvia Lake Road currently handles traffic to and from the site, including truck haulage of concentrate. Road maintenance is carried out by the Town and State Government Department of Highways.

There are currently two entries from Sylvia Lake Road providing access to the site. The main entry provides access to the parking lot and the approach to the office complex, and the tailings line entry is the waste truck haulage route to the tailings impoundment. These accesses are adequate, and no improvements are planned.

The existing mine office complex is a two-story steel frame and concrete block/galbestos-sided building with steel joist/concrete plank built up roof system. As part of the first floor, the maintenance vehicle storage garage, the boiler room, and the dry/lamp room is a 60 ft x 273 ft area. The dry, located on the ground floor, accommodates 125 people with individual lockers for clean clothes and hanging baskets for working clothes for all personnel, as well as the appropriate number of showers and toilet facilities.

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| **JANUARY 2025** | **1-14** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The ground floor also contains mine offices, a boiler room and lamp room. Hot water for sanitary purposes is provided by quick recovery propane water heater, eliminating the need to operate a steam boiler through the summer months. The second floor contains a warehouse, machine shop, mine rescue room, first aid equipment room and training room.

Power to site is fed by line from Niagara Mohawk's substation at Battle Hill-ESM #5 circuit. On-site power is distributed to the plant and mine. SLZ owns two portable generators for emergency use. One is a 125 kVA portable used for general 480 V / 220 V / 110 V applications. The other is a 100 kVA portable generator which will run the No. 2 emergency egress hoist.

Mill process and cooling water (non-potable) for the site are pumped from the Sylvia Lake pump house to two 100,000-gallon (gal) concrete deluge tanks near the concentrate storage building/rail loadout shed. Water is pumped from the reservoir tanks to the concentrator. Mine water is pumped from the mill basement sump down the 4" shaft water line to the various mine levels.

The tailings disposal facility covers 260 acres approximately 4,000 ft north of the mill. Water from tailings flows through a series of retention ponds before discharge into Turnpike Creek. Discharge is regulated by the New York State Department of Environmental Conservation (NYSDEC) under permit NY0001791.

The mineralized materials and waste rock from the development and operation of the mine is non-acid-generating due to the alkaline nature of the host rock. The designated surface pads were designed such that any run-off will drain to the concentrator pond. The capacity of this stockpile area is sufficient for the tonnages in the contained mine schedule.

1.11 Environment and Permitting

All permits required to operate the ESM #4 Mine are active and in place. Additionally, there are not any other significant factors or risks that may affect access, title, or the right or ability to perform work on the ESM properties.

Permits have remained active for mining at ESM No. 4 since the previous operating periods. No environmental studies are underway at this time, nor are any required for this existing fully permitted mine. The site is well managed and is in compliance with all environmental regulatory requirements.

Renewals for State Pollutant Discharge Elimination System (SPDES) Permit and Water Withdrawal Permit were submitted to the NYSDEC in a timely manner. Both permits are on the Department's schedule for technical review due to length of time elapsed since previous review.

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| **JANUARY 2025** | **1-15** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Tailings are non-acid generating so conventional reclamation methods can be used to rehabilitate the tailings area. Currently, surface water discharge is in compliance with a SPDES permit and is expected to remain so for operating, closure, and post-closure periods.

The ESM No. 2 Mine site has been partially reclaimed. ESM No. 2 shaft serves as secondary access to the underground operations at the No. 4 Mine and will be included in the final reclamation of the No. 4 Mine and concentrator complex. ESM No. 4 Mine and mine tailings reclamation is assured with a $1,627,341 certificate of deposit.

1.12 Operating and Capital Cost Estimates

Estimated project capital costs (including closure costs) total $37.2M, consisting of the following distinct areas:

■ No. 4 Mine capital equipment;

■ No. 4 infrastructure and process capital.

The capital cost estimate was compiled using a combination of quotations, labor rates, and database costs.

Table 1-8 presents the capital estimate summary for each area in 2024 US$ with no escalation.

**Table 1-8: Capital cost summary**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Cost Estimate ($M)** |
| &nbsp;&nbsp;#4 Mine Capital Equipment | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;#4 Infrastructure and Process Capital | &nbsp;&nbsp;13.9 |
| &nbsp;&nbsp;**Total Capital Cost** | &nbsp;&nbsp;**27.0** |
| &nbsp;&nbsp;Closure Costs | &nbsp;&nbsp;15.4 |
| &nbsp;&nbsp;Salvage Value | &nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;**Total Capital Cost (incl. closure costs)** | &nbsp;&nbsp;**37.2** |

---

Source: ESM 2024

Underground capital costs are estimated to be $13.1M. This includes an additional mechanical bolter as well as a replacement bolter, replacement of two 6 yd loaders, replacement of two UG haul trucks, replacement of a single boom jumbo, four additional 750 kVA transformers, ventilation fans and doors, a replacement locomotive, a surface exploration drill, and main dewatering pumps.

---

| | |
|:---|:---|
| **JANUARY 2025** | **1-16** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

ESM has assumed that due to the short life of the pits (3 years), a contractor will be used to mine the open pits. Mark-ups on the operating costs have been assumed to cover the contractor's mining equipment and infrastructure capital costs.

Capital item allowance for the open pit includes upgrade of the railway right of way into a haul road, land acquisition, process plant upgrade for lead circuit, and site facility preparation.

Closure costs were estimated based on the SRK cost estimate to a total of $15.4M, this will be offset by the estimated $5.2M in salvage value. This cost is however not included in the economic model due to ongoing mining discoveries and expansions.

Indirect, owner's, and contingency costs are all incorporated into the capital cost estimates.

Preparation of the site operating cost estimate is based on current UG operation performance. The site operating cost is based on Owner-owned and operated mining/services fleets, and minimal use of permanent contractors except where value is provided through expertise and/or packages efficiencies/skills.

Site operating costs in this section of the report are broken into four major sections, which include mining, processing, general and administrative (G&A), and concentrate transportation costs.

Site operating costs (Table 1-9) are presented in 2024 US$ on a calendar year basis. No escalation or inflation is included.

**Table 1-9: Breakdown of estimated site operating costs**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Site Operating Costs** | &nbsp;&nbsp;**Unit Cost ($/t milled)** | &nbsp;&nbsp;**LOM Cost ($M)** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;55 | &nbsp;&nbsp;244 |
| &nbsp;&nbsp;Processing | &nbsp;&nbsp;18 | &nbsp;&nbsp;80 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;20 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;Concentrate Transportation | &nbsp;&nbsp;8 | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**101** | &nbsp;&nbsp;**446** |

---

Source: ESM 2024

1.13 Economic Analysis

An economic model was developed to estimate annual cash flows and sensitivities of the Project. Pre-tax estimates of project values were prepared for comparative purposes, while after-tax estimates were developed and are likely to approximate the true investment value. It must be noted, however, that tax estimates involve many complex variables that can only be accurately calculated during operations and, as such, the after-tax results are only approximations.

---

| | |
|:---|:---|
| **JANUARY 2025** | **1-17** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Sensitivity analyses were performed for variations in grade, metal price, operating costs, capital costs, and discount rates to determine their relative importance as project value drivers.

It must be noted that this PEA is preliminary in nature and includes the use of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized.

Other economic factors include the following:

■ Discount rate of 5%;

■ Nominal 2024 US dollars;

■ Revenues, costs, and taxes are calculated for each period in which they occur;

■ All costs and time prior to January 1, 2024, are considered sunk costs;

■ Results are presented on 100% ownership basis.

The Project has been evaluated on an after-tax basis to provide an indicative value of the potential project economics. Corporate income tax was calculated by Titan of $5.6M for the LOM.

The economic analysis incorporates royalties. A royalty of 0.3% is applied to the NSR for the zinc concentrate.

The results of the economic evaluation indicate that the Project is economic under the current assumptions. The pre-tax cash flow is estimated to be $104M, with a pre-tax and post-tax net present value (NPV) at a discount rate of 5% of $88M and $83M, respectively. The results of the assessment are provided in Table 1-10.

A sensitivity analysis was performed to determine which factors most affected the project economics. The analysis revealed that the Project is most sensitive to zinc price, then zinc grade, followed by operating costs and capital costs. The results of the sensitivity analysis are provided in Table 1-11.

---

| | |
|:---|:---|
| **JANUARY 2025** | **1-18** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 1-10: Summary of the economic analysis results**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Summary of Results** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Mine Life | &nbsp;&nbsp;year | &nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;Resource Mined | &nbsp;&nbsp;kt | &nbsp;&nbsp;4469 |
| &nbsp;&nbsp;LOM Throughput Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;1775 |
| &nbsp;&nbsp;LOM Operating Days per Year | &nbsp;&nbsp;d/y | &nbsp;&nbsp;260 |
| &nbsp;&nbsp;Average Head Zinc Grade | &nbsp;&nbsp;% Zn | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;LOM Recovered Zinc | &nbsp;&nbsp;M lb | &nbsp;&nbsp;636 |
| &nbsp;&nbsp;LOM Payable Zinc | &nbsp;&nbsp;M lb | &nbsp;&nbsp;541 |
| &nbsp;&nbsp;Total Revenue | &nbsp;&nbsp;$M | &nbsp;&nbsp;577 |
| &nbsp;&nbsp;Total Offsite Charges | &nbsp;&nbsp;$M | &nbsp;&nbsp;107 |
| &nbsp;&nbsp;Royalties | &nbsp;&nbsp;$M | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;NSR (net of royalties) | &nbsp;&nbsp;$M | &nbsp;&nbsp;577 |
| &nbsp;&nbsp;Capital Costs (including sustaining) | &nbsp;&nbsp;$M | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;Operating Costs | &nbsp;&nbsp;$M | &nbsp;&nbsp;446 |
| &nbsp;&nbsp;Operating Costs | &nbsp;&nbsp;$/t processed | &nbsp;&nbsp;101 |
| &nbsp;&nbsp;Pre-tax Cash FLOW | &nbsp;&nbsp;$M | &nbsp;&nbsp;104 |
| &nbsp;&nbsp;Taxes | &nbsp;&nbsp;$M | &nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;After-tax Cash Flow | &nbsp;&nbsp;$M | &nbsp;&nbsp;98 |
| &nbsp;&nbsp;**Pre-tax NPV (5% discount)** | &nbsp;&nbsp;**$M** | &nbsp;&nbsp;**88** |
| &nbsp;&nbsp;**After-tax NPV (5% discount)** | &nbsp;&nbsp;**$M** | &nbsp;&nbsp;**83** |

---

Source: ESM 2024

**Table 1-11: Sensitivity analysis results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Pre-tax NPV @ 5% ($M)** | &nbsp;&nbsp;**Pre-tax NPV @ 5% ($M)** | &nbsp;&nbsp;**Pre-tax NPV @ 5% ($M)** | &nbsp;&nbsp;**Post-tax NPV @ 5% ($M)** | &nbsp;&nbsp;**Post-tax NPV @ 5% ($M)** | &nbsp;&nbsp;**Post-tax NPV @ 5% ($M)** |
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**-10% variance** | &nbsp;&nbsp;**0% variance** | &nbsp;&nbsp;**10% variance** | &nbsp;&nbsp;**-10% variance** | &nbsp;&nbsp;**0% variance** | &nbsp;&nbsp;**10% variance** |
| &nbsp;&nbsp;Zinc Price | &nbsp;&nbsp;47 | &nbsp;&nbsp;88 | &nbsp;&nbsp;133 | &nbsp;&nbsp;38 | &nbsp;&nbsp;83 | &nbsp;&nbsp;125 |
| &nbsp;&nbsp;Zinc Grade | &nbsp;&nbsp;49 | &nbsp;&nbsp;88 | &nbsp;&nbsp;126 | &nbsp;&nbsp;46 | &nbsp;&nbsp;83 | &nbsp;&nbsp;116 |
| &nbsp;&nbsp;CAPEX | &nbsp;&nbsp;90 | &nbsp;&nbsp;88 | &nbsp;&nbsp;85 | &nbsp;&nbsp;85 | &nbsp;&nbsp;83 | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;OPEX | &nbsp;&nbsp;116 | &nbsp;&nbsp;88 | &nbsp;&nbsp;55 | &nbsp;&nbsp;109 | &nbsp;&nbsp;83 | &nbsp;&nbsp;44 |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **1-19** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

1.14 Conclusions

It is the conclusion of the QPs that the PEA summarized in this Technical Report contains adequate detail and information to support the positive economic result. The PEA proposes the use of industry standard equipment and operating practices. To date, the QPs are not aware of any fatal flaws for the Project.

1.14.1 Risks

The most significant risks associated with the Project are commodity prices, uncontrolled dilution, mineral recovery, operating and sustaining capital cost escalation, ventilation limitations, and Inferred Mineral Resource confidence.

These risks are common to most mining projects, many of which may be mitigated, at least to some degree, with adequate engineering, planning, and proactive management.

1.14.2 Opportunities

The resource potential has not been fully defined, and as such there is opportunity for resource expansion. The mine historically operated with little definition drilling in comparison to greenfield exploration properties. The replacement of ore reserves depended heavily on the ability to follow the mineralized zones through mine development. Additional exploration drilling may yield high returns in the discovery and upgrade of additional Mineral Resources.

There is an opportunity to increase production and project NPV by accelerating the mining of the N2D zone. This would require the purchase $2.8M of additional mining equipment, a power upgrade of $2.6M and hiring additional miners and mechanics to add 500 t/d of incremental ore to the mill feed. The expansion would decrease the LOM by 1 year compared to the base case due to accelerated depletion of resources. It would also add $14M to the project pre-tax NPV calculation and 13 M payable zinc pounds per year during its 3.5-year life.

The dark mineralization hosted within a light dolomitic rock may lend itself to optical sorting technology, which could provide an increase to mill feed head grade while simultaneously providing a source of crushed waste rock for cemented and un-cemented backfill. In addition, a sorted mill feed may permit a lower mine cut-off grade which could increase the Mineral Resources within the PEA mine plan, without requiring additional exploration.

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| | |
|:---|:---|
| **JANUARY 2025** | **1-20** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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1.14.3 Recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.1 Zinc

The items shown in Table 1-12 are recommended for ESM to improve confidence and performance of the PEA mine plan and economics.

**Table 1-12: Project recommendations and estimated cost**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Cost ($)** |
| &nbsp;&nbsp;Infill Drilling and Conversion of Inferred Mineral Resources | &nbsp;&nbsp;150000 |
| &nbsp;&nbsp;Review Financing for Production Expansion from N2D Zone | &nbsp;&nbsp;5400000 |
| &nbsp;&nbsp;Sorting Test Work and Integration Study | &nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Contractor Quotes for Open Pit Cost Assumptions | &nbsp;&nbsp;15000 |
| &nbsp;&nbsp;**Total Estimate** | &nbsp;&nbsp;**5665000** |

---

Source: ESM 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.3.2 Graphite

The items shown in Table 1-13 and Table 1-14 are recommended for ESM to advance Kilbourne to a PEA level and ensure commercial viability.

**Table 1-13: Project recommendations and estimated cost**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Recommended Study Item** | &nbsp;&nbsp;**Estimated Cost ($)** |
| &nbsp;&nbsp;Infill Drilling | &nbsp;&nbsp;950000 |
| &nbsp;&nbsp;Geotechnical Study | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Phase III Metallurgical Study | &nbsp;&nbsp;47000 |
| &nbsp;&nbsp;Mining Study | &nbsp;&nbsp;250000 |
| &nbsp;&nbsp;Optical Sorting Study | &nbsp;&nbsp;30000 |
| &nbsp;&nbsp;Contractor Quotes | &nbsp;&nbsp;15000 |
| &nbsp;&nbsp;Permitting | &nbsp;&nbsp;130000 |
| &nbsp;&nbsp;PEA Technical Report Update | &nbsp;&nbsp;500000 |
| &nbsp;&nbsp;**Preliminary Economic Assessment Subtotal** | &nbsp;&nbsp;**1972000** |
| &nbsp;&nbsp;Contingency (25%) | &nbsp;&nbsp;493000 |
| &nbsp;&nbsp;**Total Estimate** | &nbsp;&nbsp;**2465000** |

---

Source: ESM 2024

**Table 1-14: Commercial recommendations and estimated cost**

---

| | |
|:---|:---|
| **Recommended Study Item** | **Estimated Cost ($)** |
| Commercial Scoping Study | 150000 |
| Product Qualification Consulting | 68000 |
| Demonstration Plant | 6110000 |
| **Commercial Scoping Subtotal** | **6328000** |
| Contingency (25%) | 1582000 |
| **Total Estimate** | **7910000** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **1-21** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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2. Introduction

BBA USA Inc. (BBA) has been engaged by Titan Mining Corporation (Titan or the Company) to update the current National Instrument 43-101 (NI 43-101) Technical Report for the Empire State Mines (ESM or the Property) operation and was prepared following the guidelines of NI 43-101.

This Technical Report titled *"Empire State Mines 2024 NI 43-101 Technical Report Update"* provides an update to the ESM zinc Mineral Resource Estimate (MRE) and mine plan and describes a maiden MRE for the Kilbourne graphite deposit.

ESM is an underground zinc mine near the town of Gouverneur, New York State. It is located approximately 1.3 miles (mi) southwest of Fowler, in St. Lawrence County. Titan owns a total of 2,699 acres of fee simple surface and mineral rights in three towns in St. Lawrence County. The majority of the Property consists of the 1,754 acres in the town of Fowler where the ESM, mill and tailings disposal facilities are located. Nine parcels totaling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine, which is located on four owned parcels totaling 242 acres. Titan holds 100% ownership.

ESM is comprised of a group of high-grade zinc mines, the ESM #4 Mine, which is an underground mine that is in production, and six historic mines. ESM #4 Mine restarted mining operations in January 2018 and began producing zinc concentrate in March 2018. The ESM #1, #2, and #3, Hyatt, Pierrepont and Edwards mines are all within a 30-mile radius of the 5,000 t/d mill. Open pit potential has been identified at the surface of the historic #1 and #2 mines and is known as Turnpike.

2.1 Basis of the Technical Report

ESM technical staff provided updates for most of the individual chapters. The following companies contributed to this Technical Report and provided qualified person (QP) sign-off for their respective sections.

**BBA USA Inc. (BBA)**

■ Overall report integrator;

■ Kilbourne Mineral Resource Estimate.

**Forte Dynamics Inc. (Forte) (recently merged with RDi Resource Development)**

■ Zinc metallurgical test work and mineral processing.

**Metpro Management Inc. (Metpro)**

■ Graphite metallurgical test work and mineral processing.

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| | |
|:---|:---|
| **JANUARY 2025** | **2-22** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The individuals listed in Table 2-1, by virtue of their education, experience, and professional association, are considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions.

The key information used in this report is listed in Chapter 27 - References.

This Technical Report has been produced following the Standards of Disclosure for Mineral Projects as contained in NI 43-101 and accompanying policies and documents. NI 43-101 uses the definitions and categories of Mineral Resources and Mineral Reserves as set out in the May 2014 edition of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (CIM Definition Standards) (CIM, 2014).

A draft of the Technical Report was provided to Titan to check for factual accuracy. The Technical Report is effective as of December 3, 2024.

**Table 2-1: QP Responsibilities and date of last site visit**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Qualified Persons Responsible for the Preparation of this Technical Report** | **Qualified Persons Responsible for the Preparation of this Technical Report** | **Qualified Persons Responsible for the Preparation of this Technical Report** | **Qualified Persons Responsible for the Preparation of this Technical Report** | **Qualified Persons Responsible for the Preparation of this Technical Report** | **Qualified Persons Responsible for the Preparation of this Technical Report** |
| **Qualified Person** | **Employer** | **Independent of Titan?** | **Date of Last Site Visit** | **Professional Designation** | **Sections of the Report** |
| **Donald R. Taylor**<br> Chief Executive Officer | Titan | No | August <br> 20-22, 2024 | SME Registered Member | Chapters 1 (except 1.5.2, 1.6.2, 1.7.2, and 1.9), 2 to 8 (except 8.2), 9 (except 9.2), 10 (except 10.2), 11, 12, 14 (except 14.2), 15, 16, 18 to 25 (except 25.2) and 26 (except 26.2)<br>Co-author of Chapter 27<br>|
| **Todd McCracken**<br> Director – Mining & Geology – Central Canada | BBA | Yes | August <br> 26-27, 2024 | PGO | Sections 1.5.2, 1.7.2, 8.2, 9.2, 10.2, 14.2, 25.2 and 26.2<br>Co-author of Chapter 27<br>|
| **Deepak Malhotra**<br> Principal / Director | Forte | Yes | 2016 | SME Registered Member | Chapters 13 (except 13.2) and 17<br>Section 1.9<br>Co-author of Chapter 27<br>|
| **Oliver Peters** <br> Mineral Processing Engineer & President | Metpro | Yes | October 30, 2024 | MSc, P.Eng., MBA | Sections 1.6.2 and 13.2<br>Co-author of Chapter 27<br>|

---

Source: BBA

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| | |
|:---|:---|
| **JANUARY 2025** | **2-23** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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2.2 Units, Currency, and Rounding

The units of measure used in this report are as per the Imperial system unless otherwise noted. All dollar figures quoted in this report refer to US dollars (US$ or $) unless otherwise noted.

Frequently used abbreviations and acronyms can be found in the list of abbreviations and units of measurement after the table of contents.

This report includes technical information that required subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, the QPs do not consider them to be material.

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| | |
|:---|:---|
| **JANUARY 2025** | **2-24** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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3. Reliance on Other Experts

The QPs relied on C. Connor Messler, Exploration Manager, Empire State Mines, for matters pertaining to mineral concessions, surface rights and mining leases, as disclosed in Chapter 4, pursuant to statements made by Mr. Messler that were confirmed to be current as of the effective date of the Technical Report.

The QPs relied on Ryan Schermerhorn, Production Manager, Empire State Mines, for matters pertaining to permitting, environmental, social, and community factors, as disclosed in Chapter 20, pursuant to statements made by Mr. Schermerhorn that were confirmed to be current as of the effective date of the Technical Report.

The QPs relied on Ty Minnick, Interim Chief Financial Officer of Titan Mining Corporation, for matters pertaining to taxation on the Property, as disclosed in Chapter 22, pursuant to statements made by Mr. Minnick that were confirmed to be current as of the effective date of the Technical Report.

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| | |
|:---|:---|
| **JANUARY 2025** | **3-25** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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4. Property Description and Location

4.1 Location

The ESM mine is located 7 mi southeast of Gouverneur, New York, at 44°14'51" N latitude, 75°23'50" W longitude, and 710' above mean sea level (amsl). The site is 38 mi via State Road #812 from the St. Lawrence Seaway at Ogdensburg, NY (Figure 4-1 and Figure 4-2).

The town of Gouverneur is located 90 mi from Ottawa, Ontario, Canada, and is 100 mi northeast of Syracuse, New York.

![](ex99-48_001.jpg)

Source: ESM 2024, modified from ESRI base map

**Figure 4-1: Regional project location**

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| | |
|:---|:---|
| **JANUARY 2025** | **4-26** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024, modified from ESRI base map

**Figure 4-2: Local project location**

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| | |
|:---|:---|
| **JANUARY 2025** | **4-27** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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4.2 Mineral Tenure

The 2,699 acres of surface rights owned by Titan are divided among the townships of Fowler, Edwards and Pierrepont, containing 1,753, 703 and 242 acres, respectively. There are 51,428 acres of mineral rights located in St. Lawrence and Franklin Counties that are comprised of multiple individual parcels in selected areas in and around the mines.

The Company has an additional 29,017 acres of leased and optioned mineral rights targeting prospective exploration areas, and within proximity to the Balmat, Hyatt, and Pierrepont mine areas. Leases have an initial 20-year term, renewable for an additional 20 years, and are subject to a 4% net smelter return (NSR) royalty. Optioned mineral rights have a renewable 5-year initial term. Option payments amount to $4 per acre per year.

One primary lease holding and five smaller leases are included in the ESM mine land package that covers 20% of the mineral rights of the major area of the Mahler resource. Three leases are held in the area around the Hyatt mine and 10 leases are held in the Pierrepont mine area, covering 515 and 985 acres, respectively. Leases comprising 300 acres are also held in the Emeryville and Talcville exploration areas.

A list of leases with expiration dates are provided in Table 4-1Table 4-1. In certain limited cases outside of the current mineral resource and subsequent anticipated mining areas, certain lease agreements have not been formally extended due to administrative challenges in signing official extension documents. In these limited cases, the Company has continued to make annual payments on such leases (which payments have been received), and the Company is of the view that these leases have been constructively extended. The current mineral resource and subsequent anticipated mining areas are not impacted in any way by the leases that have not yet been formally extended.

Differences from past acreage totals are in part attributable to discrepancies between surface parcel acreage and mineral rights acreage, with mineral rights often representing historic parcel geometries and locations. These historic parcel shapes do not always align with the current surface outline. Additionally, review of the Lansing-Dodge Agreement listed in Table 4-1 has shown that sections of this agreement had been claimed by St. Lawrence County in the mid-1900s. These issues have been recognized and recorded by ESM personnel during the course of property due diligence prior to exploration activities.

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| | |
|:---|:---|
| **JANUARY 2025** | **4-28** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 4-1: Lease list with expiration dates**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Type** | **Expiration Date** | **Acres** | **Term** | **NSR** |
| Warriner Lease | Lease | 18/01/2031 | 80.82 | 20-year lease: renewable | 4% |
| St. Lawrence Ore Lease | Lease | 25/01/2010<br> [annual payments made and received] | 135 | 20 years: <br> NOT renewable | 4% |
| Whitman Lease | Lease | 10/02/2018<br> see note | 30 | 20 years: renewable for additional 20 years | 4% |
| Brian Tripp Lease (90Ac) | Lease | 22/03/2021<br> [annual payments made and received] | 90 | 20 years: renewable for additional 20 years | 4% |
| Gilbert Lease | Lease | 22/03/2031 | 96.4 | 20-year lease: renewable | 4% |
| Jenne Lease | Lease | 02/19/2041 | 111 | 20 years: renewable for additional 20 years | 4% |
| Wells Lease | Lease | 10/01/2029 | 178 | 40 years: <br> NOT renewable | 4% Zinc; <br> 5% Lead |
| Hull Lease | Lease | 30/04/2017 | 20 | 20 years: renewable for additional 20 years | 4% |
| Kelly Freeman Lease | Lease | 02/05/2015<br> [annual payments made and received] | 310 | 20 years: renewable for additional 20 years | 4% |
| Davis (Robert and Peggy) Lease (0.5 Ac) | Lease | 26/05/2030 | 0.5 | 20 years: renewable for additional 20 years | 4% |
| Edwards Lease | Lease | 06/03/2039 | 96 | 20 years: renewable for additional 20 years | 4% |
| Cole Lease | Lease | 19/02/2041 | 94 | 20 years: renewable for additional 20 years | 4% |
| Aleta Billings Heirs Leases | Lease | 26/06/2039 (Gary E. Wight)<br>12/06/2039 (Joann A. Whitaker)<br>05/07/2039 (Lee H. Wight)<br>13/06/2039 (Linda M. Love)<br>| 157.5 | 20 years: renewable for additional 20 years | 4% |
| Alan Latimer Lease | Lease | 07/07/2043 | 20 | 20 years: renewable for additional 20 years | 4% |
| Yerdon Lease | Lease | 10/07/2027 | 0.3 | 20 years: renewable for additional 20 years | 4% |
| Barrigar Lease (Larry P. & Elaine P.) (part of former Lloyd & Lillian Barrigar Lease) | Lease | 02/07/2039 | 122.4 | 20 years: renewable for additional 20 years | 4% |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-29** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Type** | **Expiration Date** | **Acres** | **Term** | **NSR** |
| Pusateri-Linda, Etal Lease (part of former Lloyd & Lillian Barrigar Lease) | Lease | 29/07/2039 | 158.4 | 20 years: renewable for additional 20 years | 4% |
| Timothy J. Sweeney (Lease) | Lease | 16/07/2030 | 1.91 | 20 years: renewable for additional 20 years | 4% |
| Zira Lease | Lease | 25/07/2027 | 0.93 | 20 years: renewable for additional 20 years | 4% |
| Webb Lease | Lease | 18/09/2039 | 46 | 20 years: renewable for additional 20 years | 4% |
| Van Brocklin Lease | Lease | 28/07/2042 | 100 | 20 years: renewable for additional 20 years | 4% |
| Davis, Daniel Lease (formerly Barkley Lease) | Lease | 25/07/2040 | 78 | 20 years: renewable for additional 20 years | 4% |
| Brown Lease | Lease | 09/09/2039 | 165 | 20 years: renewable for additional 20 years | 4% |
| Bogardus Lease (Peter & Penny Bogardus) | Lease | 11/12/2039 | 162.2 | 20 years, renewable in 20 years | 4% |
| James Morrill Lease | Lease | 08/09/2029 | 464 | 20 years: renewable for additional 20 years | 4% |
| Stanley Morrill Lease | Lease | 08/09/2029 | 266.22 | 20 years: renewable for additional 20 years | 4% |
| Lansing-Dodge Lease | Lease | 08/10/2039 | 19230 | 20 years: renewable for additional 20 years | 4% |
| Emery Webb Lease | Lease | 22/09/2029 | 181.46 | 20 years: renewable for additional 20 years | 4% |
| Hutchinson-Todd Lease | Lease | 10/03/2042 | 37 | 20 years: renewable for additional 20 years | 4% |
| Manning Lease | Lease | 01/10/2027 | 0.65 | 20 years: renewable for additional 20 years | 4% |
| Walter Planty Lease (64.39 Ac) | Lease | 30/10/2039 | 64.39 | 20 years: renewable for additional 20 years | 4% |
| Marjory Tyler Lease | Lease | 06/11/2039 | 183 | 20 years: renewable for additional 20 years | 4% |
| Brian Tripp Lease (0.79Ac) | Lease | 06/12/2026 | 0.79 | 20 years: renewable for additional 20 years | 4% |
| Brian Tripp (formerly Robert G., Sr. and Phyllis J. Tripp) Lease (19 Ac) | Lease | 09/05/2039 | 19 | 20 years: renewable for additional 20 years | 4% |
| Davis (Stanley and Carol) Lease (14.4 Ac) | Lease | 06/11/2026 | 12.28 & 2.12 | 20 years: renewable for additional 20 years | 4% |
| Gouverneur Talc Co Lease | Lease | 28/06/2030 | ~5,900 | 20-year lease | 4% |
| Bishop<br> Lease | Lease | 15/06/2037 | 0.50<br> 0.69 | 20 years: renewable for additional 20 years | 4% |
| Spellacy<br> Lease | Lease | 18/09/2040 | 360.67 | 20 years: renewable for additional 20 years | 4% |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-30** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

When necessary, surface rights have been purchased from landowners; generally, these purchases have accommodated the construction and development of infrastructure related to mining and processing. Titan's surface rights include the lands where the surface facilities of the ESM mine, concentrator, tailings impoundment, and Kilbourne Project are located. In New York State, mineral rights were part of the surface right title granted to the original owner and are deeded in real property transactions (real property). Mineral rights may be reserved during property transactions, or they may be transferred (severed) at the time of a real property transfer. Such reservations often date back to the early 1800's. Mineral rights may or may not be subject to property taxes depending on the town taxing authority. The interest in mineral rights for a particular parcel is commonly divided. For example, in the town of Fowler, it is common to have one party own 4/5 (80%) of the mineral rights and a second party own the remaining 1/5 (20%) interest.

**Table 4-2: Mineral tenure information**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assessor Parcel Number** | **Town** | **Surface (acres)** | **Mineral (acres)** | **Structure** | **Class** | **2024 Taxes ($)** |
| 119.001-1-8 | Pierrepont | 80.4 |  |  | 322 | 414.46 |
| 119.001-1-10 | Pierrepont | 102.1 |  |  | 330 | 526.26 |
| 119.001-1-11 | Pierrepont | 0.52 |  |  | 720 | 1.72 |
| 119.001-1-12 | Pierrepont | 59.3 |  |  | 720 | 357.28 |
| 119.001-1-18./1 | Pierrepont |  | 1.4 |  | 720 | 43.00 |
| 174.004-3-2 | Edwards | 0.85 |  |  | 314 | 48.00 |
| 174.004-4-2 | Edwards | 10.37 |  |  | 720 | 198.83 |
| 174.004-4-1 | Edwards | 1.35 |  |  | 314 | 86.84 |
| 175.003-3-1.1 | Edwards | 71.6 |  |  | 720 | 617.06 |
| 175.003-3-19.1 | Edwards | 3.4 |  |  | 720 | 118.83 |
| 175.002-1-5.1 | Edwards | 370.2 |  |  | 323 | 2664.77 |
| 175.002-1-33 | Edwards | 161.7 |  |  | 323 | 1236.39 |
| 175.002-1-34.1 | Edwards | 72.2 |  |  | 330 | 621.63 |
| 175.002-1-32.1 | Edwards | 11.7 |  |  | 330 | 207.97 |
| 175.002-1-34./1 | Edwards |  | 74 |  | 720 | 162.26 |
| 1.044-18 | Edwards |  | 100 |  | 720 | 159.98 |
| 175.002-1-25./1 | Edwards |  | 92.2 |  | 720 | 150.84 |
| 175.001-1-4./1 | Edwards |  | 165 |  | 720 | 162.26 |
| 175.002-1-5./1 | Edwards |  | 1044 |  | 314 | 598.77 |
| 175.003-1-1./2 | Edwards |  | 72 |  | 720 | 150.84 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-31** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assessor Parcel Number** | **Town** | **Surface (acres)** | **Mineral (acres)** | **Structure** | **Class** | **2024 Taxes ($)** |
| 175.003-1-1./4 | Edwards |  | 18.8 |  | 720 | 150.84 |
| 175.003-3-1.1/1 | Edwards |  | 70 |  | 720 | 473.09 |
| 175.003-3-1.1/4 | Edwards |  |  | Electrical | 720 | 1325.53 |
| 175.003-3-10./1 | Edwards |  | 115 |  | 720 | 150.84 |
| 175.003-3-13./2 | Edwards |  | 53.1 |  | 720 | 150.84 |
| 175.004-1-3./1 | Edwards |  | 58 |  | 720 | 150.84 |
| 175.004-1-6./1 | Edwards |  | 20 |  | 720 | 150.84 |
| 175.004-1-7./1 | Edwards |  | 63.8 |  | 720 | 150.84 |
| 175.004-1-11./1 | Edwards |  | 97.4 |  | 720 | 242.25 |
| 175.004-1-14./2 | Edwards |  | 62 |  | 720 | 150.84 |
| 187.002-2-1./1 | Edwards |  | 30 |  | 720 | 150.84 |
| 187.002-2-1./2 | Edwards |  | 80.9 |  | 720 | 150.84 |
| 188.001-1-15./2 | Edwards |  | 25 |  | 720 | 150.84 |
| 188.001-1-15./3 | Edwards |  | 169.1 |  | 720 | 150.84 |
| 188.001-1-17./1 | Edwards |  | 65.6 |  | 720 | 150.84 |
| 188.001-1-27./1 | Edwards |  | 73.8 |  | 720 | 150.84 |
| 188.002-1-2./1 | Edwards |  | 36 |  | 720 | 150.84 |
| 174.004-1-18 | Fowler | 89.3 | 89.3 |  | 720 | 382.85 |
| 187.001-1-5 | Fowler | 2.5 |  |  | 720 | 127.61 |
| 187.001-1-21.2 | Fowler | 44.49 |  |  | 720 | 264.18 |
| 186.004-1-44 | Fowler | 705.3 |  |  | 720 | 1276.22 |
| 186.004-1-33.11 | Fowler | 86.5 |  |  | 720 | 1294.46 |
| 186.004-1-31 | Fowler | 61.6 |  |  | 720 | 1180.49 |
| 187.003-1-2 | Fowler | 82.3 |  |  | 720 | 255.25 |
| 187.003-1-1 | Fowler | 1.6 |  |  | 720 | 4402.93 |
| 187.069-1-38 | Fowler | 0.7 |  |  | 720 | 1651.16 |
| 187.003-1-4.11 | Fowler | 63.8 |  |  | 720 | 740.97 |
| 187.003-1-4.121 | Fowler | 124.7 |  |  | 720 | 446.68 |
| 187.003-2-1.1 | Fowler | 45.2 |  |  | 720 | 255.25 |
| 199.001-2-52 | Fowler | 445 |  |  | 720 | 1276.22 |
| 186.002-1-14.11/3 | Fowler |  | 146.6 |  | 720 | 12.77 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-32** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assessor Parcel Number** | **Town** | **Surface (acres)** | **Mineral (acres)** | **Structure** | **Class** | **2024 Taxes ($)** |
| 186.002-1-14.11/4 | Fowler |  | 144 |  | 720 | 12.77 |
| 187.003-1-3./1 | Fowler |  | 0.01 |  | 720 | 127.61 |
| 187.003-1-4.11/2 | Fowler |  |  | Shaft 4 | 720 | 20738.46 |
| 187.003-1-4.11/3 | Fowler |  | 0.01 |  | 720 | 11007.34 |
| 187.003-1-4.11/5 | Fowler |  |  | Shop | 720 | 2787.25 |
| 187.003-1-4.11/7 | Fowler |  |  | Electric | 720 | 18249.86 |
| 187.003-1-4.11/9 | Fowler |  |  | Buildings | 720 | 49772.31 |
| 187.003-1-4.11/11 | Fowler |  |  | Paint, oil storage building | 720 | 2465.64 |
| 187.003-1-4.11/12 | Fowler |  |  | Timber storage | 720 | 2641.76 |
| 187.003-1-4.11/17 | Fowler |  |  | Railroad #4 | 720 | 6604.40 |
| 187.003-1-4.11/18 | Fowler |  |  | Mill | 720 | 89590.15 |
| 187.003-1-4.11/20 | Fowler |  |  | Storage buildings | 720 | 15429.42 |
| 187.003-1-4.11/21 | Fowler |  |  | Storage | 720 | 6221.54 |
| 199.001-2-43.1/2 | Fowler |  |  | Pipe shop 2 | 720 | 352.24 |
| 142.004-2-7.12/1 | Macomb |  | 60.30 |  | 720 | 12.99 |
| **Owned Fee Parcels** |  | **2699** | **3027** |  |  | **252261.40** |

---

Source: St. Lawrence County Government 2019

All properties listed in Table 4-2 matches the St. Lawrence County 2024 tax rolls and are fully paid and current as of November 1, 2024.

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-33** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_003.jpg)

Source: ESM 2024, modified ESRI base map

**Figure 4-3: Mineral tenure map**

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| | |
|:---|:---|
| **JANUARY 2025** | **4-34** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

4.3 Mining Rights

Real property in New York State was originally granted to the owner to include both surface and mineral rights. However, mineral rights can subsequently be reserved or sold (severed) separately. Titan controls both surface and mineral rights for the Project area. Land not owned by the Company is either leased or optioned to lease from property owners.

4.4 Project Agreements

Mineral rights may be acquired from the owner by lease, option, or purchase. Leases may be renewable and may also be subject to the payment of royalties to the landowner. Average royalties for ESM mineral production are estimated to average 0.3% over the life of the mine.

4.5 Environmental Liabilities and Considerations

Mining permits and permits for water release to the environment are granted and administered by the New York State Department of Environmental Conservation (NYSDEC). NYSDEC has accepted the reclamation completed at four of the sites and released them from the permit requirements. Some minor monitoring may be required. The NYSDEC has reviewed the reclamation at the satellite properties also acquired with the Balmat purchase, Hyatt mine tailings, mine sites and the Pierrepont mine site, and has released the reclamation bonds posted for these areas. No further work is required.

Reclamation plans approved by the NYSDEC are in place for the ESM #4 Mine and ESM #2 Shaft area (which is still in use as an alternate exit route and ventilation shaft for ESM #4 Mine) and are the ongoing responsibility of Titan. Reclamation of the ESM #4 Mine and tailings is assured by a $1,662,870 deposit certificate.

The mining activity in the Balmat region has not created any known long-term liabilities, beyond those described in Chapter 20 of this report, as a result of the long operating history at the various operations. The mineralization in the region is typically hosted in an alkaline host rock, which has no tendency to generate acid mine drainage and mobilize metals in surface and ground waters. Minor excursions above compliance levels have been historically corrected by additions of sodium sulfate or lime upstream from the water holding ponds.

---

| | |
|:---|:---|
| **JANUARY 2025** | **4-35** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

4.6 Permit Requirements

The extraction of minerals in New York State is governed by the New York State Mined Land Reclamation Law and the rules and regulations adopted thereunder. A Mined Land Reclamation Permit must be obtained from the Division of Mineral Resources within the New York State Department of Environmental Conservation (DEC) in order to extract minerals from lands within the state. Such permits are issued for annual terms of up to 5 years and may be renewed upon application. Permit holders must submit annually to the DEC a fee based on the total acreage covered by the permit, up to a maximum of $8,000 per year.

To the extent known, all permits required to operate the ESM mine are active and in place. Additionally, there are not any other significant factors or risks that may affect access, title or the right or ability to perform work on the ESM properties.

Major environmental permits required for operation of the ESM #4 Mine are listed in Table 4-3.

**Table 4-3: Environmental permits for operation of ESM #4 Mine**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Permit Type** | &nbsp;&nbsp;**Permit** | &nbsp;&nbsp;**Permit Number** | &nbsp;&nbsp;**Expiration** |
| &nbsp;&nbsp;Air | &nbsp;&nbsp;Registration to Operate a Zinc Mining and Milling Complex (amended) | &nbsp;&nbsp;6-4038-00024/02001 | &nbsp;&nbsp;28 April 2034 |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;SPDES<sup>(1)</sup> Water Discharge Permit | &nbsp;&nbsp;NY0001791 | &nbsp;&nbsp;31 May 2019<sup>(2)</sup> |
| &nbsp;&nbsp;Water | &nbsp;&nbsp;Water Withdrawal Permit | &nbsp;&nbsp;6-4038-00024/02001 | &nbsp;&nbsp;30 April 2031 |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;Mining Permit | &nbsp;&nbsp;6-4038-00024/00006 | &nbsp;&nbsp;31 July 2025 |
| &nbsp;&nbsp;Storage | &nbsp;&nbsp;NYDEC Petroleum Bulk Storage | &nbsp;&nbsp;PBS#6-451770 | &nbsp;&nbsp;26 September 2028 |
| &nbsp;&nbsp;Radiation | &nbsp;&nbsp;Certificate of Registration for Radiation Installation - XRF | &nbsp;&nbsp;44023174 | &nbsp;&nbsp;15 September 2026 |
| &nbsp;&nbsp;Public Water Supply | &nbsp;&nbsp;No permit required, but regulated by NYS Dept. of Health | &nbsp;&nbsp;Registered ID #NY4430004 |  |
| &nbsp;&nbsp;Hazardous Material Transport | &nbsp;&nbsp;US Department of Transportation Registration – Pipeline and Hazardous Material Safety Administration | &nbsp;&nbsp;052324550160G | &nbsp;&nbsp;30 June 2025 |

---

Notes:

<sup>(1)</sup> SPDES = State Pollutant Discharge Elimination System.

<sup>(2)</sup> SPDES permits are under technical review by the New York State DEC and are still valid despite the expiration dates. Source: ESM 2024.

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| | |
|:---|:---|
| **JANUARY 2025** | **4-36** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

5. Accessibility, Climate, Local Resources, Infrastructure, and Physiography

5.1 Accessibility

The Property is reached by traveling southeast from Gouverneur, NY for 7.9 mi along NY-812 S, through the town of Fowler, to the mine offices on Sylvia Lake Road. The site lies 38 mi south of Ogdensburg, NY via NY-812 S.

![](ex99-48_004.jpg)

Source: ESM 2024

**Figure 5-1: Site accessibility**

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| | |
|:---|:---|
| **JANUARY 2025** | **5-37** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

5.2 Local Resources and Infrastructure

The nearest population center is Gouverneur with an estimated population of 7,000. The outlying rural areas have a population of approximately 35,000. All modern services, including hospital, hotel, and railway are present at Gouverneur. Syracuse, NY lies 100 mi to the southwest. Ottawa, Ontario, Canada lies 90 mi to the north.

The mine is located in a desirable area to live. While a large portion of the workforce was non-local during the 2018 restart, the current workforce is nearly 100% local to Gouverneur and the surrounding communities.

5.3 Climate

The area has typical mid-continental climate with moderate summers and cold winters, moderated by the nearby Great Lakes. Average annual temperatures are 53° to 38°F. Summer highs may reach 85°F. Winter lows may reach -20°F. Annual average number of frost-free days is 115. Annual average precipitation is approximately 40", 70% occurs as snow. The mine and process facilities operate year-round. Weather is not expected to frequently or significantly affect operations at any time of the year.

5.4 Vegetation and Wildlife

The ESM Project area is classified as hardiness zone 3b by the US Department of Agriculture (USDA). Tree species include hardwoods like sugar maple, black cherry, paper birch, and American beech. Common softwoods include white pine, red pine, Scotch pine, and eastern hemlock. Ground cover consists primarily of saplings, various grasses, and forbs.

Animal species include whitetail deer, eastern grey squirrels, and many varieties of songbirds, fish, and waterfowl.

The mine site is surrounded by heavily treed bedrock ridges with interspersed low-lying marsh areas. The area is covered by gravel and clay overburden.

5.5 Physiography

The ESM Project is situated on the northwest flank of the Adirondack Mountains. The ESM Mine site lies within heavily forested bedrock ridges and interspersed low-lying marsh areas. Elevation at the mine site is 710 ft amsl. Relief throughout the area ranges from 384 ft to 1,106 ft amsl.

Various classes of streams drain to the St. Lawrence River. The area contains numerous ponds and lakes. Soils vary from loamy sand soil to exposed bedrock.

---

| | |
|:---|:---|
| **JANUARY 2025** | **5-38** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

5.6 Surface Facilities and Rights

The existing operation is located on lands owned or leased by Titan. All utilities such as roads, rail, electricity, water, communications systems, tailings management facilities, waste rock disposal means, and the processing plant currently exist on-site and are in good condition.

The site facilities have been maintained and the Company has re-established surface infrastructure including office buildings, shops, mill, headframe, tailings, and ventilation facilities (Figure 5-2). During the start-up of the mine, labor that was not available locally has been sourced from outside of the region. A training program has commenced to provide miner basic training, to establish a source of trained local personnel.

The Company's Turnpike Project is located within ESM's surface and mineral rights, located roughly 5,000 ft from the ESM #4 Shaft and mill. The Project area is adjacent to the #2 Shaft (Figure 5-3).

The Kilbourne Project is roughly 3,000 ft from the Company's #4 Shaft and mill and is within ESM's surface and mineral rights. The Project currently has no associated facilities (Figure 5-3).

![](ex99-48_005.jpg)

Source: ESM 2024

**Figure 5-2: Empire State Mines aerial view**

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| | |
|:---|:---|
| **JANUARY 2025** | **5-39** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_006.jpg)

Source: ESM 2024

**Figure 5-3: Empire State Mine, Turnpike, and Kilbourne**

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| | |
|:---|:---|
| **JANUARY 2025** | **5-40** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

6. History

6.1 Empire State Mines History

6.1.1 Management and Ownership

The ESM operation is wholly owned by Empire State Mines, LLC (formerly known as St. Lawrence Zinc Company, LLC), a subsidiary of Titan. A history of ownership is listed in Table 6-1.

Star Mountain Resources, Inc. purchased ESM from Hudbay in November of 2015.

On 30 December 2016, Titan US purchased the shares of Balmat Holding Corporation, which in turn holds the shares of ESM. Titan was a privately held company, which had ESM as its primary asset. Titan changed the name of the mine from Balmat to Empire State Mines in February 2017.

**Table 6-1: History of ownership**

---

| | | |
|:---|:---|:---|
| **Date** | **Company** | **Activity** |
| 1915–1987 | St. Joe Minerals & Predecessors | Mined Edwards in 1915 and Balmat in 1930. |
| 1987–2001 | Zinc Corporation of America (ZCA) | Purchased operation and mined through 2001. |
| 2003–2015 | OntZinc (renamed Hudbay Minerals Inc. in December 2004) | Purchased ZCA and mined Balmat from 2005 to 2008. |
| 2015–2016 | Star Mountain Resources Inc. | Purchased ESM from Hudbay. |
| 2016–Present | Titan Mining (US) Corporation | Purchased Balmat shares from Star Mountain and renamed Balmat mine to ESM. |

---

Source: ESM 2024

6.1.2 Exploration History

In 1838, zinc was discovered in a prospect pit on the Balmat farm, which is located near the current location of Balmat #1 Shaft. Further zinc mineralization was discovered in the Balmat-Edwards-Pierrepont district from road excavations that was developed into the Edwards mine (1908) and Hyatt (1917) mine. Gossan was later recognized, and subsequent core drilling defined the Mineral Resources of the Balmat #2 Mine in 1928. In 1945, surface drilling, down-plunge from surface showings, intersected the Balmat #3 Mine Mineral Resources. A systematic fence-drilling program across the Sylvia Lake Syncline (perpendicular to the plunge) discovered the Mineral Resources of Balmat #4 Mine in 1965. In 1979, the Pierrepont mine was discovered while drilling down-plunge from geochemical anomalies. Mine development and exploration drilling added significant reserves to the Hyatt mine in 1994, and to the Balmat #4 Mine in 1996, with the expansion of the Mud Pond zone. The New Fold and Mahler resources were later discovered in the #4 Mine in 1997 and 2000.

The Balmat area has had an active mining history for the past 85 years. On average, during the period between 1908 (discovery of the Edwards mine) and 1979 (discovery of the Pierrepont mine), a mine was discovered every 17 to 18 years in the Balmat-Edwards-Pierrepont district.

---

| | |
|:---|:---|
| **JANUARY 2025** | **6-41** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

6.1.3 Production History

Since 1915, several zinc mines have operated in the Balmat-Edwards-Pierrepont district, collectively now known as Empire State Mines, out of four mining camps. The mining camps are known as Balmat, Hyatt, Edwards, and Pierrepont. Mine access was primarily by shaft for both the Balmat and Edwards camps, and by portal for the Hyatt and Pierrepont camps. Shafts were added over the decades as mining deepened and additional discoveries were made. Zinc was first produced from the Edwards mine in 1915 and from the Balmat #2 Mine in 1930.

Mines were operated in the district by St. Joe Minerals Corporation (St. Joe Minerals) and its predecessors from 1915 to 1987. Zinc Corporation of America (ZCA) purchased the mines in 1987 and operated them until 2001, shutting down the Balmat operations when high grade feed from the Pierrepont mine was exhausted. In September 2003 OntZinc, renamed Hudbay in December 2004, purchased the idle Balmat assets. The Balmat #4 Mine re-opened in 2006 and operated into 2008. The mine was placed on care and maintenance in August 2008.

From 2006 to 2008, Hudbay mined 855,000 tons grading 7% zinc from the Davis, Mud Pond, Mahler, Fowler, Upper Fowler, and New Fold zones.

The Balmat #2, #3, and #4 Mines have produced 33.8 Mt at 8.6% Zn since operations began in 1930. The greater Balmat-Edwards-Pierrepont district has produced more than 43 Mt of 9.4% Zinc during the 76 years of operation by St. Joe Minerals and its predecessor companies. This is based on the formal reserve estimation prepared in 2001 by ZCA.

The existing Balmat mill was constructed in 1971 by St. Joe Minerals and has a nameplate capacity of 5,000 t/d. The mill has processed mineralized material from the Hyatt, Pierrepont, and Balmat Mines. The Balmat #4 Shaft is adjacent to the mill and accesses zinc mineralization from the 1300, 1700, 2100, 2500, and 3100 levels. All mine plan tons in this PEA will be hoisted from the 3100 level of the #4 Shaft.

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| **JANUARY 2025** | **6-42** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 6-2: Historic production totals by region**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Region** | **Years Active** | **Tons** | **Grade (Zn%)** | **Zinc (lb)\*** |
| Balmat | 1930-2001<br> 2006-2008<br> 2018-2023 | 36029247 | 8.59 | 6186537996 |
| Hyatt | 1918-1922<br> 1940-1949<br> 1974-1983<br> 1991-1998 | 1205526 | 8.24 | 198695031 |
| Edwards | 1915-1980 | 6567660 | 10.76 | 1413569361 |
| Pierrepont | 1982-2001 | 2657527 | 16.29 | 865686479 |
| **Total** | **-** | **46459960** | **9.32** | **8664488867** |

---

Source: ESM 2024

\* Zinc pounds are theoretical pounds hoisted and not actual mill production totals.

**Table 6-3: Empire State Mines annual production totals**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Balmat #4 Mine** | **Balmat #4 Mine** | **Concentrate Produced** | **Concentrate Produced** |
| **Year** | **Tons** | **Grade (Zn%)** | **Tons** | **Grade (Zn%)** |
| 2018 | 187854 | 7.94 | 23932 | 58.19 |
| 2019 | 218823 | 8.33 | 29924 | 58.74 |
| 2020 | 323414 | 8.58 | 45161 | 59.35 |
| 2021 | 387438 | 7.47 | 47065 | 59.35 |
| 2022 | 425022 | 7.54 | 52547 | 58.79 |
| 2023 | 445803 | 8.36 | 60145 | 59.64 |

---

Source: ESM 2024

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| **JANUARY 2025** | **6-43** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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6.1.4 Historical Mineral Reserves

A list of the most recent Mineral Reserve estimates is presented in Table 6-4. Hudbay's Reserve estimates concluded in 2008, with the 2015 reserves prepared by Star Mountain Resources. ESM is not treating these historical estimates as a current Mineral Reserve. The QPs are unaware of the methods, parameters or assumptions used to generate these historic estimates and cannot comment to their accuracy.

**Table 6-4: Historical Mineral Reserves**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Proven** | **Proven** | **Probable** | **Probable** | **Proven and Probable** | **Proven and Probable** |
| **Year** | **Mass (000's tons)** | **Zn Grade** | **Mass (000's tons)** | **Zn Grade** | **Mass (000's tons)** | **Zn Grade** |
| 1985 | 1159 | 11.52% | 598 | 9.81% | 1758 | 10.94% |
| 2005 | 686 | 10.60% | 1023 | 11.40% | 1709 | 11.00% |
| 2006 | 912 | 10.10% | 1163 | 11.40% | 2075 | 10.80% |
| 2007 | 1000 | 9.50% | 890 | 10.80% | 1891 | 10.20% |
| 2015 | 152 | 9.00% | 394 | 9.20% | 531 | 9.20% |

---

Source: SLZ 1985, Hudbay 2005-2009, Star Mountain 2015

6.2 Kilbourne History

The potential significance of the graphite mineralization at Kilbourne was first documented by ESM personnel in the second quarter of 2022. Surface exploration hole SX22-2621 drilled a 799.1 ft intercept of Unit 2 of the Upper Marbles (UM2) with elevated graphite mineralization observed. This mineralization was confirmed by assay prompting further review of historic drill records, where graphite had been commonly noted as a mineralogical component of UM2. During this preliminary data review, the Company reevaluated historical geophysical targets generated by Hudbay between 2009 and 2011. The previous exploration group had highlighted numerous electromagnetic highs. These anomalies correspond to the mapped surface expression of UM2.

Although there has been no historic graphite production or exploration on the property, the United States Geological Survey has a recorded iron and sulfur prospect pit on the property. The first documentation of this prospect was from Buddington in 1917 in his work on the pyrite and pyrrhotite deposits of St. Lawrence and Jefferson Counties. This was referred to as the Kilburn prospect, which has leant its name to Kilbourne.

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| **JANUARY 2025** | **6-44** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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6.2.1 Kilbourne Management and Ownership

The Kilbourne Project is within mineral rights owned by ESM, these mineral rights are subject to the same history as the Empire State Mines. As such, Section 6.1.1 is an accurate summary of the history of management and ownership for Kilbourne.

6.2.2 Kilbourne Exploration History

Graphite mineralization had not previously been targeted by Titan or its predecessors on the ESM properties. Review of historic drilling shows at graphite recorded as a mineralogical component of UM2.

6.2.3 Kilbourne Production History

There has been no historic graphite production at Kilbourne. Based on historic records, it appears that there was at least one small prospect pit for iron and sulfur in the early 20<sup>th</sup> century. A total of 800 tons is reported as being quarried (Buddington, 1917).

6.2.4 Kilbourne Historical Mineral Reserves

There are no historic mineral reserves on the Kilbourne Project.

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| **JANUARY 2025** | **6-45** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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7. Geologic Setting and Mineralization

7.1 Geological Setting

The host rocks at ESM were deposited during the mid-Proterozoic era between roughly 1,300 to 1,000 Ma (mega-annum, millions of years before present), near the edge of the North American craton. Due to their position near the margin of this tectonic domain, they were subject to forces that, over a billion years, assembled and broke up into two supercontinents at different times: Rodinia in the late Proterozoic, and Pangaea in the late Paleozoic to early Mesozoic.

Sulfide and graphite deposition is interpreted to have occurred contemporaneously with deposition of the rock units. The originally tabular sulfide deposits were intensely deformed and metamorphosed along with their host rocks through eons of varying tectonic forces. The stratiform graphite mineralization within the region likely formed as a result of these same tectonic forces, with syndepositional organic carbon reaching suitable metamorphic temperatures and pressures to form graphitic carbon. Historically, the primary mineral of interest in the district was sphalerite.

The mine is located near the eastern edge of the Canadian Shield, a vast expanse of very old, exposed bedrock that can be described as the core of the North American continent. The Canadian Shield was assembled in an ancient zone of prolonged tectonic convergence. During the Archean and Proterozoic eras, tectonic forces were focused towards the region that is now the Canadian Shield. As tectonic plates moved towards this zone, they collided with each other, resulting in compressive forces that caused extensive uplift of continental crust high above sea level. The forces were active for millions of years, and material from advancing plates was gradually added to the crustal core. The added material is known as accreted terranes. The Canadian Shield was built as terranes agglomerated over time (Marshak, 2009). In Figure 7-1, the Canadian Shield is the pink and red band encircling Hudson Bay.

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| **JANUARY 2025** | **7-46** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_007.jpg)

Source: ESM 2024

**Figure 7-1: Regional geology setting**

One of the final, major series of tectonic events that occurred before tectonic forces shifted away from the Canadian Shield is known collectively as the Grenville Orogeny. The Grenville Orogeny includes a series of exceptionally intense accretionary events that occurred during the Mesoproterozoic era, as assembly of the supercontinent Rodinia neared completion. The scale of the orogeny is analogous to the present day Himalaya (Tollo et al., 2004). The series of terranes that were accreted during the Grenville Orogeny are collectively known as the Grenville Province. The Adirondack Mountains, which contain the sulfide and graphite mineralization, are part of the Grenville Province. In Figure 7-1, the Grenville Province, shown in light orange, is circled.

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| **JANUARY 2025** | **7-47** |

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Following the Grenville events, tectonic forces shifted away from the Canadian Shield and rifting commenced. Mountain ranges underwent collapse (Tollo et al., 2004). Erosion outpaced uplift. Over billions of years of passive tectonism, the Canadian Shield was eroded to low relief. The area outboard from the Grenville Province, including the area that is now the Adirondacks, subsided below sea level and eventually accumulated a cover of Paleozoic sediment. Paleozoic sedimentary deposition began with the late Cambrian to early Ordovician Potsdam Sandstone, followed by a limestone-dolostone sequence (Derby et al., 2013). Potsdam sandstone can be identified in the Project area.

Magmatism accompanied both orogenesis and rifting, and as a result the Grenville Province contains many igneous intrusions of various ages, which have been metamorphosed at varying intensities.

Following the late Precambrian to early Cambrian era of passive tectonism and the late Cambrian to early Ordovician period of deposition, a new series of tectonic events began that would build the Appalachian Mountains. These events are called the Taconic, Acadian and Alleghenian orogenies. During the middle Ordovician Taconic and the mid to late Devonian Acadian orogenies, the area that would become the Adirondacks was buried, followed by uplift and exhumation during the late Pennsylvanian to Permian Alleghenian orogeny (Share, 2012). By the end of the Alleghenian orogeny, the Appalachians had reached heights comparable to the current Rocky Mountains (Hatcher et al., 1989). The Adirondacks had not yet been uplifted.

Uplift of the Adirondack dome is generally attributed to the passage of the North American plate over the Great Meteor Hotspot in the early Cretaceous. The theory lacks consensus because the Adirondack Dome lies somewhat south of the apparent track of the Great Meteor Hotspot, and because of a lack of direct evidence such as volcanic rock deposition attributable to hotspot volcanism. Taylor and Fitzgerald suggest the Adirondacks were formed through dissection of a plateau. In Figure 7-1, an arrow points to the Adirondack Mountains (Taylor and Fitzgerald, 2011).

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| **JANUARY 2025** | **7-48** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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7.2 Regional Geology

The Adirondacks are considered an outlier of the Grenville Province since they are nearly surrounded by Proterozoic sediments. The Adirondack dome may have been forced upwards through the Proterozoic sediments by the Great Meteor Hotspot. A narrow strip of Mesoproterozoic bedrock called the Frontenac Axis connects a section of the north-western flank of the Adirondacks to the rest of the Grenville Province. The Adirondacks are lithologically and topographically divided into two main zones, the Highlands and Lowlands. The Lowlands comprise the relatively small north-western portion of the Adirondacks, and the Highlands make up the main body of the Adirondack Dome. The Highlands and Lowlands are divided by the Carthage-Colton shear zone (Mezger et al., 1992). The Lowlands have been metamorphosed to amphibolite grade, the Highlands to higher granulite grade (McLelland et al., 2010). ESM and Kilbourne are located in the Adirondack Lowlands.

The rocks of the Adirondack Lowlands are part of the Grenville Supergroup. The Grenville Supergroup is a group of metamorphosed sedimentary terranes that compose a section of the Grenville Province known as the Central Metasedimentary Belt (Davidson, 1998). The rocks of the Adirondack Lowlands were deposited in the Trans-Adirondack back arc basin prior to final accretion of the Grenville Province (Chiarenzelli, 2015). The Adirondack Lowlands have been divided into three stratigraphic formations: the Upper Marble Formation, the Popple Hill Gneiss, and the Lower Marble Formation. The sulfide and graphite mineralization are hosted in the Upper Marble Formation.

The Upper Marble Formation is a sequence of shallow water carbonates consisting of multiple series of dolomitized marbles and quartz diopsides with occasional schists and periodic occurrences of anhydrite. Table 7-1 shows the mine stratigraphic column, which is divided into 16 units.

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| **JANUARY 2025** | **7-49** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 7-1: Upper Marble stratigraphic sequence**

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| | | |
|:---|:---|:---|
| **Formation** | **Thickness<br> (ft)** | **Lithology Description** |
| Ꞓp | 200 | Potsdam Sandstone; siliceous hematitic breccia at base |
| UM16 | 200 | "Median Gneiss"; quartz-biotite-diopside-scapolite |
| UM15 | 50 | Phlogopitic calcitic marble, aka "Mica Hanging Wall" |
| UM14 | 360 | Calcitic marble with diopsidic quartz layers |
| UM13 | 80 | Talc-tremolite-anthophyllite schist; anhydrite |
| UM12 | 150 | Medium to coarsely crystalline pale gray to white dolomite |
| UM11 | 300 | Diopsidic quartz interlayered with anhydrite and marbles |
| UM10 | 50 | Pea-green serpentinized calc-silicate ± anhydrite ± biotite ± tremolite |
| UM9 | 60 | Medium to coarsely crystalline white dolomite |
| UM8 | 130 | Diopsidic quartz interlayered with marbles ± tremolite |
| UM7 | 120 | Distinctively fetid and dark gray crystalline dolomite |
| UM6 | 700 | Silicated dolomite with distinct and persistent sub-units ± serpentine ± anhydrite |
| UM5 | 170 | Medium to coarsely crystalline white dolomite |
| UM4 | 300 | Diopsidic quartz interlayered with dolomitic marbles |
| UM3 | 400 | Medium to coarsely crystalline white to gray dolomite |
| UM2 | 100 | Graphitic pyritic schist ± quartz ± garnet ± silliminite ± feldspar |
| UM1 | 20 | Medium to coarsely crystalline white to gray dolomite |
| HPG | unknown | Hermon Granite |
| PHG | unknown | Popple Hill Gneiss; migmatitic quartz-biotite-oligoclase gneiss |

---

Source: ESM 2024

7.3 Property Geology

As a result of intense tectonism, the Upper Marble Formation is extensively deformed. The predominant structure is the Sylvia Lake Syncline, a major south-west to north-east trending fold lying between the original Balmat mine and the Edwards mine. Aerial exposure of the Upper Marble Formation is limited, and the exposure generally trends along the axis of the syncline. Sphalerite mineralization tends to occur within axial regions and limbs of local scale folds and faults associated with the Sylvia Lake Syncline. Graphite mineralization occurs as weakly disseminated flakes within many of the marbles and dolomites, it occurs in the highest grades in Unit 2 of the upper marble at Hyatt and ESM. In Figure 7-2, the mapped surface expression of the Upper Marble Formation (hashed area) is shown superimposed on a geologic map of the Adirondack Lowlands. The locations of the Balmat, Edwards, and Hyatt mines mark the axial trace of the Sylvia Lake Syncline.

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| **JANUARY 2025** | **7-50** |

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![](ex99-48_008.jpg)

Source: ESM 2024

**Figure 7-2: Local geologic setting**

The sulfide deposits and graphite occurrences are thought to have been syn-depositional, meaning they were deposited in sequence with the marbles that host them. Their original geometries would have been tabular as a result of being deposited on relatively flat areas of a sedimentary basin. Their current morphologies and positions are a response to ductile-brittle kinematic stresses experienced during the orogeny's mentioned in Section 7.1. Extreme contrasts in ductility exist in the Upper Marble Formation, ranging from very ductile anhydrite and sulfide beds to brittle silicious interlayered quartzite and diopside. These rheologic contrasts in the rocks drove complex large (miles) to small (tens of feet) scale structural processes during compression. Large scale fold interference patterns resulted in broad north-eastern trending arc-like structures that trend with the axial trace of the Sylvia Lake Syncline. Figure 7-3 is a cross-section through the Sylvia Lake Syncline that illustrates the extent of deformation of the Upper Marble Formation.

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| **JANUARY 2025** | **7-51** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_009.jpg)

Source: ESM 2024

**Figure 7-3: Section through the Sylvia Lake Syncline**

7.4 Mineralization

As the details of the Geologic Setting (Section 7.1), Regional Geology (Section 7.2) and Property Geology (Section 7.3) are shared by ESM's zinc operation and the Kilbourne Project, they have been grouped together prior to this section.

7.4.1 ESM Mineralization

The mineralization at ESM has been classified as sedimentary exhalative (Sedex) in origin. The composition is primarily massive sphalerite and only minor galena and pyrite. Massive and semi-massive sphalerite-bearing deposits occur in siliceous dolomitic and evaporite-bearing marbles of the Upper Marble Formation of the Balmat-Edwards marble belt. These zinc-sulfide deposits lie in the core of the Sylvia Lake Syncline, a major poly-deformed fold lying between Balmat and Edwards. Zinc mineralization tends to follow evaporate deposition in the stratigraphic sequence. The region has experienced multiple metamorphic and intrusive events and large-scale ductile structures are common.

The Property contains 14 known zones of sphalerite mineralization. Three clusters have been defined consisting of three to five deposits each. The zinc mineralization extends from the surface down to a depth of 5,700 ft below surface. The zones are aerially scattered and all zones except NE Fowler and Cal Marble are connected by existing development to the shaft. The zones range in thickness from 2 ft to 50 ft with an overall plunge between 20° to 25° with local dips ranging from 0° to 90°. The deposit footprints are up to 500 ft wide and 9,000 ft long. The veins can display considerable geometrical variability depending on the degree of folding. Figure 7-5 shows the locations of sphalerite mineralized bodies currently being considered for production.

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| **JANUARY 2025** | **7-52** |

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There are two mineralization styles recognized in the district. Stratiform high-grade massive sphalerite is interpreted as primary mineralization contemporaneous with deposition of the Upper Marbles. Discordant breccia-like "durchbewegung" textured sphalerite is considered to be secondary and remobilized along Sylva Lake Syncline scale brittle-ductile shear zones. Mine geologists conceptualize a primary-secondary relationship, where the stratiform mineralization is the primary source and the crosscutting zone, locally called "durch", is the secondary. The structural model suggests that secondary resources are formed from sphalerite remobilized during metamorphism. The sphalerite migrates along structural conduits laterally from their source. The remobilized zones share similar trace element geochemical signatures with the interpreted primary zones. The durch contains highly variable amounts of occluded wall rock material, which imparts a distinctive texture. Previous workers have experienced exploration success using the structural model, defining four new zones in the 1990's. The majority of sphalerite mineralization at Balmat has been remobilized to some extent with most of the modeled mineralization categorized as secondary durch.

The average mined grade for the Balmat mines is 8.7% Zn, while the average for the greater Balmat-Pierrepont district is even higher at 9.3% Zn.

Galena is associated with all the deposits in very low concentrations and the mineralization style varies slightly between the orebodies. The secondary durch veins typically are surrounded by a low-grade aureole of galena enriched diopside, colloquially known and logged as "Pb-rock". Visible galena is rare within the durch itself and is more characteristic of primary stratiform mineralization where it can grade up to 6% Pb. Galena is most prevalent in the #2 Mine and the Fowler deposit as shown in Figure 7-4.

Pyrite is also associated with all the deposits and zoned similarly as galena with the highest concentrations at the #2 Mine and lowest concentrations in the durch massive sulfides.

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| **JANUARY 2025** | **7-53** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_010.jpg)

**Figure 7-4: Plan view showing assay Pb (%) grade variation within the Sylvia Lake Syncline**

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| **JANUARY 2025** | **7-54** |

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7.4.2 Kilbourne Mineralization

Graphite mineralization at Kilbourne, and elsewhere within the Grenville Province, is believed to be the result of metamorphic processes on existing organic carbon found within the now metamorphosed sedimentary lithologies. This syndepositional source of carbon has resulted in stratiform graphite mineralization. In the nomenclature of the Balmat-Edwards District, the mineralized horizon is the Upper Marble Unit 2.

Unit 2 is currently divided into three sub-units, with transitional zones between each. The names assigned are based on their current relative positioning. The overall thickness of the unit varies substantially both along strike, and along dip. With the thinnest Unit 2 intercepts totaling 25 ft, and the thickest intercepts totaling 312 ft. These fluctuations are interpreted to be the result of the ductile behavior of the rocks during metamorphism, a behavior documented frequently in the units hosting the Company's zinc mineralization.

(A) <u>The Upper Graphitic Schist (UGS)</u> is a granulite composed of quartz-biotite/phlogopite-graphite-sillimanite-pyrite-pyrrhotite
with rare garnet. The unit has a dark grey color, with discrete blebs of sillimanite often altered to clay. Graphite is generally coarser
grained than in the lower mineralized unit and makes up an estimated 1.5%–3% Cg of the lithology. Grades as high as 13.5% Cg have
been returned in assay. The average thickness of the Upper Unit is 57.1 ft.

The transitional zone leading into the middle unit is marked by an increase in clay/chlorite altered/replaced sillimanite, and garnets. A stronger fabric is also documented. Graphite remains present but is often at a lower percentage than in the upper mineralized unit. There is often a band of higher-grade graphite mineralization near the lower contact with the middle zone.

(B) <u>The Phlogopitic Garnet Schist (PGS)</u> is a visually distinguishable phlogopite/biotite schist with
a strong wavy fabric and pegmatitic boudins/inclusions. The sub-unit is dominated by a dark ferromagnesian mica with quartz-sillimanite-garnet-graphite
with less common pyrite/pyrrhotite. Graphite mineralization is present, often coarser grained than the upper and lower units, but is sparsely
disseminated, contributing to <1% of rock groundmass. The average thickness of the Middle Unit is 61 ft.

The transitional zone between the middle and lower units is similar in appearance and composition to the transitional zone between the upper and middle units, marked by a weaker fabric, higher Cg, and discrete clay/chlorite altered/replaced sillimanite.

(C) <u>The Lower Graphitic Schist (LGS)</u> is a dark grey to black, massive granulite. The constituent minerals
are likely ferromagnesian mica and quarts, with fine grained graphite and possibly fine-grained sulfide, contributing to the dark color
of the rock. Graphite grades range from 1.5%–3% Cg, with samples as high as 11.3% Cg recorded. The average thickness of the Lower
Unit is 29.0 ft.

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| **JANUARY 2025** | **7-55** |

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In all of the Kilbourne sub-units iron sulfides (pyrite>pyrrhotite) are present. Trace sphalerite has also been documented in veinlets and rarely as disseminated mineralization.

![](ex99-48_011.jpg)

**Figure 7-5: Upper Marble 2 mapped surface expression**

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| **JANUARY 2025** | **7-56** |

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8. Deposit Types

8.1 Zinc

Initially formed in a marine sequence of carbonates and evaporates, the ESM deposits are broadly classified as Sedex in origin. They were deeply buried, metamorphosed to amphibolite grade and strongly deformed during the late Precambrian Grenville Orogen.

The term Sedex is derived from the words sedimentary and exhalative to denote sedimentary exhalative processes. Multiple theories have been suggested for the process of formation of Sedex deposits. In a 2009 United States Geological Survey (USGS) open-file report, Emsbo (2009) set forth a set of criteria for the assessment of sedimentary exhalative deposits based on available work. Characteristics of Sedex deposits were summarized based on empirical, physiochemical, geologic, and mass balance data. In summary, Emsbo's synthesis of Sedex deposit data indicates that the deposits are formed by the following processes.

Sedex deposits are formed in saltwater sedimentary basins within extensional tectonic domains (Figure 8-1). Large volumes of brine must migrate through the basin to generate Sedex deposits. The brines are generated by extensive and rapid seawater evaporation on large evaporative carbonate platforms. The brine is denser than sea water, so it sinks. It may infiltrate porous terrigenous basin fill sedimentary layers. As it migrates through the terrigenous sediments towards the lowest parts of the basin it leaches metals. Temperature increases as basin depth increases, so the brines heat up. When the brine encounters extensional fault surfaces it may migrate up the faults to the basin floor. Once exhaled into the basin, brines interact with the distal basin facies rocks, which are amenable to H<sub>2</sub>S generation, which precipitates the metals as zinc and lead sulfide.

Sedex deposits are formed from brines generated by extensive and rapid seawater evaporation. Large evaporative carbonate platform areas are needed to produce the volumes of brine required to form Sedex deposits. Evaporation is rapid in low latitudes and brines are concentrated best in confined basins with restricted flow to the open ocean (Emsbo, 2009). These evaporative conditions are well recorded in the sedimentary record at ESM. The periodic anhydrite beds at ESM, as well as the dolomitization of the Upper Marble are indicative of evaporative conditions. A paleolatitude reconstruction by Cocks and Torsvik, places the area at a latitude conducive to rapid evaporation during the time of deposition (Cocks et al., 2005). The rocks were deposited in the Trans-Adirondack back arc basin, an extensional environment with restricted flow to the open ocean. The carbonate platform represents the sedimentary basin's proximal facies (Chiarenzelli et al., 2015).

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| **JANUARY 2025** | **8-57** |

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As brines are generated on the evaporative carbonate platform, they begin to sink due to their increased density. Sedimentary basins that host Sedex deposits characteristically have a thick layer of coarse clastic syn-rift oxidized terrigenous sediments underlying the evaporites in the sedimentary sequence. When the dense brines encounter this layer, the coarse permeable terrigenous sediments provide the fluid pathway for the dense brines to migrate laterally towards the lowest regions of the basin. The oxidized terrigenous sediments also provide the metal source for brines that form Sedex deposits. As the brines migrate, metals are scavenged and transported in the brine as chloride complexes. Oxidized syn-rift sediments buffer mineralized material fluids to compositions amenable to metal scavenging because they are low in organic carbon and high in reactive iron (Emsbo, 2009).

Mass balance studies indicate that large volumes (thousands of km<sup>3</sup>) of clastic sediments are required to generate enough metals to form a Sedex deposit. Fluid inclusion studies indicate that Sedex deposits are formed from brines with temperatures between 100°C to 200°C. Metals are most soluble in this temperature range. Brines increase in temperature as they migrate because basin temperature increases with depth. Sedimentary fill in the basin must reach at least 9,800 ft (3 km) depth to generate the required temperatures (Ibid). At ESM, the clastic sequence may be represented in the Popple Hill Gneiss, which underlies the Upper Marble Formation. The Lower Marble Formation, which underlies the Popple Hill Gneiss, also includes some clastic members. The original extent and thickness of the clastics is difficult to determine because the Grenville Supergroup is allochthonous; the rocks have been thrust out of depositional position and extensively deformed.

Warm, metal-laden migrating brines may eventually encounter extensional fault surfaces and migrate up the faults to the basin floor. Workers describing sedimentary basins have divided the basins into three orders of scale. First-order sedimentary basins that host Sedex deposits are greater than 328,000 ft (100 km) in length. Within the basin, second-order basins occur on the scale of tens of kilometers. Second-order basins are controlled by extensional faults forming half grabens in the basin. The Sedex model suggests that brines migrate up these faults. Some indicators of second-order basin bounding faults include syn-sedimentary faulting (evidenced as abrupt platform-slope facies transition) and intraformational breccias. Faults that were fluid conduits may be identified by Fe and Mn alteration and/or silicification, and sometimes tourmalinization. Third-order basins, on the scale of a few kilometers, represent bathymetric lows. Sedex deposits typically occur in third-order basinal areas within a few to tens of kilometers of second-order faults. Some indicators of bathymetric lows, where metals are likely to be deposited, include increasing debris flow thickness and increasing organic matter and pyrite concentrations in reduced sediments representing distal basin facies. At ESM, intense metamorphism has obliterated the more subtle sedimentary features that characterize Sedex deposits, and post-depositional deformation has overprinted tectonic features.

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| **JANUARY 2025** | **8-58** |

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Dense brines exhaled onto the basin floor tend to pool in bathymetric lows. These lows occur in deeper distal basin facies, which tend to be anoxic. The distal facies are typically represented by fine-grained clastic sedimentary rocks like shale. Sedex-hosting shales are unusually high in organic matter. The reducing conditions of third-order basins preserve organic matter. Hydrogen sulfide (H<sub>2</sub>S) is generated in this depositional environment by bacterial sulfate reduction. Bacteria living in the highly carbonaceous distal sediments or thermal vents oxidize the organic compounds in the shale while reducing sulfate (SO<sub>4</sub><sup>2-</sup>) from sea water to generate H<sub>2</sub>S. The H<sub>2</sub>S reacts with the pooled brines and precipitates the contained metals as zinc sulfide (sphalerite, (Zn, Fe)S)) and lead sulfide (galena, (PbS)). Another possible mode of generation of H<sub>2</sub>S is by thermogenic reduction of organic matter. The ESM deposits occur in proximal facies rocks as opposed to third-order basin distal facies rocks, which is at variance with the Sedex model.

The Upper Marble does contain a pyritic schist unit underlying the marble units that contain zinc deposits. Fluid inclusion studies indicate that sediment-hosted lead-zinc deposits, both Sedex and MVT (Mississippi Valley-type), originate from similar brines.

Sedex deposit formation may be limited to Proterozoic and Phanerozoic time since marine sulfate (SO<sub>4</sub><sup>2-</sup>) likely did not exist prior to the accumulation of oxygen in the atmosphere. ESM was deposited within this timeframe. Sedex deposits may correspond with regional and global anoxic events, which would have helped preserve higher concentrations of organic carbon during transport to anoxic distal basin facies.

![](ex99-48_012.jpg)

Source: ESM 2018

**Figure 8-1: Illustration of the process of formation of Sedex deposits**

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| **JANUARY 2025** | **8-59** |

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8.2 Graphite

Graphite is a naturally occurring form of pure carbon and is a common constituent mineral in metasedimentary, and sedimentary rocks. The mineral occurs as black crystal flakes and masses. It is chemically inert, thermally stable, has a high electrical conductivity, and lubricity. These properties have made it suitable for many industrial applications including electronics, lubricants, metallurgy, and steelmaking (Robinson et al., 2017). Natural graphite deposits are classified into three categories: 1) amorphous (microcrystalline) graphite deposits; 2) crystalline flake graphite deposits; and 3) lump (vein) graphite deposits. The mineralization at Kilbourne, and elsewhere in the Grenville rocks of North America, is largely classified within the crystalline flake category.

Flake graphite deposits make up a large proportion of worldwide graphite production (Robinson et al., 2017). These deposits are derived from carbonaceous sediments that undergo regional metamorphism and reach temperatures and pressures that allow for the crystallization of fully ordered graphite, and the recrystallization of the host rocks (Hoefs and Frey, 1976). These conditions are met at amphibolite facies metamorphic grades, where pressures are at or exceeding 2–10 kilobars and temperatures are at or exceeding 500–800°C. Most flake graphite deposits are in Precambrian crystalline metamorphic rocks that reached or exceeded the amphibolite facies (Robinson et al., 2017).

The carbon in these deposits was introduced during sedimentation as organic materials. The depositional environment of these sedimentary units includes sediment-starved basins with low-oxygen levels at depth allowing the accumulation of organic-rich sediments. This shares similarities to the genetic model of Sedex deposits are shown in Figure 8-1. As sea level rises relative to land during periods of marine transgression the carbonaceous sediments are buried with little to no erosion. These rocks are buried further as the basin develops, and later subjected to regional metamorphism. The primary host lithologies for flake graphite deposits are these metamorphosed sedimentary rocks (quartzite, aluminous paragneiss, and marble) (Simandl et al., 2015).

The syndepositional origin of the graphite creates stratiform bodies of mineralization that can be thousands of meters long, with thicknesses determined by initial basin geometries and later the ductile behavior of the host rocks. Economic deposits are generally tens of meters thick, and hundreds of meters long (Robinson et al., 2017). In addition to the dimensional variability documented in these deposits, grade can be quite variable as well. With graphitic carbon grades ranging from trace levels <1% graphitic carbon (Cg) to grades higher than 15% Cg and grades up to 60% Cg documented in rare instances globally (Robinson et al., 2017). Grade variability is also common on the deposit scale, with zones of higher and lower grade mineralization, possibly related to the total organic carbon variability in the protolith, possible on the meter scale. High-grade zones are also associated with structural controls such as lithologic contacts, lenses within fault zones, and segregations in fold crests suggesting that there may be carbon enrichment associated metamorphic fluids along these structural pathways (Robinson et al., 2017).

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| **JANUARY 2025** | **8-60** |

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9. Exploration

9.1 Zinc

Exploration activities within the Balmat-Edwards district, and surrounding region include the digitization and review of historic exploration and mine data, surface geochemical sampling, surface hydrogeochemical sampling, and review of airborne geophysical data. Titan has also completed surface and underground exploration drilling; this is expanded upon in the drilling section (Chapter 10) of this report.

Regional zinc exploration in the Balmat-Edwards marble belt, as well as the northwest Adirondacks resulted in the discovery of five new mineralized bodies within the last 30 years (three in the Balmat Mine and two in the Hyatt Mine).

All major resources exist on a trend between the original Balmat mines and the Pierrepont Mine, called the Balmat-Pierrepont trend. Resource exploration is divided into three categories: near-mine, Balmat-Pierrepont trend, and district wide.

■ **Near-mine** exploration focuses on developing extensions of existing resources within the Sylvia Lake
 Syncline and re-analyzing historic drilling for opportunity.

■ **Balmat-Pierrepont trend** exploration seeks to discover on-trend untested pockets of mineralization similar
 in style to the existing resources between Balmat and Hyatt.

■ **District wide** exploration has potential to discover a separate yet-to-be discovered trend of mineralization.
 The last three discoveries were all located near-mine in the Sylvia Lake Syncline.

9.1.1 Historic Data Review

Titan has access to over 100 years of data from past operators and explorers covering much of the Adirondack Lowlands. This includes records of drillholes, mine maps, surface geologic maps, geochemical samples, and geophysical data. An effort to digitize this data has been in action since the mine restarted and has generated multiple viable targets to date. This includes the Company's prospective Turnpike Project, and the reactivation of the #2 ore body at depth (N2D).

Historic regional and district geochemical data have also been used in the development of surface exploration programs. This includes ESM's drilling at the North Gouverneur, and the soil programs at Moss Ridge, Pork Creek, and North Gouverneur.

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| **JANUARY 2025** | **9-61** |

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Based on public data and company records, a table of occurrences has been produced highlighting lead and zinc occurrences within the district. A total of 41 occurrences, prospects, and past producers have been identified in the district. Many of past producers for lead are individual operations located along the same mineralized feature or are part of a sheeted vein system. These areas have been grouped into the Macomb-Brown Farm, Rossie, and Bigelow School sites.

**Table 9-1: Occurrences highlighting lead and zinc occurrences within the district**

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| | | |
|:---|:---|:---|
| **Site Name** | **Commodity** | **Status** |
| **Zinc** | | |
| Balmat (now ESM #2, #3, #4) | Zinc | Producer |
| Edwards | Zinc | Past Producer |
| Hyatt | Zinc | Past Producer |
| Pierrepont | Zinc | Past Producer |
| Pleasant Valley | Zinc | Prospect |
| Bostwick | Zinc, Copper | Prospect |
| Parker | Zinc | Occurrence |
| McGill (Pork Creek) | Zinc | Occurrence |
| Woodcock/Webb | Zinc | Occurrence |
| **Lead** |  |  |
| Macomb – Brown Farm | Lead | Past Producer |
| Rossie (Coal Hill & Victoria) | Lead | Past Producer |
| Bigelow School | Lead | Past Producer |
| Mineral Point | Lead | Occurrence |
| Redwood | Lead | Occurrence |
| Nelson Farm | Lead | Occurrence |
| Wright Farm | Lead | Occurrence |

---

Source: USGS MRDS<sup>1</sup>; ESM 2024

<sup>1</sup> MRDS: Mineral Resources Data System

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| **JANUARY 2025** | **9-62** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.1.2 Surface
 Geochemical Sampling

9.1.2.1 Soil
 Sampling

In 2022, Titan contracted GroundTruth Americas, a subsidiary of GroundTruth Exploration, of Dawson, YT, to implement a soil program developed by ESM personnel. The program targeted areas of historic mining activity and/or geochemical prospectivity. A total of 1,961 samples were collected in the fourth quarter of 2022 (Table 9-2 and Figure 9-1). The majority of these samples were collected from the regional targets Beaver Creek, Bostwick, Maple Ridge, Moss Ridge, and North Gouverneur (1,751 samples total). Pork Creek was the only soil target within the district (210 samples total).

Samples were packaged at the mine site and sent to the Bureau Veritas laboratory in Reno, Nevada, where they were dried, and 100 g was sieved from the initial sample. The sieved sample was then sent to the Bureau Veritas facility in Vancouver, British Columbia for assay. The analytical method used was AQ200, an aqua regia digest followed by ICP-OES/MS<sup>1</sup> analysis testing for 37 elements (Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Sr, Te, Th, Ti, Tl, U, V, W, and Zn).

**Table 9-2: 2022 Soil sampling totals and high Zn (%) values**

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| | | |
|:---|:---|:---|
| **Target** | **Total Samples** | **Highest Zinc Value (%)** |
| **District** | **1751** | **1.67** |
| Beaver Creek | 531 | 0.49 |
| Bostwick | 197 | 0.04 |
| Maple Ridge | 135 | 0.03 |
| Moss Ridge | 206 | 1.67 |
| North Gouverneur | 681 | 0.46 |
| **Trend** | **210** | **0.33** |
| Pork Creek | 210 | 0.33 |

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Source: ESM 2024

1 ICP-ES/MS: Inductively Coupled Plasma – Optical Emission Spectrometry / Mass Spectrometry

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| **JANUARY 2025** | **9-63** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_013.jpg)

Source: ESM 2024

**Figure 9-1: Location of 2022 soil sampling programs relative to ESM**

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| **JANUARY 2025** | **9-64** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.1.2.2 Rock
 Sampling and Prospecting

Prospecting targets have generally been generated to follow up on historic geochemical or geologic documentation of Zn occurrences and anomalies, investigate and ground truth anomalous soil samples from the 2022 program, and perform due diligence on potential property acquisitions. Between 2021 and 2024, 13 samples have been submitted for laboratory analysis, these were all collected while investigating soil anomalies identified through the 2022 soil program (Table 9-3 and Figure 9-2).

**Table 9-3: Rock samples by target with highest zinc values**

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|:---|:---|:---|
| **Target** | **Total Samples** | **Highest Zinc Value (%)** |
| **District** | **9** | **4.53** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss Ridge | 9 | 4.53 |
| **Trend** | **4** | **0.02** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pork Creek | 4 | 0.02 |

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Source: ESM 2024

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|:---|:---|
| **JANUARY 2025** | **9-65** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_014.jpg)

Source: ESM 2024

**Figure 9-2: Location of rock samples by target**

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| **JANUARY 2025** | **9-66** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.1.3 Hydrogeochemistry

In August 2023, ESM, in collaboration with Juniata University of Pennsylvania, collected 132 ground and mine water samples to evaluate the isotopic ratios of zinc and copper contained within the solution. This first phase of testing included an orientation study along the Oswegatchie river to determine if there were detectable signatures within close proximity to known mineralized occurrences. A total of 120 samples were taken upriver and downriver from the historic mines at Edwards and Hyatt, the known occurrence at Pleasant Valley, and along the river over projections of the ESM #4 stratigraphy. A total of 12 samples were also collected from surface and mine waters at Turnpike, and from mine water sources within the ESM #4 Mine.

Regional samples were collected along the West Branch of the Oswegatchie over favorable marbles, from surface waters in areas with under tested marbles at Greenwood, near the historic Bostwick deposit, and in areas with glacial or Paleozoic cover near the Pierrepont mine, as shown in Figure 9-3.

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|:---|:---|
| **JANUARY 2025** | **9-67** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_015.jpg)

Source: ESM 2024

**Figure 9-3: 2023 Water sampling sites by area**

9.1.4 Airborne
 Geophysics

In 2013, Geotech Ltd. of Aurora, Ontario, flew a helicopter borne VTEM (versatile time domain electromagnetic) geophysical survey over the Adirondack Lowlands of northern New York on behalf of Hudbay. The survey area covered a nominally rectangular area of 47 mi x 22 mi, including the greater Balmat mining district.

Flight lines were flown on 650-foot line spacing. The geophysical database was forwarded to the geological department at ESM for interpretation and anomaly ranking based on correlation of observed physical parameters and deposit characteristics. The interpretative team determined that linear anomalies parallel regional structural fabrics and trends, known pyrite-rich stratigraphic units were readily detected and that anomalies in massive carbonate sequences are, at best, weakly responsive.

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| **JANUARY 2025** | **9-68** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The interpretative team also defined the basic ranking criteria to be based on anomalies of deposit sized lengths over two or three parallel flight lines. The anomalies themselves should reflect known geological characteristics, meaning those in areas of carbonate and calc-silicate host rocks should not be as responsive as those in pyrite bearing or graphitic sequences. Ten high quality exploration areas were identified outside the Balmat mining district.

Two areas are present within the Balmat district, but outside of the existing mine footprint, and eight areas lie within the existing footprint of the mine. Figure 9-4 shows the area covered by the geophysical survey and areas where low resistivity was recorded (Rivard and Stephens, 2013).

![](ex99-48_016.jpg)

Source: SLZ 2018

**Figure 9-4: Geophysical survey area**

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| **JANUARY 2025** | **9-69** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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In 2022, the Company began the re-evaluation of the raw data from this survey with the goal of filtering targets using two known bodies of unmined zinc mineralization. These are the Pleasant Valley Deposit, and the Bostwick Creek deposits. To date, the western third of the 2013 survey area has been re-evaluated.

9.1.5 Exploration Potential and Targeting

9.1.5.1 Near-Mine Exploration Targets

Several exploration targets at ESM have been identified based on extensions of open mineralized horizons at various depths and promising historic hits in the drillhole database. The targets shown in Figure 9-5 are conceptual in nature. There has been insufficient exploration to define a mineral resource in these areas and it is uncertain if further exploration will result in the targets being developed into mineral resources. The quantity and grades are based on past producing horizons of geological equivalence and are listed in Table 9-4. This list is not exhaustive and subject to change as new drilling information is available.

**Table 9-4: Near-mine exploration targets**

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| | | |
|:---|:---|:---|
| **Target** | **Tons (kt)** | **Grade (Zn %)** |
| American | 50 - 60 | 8 - 12 |
| Cal Marble | 50 - 60 | 10 - 14 |
| Crusher | 400 - 450 | 10 - 14 |
| Fowler | 700 - 750 | 5 - 9 |
| Gleason Down-Dip | 300 - 350 | 13 - 17 |
| Little York | 300 - 350 | 14 - 18 |
| Lower Mahler | 550 - 600 | 16 - 20 |
| Mud Pond Main | 650 - 700 | 9 - 13 |
| New Fold | 250 - 300 | 15 - 19 |
| Sesame | 550 - 600 | 7 - 11 |
| Streeter East | 550 - 600 | 7 - 11 |
| Streeter West | 20 - 30 | 7 - 11 |
| Wight and Arnold | 400 - 450 | 10 - 14 |

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Source: ESM 2024

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|:---|:---|
| **JANUARY 2025** | **9-70** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_017.jpg)

Source: ESM 2024

**Figure 9-5: Near-mine exploration targets shown in green, mine workings in grey**

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| **JANUARY 2025** | **9-71** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.1.5.2 District
 Exploration Targets and Potential

Exploration targets within the district have been broken out into two groups: targets within the Balmat-Pierrepont trend, and targets within the greater district. In addition to geologic, geochemical, and historical data, mineral and surface ownership plays an important role in target generation. Currently the Company has ten drill targets within the Balmat-Pierrepont trend that are within current mineral rights ownership. In addition to the targets on trend, the Company has four regional drill targets with mineral rights access.

In addition to drilling surface geochemical sampling, hydrogeochemical sampling, geologic mapping are all tools to be employed on the over 80,000 acres of mineral rights within St. Lawrence County.

**Table 9-5: Exploration targets**

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| | |
|:---|:---|
| **Drill Targets** | **Target Type** |
| **Balmat – Pierrepont Trend** | |
| Pleasant Valley | Testing extensions of known mineral occurrence |
| Pork Creek | Testing historic mineralization along strike, and favorable stratigraphy |
| Bend | Testing historic mineralization along strike, and favorable stratigraphy |
| Sully | Testing favorable stratigraphy |
| Hydro Plant | Testing structure in UM14 |
| 58 | Testing favorable stratigraphy |
| Hyatt | Testing UM14 |
| Edwards | Testing mineralized extensions at depth, and stratigraphy |
| Bingo Road | Testing historic mineralization along strike, and favorable stratigraphy |
| Side Pocket | Testing UM14 |
| R&G Club | Testing structure in UM14 |
| **District** |  |
| Moss Ridge | Testing geochemical anomaly, and mineralized breccia at surface |
| Greenwood | Testing favorable stratigraphy |
| Maple Ridge | Testing stratigraphy and structure |
| Beaver Creek | Testing geophysical and geochemical anomaly |

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|:---|:---|
| **JANUARY 2025** | **9-72** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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9.2 Graphite

Exploration activities at Kilbourne include the review of historic exploration and mine data; collection of surface geochemical samples through trenching, the review of airborne geophysical data, and the sampling of retained UM2 drill intercepts from past exploration programs. The Company has also completed 39 drillholes testing the graphite mineralization at Kilbourne. This drilling, along with the resampling, and trenching are included in Chapter 10 of this report.

9.2.1 Kilbourne
 Historic Data Review

Nested in the same dataset that has generated the regional and near-mine zinc targets (Section 9.1.1), the Company has identified historic drill records, and geologic maps documenting graphite occurrences within the district. Chief among these is the Kilbourne Project, with graphitic intercepts recorded in historic drill logs and surface maps.

The Company continues to evaluate the potential of the district for additional graphite targets using historic drill logs, historic reports, geologic maps, and geophysical data to generate future targets for exploration.

9.2.2 Airborne
 Geophysics

The airborne geophysical survey described in Section 9.1.4 has been evaluated for potential graphite occurrences, matching recorded electromagnetic (EM) highs with geologic units that have documented graphite mineralization. This overlap of high EM anomaly, and documented graphite mineralization is demonstrated at Kilbourne.

The re-evaluation of geophysical data that began in 2022 also aimed to highlight areas with electromagnetic signatures likely related to graphitic carbon mineralization. This effort used known occurrences and historic mines in the district to help identify additional graphite targets within the western most third of the district.

9.2.3 Exploration
 Potential and Targeting

The Company has tested roughly 8,250 ft of near surface mineralization at Kilbourne. The mapped surface expression of UM2 continues an additional ~7,500 ft to the south, and ~8,000 ft to the east. Historic drill intercepts along strike from Kilbourne in both directions have documented graphite mineralization. Figure 9-6 shows the mapped extensions of Kilbourne's strike length that warrant additional drilling. The remaining two thirds of the Kilbourne strike length remains open, and highly prospective. Graphite mineralization has also been documented within UM2 at the Company's Hyatt Mine.

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|:---|:---|
| **JANUARY 2025** | **9-73** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_018.jpg)

Source: xxxxx

**Figure 9-6: Kilbourne exploration target**

In addition to the targets along strike from the Kilbourne Deposit, the Company has identified multiple areas of high prospectivity for additional graphite occurrences. These targets have been generated through the re-evaluation of the historic airborne geophysical data, and the digitization of historic geologic maps. Of the historic geophysical data, roughly 30% has been re-evaluated; as this process continues, the number of identified prospects is likely to increase. Areas currently identified as prospective that fall outside of the Company's ownership are undergoing lands research should future acquisition become a priority.

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| | |
|:---|:---|
| **JANUARY 2025** | **9-74** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

10. Drilling

This chapter of the report provides an update of ESM's drilling in two sections. Section 10.1 describes the overall ESM drillhole database inclusive of the Kilbourne graphite drilling that overlies the zinc deposits. Section 10.2 breaks out the Kilbourne graphite drilling in more detail.

10.1 ESM
 Drilling

10.1.1 Drilling
 Summary

As of August 20, 2024, a total of 11,570 diamond drillholes have been completed at ESM, totaling 4,223,857 ft, as shown in Table 10-1. Historic drilling is continually digitized and incorporated into the digital database as records are discovered, consequently the numbers in this document will be greater than those in earlier reports (Makarenko et al., 2018; Warren et al., 2021). As far as ESM is aware, no additional significant groups of historical drilling remain to be digitized. Figure 10-1 displays UG drilling with collars colored by decade drilled, which demonstrates the mining progression for each zone.

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| | |
|:---|:---|
| **JANUARY 2025** | **10-75** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_019.jpg)

Source: ESM 2024

**Figure 10-1: Map showing the distribution of Balmat underground drilling by decade**

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| | |
|:---|:---|
| **JANUARY 2025** | **10-76** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The drillhole database was sub-divided into geographic "Areas" that can be extracted individually. The Balmat Area covers deposits that are the subject of this report while the other projects cover drilling in other historic mining camps, which is summarized in the District Area in Table 10-1.

**Table 10-1: Area drilling by year since 2017**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Year** | **Surface Core** | **Surface Core** | **UG Core** | **UG Core** | **Total Holes** | **Total Length (ft)** | **Total Length (m)** |
| **Area** | **Year** | **Holes** | **Length (ft)** | **Holes** | **Length (ft)** | **Total Holes** | **Total Length (ft)** | **Total Length (m)** |
| Balmat | pre-2017 | 1053 | 1006319 | 6519 | 1676384 | 7572 | 2682702 | 817688 |
| Balmat | 2017 | 8 | 14029 | 16 | 9019 | 24 | 23047 | 7025 |
| Balmat | 2018 | 27 | 78008 | 43 | 42129 | 70 | 120137 | 36618 |
| Balmat | 2019 | 68 | 30108 | 68 | 26029 | 136 | 56137 | 17111 |
| Balmat | 2020 | 30 | 17099 | 127 | 32203 | 157 | 49301 | 15027 |
| Balmat | 2021 | 12 | 10109 | 89 | 28317 | 101 | 38426 | 11712 |
| Balmat | 2022 | 40 | 12537 | 64 | 39001 | 104 | 51538 | 15709 |
| Balmat | 2023 | 27 | 12924 | 58 | 30281 | 85 | 43205 | 13169 |
| Balmat | 2024 | 38 | 11647 | 18 | 8434 | 56 | 20081 | 6121 |
| Balmat | **Total** | **1303** | **1192778** | **7002** | **1891796** | **8305** | **3084574** | **940178** |
| District | pre-2017 | 842 | 709597 | 319 | 43088 | 1161 | 752685 | 229418 |
| District | 2017 | 1 | 2043 |  |  | 1 | 2043 | 623 |
| District | 2018 | 1 | 3346 |  |  | 1 | 3346 | 1020 |
| District | 2019 | 5 | 9367 |  |  | 5 | 9367 | 2855 |
| District | 2020 | 1 | 307 |  |  | 1 | 307 | 94 |
| District | 2021 | 23 | 7135 |  |  | 23 | 7135 | 2175 |
| District | 2022 | 17 | 16686 |  |  | 17 | 16686 | 5086 |
| District | **Total** | **890** | **748481** | **319** | **43088** | **1209** | **791569** | **241270** |
| **Total** | **Total** | **2193** | **1941259** | **7321** | **1934884** | **9514** | **3876143** | **1181448** |
| &nbsp;&nbsp;District | &nbsp;&nbsp;pre-2017 | &nbsp;&nbsp;un-categorized | &nbsp;&nbsp;un-categorized | &nbsp;&nbsp;un-categorized | &nbsp;&nbsp;un-categorized | &nbsp;&nbsp;2056 | &nbsp;&nbsp;347714 | &nbsp;&nbsp;105983 |
| &nbsp;&nbsp;**Grand Total** | &nbsp;&nbsp;**Grand Total** |  |  |  |  | &nbsp;&nbsp;**11570** | &nbsp;&nbsp;**4223857** | &nbsp;&nbsp;**1287432** |

---

Source: ESM 2024

Note: Table excludes blast holes, channel samples, and well holes.

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| | |
|:---|:---|
| **JANUARY 2025** | **10-77** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The primary focus of the drilling programs since 2020 were further definition and exploration of the N2D, Fowler, Mahler (Lower and Upper), Mud Pond (Apron and Main), New Fold, and Turnpike zinc resources with additional near-mine and regional exploration of other zinc targets. Graphite was intersected in recent exploration drilling and specifically targeted in 2024. This program is discussed in more detail in Section 10.2. A categorical breakdown of drilling since the last technical report is presented in Table 10-2.

**Table 10-2: Drilling by category and target commodity since the last technical report**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Commodity** | **Surface Core** | **Surface Core** | **UG Core** | **UG Core** | **Total Holes** | **Total <br> Length (ft)** | **Total<br> Length (m)** |
| **Category** | **Commodity** | **Holes** | **Length (ft)** | **Holes** | **Length (ft)** | **Total Holes** | **Total <br> Length (ft)** | **Total<br> Length (m)** |
| Definition | Zinc |  |  | 330 | 109670 | 330 | 109670 | 33427 |
| Exploration | Zinc | 122 | 69474 | 22 | 28034 | 144 | 97509 | 29721 |
| Exploration | Graphite | 39 | 11917 |  |  | 39 | 11917 | 3632 |
| Exploration | Total | 161 | 81391 | 22 | 28034 | 183 | 109425 | 33353 |
| **Grand Total** | **Grand Total** | **161** | **81391** | **352** | **137704** | **513** | **219095** | **66780** |

---

Source: ESM 2024

10.1.2 Drilling
 Procedures

Drilling at ESM has been exclusively core drilling. The mine owns two Diamec 262 underground drills which drill AWJ size core, which were utilized for the definition programs. The mine also owns an Epiroc U-6 that drills BQ size core and was primarily used for underground exploration programs. Three contract Longyear underground drills that drilled BQ size core were utilized from 2005–2008. Cabo was contracted to drill underground in 2018–2019, and Boart Longyear was contracted for all surface programs from 2018–2020.

10.1.3 Core
 Handling and Sampling

Underground core was handled in the following manner by the mine geology department during the most recent phase of production. Core was removed from the drill string by the driller and placed in a wax impregnated cardboard or plastic core box. Wooden blocks were used to mark the ends of individual core runs. The filled core boxes were stored at the drill site until the end of shift where they were loaded in a vehicle and transported to the shaft station. At the station the core boxes were loaded into a custom wooden crate specifically designed for core box transportation up the shaft to the core logging facility. Full crates were typically brought to surface about once per week, but the frequency can vary depending on drill productivity. The shaft crew coordinates crate movement between the station staging area and the core shed's receiving bay. An example of the crate on the surface waiting to be unloaded is shown in Figure 10-2.

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| | |
|:---|:---|
| **JANUARY 2025** | **10-78** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_020.jpg)

Source: ESM 2024

**Figure 10-2: Underground core storage crate staged outside the on-site logging facility**

Surface drill core is transferred from the core barrel to the core box. The core technician or logging geologist will pick up the core boxes from the site and return them to the on-site logging facility.

The core is washed, logged, photographed, and sampled. All exploration core is cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade. Typical sample intervals lengths range from 1 ft to 5 ft depending on areas of mineralogical or geological interest. Definition core from underground is whole-core sampled.

After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half of the core was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. They are transported by UPS courier to ALS Minerals' laboratory in Sudbury, ON, Canada for sample preparation and then to ALS's lab in Vancouver, BC, Canada for analysis.

---

| | |
|:---|:---|
| **JANUARY 2025** | **10-79** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Drillholes are logged directly into the GeoSpark digital database and all assays are imported upon receival from the analytical lab. Drilling conditions in the Upper Marble Formation are generally very good, and core recovery is typically excellent. Average core recovery from the most recent drilling programs was 97%. Sphalerite mineralization is readily identified, and sample intervals are chosen by trained geological staff. Samples are shipped off-site for analysis by a reputable independent assay laboratory.

10.1.4 Downhole Surveying

Downhole survey methodology on the Property evolved over the last century as industry technology changed. The first surface exploration drillholes to develop the Number 2 resource relied on acid-etch tubes for some form of control, but the bulk of the drilling completed in the first half of the 19<sup>th</sup> century have no downhole survey information. In the mid 1960's the Pajari Directional Survey Instrument, aka. Tro-Pari, became the primary source of downhole directional data if it was collected at all. The Tro-Pari was used until 2018. The device is susceptible to numerous sources of error and as such any hole known to be surveyed with the instrument is now considered to be low confidence and flagged as such in the database. Surface exploration drilling used the REFLEX EZ-SHOT instrument from 2017 to 2022 and an ESM owned DeviShot since 2023. Underground drilling has relied on the Devico DeviShot magnetic multishot survey tool since 2018.

Other than the downhole surveying in the historical drillholes, the QPs are not aware of any drilling, sampling, or recovery factors that would negatively impact the accuracy and reliability of drill sample results at ESM.

10.2 Kilbourne Graphite Drilling

10.2.1 Core Re-sampling

Core drilling by ESM targeting zinc intersected graphite in 2020–2022. These intervals were originally assayed for zinc and subsequently resampled in 2023 using quartered core to test the graphite content. A list of these holes that were used in the MRE are presented in Table 10-1. While the holes were used in the MRE they form a minor component of the overall Kilbourne drillhole database. The blue and green collar points in Figure 10-3 are the SX series holes.

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| | |
|:---|:---|
| **JANUARY 2025** | **10-80** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 10-3: ESM surface holes re-sampled for graphite**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Length<br> (ft)** | **UTM NAD83** | **UTM NAD83** | **UTM NAD83** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| **Hole ID** | **Length<br> (ft)** | **Easting<br> (m)** | **Northing<br> (m)** | **Elevation<br> (m)** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| SX20-2563 | 3153 | 465846.0 | 4902302.0 | 186.0 | 120 | -55 | NQ | 2020-09-28 | 2020-10-22 |
| SX20-2564 | 3487 | 46584.0 | 4902302.0 | 186.0 | 125 | -63 | NQ | 2020-10-22 | 2020-11-19 |
| SX20-2565 | 3407 | 46584.0 | 4902302.0 | 186.1 | 125 | -50 | NQ | 2020-11-19 | 2021-01-12 |
| SX21-2589 | 2287 | 467176.0 | 4902744.0 | 186.0 | 0 | -90 | NQ | 2021-05-04 | 2021-05-18 |
| SX21-2601 | 1877 | 466948.0 | 4902442.0 | 193.0 | 0 | -90 | NQ | 2021-12-02 | 2021-12-19 |
| SX22-2621 | 3487 | 469182.2 | 4903659.5 | 183.1 | 150 | -70 | NQ | 2022-04-04 | 2022-05-20 |

---

Source: ESM 2024

10.2.2 Surface Channel Sampling

Six channel samples were taken across exposed outcrop in 2023, and one of them was used in the MRE. The sample locations are listed in Table 10-4. The channel was cut with a Husqvarna K 770 demo saw to a depth between 4 and 6 inches. Sample lengths varied, ranging between 2.5 ft and 5 ft. Samples were chiseled out between two cuts spaced 2 inches apart and placed in a cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. QA/QC procedures are like those used for core drilling as detailed in Chapter 11. Most of the channel samples were excluded from the MRE, as the subsequent core drilling provided significantly better assay information due to orientation and zone representativity.

**Table 10-4: ESM outcrop channel samples**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Channel ID** | **Length<br> (ft)** | **UTM NAD83** | **UTM NAD83** | **UTM NAD83** | **Azi** | **Dip** | **Start Date** | **End Date** | **Used in MRE** |
| **Channel ID** | **Length<br> (ft)** | **Easting<br> (m)** | **Northing<br> (m)** | **Elevation<br> (m)** | **Azi** | **Dip** | **Start Date** | **End Date** | **Used in MRE** |
| KT23-001A | 55 | 466794.8 | 4902439.7 | 194.1 | 255 | 0 | 12/12/2023 | 12/13/2023 | no |
| KT23-001B | 42 | 466806.9 | 4902440.4 | 193.7 | 261 | 0 | 12/15/2023 | 12/15/2023 | no |
| KT23-001C | 42 | 466817.2 | 4902445.5 | 194.4 | 240 | 0 | 12/15/2023 | 12/15/2023 | no |
| KT23-001D | 42 | 466831.5 | 4902450.9 | 195.0 | 254 | 0 | 12/16/2023 | 12/16/2023 | no |
| KT23-002A | 84 | 467040.4 | 4902607.2 | 195.7 | 129 | 0 | 12/30/2023 | 12/30/2023 | yes |
| KT23-003B | 35 | 467065.7 | 4902667.7 | 191.3 | 154 | 0 | unsampled | unsampled | no |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **10-81** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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10.2.3 Core Drilling Summary

As of August 20, 2024, a total of 39 diamond drillholes have been completed by ESM targeting graphite, totaling 11,917 ft, as shown colored in orange and red in Figure 10-3 and listed in Table 10-5.

![](ex99-48_021.jpg)

Source: ESM 2024

**Figure 10-3: Kilbourne drilling with collars colored by end date, with 10 ft contours**

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| | |
|:---|:---|
| **JANUARY 2025** | **10-82** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 10-5: Kilbourne drilling by year since 2017**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Length<br> (ft)** | **UTM NAD83** | **UTM NAD83** | **UTM NAD83** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| **Hole ID** | **Length<br> (ft)** | **Easting <br> (m)** | **Northing <br> (m)** | **Elevation<br> (m)** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| KX23-001 | 270 | 466909.3 | 4902622.3 | 185.8 | 0 | -90 | AWJ | 2023-12-26 | 2024-01-03 |
| KX24-002 | 256 | 466910.2 | 4902621.8 | 185.7 | 120 | -50 | AWJ | 2024-01-03 | 2024-01-05 |
| KX24-003 | 315 | 466786.4 | 4902442.8 | 195.5 | 160 | -50 | AWJ | 2024-01-08 | 2024-01-12 |
| KX24-004 | 356 | 466786.8 | 4902441.7 | 195.5 | 0 | -90 | AWJ | 2024-01-12 | 2024-01-18 |
| KX24-005 | 241 | 466632.6 | 4902327.1 | 199.3 | 0 | -90 | AWJ | 2024-01-19 | 2024-01-23 |
| KX24-006 | 209 | 466633.3 | 4902326.3 | 199.2 | 140 | -50 | AWJ | 2024-01-23 | 2024-01-25 |
| KX24-007 | 209 | 466517.0 | 4902144.6 | 196.3 | 0 | -90 | AWJ | 2024-01-25 | 2024-01-29 |
| KX24-008 | 221 | 466517.7 | 4902143.9 | 196.3 | 130 | -50 | AWJ | 2024-01-29 | 2024-01-30 |
| KX24-009 | 644 | 466347.9 | 4902416.9 | 195.8 | 140 | -50 | AWJ | 2024-02-05 | 2024-02-15 |
| KX24-010 | 636 | 466349.9 | 4902419.2 | 195.8 | 110 | -50 | AWJ | 2024-02-15 | 2024-02-20 |
| KX24-011 | 165 | 466273.2 | 4901952.0 | 194.3 | 140 | -50 | AWJ | 2024-02-21 | 2024-02-22 |
| KX24-012 | 157 | 466272.2 | 4901952.6 | 194.2 | 140 | -90 | AWJ | 2024-02-22 | 2024-02-22 |
| KX24-013 | 126 | 466460.7 | 4902051.3 | 195.8 | 0 | -90 | AWJ | 2024-02-23 | 2024-02-25 |
| KX24-014 | 167 | 466461.4 | 4902020.3 | 195.8 | 140 | -50 | AWJ | 2024-02-26 | 2024-02-27 |
| KX24-015 | 544 | 466798.3 | 4902732.7 | 186.0 | 130 | -50 | AWJ | 2024-02-27 | 2024-03-03 |
| KX24-016 | 607 | 466797.4 | 4902733.5 | 185.9 | 130 | -90 | AWJ | 2024-03-04 | 2024-03-11 |
| KX24-017 | 623 | 466724.0 | 4902578.8 | 187.5 | 0 | -90 | AWJ | 2024-03-12 | 2024-03-17 |
| KX24-018 | 719 | 466817.1 | 4902921.2 | 182.9 | 140 | -50 | AWJ | 2024-03-18 | 2024-03-24 |
| KX24-019 | 408 | 467112.8 | 4903017.1 | 181.1 | 160 | -50 | AWJ | 2024-03-25 | 2024-03-27 |
| KX24-020 | 332 | 467271.7 | 4903022.4 | 181.1 | 170 | -50 | AWJ | 2024-04-01 | 2024-04-02 |
| KX24-021 | 152 | 467413.3 | 4902935.4 | 181.1 | 180 | -50 | AWJ | 2024-04-03 | 2024-04-03 |
| KX24-022 | 611 | 466964.0 | 4903000.2 | 182.4 | 160 | -50 | AWJ | 2024-04-04 | 2024-04-10 |
| KX24-023 | 106 | 466973.9 | 4902533.1 | 194.3 | 0 | -90 | AWJ | 2024-04-11 | 2024-04-11 |
| KX24-024 | 67 | 467087.2 | 4902683.0 | 192.4 | 0 | -90 | AWJ | 2024-04-12 | 2024-04-15 |
| KX24-025 | 95 | 467234.1 | 4902785.7 | 194.1 | 0 | -90 | AWJ | 2024-04-15 | 2024-04-15 |
| KX24-026 | 612 | 465519.9 | 4901294.3 | 191.3 | 105 | -50 | AWJ | 2024-04-16 | 2024-04-30 |
| KX24-027 | 179 | 467005.5 | 4902696.0 | 186.2 | 0 | -90 | AWJ | 2024-05-03 | 2024-05-06 |
| KX24-028 | 149 | 467081.2 | 4902763.5 | 184.4 | 0 | -90 | AWJ | 2024-05-06 | 2024-05-07 |
| KX24-029 | 119 | 467233.9 | 4902877.2 | 180.8 | 0 | -90 | AWJ | 2024-05-07 | 2024-05-07 |
| KX24-030 | 117 | 467356.0 | 4902864.8 | 193.3 | 0 | -90 | AWJ | 2024-05-08 | 2024-05-08 |
| KX24-031 | 286 | 466850.6 | 4902527.8 | 191.5 | 140 | -50 | AWJ | 2024-05-09 | 2024-05-12 |
| KX24-032 | 226 | 465635.1 | 4901255.4 | 194.1 | 110 | -50 | AWJ | 2024-05-13 | 2024-05-14 |
| KX24-033 | 178 | 465634.5 | 4901255.6 | 194.0 | 110 | -80 | AWJ | 2024-05-15 | 2024-05-15 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **10-83** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **Length<br> (ft)** | **UTM NAD83** | **UTM NAD83** | **UTM NAD83** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| **Hole ID** | **Length<br> (ft)** | **Easting <br> (m)** | **Northing <br> (m)** | **Elevation<br> (m)** | **Azimuth** | **Dip** | **Core Size** | **Start Date** | **End Date** |
| KX24-034 | 280 | 465861.2 | 4901532.7 | 197.7 | 0 | -90 | AWJ | 2024-05-16 | 2024-05-20 |
| KX24-035 | 298 | 465943.5 | 4901687.6 | 197.0 | 0 | -90 | AWJ | 2024-05-21 | 2024-05-22 |
| KX24-036 | 198 | 465723.7 | 4901361.4 | 195.0 | 0 | -90 | AWJ | 2024-05-23 | 2024-05-27 |
| KX24-037 | 257 | 465665.9 | 4901379.9 | 194.4 | 110 | -70 | AWJ | 2024-05-28 | 2024-05-30 |
| KX24-038 | 560 | 465771.6 | 4901569.1 | 195.3 | 0 | -90 | AWJ | 2024-05-30 | 2024-06-12 |
| KX24-039 | 222 | 466001.8 | 4901658.7 | 199.2 | 0 | -90 | AWJ | 2024-06-13 | 2024-06-17 |

---

Source: ESM 2024

10.2.4 Drilling Procedure

Core drilling was completed using an ESM owned and operated Diamec 262 underground drill that was brought to the surface and mounted on a skid plate specifically for the Project as shown in Figure 10-4. All core samples were AWJ size.

![](ex99-48_022.jpg)

Source: ESM 2024

**Figure 10-4: Diamec #2 on the surface drilling for graphite**

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| | |
|:---|:---|
| **JANUARY 2025** | **10-84** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

10.2.5 Core Handling and Sampling

The drill core was transferred from the core barrel to the core box. The core technician or logging geologist picked up the core boxes from the site and returned them to the on-site logging facility.

The core was washed, logged, photographed (Figure 10-5), and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts.

![](ex99-48_023.jpg)

Source: ESM 2024

**Figure 10-5: Example of photographed AWJ size graphitic core**

After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes. Shipping boxes are placed onto pallets and shipped by freight to SGS Lakefield laboratory in Lakefield, ON, Canada for sample preparation and graphitic carbon analysis. Pulps are forwarded to SGS Burnaby laboratory in Burnaby, BC, Canada for multi-element analysis.

---

| | |
|:---|:---|
| **JANUARY 2025** | **10-85** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

11. Sample Preparation, Analyses, and Security

11.1 Historical Assaying

11.1.1 Pre Hudbay and Checks

Prior to the 2003 acquisition of the Property by Hudbay, all assaying was performed at the ESM assay laboratory. Fine pulps from cores drilled between 1995 and 2000 were stored at the ESM #2 core facility. Pulps were marked with drillhole identification and assay interval.

Assays from these years were not supported by a defined quality assurance/quality control (QA/QC) protocol. Hudbay selected 86 pulps from this population, representing six ESM resource areas to test for analytical integrity for the 1995 to 2000 drilling. The pulps were packaged inside 5 gal buckets along with four certified reference standard samples and shipped to Hudbay's Flin Flon, Manitoba, assay laboratory for check analyses. The Flin Flon laboratory visually inspected each pulp to assess oxidation and preparation effectiveness with particular attention paid to particle size. Zinc assays were completed for each sample.

The Flin Flon laboratory reported consistently higher results than those obtained by the ESM lab. For zinc assays greater than 25%, the Flin Flon laboratory reported zinc assays more than 10% higher. The certified reference standards were all within acceptable limits.

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-86** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_024.jpg)

Source: SLZ 2018

**Figure 11-1: Hudbay Flin Flon Lab check assays of ESM 1995 to 2000 pulps**

There are a limited number of check assays performed at Hudbay's in-house laboratory; these indicate that the ESM assays prior to 2003 may underestimate zinc concentrations.

11.1.2 Hudbay Post-2005 Assaying

All drillhole core samples from the 2005 to 2010 diamond drilling programs were sent to the ALS Chemex Laboratory in Sudbury, Ontario. The QA/QC program initiated by Hudbay included:

■ Insertion of a barren material (blank) for one in 50 samples.

■ Insertion of one in-house reference material for one in 20 samples.

The materials used as blanks were sourced from different local material and were not consistently barren of zinc. There was no evidence of systematic zinc contamination.

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-87** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

In 2004, Hudbay supplied five different grades of material (grab samples) from the mines in the Flin Flon camp that represented the grades encountered at the mines. Ore Research and Exploration Pty. Ltd. (OREAS) prepared packets of certified reference materials (CRMs) based on a "round robin" and used the average of assays from eight independent laboratories.

**Table 11-1: Hudbay QA/QC standards certified by OREAS Hudbay**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Au (g/t)** | **Ag (g/t)** | **Cu (%)** | **Zn (%)** | **Pb (%)** | **Fe (%)** | **As (%)** |
| Standard A-4 | 0.225 | 4.1 | 0.423 | 0.219 | 0.03 | 9.24 | 0.02 |
| Standard B-4 | 0.838 | 11.9 | 1.02 | 2.12 | 0.09 | 15.06 | 0.03 |
| Standard C-4 | 3.16 | 19.2 | 4.5 | 6.11 | 0.1 | 22.2 | 0.05 |
| Standard E-4 | 0.746 | 12.7 | 1.17 | 29.4 | 0.56 | 20.6 | 0.1 |

---

Source: ESM 2024

All standards came finely crushed in foil packages clearly labeled with the standard type (A-4, B-4, C-4, or E-4). These reference materials are no longer in use.

In 2008, two new CRMs (G-5 and H-5), were prepared by OREAS using sulfide material from the ESM Zinc Mine (ESM #4). The CRMs were certified with round robin assaying at 15 laboratories. All the laboratories performed analyses using an aqua regia digest and mostly ICP-OES instrumental finishes.

**Table 11-2: ESM QA/QC certified standards supplied by OREAS June 2008**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Au (g/t)** | **Ag (g/t)** | **Cu (%)** | **Zn (%)** | **Pb (%)** | **Fe (%)** | **As (%)** |
| Standard G-5 | 0.097 | 3.50 | 0.060 | 9.97 | 0.076 | 1.49 | 0.009 |
| Standard H-5 | 0.038 | 3.81 | 0.043 | 22.9 | 0.075 | 1.59 | 0.004 |

---

Source: ESM 2024

No check assay data were located from the Hudbay drill programs.

There is no documentation to suggest that Hudbay found systematic errors for the assays performed at ALS, Sudbury.

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-88** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

11.2 2017 to 2024 Sample Preparation and Assaying

A total of 38,395 drill core samples were submitted to ALS Geochemistry between April 2017 and June 2024. The quality control data for these sample submittals are discussed in Section 11.2 for zinc, lead, copper, silver, gold, and iron.

11.2.1 Sample Preparation and Analysis

For the 2017 to 2024 drilling campaign, sample preparation (crushing and pulverizing) has been performed at ALS, an ISO/IEC 17025 accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of the sample and a portion (usually 100 grams) is forwarded to their laboratory in Vancouver, BC, Canada, for analysis.

All samples were prepared using ALS Method Core Prep-31, which includes the following:

■ Air dry if possible (maximum 120 °C if oven drying is necessary).

■ Crush entire sample to at least 70% passing 0.1 in (2 mm).

■ Riffle split 8 oz (250 g).

■ Pulverize approximately 8 oz (250 g) to at least 85% passing 75 microns.

As required, high grade samples are flagged on the ALS submittal form for an extra wash in sample preparation. Crushers and pulverizers are cleaned using quartz or other barren material after each sample that is flagged as being high grade.

The analytical methods are summarized in Table 11-3.

**Table 11-3: Summary of assay methods**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Analyte** | **Method Code** | **Detection Limit** | **Digest** | **Instrumentation** |
| 35 elements, see Table 11-4 | ME-ICP41 | Varies; see Table 11-4 | 0.25 g two-acid: HNO<sub>3</sub> + HCl digest plus HCl leach | ICP-AES |
| Au | Au-ICP21 | 0.001 ppm | 30 g fire assay | ICP-AES |
| Ag | Ag-OG46 | 1 ppm | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-AES |
| Pb | Pb-OG46 | 0.001% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-AES |
| Zn | Zn-OG46 | 0.001% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-AES |
| Zn | Zn-VOL50 | 0.01% | 1 g Titration | Titration |

---

Reference to metric units of g = grams.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-89** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

High grade samples, for silver greater than 100 ppm and base metals over 1%, are analyzed a second time using inductively coupled plasma methods optimized for high grade samples (Method Codes with OG). The same sample weight and acids are used for the repeat analysis. All samples in which zinc is greater than 30% are re-run once more using titration (Method Code Zn-VOL50) and reported in percentage.

The lower and upper limits for the aqua regia digest method (ME-ICP41) are shown in Table 11-4.

**Table 11-4: Upper and lower limits for aqua regia ICP method**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analyte** | **Lower Limit** | **Upper Limit** | **Analyte** | **Lower Limit** | **Upper Limit** | **Analyte** | **Lower Limit** | **Upper Limit** |
| Ag (ppm) | 0.2 | 100 | Fe (%) | 0.01 | 50 | S (%) | 0.01 | 10 |
| Al (%) | 0.01 | 25 | Ga (ppm) | 10 | 10000 | Sb (ppm) | 2 | 10000 |
| As (ppm) | 2 | 10000 | Hg (ppm) | 1 | 10000 | Sc (ppm) | 1 | 10000 |
| B (ppm) | 10 | 10000 | K(%) | 0.01 | 10 | Sr (ppm) | 1 | 10000 |
| Ba (ppm) | 10 | 10000 | La (ppm) | 10 | 10000 | Th (ppm) | 20 | 10000 |
| Be (ppm) | 0.5 | 1000 | Mg (%) | 0.01 | 25 | Ti (%) | 0.01 | 10 |
| Bi (ppm) | 2 | 10000 | Mn (ppm) | 5 | 50000 | Tl (ppm) | 10 | 10000 |
| Ca (%) | 0.01 | 25 | Mo (ppm) | 1 | 10000 | U (ppm) | 10 | 10000 |
| Cd (ppm) | 0.5 | 1000 | Na (%) | 0.01 | 10 | V (ppm) | 1 | 10000 |
| Co (ppm) | 1 | 10000 | Ni (ppm) | 1 | 10000 | W (ppm) | 10 | 10000 |
| Cr (ppm) | 1 | 10000 | P (ppm) | 10 | 10000 | Zn (ppm) | 2 | 10000 |
| Cu (ppm) | 1 | 10000 | Pb (ppm) | 2 | 10000 |  |  |  |

---

11.2.2 Security

The whole core is photographed. Underground definition drilling is submitted to the lab whole with coarse rejects returned and retained after assaying has been completed. Exploration core is split in half with one-half retained for verification purposes.

Cores and samples are stored in secure shipping containers, owned by ESM, on the mine site located in Gouverneur, New York. The on-site storage location also has facilities for core logging, core cutting, and core sampling. The core is stored in wax cardboard boxes and organized in shipping containers by drillhole number.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-90** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

11.2.3 Quality Assurance / Quality Control

To ensure reliable sample results, ESM has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and CRMs at consistent intervals within each batch of samples.

The assays for QA/QC samples are reviewed as certificates are received from the laboratory. Failures are identified on a batch basis and followed up as required. Quarterly QA/QC reports are prepared internally to monitor overall laboratory performance.

Until Q3 2021, barren coarse-grained silica blanks were inserted after high grade (visual estimate over 10% zinc) samples. Low, medium, and high grade (with respect to zinc) CRMs were inserted every 20th sample by random selection.

Starting in Q3 2021 sample submissions were changed to separate out ore-grade zinc samples from low-grade samples. Ore-grade samples are flagged when estimated to be above 10% zinc and 20% visual sphalerite. Ore-grade batches include the insertion of high-grade CRMs only. Low-grade batches include blanks every 40th sample with the low and medium CRMs alternating every 20th sample. Results have minimized blank failures and potential for carry-over.

Elevated values for blanks may indicate sources of contamination in preparation, in the analytical procedure (contaminated reagents or test tubes) or sample solution carry-over during instrumental finish. Barren samples were purchased from Analytical Solutions Ltd. and certified by ALS in Vancouver, BC. The source of the material is carboniferous sedimentary rocks of the Maritimes Basin in New Brunswick from deposit of nearly pure silica.

The threshold levels for blanks are defined in Table 11-5.

**Table 11-5: Blank failure threshold**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Blank** | **Zinc (ppm)** | **Lead (ppm)** | **Silver (ppm)** | **Copper (ppm)** | **Iron (%)** |
| Blank (ASL) | 1000 | 400 | 5 | 400 | 0.7 |

---

Source: ESM 2024

The threshold levels were applied based on observations of past results and understanding of the risks to the Project. The threshold for zinc was adjusted in Q4 2022 from 400 ppm to 1,000 ppm, based on the allowable 1% carryover within ALS lab's method expectations. The weight of the blanks is approximately 200 grams or usually less than 10% of the weight of the sample; metal concentrations are enhanced in the smaller blank samples relative to what would be potentially carried over in sample preparation to larger drill core samples.

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-91** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

For the 1,087 blanks inserted with samples, all silver values were less than 1 ppm with the exception of one case where silver reported at 12.7 ppm. Copper values were less than 100 ppm. There was a total of six cases where lead values exceeded 400 ppm and reported up to 0.057% Pb.

Blanks are only inserted with low-grade batches approximately every 40th sample. As a result, there were cases of sample cross-contamination in 8 out of 736 samples received after Q3 2021 where ore-grade samples were separated out. Since 2017 there are a total of 71 out of 1,087 cases reporting over 0.1% zinc. Figure 11-2 is the control charts for zinc in blanks. In October to December 2018, there were a series of zinc values reporting over 0.04% Zn. The higher values for blanks were consistently found to be associated with preceding high grade drill core samples prepared before the blank. Similarly, there is a period in January and February 2020 where zinc values in blanks were reporting over 0.04% zinc. In October 2021 there is a decrease in cross-contamination after ore-grade batches were analyzed at ALS lab separately. After raising the zinc failure threshold, one blank exceeded the threshold in the period of December 2022 to June 2024.

![](ex99-48_025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;1087 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.025 |
|  |  | &nbsp;&nbsp;Percent of Maximum | &nbsp;&nbsp;24.74% |

---

Source: Graph generated in QC Mine Software

**Figure 11-2: Zinc in blank control chart**

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| | |
|:---|:---|
| **JANUARY 2025** | **11-92** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The potential for zinc contamination is moderated by ESM's practice of flagging sulfide-rich samples placing the samples on a separate batch and requesting that the laboratory carry out additional quartz washes at crushing and pulverizing stages. Differences of 0.1% to 0.2% Zn within the high-grade mineralized zones, with over 5% Zn, is not material for the Project and does not constitute a risk.

When zinc reports over 0.1%, there are also reported cases of iron over 0.7%. The elevated iron values are also associated with high mineralized sulfide-rich zones and, again, do not constitute a risk to the Project.

In cases where there appears to be a higher-than-expected carry-over, repeat assays have been requested at ALS. In general ALS responds that the carry-over was less than 1%, which is within its method expectations.

The results for reference materials are summarized in Table 11-6.

**Table 11-6: Summary tables of results for reference materials**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Zn %** | **Zn %** | **Observed Zn %** | **Observed Zn %** | **Percent of<br> Accepted** |
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of<br> Accepted** |
| OREAS-H5 | 346 | 2 | 4 | 24.600 | 0.799 | 24.464 | 0.556 | 99.4% |
| OREAS-G5 | 714 | 3 | 11 | 10.300 | 0.220 | 10.321 | 0.185 | 100.2% |
| OREAS-135b | 31 | - | - | 2.730 | 0.075 | 2.691 | 0.044 | 98.6% |
| OREAS-135 | 487 | 1 | 1 | 2.800 | 0.104 | 2.764 | 0.054 | 98.7% |
| **Total** | **1578** |  |  |  |  | **Weighted Average** | **Weighted Average** | **99.5%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Cu %** | **Cu %** | **Observed Cu %** | **Observed Cu %** | **Percent of<br> Accepted** |
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of<br> Accepted** |
| OREAS-H5 | 350 | - | 2 | 0.043 | 0.002 | 0.045 | 0.002 | 103.3% |
| OREAS-G5 | 728 | - | - | 0.060 | 0.004 | 0.061 | 0.002 | 101.4% |
| OREAS-135b | 30 | 1 | - | 0.012 | 0.001 | 0.011 | 0.000 | 98.0% |
| OREAS-135 | 480 | 2 | 1 | 0.028 | 0.001 | 0.029 | 0.001 | 101.3% |
| **Total** | **1588** |  |  |  |  | **Weighted Average** | **Weighted Average** | **101.7%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Pb %** | **Pb %** | **Observed Pb %** | **Observed Pb %** | **Percent of<br> Accepted** |
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of<br> Accepted** |
| OREAS-H5 | 352 | - | - | 0.075 | 0.006 | 0.075 | 0.005 | 99.6% |
| OREAS-G5 | 728 | - | - | 0.076 | 0.006 | 0.073 | 0.004 | 95.8% |
| OREAS-135b | 31 | - | - | 1.690 | 0.037 | 1.693 | 0.035 | 100.2% |
| OREAS-135 | 468 | 19 | 2 | 1.700 | 0.062 | 1.723 | 0.040 | 101.4% |
| **Total** | **1579** |  |  |  |  | **Weighted Average** | **Weighted Average** | **98.4%** |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-93** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Ag ppm** | **Ag ppm** | **Observed Ag ppm** | **Observed Ag ppm** | **Percent of <br> Accepted** |
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of <br> Accepted** |
| OREAS-H5 | 349 | - | - | 3.810 | 0.510 | 4.286 | 0.186 | 112.5% |
| OREAS-G5 | 721 | - | - | 3.500 | 0.550 | 3.812 | 0.161 | 108.9% |
| OREAS-135b | 31 | - | - | 53.500 | 1.340 | 53.171 | 1.342 | 99.4% |
| OREAS-135 | 464 | 3 | 8 | 54.900 | 2.170 | 55.445 | 2.015 | 101.0% |
| **Total** | **1565** |  |  |  |  | **Weighted Average** | **Weighted Average** | **107.2%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Fe %** | **Fe %** | **Observed Fe %** | **Observed Fe %** | **Percent of <br> Accepted** |
| **Reference<br> Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of <br> Accepted** |
| OREAS-H5 | 352 | - | - | 1.590 | 0.100 | 1.582 | 0.050 | 99.5% |
| OREAS-G5 | 728 | - | - | 1.490 | 0.090 | 1.473 | 0.041 | 98.8% |
| OREAS-135b | 30 | 1 | - | 5.100 | 0.201 | 4.986 | 0.085 | 97.8% |
| OREAS-135 | 479 | 2 | 2 | 8.970 | 0.363 | 8.795 | 0.240 | 98.0% |
| **Total** | **1589** |  |  |  |  | **Weighted Average** | **Weighted Average** | **98.7%** |

---

An Outlier is defined as being outside five standard deviations from the accepted value. These are cases that are most likely sample mis-labels or in the case of lead, reached the upper detection limit of the analysis method and was not requested for overlimits. Failures are defined as lying outside ± three standard deviations from the accepted values. There is a very low failure rate for reference materials in the database primarily quality control failures were followed up with requests for repeat assays. Fewer than 2% of the reference material insertions resulted in requests for repeat assays.

ALS performed well for all five metals for reference material OREAS-135 prepared by OREAS. OREAS-135 is a commercially available reference material created in 2017 and analyzed by 24 recognized laboratories. In 2022 ESM purchased the replacement standard OREAS-135b.

Figure 11-3 and Figure 11-4 show that the zinc results reported for OREAS-H5 and OREAS-G5 have been consistent and reported within a narrow range.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-94** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Summary Statistics** | **Summary Statistics** | **Summary Statistics** | **Summary Statistics** |
| **Expected Values** | **Expected Values** | **Observed Values** | **Observed Values** |
| Mean | 24.600 | Number of Samples | 352 |
| Standard Deviation | 0.799 | Mean | 24.426 |
| 2 x RSD | 6.50% | Standard Deviation | 0.752 |
|  |  | 2 x RSD | 6.16% |
|  |  | Falls Within 3 SD of Certified Mean | 99% |
|  |  | Falls Within 2 SD of Certified Mean | 98% |
|  |  | Falls Within 1 SD of Certified Mean | 80% |

---

**Figure 11-3: Control chart for Zn in reference material H-5**

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| | |
|:---|:---|
| **JANUARY 2025** | **11-95** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;10.300 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;728 |
| &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.220 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;10.305 |
| &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;4.27% | &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.233 |
|  |  | &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;4.52% |
|  |  | &nbsp;&nbsp;Falls Within 3 SD of Certified Mean | &nbsp;&nbsp;99% |
|  |  | &nbsp;&nbsp;Falls Within 2 SD of Certified Mean | &nbsp;&nbsp;96% |
|  |  | &nbsp;&nbsp;Falls Within 1 SD of Certified Mean | &nbsp;&nbsp;75% |

---

Source: Graph generated in QC Mine Software

**Figure 11-4: Control chart for Zn in reference material G-5**

It is the opinion of the author that the sample preparation, security, analytical procedures, and quality control practices meet or exceed industry standards and are, therefore, acceptable for the estimation of Mineral Resources.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-96** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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11.3 Kilbourne 2023 and 2024 Sample Preparation and Assaying

A total of 2,386 samples (including Quality Control "QC" samples) were obtained from February 2023 to June 2024. This section focuses on quality control data related to the Kilbourne Graphite Project.

11.3.1 Sample Preparation and Analysis

Sample preparation (crushing and pulverizing) has been performed at SGS Lakefield, an ISO/IEC 17025 accredited lab located in Lakefield, Ontario, Canada. SGS Lakefield prepares a pulp and runs graphite analysis, then ships the pulps to SGS Burnaby, British Columbia, Canada for multi-element analysis.

Sample Preparation Procedures (SGS Method Code G_CRU_KGCRU3_WT and G_CRU-CRU75):

1. Process, sort, and weigh samples;

2. Sample drying, 105 °C, <3 kg;

3. Crush entire sample to 3.36 mm (portion of coarse material used for metallurgical testing (G_CRU3);

4. Riffle split 250 g; crush to 75% passing 2 microns (G_CRU75);

5. Pulverize nominal 250 g to >85% passing 75 microns (pulps created for graphitic carbon and multi-element analysis).

**Table 11-7: Summary of assay methods**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Analyte** | **Method Code** | **Detection Limit** | **Digest** | **Instrumentation** |
| 34 elements, see below | GE-ICP21B20 | Varies; see below | 0.25 g two-acid: HNO<sub>3</sub> + HCl digest plus HCl leach | ICP-OES – Aqua Regia |
| Ag | ICP42Q100 | 0.01% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-OES-4 Acid |
| Ca | ICP42Q100 | 0.10% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-OES-4 Acid |
| Zn | ICP42Q100 | 0.01% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-OES-4 Acid |
| Mn | ICP42Q100 | 0.00% | 0.25 g two-acid: HNO<sub>3</sub> + HCl | ICP-OES-4 Acid |
| Fe | ICP21B100 | 0.01% | 0.25 g two-acid: HNO<sub>3</sub> + HCl digest plus HCl leach | ICP-OES-Aqua Regia |
| S | CSA06V | 0.01% | 0.1-0.03 g IR Combustion | IR Combustion |
| Cg (Graphitic Carbon) | CG-CSA06V | 0.05% | 0.1-0.03 g IR Combustion | IR Combustion |

---

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| | |
|:---|:---|
| **JANUARY 2025** | **11-97** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

SGS Lakefield prepares the pulps and analyzes each sample for graphitic carbon (Cg-CSA06V) with a detection limit of >0.01%. Pulps are shipped to SGS Burnaby for multi-element analysis by aqua regia digestion (GE-ICP21B20 for 34 elements) with an ICP – OES finish. All samples in which silver, calcium, manganese, iron, zinc, and sulfur exceed their upper limit are re-run using methods of aqua regia digestion (Fe-ICP21B100), four acid digestion (Ag, Ca, Zn, and Mn-ICP42Q100) and infrared combustion (S-CSA06V) with the elements reported in percentage (%).

The lower and upper limits for the aqua regia digest method (GE-ICP21B20) are shown in Table 11-8.

**Table 11-8: Upper and lower limits for aqua regia GE-ICP21B20 method**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analyte** | **Lower Limit** | **Upper Limit** | **Analyte** | **Lower Limit** | **Upper Limit** | **Analyte** | **Lower Limit** | **Upper Limit** |
| &nbsp;&nbsp;Ag (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 | &nbsp;&nbsp;Hg (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;100 | &nbsp;&nbsp;Sc (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Al (%) | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;15 | &nbsp;&nbsp;In (ppm) | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;500 | &nbsp;&nbsp;Se (ppm) | &nbsp;&nbsp;1 | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;As (ppm) | &nbsp;&nbsp;1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;K (%) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10 | &nbsp;&nbsp;Sn (ppm) | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;Ba (ppm) | &nbsp;&nbsp;2 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;La (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Sr (ppm) | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Be (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;100 | &nbsp;&nbsp;Li (ppm) | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ta (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Bi (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Lu (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Tb (ppm) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Ca (%) | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;15 | &nbsp;&nbsp;Mg (%) | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;15 | &nbsp;&nbsp;Te (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Cd (ppm) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Mn (ppm) | &nbsp;&nbsp;2 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Th (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Ce (ppm) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;Mo (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ti (%) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Co (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Na (%) | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;15 | &nbsp;&nbsp;Tl (ppm) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Cr (ppm) | &nbsp;&nbsp;1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Nb (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;U (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Cs (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Ni (ppm) | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;V (ppm) | &nbsp;&nbsp;1 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Cu (ppm) | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;P (%) | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;15 | &nbsp;&nbsp;W (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Fe (%) | &nbsp;&nbsp;1 | &nbsp;&nbsp;15 | &nbsp;&nbsp;Pb (ppm) | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Y (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Ga (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Rb (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Yb (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Ge (ppm) | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;S (%) | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;5 | &nbsp;&nbsp;Zn (ppm) | &nbsp;&nbsp;1 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;Hf (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;500 | &nbsp;&nbsp;Sb (ppm) | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;Zr (ppm) | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;10000 |

---

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| | |
|:---|:---|
| **JANUARY 2025** | **11-98** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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11.3.2 Security

The whole core is photographed at the ESM mine site and is cut in half with one-half retained in a secured facility for verification purposes. The half-core samples are shipped to SGS Lakefield in Ontario, Canada.

The core and samples are stored in secure shipping containers, owned by ESM, on the mine site located in Gouverneur, New York. The on-site storage location also has facilities for core logging, core cutting, and core sampling. The core is stored in wax cardboard boxes and organized in shipping containers by drillhole number.

11.3.3 Quality Assurance/Quality Control

To ensure reliable sample results, ESM has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of barren coarse-grained blanks (blanks) and certified reference materials within each batch of samples. Blanks are inserted every 40th sample and CRMs are inserted every 20th sample, rotating a low, medium, and high grade (with respect to graphitic carbon) CRM.

The assays for QA/QC samples are reviewed as certificates are received from the laboratory. Failures are identified on a batch basis and followed up as required. Drilling program QA/QC reports are prepared internally to monitor overall laboratory performance.

CRMs and blanks are purchased from OREAS North America Inc. The reference material is high quality and was analyzed at more than fifteen laboratories to determine expected values and tolerances. The materials are sourced from Queens Graphite Mine in Matale/Kurunegala Project area in central Sri Lanka. It is prepared from crystalline vein graphite ore blended with granodiorite. The certified expected values are listed in Table 11-9.

**Table 11-9: Certified reference material expected values**

---

| | |
|:---|:---|
| **CRM** | **Graphite (%)** |
| OREAS-722 | 2.03 |
| OREAS-724 | 12.06 |
| OREAS-725 | 24.52 |

---

Barren coarse-grained silica blanks were submitted with samples to determine if there has been contamination or sample cross-contamination during the preparation stage. Elevated values for blanks may also indicate sources of contamination in the analytical procedure (contaminated reagents or test tubes) or sample solution carry-over during instrumental finish.

---

| | |
|:---|:---|
| **JANUARY 2025** | **11-99** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The threshold levels for blanks are defined in Table 11-10.

**Table 11-10: Blank failure threshold**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Blank** | &nbsp;&nbsp;**Graphite (%)** |
| &nbsp;&nbsp;Blank (ASL) | &nbsp;&nbsp;0.1 |

---

The blank threshold level was applied based on ore-grade values for graphitic carbon taking into account a 0.25% allowable carry-over within lab method expectations.

A total of 67 blanks were inserted with samples, all blanks reported at or below detection limit for graphitic carbon and does not constitute any risk of carry-over.

Figure 11-5 is the control chart for graphitic carbon in blanks.

A total of 114 CRMs were inserted with samples, six samples reported values outside of three standard deviations and were requested to be re-assayed. Re-assay results reported corrected values and the errors were determined to be isolated to the CRM samples.

Summary statistics for OREAS-722, 724, 725 graphite performed well and report on average within 101.2–104.4% of the expected values. The results for the certified reference materials are summarized in Table 11-11.

**Table 11-11: Summary of results for reference materials**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Cg %** | **Cg %** | **Observed Cg %** | **Observed Cg %** | **Percent of Accepted** |
| **Reference Material** | **Qty** | **Outliers Excluded** | **Failures Excluded** | **Accepted** | **Std. Dev.** | **Average** | **Std. Dev.** | **Percent of Accepted** |
| OREAS-725 | 24 | - | - | 24.52 | 0.728 | 24.817 | 0.779 | 101.2% |
| OREAS-724 | 44 | - | - | 12.06 | 0.311 | 12.134 | 0.446 | 100.6% |
| OREAS-722 | 46 | - | - | 2.03 | 0.093 | 2.120 | 0.059 | 104.4% |
| **Total** | **114** |  |  |  |  | **Weighted Average** | **Weighted Average** | **102.3%** |

---

An Outlier is defined as being outside five standard deviations from the accepted value. These are cases that are most likely sample mis-labels. Failures are defined as lying outside ± 3 standard deviations from the accepted values. There is a very low failure rate for reference materials in the database primarily quality control failures were followed up with requests for repeat assays. The fewer than 1% of the reference material insertions resulted in requests for repeat assays.

Figure 11-6 through Figure 11-8 are the control charts for each CRM.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-100** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;67 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.020 |
|  |  | &nbsp;&nbsp;Percent of Maximum | &nbsp;&nbsp;19.78% |

---

Source: Graph generated in QC Mine Software

**Figure 11-5: Graphitic carbon in blank control chart**

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| | |
|:---|:---|
| **JANUARY 2025** | **11-101** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;2.030 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.093 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;2.120 |
| &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;9.16% | &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.059 |
|  |  | &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;5.59% |
|  |  | &nbsp;&nbsp;Falls Within 3 SD of Certified Mean | &nbsp;&nbsp;100% |
|  |  | &nbsp;&nbsp;Falls Within 2 SD of Certified Mean | &nbsp;&nbsp;98% |
|  |  | &nbsp;&nbsp;Falls Within 1 SD of Certified Mean | &nbsp;&nbsp;52% |

---

Source: Graph generated in QC Mine Software

**Figure 11-6: Control chart for graphitic carbon in reference material OREAS-722**

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| | |
|:---|:---|
| **JANUARY 2025** | **11-102** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;12.060 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;44 |
| &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.311 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;12.134 |
| &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;5.16% | &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.446 |
|  |  | &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;7.35% |
|  |  | &nbsp;&nbsp;Falls Within 3 SD of Certified Mean | &nbsp;&nbsp;100% |
|  |  | &nbsp;&nbsp;Falls Within 2 SD of Certified Mean | &nbsp;&nbsp;84% |
|  |  | &nbsp;&nbsp;Falls Within 1 SD of Certified Mean | &nbsp;&nbsp;45% |

---

Source: Graph generated in QC Mine Software

**Figure 11-7: Control chart for graphitic carbon in reference material OREAS-724**

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| | |
|:---|:---|
| **JANUARY 2025** | **11-103** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** | &nbsp;&nbsp;**Summary Statistics** |
| &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Expected Values** | &nbsp;&nbsp;**Observed Values** | &nbsp;&nbsp;**Observed Values** |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;24.520 | &nbsp;&nbsp;Number of Samples | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.728 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;24.817 |
| &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;5.94% | &nbsp;&nbsp;Standard Deviation | &nbsp;&nbsp;0.779 |
|  |  | &nbsp;&nbsp;2 x RSD | &nbsp;&nbsp;6.28% |
|  |  | &nbsp;&nbsp;Falls Within 3 SD of Certified Mean | &nbsp;&nbsp;100% |
|  |  | &nbsp;&nbsp;Falls Within 2 SD of Certified Mean | &nbsp;&nbsp;92% |
|  |  | &nbsp;&nbsp;Falls Within 1 SD of Certified Mean | &nbsp;&nbsp;67% |

---

Source: Graph generated in QC Mine Software

**Figure 11-8: Control chart for graphitic carbon in reference material OREAS-725**

11.4 Qualified Person's Opinion

It is the opinion of the QP that the sample preparation, security, analytical procedures, and quality control practices meet or exceed industry standards and are, therefore, acceptable for the estimation of Mineral Resources.

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| | |
|:---|:---|
| **JANUARY 2025** | **11-104** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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12. Data Verification

12.1 Verifications in Previous Technical Reports

The QPs reviewed the drillhole data set provided, which at the time (Makarenko et al., 2018) consisted of 4,317 holes from which a subset of 633 were used for the previous MRE. The assay data was reviewed for all available holes, representing about 95% of the data. Assay values from the database were verified by correlation with original assay certificates and by review of QA/QC procedures and results.

SLZ personnel provided the ESM digital database and some of the corresponding raw data files (source data) for the verification. Independent consultant geologists, Kim Tyler, P.Geo., and Brett Armstrong, were retained by SLZ to work with site staff to clean the resource databases of errors and review the sampling data prior to delivery. The authors reviewed all relevant data and recommended corrections and additions prior to preparing the Mineral Resource Estimate.

Values were compared for direct correlation, record-by-record, between the original source data and the database. The intent of the data validation was to demonstrate a positive correlation between source data and the database covering the data, which establishes reasonable confidence in the data for use in the Mineral Reserve Estimate.

Data categories reviewed include:

■ **Collar locations:** Raw collar survey reports were sometimes not available on the written logs; however, the site surveyor was
able to provide survey verification from his files. Collar survey data was manually recorded on geology logs for most of the holes, and
that data was compared to the collar file in the database. The data recorded on the geology logs appears to be approximate location, not
surveyed location, as most are recorded as whole numbers. Wherever noted, collar entries were corrected. The only notable instances of
this were in selected very old holes (1920's) where typographical errors were noted in the database in comparison to the logs. None
of these were relevant to the model areas.

■ **Downhole surveys:** Raw downhole survey reports were unavailable for some historical holes prior to the 1960's. These collars
would have been surveyed for drill orientation and Survey data was manually recorded on geology logs under the header "Tro-Pari
survey". The Tro-Pari records were compared to the survey file in the database. These tended to match, but the authors observed
occasional instances of rounding the depth record to the nearest 5 ft or dropping a decimal from the dip or azimuth record. Corrections
were made as required.

■ **Lithology:** Scanned paper geological logs were provided, however the database used for the resource estimate did not include
a geology field, so a review was not performed.

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| | |
|:---|:---|
| **JANUARY 2025** | **12-105** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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■ **Sample intervals:** Sample intervals were written on sample bags and recorded by the assay laboratory as part of the sample ID.
The intervals on the assay certificates were compared to intervals in the assay field of the database. Three mismatches were identified.
These were compared to the geology logs, and it was determined that the assay laboratory made a recording error, and the database value
was correct.

■ **Assays:** Original ALS Chemex assay result certificates in digital format for later years 2005 to 2009 were compared with the
database. Mismatches were noted. It appears that the database was not maintained and checked digitally prior to or following mine closure,
an error rate of 1.7% was identified, whereby 45 errors were found within a dataset of 2,683 assays. All errors noted were corrected prior
to resource modeling. SLZ consultant geologists compared assay values in the database to original drill logs and assay certificates to
rectify obvious errors. Of note were that the holes 1996-F to 2001-F had 'visual' grade estimates only as the original samples
were lost during shipment to the lab. Those holes were adjusted to show as not sampled (NS) and not used for estimation purposes. In 2018
ESM geologists thoroughly audited the assay database for additional 'visual' grade estimates and purged records as necessary
for recoding as "no sample".

12.2 Verifications

ESM staff continually validate collar locations, downhole surveys, assay values, assay intervals, and geologic logging as new data is appended to the database. Drillhole information used in the resource models are checked against their original source, which is typically typed geologic paper logs for drilling conducted prior to 2017.

Staff also followed up on the observation of visual zinc grade estimates in the assay table by broadly sorting and searching the assay table for suspicious values. Values considered suspicious were integer values with no accompanying Fe, Pb, or Cu value. Once flagged, these values were then compared against the geologic log, and removed from the assay table if confirmed as a visual estimate. The impact to the database was minimal and outside the scope of the resources being considered for production in this report.

12.3 Limitations

The QP has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, the QP has relied entirely on such verification procedures for verifying the data in this technical report.

The QP has not completed a 100% validation of the entire database to original source data. Focus has been placed on those portions of the database relevant to the public disclosure.

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| | |
|:---|:---|
| **JANUARY 2025** | **12-106** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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12.4 Adequacy

The current and historical verification of these data sets has shown minor inconsistencies to source data, with uncertainty in the type or generation of data dealt with using classification of the Mineral Resource. The QP is of the opinion that the verification process is appropriate, and that the drilling database is adequate for the purposes of this technical report.

12.5 Kilbourne Data Validation

12.5.1 Site Investigation

Mr. Todd McCracken, P.Geo., visited the Property on August 26 and 27, 2024.

While on site, Mr. McCracken examined the outcrops, drill collar location, channel samples and diamond drill core. Mr. McCracken reviewed the geology, logging procedures and the QA/QC procedures with ESM.

12.5.2 Drill Collar Validation

The QP confirmed the locations of 19 surface borehole collars during the site investigation in 2024. The QP collected the collar locations using a Garmin GPSMap 65 handheld GPS unit. All collar locations were located within the acceptable error limit of the handheld GPS unit.

12.5.3 Database Validation

For the purpose of this MRE, BBA's geological team, under the supervision of the QP, performed the validation on the Project's database. All the data was provided by Titan.

The Project contains 45 drillholes. No major errors were identified.

12.5.4 Independent Sampling

The QP did not collect independent samples.

12.5.5 Qualified Person's Opinion

The QP is of the opinion that the data is considered acceptable to support Mineral Resource if the Kilbourne Graphite Project.

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| | |
|:---|:---|
| **JANUARY 2025** | **12-107** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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13. Mineral Processing and Metallurgical Testing

13.1 Zinc

Empire State Mines is a currently operating mine, processing underground mineralization to produce zinc concentrate. Two new zones of near-surface mineralization near the existing operation were recently discovered. Metallurgical test work was undertaken on the samples from the new zones to determine the process flowsheet for treating them to produce both lead/silver and zinc concentrates. That test work is reviewed in Section 13.1.2.

13.1.1 Processing 2018-2024

A test program was undertaken by Hudbay in 2005 (Hudbay, 2005b) to confirm the processing requirements of selected mineralized material zones from the Empire State Mines. These mineralized material zones were selected based on projected tonnage, mineralized material type, and sample availability.

Flotation tests were completed by Hudbay personnel in the ESM laboratory, under the guidance of Fred Vargas, the metallurgical consultant who developed the pHLOTEC flotation process used at the ESM mine since 1984. As well, a representative for SGS Lakefield Research, performed site reviews to ensure that the program was at FS level requirements. SGS Lakefield Research assisted with development of the scope of work, review and analysis of batch test data, supervision of the locked cycle tests and interpretation of results.

The metallurgical testing and operational results from 2006 to 2008 supported a zinc recovery of 96% and a zinc concentrate grade of 56% for the re-start of operations. The mineralized zones to be mined are a continuation of the mineralization mined from 2005 to 2008.

The present flowsheet is shown in Figure 13-1. While the original design of the concentrator was as Pb-Zn, the present mine mineralization does not support the production of a saleable lead concentrate. The existing Lead Rougher has been re-purposed as a pre-float for light, deleterious materials. Using only a frother, this collector-less flotation has been instrumental in reducing the level of magnesium in the final concentrate to 0.50%.

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| | |
|:---|:---|
| **JANUARY 2025** | **13-108** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_032.jpg)

Source: ESM 2024

**Figure 13-1: ESM Mill flowsheet**

The coarser grind has been beneficial in the form of efficient dewatering and improved recoveries. The concentrate dryer has not been in use since 2019 due to operational cost. Using only the vacuum disc filter, the moisture of the produced concentrate is maintained at an acceptable level for storage and/or shipment even during winter months. Pyrite depression is achieved with sodium sulfide and sodium cyanide in the grinding and cleaner circuits. This allows for the iron in the concentrate to be maintained in the 2.8-3.0% range which, in turn, will allow for zinc concentrate grades of 60% to be realized. This approach has shown to be effective with the milling up to a 50% addition rate of high pyrite mineralization.

The current process does not include any on-line or in-stream metallurgical analysis instrumentation, nor automated stream sampling. The operating crew utilizes 'panning' and visual monitoring of the froth to make process adjustments. Periodic samples are taken through the operating shift for analysis in the laboratory on the following day.

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-109** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 13-1: ESM mill statistics 2018-2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Tons Milled** | **Head Grade (Zn %)** | **Recovery (%)** | **Concentrate Grade (Zn %)** | **Concentrate Tons** |
| 2018 | 187854 | 7.9 | 93.4 | 58.2 | 23932 |
| 2019 | 218823 | 8.3 | 96.4 | 58.7 | 29925 |
| 2020 | 323414 | 8.6 | 96.6 | 59.3 | 45161 |
| 2021 | 387438 | 7.5 | 96.5 | 59.3 | 47066 |
| 2022 | 425022 | 7.5 | 96.4 | 58.8 | 52547 |
| 2023 | 445803 | 8.4 | 96.2 | 59.6 | 60145 |

---

Source: ESM 2024

Six years of operational results from 2018-2024 have demonstrated 96% zinc recovery with a zinc concentrate grade of nearly 60%.

13.1.2 Turnpike and Hoist House Metallurgical Test Work

The primary objective of the test work undertaken at RDi in 2020 (RDi, 2020) was to determine if the mineralization from the Turnpike and Hoist House prospects can be processed in the existing circuit with minor modifications to produce both lead and zinc concentrates.

Approximately 121 lb (55 kg) of each sample, some half core samples and existing mill feed samples, were sent to RDi for metallurgical test work, which consisted of Bond's Ball Mill Work Index and abrasion index determination and flotation test work. Reagents, currently employed in the milling circuit at the mine, were also sent for the study.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2.1 Sample Preparation and Characterization

Turnpike and Hoist House half core samples received for comminution testing were crushed to minus 3/4 inch and submitted for Bond Abrasion Index (Ai) testing. The comminution samples were then crushed to P<sub>100</sub> passing 6 mesh for Bond Ball Mill Work Index (BWi) testing. A current mill feed sample was also received for comminution testing for comparison purposes.

The metallurgical composite samples were crushed to P<sub>100</sub> passing 6 mesh, blended, and split into 2.2 lb (1 kg) charges for testing. A representative sample of each composite was pulverized and submitted for head analysis. A summary of the assay results is given in Table 13-2.

The composite samples contained significant levels of zinc and sulfide sulfur. The Turnpike composite assayed 4.04% Zn and 5.4% S<sub>sulfide</sub>, while the Hoist House assayed 2.86% Zn and 5.2% S<sub>sulfide</sub>. The Turnpike sample contains more lead and silver than the Hoist House sample (1.97% Pb and 20.2 g/tonne Ag compared to 0.36% Pb and 11.7 g/tonne Ag). Both samples contained trace amounts of gold.

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-110** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 13-2: Head analyses of composite samples including ICP**

---

| | | |
|:---|:---|:---|
|  | **Turnpike** | **Hoist House** |
| Au, g/tonne | 0.022 | 0.010 |
| Ag, g/tonne | 20.2 | 11.7 |
| Sulfide S % | 5.37 | 5.22 |
| Sulfate S % | 3.74 | 2.38 |
| Total S % | 9.11 | 7.60 |
| **Percentage (%)** | **Percentage (%)** | **Percentage (%)** |
| Al | 0.17 | 0.48 |
| Ca | 15.58 | 12.83 |
| Fe | 7.02 | 6.32 |
| K | 0.09 | 0.36 |
| Mg | 6.57 | 8.50 |
| Na | 0.07 | 0.28 |
| Pb | 1.97 | 0.36 |
| Ti | 0.01 | 0.04 |
| Zn | 4.04 | 2.86 |
| **ppm** | **ppm** | **ppm** |
| As | 38 | 148 |
| Ba | 143 | 323 |
| Bi | <10 | <10 |
| Cd | 98 | 61 |
| Co | 1 | 5 |
| Cr | 97 | 85 |
| Cu | 46 | 127 |
| Mn | 1180 | 1811 |
| Mo | 2 | 6 |
| Ni | 6 | 7 |
| Sr | 167 | 352 |
| V | 3 | 20 |
| W | 226 | 152 |

---

Source: RDi 2020

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| | |
|:---|:---|
| **JANUARY 2025** | **13-111** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2.2 Bond's Ball Mill Work Index / Bond Abrasion Index

Bond's BWi was determined for the Turnpike, Hoist House, and Rod Mill Feed samples at a closed size of 100 mesh (150 microns). In addition, samples were submitted for Bond Abrasion Index testing. The comminution results are summarized in Table 13-3. The results indicate that the samples would be considered medium hardness and low abrasion. The Turnpike and Hoist House mineralization are slightly harder than the currently processed underground mineralization.

**Table 13-3: Bond's ball mill work index**

---

| | | |
|:---|:---|:---|
| **Sample** | **BWi (kWh/t)** | **Ai** |
| Turnpike | 11.93 | 0.0346 |
| Hoist House | 12.11 | 0.0687 |
| Rod Mill feed | 10.03 | 0.0723 |

---

Source: RDi 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2.3 Rougher Flotation Testing

Initial rougher flotation tests were completed with 1-kilogram charges of each composite sample. Testing utilized a sequential flotation approach to produce separate lead and zinc concentrates. The primary grind was varied between P<sub>80</sub> 65 mesh and P<sub>80</sub> 100 mesh. Reagent types and dosages employed in these tests were the ones currently used in the plant. The samples were ground with sodium sulfide. The zinc was depressed with a combination of sodium cyanide and zinc sulfate while the lead was floated. Aerophine 3418A promoter was used to collect the lead and silver minerals. Additional tests were completed with Aerofloat 31 promoter to determine if lead/silver recovery could be increased. After the lead flotation, zinc was activated with copper sulfate and then collected with Aero 5100 promoter. All test products were submitted for assay of silver, lead, and zinc. The sequential flotation results are summarized in Table 13-4 and Table 13-5.

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-112** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 13-4: Sequential rougher flotation results - Turnpike**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt** | **Ag** | **Pb** | **Zn** | **Ag (g/tonne)** | **Pb<br> (%)** | **Zn<br> (%)** |
| **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** | **FT-1 (65 mesh, Standard Reagents)** |
| Pb Rougher Concentrate | 13.7 | 72.7 | 91.8 | 10.1 | 106.0 | 13.35 | 3.05 |
| Zn Rougher Concentrate | 10.2 | 18.5 | 2.1 | 86.4 | 36.4 | 0.41 | 35.05 |
| Rougher Tail | 76.1 | 8.7 | 6.1 | 3.5 | 2.3 | 0.16 | 0.19 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **20.0** | **2.00** | **4.15** |
| **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** | **FT-2 (100 mesh, Standard Reagents)** |
| Pb Rougher Concentrate | 14.0 | 72.2 | 91.6 | 9.9 | 106.0 | 11.57 | 2.84 |
| Zn Rougher Concentrate | 11.2 | 19.0 | 2.4 | 86.9 | 35.1 | 0.39 | 31.25 |
| Rougher Tail | 74.9 | 8.7 | 5.9 | 3.2 | 2.4 | 0.14 | 0.17 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **20.6** | **1.76** | **4.01** |
| **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** | **FT-5 (65 mesh, AP31 Collector)** |
| Pb Rougher Concentrate | 10.9 | 69.1 | 88.5 | 6.6 | 126.0 | 14.04 | 2.54 |
| Zn Rougher Concentrate | 12.3 | 21.7 | 4.0 | 89.8 | 35.1 | 0.57 | 30.71 |
| Rougher Tail | 76.7 | 9.2 | 7.5 | 3.6 | 2.4 | 0.17 | 0.20 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **20.0** | **1.74** | **4.22** |

---

Source: RDi 2020

**Table 13-5: Sequential rougher flotation results - Hoist House**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt.** | **Ag** | **Pb** | **Zn** | **Ag<br> (g/tonne)** | **Pb<br> (%)** | **Zn<br> (%)** |
| **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** | **FT-3 (65 mesh, Standard Reagents)** |
| Pb Rougher Concentrate | 11.0 | 32.2 | 81.7 | 9.3 | 24.3 | 2.77 | 2.51 |
| Zn Rougher Concentrate | 8.5 | 38.7 | 5.2 | 87.2 | 37.7 | 0.23 | 30.49 |
| Rougher Tail | 80.5 | 29.2 | 13.0 | 3.5 | 3.0 | 0.06 | 0.13 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **8.3** | **0.37** | **2.97** |
| **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** | **FT-4 (100 mesh, Standard Reagents)** |
| Pb Rougher Concentrate | 12.3 | 33.4 | 83.9 | 8.9 | 21.4 | 2.38 | 2.14 |
| Zn Rougher Concentrate | 8.6 | 39.5 | 4.8 | 88.2 | 36.3 | 0.20 | 30.38 |
| Rougher Tail | 79.1 | 27.0 | 11.3 | 2.9 | 2.7 | 0.05 | 0.11 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **7.9** | **0.35** | **2.96** |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-113** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt.** | **Ag** | **Pb** | **Zn** | **Ag<br> (g/tonne)** | **Pb<br> (%)** | **Zn<br> (%)** |
| **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** | **FT-6 (65 mesh, AP31 Collector)** |
| Pb Rougher Concentrate | 11.5 | 33.7 | 80.5 | 9.9 | 21.7 | 2.46 | 2.57 |
| Zn Rougher Concentrate | 8.7 | 43.5 | 5.8 | 86.8 | 33.9 | 0.23 | 29.65 |
| Rougher Tail | 79.9 | 22.7 | 13.7 | 3.2 | 2.1 | 0.06 | 0.12 |
| **Calculated Feed** | **100** | **100** | **100** | **100** | **7.4** | **0.35** | **2.97** |

---

Source: RDi 2020

The scoping level rougher flotation test results indicated the following:

■ The sequential flotation approach floated over 80% of the lead and zinc into their respective concentrates. Approximately 73% of the
silver and 92% of the lead reported to the rougher lead concentrate of the Turnpike sample. Maximum lead rougher concentrate grade was
13.35% Pb. The lower lead and silver grade Hoist House sample recovered approximately 33% of the silver and 83% of the lead in the lead
rougher concentrate. The rougher concentrate grades were lower due to the lower head grade at approximately 22 g/tonne Ag and 2.7%
Pb. Zinc recovery to the zinc concentrate was similar for both samples, averaging approximately 87% with grades of over 30% Zn.

■ Grinding the samples finer to P<sub>80</sub> 100 mesh did not significantly improve metal recovery or grade. The use of Aerofloat
31 did not provide better results than Aeropine 3418A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2.4 Cleaner Flotation Testing

Initial cleaner flotation tests were completed with lead and zinc rougher concentrates produced from each composite sample. Testing utilized three stages of cleaners for the lead flotation and two stages of cleaners for the zinc flotation. The lead rougher concentrate was cleaned with and without regrind prior to flotation. The zinc rougher was not reground prior to cleaner flotation. The reagent types and dosages were kept similar to the rougher flotation process. All test products were submitted for assay of silver, lead, and zinc. The cleaner flotation results are summarized in Table 13-6 and Table 13-7.

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-114** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 13-6: Cleaner flotation results - Turnpike**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt.** | **Ag** | **Pb** | **Zn** | **Ag<br> (g/tonne)** | **Pb<br> (%)** | **Zn<br> (%)** |
| **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** | **FT-7a (Lead Cleaner without Regrind)** |
| Pb Cleaner 3 Conc | 14.3 | 66.5 | 92.2 | 8.5 | 438 | 56.1 | 2.08 |
| Pb Cleaner 2 Conc | 16.7 | 68.3 | 98.1 | 9.6 | 385 | 51.1 | 2.01 |
| Pb Cleaner 1 Conc | 19.2 | 72.6 | 98.1 | 9.7 | 356 | 44.4 | 1.76 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **94** | **8.71** | **3.50** |
| **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** | **FT-7b (Lead Cleaner with Regrind)** |
| Pb Cleaner 3 Conc | 14.8 | 61.0 | 78.9 | 12.5 | 442 | 56.6 | 1.26 |
| Pb Cleaner 2 Conc | 18.4 | 67.2 | 87.0 | 17.1 | 392 | 50.3 | 1.39 |
| Pb Cleaner 1 Conc | 22.9 | 70.7 | 87.2 | 24.2 | 332 | 40.6 | 1.58 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **108** | **10.7** | **1.50** |
| **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** | **FT-7c (Zinc Cleaner without Regrind)** |
| Zn Cleaner 2 Conc | 55.8 | 76.0 | 43.1 | 92.0 | 34.5 | 0.23 | 37.9 |
| Zn Cleaner 1 Conc | 65.7 | 83.2 | 57.3 | 96.9 | 32.0 | 0.26 | 33.9 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **25.3** | **0.30** | **23.0** |

---

Source: RDi 2020

**Table 13-7: Cleaner flotation results - Hoist House**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt.** | **Ag** | **Pb** | **Zn** | **Ag (g/tonne)** | **Pb (%)** | **Zn (%)** |
| **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** | **FT-8a (Lead Cleaner without Regrind)** |
| Pb Cleaner 3 Conc | 8.1 | 39.2 | 64.6 | 3.4 | 126.0 | 19.2 | 1.62 |
| Pb Cleaner 2 Conc | 17.2 | 67.5 | 86.0 | 12.4 | 103.0 | 12.1 | 2.81 |
| Pb Cleaner 1 Conc | 26.5 | 73.1 | 86.7 | 12.9 | 72.2 | 7.93 | 1.90 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **26.2** | **2.42** | **3.89** |
| **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** | **FT-8b (Lead Cleaner with Regrind)** |
| Pb Cleaner 3 Conc | 10.3 | 55.6 | 21.6 | 7.4 | 142.0 | 23.7 | 1.32 |
| Pb Cleaner 2 Conc | 17.7 | 65.5 | 24.9 | 15.7 | 97.4 | 15.9 | 1.63 |
| Pb Cleaner 1 Conc | 25.6 | 70.6 | 28.2 | 30.0 | 72.5 | 12.5 | 2.16 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **26.3** | **11.3** | **1.84** |

---

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| | |
|:---|:---|
| **JANUARY 2025** | **13-115** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Recovery %** | **Recovery %** | **Recovery %** | **Recovery %** | **Product Grade** | **Product Grade** | **Product Grade** |
| **Product** | **Wt.** | **Ag** | **Pb** | **Zn** | **Ag (g/tonne)** | **Pb (%)** | **Zn (%)** |
| **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** | **FT-8c (Zinc Cleaner without Regrind)** |
| Zn Cleaner 2 Conc | 64.8 | 83.6 | 12.6 | 95.0 | 37.7 | 0.22 | 35.9 |
| Zn Cleaner 1 Conc | 69.8 | 87.0 | 13.7 | 96.5 | 36.4 | 0.22 | 33.8 |
| **Rougher Conc** | **100** | **100** | **100** | **100** | **29.2** | **1.13** | **24.5** |

---

Source: RDi 2020

The scoping level open-circuit cleaner flotation test results indicate the following:

■ Lead cleaner flotation tests with the Turnpike rougher concentrate produced lead grades ranging from 40.6% Pb to 56.1% Pb with one
to three stages of cleaning. Lead recovery ranged from 92.2% to 98.1% without regrind. In addition, silver recovery ranged from 66.5%
to 72.6%. Two stages of lead cleaners are sufficient to produce a ±50% Pb concentrate.

■ Lead cleaner flotation tests with the Hoist House rougher concentrate produced lead grades ranging from 7.9% Pb to 23.7% Pb with one
to three stages of cleaning. Lead recovery ranged from 64.6% to 86.7% without regrind. In addition, silver recovery ranged from 39.2%
to 73.1%.

■ The zinc cleaner results were similar for both composite samples. Two stages of cleaners produced a zinc concentrate grade of 35.9%
Zn at 95.0% recovery for the Hoist House composite, and 37.9% Zn at 92.0% recovery for the Turnpike composite.

■ Regrind of the lead rougher concentrate did not significantly improve lead cleaner concentrate grades and was detrimental to lead
recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2.5 Projected Lead Recovery and Process Flowsheet

The following recovery and concentrate grade are projected based on scoping level test work:

■ The lead rougher recovery would be ±92% at a concentrate grade of ±10% Pb as long as the feed grade is higher than 1%
Pb.

■ Two stages of cleaners are sufficient for production of lead concentrate assaying ±50% Pb. The lead concentrate would assay
350 g/tonne to 450 g/tonne Ag. However, if the feed grade is lower than 1% Pb, three to four stages of cleaners may be needed to produce
marketable-grade lead concentrate.

■ The cleaner flotation circuit would recover ±95% of lead recovered in the rougher flotation stage. Hence, the overall recovery
of lead is projected to be 80% to 85%.

■ The zinc recovery would be similar to that obtained with the underground mineralization.

---

| | |
|:---|:---|
| **JANUARY 2025** | **13-116** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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13.2 Graphite

One mineralogical characterization and two scoping level metallurgical test programs were completed at SGS Canada in Lakefield, Ontario and at Forte Analytical in Fort Collins, Colorado.

13.2.1 SGS Mineralogical Characterization

Seven drill core samples were received by the SGS Advanced Mineralogy Facility from Empire State Mines for mineralogical examination (Grammatikopoulos et al., 2023 – draft). The mineralogical examination was carried out using optical microscopy, X-Ray Diffraction (XRD), and geochemical assays.

The samples consisted mainly of SiO<sub>2</sub>, Al<sub>2</sub>O<sub>3</sub>, CaO, Fe<sub>2</sub>O<sub>3</sub>, MgO, and lesser TiO<sub>2</sub>, Na<sub>2</sub>O, and K<sub>2</sub>O. The graphitic carbon (Cg) content of the seven samples ranged from 1.97% C(g) to 9.53% C(g) and total sulfur ranged from 0.39% S to 3.87% S.

The results of the XRF analysis on the seven samples is presented in Table 13-8. The most abundant minerals were calcite, plagioclase, diopside, chlorite, quartz, and potassium feldspar. The mineralogical composition of the seven samples differed significantly.

**Table 13-8: Results from the XRD Analysis**

![](ex99-48_033.jpg)

Source: SGS 2023

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|:---|:---|
| **JANUARY 2025** | **13-117** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Optical microscopy of the samples indicated that graphite was acicular to prismatic, and platy in habit. It ranged from <50 μm as individual flakes to 1.5 mm in size as polycrystalline clusters. Graphite was generally finer-grained in the low-grade samples and coarser in the higher-grade samples.

Graphite occurred disseminated in the matrix of rock fragments comprised mainly of non-sulfide gangue (NSG) (silicates, carbonates, and oxides), as intergrowths with NSG and sulfides, and interlayered with NSG and, less commonly, sulfides.

Most intergrowths of graphite displayed simple (i.e., straight to weakly curvilinear) contacts, locally moderately complex, with the NSG, and would be expected to liberate well upon grinding. However, fine-grained, interstitial, or locked graphite would require additional grinding to further liberate. An example of disseminated prismatic flakes of graphite (Gr)(red arrow) interstitially locked in NSG minerals is presented in Figure 13-2.

![](ex99-48_034.jpg)

Source: SGS 2023

**Figure 13-2: Photomicrographs from the optical microscope from F03225**

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|:---|:---|
| **JANUARY 2025** | **13-118** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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13.2.2 SGS Phase I Metallurgical Program

Assay rejects were submitted to SGS Canada in October 2023 to form two composites for metallurgical testing. The primary objective of the test program was to assess the metallurgical response of the mineralized material. The two composites included samples from the Kilbourne and Bostwick Creek graphite targets. Only test results from the Kilbourne graphite prospect are included in this report.

The Kilbourne composite was submitted for detailed chemical characterization and the results are presented in Table 13-9. The lower head grade of 1.67% C(g) was the result of combining all intervals of four drillholes including bands of barren mineralization.

**Table 13-9: Chemical analysis of Kilbourne composite**

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| | |
|:---|:---|
| **Element** | **Kilbourne Composite** |
| C(t) % | 1.96 |
| C(g) % | 1.67 |
| TOC % | < 0.05 |
| TIC % | 0.32 |
| SiO<sub>2</sub> % | 61 |
| Al<sub>2</sub>O<sub>3</sub> % | 11.1 |
| Fe<sub>2</sub>O<sub>3</sub> % | 9.07 |
| MgO % | 2.89 |
| CaO % | 2.77 |
| Na<sub>2</sub>O % | 0.19 |
| K<sub>2</sub>O % | 4.37 |
| TiO<sub>2</sub> % | 0.55 |
| P<sub>2</sub>O<sub>5</sub> % | 0.25 |
| MnO % | 0.1 |
| Cr<sub>2</sub>O<sub>3</sub> % | 0.03 |
| V<sub>2</sub>O<sub>5</sub> % | 0.06 |
| S % | 3.81 |
| LOI % | 5.93 |
| Sum % | 98.3 |

---

Source: SGS 2024

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|:---|:---|
| **JANUARY 2025** | **13-119** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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A total of eight rougher and cleaner flotation tests were carried out with the Kilbourne composite. Five flotation tests evaluated different flash and rougher circuit configurations and primary grind sizes. A summary of pertinent mass balance data of the five flash and/or rougher flotation tests is presented in Table 13-10.

Tests F3 and F4 employed a flash flotation stage followed by a regrind of the flash flotation tailings and rougher flotation. The objective of flash flotation is to recover any coarse graphite flakes as early as possible before they are overground. For this reason, flash flotation is generally incorporated into the grinding circuit. The remaining three tests eliminated flash flotation and, instead, the entire sample was ground to the final grind size target.

Test F3 processed the -6-mesh sample, which corresponded to a P<sub>80</sub> of 1,850 microns, to flash flotation. The flash flotation tailings were reground to a grind size of approximately P<sub>80</sub> = 170 microns prior to rougher flotation. The flash flotation stage recovered 56.3% of the contained graphite at a grade of 22.3% C(t). The rougher flotation stage recovered and additional 41.3% of the graphite and the resulting combined flash and rougher concentrate grade was 10.9% C(t).

In test F4, the sample was ground to a P<sub>80</sub> of approximately 1,000 microns and the flash flotation tailings were reground to P<sub>80</sub> ~100 microns. The graphite recovery into the flash flotation concentrate increased to 87.3% albeit at a lower grade of 12.1% C(t). The combined flash and rougher concentrate contained 97.3% of the graphite at a grade of 9.78% C(t). Performing the flash and rougher flotation at a finer grind size resulted in a slightly lower grade, but a comparable high graphite recovery of over 97%.

The three rougher tests explored different grind sizes, namely P80 = 120 microns in test F6, P80 = 86 microns in test F5, and P80 = 53 microns in test F8. Test F8 with the finest primary grind size produced a combined rougher concentrate grading 26.6% C(t) at 97.4% graphite recovery. The two other rougher tests produced near identical grades and recoveries of 17.7-17.8% C(t) and 97.2-97.3%, respectively.

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|:---|:---|
| **JANUARY 2025** | **13-120** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 13-10: Flash & rougher flotation tests (F3 to F6)**

Source: SGS 2024

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|:---|:---|
| **JANUARY 2025** | **13-121** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Based on the flash and rougher flotation test results, SGS decided to proceed with rougher flotation only and then subject the rougher concentrate to primary cleaning tests to upgrade the intermediate concentrate. Primary cleaner tests F7 and F9 were identical except for the primary grind size, which was P<sub>80</sub> = 120 microns in test F7 and P<sub>80</sub> = 53 microns in test F9. Both tests then subjected to rougher concentrate to 30 minutes of polishing followed by three stages of cleaner flotation. A summary of the mass balance for the two tests is presented in Table 13-11.

**Table 13-11: Primary cleaner flotation tests**

Source: SGS 2024

The two tests produced similar 3rd cleaner concentrate grades of 76.6% C(t) in test F7 and 72.2% C(t)in test F9. Despite the finer primary grind, test F9 yielded higher rougher tailings losses of 7.2% compared 3.5% in test F7 with the coarser primary grind. The open circuit total graphite recovery of the test with the finer grind size was noticeably higher at 90.4% compared to only 72.1% in test F7 with the coarser primary grind size.

SGS employed the conditions of test F7 followed by two stages of stirred media milling (SMM) and cleaner flotation for the final test F10. The flowsheet of test F10 is depicted in Figure 13-3 and a summary of the mass balance is shown in Table 13-12. The additional regrinding steps followed by cleaner flotation elevated the combined concentrate grade to 96.6% C(t) at an open circuit graphite recovery of 72.1%. Even the 5th cleaner concentrate still yielded an acceptable concentrate grade of 95.9% C(t) at a higher open circuit graphite recovery of 86.5%.

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| | |
|:---|:---|
| **JANUARY 2025** | **13-122** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 13-12: Results of full cleaner test F10**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Product | &nbsp;&nbsp;**Weight** | &nbsp;&nbsp;**Assays, %** | &nbsp;&nbsp;**% Distribution** |
| &nbsp;&nbsp;Product | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**C(t, g)** | &nbsp;&nbsp;**C(t)** |
| &nbsp;&nbsp;9th Clnr Conc | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;96.6 | &nbsp;&nbsp;72.1 |
| &nbsp;&nbsp;8th Clnr Conc | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;96.5 | &nbsp;&nbsp;78.2 |
| &nbsp;&nbsp;7th Clnr Conc | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;96.3 | &nbsp;&nbsp;82.9 |
| &nbsp;&nbsp;6th Clnr Conc | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;95.9 | &nbsp;&nbsp;86.5 |
| &nbsp;&nbsp;5th Clnr Conc | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;94.5 | &nbsp;&nbsp;90.0 |
| &nbsp;&nbsp;4th Clnr Conc | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;89.7 | &nbsp;&nbsp;91.8 |
| &nbsp;&nbsp;3rd Clnr Conc | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;85.6 | &nbsp;&nbsp;92.5 |
| &nbsp;&nbsp;2nd Clnr Conc | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;63.2 | &nbsp;&nbsp;94.4 |
| &nbsp;&nbsp;1st Clnr Conc | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;52.9 | &nbsp;&nbsp;95.1 |
| &nbsp;&nbsp;Rougher Conc | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;97.4 |
| &nbsp;&nbsp;Rougher Tails | &nbsp;&nbsp;90.0 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;*Head (calc.)* | &nbsp;&nbsp;*100.0* | &nbsp;&nbsp;*1.70* | &nbsp;&nbsp;*100.0* |

---

Source: SGS 2024

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|:---|:---|
| **JANUARY 2025** | **13-123** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_037.jpg)

Source: Metpro 2024

**Figure 13-3: Flowsheet test F10**

The 9th cleaner concentrate of test F10 was submitted for a size fraction analysis and the results are presented in Table 13-13. A total of 7.6% of the concentrate mass reported to the +100 mesh size fractions. Even the smallest size fraction of -200 mesh still produced a very higher total carbon content of 97.4% C(t).

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| | |
|:---|:---|
| **JANUARY 2025** | **13-124** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 13-13: Size fraction analysis of F10 9th cleaner concentrate**

Source: SGS 2024

13.2.3 Forte Analytical Phase II Metallurgical Program

Forte Analytical was requested to perform scoping level metallurgical test work with the primary objective of developing a preliminary process flowsheet to recover coarse graphite from the Kilbourne mineralization (Forte, 2024). The approach to recover coarse graphite entailed two parallel circuits for coarse graphite and fine graphite processing.

Forte received approximately 75 kg of two ore samples for the study. The samples were from the upper zone supposedly containing coarse graphite (designated Batch 1) and a deeper zone containing fine graphite (designated Batch 2). Batch 1 and Batch 2 graded 2.48% C(g) and 2.39% C(g), respectively. Sulfide sulfur concentrations were 5.13% S<sup>=</sup> for Batch 1 and 1.23% S<sup>=</sup> for Batch 2. A size-by-size analysis revealed that graphite was distributed in all size fractions in proportion to the weight of the sample so that sizing as a primary processing step does not provide an upgrading opportunity.

Flash flotation tests were performed on the two batches. After two minutes of flotation, the flash concentrate contained between 48.9% and 54.0% of the graphite in 7.4% to 7.9% of the mass. Rougher flotation tests were carried out on the flash flotation tailings to recover most of the remaining graphite. The flash flotation tailings were reground to a P<sub>80</sub> of 100 microns and then subjected to 6 minutes of rougher flotation. The graphite recovery into the combined flash and rougher concentrate after 2 minutes of flash flotation and 2 minutes of rougher flotation was 95.0% for Batch 1 and 97.2% for Batch 2. The grades of the combined flash and rougher concentrate were12.8% C(g) for Batch 1 and 11.4% C(t) for Batch 2.

Cleaner tests were carried out on both Batch 1 and Batch 2 samples to evaluate the upgrading potential of the flash and rougher concentrates. The parameters of the cleaner test series included one to six cleaner stages for both the flash and rougher flotation concentrates, with and without attrition scrub/polishing regrinds.

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|:---|:---|
| **JANUARY 2025** | **13-125** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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To generate feed for the cleaner tests, five 2-kg flash and rougher flotation tests were carried out. A summary of the bulk concentrate production mass balance is presented in Table 13-14.

**Table 13-14: Bulk concentrate production results**

![](ex99-48_039.jpg)

Source: Forte 2024.

The flash and rougher concentrates were upgraded in separate cleaning circuits. Cleaner tests with only one or two stages of regrind and cleaner flotation failed to produce acceptable results. One stage cleaner of the flash flotation concentrate recovered 89.3%-94.4% and 96.1%-98.1% of graphite assaying 18.16%-24.16% C(g) and 21.75%-21.95% C(g) for Batch 1 and 2, respectively. Two-stage cleaning of the flash flotation concentrate recovered 89.2% and 90.2% of graphite assaying 34.04% C(g) and 27.34% C(g) for Batch 1 and 2, respectively. Attrition scrubbing improved the initial concentrate grade as compared to non-attrition. This was more pronounced with Batch 1 (28.8% vs 35.96% C(g). Four stage cleaner of the flash flotation concentrate with polishing grinds recovered 90.2% and 90.5% of graphite assaying 37.53% C(g) and 34.61% C(g) for Batch 1 and 2, respectively.

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|:---|:---|
| **JANUARY 2025** | **13-126** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Treating the flash flotation concentrate with three stages of polishing followed by cleaner flotation produced the best overall results, which are summarized in Table 13-15. Batch 1 produced a 6th cleaner concentrate grading 96.2 % C(g) and containing 48.3% of the graphite. Batch 2 responded inferior with a grade of only 85.6 % C(g) and 55.1% of graphite recovery. Note that the graphite recovery only considers the flash flotation circuit and that global recovery will increase once the rougher flotation performance is taken into account.

**Table 13-15: 6th Cleaner tests of flash flotation concentrate**

Source: Forte 2024.

The same upgrading circuits that were evaluated for the flash flotation concentrate were also tested for the rougher concentrate. Again, simple cleaner tests and up to two stages of polishing followed by cleaner flotation failed to produce acceptable concentrate grades. Four stage cleaners of the rougher flotation concentrate with two polishing grinds recovered 88.6% and 83.7% of graphite assaying 38.8% C(g) and 42.19% C(g) for Batch 1 and 2, respectively.

As expected, treating the rougher flotation concentrate with three stages of polishing followed by cleaner flotation produced the best overall results, which are summarized in Table 13-16. Batch 1 produced a 6th cleaner concentrate grading 98.34 % C(g) and containing 26.8% of the graphite. Batch 2 responded inferior with a grade of only 86.6 % C(g) and 26.8% of graphite recovery.

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|:---|:---|
| **JANUARY 2025** | **13-127** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 13-16: 6th Cleaner tests of rougher flotation concentrate**

Source: Forte 2024

Considering the combined performance of the flash and rougher flotation circuit, Batch 1 produced an overall open circuit graphite recovery of 81.9% and a concentrate grade of 97.1% C(g). The graphite recovery for Batch 2 was identical at 81.9% but at a lower concentrate grade of 85.9% C(g). The integrated Forte flowsheet is presented in Figure 13-4.

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| | |
|:---|:---|
| **JANUARY 2025** | **13-128** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_042.jpg)

Source: Metpro 2024

**Figure 13-4: Integrated Forte flowsheet**

The cleaned flash flotation concentrate for Batch 1 was dry screened and size fractions were submitted for graphitic carbon analysis to quantify the amount of coarse graphite present. The results are shown in Table 13-17. A total of 21.4% of the concentrate mass reported to the +100 mesh size fractions. It should be noted that this size distribution only applies to the cleaning circuit of the flash concentrate of Batch 1 and that the 6th cleaner of the rougher concentrate has to be taken into account for a global concentrate flake size distribution.

The main impurities that were identified in the flotation concentrate included mica/Illite, quartz, serpentine, lepidocrocite, and goethite.

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|:---|:---|
| **JANUARY 2025** | **13-129** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 13-17: Size fraction analysis - 6th Cleaner flash concentrate Batch 1**

Source: Forte 2024

13.2.4 Conclusions

Two scoping level metallurgical test programs were completed by SGS Canada and Forte Analytical. While the execution of the test programs varied significantly, the results are consistent. Both programs determined the flake size distribution in the Kilbourne mineralization is relatively fine. The SGS program showed that a graphite recovery grading well over 95% can be generated with a relatively simple process.

The proposed Forte flowsheet is more complex since it includes separate upgrading of the flash and rougher concentrates. While the size fraction analysis of the 6th cleaner concentrate obtained in the flash cleaning circuit produced a higher mass recovery into the +100-mesh product compared to the SGS results, it disregarded the 6th cleaner concentrate of the rougher cleaning circuit, which is expected to be finer grained.

The SGS program has showed that high purities can be achieved even for the small size fractions with the -200-mesh product grading 97.3% C(t). The ability to produce high-grade fines differentiated the Kilbourne mineralization from many other graphite projects and may present excellent marketing opportunities.

Since no clear benefit of separate cleaning circuit is apparent, future testing will focus on the development of a single cleaning circuit treating the combined flash and rougher concentrate. This approach will lead to lower capital and operating costs to upgrade the graphite in the Kilbourne mineralization to a high-grade flotation concentrate. Although the Kilbourne material does not include large flakes, future process optimization work will still focus on minimizing flake degradation to avoid the generation of very fine flakes.

A review of the drillhole data revealed that the material between the upper and lower zones is almost barren. Sensor-based ore sorting may be an effective technology to reject the barren material, thus upgrading the average mill feed noticeably. Hence, ore sorting will be explored in the next phase of testing.

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|:---|:---|
| **JANUARY 2025** | **13-130** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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14. Mineral Resource Estimates

This chapter of the report describes updates of the geologic and grade block models for the ESM deposits. Section 14.1 reports updates to the zinc resources following additional drilling and mining exposure since the last technical report. Section 14.2 delivers a maiden resource estimate for a graphite deposit.

A representation of the geological interpretation is constructed by assigning geologic zones to small space-filling rectangular blocks within a larger rectangular volume (the block model). Grades are assigned to the blocks from the drillhole samples or composites, and the blocks within the block model are tabulated at various cut-off grades (COG). Due to the nature and geometry of the deposit, not all blocks have the same degree of certainty in their grade assignment, nor mining potential; therefore, a classification of certainty is assigned. Tabulated grade and tonnage results segregated by confidence levels are the final product of this effort.

14.1 Zinc Mineral Resource Estimate

The ESM zinc deposits are comprised of multiple zones in and around Fowler, NY. There are ten deposits currently considered as viable economic targets; American, Cal Marble, Fowler, Mahler, Mud Pond, N2, Northeast Fowler, New Fold, Sylvia Lake, and Turnpike. Site convention splits the Mahler, Mud Pond, and N2 deposits into two zones each, which is reflected in the models Lower Mahler, Upper Mahler, Mud Pond – Main, Mud Pond – Apron, N2D, and Turnpike. Turnpike was formerly known as N2 Pits in the last technical document. Historic mining at these locations has provided a good geological understanding of each, with supporting mapping, sampling, and drilling data.

This Mineral Resource report update has been prepared by Donald Taylor in accordance with Canadian NI 43-101 guidelines. All geological modeling and grade estimation since 2020 used Leapfrog Geo™ version 2023.2.3 and Edge software. The American and NE Fowler deposits were modeled in Leapfrog Geo™ version 6.0.1 and estimated in Maptek Vulcan in 2019. Mining and grade control experience by ESM geologists have supported that the implicit modeling of the mineralized zones as veins in Leapfrog Geo™ results in more accurate geological wireframes.

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|:---|:---|
| **JANUARY 2025** | **14-131** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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14.1.1 Drillhole Database

The drillhole database is stored as an industry standard SQL relational database with an Access interface customized for ESM by Geospark. The database was sub-divided into geographic "Areas" that can be extracted individually. The Balmat Area covers deposits that are the subject of this Mineral Resource report. The Balmat database was exported as CSV files for the annual in-house resource updates and included collar, downhole survey, lithology, assay, and density data. Assays and associated composites were extracted from a total of 1,321 drillholes that were used in estimation. The number of drillholes used for each zone is listed in Table 14-1.

This data has been continually checked for errors by ESM geologists and any errors that have been discovered were corrected in real time. There are historic drillholes with uncertainty in survey or analytical methodology as well as other drillholes that are drilled at low angles to the relevant geological zone which are not ideal for use in estimation. These drillholes were locally necessary to model the geology and, in certain cases, were used for estimation. The low confidence in these particular drillholes is addressed in the classification of the resource. Holes or samples deemed too low confidence for use in grade estimation or geological interpretation are flagged in the database and excluded from the export.

The drillhole database consisted of 8,295 surface or UG core holes. There are 89 sets of channel samples, 1,302 surface core holes, 6,993 UG core holes and 201 holes identified as other (including monitoring wells and blast holes). Smaller subsets of this database were used for geologic modeling and estimation and each zone was modeled separately in isolated geological and estimation projects.

**Table 14-1: Core holes used in estimation of each zone**

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| | |
|:---|:---|
| **Zone** | &nbsp;&nbsp;**Number of Core Holes Used** |
| American | 42 |
| Cal Marble | 25 |
| Fowler | 19 |
| Lower Mahler | 196 |
| Upper Mahler | 114 |
| Mud Pond - Main | 136 |
| Mud Pond - Apron | 123 |
| N2D | 209 |
| New Fold | 114 |
| Northeast Fowler | 24 |
| Sylvia Lake | 98 |
| Turnpike | 254 |

---

Source: ESM 2024

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|:---|:---|
| **JANUARY 2025** | **14-132** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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14.1.2 Density

Bulk density measurements are collected and entered into the drillhole database using the conventional Archimedes method as part site standard core processing in waste and mineralization since 2019. This technique involves weighing samples in air and in water and examining the displacement of the water in a controlled environment to calculate a SG. The values are stored in the drillhole database and each domain was evaluated separately. Where there is sufficient sampling the SG is interpolated into model blocks using inverse distance weighted (IDW) techniques. If insufficient sampling exists then density was assigned to models based on calculated means or by a regression formula. The simple sulfide mineralogy of the ESM #4 Mine resources results in a strongly positive correlative relationship between zinc grade and bulk density. An example of the relationship between zinc grade and SG for the Mahler resource is shown in Figure 14-1. The mean values for the primary zones are listed below in Table 14-2, but are not necessarily the values assigned in the block model. All SG measurements were converted to bulk density using an assumption of equal relationship of SG to grams per cubic centimeter (g/cm<sup>3</sup>), and a unit conversion to a tonnage factor (TF) represented in short tons/ft<sup>3</sup>.

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|:---|:---|
| **JANUARY 2025** | **14-133** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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![](ex99-48_044.jpg)

Source: ESM 2024

**Figure 14-1: Scatterplot of specific gravity vs assay zinc (%) for Mahler**

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|:---|:---|
| **JANUARY 2025** | **14-134** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-2: Density by zone and material type**

---

| | | |
|:---|:---|:---|
| **Zone** | **Specific Gravity** | **Tonnage Factor (t/ft<sup>3</sup>)** |
| American | 3.123 | 0.0975 |
| Cal Marble | 3.123 | 0.0975 |
| Fowler | 3.123 | 0.0975 |
| Mahler - Main | 3.131 | 0.0977 |
| Mahler - White Dolomite | 3.243 | 0.1012 |
| Mud Pond - Apron | 3.205 | 0.1000 |
| Mud Pond - Main | 3.065 | 0.0957 |
| N2D | 3.061 | 0.0955 |
| N2D – Waste | 2.930 | 0.0915 |
| New Fold | 3.088 | 0.0963 |
| Northeast Fowler | 3.137 | 0.0979 |
| Sylvia Lake | 3.123 | 0.0975 |
| Turnpike - UM14 | 3.266 | 0.1019 |
| Turnpike - UM11 | 3.168 | 0.0989 |
| Turnpike - Waste | 2.845 | 0.0888 |
| Waste | 2.800 | 0.0874 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-135** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.3 Topography Data

Base topography is extracted from publicly available New York State LIDAR data. The topography is locally updated from photogrammetric data collected by an ESM owned and operated drone.

The majority of the models were considered below topography as seen in Figure 14-2 with the exception of the Turnpike model which crosses the topographic surface.

![](ex99-48_045.jpg)

Source: ESM 2024

**Figure 14-2: Zones relative to topographic surface**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-136** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.4 Geological Interpretation

All zones were defined and modeled by ESM geologists. The zones range in complexity and can be comprised of multiple veins designating variably oriented and spatially-distinct mineralized envelopes which were modeled using implicit hard boundary vein systems. Lower grade disseminated mineralization, stockworks, or highly folded systems are modeled using geology polyline guided indicator RBF (radial basis function) interpolant shells. The simplest deposits, such as Mud Pond – Main, can be modeling within a single mineralized envelope as shown in Figure 14-3.

![](ex99-48_046.jpg)

Source: ESM 2024

**Figure 14-3: Mud Pond – Main vein model**

On the other end of the spectrum, Turnpike was modeled entirely using indicator RBF interpolants internal to modeled stratigraphic domains due to the highly folded and variable nature of the deposit. Statistics for all indicator interpolants are checked for performance and dilution. The performance statistics for Turnpike are shown in Table 14-3.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-137** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-3: Turnpike indicator RBF interpolant performance statistics**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**UM11 Interpolant** | &nbsp;&nbsp;**UM11 Interpolant** | &nbsp;&nbsp;**UM11 Interpolant** | &nbsp;&nbsp;**UM14 Interpolant** | &nbsp;&nbsp;**UM14 Interpolant** | &nbsp;&nbsp;**UM14 Interpolant** |
| **Indicator Statistics** | **Indicator Statistics** | **Indicator Statistics** | **Indicator Statistics** | **Indicator Statistics** | **Indicator Statistics** |
| **Total Number of Samples** | **2087** |  | **Total Number of Samples** | **5637** |  |
| **Cut-off Value** | **0.25** |  | **Cut-off Value** | **0.25** |  |
|  | **≥ Cut-off** | **< Cut-off** |  | **≥ Cut-off** | **< Cut-off** |
| Number of Points | 1162 | 925 | Number of Points | 1337 | 4300 |
| Percentage | 0.5568 | 0.4432 | Percentage | 0.2372 | 0.7628 |
| Mean Value | 4.759 | 0.0266873 | Mean Value | 4.03905 | 0.0136227 |
| Minimum Value | 0.25 | 0 | Minimum Value | 0.25 | 0 |
| Maximum Value | 24.5 | 0.248 | Maximum Value | 26.3 | 0.2496 |
| Standard Deviation | 4.43023 | 0.0554926 | Standard Deviation | 4.67031 | 0.0394753 |
| Coefficient of Variance | 0.930915 | 2.07936 | Coefficient of Variance | 1.15629 | 2.89775 |
| Variance | 19.6269 | 0.00307943 | Variance | 21.8118 | 0.0015583 |
| **Output Volume Statistics** |  |  | **Output Volume Statistics** |  |  |
| Resolution | 5 |  | Resolution | 5 |  |
| Iso-value | 0.35 |  | Iso-value | 0.5 |  |
|  | **Inside** | **Outside** |  | **Inside** | **Outside** |
| ≥ Cut-off |  |  | ≥ Cut-off |  |  |
| Number of Samples | 1138 | 24 | Number of Samples | 1188 | 149 |
| Percentage | 0.5453 | 0.0115 | Percentage | 0.2108 | 0.0264 |
| < Cut-off |  |  | < Cut-off |  |  |
| Number of Samples | 176 | 749 | Number of Samples | 57 | 4243 |
| Percentage | 0.0843 | 0.3589 | Percentage | 0.0101 | 0.7527 |
| **All Points** |  |  | **All Points** |  |  |
| Mean Value | 4.16831 | 0.10025 | Mean Value | 3.91493 | 0.133129 |
| Minimum Value | 0 | 0 | Minimum Value | 0 | 0 |
| Maximum Value | 24.5 | 8.28 | Maximum Value | 26.3 | 26 |
| Standard Deviation | 4.44842 | 0.609218 | Standard Deviation | 4.4707 | 1.25686 |
| Coefficient of Variance | 1.0672 | 6.07702 | Coefficient of Variance | 1.14196 | 9.44097 |
| Variance | 19.7884 | 0.371147 | Variance | 19.9871 | 1.57971 |
| Volume | 39503000 | 30462000 | Volume | 26439000 | 534940000 |
| Number of Parts | 1 | 16 | Number of Parts | 7 | 12 |
| **ESM Calculated** |  |  | **ESM Calculated** |  |  |
| Dilution | 13.4% |  | Dilution | 4.6% |  |
| Exclusion | 2.1% |  | Exclusion | 11.1% |  |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-138** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The resulting interpolants were then edited using sectional and 3D polylines to locally reduce/ increase volumes and influence continuity based on geological interpretation. Controls on these domains are driven by the stratigraphy and structural features modeled by ESM. Detailed descriptions of the geology of these areas are noted in previous sections of this report. Input data for these models are based on drilling intercepts and years of surface and underground mapping. All modeling at ESM since 2019 has been conducted in Leapfrog Geo™ and updated as new information has become available as needed on an annual basis (Table 14-4). The 2024 model updates were completed in version 2023.2.3. The American and Northeast Fowler deposits were modeled in Leapfrog Geo™ version 6.0.1 and estimated in MapTech Vulcan as described in the prior Technical Report (Warren et al., 2021). Each zone has been analyzed and divided where appropriate to facilitate a more accurate estimation of grade. This has resulted in splitting of domains based on morphology or orientation for the purposes of estimation. Location and volume of each is demonstrated in Table 14-4 and Figure 14-4.

**Table 14-4: Update periods, model methodology, and volumes**

---

| | | | |
|:---|:---|:---|:---|
| **Zone** | **Modeling Method** | **Years Modeled and Updated** | **Model Volumes** |
| American | Implicit vein model | 2019 | 4586000 |
| Cal Marble | Implicit vein system model | 2009, 2017, 2019, 2024 | 5206900 |
| Fowler | Implicit vein system model | 2019, 2023 | 2598000 |
| Mahler | Implicit vein model; indicator RBF interpolant | 2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | 25915000 |
| Mud Pond | Implicit vein system model | 2008, 2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | 14875000 |
| N2D | Implicit vein system model; indicator RBF interpolant | 2019, 2021, 2022, 2023 | 22420000 |
| New Fold | Implicit vein system model; indicator RBF interpolant | 2009, 2017, 2020, 2021, 2022, 2023, 2024 | 15392000 |
| Northeast Fowler | Implicit vein model | 2017, 2019 | 6852600 |
| Sylvia Lake | Implicit vein system model | 2017, 2019, 2024 | 7102000 |
| Turnpike | Indicator RBF interpolant | 2019, 2021, 2022, 2023 | 65041000 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-139** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_047.jpg)

Source: ESM 2024

**Figure 14-4: Locations of each zone**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-140** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.5 Voids Model

Underground drifts are routinely surveyed with a Leica Total Station and irregular cavities such as stopes are LIDAR scanned with a Flyability ELIOS 3 drone. The survey data is compiled, validated, cleaned, and modeled in Deswik (most recently version 2023.1). Workings that intersect the resources are scanned and modeled in 3D. The 3D void model was used for sub-blocking during model creation and mined blocks contained in these wireframes were removed from the estimated material. A comprehensive as-built wireframe was updated and utilized to deplete tonnage within the block models. This wireframe is shown in Figure 14-3.

![](ex99-48_048.jpg)

**Figure 14-5: ESM 3D voids model**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-141** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.6 Exploratory Data Analysis

14.1.6.1 Assays

The ten zones are subdivided into 54 estimation domains that are included in the Mineral Resource. A total of 10,118 zinc (Zn%) samples were used for modeling purposes. Table 14-5 summarizes the basic zinc statistics for each domain. Historic site convention has been to assign zero to unsampled intervals.

**Table 14-5: ESM assay summary statistics by domain**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Count** | **Length<br> (ft)** | **Mean<br> (%)** | **SD** | **CV** | **Variance** | **Min** | **Max** |
| American | American | 85 | 488.0 | 9.22 | 7.0 | 0.8 | 48.9 | 0 | 23.8 |
| Cal Marble | CM | 29 | 145.5 | 12.14 | 5.9 | 0.5 | 35.0 | 0 | 25.0 |
| Cal Marble | CM2 | 8 | 16.5 | 8.29 | 6.8 | 0.8 | 47.2 | 0 | 20.0 |
| Fowler | XC1 | 23 | 232.5 | 7.57 | 4.8 | 0.6 | 23.0 | 0 | 15.9 |
| Mahler - Upper | UMA | 512 | 2107 | 16.82 | 15.4 | 0.9 | 237.8 | 0 | 59.7 |
| Mahler - Upper | HW Interpolant | 227 | 830.0 | 4.80 | 7.0 | 1.5 | 49.2 | 0 | 41.8 |
| Mahler - Lower | LMA | 525 | 2340.7 | 15.59 | 14.2 | 0.9 | 203.5 | 0 | 59.2 |
| Mahler - Lower | MWD4 | 302 | 1207.2 | 21.52 | 17.9 | 0.8 | 321.9 | 0 | 59.3 |
| Mahler - Lower | MWD5 | 44 | 153.2 | 11.88 | 13.9 | 1.2 | 195.0 | 0 | 38.3 |
| Mahler - Lower | MWD6 | 48 | 142.7 | 19.88 | 16.8 | 0.8 | 284.5 | 0 | 53.4 |
| Mahler - Lower | FW Interpolant | 128 | 357.2 | 3.77 | 6.9 | 1.8 | 47.9 | 0 | 47.7 |
| Mahler - Lower | HW Interpolant | 595 | 1617.4 | 3.43 | 6.3 | 1.8 | 39.8 | 0 | 56.3 |
| Mud Pond - Main | MPM | 411 | 2419.8 | 12.05 | 8.8 | 0.7 | 77.4 | 0 | 51.4 |
| Mud Pond - Apron | MPA | 326 | 1623.7 | 12.72 | 11.0 | 0.9 | 122.3 | 0 | 52.7 |
| Mud Pond - Apron | MPA2 | 10 | 25.9 | 13.07 | 12.2 | 0.9 | 150.7 | 0.49 | 54.3 |
| Mud Pond - Apron | MPA3 | 8 | 24.0 | 7.78 | 5.7 | 0.7 | 33.2 | 2.95 | 21.4 |
| N2D | UM14 HW1 | 382 | 1479 | 12.80 | 8.7 | 0.7 | 76.7 | 0 | 37.3 |
| N2D | UM14 HW2 | 8 | 58.0 | 13.08 | 14.8 | 1.1 | 220.1 | 0 | 42.0 |
| N2D | UM14 FW1 | 125 | 341.9 | 7.44 | 5.7 | 0.8 | 33.1 | 0 | 25.7 |
| N2D | UM14 FW2 | 38 | 248.8 | 6.81 | 5.7 | 0.8 | 33.0 | 0 | 20.1 |
| N2D | UM14 FW3 | 11 | 37.6 | 8.82 | 5.5 | 0.6 | 30.2 | 1.63 | 18.5 |
| N2D | UM14 FW4 | 16 | 78.2 | 9.93 | 4.6 | 0.5 | 21.8 | 0 | 18.6 |
| N2D | UM14 FW5 | 8 | 33.3 | 8.55 | 5.9 | 0.7 | 34.9 | 0.88 | 19.3 |
| N2D | UM11A vein | 30 | 287.5 | 6.20 | 3.1 | 0.5 | 9.7 | 0 | 16.3 |
| N2D | UM13 HW Anhy Zn Interpolant | 191 | 677.4 | 5.96 | 7.8 | 1.3 | 61.1 | 0 | 42.9 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-142** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Count** | **Length<br> (ft)** | **Mean<br> (%)** | **SD** | **CV** | **Variance** | **Min** | **Max** |
| N2D | UM14 Serp Dol Zn Interpolant | 2314 | 8480.5 | 3.48 | 4.7 | 1.4 | 22.6 | 0 | 39.3 |
| New Fold | Vein 1 | 193 | 688.6 | 19.28 | 12.7 | 0.7 | 163.7 | 0 | 54 |
| New Fold | Vein 2 | 134 | 530.7 | 14.79 | 11.1 | 0.7 | 122.8 | 0 | 54 |
| New Fold | Vein 3 | 85 | 252.5 | 17.17 | 14.4 | 0.8 | 208.8 | 0.04 | 48.5 |
| New Fold | Vein 4 | 13 | 38.9 | 13.87 | 8.9 | 0.6 | 79.9 | 5.15 | 34.5 |
| New Fold | Vein 5 | 10 | 37.7 | 16.96 | 13.4 | 0.8 | 179.5 | 0.73 | 37.2 |
| New Fold | Vein 6 | 5 | 17.7 | 13.43 | 5.7 | 0.4 | 33.1 | 8.05 | 23.3 |
| New Fold | Vein 7 | 9 | 28.7 | 12.60 | 7.2 | 0.6 | 52.9 | 0 | 21.9 |
| New Fold | Vein 8 | 19 | 62.4 | 16.63 | 16.6 | 1 | 263.5 | 0 | 44.5 |
| New Fold | Vein 9 | 11 | 38.7 | 20.79 | 12.3 | 0.6 | 152.2 | 1.49 | 37.9 |
| New Fold | Vein 10 | 20 | 79.5 | 11.33 | 9.3 | 0.8 | 87.6 | 0.11 | 44.2 |
| New Fold | Vein 11 | 5 | 5.8 | 22.97 | 8.5 | 0.4 | 73.8 | 13.45 | 33.4 |
| New Fold | Vein 12 | 7 | 18.7 | 16.14 | 8.9 | 0.6 | 79.2 | 5.18 | 37.5 |
| New Fold | Interpolant | 185 | 761.5 | 4.65 | 7.5 | 1.6 | 55.5 | 0 | 39.6 |
| Northeast Fowler | Northeast Fowler | 63 | 161.1 | 7.84 | 8.2 | 1 | 67.3 | 0 | 38.1 |
| Sylvia Lake | SL | 131 | 657.9 | 12.52 | 8.7 | 0.7 | 75.2 | 0 | 46.1 |
| Sylvia Lake | SL LL | 10 | 71 | 10.49 | 7.6 | 0.7 | 57.5 | 0.22 | 22.2 |
| Turnpike | Hoist House FW | 581 | 2115.9 | 2.87 | 4.5 | 1.6 | 20.4 | 0 | 35.8 |
| Turnpike | Hoist House HW | 299 | 966.9 | 3.74 | 5.3 | 1.4 | 27.8 | 0 | 29.8 |
| Turnpike | Pump House Lens A | 271 | 980.7 | 3.47 | 5.3 | 1.5 | 27.9 | 0 | 26.2 |
| Turnpike | Pump House Lens B | 47 | 160.1 | 4.36 | 6.7 | 1.5 | 44.8 | 0 | 20.7 |
| Turnpike | Pump House Vein 1 | 8 | 15 | 4.20 | 4 | 1 | 16 | 0.75 | 10.7 |
| Turnpike | Pump House Vein 2 | 5 | 20.7 | 1.48 | 0.9 | 0.6 | 0.8 | 0.57 | 2.95 |
| Turnpike | Pump House Vein 3 | 9 | 30.5 | 2.74 | 5.1 | 1.9 | 26 | 0.01 | 16.6 |
| Turnpike | Streeter Lens A | 106 | 273.1 | 3.79 | 6 | 1.6 | 35.8 | 0 | 27.7 |
| Turnpike | Streeter Lens B | 108 | 330.8 | 3.99 | 5.7 | 1.4 | 33 | 0 | 40.6 |
| Turnpike | Streeter Lens C | 27 | 85.9 | 4.54 | 5.9 | 1.3 | 35.3 | 0 | 22.4 |
| Turnpike | Turnpike | 1099 | 5977 | 4.26 | 5 | 1.2 | 25 | 0 | 24.9 |
| Turnpike | West Ridge | 254 | 810.8 | 6.25 | 7.6 | 1.2 | 57.6 | 0 | 40.8 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-143** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.6.2 Grade Capping

Assay capping was considered for each domain by analysis of histograms and log-probability plots. Additionally, higher-grade outlier samples were limited, when necessary, within grade estimation using the clamping method in Leapfrog Edge. The capping values are listed below in Table 14-6 and estimator high grade outlier threshold limits are listed in Table 14-9. The Threshold is the zinc (Zn) percent value limit, and the Distance is the distance as a percentage of the search ellipse size from the estimated block allowed for full unrestricted values. Beyond the distance specified, composite grades are still used but at the truncated Threshold value.

**Table 14-6: ESM capping summary by domain**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Capping<br> Value (Zn %)** | **Quantity Capped** | **Uncapped<br> Mean (Zn %)** | **Capped<br> Mean (Zn %)** |
| American | American |  | 0 | 9.22 |  |
| Cal Marble | CM | 23.4 | 2 | 12.14 | 12.12 |
| Cal Marble | CM2 |  | 0 | 8.29 |  |
| Fowler | XC1 |  | 0 | 7.57 |  |
| Mahler - Upper | UMA | 49.0 | 10 | 16.82 | 16.78 |
| Mahler - Upper | HW Interpolant | 26.0 | 7 | 4.80 | 4.66 |
| Mahler - Lower | LMA | 48.9 | 12 | 15.59 | 15.51 |
| Mahler - Lower | MWD4 | 51.6 | 9 | 21.52 | 21.38 |
| Mahler - Lower | MWD5 | 35.8 | 1 | 11.88 | 11.66 |
| Mahler - Lower | MWD6 | 52.4 | 2 | 19.88 | 19.85 |
| Mahler - Lower | FW Interpolant | 26.2 | 4 | 3.77 | 3.58 |
| Mahler - Lower | HW Interpolant | 35.3 | 9 | 3.43 | 3.32 |
| Mud Pond - Main | MPM | 28.0 | 20 | 12.05 | 11.81 |
| Mud Pond - Apron | MPA | 38.3 | 12 | 12.72 | 12.55 |
| Mud Pond - Apron | MPA2 |  | 0 | 13.07 |  |
| Mud Pond - Apron | MPA3 |  | 0 | 7.78 |  |
| N2D | UM14 HW1 | 30.0 | 15 | 12.80 | 12.65 |
| N2D | UM14 HW2 | 22.0 | 3 | 13.08 | 10.33 |
| N2D | UM14 FW1 | 22.0 | 3 | 7.44 | 7.39 |
| N2D | UM14 FW2 | 17.0 | 4 | 6.81 | 6.78 |
| N2D | UM14 FW3 | 12.0 | 2 | 8.82 | 7.78 |
| N2D | UM14 FW4 | 17.0 | 2 | 9.93 | 9.87 |
| N2D | UM14 FW5 | 17.0 | 2 | 8.55 | 8.24 |
| N2D | UM11A vein | 13.5 | 4 | 6.20 | 6.15 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-144** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Capping<br> Value (Zn %)** | **Quantity Capped** | **Uncapped <br> Mean (Zn %)** | **Capped<br> Mean (Zn %)** |
| N2D | UM13 HW Anhy Zn Interpolant | 22.0 | 14 | 5.96 | 5.53 |
| N2D | UM14 Serp Dol Zn Interpolant | 24.0 | 27 | 3.48 | 3.44 |
| New Fold | Vein 1 | 44.5 | 5 | 19.28 | 19.22 |
| New Fold | Vein 2 | 41.8 | 4 | 14.79 | 14.71 |
| New Fold | Vein 3 | 44.5 | 2 | 17.17 | 17.12 |
| New Fold | Vein 4 |  | 0 | 13.87 |  |
| New Fold | Vein 5 |  | 0 | 16.96 |  |
| New Fold | Vein 6 |  | 0 | 13.43 |  |
| New Fold | Vein 7 |  | 0 | 12.60 |  |
| New Fold | Vein 8 |  | 0 | 16.63 |  |
| New Fold | Vein 9 |  | 0 | 20.79 |  |
| New Fold | Vein 10 | 26.2 | 3 | 11.33 | 10.68 |
| New Fold | Vein 11 |  | 0 | 22.97 |  |
| New Fold | Vein 12 |  | 0 | 16.14 |  |
| New Fold | Interpolant | 11.0 | 23 | 4.65 | 3.37 |
| Northeast Fowler | Northeast Fowler |  | 0 | 7.84 |  |
| Sylvia Lake | SL | 38.6 | 1 | 12.52 | 12.47 |
| Sylvia Lake | SL LL | 17.0 | 1 | 10.49 | 9.49 |
| Turnpike | Hoist House FW | 22.0 | 8 | 2.84 | 2.80 |
| Turnpike | Hoist House HW | 22.0 | 5 | 3.74 | 3.73 |
| Turnpike | Pump House Lens A | 24.0 | 2 | 3.47 | 3.45 |
| Turnpike | Pump House Lens B | 19.0 | 2 | 4.36 | 3.98 |
| Turnpike | Pump House Vein 1 |  | 0 | 4.20 |  |
| Turnpike | Pump House Vein 2 |  | 0 | 1.48 |  |
| Turnpike | Pump House Vein 3 |  | 0 | 2.74 |  |
| Turnpike | Streeter Lens A | 16.0 | 5 | 3.79 | 3.49 |
| Turnpike | Streeter Lens B | 17.0 | 8 | 3.99 | 3.84 |
| Turnpike | Streeter Lens C | 17.0 | 3 | 4.54 | 4.41 |
| Turnpike | Turnpike | 19.0 | 18 | 4.26 | 4.23 |
| Turnpike | West Ridge | 19.0 | 13 | 6.25 | 5.97 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-145** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.6.3 Compositing

In general, composites were generated using two different methodologies. For the discrete vein models, composites were created using vein length composites where a single composite is generated for each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10 ft run-length composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Northeast Fowler is the exception which was estimated in 2019 before vein length compositing was the site standard for vein models. Compositing method and summary statistics are listed in Table 14-7.

**Table 14-7: Compositing method by domain**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Method** | **Composite Count** | **Un-capped, Composite<br> Mean (Zn %)** | **Capped, Composite<br> Mean (Zn%)** |
| American | American | Vein Length | 68 | 9.092 | n/a |
| Cal Marble | CM | Vein Length | 25 | 12.14 | 12.12 |
| Cal Marble | CM2 | Vein Length | 4 | 8.29 | n/a |
| Fowler | XC1 | Vein Length | 14 | 7.57 | n/a |
| Mahler - Upper | UMA | Vein Length | 183 | 16.71 | 16.66 |
| Mahler - Upper | HW Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 90 | 4.8 | 4.66 |
| Mahler - Lower | LMA | Vein Length | 197 | 15.59 | 15.51 |
| Mahler - Lower | MWD4 | Vein Length | 77 | 21.52 | 21.38 |
| Mahler - Lower | MWD5 | Vein Length | 8 | 11.88 | 11.66 |
| Mahler - Lower | MWD6 | Vein Length | 14 | 19.87 | 19.84 |
| Mahler - Lower | FW Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 42 | 3.77 | 3.58 |
| Mahler - Lower | HW Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 197 | 3.43 | 3.32 |
| Mud Pond - Main | MPM | Vein Length | 167 | 12.05 | 11.81 |
| Mud Pond - Apron | MPA | Vein Length | 120 | 12.72 | 12.55 |
| Mud Pond - Apron | MPA2 | Vein Length | 6 | 13.07 | n/a |
| Mud Pond - Apron | MPA3 | Vein Length | 3 | 7.78 | n/a |
| N2D | UM14 HW1 | Vein Length | 136 | 12.71 | 12.56 |
| N2D | UM14 HW2 | Vein Length | 4 | 13.08 | 10.33 |
| N2D | UM14 FW1 | Vein Length | 70 | 7.44 | 7.39 |
| N2D | UM14 FW2 | Vein Length | 21 | 6.81 | 6.78 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-146** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Method** | **Composite Count** | **Un-capped, Composite<br> Mean (Zn %)** | **Capped, Composite<br> Mean (Zn%)** |
| N2D | UM14 FW3 | Vein Length | 11 | 8.82 | 7.78 |
| N2D | UM14 FW4 | Vein Length | 13 | 9.93 | 9.87 |
| N2D | UM14 FW5 | Vein Length | 4 | 8.55 | 8.24 |
| N2D | UM11A vein | Vein Length | 23 | 6.2 | 6.15 |
| N2D | UM13 HW Anhy Zn Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 86 | 5.61 | 5.21 |
| N2D | UM14 Serp Dol Zn Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 882 | 3.43 | 3.39 |
| New Fold | Vein 1 | Vein Length | 82 | 19.17 | 19.1 |
| New Fold | Vein 2 | Vein Length | 52 | 14.82 | 14.74 |
| New Fold | Vein 3 | Vein Length | 14 | 17.08 | 17.02 |
| New Fold | Vein 4 | Vein Length | 8 | 13.27 | n/a |
| New Fold | Vein 5 | Vein Length | 2 | 9.84 | n/a |
| New Fold | Vein 6 | Vein Length | 2 | 9.4 | n/a |
| New Fold | Vein 7 | Vein Length | 4 | 12.38 | n/a |
| New Fold | Vein 8 | Vein Length | 11 | 13.42 | n/a |
| New Fold | Vein 9 | Vein Length | 2 | 14.64 | n/a |
| New Fold | Vein 10 | Vein Length | 13 | 11.33 | 10.68 |
| New Fold | Vein 11 | Vein Length | 5 | 22.97 | n/a |
| New Fold | Vein 12 | Vein Length | 5 | 15.4 | n/a |
| New Fold | Interpolant | 10 ft run length with residuals < 5 ft added to prior interval | 102 | 4.4 | 3.19 |
| Northeast Fowler | Northeast Fowler | 5 ft run length with residuals distributed | 38 | 8.05 | n/a |
| Sylvia Lake | SL | Vein Length | 96 | 12.52 | 12.47 |
| Sylvia Lake | SL LL | Vein Length | 6 | 10.49 | 9.49 |
| Turnpike | Hoist House FW | 10 ft run length with residuals < 5 ft added to prior interval | 218 | 2.77 | 2.74 |
| Turnpike | Hoist House HW | 10 ft run length with residuals < 5 ft added to prior interval | 103 | 3.51 | 3.49 |
| Turnpike | Pump House Lens A | 10 ft run length with residuals < 5 ft added to prior interval | 99 | 3.44 | 3.42 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-147** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Method** | **Composite Count** | **Un-capped, Composite<br> Mean (Zn %)** | **Capped, Composite<br> Mean (Zn%)** |
| Turnpike | Pump House Lens B | 10 ft run length with residuals < 5 ft added to prior interval | 16 | 4.34 | 4.3 |
| Turnpike | Pump House Vein 1 | Vein Length | 7 | 4.2 | n/a |
| Turnpike | Pump House Vein 2 | Vein Length | 3 | 1.48 | n/a |
| Turnpike | Pump House Vein 3 | Vein Length | 4 | 2.74 | n/a |
| Turnpike | Streeter Lens A | 10 ft run length with residuals < 5 ft added to prior interval | 33 | 3.3 | 3.04 |
| Turnpike | Streeter Lens B | 10 ft run length with residuals < 5 ft added to prior interval | 38 | 3.47 | 3.37 |
| Turnpike | Streeter Lens C | 10 ft run length with residuals < 5 ft added to prior interval | 14 | 3.72 | 3.6 |
| Turnpike | Turnpike | 10 ft run length with residuals < 5 ft added to prior interval | 643 | 4.08 | 4.05 |
| Turnpike | West Ridge | 10 ft run length with residuals < 5 ft added to prior interval | 86 | 6.08 | 5.81 |

---

Source: ESM 2024

14.1.6.4 Variogram Analysis and Modeling

The highly variable nature of the grade and the geometry of these deposits created poor variograms. The geometry of the modeled vein domains provides a reasonable amount of control to the estimates and any grade anisotropy in the veins is considered during estimation.

14.1.7 Resource Block Model

14.1.7.1 Parent Model

Separate block models were created for each zone. The parameters for each are listed in Table 14-8. They consist of origins, rotations (in Leapfrog rotation convention), parent block parameters and associated sub-block parameters. The American and Northeast Fowler block models were created in Vulcan and have parameters consistent with Vulcan conventions. A plan view of block model extents is shown in Figure 14-6 by zone.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-148** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_049.jpg)

Source: ESM 2024

**Figure 14-6: Plan view of block model extents**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-149** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-8: Block model size and location by zone**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American** | | | | | |
| **Blocks** | <br>**X** | <br>**Y** | <br>**Z** | <br>**Vulcan Rot.** | <br>**Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Bearing: | 77 |
| Sub-block count: | 2 | 2 | 8 | Plunge: | 12 |
| Minimum size (ft): | 10 | 10 | 2.5 | Dip: | 33.5 |
| Base point (ft): | 17490 | 4290 | -335 |  |  |
| Boundary size (ft): | 640 | 2140 | 400 |  |  |
| **Cal Marble** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 64 | 64 | 64 | Azimuth: | 0 |
| Sub-block count: | 32 | 32 | 32 | Dip: | 0 |
| Minimum size (ft): | 2 | 2 | 2 | Pitch: | 0 |
| Base point (ft): | 16900 | 7400 | -820 |  |  |
| Boundary size (ft): | 896 | 1984 | 1024 |  |  |
| **Fowler** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 45 |
| Sub-block count: | 8 | 8 | 8 | Dip: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Pitch: | 0 |
| Base point (ft): | 13940 | 12500 | -2230 |  |  |
| Boundary size (ft): | 620 | 2560 | 860 |  |  |
| **Mahler - Lower** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 52 |
| Sub-block count: | 8 | 8 | 8 | Dip: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Pitch: | 0 |
| Base point (ft): | 17380 | 16450 | -2840 |  |  |
| Boundary size (ft): | 940 | 3380 | 860 |  |  |
| **Mahler - Upper** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 52 |
| Sub-block count: | 8 | 8 | 8 | Dip: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Pitch: | 0 |
| Base point (ft): | 15860 | 15180 | -1880 |  |  |
| Boundary size (ft): | 680 | 2320 | 960 |  |  |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-150** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mud Pond (Main & Apron)** | | | | | |
| **Blocks** | <br>**X** | <br>**Y** | <br>**Z** | <br>**Orientation** | <br>**Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 35 |
| Sub-block count: | 8 | 8 | 8 | Dip: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Pitch: | 0 |
| Base point (ft): | 12800 | 13900 | -1760 |  |  |
| Boundary size (ft): | 1700 | 3760 | 2080 |  |  |
| **N2D** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 0 |
| Sub-block count: | 16 | 16 | 16 | Dip: | 0 |
| Minimum size (ft): | 1.25 | 1.25 | 1.25 | Pitch: | 0 |
| Base point (ft): | 15680 | 7900 | -1420 |  |  |
| Boundary size (ft): | 1100 | 2420 | 820 |  |  |
| **New Fold** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 57 |
| Sub-block count: | 16 | 16 | 16 | Dip: | 0 |
| Minimum size (ft): | 1.25 | 1.25 | 1.25 | Pitch: | 0 |
| Base point (ft): | 18740 | 16640 | -2780 |  |  |
| Boundary size (ft): | 1180 | 2400 | 880 |  |  |
| **Northeast Fowler** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Vulcan Rot.** | **Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Bearing: | 90 |
| Sub-block count: | 8 | 8 | 8 | Plunge: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Dip: | 45 |
| Base point (ft): | 17285 | 14775 | -3355 |  |  |
| Boundary size (ft): | 1300 | 2600 | 500 |  |  |
| **Sylvia Lake** |  |  |  |  |  |
| **Blocks** | **X** | **Y** | **Z** | **Orientation** | **Degrees** |
| Parent block size (ft): | 64 | 64 | 64 | Azimuth: | 0 |
| Sub-block count: | 32 | 32 | 32 | Dip: | 0 |
| Minimum size (ft): | 2 | 2 | 2 | Pitch: | 0 |
| Base point (ft): | 15980 | 8080 | -300 |  |  |
| Boundary size (ft): | 2176 | 3072 | 1408 |  |  |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-151** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Turnpike** | | | | | |
| **Blocks** | <br>**X** | <br>**Y** | <br>**Z** | <br>**Orientation** | <br>**Degrees** |
| Parent block size (ft): | 20 | 20 | 20 | Azimuth: | 0 |
| Sub-block count: | 8 | 8 | 8 | Dip: | 0 |
| Minimum size (ft): | 2.5 | 2.5 | 2.5 | Pitch: | 0 |
| Base point (ft): | 16600 | 3200 | 740 |  |  |
| Boundary size (ft): | 2200 | 2600 | 1360 |  |  |

---

Source: ESM 2024

14.1.7.2 Estimate Parameters

Due to the high variability of the ESM deposits and the lack of robust variography, inverse distance squared (ID2) and cubed (ID3) estimates were used to estimate grade into parent blocks within the block model. Declustering was addressed and used for most of the ID estimates. The majority of the estimates were designed for a single pass, however, some domains necessitated multiple passes. ESM's experience with the deposits has determined that multipass estimations generate grade artifacts due to grade variability and sample clustering effects, and single pass estimates visually validate better when compared to the samples. The control of each estimate was based on sample selection criteria such as, minimum and maximum number of composites, minimum number of drillholes and search distances. Sample selections for each domain are the result of an iterative validation process guided by first-hand experience with each deposit. For each pass, the search distances were either isotropic (spherical) or anisotropic (ellipsoidal) depending on the geometric control and limits in each vein. For isotropic searches, the geometry of the vein was considered adequate to control sample selection. For anisotropic searches, the direction was defined using variable orientation algorithms either in Leapfrog called Variable Orientation (VO) or in Vulcan called Locally Varying Anisotropy (LVA). This oriented the search ellipse for each block down a plane which paralleled the modeled geologic continuity (i.e., the hanging wall or footwall of the ESM veins). The VO parameters were defined within the estimator based on the modeled vein surfaces. The American and Northeast Fowler domains were estimated in Vulcan in 2019 and the parameters listed in Table 14-9 are in Vulcan conventions.

Multiple passes were used, as necessary, to fill the wireframes with estimated grade. The variable constraints for each pass were considered in classification.

Estimation criteria, bypass, is listed in Table 14-9 for each domain.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-152** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-9: Estimation method, ellipse parameters, and outlier restrictions**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Pass** | **Est.** | **Search Radius** | **Search Radius** | **Search Radius** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Sample Selection** | **Sample Selection** | **Sample Selection** | **Outlier Restriction** | **Outlier Restriction** | **Outlier Restriction** |
| **Zone** | **Domain** | **Pass** | **Est.** | **Maj.** | **Semi** | **Min.** | **Dip** | **Dip Azi** | **Pitch** | **Min** | **Max** | **Max / hole** | **Type** | **Threshold (Zn %)** | **Distance (% of search)** |
| American | American | 1 | ID2 | 400 | 400 | 400 | 0 | 0 | 0 | 2 | 3 | 2 | Exclude | 19 | 12.5 |
| Cal Marble | CM | 1 | ID3 | 500 | 500 | 500 | 0 | 0 | 0 | 2 | 9 | 1 |  |  |  |
| Cal Marble | CM2 | 1 | ID2 | 600 | 200 | 200 | 64 | 93 | 26 | 3 | 4 | 1 | Clamp | 8.8 | 23 |
| Fowler | XC1 | 1 | ID2 | 1000 | 500 | 250 | Variable | Variable | Variable | 3 | 5 | 1 |  |  |  |
| Mahler - Lower | LMA | 1 | ID2 | 700 | 300 | 300 | Variable | Variable | Variable | 2 | 5 | 1 | Clamp | 20 | 17 |
| Mahler - Lower | MWD4 | 1 | ID2 | 170 | 80 | 170 | Variable | Variable | Variable | 5 | 7 | 1 | Clamp | 28 | 20 |
| Mahler - Lower | MWD4 | 2 | ID2 | 700 | 350 | 350 | Variable | Variable | Variable | 2 | 7 | 1 | Clamp | 25 | 10 |
| Mahler - Lower | MWD5 | 1 | ID3 | 1000 | 300 | 300 | 15 | 38 | 117 | 3 | 5 | 1 | Clamp | 8.5 | 17.5 |
| Mahler - Lower | MWD6 | 1 | ID2 | 800 | 800 | 200 | 90 | 150 | 10 | 2 | 7 | 1 | Clamp | 11.7 | 50 |
| Mahler - Lower | FW Interpolant | 1 | ID2 | 450 | 150 | 150 | 19 | 14 | 134 | 5 | 15 | 2 | Clamp | 2.16 | 30 |
| Mahler - Lower | HW Interpolant | 1 | ID2 | 250 | 250 | 125 | Variable | Variable | Variable | 5 | 15 | 2 |  |  |  |
| Mahler - Upper | UMA | 1 | ID2 | 150 | 75 | 75 | Variable | Variable | Variable | 5 | 9 | 1 |  |  |  |
| Mahler - Upper | UMA | 2 | ID3 | 500 | 250 | 250 | Variable | Variable | Variable | 2 | 5 | 1 | Clamp | 22.5 | 30 |
| Mahler - Upper | HW Interpolant | 1 | ID3 | 300 | 150 | 150 | Variable | Variable | Variable | 3 | 10 | 2 |  |  |  |
| Mud Pond - Apron | MPA | 1 | ID2 | 300 | 150 | 150 | Variable | Variable | Variable | 3 | 7 | 1 | Clamp | 17 | 50 |
| Mud Pond - Apron | MPA2 | 1 | ID3 | 400 | 200 | 200 | Variable | Variable | Variable | 3 | 5 | 1 |  |  |  |
| Mud Pond - Apron | MPA3 | 1 | ID2 | 400 | 200 | 200 | 27 | 80 | 55 | 3 | 3 | 1 | Clamp | 4.5 | 50 |
| Mud Pond - Main | MPM | 1 | ID2 | 700 | 350 | 350 | Variable | Variable | Variable | 2 | 12 |  |  |  |  |
| N2D | UM14 HW1 | 1 | ID2 | 350 | 175 | 175 | Variable | Variable | Variable | 2 | 7 | 1 |  |  |  |
| N2D | UM14 HW2 | 1 | ID5 | 300 | 150 | 150 | 50 | 285 | 150 | 2 | 2 | 1 |  |  |  |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-153** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Pass** | **Est.** | **Search Radius** | **Search Radius** | **Search Radius** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Sample Selection** | **Sample Selection** | **Sample Selection** | **Outlier Restriction** | **Outlier Restriction** | **Outlier Restriction** |
| **Zone** | **Domain** | **Pass** | **Est.** | **Maj.** | **Semi** | **Min.** | **Dip** | **Dip Azi** | **Pitch** | **Min** | **Max** | **Max / hole** | **Type** | **Threshold (Zn %)** | **Distance (% of search)** |
| N2D | UM14 FW1 | 1 | ID2 | 300 | 200 | 200 | Variable | Variable | Variable | 3 | 9 | 1 | Clamp | 8 | 20 |
| N2D | UM14 FW2 | 1 | ID3 | 400 | 400 | 200 | 85 | 50 | 25 | 2 | 5 | 1 | Clamp | 5 | 40 |
| N2D | UM14 FW3 | 1 | ID2 | 200 | 150 | 150 | 50 | 290 | 125 | 2 | 5 | 1 | Clamp | 5 | 45 |
| N2D | UM14 FW4 | 1 | ID3 | 300 | 300 | 300 | 0 | 0 | 0 | 3 | 7 | 1 | Clamp | 11 | 15 |
| N2D | UM14 FW5 | 1 | ID2 | 200 | 100 | 200 | 23 | 277.5 | 30 | 3 | 3 | 1 | Clamp | 7.5 | 23 |
| N2D | UM11A vein | 1 | ID3 | 300 | 200 | 300 | Variable | Variable | Variable | 2 | 5 | 1 | Clamp | 6 | 30 |
| N2D | UM13 HW Anhy Zn Interpolant | 1 | ID2 | 400 | 300 | 300 | Variable | Variable | Variable | 3 | 5 | NA |  |  |  |
| N2D | UM14 Serp Dol Zn Interpolant | 1 | ID2 | 60 | 60 | 30 | Variable | Variable | Variable | 9 | 18 | 2 |  |  |  |
| N2D | UM14 Serp Dol Zn Interpolant | 2 | ID2 | 120 | 120 | 60 | Variable | Variable | Variable | 9 | 18 | 2 | Clamp | 4.5 | 25 |
| N2D | UM14 Serp Dol Zn Interpolant | 3 | ID2 | 300 | 300 | 150 | Variable | Variable | Variable | 4 | 18 | 2 | Clamp | 4.5 | 10 |
| New Fold | Vein 1 | 1 | ID2 | 300 | 210 | 80 | Variable | Variable | Variable | 7 | 7 | 1 | Clamp | 23.6 | 50 |
| New Fold | Vein 1 | 2 | ID2 | 900 | 450 | 450 | Variable | Variable | Variable | 2 | 12 | 1 | Clamp | 23.6 | 20 |
| New Fold | Vein 2 | 1 | ID2 | 650 | 650 | 325 | Variable | Variable | Variable | 2 | 5 | 1 |  |  |  |
| New Fold | Vein 3 | 1 | ID2 | 500 | 500 | 500 | 0 | 0 | 0 | 5 | 15 | 1 | Clamp | 17 | 20 |
| New Fold | Vein 4 | 1 | ID2 | 300 | 300 | 300 | 0 | 0 | 0 | 3 | 5 |  | Clamp | 13.5 | 25 |
| New Fold | Vein 5 | 1 | ID2 | 300 | 300 | 300 | 0 | 0 | 0 | 2 | 2 | 1 | Clamp | 6 | 50 |
| New Fold | Vein 6 | 1 | ID2 | 300 | 300 | 300 | 0 | 0 | 0 | 2 | 2 |  |  |  |  |
| New Fold | Vein 7 | 1 | ID3 | 300 | 200 | 200 | 60 | 320 | 30 | 3 | 3 | 1 |  |  |  |
| New Fold | Vein 8 | 1 | ID2 | 300 | 200 | 200 | 54 | 330 | 155 | 3 | 5 | 1 |  |  |  |
| New Fold | Vein 9 | 1 | ID2 | 300 | 300 | 300 | 0 | 0 | 0 | 2 | 2 | 1 |  |  |  |
| New Fold | Vein 10 | 1 | ID3 | 300 | 200 | 200 | Variable | Variable | Variable | 3 | 5 | 1 |  |  |  |
| New Fold | Vein 11 | 1 | ID2 | 100 | 100 | 100 | 0 | 0 | 0 | 3 | 5 |  |  |  |  |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-154** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Domain** | **Pass** | **Est.** | **Search Radius** | **Search Radius** | **Search Radius** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Search Orientation (Leapfrog)** | **Sample Selection** | **Sample Selection** | **Sample Selection** | **Outlier Restriction** | **Outlier Restriction** | **Outlier Restriction** |
| **Zone** | **Domain** | **Pass** | **Est.** | **Maj.** | **Semi** | **Min.** | **Dip** | **Dip Azi** | **Pitch** | **Min** | **Max** | **Max / hole** | **Type** | **Threshold (Zn %)** | **Distance (% of search)** |
| New Fold | Vein 12 | 1 | ID2 | 600 | 300 | 300 | 0 | 104 | 0 | 3 | 3 | 1 |  |  |  |
| New Fold | Interpolant | 1 | ID2 | 300 | 300 | 100 | Variable | Variable | Variable | 4 | 15 | 3 |  |  |  |
| Northeast Fowler | Northeast Fowler | 1 | ID2 | 425 | 425 | 425 | Variable | Variable | Variable | 2 | 30 | 2 | Exclude | 30 | ~12 |
| Sylvia Lake | SL | 1 | ID3 | 500 | 375 | 375 | Variable | Variable | Variable | 3 | 20 | 1 | Clamp | 20 | 50 |
| Sylvia Lake | SL LL | 1 | ID2 | 200 | 200 | 200 | 0 | 0 | 90 | 3 | 6 | 1 |  |  |  |
| Turnpike | Hoist House FW | 1 | ID2 | 300 | 300 | 150 | Variable | Variable | Variable | 4 | 15 | 3 | NA | NA | NA |
| Turnpike | Hoist House HW | 1 | ID2 | 250 | 250 | 125 | Variable | Variable | Variable | 4 | 15 | 3 | Clamp | 5 | 75 |
| Turnpike | Pump House Lens A | 1 | ID2 | 200 | 200 | 75 | Variable | Variable | Variable | 4 | 15 | 3 | NA | NA | NA |
| Turnpike | Pump House Lens B | 1 | ID2 | 250 | 125 | 75 | Variable | Variable | Variable | 3 | 7 | 2 | Clamp | 3.3 | 20 |
| Turnpike | Pump House Vein 1 | 1 | ID2 | 200 | 200 | 100 | 52 | 292 | 107 | 3 | 3 | 1 | NA | NA | NA |
| Turnpike | Pump House Vein 2 | 1 | ID2 | 200 | 200 | 100 | 57 | 270 | 109 | 3 | 3 | 1 | NA | NA | NA |
| Turnpike | Pump House Vein 3 | 1 | ID2 | 200 | 200 | 200 | 0 | 0 | 0 | 3 | 3 | 1 | Clamp | 1 | 20 |
| Turnpike | Streeter Lens A | 1 | ID2 | 300 | 300 | 150 | Variable | Variable | Variable | 4 | 15 | 3 | Clamp | 2.58 | 25 |
| Turnpike | Streeter Lens B | 1 | ID2 | 300 | 225 | 100 | 50 | 315 | 9 | 4 | 15 | 3 | Clamp | 2.76 | 45 |
| Turnpike | Streeter Lens C | 1 | ID2 | 250 | 175 | 50 | 63 | 316 | 9 | 4 | 10 | 3 | NA | NA | NA |
| Turnpike | Turnpike | 1 | ID2 | 450 | 300 | 150 | Variable | Variable | Variable | 4 | 15 | 3 | NA | NA | NA |
| Turnpike | West Ridge | 1 | ID2 | 200 | 200 | 100 | 58 | 305 | 165 | 4 | 10 | 3 | Clamp | 4.85 | 30 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-155** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.8 Resource Classification

The ESM zinc deposits have been classified according to the CIM Definition Standard for Mineral Resources and Mineral Reserves. The resource classification considered the quality, quantity and distance to the data informing blocks in the model, as well as the geological continuity of the mineralized zones. Populated estimation items used in defining classification included, but were not limited to, distance to the closest composite, average distance to the closest composite, number of drillholes informing the estimate and number of samples informing the estimate.

These model items were used as the basis of a calculation within the blocks. The scripted values were used as a guide to assign zones of confidence. The results of the calculation were then smoothed and encased in wireframes that facilitated the final model coding for classification. This allowed for removal of zones of lower confidence based on additional factors that are not covered in estimation. The parameters of these scripts varied by zone due to changing drilling characteristics, vein geometry and site geologist input. In addition to estimation metadata, the ESM technical staff incorporate experience regarding geological continuity, mapping, and drilling data prior to assigning classification zones. An example vein is shown in Figure 14-7 and classification for all veins is demonstrated in Figure 14-8.

![](ex99-48_050.jpg)

Source: ESM 2024

Note: Red=Measured, green=Indicated, blue=Inferred.

**Figure 14-7: Classification for New Fold, view looking SE (Az 135)**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-156** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_051.jpg)

Source: ESM 2024

Note: Red=Measured, green=Indicated, blue=Inferred.

**Figure 14-8: Classification for all ESM zones**

The zones that were classified as Measured exhibit excellent geological continuity that has been verified at dense sample spacing using reliable testing methods. Generally, these blocks were informed by a minimum of five drillholes at a spacing less than 75 ft and satisfy data quality and quantity requirements. They contained no detrimental factors, such as unreliable spatial data, low data quality, poor validation, or unreliable geological continuity.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-157** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The zones that were classified as Indicated exhibit good geological continuity but have sample spacing that is less dense. Generally, these blocks were informed by a minimum of five drillholes at a spacing less than 150 ft. These areas are considered somewhat less well-understood but still have high quality data informing them including grade data, density, and physical properties. The location of samples and the assay data are sufficiently reliable so support resource estimation and this material can be considered appropriate for mine planning purposes.

Zones that were classified as Inferred are beyond the zone considered to have a reasonable geological continuity, low density sample spacing, or there is concern that the quality of data does not support reliable grade estimation. Geological evidence is sufficient to imply that the material is there, but not sufficient to support an Indicated classification.

No environmental, permitting, legal, title, taxation, socio-economic, marketing, or other relevant issues that may affect the estimate of Mineral Resources are known to the QP. Mineral Reserves can be estimated only on the basis of an economic evaluation that is used in a preliminary Feasibility Study or a Feasibility Study of a mineral project; thus, no reserves have been estimated. As per NI 43-101, Mineral Resources that are not Mineral Reserves do not have to demonstrate economic viability.

14.1.9 Mineral Resource Tabulation

14.1.9.1 Underground Mineral Resource

The underground Mineral Resource reported is effective as of July 16, 2024, and have been compiled from ten separate block models including the N2D, American, Cal Marble, Fowler, Mahler – Lower, Mahler - Upper, Mud Pond, Northeast Fowler, New Fold, and Silvia Lake.

The underground Mineral Resource reported has been tabulated at a COG of 5.3%. The COG was determined with a net smelter return (NSR) calculation that used mine actuals for inputs. Donald Taylor considers the mineralized envelopes as modeled to have more than sufficient continuity and grade to be considered potentially mineable given the long site history (95 years) of successful planning and profitably mining the Balmat massive sulfides.

ESM Underground and Open Pit Mineral Resources have been modeled (Leapfrog Geo™ version 2023.2.3) and estimated (Leapfrog Edge) by ESM geologists. Don Taylor is the QP who has reviewed the geological models and estimates and has conducted multiple site inspections.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-158** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-10: Underground Mineral Resource Estimate as of July 16, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Tons (000's US short tons)** | **Zn (%)** | **Contained Pounds (M lb)** |
| Measured | 295 | 17.1 | 101 |
| Indicated | 1158 | 15.7 | 364 |
| Measured + Indicated | 1453 | 16.0 | 465 |
| Inferred | 4327 | 12.1 | 1049 |

---

Source: ESM 2024

Notes:

1. The qualified person
 for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R. Taylor,
 of Titan Mining Corp., SME registered member (#4029597).

2. Mineral Resources
 are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty
 that any part of the Mineral Resources estimated will be converted into a Mineral Reserves
 Estimate.

3. Three-dimensional
 (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
 interpretation of the logged lithology on contiguous grade intervals defining mineralized
 sub-domains. The 2024 underground MRE encompasses 36 vein domains and six indicator RBF interpolant
 shells totaling 42 individual wireframes.

4. Geological and
 block models for the underground MRE used data from a total of 1,100 surface and underground
 diamond drillholes (core). The drillhole database was validated prior to resource estimation
 and QA/QC checks were made using industry-standard control charts for blanks and commercial
 certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping
 was evaluated and implemented on the raw assay data on a per-zone basis using histograms
 and log-probability plots. Outliers were further evaluated during estimation and limited
 if necessary using the Leapfrog Edge clamping method.

6. The MRE was compiled
 from 10 individual block models that were prepared using Leapfrog Edge. Block models were
 sub-blocked at domain boundaries and samples were composited using vein length intervals
 where a single composite is generated for each complete vein intersection with a drillhole.
 Composites were generated within the indicator RBF interpolant models as 10-ft run-length
 composites with residuals less than 5 ft added to the prior interval, honoring the modeled
 geological boundaries. Grade estimation was carried out using IDW methods coupled with variably
 orientated search ellipses derived from modeled vein surfaces.

7. The SG assessment
 was carried out for all domains using measurements collected during the core logging process.
 Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques.
 If insufficient sampling exists, then density was assigned to models based on calculated
 means or by a regression formula.

8. Resources are reported
 using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing, G&A
 costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.

9. Resources stated
 as in-situ grade at a Zinc price of $1.30/lb.

10. The resource classification
 considered the quality, quantity and distance to the data informing blocks in the model,
 as well as the geological continuity of the mineralized zones. Classification parameters
 vary slightly depending on the nature and continuity of the individual zones. Block classification
 was explicitly domained based on a calculation that used quality, quantity, and distance
 parameters.

11. Quantities and
 grades in the MRE are rounded to an appropriate number of significant figures to reflect
 that they are estimations.

12. The Mineral Resource
 Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves
 Best Practice Guidelines (November 29, 2019).

13. CIM definitions
 and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware
 of any known environmental, permitting, legal, title-related, taxation, socio-political or
 marketing issues or any other relevant issues that could materially affect this MRE.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-159** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.9.2 Open Pit Mineral Resource

Turnpike is amenable to open pit and underground mining, however, while underground studies are ongoing the deposit presently only contributes to the Open Pit Mineral Resource.

The Open Pit Mineral Resource reported is effective as of October 17, 2024, and has been tabulated at a pit-constrained COG of 0.6%. Table 14-11 summarizes the parameters used to develop the constraining pit to determine a reasonable prospect for eventual economic extraction (RPEEE). ESM considers the open pit to be an accretive project with no G&A costs, and selling costs are incorporated into the selling price.

**Table 14-11: Turnpike pit constraint parameters**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Input** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Variable** |
| &nbsp;&nbsp;**Mining** | &nbsp;&nbsp;**Mining** | &nbsp;&nbsp;**Mining** |
| &nbsp;&nbsp;Mining Cost - Ore | &nbsp;&nbsp;US$/t mined | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Mining Cost - Waste | &nbsp;&nbsp;US$/t mined | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Mining Cost - Overburden | &nbsp;&nbsp;US$/t mined | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Processing** | &nbsp;&nbsp;**Processing** | &nbsp;&nbsp;**Processing** |
| &nbsp;&nbsp;Processing Cost | &nbsp;&nbsp;US$/t milled | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;G&A Cost | &nbsp;&nbsp;US$/t milled | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Processing Recovery | &nbsp;&nbsp;% | &nbsp;&nbsp;96 |
| &nbsp;&nbsp;Concentrate Grade | &nbsp;&nbsp;% | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;**Other** |  |  |
| &nbsp;&nbsp;Selling Price | &nbsp;&nbsp;US$/t concentrate | &nbsp;&nbsp;1.27 |
| &nbsp;&nbsp;Transportation Cost | &nbsp;&nbsp;US$/t concentrate | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;Payable Zinc | &nbsp;&nbsp;% | &nbsp;&nbsp;85 |
| &nbsp;&nbsp;COG | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Overall slope angle | &nbsp;&nbsp;degrees | &nbsp;&nbsp;26-48 |
| &nbsp;&nbsp;Discount Factor | &nbsp;&nbsp;% | &nbsp;&nbsp;10 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-160** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The pit-constrained Mineral Resource and in situ metal for Turnpike is summarized in Table 14-12.

**Table 14-12: Open Pit Mineral Resource Estimate as of October 17, 2024**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Tons (000's US short tons)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Contained Pounds (M lb)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;251 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;950 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;Measured + Indicated | &nbsp;&nbsp;1201 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;77 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;461 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;32 |

---

Source: ESM 2024

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R.
Taylor, of Titan Mining Corp., SME registered member (#4029597).

2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate.

3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 Open Pit MRE encompasses
three vein domains and nine indicator RBF interpolant shells totaling 12 individual wireframes.

4. Geological and block models for the Open Pit MRE used data from a total of 254 surface and underground
diamond drillholes (core). The drillhole database was validated prior to resource estimation and QA/QC checks were made using industry-standard
control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms
and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping
method.

6. The Open Pit MRE was compiled from a single block model that was prepared using Leapfrog Edge. The block
model was sub-blocked at domain boundaries and samples were composited within the indicator RBF interpolant models as 10-ft run-length
composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Assays were composited
within the vein models using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole.
Grade estimation was carried out using IDW methods coupled with variably orientated search ellipses derived from modeled trend surfaces.

7. The SG assessment was carried out for all domains using measurements collected during the core logging
process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists,
then density was assigned to models based on calculated means or by a regression formula.

8. Resources stated as internal to an optimized pit shell, above a cut-off grade of 0.6% Zn.

9. Cut-off is based on break-even economics at a Zinc price of $1.27/lb, with an assumed zinc recovery of
96%, and actual processing, mining, and transportation costs from the ESM operation. No G&A costs were applied as ESM considers the
project accretive. No extra mining dilution was added as a regularized block model was used.

10. The resource classification considered the quality, quantity and distance to the data informing blocks
in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the
nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality,
quantity, and distance parameters.

11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect
that they are estimations.

12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political
or marketing issues or any other relevant issues that could materially affect this MRE.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-161** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.9.3 Mineral Resource
 Sensitivity

**ESM Underground**

To document the sensitivity of the Mineral Resources to a variety of factors, ESM produced grade/tonnage (GT) graphs for each area as a function of movement in cut-off grade. This reflects the overall sensitivity to anything which would influence the disclosure of resources (independent of geological modeling or additional drilling factors) such as recovery, costs, pricing, etc. The graphs represent a range of tonnages and grades and are not intended to be construed as mineral resources. These graphs are shown for each area in Figure 14-9 through Figure 14-20. Due to the variances in grade and mineralization within each area, sensitivities to COG differ for each.

![](ex99-48_052.jpg)

Source: ESM 2024

**Figure 14-9: American grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-162** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_053.jpg)

Source: ESM 2024

**Figure 14-10: Cal Marble grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-163** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-11: Fowler grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-164** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_055.jpg)

Source: ESM 2024

**Figure 14-12: Lower Mahler grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-165** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_056.jpg)

Source: ESM 2024

**Figure 14-13: Upper Mahler grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-166** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-14: Mud Pond Apron grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-167** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-15: Mud Pond - Main grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-168** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-16: N2D grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-169** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-17: New Fold grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-170** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Source: ESM 2024

**Figure 14-18: Northeast Fowler grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-171** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_062.jpg)

Source: ESM 2024

**Figure 14-19: Sylvia Lake grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-172** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Turnpike Open Pit**

The open pit resource sensitivities have been presented in GT graphs similar to the underground resources but are reported within an optimized pit shell as noted in Section 14.1.9.2. ESM notes that, as expected, the resources for the pit areas are more sensitive to COG than the underground resources, primarily due to the lower average grades.

![](ex99-48_063.jpg)

Source: ESM 2024

**Figure 14-20: Turnpike Open Pit grade tonnage graph**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-173** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.10 Model Validation

14.1.10.1 Visual Comparison

ESM conducted validation of the block estimates for both the underground and open pit resources. Visual comparison of the estimated grades in the blocks to the informing composites is the first and most important validation step. Within the ESM deposits, most zones compare well, while a few perform less ideally. This is most directly observed where data density within a vein changes dramatically. Poorly performing areas are often unavoidable due to the variability of the composites and complex geometry being estimated. For areas where validation is not ideal, classification was used to address the inherent uncertainty in the estimate.

New Fold is provided as an example in Figure 14-21 for the underground. New Fold demonstrates both areas of excellent visual representation in the model and less ideal representation due to a range of sample clustering from tightly spaced to widely spaced sample data.

![](ex99-48_064.jpg)

Source: ESM 2024

Note: View looking south-east.

**Figure 14-21: New Fold model and composite values for zinc**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-174** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.1.10.2 Swath plots

ESM used swath plots to verify that the spatial distribution of grade in the composites is honored in the interpolated model by comparing the interpolated grade with composite values and nearest neighbor grades. An example is shown below in Figure 14-22 for Turnpike. Swath plots generally show agreement of the estimate to the composites, with an appropriate degree of smoothing.

![](ex99-48_065.jpg)

Source: ESM 2024

**Figure 14-22: Swath plot Zn% - Turnpike area**

14.1.11 Relevant Factors

ESM is not aware of any other material factors that may influence the disclosure of Mineral Resources. The Turnpike Open Pit mining area is subject to permitting to proceed with active mining, but ESM has a history of compliance with all relevant regulatory requirements, has permits in hand for mining in these areas, and there has been previous production in this area from smaller open pits. The underground areas are currently being mined.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-175** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.2 Graphite Mineral Resource Estimate

14.2.1 Deposit Database

The Kilbourne Graphite Project (Kilbourne) database totals 45 surface-collared diamond drillholes (DDH) and one surface channel, totaling 29,699 ft used for modeling Kilbourne. There are a total of 3,396 assay records in the Kilbourne database, of which 2,088 assay records for graphite (%Cg).

The 12 geological domains at Kilbourne are summarized in Table 14-13. The domain naming convention is used consistently throughout this disclosure.

**Table 14-13: Kilbourne Deposit geological domains**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Rock Type** |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Sylvia Lake |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Tailings |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Overburden |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Meta-sediments (PSS) |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Upper Marble #1 Formation (UM1) |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;Pegmatite Intrusion (PEG) |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;Popple Hill Gneiss (PHG) |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;Upper Marble #2 Formation (UM2 – Upper) |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;Upper Marble #2 Formation (UM2 – Middle) |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;Upper Marble #2 Formation (UM2 – Lower) |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;Upper Marble #3 Formation (UM3) |
| &nbsp;&nbsp;400 | &nbsp;&nbsp;Upper Marble Undifferentiated (UM4-16) |

---

Source: BBA 2024

The drillhole database was validated before proceeding to the resource estimation phase, and the validation steps are detailed in Chapter 12.

Titan maintains all drillhole data in an industry standard SQL relational database called Geospark, with an Access interface customized for ESM.

Header, survey, assay, lithology, and specific gravity information were saved as individual tables within the database. A CSV format copy of the database was provided to the QP on July 24, 2024.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-176** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The unrecoverable intervals due to core loss were assigned void (-) value within the 200 series domains (domains 210, 220, 230). Essentially treating these intervals as potentially mineralized. The QP believes that non-assayed, unrecoverable material should not be assigned a zero value, as this does not reflect the true value of the material as the actual grades are unknown.

All negative and zero values within each domain were assigned to half the lower limit of detection (LLD) based on each elements reported LLD value. The LLD for graphite was 0.05%Cg.

The QP believes that the database is appropriate for the purposes of Mineral Resource estimation and the sample density allows a reliable estimate of the tonnage and grade of the mineralization in accordance with the level of confidence established by the Mineral Resource categories as defined in the CIM Guidelines.

14.2.2 Density

Titan collected a total of 7,487 samples from the diamond drillholes in the Kilbourne Deposit for SG measurements. A total of 4,599 measurements were used after outlier removal. Domain 400 used SG measurements where Zinc values were less than 0.50% Zn, reducing the measurements from 7,047 to 4,203 prior to outlier analysis and removal. This 0.50% Zn threshold removed values related to the ESM Zinc deposits and/or mineralized domains.

Titan used the following procedure to determine the average SG for each of the mineral domains:

■ Sample selected for SG measurement;

■ The Drillhole ID, row number, From, To and rock type were entered into a spreadsheet;

■ The sample was weighted dry on the scale;

■ The sample was then weighted, submerged and saturated in tap water at a constant 22 °C;

■ The specific gravity is determined using the following equation:

*SG = Wd/(Wd – Ws) \* CF*

Wd = Dry weight, Ws = Submerged weight, CF = Correction factor for water temperature

All SG measurements were converted to bulk density using an assumption of equal relationship of SG to grams per cubic centimeter (g/cm<sup>3</sup>), and a unit conversion to a TF represented in short tons/ft<sup>3</sup>. A constant SG and converted TF was assigned to each domain. A conversion of 1.00 g/cm<sup>3</sup> equal to 0.031214 US ton/ft<sup>3</sup> was used followed by rounding to 3 significant figures. The TF values were used in the block model.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-177** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Table 14-14 summarizes the results of the SG and TF measurements by domain.

**Table 14-14: Kilbourne Deposit specific gravity and tonnage factor summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain** | &nbsp;&nbsp;**Rock Type** | &nbsp;&nbsp;**Number of Samples** | &nbsp;&nbsp;**Minimum<br> SG** | &nbsp;&nbsp;**Maximum<br> SG** | &nbsp;&nbsp;**SG<br> (Mean)** | &nbsp;&nbsp;**TF<br> (Mean)** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Sylvia Lake | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.0312 | &nbsp;&nbsp;SG for Water |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Tailings | &nbsp;&nbsp;1 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;0.0818 |  |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Overburden | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;0.0818 | &nbsp;&nbsp;Same as Tailings |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;PSS | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;0.0818 |  |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;UM1 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;0.0896 |  |
| &nbsp;&nbsp;150 | &nbsp;&nbsp;PEG | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.57 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;0.0821 |  |
| &nbsp;&nbsp;160 | &nbsp;&nbsp;PHG | &nbsp;&nbsp;110 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;0.0837 |  |
| &nbsp;&nbsp;210 | &nbsp;&nbsp;UM2 - Upper | &nbsp;&nbsp;68 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;2.96 | &nbsp;&nbsp;2.78 | &nbsp;&nbsp;0.0868 |  |
| &nbsp;&nbsp;220 | &nbsp;&nbsp;UM2 - Middle | &nbsp;&nbsp;74 | &nbsp;&nbsp;2.65 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.0849 |  |
| &nbsp;&nbsp;230 | &nbsp;&nbsp;UM2 - Lower | &nbsp;&nbsp;71 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;2.73 | &nbsp;&nbsp;0.0852 |  |
| &nbsp;&nbsp;300 | &nbsp;&nbsp;UM3 | &nbsp;&nbsp;45 | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;0.0883 |  |
| &nbsp;&nbsp;400 | &nbsp;&nbsp;UM4-16 | &nbsp;&nbsp;4203 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;2.90 | &nbsp;&nbsp;0.0905 | &nbsp;&nbsp;<0.50% Zn |

---

Source: BBA 2024

14.2.3 Topography Data

Base topography is extracted from publicly available New York State LIDAR data. The topography is locally updated from photogrammetric data collected by an ESM owned and operated drone. The area covered by the DTM is sufficient to cover the area defined by the current resource model.

14.2.4 Geological Interpretation

Three-dimensional (3D) wireframe models of mineralization were developed in Leapfrog Geo™ version 2023.2.3 (Leapfrog) by Titan and reviewed by the QP. The wireframes were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50%Cg within the Upper Marble #2 (UM2) formation, defining the Upper, Middle, and Lower sub-domains of UM2 (210, 220, 230). Contiguous grade intervals greater than or equal to 0.50%Cg were modeled within the higher-grade 210 and 230 sub-domains (UM2 – Upper and Lower, respectively), while contiguous grade intervals less than 0.50%Cg were modeled as the 220 sub-domain (UM2 – Middle). These 200 series domains form the basis of the Kilbourne Mineral Resource Estimate.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-178** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The wireframe solids were imported from Leapfrog into Datamine Studio RM™ version 2.1.125.0 (Datamine) in .dwg format. The solids were validated within Datamine. The modeling is broken down into twelve separate geological domains based on lithology.

Table 14-15 summarizes the wireframe solids and associated volumes by domain. Figure 14-23 illustrates the model wireframes for each of the domains.

**Table 14-15: Kilbourne Deposit wireframe volume to block model volume summary**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Rock Type** | **Wireframe Volume (ft<sup>3</sup>)** | **Block Model Volume (ft<sup>3</sup>)** |
| 10 | Sylvia Lake | 1112463783 | 3283031 |
| 20 | Tailings | 283443261 | 287494313 |
| 30 | Overburden | 796788068 | 536716125 |
| 40 | PSS | 3255495868 | 3105833203 |
| 100 | UM1 | 2675882913 | 1082348578 |
| 150 | PEG | 94518988 | 94532063 |
| 160 | PHG | 378108715672 | 166716125016 |
| 210 | UM2 - Upper | 10814803982 | 7441832813 |
| 220 | UM2 - Middle | 5256559823 | 3201850688 |
| 230 | UM2 - Lower | 8072481050 | 5102011969 |
| 300 | UM3 | 61208472618 | 41312278969 |
| 400 | UM4-16 | 1222313490062 | 370508462297 |

---

Source: BBA 2024

The wireframes extend at depth, below the deepest diamond drillholes. This is to provide a target for future exploration. The block model extents did not encompass the entire wireframe extents to reduce block model and file sizes. As such the volumes related to the block model may significantly differ in comparison to the wireframe volumes. The volumes were validated with an initial block fill of the entire wireframes and no significant discrepancies were noted.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-179** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_066.jpg)

Source: BBA 2024

**Figure 14-23: Interpretation of Kilbourne Domains**

14.2.5 Exploratory
 Data Analysis

14.2.5.1 Assays

The 12 domains included in the Mineral Resource were sampled for a total of 2,088 graphite (%Cg) samples, with eight additional elements modeled for internal project purposes. Not all domains were sampled for graphite, with primary graphite sampling focused on the UM2 formation (210, 220, and 230 domains). Some samples were only sampled for graphite and not the additional elements and vice versa.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-180** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The assay intervals within each mineral domain were captured using the Leapfrog evaluated column routine to flag the intercept into a new table in the database. These intervals were reviewed to ensure all the proper assay intervals were captured and no duplication or splitting of intervals occurred. Table 14-16 summarizes the basic statistics for the assay intervals for each of the mineral domains on the Property.

**Table 14-16: Kilbourne Deposit drillhole basic "raw" statistics by domain**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Element** | **Number of Samples** | **Missing Intervals** | **Minimum** | **Maximum** | **Mean** | **Variance** |
| 10 | Cg (%) | - | - | - | - | - | - |
| 10 | Length | - | - | - | - | - | - |
| 20 | Cg (%) | 2 | 0 | 0.03 | 0.10 | 0.09 | 0.00 |
| 20 | Length | 2 | 0 | 1.00 | 5.60 | 3.30 | 5.29 |
| 30 | Cg (%) | - | - | - | - | - | - |
| 30 | Length | - | - | - | - | - | - |
| 40 | Cg (%) | - | - | - | - | - | - |
| 40 | Length | - | - | - | - | - | - |
| 100 | Cg (%) | 85 | 1 | 0.03 | 1.28 | 0.12 | 0.04 |
| 100 | Length | 86 | 0 | 0.60 | 6.00 | 3.85 | 1.63 |
| 150 | Cg (%) | 36 | 0 | 0.03 | 0.03 | 0.03 | 0.00 |
| 150 | Length | 36 | 0 | 4.00 | 6.00 | 4.96 | 0.13 |
| 160 | Cg (%) | 252 | 1 | 0.03 | 2.74 | 0.17 | 0.10 |
| 160 | Length | 253 | 0 | 0.50 | 6.70 | 4.58 | 0.90 |
| 210 | Cg (%) | 545 | 0 | 0.03 | 13.50 | 2.55 | 1.40 |
| 210 | Length | 545 | 0 | 0.50 | 6.50 | 4.60 | 0.84 |
| 220 | Cg (%) | 451 | 0 | 0.02 | 5.39 | 0.36 | 0.26 |
| 220 | Length | 451 | 0 | 0.40 | 6.10 | 4.57 | 0.96 |
| 230 | Cg (%) | 406 | 0 | 0.06 | 11.30 | 2.49 | 1.30 |
| 230 | Length | 406 | 0 | 0.80 | 6.00 | 4.37 | 1.13 |
| 300 | Cg (%) | 311 | 91 | 0.03 | 2.06 | 0.07 | 0.02 |
| 300 | Length | 402 | 0 | 0.60 | 7.00 | 4.61 | 0.76 |
| 400 | Cg (%) | 0 | 1215 | - | - | - | - |
| 400 | Length | 1215 | 0 | 0.50 | 6.60 | 4.71 | 0.56 |

---

Source: BBA 2024

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|:---|:---|
| **JANUARY 2025** | **14-181** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.2.5.2 Grade
 Capping

The raw assay data for graphite within the 210, 220, and 230 domains were examined to assess the amount of metal that is bias from high-grade assays. A combination of reviewing decile analysis tables (Parrish,1997), histograms, Q-Q, and cumulative frequency plots was used to assist in determining if grade capping was required. The global top-cut analysis tool within the Snowden Supervisor™ version 9.0.3.0 software (Snowden Supervisor) was used in the capping process.

A review of the 3D spatial distribution of the capped samples was completed to determine if the samples were spatially close and if there was potential of a higher-grade sub-domain. This was not observed in any of the domains on the deposit.

This analysis concluded grade capping was required for domains 210, 220 and 230 individually. Thirteen of the samples capped in domain 220 were related to drillhole SX22-2621, approximately 6,300 ft from the nearest drillhole. The remaining three capped samples were greater than 1.50%Cg in drillhole KX24-038. Table 14-17 summarizes the capping applied to each domain by the QP. Figure 14-24 and Figure 14-25 show the decile analysis and global top cut analysis performed by the QP, using domain 210 as an example.

**Table 14-17: Kilbourne Deposit grade capping summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Element** | **Capping Value (%Cg)** | **Capped No. Samples** | **Uncapped Mean (%Cg)** | **Capped Mean (%Cg)** | **Metal Loss (%)** |
| 210 | Cg (%) | 5.00 | 1 | 2.55 | 2.55 | 0.1 |
| 220 | Cg (%) | 1.20 | 16 | 0.36 | 0.30 | 15.7 |
| 230 | Cg (%) | 6.00 | 2 | 2.49 | 2.47 | 0.5 |

---

Source: BBA 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **14-182** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_067.jpg)

Source: BBA 2024

**Figure 14-24: Parrish decile analysis for domain 210**

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|:---|:---|
| **JANUARY 2025** | **14-183** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_068.jpg)

Source: BBA 2024

**Figure 14-25: Global top cut analysis for domain 210 using Snowden Supervisor**

14.2.5.3 Compositing

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|:---|:---|
| **JANUARY 2025** | **14-184** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 14-18: Kilbourne Deposit drillhole composited statistics by domain**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Element** | **Number of Samples** | **Missing Intervals** | **Minimum** | **Maximum** | **Mean** | **Variance** |
| 10 | Cg (%) | - | - | - | - | - | - |
| 10 | Length | - | - | - | - | - | - |
| 20 | Cg (%) | 1 | 0 | 0.10 | 0.10 | 0.10 | - |
| 20 | Length | 1 | 0 | 5.60 | 5.60 | 5.60 | - |
| 30 | Cg (%) | - | - | - | - | - | - |
| 30 | Length | - | - | - | - | - | - |
| 40 | Cg (%) | - | - | - | - | - | - |
| 40 | Length | - | - | - | - | - | - |
| 100 | Cg (%) | 65 | 1 | 0.03 | 1.24 | 0.12 | 0.03 |
| 100 | Length | 66 | 0 | 4.35 | 7.00 | 5.00 | 0.24 |
| 150 | Cg (%) | 36 | 0 | 0.03 | 0.03 | 0.03 | - |
| 150 | Length | 36 | 0 | 4.90 | 5.01 | 4.96 | 0.00 |
| 160 | Cg (%) | 230 | 1 | 0.03 | 2.72 | 0.17 | 0.10 |
| 160 | Length | 231 | 0 | 2.70 | 6.00 | 5.00 | 0.05 |
| 210 | Cg (%) | 504 | 0 | 0.03 | 4.48 | 2.55 | 1.30 |
| 210 | Length | 504 | 0 | 3.60 | 6.10 | 4.96 | 0.03 |
| 220 | Cg (%) | 411 | 0 | 0.02 | 1.20 | 0.30 | 0.05 |
| 220 | Length | 411 | 0 | 3.00 | 7.30 | 5.01 | 0.06 |
| 230 | Cg (%) | 351 | 0 | 0.17 | 5.16 | 2.47 | 1.07 |
| 230 | Length | 351 | 0 | 3.80 | 6.90 | 5.05 | 0.08 |
| 300 | Cg (%) | 288 | 85 | 0.03 | 0.98 | 0.07 | 0.02 |
| 300 | Length | 373 | 0 | 4.30 | 5.58 | 4.97 | 0.04 |
| 400 | Cg (%) | 0 | 1144 | - | - | - | - |
| 400 | Length | 1144 | 0 | 4.83 | 5.13 | 5.00 | 0.00 |

---

Source: BBA 2024

14.2.5.4 Spatial
 Analysis

Variograms for graphite were created to inform the search ellipse dimensions for each 200 series domain. The variogram rotation and maximum range governed the search ellipse rotation and size. The variograms were also used to assign kriging weights during the estimation process.

The variography for Kilbourne was determined using Snowden Supervisor software. Each 200 series domain was modeled using a downhole variogram to determine the nugget effect, and then a spherical pair-wise variogram was used to determine spatial continuity in the domain.

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|:---|:---|
| **JANUARY 2025** | **14-185** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Table 14-19 summarizes the results of the variogram models for graphite. Figure 14-26 shows an example of the variography for domain 210.

**Table 14-19: Variogram parameters**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Nugget (Co)** | **First Structure (spherical)** | **First Structure (spherical)** | **First Structure (spherical)** | **First Structure (spherical)** | **Second Structure (spherical)** | **Second Structure (spherical)** | **Second Structure (spherical)** | **Second Structure (spherical)** |
| **Domain** | **Nugget (Co)** | **C<sup>1</sup>** | **Range 1<br> (ft)** | **Range 2<br> (ft)** | **Range 3<br> (ft)** | **C<sup>2</sup>** | **Range 1<br> (ft)** | **Range 2<br> (ft)** | **Range 3<br> (ft)** |
| 210 Cg | 0.02 | 0.54 | 547 | 325 | 32 | 0.44 | 1100 | 650 | 90 |
| 220 Cg | 0.02 | 0.39 | 1031 | 325 | 15 | 0.59 | 1800 | 650 | 90 |
| 230 Cg | 0.02 | 0.54 | 547 | 325 | 32 | 0.44 | 1100 | 650 | 90 |

---

Source: BBA 2024

![](ex99-48_069.jpg)

Source: BBA 2024

**Figure 14-26: Variography for Domain 210 using Snowden Supervisor**

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|:---|:---|
| **JANUARY 2025** | **14-186** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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14.2.6 Resource Block Model

14.2.6.1 Parent Model

A separate block model was established in Datamine for the Kilbourne Deposit. The model was not rotated.

A parent block size of 30 ft x 30 ft x 15 ft was selected to accommodate an open pit mining scenario. The block model was sub-celled on a 7.5 ft x 7.5 ft x 7.5 ft pattern, allowing the parent block to be split in each direction to fill the volume of the wireframes more accurately, and therefore more accurately estimate the tonnes in the Mineral Resource. Mineral estimation was completed on the parent blocks and the grades assigned to the sub-blocks.

Table 14-20 summarizes details of the parent block model.

**Table 14-20: Block model parameters**

---

| | | | |
|:---|:---|:---|:---|
| **Properties** | **X (column)** | **Y (row)** | **Z (level)** |
| Origin Coordinates | 7520 | 7500 | -3200 |
| Number of Blocks | 496 | 350 | 280 |
| Block Size (ft) | 30 | 30 | 15 |
| Sub-block Size (ft) | 7.5 | 7.5 | 7.5 |
| Rotation | No Rotation | No Rotation | No Rotation |

---

Source: BBA 2024

14.2.6.2 Estimate Parameters

Only the 200 series domains were estimated and the remaining domains were assigned a waste value of half the lower limit of detection, as well as each corresponding tonnage factor per domain.

The interpolations of the domains were completed using the estimation methods ordinary kriging (OK), inverse distance squared (ID2), and nearest neighbor (NN). The estimations were designed for multiple passes. In each estimation pass, a minimum and maximum number of samples were required, as well as a maximum number of samples from a drillhole in order to satisfy the estimation criteria. All estimation passes used the capped and composited dataset for the appropriate domain being estimated. The third search pass was wide to fill blocks between drillholes at depth where mineralization would be expected. The OK methodology is the method used to report the mineral estimate statement.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-187** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

An anisotropic search ellipse was used for the estimation. A hard boundary was used, only the samples within the domain wireframe were used in the estimation. The result is that the search ellipse will not locate samples outside the domain wireframe. Dynamic Anisotropy methodology was used for the three 200 series domains.

Table 14-21 summarizes the search ellipse and rotations and Table 14-22 summarizes the interpolation criteria.

**Table 14-21: Search ellipse and rotations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Major Axis (ft)** | **Semi-Major Axis (ft)** | **Minor Axis (ft)** | **Axis 3 Rotation Strike** | **Axis 1 Rotation Dip** | **Axis 3 Rotation Plunge** |
| 210 Cg | 550 | 325 | 45 | -50 | 30 | 10 |
| 220 Cg | 900 | 325 | 45 | -50 | 30 | 0 |
| 230 Cg | 550 | 325 | 45 | -50 | 30 | 10 |

---

Source: BBA 2024

**Table 14-22: Interpolation parameters**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| **Domain** | **Min Comp** | **Max Comp** | **Max Comp/DDH** | **Search Ellipse Factor** | **Min Comp** | **Max Comp** | **Max Comp/ DDH** | **Search Ellipse Factor** | **Min Comp** | **Max Comp** | **Max Comp/ DDH** | **Search Ellipse Factor** |
| 210 Cg | 3 | 8 | 2 | 1 | 3 | 8 | 2 | 1.6 | 3 | 8 | 2 | 4 |
| 220 Cg | 3 | 8 | 2 | 1 | 3 | 8 | 2 | 1.6 | 3 | 8 | 2 | 4 |
| 230 Cg | 3 | 8 | 2 | 1 | 3 | 8 | 2 | 1.6 | 3 | 8 | 2 | 4 |

---

Source: BBA 2024

14.2.7 Resource Classification

Several factors are considered in the definition of a resource classification:

■ NI
 43-101 requirements;

■ Canadian
 Institute of Mining, Metallurgy and Petroleum Estimation of Mineral Resource and Mineral
 Reserve Best Practice Guidelines (CIM, 2019);

■ Author's
 experience with graphite deposits;

■ Spatial
 continuity based on the assays within the drillholes;

■ Understanding
 of the geology of the deposit;

■ Drillhole
 spacing, data quality and the estimation runs required to estimate the grades in a block.

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| | |
|:---|:---|
| **JANUARY 2025** | **14-188** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

All blocks were classified as Inferred. No material in the block model was considered as Indicated or Measured.

No environmental, permitting, legal, title, taxation, socio-economic, marketing, or other relevant issues that may affect the estimate of Mineral Resources are known to the QP. Mineral Reserves can be estimated only on the basis of an economic evaluation that is used in a preliminary Feasibility Study or a Feasibility Study of a mineral project; thus, no reserves have been estimated. As per NI 43-101, Mineral Resources that are not Mineral Reserves do not have to demonstrate economic viability.

14.2.8 Mineral Resource Tabulation

The resource reported is effective as of October 21, 2024, and has been tabulated in terms of a pit-constrained cut-off value of 1.50%Cg.

Table 14-23 summarizes the parameters used to develop the Kilbourne pit constraints for a reasonable prospect of economic extraction.

**Table 14-23: Kilbourne Deposit pit constraint parameters**

---

| | | |
|:---|:---|:---|
| **Input** | **Unit** | **Variable** |
| **Mining** | **Mining** | **Mining** |
| Mining Cost - Ore | US$/t mined | 4.60 |
| Mining Cost - Waste | US$/t mined | 3.50 |
| Mining Cost - Overburden and Tailings | US$/t mined | 2.00 |
| Dilution | % | 5.0 |
| Mining Recovery | % | 95.0 |
| **Processing** | **Processing** | **Processing** |
| Processing Cost | US$/t milled | 14.00 |
| G&A Cost | US$/t milled | - |
| Processing Recovery | % | 91.0 |
| Concentrate Grade | % | 95.0 |
| **Other** | **Other** | **Other** |
| Selling Price | US$/t concentrate | 1090 |
| Transportation Cost | US$/t concentrate | 50 |
| Selling Costs | US$/t concentrate | 0 |
| Overall Slope Angle | degrees | OVB and Tailings: 23<br> Rock: 45 |

---

Source: BBA 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-189** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The pit-constrained mineral resource and in-situ metal for the Kilbourne Deposit is summarized in Table 14-24.

**Table 14-24: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Classification** | **Deposit** | **Cut-off Grade<br> (% Cg)** | **Tonnage<br> ('000 Ton)** | **Grade<br> (% Cg)** | **Contained Graphite<br> ('000 Ton)** |
| **Inferred** | Kilbourne | 1.50 | 22423 | 2.91 | 653 |

---

Source: BBA 2024

A Mineral Resource was prepared in accordance with NI 43-101 and the CIM Definition Standards (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

14.2.9 Model Validation

The Kilbourne Graphite block model was validated by three methods:

■ Visual
 comparison of color-coded block model grades with composite grades on section;

■ Comparison
 of the global mean block grades for OK, ID<sup>2</sup>, and NN by domain and composite mean
 grades by domain;

■ Swath
 plots.

14.2.9.1 Visual Validation

The visual comparisons of ordinary kriging block model grades and composite drillholes show a reasonable correlation between the values (Figure 14-27 and Figure 14-28). No significant discrepancies were apparent from the sections reviewed, yet grade smoothing was apparent in some of the lower elevations due to the distance between drill samples being broader in these regions.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-190** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_070.jpg)

Source: BBA 2024

**Figure 14-27: Surface plan showing the optimized pit shell for the Kilbourne Deposit**

![](ex99-48_071.jpg)

Source: BBA 2024

**Figure 14-28: Kilbourne Deposit visual validation through A-A'**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-191** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

14.2.9.2 Global Statistics

The global drillhole composite and block model statistics grouped by domain for the OK model were compared to the global ID<sup>2</sup>, and NN models. Table 14-25 shows this comparison of the composite mean grades with the global estimates for the three estimation method calculations within the 200 series domains. Several optimization tests were conducted. It was determined the differences in estimated grades to the composite grades were related to data density and/or drillhole spacing. Comparisons were made using all blocks greater than 0.025%Cg.

**Table 14-25: Kilbourne global composite to block model statistics comparison**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Domain** | **Element** | **Composite Mean** | **OK<br> Mean** | **ID<sup>2</sup> Mean** | **NN<br> Mean** |
| 210 | Cg (%) | 2.55 | 2.09 | 2.16 | 2.04 |
| 220 | Cg (%) | 0.30 | 0.23 | 0.24 | 0.26 |
| 230 | Cg (%) | 2.47 | 2.19 | 2.17 | 2.03 |

---

Source: BBA 2024

14.2.9.3 Swath Plots

Figure 14-29 and Figure 14-30 display the comparison between the drillhole composites grades and the OK, ID<sup>2</sup> and NN estimates in a swath plot format. Comparisons were made using all blocks greater than 0.025%Cg for the 200 series domains.

As expected, there is a strong degree of grade smoothing with the OK methodology.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-192** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_072.jpg)

Source: BBA 2024

**Figure 14-29: Kilbourne Deposit swath plot, 300 ft slice - easting (X)**

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-193** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_073.jpg)

Source: BBA 2024

**Figure 14-30: Kilbourne Deposit swath plot, 300 ft slice - northing (Y)**

14.2.10 Previous Estimates

The Kilbourne Graphite MRE is a maiden resource. There are no previous estimates to compare.

---

| | |
|:---|:---|
| **JANUARY 2025** | **14-194** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

15. Mineral Reserve Estimates

There are no Mineral Reserves reported for ESM.

---

| | |
|:---|:---|
| **JANUARY 2025** | **15-195** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16. Mining Methods

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

The Turnpike open pits are not included in the LOM mineable resource or economic analysis. The inclusion into the LOM is dependent on zinc price. Conceptual pits with associated schedule are included in this report for permitting considerations.

16.1 Underground

The mine plan tons at the ESM deposit are extracted using a combination of longitudinal retreat stoping (LRS), Cut and Fill (C&F), Panel Mining (PM) – Primary and Secondary, and development drifting underground mining methods with rock backfill. Longhole back-stopes are also used in the design where applicable as part of LRS. As of 2024, the overall mine life is 9 years. Figure 16-1 outlines a summary of underground mining methods used at ESM.

![](ex99-48_074.jpg)

Source: ESM 2024

**Figure 16-1: Mine production by method**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-196** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The ESM zinc operations are accessed from surface via the #4 Shaft, and all mineralized material and some waste rock is hoisted out of the mine via that same shaft. In addition to the existing development and raises, new lateral development and ramping is required to access new mineralized zones. To supplement the ventilation provided by the raises, as ramps are being driven, shorter internal ventilation drop raises ensure air delivery to the active development faces in areas where required.

Measured, Indicated, and Inferred Mineral Resources were included in the mine design and schedule optimization process. The proposed Mineral Resources for the life of mine (LOM) by mining method is shown in Table 16-1, which includes accessible remnants. The Mineral Resources for the LOM are based on the Mineral Resource Estimate as stated in Chapter 14 of this report.

For the purposes of this report, the LOM as designed starts in January of 2025.

**Table 16-1: Mineral Resources for the LOM by mining method**

---

| | | |
|:---|:---|:---|
| **Mining Method** | **Diluted Tons (kt)** | **Percent of LOM Plan** |
| Development Ore | 544 | 13% |
| PM | 1957 | 49% |
| C&F | 255 | 6% |
| LRS | 1281 | 32% |
| **Total** | **4037** | **100%** |

---

Source: ESM 2024

Note: Totals may not compute exactly due to rounding.

16.1.1 Deposit Characteristics

There are five active zinc-rich mineralized zones included in the LOM plan:

■ Upper
 Mahler;

■ Lower
 Mahler;

■ New
 Fold;

■ Mud
 Pond Main;

■ Mud
 Pond Apron.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-197** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Deswik version 2023.1 Stope Optimizer shapes and development designs were created for the remaining mining zones:

■ America;

■ Cal-Marble;

■ Fowler;

■ NE
 Fowler;

■ N2D;

■ Sylvia
 Lake.

Figure 16-2 depicts the mining zones included in the LOM.

From Section 7.4:

"The Property contains 14 known zones of sphalerite mineralization. Three clusters have been defined consisting of three to five deposits each. The zinc mineralization extends from the surface down to a depth of 5,700 ft below surface. The zones are aerially scattered and all zones except NE Fowler and Cal Marble are connected by existing development to the shaft. The zones range in thickness from 2 ft to 50 ft with an overall plunge between 20° to 25° with local dips ranging from 0° to 90°. The deposit footprints are up to 500 ft wide and 9,000 ft long. The veins can display considerable geometrical variability depending on the degree of folding."

Due to the complex geometry some local uncertainty is expected in areas with low density of exploration data. This leads to some deviation from designed plans but very rarely impacts the expected extraction.

All zones are connected to existing infrastructure underground, and many have not been fully delineated and remain open for further exploration and resource expansion.

![](ex99-48_075.jpg)

Source: ESM 2024

**Figure 16-2: Mining zones in the LOM**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-198** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.2 Mineral
 Resources Within the PEA Mine Plan – Estimation Process

To determine the Mineral Resources in the LOM, the following process was used:

■ Analyze
 Mineral Resource model for geometric properties, such as mineralized zone width, depth, length,
 dip, and continuity.

■ Select
 the mining methods best suited for the deposit based on geometry, economics, and geotechnical
 parameters.

■ Determine
 an economic cut-off grade based on expected operating cost, mining recovery, mining dilution,
 and commodity price assumptions.

■ Identify
 the blocks in the model that are above cut-off, and design production stope shapes around
 these blocks.

■ Query
 the production stope shapes for in situ tonnage and grade data, apply mine dilution,
 and check the diluted stope grades against the cut-off grade, removing all stopes that fall
 below cut-off.

■ Develop
 a mine plan around economically viable production stopes and run economic models on various
 production scenarios.

16.1.3 Mining
 Method Selection

Given the locally variable resource geometries, several mining methods are in use at ESM.

PM, with Primary and secondary cuts, is the principal mining method used at ESM. The second most common method is LRS. C&F is used where conditions are not suitable for LRS. In areas where the geometry of mineralization is simple and directional, normal development activities will be designed in mineralization.

PM divides a mineralized area into three repeating sections, Primary panels, Secondary slashes, and pillars. The Primary panel or drift is mined to the deposit extents. A Secondary slash is mined in a retreating fashion up-dip, leaving a pillar between panels (Figure 16-3 and Figure 16-4). This method is suited for mineralization with a dip that is too shallow for LRS.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-199** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_076.jpg)

Source: Jackleg Consultants 2020

**Figure 16-3: Plan view of Panel Mining**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-200** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_077.jpg)

Source: Jackleg Consultants 2020

**Figure 16-4: Isometric view of Panel Mining**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-201** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

LRS is a semi-selective and productive underground mining method, and well suited for steeply dipping deposits of varying thickness. It is typically one of the most productive and lower-cost mining methods applied across many different styles of mineralization. At ESM, a top and bottom drift delineate the stope and a dedicated longhole drilling machine drills blastholes between the two drifts. The drillholes are loaded with explosives and the stope is blasted, with broken material falling to the bottom drift for extraction. In LRS, remote controlled load haul dump machines (LHD) are required to safely remove the blasted material from the stope.

One of the limitations with LRS is that the dimensions of the stope height should not exceed a longhole drilling machine's effective range. For the longhole drills in use at ESM, 80 ft is considered the uppermost limit. Another limitation with LRS is the stopes must remain open long enough to remove the mineralized material and then are filled with unconsolidated backfill material (where support pillars are not used). This mine plan assumes no backfill plant will be available, so sill pillars are left between levels, when longitudinal stoping is used.

The limitations discussed above, generally restrict level spacing at ESM to 60 ft. Back-stopes are designed to a height of 60 ft as there is no top cut (or level above). Back-stopes typically occur at the top of multi-level LRS areas. A typical cross section of an LRS with sill pillars is shown in Figure 16-5.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-202** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_078.jpg)

Source: Jackleg Consulting 2020

**Figure 16-5: Typical LRS with sill pillar**

LRS is used in Mahler, New Fold, and Mud Pond Apron with C&F and PM accessing the remaining mineralization that does not fit LRS design criteria.

C&F mining is used at ESM for areas of the deposit that fall below a practical dip for LRS, or where more selective mining is required. The method typically used is an overhand C&F whereby drifts are driven across strike and on level, backfilled with un-cemented fill, and then the next level above is mined. As there will not be a backfill plant, the un-cemented fill is waste rock from development headings. With the abundance of inactive areas, storage of waste material for C&F mining is not an issue. A typical layout for C&F is shown in Figure 16-6.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-203** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_079.jpg)

Source: Atlas Copco 1997

**Figure 16-6: Typical C&F**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-204** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.4 Geotechnical
 Parameters

Rock quality at ESM is generally considered to be good to very good per internal site characterizations and third-party assessments. Dave West (West, 2018) reported that the rock mass is typically competent, consistent with a rock mass rating (RMR) of +85. Itasca Consulting (Brummer, 2005) reported that, in general, the rock would be rated as very good to excellent with RMR values of 80 or greater. Richard Brummer visited the 2500 level workshop, which is one of the largest openings at the mine, roughly 35 ft to 40 ft by 200 ft, and calculated an RMR of 87. The shop is supported by a combination of expansion shell bolts and Dywidag resin rebar (also known as Threadbar® in North America) (Figure 16-7).

![](ex99-48_080.jpg)

Source: Itasca 2005

**Figure 16-7: 2500 level workshop back conditions**

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| | |
|:---|:---|
| **JANUARY 2025** | **16-205** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Prior to the 2001 shutdown, the underground workings were supported on an as needed basis using minimal support. Pattern bolting and mesh application was not used, as evident when traveling through historical workings. Fall of ground (FOG) accidents totaled 50 between the years 1994 and 2000, 46 of which involved workers being struck by falling rock (Ibid). The majority of these incidents were during scaling and loading the face. Previous contractors were permitted to work under unsupported ground provided they deemed it safe, which is a practice no longer permitted nor recommended in today's mining environment.

From 2006 to 2008, when the mine was re-opened and operated by Hudbay, a minimum ground support standard was established for all new development. The standard included the use of SP33 split sets. Depending on the dimension of the drift and depth within the mine, split set lengths were increased and the application of welded wire mesh was incorporated.

As of 2024, 39 mm x 60 in (or 72 in) split sets and 6-gauge welded wire mesh are the primary ground support used at ESM with support extending across the back (Figure 16-8). Where necessary, secondary support typically consists of 8 ft to 12 ft long #7 all thread bolts and/or 20 ft long, 0.6 in diameter single strand cable bolts. Pull testing of the ground support is regularly done to assess ground support performance. The ground support systems and QA/QC is described in the Ground Control Management Plan (ESM, 2022).

![](ex99-48_081.jpg)

Source: ESM 2022

**Figure 16-8: Ground support for typical ground**

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-206** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.5 Stope
 Design Parameters

Deswik.SO version 2023.1 software was used to create all the mineable stope shapes in the LOM design. Stope design criteria are summarized in Table 16-2.

**Table 16-2: Production stope design criteria**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mine Method** | **Minimum Stope Width (ft)** | **Stope Height (ft)** | **Stope Length (ft)** | **Dip (°)** |
| C&F | 13 | 15 | N/A | 40-90 |
| PM - Primary | 15 | 15 | N/A | N/A |
| PM - Secondary | 5 | 15 | N/A | N/A |
| LRS | 15 | 60 | Max 150 | 50-90 |

---

Source: ESM 2024

Lateral stope dimensions are designed with consideration of existing production equipment. Larger stopes may be possible, and in the mine plan the sublevels are often slashed on the walls to provide drill access for planned LRS dimensions.

LRS dimensions are variable to accommodate the geometry of the resource. A minimum 15 ft true width was used for stope design, along with a minimum overall 50° stope angle. Level spacing of stopes was set to 60 ft. In areas where there are multiple levels, a 10 ft sill pillar is included in the 60 ft level heights. Back-stopes were designed to the full 60 ft sublevel height.

16.1.6 Mine
 Dilution and Recovery

Dilution was estimated based on typical stope dimensions to calculate unplanned overbreak experienced during mining operations. The rock quality at ESM is considered to be good geotechnically, so overbreak is considered to be minimal. For LRS, two sources of dilution were considered. Sloughing was estimated to be 2.0 ft on both the hanging wall and footwall of LRS. For C&F, planned overbreak dilution of 0.5 ft was applied to both walls. A dilution grade of 0% Zn was assumed for all dilution. Planned overbreak dilution parameters are summarized in Table 16-3.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-207** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-3: Overbreak dilution parameters**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Typical Profiles** | **Unit** | **C&F** | **PM - Primary** | **PM - Secondary** | **LRS w/Crown Pillar** | **Back-stope** |
| Height | ft | 15 | 15.0 | 15.0 | 50.0 | 60 |
| Width (minimum) | ft | 13 | 15.0 | 5 | 10.0 | 10 |
| Footwall Overbreak | ft | 0.50 | 0.50 | 0 | 2 | 2 |
| Hanging Wall Overbreak | ft | 0.50 | 0 | .50 | 2 | 2 |

---

Source: ESM 2024

Mine recovery was calculated under the following assumptions:

■ C&F
 and waste development passing incremental cut-off, assumed 95% mine recovery after losses.

■ LRS
 and back-stopes assumed 95% recovery.

■ PM
 assumed 75% recovery after losses from pillars left behind.

16.1.7 Cut-off
 Grade Criteria

Zinc cut-off grade calculation criteria are summarized in Table 16-4.

**Table 16-4: Cut-off grade parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| Zn Price | $/lb | 1.30 |
| Mill Recovery | % | 96.4 |
| TC / RC / Transport | $/t milled | 35.13 |
| Payable Metal | % | 85 |
| Royalties | % | 0.3 |
| Operating Costs | $/t milled | 86.73 |
| Cut-off | % Zn | 5.5 |
| Incremental Cut-off | % Zn | 2.0 |

---

Source: ESM 2024

Incremental cut-off accounts for the cost of crushing, hoisting, milling, and general services incurred per ton of milled material. Incremental cut-off was applied to any waste development that crosses mineralization in order to access stopes designed with the primary cut-off of 5.5% Zn for all mining zones. Approximately 10% of all tons reporting to the mill are classified as incremental according to plan. Cut-off grade parameters may not reflect those used for economic modeling and were assumed to contain the most accurate information available at the time of preparation.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-208** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.8 Mine
 Plan Tons and Grade

All stopes were designed based on the applicable stope shapes, geological boundaries, and grade extents, ensuring the final stope shapes met cut-off grade criteria. Table 16-5, Table 16-6, and Table 16-1 outline the diluted and recoverable mine plan tons used for mine planning purposes by zone, resource class, and mining method, respectively.

**Table 16-5: Tons contained in the LOM plan by zone**

---

| | | |
|:---|:---|:---|
| **Zone** | **Diluted Tons (kt)** | **Diluted Grade (% Zn)** |
| America | 280 | 6.5 |
| Cal-Marble | 303 | 6.2 |
| Fowler | 61 | 5.9 |
| Lower Mahler | 866 | 9.3 |
| Mud Pond Apron | 180 | 5.9 |
| Mud Pond Main | 367 | 6.0 |
| N2D | 457 | 6.5 |
| Northeast Fowler | 300 | 5.7 |
| New Fold | 515 | 10.0 |
| Sylvia Lake | 111 | 6.2 |
| Upper Mahler | 595 | 5.9 |
| **Total** | **4037** | **7.3** |

---

Source: ESM 2024

**Table 16-6: Tons contained in the LOM plan by mineral resource class**

---

| | | |
|:---|:---|:---|
| **Mineral Resource Class** | **Diluted Tons (kt)** | **Diluted Grade (% Zn)** |
| Measured | 121 | 17.2 |
| Indicated | 429 | 17.1 |
| Inferred | 1613 | 12.4 |
| Unclassified | 1874 | 0.0 |
| **Total** | **4037** | **7.3** |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-209** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.9 Mine
 Design Criteria

16.1.9.1 Mine
 Access

The ESM deposit consists of a mineral resource extending nearly 4,200 vertical feet. Multiple shafts extend from surface to the existing underground workings. Extensive UG workings exist from previous mining operations. Digitized UG surveys suggest there are more than 50 mi of development in the #4 Mine alone. Fresh air shafts and secondary egress paths are already in place at ESM. Existing development ranges from 10 ft wide x 10 ft tall to over 17 ft wide x 17 ft tall. The maximum gradient of the existing development is 20%.

ESM is situated on moderately flat lying terrain.

Existing workings are regularly rehabilitated to ensure a safe working environment. When accessing new deposits, a ramp will be driven at a maximum grade of 15% at a 15 ft by 15 ft profile.

16.1.10 Production
 Rate Selection

The ESM mine plan had been designed to ramp up to 1,400 t/d in Year 1 of production and then to a sustained maximum of 1,700 t/d. Ramp up was successfully completed. Cycle times of the different mining methods were considered along with the existing mine hoist capacity and existing equipment fleet in determining the production rate.

The mine schedule was created using Deswik version 2023.1 CAD and a manual scheduling method. The scheduling rates used are shown in Table 16-7.

**Table 16-7: Rates used for mine scheduling**

---

| | | |
|:---|:---|:---|
| **Scheduling Rates** | **Scheduling Rates** | **Scheduling Rates** |
| **Lateral Development** | **Unit** | **Rate** |
| Ramp | ft/day | 4 |
| Auxiliary | ft/day | 4 |
| Longitudinal Access – Waste | ft/day | 4 |
| Longitudinal Sill – Mineralization | ft/day | 4 |
| C&F Access – Waste | ft/day | 4 |
| PM Access – Waste | ft/day | 4 |
| **Vertical** | **Vertical** | **Vertical** |
| Drop Raise | ft/day | 5 |
| Raiseboring | ft/day | 9 |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-210** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Scheduling Rates** | **Scheduling Rates** | **Scheduling Rates** |
| **Stoping** | **Stoping** | **Stoping** |
| LRS | t/day | 350 |
| Back-stope – Longhole | t/day | 350 |
| C&F | t/day | 150 |
| PM – Primary | t/day | 250 |
| PM – Secondary | t/day | 100 |

---

Source: ESM 2024

16.1.11 Production
 Sequencing

Production in LRS zones is planned with a bottom-up sequence where necessary in situ sill pillars are left to separate mining horizons.

C&F zones are planned in a bottom-up fashion from a main access drift with loose development waste rock used as backfill. From the main ramp, a drift accesses the production area with a 15% attack ramp. Once the production drift is mined out on that level, it is backfilled and the access crosscut slashed along the back and backfilled on the floor to allow access to the next level above, where the mining process is repeated.

PM Primary and Secondary zones are planned from a top-down or bottom-up fashion depending on the direction of development in the zone. Access drifts are driven from the main ramp to the start of each Primary panel drift. A Primary drift is driven at full size to the end of the deposit. A Secondary slash in the hanging wall is then mined in a retreating fashion back to the panel access drift.

16.1.12 Underground
 Mine Development

16.1.12.1 Lateral
 Development

Ramps are driven at a 15 ft x 15 ft square profile to accommodate fully loaded 40 t and 45 t haul trucks and 48" round vent ducting. Crosscuts and sublevel development are driven at a 15 ft x 15 ft arched profile to accommodate truck access.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-211** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Figure 16-9 depicts a typical development section.

![](ex99-48_082.jpg)

Source: Jackleg Consulting 2020

**Figure 16-9: Typical development cross-sections**

16.1.12.2 Vertical
 Development

Ventilation raises of varying lengths are used in the LOM design. For shorter, level to level connections, a 6 ft x 6 ft drop raise is established to provide fresh air for each of the mining zones. For longer raises that cannot be mined with a drop raise, a 6 ft diameter raisebore will be used. Drop raises can be mined by ESM and all raisebore raises will be driven with the use of contractors.

16.1.13 Unit
 Operations

16.1.13.1 Drilling

Development headings are driven with electro-hydraulic single and dual boom jumbos. Twelve-foot steel is planned in C&F zones where single boom jumbos are required to make quick turns to follow the mineralization. The advance per round is assumed to be 10 ft for 12 ft steel. One jumbo has the capacity to drill between two and three rounds per shift, however, cycle productivities are limited to two rounds per day per jumbo in the schedule.

Production drilling for the longhole stopes is performed by longhole drills. Blastholes with a 3.5" diameter are drilled in a fan pattern from the overcut to the undercut.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-212** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.13.2 Blasting

Development rounds are charged by a tractor for bulk explosives. Lifter holes are loaded with packaged emulsion for wet holes and prill ANFO for dry holes. Blasting is initiated by non-electric (NONEL) detonators.

For longhole production blasting, a combination of packaged emulsion and prill ANFO is used based on shot design with uni tronic™ detonators and 60 g boosters. Back-stopes are loaded using only packaged emulsion.

16.1.13.3 Ground
 Support

After mucking and scaling is complete, ground support is installed by a mechanized bolter or manually by experienced operators using jacklegs. Typical ground support in access development is planned to consist of 5 ft or 6 ft split set bolts in the back and in the walls at a spacing of 4 ft x 4 ft. Welded wire mesh is installed in all ground conditions. In large intersections, cable bolts and/or #7 all thread bolts are installed, typically on a 6 ft x 6 ft pattern for deep ground support.

Cable bolts are installed into hanging walls prior to longhole stope firing as necessary.

16.1.13.4 Mucking

Blasted material from development headings is mucked with either 4.0 yd<sup>3</sup> (7 t) or 6.0 yd<sup>3</sup> (10 t) LHDs directly to a haul truck, remuck bay, or material-pass. Broken material from LRS is mucked by remote control LHD.

16.1.13.5 Hauling

A fleet of 40 and 44 t haul trucks haul mineralized material from the active production areas and internal material passes to the shaft loading station. The same haul trucks are used for waste material transport to areas requiring waste backfill.

Haulage profiles for each of the mineralization zones were generated to calculate equipment hours for the fleet.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-213** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.13.6 Backfill

Only the C&F mining method requires the placement of waste rock as backfill. Some backfill is used in areas of LRS in place of sill pillars depending on geometry, grade, and geotechnical conditions. No cemented backfill is currently planned at ESM.

Underground development waste may be placed as backfill in stope access ramps and remote stopes to minimize waste haulage to surface.

16.1.14 Mine
 Services

16.1.14.1 Mine
 Ventilation

In 2016, the ESM ventilation network was modeled using Ventsim<sup>®</sup> Visual software by Practical Mining LLC (Practical Mining). The ventilation simulation model is routinely calibrated, verified and updated as mine activity changes.

Minimum airflow requirements are based on expected diesel emissions of the UG mining fleet required at peak mine production. Additional airflow is used underground to improve air quality. The power rating of each piece of equipment was determined, and the utilization factors representing the equipment in use at any time, were applied to estimate the amount of air required. The volume of air determined to ventilate the diesel emissions is 212 kcfm.

The generalized strategy for ventilating the ESM mine is to use the stopes and associated workings near the #2 Shaft as intake. Air is exhausted through the #4 Shaft and #4 Borehole. The #2 Shaft exhausts a minor amount for temperature control. Approximately 5% losses to unknown connections to surface through the #2 Mine are routinely measured.

On the 3500 level, two parallel 200 hp Alphair Primary fans draw air from the surface supply and send 235 kcfm to the mine; most of this air is exhausted through the main haulage ramp and up the #4 Shaft while the rest is run through Mud Pond and out the #4 Borehole.

Based on LOM plans, future ventilation upgrades will include the installation of one variable orifice ventilation door within the Mud Pond ramp and additional miscellaneous 50 hp to 150 hp ventilation fans in New Fold and Mahler (Figure 16-10).

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-214** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_083.jpg)

Source: ESM 2024

**Figure 16-10: LOM ventilation installations**

16.1.14.2 Mine
 Air Heating

There are no identified needs nor plans to introduce heated air to the mine at this time.

16.1.14.3 Electrical
 Power

Most of the electrical power consumption at the mine arise from:

■ Main
 and auxiliary ventilation fans;

■ Mine
 air compressors;

■ Hoisting;

■ Drilling
 and ground support equipment;

■ Dewatering
 pumps;

■ Refuge
 stations.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-215** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

High-voltage cables enter the mine via the existing shafts and are distributed to electrical substations near the mining zones. Power is delivered at 13.8 kV and reduced to 480 V at electrical substations.

Total electrical power consumption for UG mining is estimated at 2.4 MW during operations. The site elementary electrical one-line diagram is shown in Figure 16-11.

![](ex99-48_084.jpg)

Source: ESM 2024

**Figure 16-11: Site elementary electrical one-line diagram**

16.1.14.4 Compressed
 Air

Compressed air is required for longhole drills, jacklegs, jumbos, bolters, bulk explosives tractor, and face pumps. Compressed air is provided by stationary compressors on surface. Reticulation of compressed air through the mine utilizes the existing pipes in addition to new 2" pipes as development advances. To minimize on-going compressed air transportation and leakage costs, it has been determined that all new equipment requiring compressed air shall have its own manufacturer's air compressor on-board. The Stopemate LH Drill has been provided a dedicated and mobile air compressor for its use.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-216** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.14.5 Service
 Water Supply

Service water for drilling, dust control, washing and fire suppression is sourced from surface via a 10" stainless steel 314 pipe within the #4 Shaft and distributed in 2" diameter steel piping.

16.1.14.6 Dewatering

Water-bearing fracture zones at ESM generally occur above a depth of 900 ft, diminish with depth, and become nearly non-existent in the deeper portions of the mines below 1,300 ft. Most of the fresh water encountered in the mines enters from the upper levels. This water enters through fractures connected to the surface water features and the water table.

All the water entering the mine is collected at the sumps near the #4 Shaft. Most of the water collects at the 1300 level sump and a small percentage makes its way to the 3100 sump. The water at 3100 is stage pumped to the 1300 sump, then to surface.

The mine has been plugged at 900 level in the connected #3 Mine, which prevents the majority of ground water from entering the mine and descending to the bottom at 3100 level (#3 Mine is the defunct sister mine to the #4 Mine and there are several points of where they join). Any small quantities encountered are picked up at the 1300 sump.

The mine neighbors a talc operation, which hosts a flooded pit, the Arnold Pit. There is an excavation connecting ESM Property and the Arnold Pit. ESM has been pumping inflow from the talc mine out through the 1300 sump pump to prevent inflow from reaching the lower levels of the mine. Historically, during operation, total water discharge from the mine has varied between 223,000 gallons per day (gal/d) to a high of 727,000 gallons per second (gal/s), and fluctuations appear to correlate with periods of high rainfall or snowmelt (Hudbay, 2005b).

During periods of care and maintenance, an average 270 kW has been required to keep the mine fully pumped out. Additional pumping requirements estimated for the LOM include small sump pumps to be installed in new working areas to collect and remove water brought underground for equipment consumption. Sumps have been designed down ramp of the entry to each mining level to collect water. Remuck bays no longer in use may be slashed in the floor to provide small sumps in which portable submersible pumps will be used.

Water is pumped from sump pumps in the mine through 2" to 6" steel and HDPE piping.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-217** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.14.7 Explosives Storage and Handling

Primary explosives storage magazines are located off site at the blasting contractor facility across the road from the mine entrance. Secondary magazines are located underground to provide explosives storage for up to 7 days. Explosives and detonators are stored in separate magazines in the underground.

Bulk and bagged ANFO are used as the major explosives for mine development and production. Explosives handling, loading, and detonation are carried out by trained and authorized personnel.

Typically, UG operations of this rock type require powder factors of approximately 1.9 lb/t for development and 0.7 lb/t for LRS with good fragmentation.

16.1.14.8 Fuel Storage and Distribution

Mobile equipment is re-fueled at UG fueling stations currently in place with delivery by pipeline from a surface storage tank.

16.1.14.9 Underground Transport of Personnel and Materials

The existing shafts and hoists will continue to be used for moving materials and personnel in and out of the mine. Underground, Kubota Tractors are used to shuttle workers to the active development and production areas. Supervisors, mechanics, engineers, geologists, and surveyors use Kubota tractors and UTVs as transportation underground. A boom truck, flat deck truck and forklift are used to transport supplies and consumables from the #4 Shaft station to active UG workplaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.15 Underground Mine Equipment

The required UG mobile equipment was based on the existing fleet at ESM. Equipment hours were constrained in the schedule as to not exceed the availability and utilization of the current fleet. Scheduled quantities of work in combination with cycle times, productivities, availabilities, and efficiencies formed the basis to limit the fleet size to the existing numbers on the Property.

Table 16-8 summarizes the underground mobile fleet.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-218** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-8: Existing mobile mine equipment fleet**

---

| | |
|:---|:---|
| **Description** | **Onsite** |
| Drill Jumbo – 2-Boom – Sandvik Axera | 1 |
| Drill Jumbo – 2-Boom – Epiroc Boomer 282 | 1 |
| Drill Jumbo – 1 Boom – Gardner Denver MK-35 | 1 |
| Drill Jumbo - 1 Boom – MTI VR II | 2 |
| Longhole – Boart Longyear Stopemate | 1 |
| Longhole – Boart Longyear Stopemaster | 1 |
| Bolter – Secoma Pluton | 2 |
| Bolter – Epiroc Boltech S | 1 |
| LHD (10 t/ 6 yd) Atlas Copco ST 1030 | 1 |
| LHD (10 t/6 yd) Epiroc ST 1030 | 4 |
| LHD (10 t/6 yd) Sandvik LH 410 | 1 |
| LHD (7.0 t/4 yd) MTI 650 | 1 |
| LHD (3 t/2.5 yd) MTI 270 | 1 |
| Haulage Truck – 40 Ton – Tamrock 40 D | 3 |
| Haulage Truck – 42 Ton – Epiroc MT 42 | 2 |
| Powder Tractor – John Deere JD-210C – PT 0003 | 2 |
| Scissor Lift – Getman A-64 | 4 |
| Scissor Lift – Walden SLX5000 | 1 |
| Flatdeck – Walden BTX5000 | 1 |
| Grader – Champion C80-A27 – GR0002 | 1 |
| Telehandler – GENI GTH5519 | 1 |
| Mine Rescue Vehicle – Kubota RTV 900 | 1 |
| Utility Vehicles - Kubota RTV 900 | 3 |
| Tractors – Kubota L2500/L2800/L3301 | 29 |
| Jacklegs / Stopers | 43 |

---

Source: ESM 2024

Haulage requirements for LHDs and trucks were estimated for mineralized material, waste and backfill. Mineralized material is hauled to a remuck, loaded into trucks or dropped into material-passes, where it is rehandled and loaded into haul trucks for transportation to the shaft loading station.

Mine development is split between single and twin boom jumbos. Bolting is performed with a Secoma Pluton bolter or an Epiroc Boltech bolter in addition to jacklegs working off muck piles and/or scissor decks.

Two Boart Longyear longhole drills are used for longhole production stoping.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-219** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.1.15.1 Mine Equipment Maintenance

Mobile UG equipment is maintained at the existing UG mine shops. The 2500 level shop is equipped to handle major rebuilds. The 3100 level shop manages daily maintenance and preventative maintenance. Minor maintenance and repairs are done in the work headings underground with the use of a mechanics truck to minimize tramming of equipment to the shop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.16 Mine Personnel

The ESM Mine and mine maintenance department employs 77 people at the full production rate for underground of 1,700 t/d. The normal production schedule is two 10-hour shifts, 5 days per week, with no operations on Saturday and Sunday. This allows a 2-hour pause between shifts to clear blast gases from the mine. In general, blasting only occurs during day shift.

Mine personnel reside in nearby towns and are responsible for their own transportation to and from the site on a daily basis.

Table 16-9 outlines the mine labor force quantities, and rotation schedules.

**Table 16-9: Mine personnel summary**

---

| | | | |
|:---|:---|:---|:---|
| **Position** | **Roster** | **Rotation** | **LOM Average** |
| **Mining Management** | **Mining Management** | **Mining Management** | **Mining Management** |
| Mine Superintendent | Salary | 5 x 2 | 1 |
| **Subtotal – Mining Management** |  |  | **1** |
| **Mining Operations** | **Mining Operations** | **Mining Operations** | **Mining Operations** |
| Shift Supervisor | Hourly | 5 x 2 | 2 |
| Lead Miner | Hourly | 5 x 2 | 4 |
| Miner 1 (Jumbos, Bolters) | Hourly | 5 x 2 | 16 |
| Miner 2 (Jackleg Bolters, LH drillers, Blasters) | Hourly | 5 x 2 | 11 |
| Miner 3 (Loader & Truck Operators) | Hourly | 5 x 2 | 13 |
| Miner 4 (Services, Equipment Operators) | Hourly | 5 x 2 | 14 |
| **Subtotal – Mining Operations** |  |  | **60** |
| **Crushing and Hoisting** | **Crushing and Hoisting** | **Crushing and Hoisting** | **Crushing and Hoisting** |
| Hoistman | Hourly | 5 x 2 | 3 |
| Lead Shaft Miner | Hourly | 5 x 2 | 1 |
| Shaft Miner | Hourly | 5 x 2 | 5 |
| **Subtotal – Crushing & Hoisting** |  |  | **9** |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-220** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Position** | **Roster** | **Rotation** | **LOM Average** |
| **Mine Maintenance** | **Mine Maintenance** | **Mine Maintenance** | **Mine Maintenance** |
| Maintenance Manager | Staff | 5 x 2 | 1 |
| Maintenance General Foreman | Staff | 5 x 2 | 1 |
| Electrical General Foreman | Staff | 5 x 2 | 1 |
| Maintenance Clerk | Staff | 5 x 2 | 1 |
| Maintenance Supervisor | Hourly | 5 x 2 | 3 |
| Heavy Duty Mechanic | Hourly | 5 x 2 | 14 |
| Electrician | Hourly | 5 x 2 | 3 |
| **Subtotal – Mine Maintenance** |  |  | **24** |
| **Mining Technical Services** | **Mining Technical Services** | **Mining Technical Services** | **Mining Technical Services** |
| Technical Services Manager | Staff | 5 x 2 | 1 |
| Mine Engineer | Staff | 5 x 2 | 2 |
| Junior Mine Engineer | Staff | 5 x 2 | 1 |
| Project Engineer | Staff | 5 x 2 | 1 |
| Surveyor | Staff | 5 x 2 | 1 |
| Chief Geologist/Engineer | Staff | 5 x 2 | 1 |
| Geologist | Staff | 5 x 2 | 2 |
| **Subtotal Technical Services** |  |  | **9** |
| **Grand Total** |  |  | **103** |

---

Source: ESM 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.17 Mine Production Schedule

Mine scheduling for the ESM project was done internally. The schedule seeks to produce consistent pound of zinc from the operation subject to constraints of development rates, production rates, and backfill rates, and other engineering constraints such as ventilation or equipment congestion. Only the C&F mining areas require the placement of waste rock as backfill. No cemented backfill is currently planned at ESM. A swell factor of 30% is assumed for calculating loose waste rock volumes.

Annual mine production statistics from 2025 are provided in Table 16-10. Annual production statistics for 2024 are included in Table 16-11.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-221** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-10: Annual mineralized material by mining zone**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Total** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| Tons Mined (kt) | **4042** | 462 | 467 | 455 | 455 | 455 | 455 | 455 | 455 | 383 |
| Zinc Grade | **7.3** | 7.8 | 7.5 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 | 6.5 | 7.3 |
| Contained Zinc (M lb) | **589.1** | 72.3 | 70.3 | 66.3 | 66.3 | 66.3 | 66.3 | 66.3 | 59.2 | 55.8 |

---

Source: ESM 2024

The 2024 mine production was estimated from actual production and short-range projections.

**Table 16-11: Projected production for 2024**

---

| | | |
|:---|:---|:---|
| **Item** | **Total** | **2024** |
| Tons Mined (kt) | **425** | 425 |
| Zinc Grade | **8.6** | 8.6 |
| Contained Zinc (M lb) | **73.2** | 73.2 |

---

Source: ESM 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.18 Mine Development Schedule

The development schedule is based on estimated cycle times for jumbo development.

Annual development footages are summarized in Table 16-12.

**Table 16-12: Annual development schedule**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Development Schedule** | **Unit** | **Total** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** |
| Total Waste Development | ft | **55997** | 7754 | 12202 | 10241 | 9147 | 4163 | 4163 | 4163 | 4163 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-222** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

16.2 Open Pit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 Hydrological Parameters

In 2021, Alpha Geoscience investigated the potential hydrogeological impacts of the proposed Hoist House and Pump House pits. This work was part of a mining permit modification application. The study found the following:

● Anticipated drawdown will not impact nearby residential supply wells or wetlands.

● The pits will drain into existing workings and therefore no pumping should be necessary to maintain a dry floor.

● ESM's existing dewatering system can accommodate additional water flow from ground water and precipitation.

● ESM's existing Water Withdrawal Permit can accommodate the additional flow.

In 2025, Alpha will reassess the hydrogeological conditions in relation to the 2024 pit designs mentioned here-in and relative to the same criteria listed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 Open Pit Geotechnical Considerations

Knight Piésold provided a study dated May 15, 2020, "Empire State Mine Scoping Level Pit Slope Design" (Blackwell & Peacock, 2020) in which the pit slope recommendations were given (Table 16-13 and Table 16-14). The pit designs, in the Blackwell & Peacock (2020) report, are based on a previous block model. For this study, the slope angle was generalized by modeled lithology from the Blackwell & Peacock (2020) report pending further geotechnical work (Table 16-14).

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-223** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-13: Knight Piésold pit slope recommendations**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open <br> Pit** | **Open Pit Design Sector** | **Dominant Lithology**<br> <sup>(1)</sup> | **Nominal Pit Wall Dip Direction (°)** | **Total Slope Height (ft)**<sup>(2)</sup> | **Dominant Potential Failure Mode** | **Bench Configurations** | **Bench Configurations** | **Bench Configurations** | **Inter-ramp Slope Configurations** | **Inter-ramp Slope Configurations** | **Inter-ramp Slope Configurations** | **Inter-ramp Slope Configurations** | **Overall Slope Configuration** | **Comments** |
| **Open <br> Pit** | **Open Pit Design Sector** | **Dominant Lithology**<br> <sup>(1)</sup> | **Nominal Pit Wall Dip Direction (°)** | **Total Slope Height (ft)**<sup>(2)</sup> | **Dominant Potential Failure Mode** | **Bench Face Angle (BFA) (°)** | **Effective Bench Height (ft)**<sup>(3)</sup> | **Bench Width (ft)** | **Inter-ramp Angle (IRA)** | **Inter-ramp Angle (IRA)** | **Inter-ramp Angle (IRA)** | **Max. Inter-ramp Slope Height (ft)** | **Expected OSA Performance Based on Precedent Practice** | **Comments** |
| **Open <br> Pit** | **Open Pit Design Sector** | **Dominant Lithology**<br> <sup>(1)</sup> | **Nominal Pit Wall Dip Direction (°)** | **Total Slope Height (ft)**<sup>(2)</sup> | **Dominant Potential Failure Mode** | **Bench Face Angle (BFA) (°)** | **Effective Bench Height (ft)**<sup>(3)</sup> | **Bench Width (ft)** | **From Bench Configuration (°)** | **Achievable Based on Kinematics** | **Achievable Based on LE** | **Max. Inter-ramp Slope Height (ft)** | **Expected OSA Performance Based on Precedent Practice** | **Comments** |
| Hoist House | HW1 | UM14, UM15 | 155 | 250 |  | 75 | 40 | 23 | 50 | Yes | Yes | 300 | FoS > 1.3 | Achievable bench and inter-ramp slope performance sensitive to the presence of persistent discontinuities perpendicular to the foliation, striking parallel to the axis of the pit. |
| Hoist House | HW2 | UM14, UM15 | 110 | 240 |  | 75 | 40 | 23 | 50 | Yes | Yes | 300 | FoS > 1.3 | Achievable bench and inter-ramp slope performance sensitive to the presence of persistent discontinuities perpendicular to the foliation, striking parallel to the axis of the pit. |
| Hoist House | FW | UM11, UM13, UM14 | 320 | 235 | Planar | 50 | 40 | 23 | 35 | Yes | Yes | 300 | FoS > 1.3 | Achievable bench geometry is limited by the potential for planar failure along the foliation.<br> If significant UM13 is present behind the slope, it is recommended that this sector be re-evaluated. |
| Turnpike | HW | UM8, UM9, UM10, UM11 | 100 | 295 |  | 75 | 40 | 23 | 50 | Yes | Yes | 300 | FoS > 1.3 | Potential for local raveling due to reduced rock mass quality, where the biotite-altered UM10 is encountered in the wall. |
| Turnpike | FW | UM11 | 285 | 260 | Planar | 65 | 40 | 23 | 44 | Yes | Yes | 300 | FoS > 1.3 | Achievable bench geometry is limited by the potential for planar failure along the foliation. |

---

Source: Knight Piésold 2020 (Blackwell & Peacock, 2020)

Notes:

<sup>(1)</sup> Final pit wall lithology based on lithology models provided by Titan (Feb. 2020).

<sup>(2)</sup> Total slope height and wall orientations based on pit shell provided by Titan (Jan. 2020). Reported slope heights are based on the pit shells and are measured from the toe of the walls in the deepest section of the sector.

<sup>(3)</sup> Effective bench heights based on 20 ft benches in a double-bench configuration.

---

| | |
|:---|:---|
| **JANUARY 2025** | **16-224** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-14: Generalized slope angles for pit optimization and design**

---

| | |
|:---|:---|
| **Open Pit Design Lithology** | **Nominal Inter-ramp Angle (°)** |
| UM14, UM15 | 50 |
| UM13 | 35 |
| UM8, UM9, UM10 | 50 |
| UM11, UM12 | 44 |
| null | 50 |
| OVB, FILL | 32 |

---

Source: ESM 2024

Knight Piesold's report (Blackwell & Peacock, 2020) is scoping level and recommends further data collection, particularly regarding characterizations of structural features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3 Mineral Resource Model for Mining

The 2024 ESM internal block model estimate for Turnpike was used for the open pit study work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.4 Cut-off Value

The cut-off value is based on NSR value, which accounts for all downstream processing costs. A net payable recovery for each metal was determined that takes into account likely smelter terms and penalties, transport, treatment and refining costs. These smelter terms were supplied by ESM and are based on their current smelter contract. The NSR cut-off value is based on the assumptions shown in Table 16-15.

**Table 16-15: Cut-off value assumptions**

---

| | | |
|:---|:---|:---|
| **Mining Factors** | **Unit** | **Open Pit** |
| Mining Dilution | % | 10 |
| Mining Recovery | % | 100 |
| **Operating Costs** | **Operating Costs** | **Operating Costs** |
| Mining Cost for Mineralization | US$/t | 4.60 |
| Mining Cost for Waste | US$/t | 3.50 |
| Mining Cost for Overburden | US$/t | 2.00 |
| Processing Cost for Mineralization | US$/t | 11.00 |
| G&A Cost for Mineralization | US$/t | 0.00 |

---

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| | |
|:---|:---|
| **JANUARY 2025** | **16-225** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Mining Factors** | **Unit** | **Open Pit** |
| **Processing Recovery** | **Processing Recovery** | **Processing Recovery** |
| Zinc | % | 96 |
| **Revenue** | **Revenue** | **Revenue** |
| Payable Zinc | % | 85 |
| Zinc Price | $/lb | 1.27 |
| Transportation Cost | US$/t con | 50 |
| Selling Cost | US$/t con | 0 |
| Cut-off Grade | % Zn | 0.6 |

---

Source: BBA 2024 and ESM 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.5 Dilution and Mining Recovery Factors

The mineralization occurs in lenses as relatively continuous zones with quite sharp contacts against the adjoining waste layers. The contact can be seen visually in most cases. Dilution can be expected along the contact. Any waste bands internal to the lenses have not been modeled selectively and are therefore included in the mineralization block estimation. Dilution and losses along the lens contacts against waste will occur due to blast movement and the ability to identify and selectively mine along the mixing zone after blasting. Provided care is taken during blasting and rigorous mineralization control and monitoring systems are followed, it is estimated that dilution and mineralization losses can be minimized.

Mining recovery and dilution were accounted for by using a regularized block model. The estimated 10% dilution was not applied within the pit optimization, only to the cut-off grade calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.6 Pit Optimization and Selection

The Lerchs-Grossmann pit optimization algorithm was used to define the ultimate pit shell for the Turnpike area. The selected pit shells were then used to produce pit designs and the open pit mining schedule. BBA completed the pit optimization, pit design, and mine schedule based on inputs from ESM.

Further UG mining is not planned under the open pit zones. The block model was depleted of the existing UG workings. Pit optimization did not therefore consider any further influence from UG mining (Figure 16-13 and Figure 16-14).

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| | |
|:---|:---|
| **JANUARY 2025** | **16-226** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The pit area lies close to houses and residents along the east side of the Turnpike zone and outside of ESM's Property. As well, New York regulations stipulate an offset and slope cone from the Property boundary to the toe of any excavation. The offset is 25' and the slope from the pit crest to toe is 1:1.25 (38.66°). This 'no-go' limit was modeled in the software as an exclusion boundary past which the blocks could not be mined (Figure 16-12).

![](ex99-48_085.jpg)

Source: ESM

**Figure 16-12: Permitting exclusion cone**

The economic inputs required to run optimization include the costs and revenues of the Project and these are classified as mineralization and waste mining costs, mineralization processing costs and selling costs. Revenue is assigned based on mill recoveries and applying the smelter terms. In the case of ESM, various mineralization costs were considered to be covered by the current and future UG operations. Therefore, the applied costs did not include G&A, and the mineralized tonnage was treated as incremental for the purposes of processing costs.

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| | |
|:---|:---|
| **JANUARY 2025** | **16-227** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_086.jpg)

Source: BBA 2024 and ESM 2024

**Figure 16-13: Plan view optimization shells (with cross-section locations)**

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| | |
|:---|:---|
| **JANUARY 2025** | **16-228** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_087.jpg)

![](ex99-48_088.jpg)

Source: BBA 2024 and ESM 2024

**Figure 16-14: Cross-section views**

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| | |
|:---|:---|
| **JANUARY 2025** | **16-229** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The volumes within each shell were evaluated and input into the ESM economic model. The economic model had underground mineralization zeroed out and mineralization and selling costs adjusted to simulate various cut-offs. The discounted NPV of each shell was thus evaluated.

**Table 16-16: Pit shell optimization results**

![](ex99-48_089.jpg)

Source: BBA 2024

16.2.7 Pit Design

Conceptual pits were designed based on the selected pit optimization shell as described above. Design criteria were (Figure 16-15 and Figure 16-16):

● Single lane 25 ft wide up to 12% grade;

● Pit slopes as per geotechnical guidelines;

● Bench access maintained on one side of ramp (pits and dumps). i.e., benches not pinched off on both sides.

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| | |
|:---|:---|
| **JANUARY 2025** | **16-230** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![A map of different colored shapes Description automatically generated](ex99-48_090.jpg)

Source: BBA 2024 and ESM 2024

**Figure 16-15: Open pit designs**

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| | |
|:---|:---|
| **JANUARY 2025** | **16-231** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![A screen shot of a graph Description automatically generated](ex99-48_091.jpg)

![A screen shot of a graph Description automatically generated](ex99-48_092.jpg)

Source: BBA 2024 and ESM 2024

**Figure 16-16: Cross-section of design and shell**

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| | |
|:---|:---|
| **JANUARY 2025** | **16-232** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Indicative tons and diluted grades contained within the conceptual pit designs (Figure 16-17) are presented in Table 16-17.

**Table 16-17: Open pit projected tons and grades**

---

| | | | |
|:---|:---|:---|:---|
| **Zone** | **Mineralized Material (tons)** | **Zn (%)** | **Strip Ratio** |
| Turnpike West Pit | 199621 | 3.37 | 3.10 |
| Turnpike East Pit | 199310 | 2.97 | 3.80 |
| **Total** | **398931** | **3.17** | **3.40** |
| **Total Waste** | **1364423** | **-** | - |

---

Source: BBA 2024

16.2.7.1 Layout of Other Open Pit Mining Related Facilities

A single waste dump has been designed immediately north of the open pits in an existing depression left over from the Vanderbilt open pit mine. The old Vanderbilt pit (a talc mine) is a semi-rehabilitated disturbed site ideally situated for the proposed waste dump. ESM has acquired the Property and right of way. A short, direct haul road will connect the pits with the dump.

A portion of the haul road follows an existing rail line right of way. The line is no longer used for rail cars and was ideally located for hauling mineralization to the mill. The haul route crosses two public roads. ESM will install additional safety features in those locations to ensure safe access for the public.

The existing ESM underground mine uses the #2 Shaft as a secondary escape egress route for evacuation of personnel in an emergency. The collar of this shaft is located between the East Pit and West Pit. The head frame and other facilities at that location will not be impacted by the pit excavations. At this time, the surface accessible resource does not support constructing a second shaft to serve as an alternate escape route for ESM #4 Mine.

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| | |
|:---|:---|
| **JANUARY 2025** | **16-233** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![A map of a land with a map of land and a map of land Description automatically generated with medium confidence](ex99-48_093.jpg)

Source: ESM 2024

**Figure 16-17: Layout of open pit**

16.2.8 Mining Method

It is proposed to mine the open pits using conventional truck and loader mining methods. A mining contractor operation is presumed. All bedrock will require drill and blast operations. Benches shall be 20 ft high with safety berms every second bench (i.e., double benched to 40 ft spacing). The loader could typically work on a temporary bench and load trucks on that same bench. Due to the small pit sizes, none of the pits are phased. The pits are sequenced in the schedule. The pits will alternate to manage total material movement in a 6-month period.

16.2.8.1 Drill and Blast

The proposed drilling parameters for 20 ft bench heights are presented in Table 16-18. Standard, midsized top hammer or down the hole hammer drill rigs are envisioned. The rigs would be equipped with blasthole sample equipment to collect samples for grade control. Explosives could be straight ANFO, emulsion, or ANFO blends. Drilling and explosive supply including loading and shooting, are assumed to be provided by contractors.

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| | |
|:---|:---|
| **JANUARY 2025** | **16-234** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 16-18: Open pit drilling parameters**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Parameter** | **Unit** | **Value** |
| &nbsp;&nbsp;Bench Height | ft | 20 |
| &nbsp;&nbsp;Burden | ft | 11.5 |
| &nbsp;&nbsp;Spacing (Equilateral Triangle) | ft | 13.3 |
| &nbsp;&nbsp;Hole Size | inch | 5.12 |
| &nbsp;&nbsp;Collar | ft | 7.25 |
| &nbsp;&nbsp;Subdrill | ft | 2.5 |
| &nbsp;&nbsp;Explosive Density | g/cm<sup>3</sup> | 0.8 |
| &nbsp;&nbsp;Rock Density | t/ft<sup>3</sup> | 0.09 |
| &nbsp;&nbsp;Powder Factor | lb/t | 0.46 |

---

Source: ESM 2024

Due to the projected short life of the open pit mines and the shallow mining depth, it is assumed that presplit blasting will not be required.

Assuming 10% redrill, 59 ft/h penetration rate, 75% mechanical availability and 90% utilization, and 3,130 h/y, one drill is required to meet production. The drill will be underutilized. Mechanical down time will not increase the requirement to two drills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.8.2 Load and Haul

Two front-end loaders equipped with 5.9 yd<sup>3</sup> (or 4.5 m<sup>3</sup>) buckets (similar to CAT 930 machines) would be required to mine waste and mineralized material. They would load into a fleet of 40 t road trucks (such as Mercedes Actros) or articulated dump trucks (e.g., CAT 740 ADT). Waste hauls are short (approximately 0.65 mi) while hauls for mineralization are longer (approximately 1.5 mi). Overall, annual front-end loader productivity is estimated at approximately 350 t/h and trucks at 130 t/h in mineralization and 170 t/h in waste. Front-end loaders and trucks have been estimated to operate 3,130 h/y. Three trucks should be adequate to meet production. One front-end loader with two trucks could stay permanently in waste. The second front-end loader with one truck could work exclusively in mineralization.

16.2.8.3 Stockpile Rehandling

Direct dumping of mineralization into the crusher may be possible, but in the current estimate, it has been assumed that 100% of mineralization is re-handled from a run of mine (ROM) stockpile into the crusher. ESM currently has the resources to conduct this re-handle and no extra equipment or cost to the open pit mine operation has been applied.

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| | |
|:---|:---|
| **JANUARY 2025** | **16-235** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.9 Open Pit Equipment

The open pit contractor operations are projected to work on a 6-day, 10 h/d roster. One shift (day) is planned. Therefore 60 h/week are scheduled over 52 weeks per year for 3,130 hours/year.

Based on the production schedule (Table 16-21), roster schedule, and equipment productivity estimates, the required equipment list is as shown in Table 16-19.

**Table 16-19: Equipment estimate**

---

| | | | |
|:---|:---|:---|:---|
| **Equipment** | **Y1** | **Y2** | **Y3 (partial)** |
| Trucks | 3 | 3 | 3 |
| Loaders | 2 | 2 | 2 |
| Drills | 1 | 1 | 1 |
| Graders | 1 | 1 | 1 |
| Water trucks | 1 | 1 | 1 |
| Dozers | 1 | 1 | 1 |
| Pickups | 1 | 1 | 1 |

---

Source: ESM 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.9.1 Ancillary Equipment

Ancillary mobile equipment includes dozers, graders, water truck and pickups. This standard equipment is used to maintain roads and dumps and transport staff and personnel, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.10 Open Pit Labor and Staff

The open pit mining contractor is presumed to provide all equipment operators, maintenance workers and shift supervisors. The owner's team is assumed to provide, mine engineers, geologists, and survey. Numbers include a small supplement to account for redundancy in case of absenteeism, training etc.

The open pit contractor labor estimate is provided in Table 16-20.

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|:---|:---|
| **JANUARY 2025** | **16-236** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 16-20: Open pit labor and supervision**

---

| | | | |
|:---|:---|:---|:---|
| **Labor** | **Y1** | **Y2** | **Y3 (partial)** |
| Mine Foreman | 1 | 1 | 1 |
| Drill Operator | 1 | 1 | 1 |
| Drill Helper | 1 | 1 | 1 |
| Blaster | 1 | 1 | 1 |
| Blaster Helper | 2 | 2 | 1 |
| Loader Operator | 2 | 2 | 2 |
| Haul Truck Operator | 4 | 4 | 3 |
| Dozer Operator | 1 | 1 | 1 |
| Water Truck Operator | 1 | 1 |  |
| Grader Operator | 1 | 1 | 1 |
| Mine Laborer | 2 | 2 | 1 |
| Mine Maintenance Foreman | 1 | 1 | 1 |
| Mechanic | 1 | 1 | 1 |
| Mechanic Heavy Equipment | 2 | 2 | 2 |
| Electrician | 1 | 1 | 1 |
| Serviceman | 1 | 1 | 1 |
| Maintenance Laborer | 2 | 2 | 1 |
| **Total** | **25** | **25** | **20** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **16-237** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.11** **Proposed Open Pit Production Schedule** 

The proposed open pit production schedule extends over a 2½ year period and is summarized in Table 16-21.

**Table 16-21: Conceptual open pit production schedule**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Unit** | **H1Y1** | **H2Y1** | **H1Y2** | **H2Y2** | **H1Y3** | **Total** |
| **East Pit** | **East Pit** | **East Pit** | **East Pit** | **East Pit** | **East Pit** | **East Pit** | |
| Mill Feed | t | 651 | 35296 | 19520 | 59771 | 84073 | **199310** |
| Zn | % | 2.3 | 2.1 | 2.2 | 2.6 | 3.8 | **3.0** |
| Overburden | t | 27 | 42206 | 31927 | 43589 | 2708 | **120456** |
| Waste | t | 312 | 151169 | 95753 | 231556 | 154909 | **633698** |
| Total Material Movement | t | 990 | 228671 | 147199 | 334915 | 241689 | **953464** |
| Stripping Ratio | W:O | 0.5 | 5.5 | 6.5 | 4.6 | 1.9 | **3.8** |
| Zn recovered | lb | 28373 | 1429912 | 835768 | 2937864 | 6133966 | **11365453** |
| Zn payable | lb | 24117 | 1215425 | 710403 | 2497185 | 5213871 | **9660635** |
| **West Pit** | **West Pit** | **West Pit** | **West Pit** | **West Pit** | **West Pit** | **West Pit** |  |
| Mill Feed | t | 44208 | 39704 | 80480 | 35229 | 0 | **199621** |
| Zn | % | 2.6 | 3.6 | 3.6 | 3.5 | 0.0 | **3.4** |
| Overburden | t | 31320 | 10003 | 316 | 0 | 0 | **41639** |
| Waste | t | 223482 | 121623 | 172005 | 51521 | 0 | **568630** |
| Total Material Movement | t | 299010 | 171329 | 252801 | 86750 | 0 | **809890** |
| Stripping Ratio | W:O | 5.8 | 3.3 | 2.1 | 1.5 | 0.0 | **3.1** |
| Zn recovered | lb | 2189887 | 2774833 | 5593682 | 2353861 | 0 | **12916277** |
| Zn payable | lb | 1861404 | 2358608 | 4754630 | 2000782 | 0 | **10978836** |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |  |
| Mill Feed | t | 44859 | 75000 | 100000 | 95000 | 84073 | **398931** |
| Zn | % | 2.6 | 2.9 | 3.4 | 2.9 | 3.8 | **3.2** |
| Overburden | t | 31347 | 52208 | 32242 | 43589 | 2708 | **162094** |
| Waste | t | 223794 | 272792 | 267758 | 283077 | 154909 | **1202329** |
| Total Material Movement | t | 300000 | 400000 | 400000 | 421665 | 241689 | **1763354** |
| Stripping Ratio | W:O | 5.7 | 4.3 | 3.0 | 3.4 | 1.9 | **3.4** |
| Zn Recovered | lb | 2222135 | 4204800 | 6432000 | 5289600 | 6133966 | **24280536** |
| Zn Payable | lb | 1888815 | 3574080 | 5467200 | 4496160 | 5213871 | **20638456** |

---

Source: BBA 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **16-238** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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17. Recovery Methods

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

**17.1** **Introduction** 

Mineralized material mined in the ESM deposits is processed at the existing ESM concentrator that was commissioned in 1970 and last shut down in 2008. The concentrator was refurbished in late 2017 and began processing mineralization in 2018. The concentrator flowsheet includes crushing, grinding, sequential lead and zinc flotation circuits, concentrate dewatering circuits, and loadout facilities. The flowsheet for the current operation is shown in Figure 17-1. The flowsheet for the proposed operation, which includes a lead circuit, is shown in Figure 17-2.

The design capacity of the concentrator is 5,000 t/d. Throughout the history of the Balmat operation (now ESM), the capacity of the concentrator has exceeded that of the mines' capacity. The operating strategy is to operate the concentrator at its rated hourly throughput of 200 t/h to 220 t/h, but for only as many hours as necessary to suit mine production. It currently is processing between 8,500 t and 8,750 t per week operating on a schedule of one shift per day, 4 days per week. The concentrator suffers no notable losses from intermittent operation.

Brief descriptions of the concentrator circuits, equipment condition assessments, design criteria, and recommendations for work prior to restarting the concentrator follow below.

17.2 Plant Design Criteria

From a metallurgical perspective, the optimal way to operate a concentrator is on a continuous basis to minimize the usual occurrences of sub-standard metallurgy on start-up and product losses on shutdown.

While the mill has a capacity of 5,000 t/d, the underground mine production is typically no more than 1,750 t/d. The mill is operated for 10 to 12 hours per day. This inherently introduces some amount of instability during start-up and shutdown.

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| | |
|:---|:---|
| **JANUARY 2025** | **17-239** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_094.jpg)

Source: ESM 2020

**Figure 17-1: Concentrator flowsheet current state** 

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|:---|:---|
| **JANUARY 2025** | **17-240** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

![](ex99-48_095.jpg)

Source: ESM 2020

**Figure 17-2: Concentrator flowsheet with Pb circuit**

**17.2.1** **Crushing Circuit** 

Primary crushing is done underground by a 36" x 48" jaw crusher, or on surface by a 30" x 42" jaw crusher set up outside the concentrator.

Coarse material from the surface crusher or the shaft hoist is conveyed to the secondary crusher by a 36" conveyor, equipped with an electromagnet for tramp removal. A Corrigan metal detector is situated near the top end of the conveyor and is interlocked with the conveyor. There is a picking station at the top of the conveyor for observation and removal of scrap by an operator.

Coarse material from the above conveyor is discharged into the feed chute of a 6' by 14' Tyler Tyrock Screen, Model F-900. The screen undersize reports to the #2 conveyor and the screen oversize reports to the crusher. The screen deck opening size is 1.5".

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| | |
|:---|:---|
| **JANUARY 2025** | **17-241** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

The crusher is an Allis Chalmers Hydrocone, Model 1084 EHD (84" diameter, extra heavy duty) equipped with a 300 hp motor. The crusher operates in open circuit, discharging to the #2 conveyor, to be combined with the screen undersize.

In a Hydrocone crusher with an intermediate chamber, the close-side setting can be set between ½" and 2" with corresponding capacities in the order of 275 t/h to 400 t/h. The total circuit capacity will be greater than this by an amount equal to the fines in the feed that are screened out before entering the crusher.

Conveyor #2 is equipped with a four-idler Merrick weightometer, and discharges via a transfer chute to the #3 conveyor that runs to the top of the fine mineralized material bins. An automatic sampler is installed on this belt. Discharge from the #3 conveyor is distributed between the two fine mineralized material bins by a shuttle conveyor. Each fine mineralized material bin has a rated capacity of 2,000 t.

While production records show that the operating hours on the crushing plant were approximately the same as that of the grinding circuit, this is more a function of the hoisting rate (200 t/h–220 t/h) than the actual crusher throughput. The actual capacity of the crusher is higher than indicated by the records, and in any case is more than adequate for future requirements. The crusher cone-mantle 'gap setting' is maintained to deliver ¾" feed to the rod mill. The crushing circuit design criteria are shown in Table 17-1.

**Table 17-1: Crushing circuit design criteria**

---

| | | |
|:---|:---|:---|
| **Design Criteria** | **Unit** | **Value** |
| Crushing Circuit Operating Time | h/d | 10–12 |
| Crushing Circuit Operating Time | d/w | 4–5 |
| Design Throughput | t/h | 220 |
| Mineralization Feed Size to Secondary Crusher, 80% Passing (estimated) | in | 4 |
| Type of Screen | Vibrating single deck |  |
| Aperture Size | in | 1.5 |
| Screen Dimensions | ft | 6 x 14 |
| Installed Motor on Screen | hp | 30 |
| Type of Secondary Crusher | Cone |  |
| Secondary Crusher Bowl Diameter | ft | 7 |
| Installed Motor on Secondary Crusher | hp | 300 |
| Secondary Crusher Discharge Size, 80% Passing (estimated) | in | ¾" |

---

Source: ESM operating data 2020

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|:---|:---|
| **JANUARY 2025** | **17-242** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**17.2.2** **Fine Mineralized Material Bin** 

There are two bins with a nominal capacity of 2,000 t each. In preparation for start-up, inspections were completed, and the bins have been returned to service. Plugs were drilled and pulled from several points on both mineralized material bins to ascertain a true thickness measurement. The inner surfaces of the bin were scaled to remove any free and loose material. The thickness testing was repeated in 2021.

Each bin is fitted with three slot feeders and DC variable speed drive conveyors. These have been inspected and returned to service as part of start-up.

**17.2.3** **Grinding Circuit** 

Fine crushed mill feed is conveyed to the rod mill on a 36" conveyor equipped with a four-idler Merrick weightometer.

The rod mill is an 11.5 ft by 16 ft Allis Chalmers mill with a 1,000 hp Allis Chalmers synchronous motor. The mill will operate in open circuit and will be charged with 4" diameter rods.

The ball mill is a 12.5 ft by 14 ft Allis Chalmers mill with a 1,000 hp motor (identical to the rod mill motor). The mill will be charged with 2" diameter balls and operated in closed circuit with two Warman 26" cyclones.

Typical mill feed rates were in the range of 200 t/h to 220 t/h. The final grind size was normally 80% to 85% passing 65 mesh.

The media charges were left in the mills on shutdown, and minimal difficulties were found during mill start-up.

The rod mill was relined in January 2018 by Metso in advance of the recommissioning.

The existing grinding circuit is adequate for future requirements. Laboratory test work on the proposed mill feed has indicated that there is no benefit in grinding any finer than was done in the past. If future plant test work does show that finer grinding improves metallurgical performance, this could be accomplished simply by reducing throughputs and increasing operating time.

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| | |
|:---|:---|
| **JANUARY 2025** | **17-243** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 17-2: Grinding circuit design criteria**

---

| | | |
|:---|:---|:---|
| **Design Criteria** | **Unit** | **Value** |
| Grinding Circuit Operating Time | h/d | 10–12 |
| Grinding Circuit Operating Time | d/w | 4–5 |
| Design Throughput | t/h | 200 |
| ESM Mill Feed Material Work Index | kWh/t | 8.3 |
| Rod Mill Diameter | ft | 11.5 |
| Rod Mill Length | ft | 16 |
| Installed Motor on Rod Mill | hp | 1000 |
| Required Power on Rod Mill | hp | 1000 |
| Grinding Rod Size | in | 4 |
| Estimated Charge Volume | % | 35 |
| Rod Mill Feed Size, 80% Passing | µm | 25000 |
| Rod Mill Discharge Size, 80% Passing | µm | 650 |
| Ball Mill Diameter | ft | 12.5 |
| Ball Mill Length | ft | 14 |
| Installed Motor on Ball Mill | hp | 1000 |
| Required Power on Ball Mill | hp | 1000 |
| Grinding Ball Size | in | 2 |
| Estimated Charge Volume | % | 34 |
| Ball Mill Feed Size, 80% Passing | µm | 1000 |
| Cyclone Diameter | in | 26 |
| Number of Operating Cyclones | qty | 2 |
| Cyclone O/F, 80% Passing Size | µm | 150 |

---

Source: ESM operating data 2020

17.2.4 Lead Flotation Circuit

Cyclone overflow reports by gravity to the head end of the lead circuit. The lead rougher circuit consists of a single bank of seven Wemco 300 ft<sup>3</sup> cells.

All of the air inlet ports on the Wemco cells are wide open as the slide gates are not in use. This is not unusual for Wemco cells. In its current state, the lead flotation cleaning circuit is 1st stage cleaning only. The 2nd, 3rd, and 4th stage cleaners were deemed inoperable and removed during the 2006 recommissioning by Hudson Bay Mining and Smelting Co.

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| | |
|:---|:---|
| **JANUARY 2025** | **17-244** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The UG mine plan suggests that mill feed from underground sources will have lead values in the order of 0.02%. At this low level, it will not be necessary or economic to run the lead circuit. Currently, the lead flotation circuit is used to pre-float talc and magnesium. Excessive talc in the final concentrates results in high magnesium content and will incur penalties.

The open pit mine plan indicates that mill feed from open pit sources will have lead and silver grades that are high enough to produce a saleable lead/silver concentrate.

Various options for utilizing the existing lead circuit are put forward for consideration:

■ Maintain the circuit in serviceable condition in case there are short-term lead spikes in the feed, i.e., when the mill is treating
a high proportion of Type 2 mill feed. It is unlikely that a marketable lead concentrate would be produced, and the concentrate could
simply be pumped to the final tails pumpbox. Continue to use lead rougher and 1st stage cleaner as a talc "pre-float"
to remove excessive talc.

■ Bring lead circuit back to its original design by adding,
at a minimum, 2nd and 3rd stage cleaners.

■ Install a single vertical cell as final cleaning stage after
1st cleaner.

The second and third options are put forward with the intent of producing a marketable lead concentrate. This may require that mineralization source with higher than normal lead values such as those from the open pits, be handled separately, when feasible, so as not to dilute the lead values by co-mingling with underground mineralization. It is advisable that further benchwork be completed to prove that this approach significantly increases the ability of producing a marketable lead concentrate to justify the additional capital required. Beyond the expansion of the cleaning circuit, a moderate amount of civil work will be required on the lead thickener, cell dividers and center-well to deal with historic corrosion issues and ensure tightness. No issues are anticipated with the lead vacuum pump or disc filter.

17.2.5 Zinc Flotation Circuit

The zinc rougher circuit consists of two parallel banks of Wemco 300 ft<sup>3</sup> cells. There are six cells in #1 bank and seven cells in #2 bank.

At the end of #1 rougher bank is a tails box equipped with a vertical sump pump that pumps tailings from both rougher banks to the scavenger bank.

All motor stands on these cells have been reinforced.

The scavenger circuit consists of a single bank of seven Wemco 300 ft<sup>3</sup> cells. All motor stands on these cells have been reinforced.

The zinc cleaner circuit consists of four Denver 300 ft<sup>3</sup> cells as first cleaners and three Denver 300 ft<sup>3</sup> cells as second cleaners.

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| | |
|:---|:---|
| **JANUARY 2025** | **17-245** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Design criteria for the zinc rougher/scavenger flotation circuit are shown in Table 17-3. The lead circuit was not included, at this point it is assumed that the lead circuit will be used as a 'talc' pre-float the majority of the time.

The retention times in roughing and scavenging stages are 15 minutes and 8 minutes, respectively. The retention times in the first and second cleaner stages are nine and 11 minutes. Normal design practice would be to provide approximately the same retention times in cleaning as in roughing. Given the fast kinetics of the ESM mill feed, this may not be an issue. However, if it becomes evident in operation (from high circulating loads) that the cleaner capacity is too low, the mill feed rate could be lowered as necessary to reduce the load on the cleaners. Design criteria for the zinc first cleaner and zinc second cleaner flotation circuits are shown in Table 17-4 and Table 17-5, respectively.

**Table 17-3: Zinc rougher / scavenger flotation circuit design criteria**

---

| | | |
|:---|:---|:---|
| **Design Criteria – Zinc Roughers** | **Unit** | **Value** |
| Solids Feed Rate into Zinc Circuit | t/h | 200 |
| Zinc 1st Cleaner Tails to Zinc Roughers | t/h | 53 |
| Feed Pulp Density | % w/w | 39 |
| Feed Flowrate into Zinc Circuit | gal/min | 1940 |
| **Existing Zinc Rougher Cells** | **Existing Zinc Rougher Cells** | **Existing Zinc Rougher Cells** |
| ▪ Type (Wemco self-aspirated) |  |  |
| ▪ Individual Cell Size | ft<sup>3</sup> | 300 |
| ▪ Number of Cells | qty | 13 |
| ▪ Installed Motor Size in each Cell | hp | 30 |
| Total Zinc Flotation Rougher Retention Time | min | 15 |
| **Zinc Rougher Concentrate** | **Zinc Rougher Concentrate** | **Zinc Rougher Concentrate** |
| ▪ Grade | % Zn | 28 |
| ▪ Zinc Recovery | % | 112 |
| ▪ Solids to Zinc Rougher Concentrate | t/h | 94 |
| ▪ % Solids | % w/w | 35 |
| ▪ Flowrate | gal/min | 640 |
| **Existing Zinc Scavenger Cells** | **Existing Zinc Scavenger Cells** | **Existing Zinc Scavenger Cells** |
| ▪ Type (Wemco self-aspirated) |  |  |
| ▪ Individual Cell Size | ft<sup>3</sup> | 300 |
| ▪ Number of Cells | qty | 7 |
| ▪ Installed Motor Size in each Cell | hp | 30 |
| Total Zinc Scavenger Flotation Retention Time | min | 8 |

---

Source: ESM operating data 2020

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| | |
|:---|:---|
| **JANUARY 2025** | **17-246** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 17-4: Zinc first cleaners design criteria**

---

| | | |
|:---|:---|:---|
| **Design Criteria – Zinc First Cleaners** | **Unit** | **Value** |
| Solids Feed Rate into Zinc First Cleaners | t/h | 102 |
| Feed Pulp Density | % w/w | 31 |
| Feed Flowrate into Zinc First Cleaners | gal/min | 1008 |
| **Existing Zinc First Cleaner Cells** | **Existing Zinc First Cleaner Cells** | **Existing Zinc First Cleaner Cells** |
| ▪ Type (Denver forced air) |  |  |
| ▪ Individual Cell Size | ft<sup>3</sup> | 300 |
| ▪ Number of Cells | qty | 4 |
| ▪ Installed Motor Size in each Cell | hp | 30 |
| Total Zinc First Cleaner Retention Time | min | 9 |
| **Zinc First Cleaner Concentrate** | **Zinc First Cleaner Concentrate** | **Zinc First Cleaner Concentrate** |
| ▪ Grade | % Zn | 49 |
| ▪ Zinc Recovery | % | 103 |
| ▪ Solids Flow Rate Zinc Cleaner Concentrate | t/h | 49 |
| ▪ % Solids | % w/w | 25 |
| ▪ Volume | gal/min | 640 |

---

Source: ESM operating data 2020

**Table 17-5: Zinc second cleaners**

---

| | | |
|:---|:---|:---|
| **Design Criteria – Zinc Second Cleaners** | **Unit** | **Value** |
| Solids Feed Rate into Zinc Second Cleaners | t/h | 49 |
| Feed Pulp Density | % w/w | 25 |
| Feed flowrate into Zinc Second Cleaners | gal/min | 640 |
| **Existing Zinc Second Cleaner Cells** | **Existing Zinc Second Cleaner Cells** | **Existing Zinc Second Cleaner Cells** |
| ▪ Type (Denver) |  |  |
| ▪ Individual Cell Size | ft<sup>3</sup> | 300 |
| ▪ Number of Cells | qty | 3 |
| ▪ Installed Motor Size in each Cell | hp | 30 |
| Total Zinc Second Cleaner Retention Time | min | 11 |
| **Zinc Second Cleaner Concentrate** | **Zinc Second Cleaner Concentrate** | **Zinc Second Cleaner Concentrate** |
| ▪ Grade | % Zn | 55.5 |
| ▪ Zinc Recovery | % | 96 |
| ▪ Solids to Zinc Second Cleaner Concentrate | t/h | 41 |
| ▪ % Solids | % w/w | 36 |
| ▪ Flowrate | gal/min | 326 |

---

Source: ESM operating data 2020

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|:---|:---|
| **JANUARY 2025** | **17-247** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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17.2.6 Lead Dewatering Circuit

The lead thickener is 40' in diameter and has been modified from the original design. There are no rakes, and overflow pipes have been installed in the tank walls at a level several feet lower than the original overflow. There is no underflow pump as a submersible pump is used to extract solids from the bottom of the thickener and pump directly to the vacuum filter.

The lead filter is an 8'10" Eimco disc type unit with four of the five possible rows of discs installed. The filter is in good condition. Filtered lead concentrate is conveyed to the concentrate loadout. The concentrate conveyor is equipped with a four-idler Merrick weightometer.

None of the equipment in the lead dewatering circuit has been operated since 2009.

17.2.7 Zinc Dewatering Circuit

The zinc thickener is a 50' diameter conventional Eimco unit. Thickener underflow is pumped directly to the vacuum filter. Inspection of the main framework indicated need for additional reinforcement. This work was completed during the refurbishment phase in 2017.

The zinc filter is an 8'10" Eimco disc type with seven of eight possible discs installed. The filter is in good condition and has operated without issue since the restart in 2018.

There are two Nash vacuum pumps; one is 100 hp and the other is 125 hp.

Zinc concentrate is conveyed to a 90 ft diameter by 45' Koppers oil-fired dryer. It is also possible (with a reversible conveyor) to bypass the dryer. The filter cake typically has higher moisture during daily start-up and shut down but averages 8.5% moisture which does not require operation of the dryer. As is noted below, the dryer was operated until March 2019. Since then, it has been by-passed for cost reduction reasons as the reduction in moisture to 7% did not justify its operation. Mechanically, the dryer is in reasonable condition. The inside of the dryer was cleaned out on shutdown.

Dried zinc concentrate is conveyed to the loadout. The front-end loader is used to load trucks.

17.2.8 Ancillary Equipment

17.2.8.1 Reagent Distribution

There are mixing tanks on the upper floor of the concentrator for copper sulfate, sodium cyanide, sodium sulfide and xanthate as well as storage tanks for the neat reagents (e.g., Cytec 3477, 5100, and MIBC). There are three 12 ft diameter copper sulfate storage tanks on the bottom floor of the mill. All copper sulfate tanks have been removed from service.

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|:---|:---|
| **JANUARY 2025** | **17-248** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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A collection of diaphragms and peristaltic pumps (variable speed) with magnetic flowmeters are used for reagent distribution.

17.2.8.2 Lime Mixing

The design capacity of the lime silo is 100 t. A drag chain conveyor delivers lime from the silo to a 4 ft x 3 ft Denver ball mill for slaking. The lime slaker is fully operational.

17.2.8.3 Process Water Pumps

There are three water pumps installed on the process water sump inside the mill.

During the last operating run, lower sections of many steel columns were replaced due to extensive corrosion in the flotation area.

17.3 Metallurgical Balance

The concentrator mass balance in Table 17-6 shows estimated overall recovery and zinc grades based on the locked cycle test results and operating data, extrapolated to the estimated average zinc head of 8.5% for the LOM.

**Table 17-6: Concentrator mass balance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stream** | **Distribution (%)** | **Mass flow (t/h)** | **Assay (% Zn)** | **Recovery (% Zn)** |
| Heads | 100 | 200 | 8.5 | 100 |
| Zinc Concentrate | 14.6 | 28.1 | 56 | 96 |
| Tails | 85.4 | 170.8 | 0.38 | 4 |

---

Source: TR 2018

17.4 Water Balance

Overall water balances for the ESM site are summarized in Table 17-7 and Table 17-8 for the following scenarios:

■ Plant operating, summer;

■ Plant operating, winter;

■ Plant not operating, summer;

■ Plant not operating, winter.

Water flowrates were provided in US gal/d, as submitted in 2005 to the New York State Department of Environmental Conservation in compliance with State Pollutant Discharge Elimination System (SPDES) permits. Flowsheet data was provided by ESM personnel.

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|:---|:---|
| **JANUARY 2025** | **17-249** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 17-7: ESM water balance, plant operating**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Water Inflow** | **US gal/d** | **US gal/d** | **Water Outflow** | **US gal/d** | **US gal/d** |
| **Water Inflow** | **Summer** | **Winter** | **Water Outflow** | **Summer** | **Winter** |
| Mill Feed Moisture | 12000 | 12000 | Concentrate Moisture | 10000 | 10000 |
| Lake Pumps | 851000 | 889000 | Plant Water to Tailings | 1577000 | 1716000 |
| Mine Water | 379000 | 491000 |  |  |  |
| Run-off and Drain Water | 345000 | 334000 |  |  |  |
| **Total Inflow** | **1587000** | **1726000** | **Total Outflow** | **1587000** | **1726000** |

---

Source: SLZ 2018

**Table 17-8: ESM water balance, plant not operating**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Water Inflow** | **US gal/d** | **US gal/d** | **Water Outflow** | **US gal/d** | **US gal/d** |
| **Water Inflow** | **Summer** | **Winter** | **Water Outflow** | **Summer** | **Winter** |
| Mill Feed Moisture | - | - | Concentrate Moisture | - | - |
| Lake Pumps | 45000 | 73000 | Plant Water to Tailings | 426000 | 483000 |
| Mine Water | 279000 | 335000 |  |  |  |
| Run-off and Drain Water | 102000 | 75000 |  |  |  |
| **Total Inflow** | **426000** | **483000** | **Total Outflow** | **426000** | **483000** |

---

Source: ESM 2024

17.5 Opportunities for Metallurgical Improvement

The ESM concentrator will be required to operate for approximately 30% of the time to handle the proposed mining rates. If ways can be found to increase mine production, the additional tonnage could be handled with no modifications to the plant.

Locked cycle tests produced zinc concentrate grades of 60%. The metallurgical forecast grade was reduced to 56%, in part from operating results from 2006 to 2008. Currently, the concentrator is producing zinc concentrate at an average of 59.0% zinc with 3% iron and 0.50% magnesium.

The current zinc dewatering equipment consists of a disc filter and rotary dryer. While this arrangement is considered to be largely obsolete, the equipment is in good working order and operates efficiently for its intended use. Since March 2019, the dryer has been bypassed in the interest of cost reduction and the concentrate dewatering has been accomplished by the vacuum disc filter alone. Aided in part by the relative coarseness of the concentrate, a moisture level of 8.5% has been achieved.

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|:---|:---|
| **JANUARY 2025** | **17-250** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**17.6** **Assumptions** 

■ The samples used for the metallurgical test work are representative
of the mineralized material planned to be mined in the Mud Pond and Mahler deposits.

■ The results of the metallurgical test work conducted at ESM, in conjunction with Lakefield, are representative of the metallurgical
results that are anticipated to be produced by the concentrator while in operation.

■ Lead values in the underground mineralization will be generally very low, and lead concentrate is not planned to be produced. Lead
values in the open pit mineralization are expected to be higher and it will be possible to produce a lead concentrate from this mineralization
source.

■ Since recommissioning, the recovery of zinc to zinc concentrate is typically over 96%.

■ Moisture content of the zinc concentrate is 8.5% based on recent operating data.

**17.7** **Conclusions** 

While aged, the concentrator is in good working order and runs efficiently. No modifications are required to continue processing underground mineralization sources and minimal modifications would be required for processing the mineralized material to be mined from the open pits.

Since restart, specific efforts have been made to modernize when opportunities arise. Examples of such work can be seen in rougher bank level control with the replacement of dart valve/end-box arrangements, replacement of DC motors with obsolete drives by AC motors with up-to-date VFDs and systematic upgrading of electronic controls. The concentrator does benefit from the fact that the operating schedule allows for adequate time for preventative maintenance.

The physical plant refurbishment commenced at the same time in 2017. Significant repairs were required to the steam system in the concentrator after 9 years of inactivity. Improvements were made to increase the capacity and quality of the potable water system. Compressed air is provided by a 7.5 hp IR and 15 hp IR air compressors. The main facility compressed air system provides instantaneous back-up.

The metallurgical laboratory is aged but has shown to be sufficient for the operation. The laboratory maintains a relationship with an outside contract laboratory for the purpose of running comparison and duplicate sample exercises.

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|:---|:---|
| **JANUARY 2025** | **17-251** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18. Project Infrastructure

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

18.1 General Site Arrangement

The general site arrangement is depicted below in Figure 18-1. No modifications to the site layout have been made since mine closure by the previous mine operator in 2008.

![](ex99-48_096.jpg)

Source: JDS 2018

**Figure 18-1: EMS general site arrangement**

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|:---|:---|
| **JANUARY 2025** | **18-252** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18.2 Roads, Barging, Airstrip, and Rail

Access to the ESM facility is by existing paved state, town, and site roads. All access to the mine/mill facility as well as concentrate haulage from the facility is by paved public roads and/or an existing CSX rail short line.

The ESM site is located adjacent to State Highway 812, approximately 1.5 mi from the junction with State Highway 58. A mile-long stretch of Sylvia Lake Road currently handles traffic to and from the site, including truck haulage of concentrate. Road maintenance is carried out by the Town and State Government Department of Highways.

There are currently two entries from Sylvia Lake Road providing access to the site. The main entry gives access to the parking lot and the approach to the office complex, and the tailings line entry is the waste truck haulage route to the tailings impoundment.

18.3 Buildings and Structures

Northeast Construction was the primary contractor for the #4 Mine shaft and main office facilities. The #4 Mine shaft was completed in the spring of 1972.

The office complex was completed in the fall of 1971. The mill facility was constructed by Northeast Construction Company starting in April 1970 until its completion in August 1971. The new mill started operations in the spring of 1972. Building construction details are available in Table 18-1.

The quality of construction is very good. Much of the steel is galvanized and the corrugated siding is heavy and has weathered the elements well. The buildings were well-maintained during the 8-year care and maintenance period between 2008 and 2017.

Minor upgrades to heating and water distribution and communications systems in these structures have been completed in recent years.

18.3.1 Office Complex

The existing mine office complex is a two-story steel frame and concrete block / galbestos-sided building with steel joist / concrete plank built up roof system. As part of the first floor, the maintenance vehicle storage garage, boiler room and dry / lamp room form a 60 ft x 273 ft area. The dry room, located on the ground floor, accommodates 125 persons with individual lockers for clean clothes and hanging baskets for working clothes for all personnel, as well as the appropriate number of showers and toilet facilities.

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|:---|:---|
| **JANUARY 2025** | **18-253** |

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| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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A foreman's locker room is located near the front of this floor and can accommodate 25 supervisors and visitors. An additional locker near the main lobby can accommodate15 people.

The ground floor also contains mine offices, a boiler room and lamp room. The boiler room houses two Cleaver Brooks 250 hp boilers. Hot water for sanitary purposes is provided by quick recovery propane water heater, eliminating the need to operate a steam boiler through the summer months.

The second floor (125 ft x 273 ft) contains a warehouse, machine shop, mine rescue room, first aid equipment room and training room. The warehouse has a 15-ton overhead crane and the machine shop has a 25-ton crane. For the ESM operation, shipping / receiving will continue to be done from the existing surface warehouse. A second warehouse is located on the 2500 level underground, as part of the mine maintenance shop complex, for the storage of mechanized equipment parts. One warehouse person will work largely underground, except for the receiving of freight on surface.

The first and second floor of the north-western brick-faced extension of the building (64 ft x 103 ft each floor) is used for office space and currently is organized to provide space for the following personnel and requirements:

■ Vice President of Operations;

■ Production Manager;

■ Mine Manager;

■ Mine clerk and surveying;

■ Engineering and geology personnel;

■ Conference room;

■ Accounting, purchasing, and human resources.

18.3.2 Hoisting Facility

The existing hoisting facility is a two-story steel frame and concrete block / galbestos-sided hoist building with steel joist / concrete plank built up roof system and a headframe building of similar construction (26 ft x 51 ft + 8 ft x 70 ft + 26 ft x 51 ft). The headframe is 145 ft high and fully clad. The hoistroom is a 135 ft x 138 ft area and contains a 15-ton overhead gantry crane. An adjoining compressor room houses a 150 hp Gardner Denver and 350 hp Sullair TS-32 air compressor. There is a bundle-type aftercooler in the discharge line. The compressor room has a 10-ton Load Lifter crane. Next to the compressor room is the electrical shop. This is equipped with a 5-ton Shaw Box crane.

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|:---|:---|
| **JANUARY 2025** | **18-254** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18.3.2.1 No. 4 Shaft

**Headframe**

The 140 ft tall galvanized structural steel headframe was built in 1972 by Northeast Construction. The upper sheave deck supports two 15 ft diameter head sheaves grooved for 2 ¼" wire rope which services the production skip compartment. The lower sheave deck supports two 12 ft diameter head sheaves grooved for 1 ¾" wire rope designed to service the man and material cage, and a counterweight.

The headframe is equipped with a skip discharge structure consisting of two skip dump scrolls, a chute, a diversion gate to separate mineralized material from waste, an ore bin and a waste crib. The ore bin feeds an inclined mill conveyor over a 48" wide by 14' 6" long 20 hp Portec apron feeder.

The Headframe has undergone a structural steel inspection as part of start-up activities and is currently in use.

**Production Hoisting Plant**

The production hoist is a Nordberg double-drum, double clutch mine hoist with Lebus grooving. The production hoist features two 15' diameter by 8' wide drums each with capacity to handle 3,990' of 2 ¼" head rope. The hoist system is driven by two 1,250 hp 500 rpm DC motors and is capable of hoisting at a speed of 1,750' per minute. The resultant hoisting rate is 200 t/h. Shaft and hoist related maintenance tasks that affect production hoisting (and hence daily capacity) are shown Table 18-1.

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|:---|:---|
| **JANUARY 2025** | **18-255** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 18-1: No. 4 Shaft availability**

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| | |
|:---|:---|
| **Critical Tasks that Interfere with Skip Hoisting** | **Hours Per Week** |
| Hoisting Compartment Maintenance | 3 |
| Cage & Counterweight Compartment Maintenance | 1 |
| Crusher Bin & Flop Gate Maintenance | 1 |
| Rope Maintenance | 0.50 |
| Headframe scrolls & Flop Gate Maintenance | 2.0 |
| Shaft Mucking | 1.50 |
| Hoist Inspections | 3 |
| Powder Delivery | 4 |
| Total non-hoist hours per week | 16 |
| Smoke time hours per week | 10 |
| Hours per week that hoist is not available | 26 |
| Hours per day that hoist is not available | 5 |

---

Source: SLZ 2018

Assuming a hoisting rate of 200 t/h and an average availability of 19 h/d, the resulting daily hoist capacity is 3,800 t of material.

DC power is provided to the hoist from a three-unit motor-generator set which includes a 2,240 hp synchronous motor and two DC generators rated at 1,000 kW.

The hoist controls are 1970 vintage, using relay logic and printed circuit boards. The safety devices are single governor Model Lilly C controllers.

Production ropes are inspected by x-ray every 5 months.

Obsolete field supplies and analogue controls were replaced in 2001.

**Service Hoisting Plant**

A Nordberg, Lebus grooved, double-drum, single clutch mine hoist transports personnel, equipment, and materials into and out of the mine. The service hoist features two 12 ft diameter by 91" wide drums each holding 3,990 ft of 1 ¾" head rope and driven by a single 900 hp 400 rpm DC motor. The maximum hoisting speed is 1,190' per minute. When the hoist is used for mine equipment moving operations, it can handle a maximum piece weight of 13 t. The cage rope and the counterweight rope are inspected by x-ray every 5 months.

DC power is provided to the hoist from a two-unit motor-generator set, which includes a 920 hp synchronous motor and 1 DC generator rated at 720 kW.

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|:---|:---|
| **JANUARY 2025** | **18-256** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18.3.2.2 No. 2 Shaft

**Headframe**

The hoist building and headframe is a brick and steel structure which supports two head sheaves and houses the skip loadout facility. The headropes are supported by an intermediate set of two idler sheaves located between the hoist room and headframe.

The steel in the headframe is in acceptable condition and is capable of continued service as an emergency egress.

**Hoisting System**

An Ottumwa Iron Works double-drum, double clutch mine hoist lifts and lowers personnel, equipment, and materials out of the mine. The service hoist features two 84" diameter by 76" wide drums each holding 3,990' of 1¼" head rope and driven by a single 700 hp 514 rpm wound rotor induction motor. The maximum hoisting speed is 1,150' per minute. The cage and counterweight ropes are inspected by x-ray every 5 months.

The hoist controls are very basic including a speed lever, two brake and two clutch levers, emergency stop and hoist speed indicators. The safety devices are two Model D Lilly controllers.

The hoist is in adequate condition and has all the safety equipment to operate within the MSHA code 30 CFR 57 regulations.

18.3.3 Concentrator and Support Facilities

The existing mill and support facility are a steel frame and concrete block / galbestos-sided building with steel joist / concrete plank built up roof system. The concentrate mill is a three section, four-story heated building (133' x 267' + 46' x 80' + 67' x 97') complete with a raised mill control room, physical and analytical labs, offices, and x-ray room.

A two-story heated pipe shop (36' x 104') has full facilities with a 2-ton Demag bridge crane is contiguous. Three, two-story cold storage (70' x 140' + 60' x 98' + 94' x 161') areas give plenty of room for storage of critical spares.

18.3.4 No. 2 Mine Escape Shaft Complex

The escape hoist facility is a steel frame hoist building and a headframe building of similar construction. The hoist room is 62 ft x 42 ft with a 25 ft x 19 ft switchgear room. A mine office / shaft complex (60 ft x 142 ft + 80 ft x 47 ft) is unheated.

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|:---|:---|
| **JANUARY 2025** | **18-257** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18.3.5 Storage and Miscellaneous Facilities

The following building list in Table 18-2 makes up the rest of the facility.

**Table 18-2: Facility building list**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Building** | &nbsp;&nbsp;**Dimensions** |
| &nbsp;&nbsp;Timber Storage Building | &nbsp;&nbsp;29' x 118' |
| &nbsp;&nbsp;Electrical and Tire Storage | &nbsp;&nbsp;24' x 40' |
| &nbsp;&nbsp;Pine Oil Storage | &nbsp;&nbsp;22' x 32' |
| &nbsp;&nbsp;Booster Pumphouse | &nbsp;&nbsp;25' x 33' |
| &nbsp;&nbsp;Lake Pumphouse | &nbsp;&nbsp;20' x 22' |
| &nbsp;&nbsp;Fuel Oil Pumphouse | &nbsp;&nbsp;10' x 10' |
| &nbsp;&nbsp;Warehouse Storage | &nbsp;&nbsp;70' x 120' |
| &nbsp;&nbsp;Electrical Storage | &nbsp;&nbsp;60' x 100' |
| &nbsp;&nbsp;Oil Storage House | &nbsp;&nbsp;30' x 60' |
| &nbsp;&nbsp;Mine Lagoon Pumphouse | &nbsp;&nbsp;14' x 20' |
| &nbsp;&nbsp;Security Gate House | &nbsp;&nbsp;8' x 8' |

---

Source: SLZ 2018

Petroleum and chemical storage tanks at ESM are currently registered by the NYSDEC. All tanks and tank farms have containment areas.

18.4 Power

The primary feed for the ESM is 115 kV originating from National Grid's substation at Battle Hill-Balmat #5 circuit. Downstream from the main power supply are two 7,500 kVA General Electric transformers that feed the ESM plant. Secondary voltage of 4,160 volts feeds sub-feeders to mill, mine, the No. 4 ventilation fan, lake pumps and booster pumps.

At the ESM No.4 main ventilation fan location, there is a 1,000 kVA 4,160 volt to 480 volt step-down transformer substation. The substation switchgear is General Electric Magne Blast.

The primary feed for the No. 2 hoist fan unit is the National Grid 23 kV Balmat-Emeryville circuit #24. Downstream from the main power supply are two 3,750 kVA General Electric transformers (23,000-2,200) feeding the surface plant with secondary voltage of 2,300 V for sub-feeders.

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|:---|:---|
| **JANUARY 2025** | **18-258** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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There are three small miscellaneous electrical services around the main property. Other services from National Grid are:

■ Street lighting for the mine entrance;

■ South dam pumphouse at the tailings area;

■ Environmental sampling station at SPDES permit final outfall designation.

ESM owns two portable generators for emergency use. One is a 125 kVA portable used for operating No. 4 service hoist. The other is a 100 kVA portable generator which will run the No. 2 emergency egress hoist.

National Grid supplies the transmission and energy, although ESM has the option to go to other energy suppliers.

18.5 Water

18.5.1 Water Supply

The current non-potable water supply system will be adequate to supply the ESM project for shower, boiler make up, toilet facilities, etc. with no modifications envisaged at this time. Non-potable water will be supplied by a 6 hp, 9-stage, 460 V, Goulds Model 55 GS 30 well pump that is capable of 50 gallons per minute (gal/min) at 65 psi. This well is located near the fence line at the front gate location. The water will run through an underground 2" Sclairpipe (HDPE) to the vehicle storage building where it will be treated by a Magnum CY 962 water softener before it will enter one of two 1,000 gal holding tanks. A chlorinator injection system (Pulsatron metering pump) injects 0.5 milligrams (mg) to 1.5 mg of chlorine per liter (L) of water throughput. A Burks 5 hp pump will deliver 65 gal/min at 70 psi to feed a series of three bladder tanks (total drawdown capacity of 94 gal. between 40 psi and 60 psi) to be used for toilets and showers.

The chlorine residual will be monitored on a daily basis and the result recorded as per NYS Dept. of Health code 360. The Department of Health will review this report monthly. A monthly water sample will be submitted for a coliform bacteria test.

Mill process and cooling water (non-potable) for the site will be pumped from the Sylvia Lake pump house with three Worthington 14-135-2, 75 hp pumps rated at 1,500 gal/min. The third pump will constitute excess capacity and the other two cycle off and on. Pump discharge will be through a 10" pipe to two 100,000 gal tanks. Each of the concrete deluge tanks (a concentrator water tank and a fire pump storage tank) are near the concentrate storage building / rail loadout shed. Water is pumped from the reservoir tanks to the concentrator. Mine water will be pumped from the booster pump house via the 4" shaft water line to the various mine levels.

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|:---|:---|
| **JANUARY 2025** | **18-259** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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Grey water from the surface facilities, surface run-off, water from the facility catch basins, and overflow from the reservoir tank will be directed to the mill holding pond. Waste water from the holding pond will be either recycled in the mill or pumped to the tailings dam through a pipeline comprising of 5,000 ft of 14" diameter Sclairpipe. From the tailings area, it will flow northeast through a series of settling and polishing ponds before it will be discharged to the environment.

18.5.2 Water Treatment

During period of Care and Maintenance, water from the tailings area polishing pond is treated with a reagent dosing system to precipitate metals and suspended solids. The dosing system consists of a variable speed auger which meters sodium sulfide into the effluent. The zinc and iron are precipitated out of the water at this point. There is no need to run the dosing system for eight months per year due to the warmer temperatures. The warmer water promotes biomass activity that helps filter metals and other solids. The treated water drains by gravity over the SPDES discharge point #0001 for discharge to the environment. The discharge water at this point meets all environmental regulations. Since January 2009, all treatment of mine dewater has been successfully accomplished with lime.

18.5.3 Water Balance

Mine water balances are calculated seasonally for May to October (summer) and November to April (winter) conditions. During the operating summer months, a total of 851,000 gal/d of fresh water is drawn from Sylvia Lake. ESM underground workings produce 379,000 gal/d of inflow. The mine inflow and process water are collected and pumped through the tailings pipeline to the tailings at a rate of 1,577,000 gal/d. Also, tailings area run-off adds to this volume so that the water treatment plant sees an average discharge at the SPDES outfall of 2,350,000 gal/d.

During winter months, the water inflows into ESM increase to 491,000 gal/d. Also, during winter, the fresh-water intake from Sylvia Lake increases to 889,000 gal/d average. The tailings line discharge sees an average flow increase of 1,716,000 gal/d over the warmer months. Tailings area run-off adds to this volume so that the water dosing system sees an average discharge at the SPDES outfall of 2,640,000 gal/d.

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| **JANUARY 2025** | **18-260** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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18.6 Waste Rock Management

The mineralized material and waste rock from the development and operation of the mine is non-acid generating due to the alkaline nature of the host rock. The designated surface pads were designed such that any run-off will drain to the concentrator pond.

As much as possible, waste rock from the mine will remain in the underground and be used as backfill for drift and fill mining or deposited in completed longhole stopes. If it becomes necessary to hoist waste rock, it will be hoisted in 10 t bottom dump skips and dumped over a diversion gate to an outdoor storage crib. Waste will be mucked from the crib to surface stockpiles. The maximum size of the stockpile will be 15,000 t. No special permit is required to stockpile waste.

Waste from the surface stockpile will be loaded by a Michigan L-320 FEL to dump trucks and utilized at the tailings for impoundment construction or sold to an aggregate company. The tailings area is 5,000 ft to 6,000 ft from the stockpile area via a private haul road.

18.7 Tailings Management Facility

Tailings from the mill are pumped to the TMF where it will be permanently stored.

The TMF is an existing 260-acre conventional impoundment that is fully permitted. The TMF is categorized as low-risk by New York State Bureau of Flood Protection and Dam Safety. In addition to tailings, mine impacted water is also pumped to the TMF at a rate approximately 1,600 gal/min. The TMF is permitted as a discharge facility and continuously operates within compliance limits. Slaked lime and/or sodium sulfide is added to achieve water quality discharge standards for an average of 5 months per year.

The ultimate capacity of the entire 260-acre TMF footprint has been estimated at 20 Mt of tailings at an embankment crest elevation of 675 ft amsl. This would require additional staged construction to raise the containment embankments.

Future embankment raises will be needed to fully contain the current LOM plan tailings. The design of these raises and a future deposition schedule will be determined following the upcoming geotechnical review. This stage of construction will require approximately 750,000 yd<sup>3</sup> of fill to be sourced from either mine waste or other local sources. Currently, the estimated remaining capacity within the active Tailings Pond #1 and without further embankment construction, will approximately be 3.5 years of production at 450,000 tons annually.

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| **JANUARY 2025** | **18-261** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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While the TMF is classified as a Class D – No Hazard, and there is no visible evidence to suggest otherwise, no as-built information exists with the exception of a relatively recent topography map and Google Earth Imagery. It is unknown how the native surface was prepared, what design features were included, what sub-surface conditions existed prior to construction, or the material properties of fill used for construction. Based upon design drawings, it is assumed to be a combination of waste rock and tailings. The impoundment is classified as Low Hazard by Mine Safety and Health Administration.

A geotechnical assessment and engineering design are recommended to establish both of the above capacity estimates along with static and seismic stability. The first stage of this geotechnical assessment is scheduled for the second quarter of 2021.

The TMF and discharge water quality management facilities consist of four contiguous areas:

■ Tailings Pond #1 (TP1) 190 acres;

■ Tailings Pond #2 (TP2) 30 acres;

■ Reclaimed Tails Area 40 acres;

■ Polishing Ponds 25 acres.

Tailings Pond 1 (TP1) is the active area for tailings placement. The South Dam is on the upstream side with a crest elevation of 650 ft amsl. It is 55 ft high with 4h:1v or flatter outside slope. The east embankment crest averages 630 ft in elevation and was constructed from waste rock. The present height of fill is approximately 5 ft above the native ground elevation. The west side abuts rising terrain. The north side is separated from Tailings Pond 2 (TP2) by a low embankment with a crest elevation of 620 ft. The north end of TP1 is utilized as a settling pond as well as the entirety of TP2. Water will flow from TP1 to TP2 through a culvert in the north embankment.

TP2 will be used as a clarifying pond. It is bounded on the east and west sides by existing topography. The North Dam forms the downstream containment structure with a crest elevation of 618 ft. The downstream toe is submerged beneath a water surface elevation of approximately 595 ft. Flow from TP2 will overflow via a decant tower and pipeline to a series of polishing ponds that make up the rest of the TMF.

The Reclaimed Tails Area abuts TP2 to the east and as the name implies is an area of consolidated and reclaimed tailings.

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|:---|:---|
| **JANUARY 2025** | **18-262** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The polishing ponds allow additional time for solids to settle and for natural attenuation to improve water chemistry by flow through a passive wetlands system. Water flow will be diverted by a system of dikes that increase flow distance to approximately 4,800 ft. Flow exits the Property boundary at a SPDES discharge point where flow measurements and compliance water quality samples will be taken. To achieve discharge standards, slaked lime is added at the mill to the combined tailings and mine water flow. At times, sodium sulfide may be added to the flow at head of polishing ponds.

Tailings and waste rock materials at the TMF are non-acid generating due to the high carbonate content of the host rocks. Volunteer vegetation is evident and continues to naturally revegetate inactive areas of the TMF.

18.8 Concentrate Transportation

18.8.1 Roads

A well-maintained system of paved state and county roads surrounds the ESM, providing a year-round option to transport concentrate to a port or smelter by truck if required. The concentrate loading shed at the ESM is designed to accommodate truck loading under cover. Traffic on-site can be routed away from the main compound on a dedicated system of haul roads. Delivery of concentrate to the Glencore operated Canadian Electrolytic Zinc refinery in Valleyfield Québec is undertaken following highways NY-812 N, NY-58 N, US-11 NE, NY-812 N, and in Canada following highways 401 and 201.

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|:---|:---|
| **JANUARY 2025** | **18-263** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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19. Market Studies and Contracts

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

19.1 Smelter Market

There are a number of operating zinc smelters around the world, including four in North America (Table 19-1) and several overseas smelters in Europe, Asia, and Latin America (Table 19-2).

**Table 19-1: North American zinc smelters**

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Plant Name** | **Location** | **Zinc Capacity (kt)** |
| Glencore | Valleyfield | Valleyfield, QC | 265 |
| Nyrstar | Clarksville Zinc | Clarksville, TN | 124 |
| Hudbay | Flin Flon Zinc | Flin Flon, MB | 115 |
| **Teck** | **Trail Zinc Plant** | **Trail, BC** | **290** |

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Source: ESM 2024

19.1.1 International Zinc Smelters (partial list)

**Table 19-2: International zinc smelters**

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Plant Name** | **Country** | **Zinc Capacity (kt)** |
| Glencore | San Juan de Nieva | Spain | 486 |
| Glencore | Nordenham | Germany | 150 |
| Glencore | Portovesme | Italy | Not operating |
| Nyrstar | Balen | Belgium | 260 |
| Nyrstar | Budel | Netherlands | 291 |
| Nyrstar | Auby | France | 172 |
| Nyrstar | Hobart | Australia | 271 |
| Boliden | Kokkola | Finland | 290 |
| Boliden | Odda | Norway | 170 |
| Korea Zinc | Onsan | South Korea | 550 |
| Hindustan Zinc | Chanderiya, Debari, and Dariba | India | 747 |
| Votorantim | Cajamarquilla | Peru | 300 |
| Shaanxi Nonferrous Metals | Mianxian Operations | China | 340 |
| **China Minmetals** | **Zhuzhou** | **China** | **450** |

---

Source: ESM 2024

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|:---|:---|
| **JANUARY 2025** | **19-264** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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19.2 Zinc Concentrate Terms

Although there have been efforts to adjust the industry standard zinc payable formula to better reflect actual recoveries, zinc smelters generally pay for 85% of the value of contained zinc metal in concentrates, which is typically 56% for zinc. Additional payable by-products may include gold and silver when levels are sufficiently high. Penalties may be assessed to concentrates containing impurities such as iron, cadmium, lead, manganese, cobalt, magnesia, and/or mercury above threshold values.

Historical treatment charges for 2017 to 2024 are shown in Figure 19-1. In 2018 treatment charges were set at a 12-year low of $147/dmt. 2019 and 2020 saw steady increases with record highs up to $300/dmt. Treatment charges are expected to drop below $150/dmt in 2025.

![](ex99-48_097.jpg)

Source: Fastmarkets 2024

**Figure 19-1: Zinc smelter treatment charges**

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|:---|:---|
| **JANUARY 2025** | **19-265** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The PEA assumptions that are reflected in the project economics and assessment reflect the terms of the confidential agreement in place with Glencore. An offtake agreement is in place with Glencore for 100% of the zinc concentrate from ESM. The long-term contract commenced on the first production of concentrate from ESM. Assumed treatment charges for the zinc concentrates are shown in Table 19-3.

**Table 19-3: Zinc concentrate treatment charge assumptions**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| **Zinc Treatment Charge ($/dmt)** | **165** | **140** | **150** | **165** | **165** | **165** | **165** | **165** | **165** | **165** |

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Source: ESM 2024

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|:---|:---|
| **JANUARY 2025** | **19-266** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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20. Environmental Studies, Permitting and Social or Community Impact

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

20.1 Environmental Studies

Since 1915, six zinc mines have operated in the Balmat-Edwards district. Zinc was first produced from the Edwards mine in 1915 and from the Balmat #2 Mine in 1930. The other mines in the district are the Balmat #3, Balmat #4, Hyatt, and Pierrepont. The only remaining operating mine is ESM #4 (formerly known as Balmat). ESM #2 is used for ventilation and as an alternate mine escape route. The other sites are successfully reclaimed and no longer subject to permit or financial assurance obligations. The Company monitors the sites routinely as part of their ongoing management practices.

The waste rock and tails are non-acid generating so there are no issues or concerns with material reactivity. The geotechnical review of the tailings storage facilities (TSF) has been completed. Using Canadian Dam Association (CDA) Standards, a Dam Breach Analysis (DBA) and Seismic Hazard Analysis (SHA) have been completed. The Operation, Maintenance and Surveillance Manual (OMS) has been developed and published. The facility has completed its 2nd annual DSR on 15 October 2024.

Water is discharged from the TMF as a point source to surface waters under a SPDES permit. Water quality parameters are in compliance with surface water discharge permits.

20.2 Permitting

All permits required to operate the ESM #4 Mine are active and in place. There are no other significant factors or risks that may affect access, title, or the right or ability to perform work on the ESM properties.

Permits have remained active for mining at the ESM #4 since the previous operating periods. No environmental studies are underway at this time, or required for this existing, fully permitted mine. The site is in compliance with all environmental regulatory requirements.

Environmental permits required for operation of the #4 Mine are listed in Table 20-1.

Renewals for SPDES Permit and Water Withdrawal Permit were submitted to the NYSDEC in a timely manner. The SPDES permit is on the Department's schedule for technical review due to length of time elapsed since previous review. The SPDES permit remains in force as written despite listed expiry date.

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| | |
|:---|:---|
| **JANUARY 2025** | **20-267** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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**Table 20-1: Environmental permits**

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| | | | |
|:---|:---|:---|:---|
| **Permit Type** | **Permit** | **Permit Number** | **Expiration** |
| Air | Registration to Operate a Zinc Mining and Milling Complex (amended) | 6-4038-00024/02001 | 28 April 2034 |
| Water | SPDES Water Discharge Permit | NY0001791 | 31 May 2019<sup>(1)</sup> |
| Water | Water Withdrawal Permit | 6-4038-00024/02001 | 30 April 2031 |
| Mining | Mining Permit | 6-4038-00024/00006 | 31 Jul 2025 |
| Storage | NYDEC Petroleum Bulk Storage | PBS#6-451770 | 26 Sep 2028 |
| Radiation | Certificate of Registration for Radiation Installation - XRF | 44023174 | 15 Sep 2026 |
| Public Water Supply | No permit required, but regulated by NYS Dept. of Health Registered ID #NY4430004 | Registered ID #NY4430004 |  |
| Hazardous Material Transport | US Department of Transportation Registration – Pipeline and Hazardous Material Safety Administration | 052324550160G | 30 Jun 2025 |

---

Source: ESM 2024

<sup>(1)</sup> The SPDES permit remains in effect as written despite listed expiry date.

Tailings storage and management is discussed in detail in Section 18.7 of this report. Tailings are non-acid generating so conventional reclamation methods can be used to rehabilitate the tailings area. Currently, surface water discharge is in compliance with a SPDES permit and is expected to remain so for operating, closure, and post-closure periods.

20.3 Groundwater

The ESM #3 underground mine has water seal plugs below the water table to minimize groundwater inflow to the lower levels of the mine. The static water level at #3 is approximately 30 ft below the surface collar elevation. Planned operation levels at the #4 Mine are currently dry. The #4 Mine receives water flow from #2 and #3 mines, plus flow from Gouverneur Minerals' abandoned underground workings.

Water quality sampling data from the ESM #3 Mine indicates that as the mine floods, oxygen deficiency in the mine water will reduce its ability to react with host rock mineralization. However, water quality samples taken from ESM #3 indicated that zinc concentrations are above surface water quality discharge limits.

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| | |
|:---|:---|
| **JANUARY 2025** | **20-268** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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For final mine closure, the pumps will be turned off and the mine allowed to flood. Estimates of the recharge rate suggest it will take between 18 to 26 years for the water level to reach equilibrium (Hair, 2012). The water table elevation is estimated to return to an elevation of approximately 652 ft amsl. Mine openings intersecting the ground surface are all above that elevation with the lowest being the #2 Mine ventilation fan portal at an elevation of 660 ft amsl. This portal intersects the ground surface within a small open pit. The open pit floor elevation is 649 ft amsl so mine water could accumulate within this pit.

An August 2012 memo from SRK to Hudbay (Hair, 2012) discusses the possibility that once the mine water levels rebound, a portion of mine flood waters may need to be pumped and treated to maintain an inflowing hydraulic gradient that would prevent potential groundwater contamination. It should also be pointed out that no historical baseline water quality information exists for comparison; it is not possible to differentiate between existing conditions and what the naturally occurring impacts from the mineralized zone were prior to development.

Prior to final mine closure, further investigation should be considered to evaluate the potential for groundwater impacts and to determine what, if any, mitigation measures can be employed underground, prior to water levels returning to the upper mine levels.

Should pumping and water treatment be a future requirement, it appears that the cost would be relatively low. A combination of lime dosing and passive treatment options, such as biological treatment methods, are successfully in use for water discharge treatment at ESM, and at other mine sites with similar chemistry.

20.4 Closure

The NYSDEC has accepted the reclamation completed at four of the sites and released them from the permit requirements as of November 2003. The NYSDEC has reviewed the reclamation at the Hyatt mine tailings and mine sites and the Pierrepont mine site and has released the reclamation bonds posted for these areas. No further work is required.

The ESM #2 Mine site has been partially reclaimed. ESM #2 Shaft serves as secondary access to the UG operations at the #4 Mine and will be included in the final reclamation of the #4 Mine and concentrator complex. The ESM #4 Mine and mine tailings reclamation is assured with a $1,920,000 surety bond.

Final closure will commence when the Company has determined that the mine and plant will no longer support future economic recovery of any remaining or undiscovered resources. Past history demonstrates that ESM and its predecessors have continued to discover economic resources intermittently since operations began circa 1910.

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| | |
|:---|:---|
| **JANUARY 2025** | **20-269** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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At the time of final site closure, beyond any ongoing care and maintenance programs, demolition and salvage of surface infrastructure would occur. Remaining equipment will be sold for reuse or scrap. Surface structures will be demolished with suitable materials, such as steel, being recycled. Other materials would be disposed of in an approved landfill.

Due to the age of the facility, some buildings may contain asbestos, so an appropriate asbestos program will be needed to identify those affected materials and a mitigation plan established to ensure proper handling, transportation, and disposal. Remaining concrete slabs are typically perforated in place to promote water drainage and covered or buried with sufficient soil for native vegetation to re-establish.

The TMF surface would be contoured as needed to promote surface run-off and aid in vegetation reestablishment. Cover soils may be needed if the tailings surface generates dust during windy periods. Tails stabilization by use of fast-growing plants may reduce the need for these cover soils; however, the tails themselves are a suitable plant growth media, as demonstrated by the amount of volunteer vegetation growing unaided on the exposed tails surface.

Removal of building's and concrete structures such as the reagent dosing system, decant tower, and water sampling station would be removed when appropriate during closure, or during the post-closure monitoring period.

Post-closure vegetation and water quality monitoring would continue until such time as it can be demonstrated that site conditions, reclamation, and water chemistry is stable and no further monitoring is required. Any remaining financial assurances not used for closure and reclamation costs would be released back to the owner at that time. In the case of ESM, this final financial assurance release would likely occur after a 5 to 10-year successful post-closure monitoring period.

A Closure Plan and Cost Estimate update was completed by R. Fennema and D. Sollner of SRK Consulting in 2011 (Fennema & Sollner, 2011). It is a comprehensive report that discusses in more detail and provides costs for the closure of:

■ Buildings and process plants;

■ Tailings impoundment area;

■ Material stockpiles;

■ Contaminated soils;

■ Landfills;

■ Surface water management;

■ Miscellaneous infrastructure;

■ Mine openings.

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| | |
|:---|:---|
| **JANUARY 2025** | **20-270** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The SRK report reasonably represents the activities and cost for site closure, although it has attached actual calendar years for activities. Those dates are no longer relevant; however, the relative time periods for closure activities to occur are reasonable estimates.

**Table 20-2: Post-closure water quality monitoring frequency**

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| | | |
|:---|:---|:---|
| **Duration** | **Frequency** | **Sites** |
| Years 1–5 | Monthly | SPDES permit station, South Dam discharge ditch, interception ditch, North Dam spillway, run-off pond |
| Years 1–5 | Annual | Sylvia Lake, Mine reflood |
| Years 6–10 | Quarterly | SPDES permit station, South Dam discharge ditch, interception ditch, North Dam spillway, run-off pond |
| Years 6–10 | Annual | Sylvia Lake |
| Years 11–15 | Bi-annual | South Dam discharge ditch, North Dam spillway, interceptor ditch, run-off pond, SPDES permit station |
| Years 11–15 | Annual | Sylvia Lake |
| Years 16–25 | Annual | Run-off pond, interception ditch, SPDES permit station, South Dam discharge ditch, North Dam spillway, Sylvia Lake |

---

Source: Fennema & Sollner 2011

Note: Five-year period including closure to monitor performance of new construction.

**Table 20-3: Schedule of closure activities**

---

| |
|:---|
| **Closure Component** |
| **Closure Component** |
| Project Management / Administration x |
| Demolition x |
| Shaft capping x |
| Contaminated Soils Removal x |
| Tailings Impoundment & Pile x |
| Surface Water Diversions x |
| Landfills x |
| Environmental Management x |

---

Source: Fennema & Sollner 2011

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| | |
|:---|:---|
| **JANUARY 2025** | **20-271** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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20.5 Social and Community Factors

The ESM is an established facility; it is well accepted in the surrounding community. Business in the area (community hotels, restaurants, grocery stores, retail stores) have a positive view on the mine and its economic benefits. There are no known issues with social or community relations that currently would affect mining operations.

Many local families have benefited historically, and continue to do so through royalties, leases, and direct employment. ESM also contributes to the tax base in St. Lawrence County.

Over the years, housing development has increased in the area. Sylvia Lake, adjacent to the #4 property, is surrounded by homes. Many are used as vacation properties. As the ownership of these properties change, new owners could be less appreciative of the benefits the mine has historically provided to the community.

There are no known social or community relations issues that would adversely impact the ESM.

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| | |
|:---|:---|
| **JANUARY 2025** | **20-272** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21. Capital and Operating Costs

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

21.1 Capital Cost Estimate

21.1.1 Capital Cost Summary and Estimate Results

Estimated project capital costs (including closures costs) total $37.2M, consisting of the following distinct areas:

■ No. 4 Mine capital equipment;

■ No. 4 infrastructure and process capital.

The capital cost estimate was compiled using a combination of quotations, labor rates, and database costs.

Table 21-1 presents the capital estimate summary for each area in Q4 2024 US$ with no escalation.

**Table 21-1: Capital cost summary**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Area** | **Cost Estimate ($M)** |
| &nbsp;&nbsp;No. #4 Mine Capital | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;No. 4 Infrastructure and Process Capital | &nbsp;&nbsp;13.9 |
| &nbsp;&nbsp;**Total Capital Cost** | &nbsp;&nbsp;**27.0** |
| &nbsp;&nbsp;Closure Costs | &nbsp;&nbsp;15.4 |
| &nbsp;&nbsp;Salvage Value | &nbsp;&nbsp;5.2 |
| &nbsp;&nbsp;**Total Capital Cost (incl. closure costs)** | &nbsp;&nbsp;**37.2** |

---

Source: ESM 2024

21.1.2 Key Estimate Parameters

The following key parameters apply to the capital cost estimates:

■ **Estimate class:** The capital cost estimates are considered AACE Class 3 estimates.

■ **Estimate base date:** The base date of the estimate is June 30, 2024. No escalation has been applied to the capital cost estimate
for costs occurring in the future.

■ **Units of measure:** Short ton (t), which is equivalent to 2,000 pounds.

■ **Currency:** All capital costs are estimated in US$.

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| | |
|:---|:---|
| **JANUARY 2025** | **21-273** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.1.3 Basis of Estimate

21.1.3.1 Underground Mine (#4 Mine)

Underground (UG) capital costs are estimated to be $13.1M. This includes an additional mechanical bolter as well as a replacement bolter, replacement of two 6-yd loaders, replacement of two UG haul trucks, replacement of a single boom jumbo, four additional 750 kVA transformers, ventilation fans and doors, a replacement locomotive, a surface exploration drill, and main dewatering pumps.

Service vehicles less than $25,000 are expensed and not capitalized. Rebuilds and other sustaining equipment requirements are also expensed.

Table 21-2 presents the capital cost distribution for the #4 Mine capital equipment.

**Table 21-2: Distribution of #4 Mine capital equipment costs**

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| | |
|:---|:---|
| **Description** | **$(x 1,000)** |
| 2 x Mechanical Bolters – (replacement) | 1948 |
| 2 x 6 yd Loaders – (replacement) | 860 |
| 2 x 40 t Haul Trucks (replacement) | 1295 |
| Single Boom Jumbo (replacement) | 850 |
| Telehandler | 120 |
| Rail Locomotive | 155 |
| 4 x 750 kVA Transformers | 935 |
| Ventilation Fans and Doors | 407 |
| Mahler Ventilation Raise | 3500 |
| Forklift | 80 |
| Main Dewatering Pumps | 120 |
| Diamond Drill | 150 |
| Outyear Sustaining | 2679 |
| **Total** | **13099** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **21-274** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.1.3.2 Infrastructure and Processing Cost Estimate

Total infrastructure and processing capital costs are estimated to be $2.9M.

Processing capital costs include some equipment repairs, inspections and relining of the ball and rod mill, tailings storage facility (TSF) lift, replacement of the surface loader for loading concentrate, and mill sustaining costs.

Infrastructure capital costs include ore skip rail replacement, a spare engine for the fire water pump, rebuild of the waste transfer at the UG crusher, installation of a grizzly at the 3100 level ore transfer, ore skip replacements, repairs to the UG crusher, replacement of the shaft telehandler, and roof repairs.

All costs are based on quotations. Table 21-3 presents the capital cost distribution for the #4 Mine infrastructure and process capital.

**Table 21-3: Distribution of #4 Mine infrastructure and process costs**

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| | |
|:---|:---|
| **Description** | **$(x 1,000)** |
| TSF Lift | 7500 |
| Ball Mill Reline (2) | 324 |
| Rod Mill Reline (2) | 1024 |
| Surface Loader Replacement | 175 |
| Mill Sustaining - Outyears | 875 |
| Ore Skip Rail Replacement | 1229 |
| Transfer Repair – Waste Side | 360 |
| Fire Pump New Engine | 75 |
| 3100 Grizzly | 290 |
| Ore Skip Replacement (2) | 535 |
| UG Crusher Repairs | 754 |
| Telehandler | 125 |
| Roof Repair | 600 |
| **Total** | **13866** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **21-275** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.1.3.3 Closure Costs and Salvage Value

Closure costs have been estimated based on the typical closure, reclamation, and monitoring activities for an underground mine. Activities include:

■ Buildings and process plants;

■ Tailings impoundment area;

■ Material stockpiles;

■ Contaminated soils;

■ Landfills;

■ Surface water management;

■ Miscellaneous infrastructure;

■ Mine openings.

Closure costs were estimated based on the SRK cost estimate (Fennema & Sollner, 2011) adjusted for the Consumer Price Index from 2014 to 2024 US$ and totaled $15.4M. The majority of the physical closure work would occur over a 2-year period. Monitoring and environmental management costs would continue for another 23 years, as estimated by SRK, totaling $1.5M. The details of the closure costs are summarized in Table 21-4.

**Table 21-4: Closure cost summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Closure Costs** | **Total<br> ($ x 1,000)** | **Closure Y1<br> ($ x 1,000)** | **Closure Y2<br> ($ x 1,000)** | **Closure Y3-Y26<br> ($ x 1,000)** |
| Demolition and Miscellaneous Infrastructure | 4875 | 4875 |  |  |
| Tailings | 6512 | 651 | 5861 |  |
| Surface Water Diversions | 1331 | 1331 |  |  |
| Contaminated Soils | 161 | 161 |  |  |
| Landfills | 95 | 48 | 48 |  |
| Closure Project Management Administration and Environmental Management Costs | 909 | 454 | 454 |  |
| **Subtotal** | **13883** | **7520** | **6363** |  |
| **Post-closure Costs** | **Post-closure Costs** | **Post-closure Costs** | **Post-closure Costs** | **Post-closure Costs** |
| Earthworks Inspection and Maintenance | 376 |  |  | 376 |
| Environmental Management | 1101 |  |  | 1101 |
| **Subtotal** | 1477 |  |  | 1477 |
| **Total** | **15360** | **7520** | **6363** | **1477** |

---

Source: ESM, from Fennema & Sollner 2011 in 2024 US$

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| | |
|:---|:---|
| **JANUARY 2025** | **21-276** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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At the time of final site closure, beyond any ongoing care and maintenance programs, demolition and salvage of surface infrastructure would occur. Remaining equipment will be sold for reuse or scrap. Surface structures will be demolished with suitable materials, such as steel, being recycled. Other materials would be disposed of in an approved landfill. The salvage value was estimated at $5.2M.

Closure costs and salvage values were not included in the economic model as the mine has continued for decades with 5 to 8 years of mineable resource in front of it. Titan fully expects that to continue as the mine is running three drills in the underground and one on surface.

21.1.3.4 Indirect, Owner's, and Contingency Costs

Indirect, Owner's, and contingency costs are all incorporated into the capital cost estimates.

21.1.3.5 Capital Estimate Exclusions

The following items have been excluded from the capital cost estimate:

■ Working capital;

■ Financing costs;

■ Currency fluctuations;

■ Lost time due to severe weather conditions beyond those expected in the region;

■ Lost time due to force majeure;

■ Additional costs for accelerated or decelerated deliveries of equipment, materials, or services resultant from a change in project
schedule;

■ Warehouse inventories, other than those supplied in initial fills, capital spares, or commissioning spares;

■ Any project sunk costs (studies, exploration programs, etc.);

■ State sales tax;

■ Closure bonding;

■ Escalation cost.

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| | |
|:---|:---|
| **JANUARY 2025** | **21-277** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.2 Operating
 Cost Estimate

21.2.1 Site
 Operating Cost Summary

Estimated project operating costs total $446M or $101/t milled.

Preparation of the site operating cost estimate is based on current UG operation performance. The site operating cost is based on Owner-owned and operated mining / services fleets, and minimal use of permanent contractors except where value is provided through expertise and/or packages efficiencies/skills.

Site operating costs in this section of the report is broken into four major sections, which include mining, processing, general and administrative (G&A), and concentrate transportation costs.

Site operating costs are presented in 2024 US$ on a calendar year basis. No escalation or inflation is included.

The operating cost estimate for the UG mine is based on actual operating data from 2024 so is considered highly accurate. Mining, milling, G&A, and transportation costs for 2024 are considered to be representative of operating costs going forward. Site operating costs for the underground are summarized in Table 21-5.

**Table 21-5: Summary of underground operating cost**

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| | | |
|:---|:---|:---|
| **Underground** | **Unit Cost ($/t milled)** | **LOM Cost ($M)** |
| Mining | 55 | 244 |
| Processing | 18 | 80 |
| G&A | 20 | 90 |
| Concentrate Transportation | 8 | 32 |
| **Total** | **101** | **446** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **21-278** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.2.2 Summary
 of Site Personnel

**Table 21-6: Summary of site personnel**

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| | | |
|:---|:---|:---|
| **Position** | **Staff/Hourly** | **Total** |
| **Mining** | **Mining** | **Mining** |
| Mine Management | 1/0 | **1** |
| Mine Operations | 0/58 | **58** |
| Mine Maintenance | 1/19 | **20** |
| Crush, Hoist, Shaft | 0/9 | **9** |
| **Processing** | **Processing** | **Processing** |
| Process Management | 1/0 | **1** |
| Process Operations | 0/12 | **12** |
| Process and Surface Maintenance | 0/5 | **5** |
| **G&A** | **G&A** | **G&A** |
| General Management | 1/0 | **1** |
| Accounting | 3/0 | **3** |
| Technical Services | 9/0 | **9** |
| Warehouse | 3/2 | **5** |
| Human Resources | 3/0 | **3** |
| Safety and Environment | 3/0 | **3** |
| **Site Total** | **22/108** | **130** |

---

Source: ESM 2024

Site personnel is based on current staffing levels. The site is currently operating with 130 full time employees.

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| | |
|:---|:---|
| **JANUARY 2025** | **21-279** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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21.2.3 Underground
 Mining Operating Cost

The UG mine is currently operating and will continue to be operated by company personnel with no contractors. Operating costs are representative of actual mining costs, which are currently running at $55 per ton milled. The UG mining cost is summarized in Table 21-7.

**Table 21-7: Summary of underground mining cost**

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| | | |
|:---|:---|:---|
| **UG Mining** | **Unit Cost ($/t milled)** | **LOM Cost ($M)** |
| Labor | 26.59 | 118 |
| Supplies | 21.45 | 96 |
| Energy | 2.44 | 11 |
| Services | 3.26 | 15 |
| Admin | 1.25 | 6 |
| **Total** | **55.00** | **245** |

---

Source: ESM 2024

Note: Totals may not compute exactly due to rounding. Mining labor includes all production and UG maintenance labor as well as mine administration labor. Supplies include all production related supplies and maintenance related supplies. Energy includes diesel. Services include all external services contracted to the mine department.

The process operating cost is summarized in Table 21-8. Mill labor includes all mill and surface maintenance labor as well as mill administration labor. Supplies include all process reagents and related supplies, and maintenance related supplies. Energy includes diesel. All site electrical power is accounted for in the process category. Services include all external services contracted to the mill department.

**Table 21-8: Summary of processing operating cost**

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| | | |
|:---|:---|:---|
| **Process** | **Unit Cost ($/t milled)** | **LOM Cost ($M)** |
| Labor | 5.10 | 23 |
| Supplies | 6.27 | 28 |
| Energy | 5.02 | 22 |
| Services | 1.53 | 7 |
| Admin | 0.09 | 0.4 |
| **Total** | **18.00** | **80** |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **21-280** |

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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The G&A operating cost is summarized in Table 21-9. G&A labor includes all administration labor as well as engineering and geology. Supplies include all administration and related supplies. Energy includes diesel. Services include all insurance, property and school taxes, and external services contracted to the administration areas.

**Table 21-9: Summary of G&A operating cost**

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| | | |
|:---|:---|:---|
| **G&A** | **Unit Cost ($/t milled)** | **LOM Cost ($M)** |
| Labor | 7.55 | 34 |
| Supplies | 0.14 | 1 |
| Energy | 0.00 | 0 |
| Services | 2.34 | 10 |
| Admin | 9.97 | 45 |
| **Total** | **20.00** | **89** |

---

Source: ESM 2024

Note: Totals may not compute exactly due to rounding.

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| | |
|:---|:---|
| **JANUARY 2025** | **21-281** |

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

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22. Economic
 Analysis

Chapters 16 to 22 apply only to ESM's zinc operations. An economic analysis of ESM's graphite mineralization has not yet been completed.

22.1 Introduction

An economic model was developed to estimate annual cash flows and sensitivities of the Project. Pre-tax estimates of project values were prepared for comparative purposes, while after-tax estimates were developed and are likely to approximate the true investment value. It must be noted, however, that tax estimates involve many complex variables that can only be accurately calculated during operations and, as such, the after-tax results are only approximations.

Sensitivity analyses were performed for variations in grade, metal price, operating costs, capital costs, and discount rates to determine their relative importance as project value drivers.

The estimates of capital and operating costs have been developed specifically for this Project and are summarized in Chapters 21 and 22 of this report. The economic analysis has been run with no inflation (constant US dollar basis).

The mill head grades are based on sufficient sampling that is reasonably expected to be representative of the realized grades from actual mining operations.

It must be noted that this PEA is preliminary in nature and includes the use of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized.

22.2 LOM Summary
 and Assumptions

Table 22-1 summarizes parameters and assumptions pertinent to the 9-year mine life that were used in the economic analysis.

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-282** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 22-1: LOM plan summary**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| Mine Life | year | 9.0 |
| Underground Waste | kt |  |
| Underground Mineralization | kt |  |
| Total Plant Feed Material | kt | 4446 |
| Throughput Rate | t/d | 1775 |
| Operating Days per Year | d/y | 260 |
| Average Zinc Price | $/lb | 1.25 |
| Average Head Zinc Grade | %Zn | 7.4 |

---

Source: ESM 2024.

Other economic factors include the following:

■ Discount
 rate of 5%;

■ Nominal
 2024 US dollars;

■ Revenues,
 costs, taxes are calculated for each period in which they occur;

■ All
 costs and time prior to January 1, 2024, are considered sunk costs;

■ Results
 are presented on 100% ownership basis.

22.3 Revenues
 and Net Revenue Parameters

Mine revenue is derived from the sale of zinc concentrate into the international marketplace. Details regarding the terms used for the economic analysis can be found in the Market Studies (Chapter 19) of this report.

Table 22-2 indicates the net revenue (NR) parameters that were used in the economic analysis.

**Table 22-2: Net revenue parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| Mine Operating Days | d/y | 260 |
| Zinc Recovery from Process Plant (#4 Mine) | % | 96 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-283** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

22.4 Taxes

The Project has been evaluated on an after-tax basis to provide an indicative value of the potential project economics. A preliminary tax model was prepared by ESM and Titan. The tax model contains the following assumptions:

■ 21%
 federal income tax rate;

■ 6.5%
 New York state income tax;

■ Total
 taxes for the LOM $5.6M.

22.5 Royalties

The economic analysis incorporates royalties. A royalty of 0.3% is applied to the NSR for the zinc concentrate.

22.6 Results

The Project economics for this report reflect only the UG mine, at this stage with an after-tax NPV of $83M at a 5% discount rate. The economics for the open pit continue to be evaluated. Table 22-3 summarizes the economic results. Table 22-4 shows the pre-tax and post-tax projected cash flows for the Project.

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-284** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 22-3: Summary of the economic analysis results**

---

| | | |
|:---|:---|:---|
| **Summary of Results** | **Unit** | **Value** |
| Mine Life | year | 9.0 |
| Resource Mined | kt | 4469 |
| LOM Throughput Rate | t/d | 1775 |
| LOM Operating Days per Year | d/y | 260 |
| Average Head Zinc Grade | %Zn | 7.4 |
| LOM Recovered Zinc | M lb | 636 |
| LOM Payable Zinc | M lb | 541 |
| Total Revenue | $M | 577 |
| Total Offsite Charges | $M | 107 |
| Royalties | $M | 0.2 |
| NSR (net of royalties) | $M | 577 |
| Capital Costs (including sustaining) | $M | 27 |
| Operating Costs | $M | 446 |
| Operating Costs | $/t processed | 101 |
| Pre-tax Cash Flow | $M | 104 |
| Taxes | $M | 5.6 |
| After-tax Cash Flow | $M | 98 |
| **Pre-tax NPV (5% discount)** | **$M** | **88** |
| **After-tax NPV (5% discount)** | **$M** | **83** |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-285** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

**Table 22-4: Cash flow model for ESM**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **LOM** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| Zinc Price | $/lb | 1.15 | 1.30 | 1.33 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 | 1.25 |
| Tons Mined UG | 000s t | 4460 | 425 | 462 | 467 | 455 | 455 | 455 | 455 | 455 | 455 | 383 |
| Zinc Grade | % | 7.4 | 8.6 | 7.8 | 7.5 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 | 6.5 | 7.3 |
| Contained Zinc | 000,000s lb | 663.0 | 73.2 | 72.3 | 70.3 | 66.3 | 66.3 | 66.3 | 66.3 | 66.3 | 59.2 | 55.8 |
| Mineralization Processed | 000s t | 4460 | 425 | 462 | 467 | 455 | 455 | 455 | 455 | 455 | 455 | 383 |
| Zinc Grade | % | 7.4 | 8.6 | 7.8 | 7.5 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 | 6.5 | 7.3 |
| Contained Zinc | 000s lb | 663.0 | 73.2 | 72.3 | 70.3 | 66.3 | 66.3 | 66.3 | 66.3 | 66.3 | 59.2 | 55.8 |
| Zinc Concentrate Produced | 000s dry t | 532.0 | 60.8 | 57.9 | 56.3 | 53.1 | 53.1 | 53.1 | 53.1 | 53.1 | 47.4 | 44.7 |
| Shipping Weight | 000s wet t | 579.0 | 66.0 | 62.9 | 61.2 | 57.7 | 57.7 | 57.7 | 57.7 | 57.7 | 51.5 | 48.6 |
| Zinc in Concentrate | 000,000s lb | 636.0 | 70.5 | 69.5 | 67.5 | 63.7 | 63.7 | 63.7 | 63.7 | 63.7 | 56.8 | 53.6 |
| Payable Zinc | 000,000s lb | 541.0 | 60.0 | 59.1 | 57.4 | 54.1 | 54.1 | 54.1 | 54.1 | 54.1 | 48.3 | 45.6 |
| Gross Metal Value - Zinc | 000s $| 803838 | 90925 | 92393 | 84414 | 79607 | 79607 | 79607 | 79607 | 79607 | 71058 | 67014 |
| Payable Zinc Value | 000s $| 683406 | 77286 | 78534 | 71752 | 67666 | 67666 | 67666 | 67666 | 67666 | 60399 | 56961 |
| Less Treatment Charges | 000s $| 91048 | 11416 | 8718 | 8985 | 9196 | 9196 | 9196 | 9196 | 9196 | 8208 | 7741 |
| Less Penalties | 000s $| 15710 | 1422 | 1754 | 1705 | 1608 | 1608 | 1608 | 1608 | 1608 | 1354 | 1435 |
| NSR Value | 000s $| 576647 | 64592 | 68062 | 61061 | 56862 | 56862 | 56862 | 56862 | 56862 | 50756 | 47867 |
| Revenue - Zinc | 000s $| 576647 | 64592 | 68062 | 61061 | 56862 | 56862 | 56862 | 56862 | 56862 | 50756 | 47867 |
| #4 Infrastructure & Process Capital | 000s $| 13866 | 1265 | 2594 | 3390 | 2925 | 2642 | 750 | 150 | 150 | - | - |
| #4 Mining Capital Equipment | 000s $| 13232 | 348 | 2598 | 2827 | 3809 | 1250 | 1000 | 1000 | 400 | - | - |
| **Total Capital Costs** | **000s $** | **27099** | **1613** | **5192** | **6218** | **6734** | **3892** | **1750** | **1150** | **550** | **-** | **-** |

---

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-286** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **LOM** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| Mining | 000s $| 243987 | 22797 | 24155 | 25792 | 25025 | 25025 | 25025 | 25025 | 25025 | 25053 | 21066 |
| Processing | 000s $| 80218 | 7005 | 8729 | 8441 | 8190 | 8190 | 8190 | 8190 | 8190 | 8199 | 6894 |
| G&A | 000s $| 89504 | 8689 | 9165 | 9379 | 9100 | 9100 | 9100 | 9100 | 9100 | 9110 | 7660 |
| Concentrate Transport | 000s $| 31735 | 3544 | 3461 | 3364 | 3173 | 3173 | 3173 | 3173 | 3173 | 2832 | 2671 |
| Royalties | 000s $| 191 | 38 | 20 | 18 | 17 | 17 | 17 | 17 | 17 | 15 | 14 |
| Total #4 Mine Operating Costs | 000s $| 445635 | 42071 | 45531 | 46994 | 45505 | 45505 | 45505 | 45505 | 45505 | 45209 | 38360 |
| Revenue | 000s $| 576647 | 64592 | 68062 | 61061 | 56862 | 56862 | 56862 | 56862 | 56862 | 50756 | 47867 |
| Capital Costs | 000s $| 27099 | 1612 | 5192 | 6218 | 6734 | 3892 | 1750 | 1150 | 550 |  |  |
| Operating Costs | 000s $| 445635 | 42071 | 45531 | 46994 | 45505 | 45505 | 45505 | 45505 | 45505 | 45209 | 38360 |
| Pre-tax Net Cash Flow | 000s $| 103913 | 21039 | 17339 | 7849 | 4623 | 7465 | 9607 | 10207 | 10807 | 5547 | 9651 |
| Cumulative pre-tax Net Cash Flow | 000s $| 103913 | 21039 | 38378 | 46227 | 50850 | 58316 | 67923 | 78130 | 88937 | 98498 | 104044 |
| Pre-tax Net Present Value (5%) | 000s $| 87678 | 21039 | 16513 | 7120 | 3994 | 6142 | 7527 | 7617 | 7680 | 6741 | 3576 |
| Net Income Before Tax | 000s $|  |  | 17339 | 7849 | 4623 | 7465 | 9607 | 10207 | 10807 | 5547 | 9651 |
| Corporate Tax | 000s $| 5652 | 243 | 349 | 82 | - | 27 | 816 | 1203 | 1264 | 598 | 1070 |
| Post-tax Net Cash Flow | 000s $| 97747 | 20665 | 16475 | 7767 | 4623 | 7438 | 8791 | 9005 | 9543 | 8491 | 4949 |
| Cumulative Post-tax Net Cash Flow | 000s $| 97747 | 20665 | 37140 | 44907 | 49530 | 56968 | 65759 | 74764 | 84307 | 92798 | 97747 |
| Post-tax Net Present Value (5%) | 000s $| 83330 | 20665 | 16180 | 7045 | 3994 | 6119 | 6888 | 6719 | 6782 | 3190 | 5747 |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-287** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

22.7 Sensitivities

A sensitivity analysis was performed to determine which factors most affected the project economics. The analysis revealed that the Project is most sensitive to zinc price, then zinc grade, followed by operating costs and capital costs. Table 22-5 outlines the results of the sensitivity tests performed on pre-tax and after-tax NPV at 5%.

The Project was also tested under various discount rates. The results of these tests are demonstrated in Table 22-6.

**Table 22-5: Sensitivity results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Variable** | **Pre-tax NPV @ 5% ($M)** | **Pre-tax NPV @ 5% ($M)** | **Pre-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** |
| **Variable** | **-10%<br> Variance** | **0%<br> Variance** | **10%<br> Variance** | **-10%<br> Variance** | **0%<br> Variance** | **10%<br> Variance** |
| Zinc Price | 47 | 88 | 133 | 38 | 83 | 125 |
| Zinc Grade | 49 | 88 | 126 | 46 | 83 | 116 |
| CAPEX | 90 | 88 | 85 | 85 | 83 | 76 |
| OPEX | 116 | 88 | 55 | 109 | 83 | 44 |

---

Source: ESM 2024

**Table 22-6: Discount rate sensitivities**

---

| | | |
|:---|:---|:---|
| **Discount Rate (%)** | **Pre-tax NPV ($M)** | **After-tax NPV ($M)** |
| 0 | 104 | 98 |
| 5 | 88 | 83 |
| 8 | 80 | 76 |
| 10 | 76 | 73 |
| **12** | **72** | **69** |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **22-288** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

23. Adjacent
 Properties

There are no adjacent properties relevant to the scope of this report.

---

| | |
|:---|:---|
| **JANUARY 2025** | **23-289** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

24. Other
 Relevant Data and Information

There is no other relevant data or information relative to the scope of this report.

---

| | |
|:---|:---|
| **JANUARY 2025** | **24-290** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

25. Interpretation
 and Conclusions

25.1 Zinc

ESM began operating over 100 years ago (from 1915) and has a proven track record of replacing Mineral Resources with continued exploration efforts; it is also a past producer with demonstrated production rates and metal recoveries well within the LOM plan. The mine is fully developed with shaft access and mobile equipment on-site. The mine and its facilities were maintained to good standards during the period of care and maintenance.

ESM is comprised of multiple deposits in and around Fowler, NY. There are ten deposits currently considered as viable economic targets. Historic mining at these locations has provided a good geological understanding of each, with supporting mapping, sampling, and drilling data.

This Mineral Resource report has been prepared by ESM under the Canadian NI 43-101 guidelines. A comprehensive re-modeling effort was undertaken by ESM in 2018 using Leapfrog™ Geo for all geological models. Mining and grade control experience by ESM geologists has supported that implicit modeling of mineralized zones as veins in Leapfrog™ Geo results in more accurate geological wireframes.

The ten deposit zones were defined and modeled by ESM geologists. Each one is comprised of multiple veins designating variably oriented and spatially-distinct mineralized zones, which were modeled using implicit methods. Input data for these models are based on drilling intercepts and years of surface and underground mapping.

Underground Mineral Resources have been modeled and estimated using Leapfrog™ Geo 2023.2.3 and Edge software. Mineral Resources for the underground #4 Mine areas have been compiled from separate block models including the American, Cal Marble, Fowler, Mahler, Mud Pond Apron, Mud Pond Main, N2D, New Fold, Northeast Fowler, and Silvia Lake areas.

Open Pit Turnpike Mineral Resources have also been modeled and estimated using Leapfrog™ Geo and Edge software. Mineral Resources for Turnpike have been taken from a single block model.

The ESM deposit will be extracted using a combination of longitudinal retreat stoping (LRS), cut and fill (C&F), Panel Mining - Primary and Secondary, and development drifting underground mining methods with rock backfill as needed. Longhole back-stopes are also used in the design where applicable. The proposed UG plan is expected to produce 1,750 tons per day. Open pit mining will be completed independently from UG mining based on zinc price. The open pit is not included in life of mine considerations. The expected mine life of the underground is 9 years.

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| | |
|:---|:---|
| **JANUARY 2025** | **25-291** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Access to the ESM facility is by existing paved state, town, and site roads. All access to the mine/mill facility as well as concentrate haulage from the facility is by paved public roads and/or an existing CSX rail short line. The existing facilities at the ESM Mine are well established and will generally meet the requirements of the planned operations.

Mineralized material mined in the ESM deposits is processed at the existing ESM concentrator that was commissioned in 1970 and last shut down in 2008. The concentrator was refurbished in late 2017 and began processing mineralization in 2018. The concentrator flowsheet includes crushing, grinding, zinc flotation circuits, concentrate dewatering circuits, and loadout facilities. The design capacity of the concentrator is 5,000 t/d. Throughout the history of the Balmat operation (now ESM), the capacity of the concentrator has exceeded that of the mines' capacity. The operating strategy is to operate the concentrator at its rated hourly throughput of 200 t/h to 220 t/h, but for only as many hours as necessary to suit mine production.

While aged, the concentrator is in good working order and runs efficiently. No modifications are required to continue processing underground mineralization sources and no modifications would be required for processing the mineralized material to be mined from the open pits.

All permits required to operate the ESM #4 Mine are active and in place. Additionally, there are no other significant factors or risks likely affect access, title, or the right or ability to perform work on the ESM properties.

Tailings are non-acid generating so conventional reclamation methods can be used to rehabilitate the tailings area. Currently, surface water discharge complies with a SPDES permit and is expected to remain so during operation, closure, and post-closure periods.

The results of the economic evaluation indicate that the Project is economic under the current assumptions. The pre-tax cash flow is estimated to be $104M, with a pre-tax and post-tax net present value (NPV) at a discount rate of 5% of $88M and $83M, respectively. A sensitivity analysis revealed that the Project is most sensitive to zinc price, then zinc grade, followed by operating costs and capital costs.

The most significant risks associated with the Project are commodity prices, uncontrolled dilution, mineral recovery, operating and sustaining capital cost escalation, ventilation limitations and Inferred Mineral Resource confidence.

These risks are common to most mining projects, many of which may be mitigated, at least to some degree, with adequate engineering, planning, and proactive management.

---

| | |
|:---|:---|
| **JANUARY 2025** | **25-292** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

25.1.1 Risks

The main risks to the project are summarized in Table 25-1.

**Table 25-1: Main project risks**

---

| | | |
|:---|:---|:---|
| **Risk** | **Explanation / Potential Impact** | **Possible Risk Mitigation** |
| **Dilution and Grade Control** | Higher than expected dilution can have a severe impact on project economics. The mine must ensure accurate drilling and blasting practices are implemented to minimize dilution from wall rock, backfill and other low grade mineralized zones. | A well planned and executed grade control plan is necessary. Mine designs need to be customized to the mineralization geometry to minimize external dilution. On shift grade control geologists to follow the mining. Focused grade control efforts have been successful, and results of current work appear to be achieving desired results. |
| **Resource Modeling** | All Mineral Resource estimates carry some risk and are one of the most common issues with project success. The majority of the Mineral Resources in the PEA mine plan are classified as Inferred. | Infill drilling and increased sampling is recommended in order to provide a greater level of confidence in certain areas. Infill drilling is required to convert Inferred Mineral Resources to Measured and Indicated. |
| **Metal Prices** | Lower than expected zinc prices can have a negative effect on project economics. | Hedging some portion of the mine's production may be an option to guarantee zinc pricing. |
| **Consumable Prices** | Prices for major consumables such as power, fuel, mill reagents, liners and explosives could be higher than planned. This will negatively affect operating costs. | Consider long term contracts for major consumable items to minimize the impact of pricing fluctuations on operating costs. |
| **Ventilation** | Poor ventilation in the extremities of the mine could limit or prevent production in these areas. Losses from unknown sources as well as air leaks from door and bulkhead may cause lower than required ventilation in the mine. | Further detailed analysis of ventilation design and potential upgrades to ventilation system including booster fans, construction of a new ventilation raise to surface or the use of electric (or battery) mine equipment to reduce ventilation requirements. |
| **Capital and Operating Costs** | The ability to achieve the estimated CAPEX and OPEX is an important factor of Project success. | Improvement of cost estimation accuracy with the next level of study, and the active investigation of potential cost-reduction measures would assist in the support of reasonable cost estimates. |

---

Source: ESM 2024

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| | |
|:---|:---|
| **JANUARY 2025** | **25-293** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

25.1.2 Opportunities

There are several opportunities to improve the project's economics through a combination of resource expansion, productivity enhancements and the use of new technology to lower mine operating costs.

**Table 25-2: Identified project opportunities**

---

| | | |
|:---|:---|:---|
| **Opportunity** | **Explanation** | **Potential Benefit** |
| **Resource Expansion** | The mineralized zones have not been fully delineated and there is an opportunity to expand the Mineral Resource. | Increased mine life and increased project NPV. |
| **Productivity Enhancement** | Accelerate the mining of the N2D zone. | Increases project NPV over the life of the zone. |
| **Mine Plan Expansion** | Resource zones added may add significant mineable tons to the LOM plan. | Increased mine life and increased project NPV. |
| **Plant Feed Sorting** | The use of sorting technology could reject waste rock dilution in the mineralized plant feed. | Rejecting waste rock dilution would increase the head grade entering the mill. |

---

Source: ESM 2024

25.2 Graphite

The Kilbourne Graphite Project has shown potential for significant graphite mineralization. The discovery of graphite in Unit 2 of the Upper Marbles (UM2) was first documented by ESM personnel in mid-2022, following surface exploration hole SX22-2621, which intercepted a 799.1 ft section of UM2. This initial discovery led to a review of historical drill data, revealing graphite mineralization in 130 records from adjacent properties, including Titan's adjacent property and the historic Hyatt mine. Although there has been no previous graphite production at Kilbourne, historical exploration data shows the presence of other mineral occurrences, including a recorded iron and sulfur prospect dating back to 1917.

Graphite mineralization at Kilbourne, consistent with other deposits in the Grenville Province, is believed to result from metamorphic processes acting on organic carbon in sedimentary lithologies. The mineralization occurs in a stratiform manner within UM2, which is divided into three sub-units with transitional zones between each: the Upper Graphitic Schist (UGS), the Phlogopitic Garnet Schist (PGS), and the Lower Graphitic Schist (LGS). These units exhibit variations in thickness and graphite content, with grades in the UGS and LGS ranging from 1.5% to 3% Cg, with higher grades of up to 13.5% Cg observed in some assays.

---

| | |
|:---|:---|
| **JANUARY 2025** | **25-294** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Exploration at Kilbourne has involved a combination of historic data review, geochemical sampling, airborne geophysical surveys, channel sampling, and exploration drillholes. The integration of historic geophysical data has helped identify additional graphite targets, and further exploration along strike from the known mineralization has been prioritized, especially where geophysical anomalies and documented graphite occurrences overlap.

The data has been validated by the QP by conducting site investigations, reviewing drill core logging, and sampling procedures and confirming drill collar locations.

The Mineral Resource Estimate for the Project was prepared using 12 geological domains and 45 surface drillholes with one surface channel, all totaling 29,699 ft. The Project's mineral resource was completed by ordinary kriging and using a cut off of 1.5% Cg. The pit-constrained Inferred Mineral Resources totaling 22,423 tons grading 2.91 % Cg. The MRE is supported by drilling, analysis, and specific gravity data. Geological controls were available and used to constrain the mineralization and reasonable parameters were used to constrain the mineralization within a pit shell.

Overall, Kilbourne's graphite mineralization shows considerable exploration potential. The mapped surface extension of UM2 continues in both directions, and additional drilling is warranted to evaluate the full extent of this prospective strike length. The continued re-evaluation of geophysical and geologic data may reveal further areas of prospectivity for graphite within the Project area.

---

| | |
|:---|:---|
| **JANUARY 2025** | **25-295** |

---

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| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

26. Recommendations

26.1 Zinc

26.1.1 Zinc
 Operations

Based on the PEA results, it is recommended that ESM continues with project advancement. The following items are recommended for resource upgrade, project optimization, and confirmation of design parameters used in this study:

■ Infill
 drilling of existing drillholes to improve resource resolution and accuracy, and upgrade
 the classification of the Inferred Mineral Resource.

■ There
 is an opportunity to increase production and project NPV by accelerating the mining of the
 N2D zone. This would require the purchase of $2.8M of additional mining equipment pre-production,
 a power upgrade of $2.6M within 18 months of start of production and hiring additional miners
 and mechanics to add 500 tons per day of incremental ore to the mill feed. The expansion
 would decrease the life of mine by 1 year compared to the base case due to accelerated
 depletion of resources. It would also add $14M to the Project pre-tax NPV calculation
 and 13 M payable zinc pounds per year during its 3.5-year life.

■ Conduct
 optical sorting test work to test the ability to separate mineral from waste before entering
 the mill facility. Perform an integration study to assess the impact of the system on the
 mine and the logistics of application.

■ Obtain
 contractor quotes for Turnpike Open Pit mining to improve estimate accuracy in the next level
 of study.

Table 26-1 shows the cost of the recommended additional definition drilling and engineering field and test programs.

**Table 26-1: Project recommendations and cost**

---

| | |
|:---|:---|
| **Item** | **Cost ($)** |
| Infill Drilling and Conversion of Inferred Mineral Resources | 150000 |
| Review Financing for Production Expansion from N2D Zone | 5400000 |
| Sorting Test Work and Integration Study | 100000 |
| Contractor Quotes for Turnpike Open Pit Cost Assumptions | 15000 |
| **Total Estimate** | **5665000** |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **26-296** |

---

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|:---|:---|:---|
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---

26.1.2 Zinc
 Exploration

Based on the historic productivity of the Balmat-Pierrepont trend, available datasets owned by the Company, and the proven success of conventional exploration techniques, it is recommended that ESM engages in the systematic exploration of their current land package, while assessing the acquisition of additional prospective properties. Targets within the Balmat-Pierrepont trend, and the greater district should be explored, with priority given to those within the historically productive stratigraphies of the Balmat, Edwards, Hyatt, and Pierrepont mines. The following items are recommended as part of this effort:

■ **Surface Geochemical Sampling:** Collect a minimum of 2,000 soil sample per year, with an initial
 focus on currently controlled lands within the Balmat-Pierrepont Trend, followed by properties
 with historic anomalous zinc samples. Hydrogeochemical sampling where access allows, focusing
 on areas with late geologic cover obscuring the productive Proterozoic marbles.

■ **Near Mine - Exploration Drilling:** Conduct a minimum of 13,000 ft of drilling along strike
 from known mineralized horizons, and target favorable lithologies with limited historic data
 including areas where historic property access limited exploration.

■ **Exploration Drilling:** Exploration drilling within the trend and district should be approached with
 the same systematic targeting as the surface geochemistry. Annual drilling should see a minimum
 of 18,000 ft drilled per year. Drilling should prioritize historic mineralized intercepts
 with enough space down dip and along strike to host a potentially significant zinc occurrence.
 Additional targets generated by surface geochemical sampling should be tested when access
 and timing allow.

■ **Geophysics:** The reinterpretation of the remaining two-thirds of the HudBay airborne geophysical survey
 to further identify prospective areas for both base metal, and graphite mineralization.

■ **Land Acquisition and Management:** Continued acquisition of land with historic mineral prospects
 and occurrences with a focus on the consolidation of prospective in trend geology. It is
 also recommended that the Company completes an in-depth review of current mineral rights,
 this review should extend to these neighboring properties within the trend.

With the exception of the geophysical reinterpretation, it is recommended that the above items be conducted annually.

---

| | |
|:---|:---|
| **JANUARY 2025** | **26-297** |

---

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|:---|:---|:---|
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---

**Table 26-2: Cost estimate for recommended exploration activities**

---

| | |
|:---|:---|
| **Item** | **Estimated Cost ($)** |
| Surface Geochemical Sampling | 246000 |
| Near Mine – Exploration Drilling | 525000 |
| Exploration Drilling | 570000 |
| Geophysics | 90000 |
| Land Acquisition and Management | - |
| **Estimate for 2025** | **1431000** |
| **Annual Estimate** | **1341000** |

---

Source: ESM 2024

26.2 Graphite

26.2.1 Preliminary Economic Assessment

Based on the exploration drilling results, it is recommended that ESM proceed with project advancement to a PEA level scoping study. The following items are recommended as part of this study:

■ **Infill Drilling**: Conduct infill drilling of existing drillholes to improve the resolution and accuracy of the resource estimate
and upgrade the classification of the Inferred Mineral Resource.

■ **Geotechnical Study**: Conduct a geotechnical study to assess the stability and safety of the open pit resource. This should be
incorporated into the next phase of infill drilling.

■ **Phase III Metallurgical Study**: Initiate a Phase III metallurgical study to further evaluate
 the processing characteristics and recovery rates of the Mineral Resource. Dedicated metallurgical
 holes should be incorporated into the next phase of infill drilling.

■ **Mining Study**: Conduct a detailed mining study to address the challenges of extracting the resource, with a particular focus
on managing the overlying tailings from the active underground mine.

■ **Optical Sorting Study**: Conduct a study to test optical sorting technology, evaluating its effectiveness in separating mineral
from waste before entering the mill facility. This should include an integration study to assess the impact of this technology on the
mine and the logistics of its application.

---

| | |
|:---|:---|
| **JANUARY 2025** | **26-298** |

---

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|:---|:---|:---|
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---

■ **Contractor Quotes**: Obtain contractor quotes for open pit mining to improve the accuracy of cost estimates in the next level
of study.

■ **Permitting**: Engage with stakeholders and regulatory bodies to secure the necessary permits and approvals for the proposed mining
activities.

Table 26-3 shows the cost of the recommended drilling, metallurgical, and engineering programs.

**Table 26-3: Project recommendations and estimated cost**

---

| | |
|:---|:---|
| **Recommended Study Item** | **Estimated Cost ($)** |
| Infill Drilling | 950000 |
| Geotechnical Study | 50000 |
| Phase III Metallurgical Study | 47000 |
| Mining Study | 250000 |
| Optical Sorting Study | 30000 |
| Contractor Quotes | 15000 |
| Permitting | 130000 |
| PEA Technical Report Update | 500000 |
| **Preliminary Economic Assessment Subtotal** | **1972000** |
| Contingency (25%) | 493000 |
| **Total Estimate** | **2465000** |

---

Source: ESM 2024

26.2.2 Commercial Scoping and Demonstration Plant

To ensure the commercial viability and market readiness of the Project, the following steps are recommended:

■ **Commercial Scoping Study**: Conduct a comprehensive commercial scoping study to evaluate the market potential and economic feasibility
of the Project. This study should include a market analysis, competitive landscape assessment, and identification of potential customers
and partners.

---

| | |
|:---|:---|
| **JANUARY 2025** | **26-299** |

---

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| | | |
|:---|:---|:---|
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---

■ **Demonstration Plant**: Construct and run a demonstration plant for a minimum of 12 to 18 months to validate the proposed extraction
and processing methods. The demonstration plant will serve multiple purposes:

**Produce Concentrate**: Produce concentrate in sufficient quantities to deliver to potential consumers and obtain committed offtakes.

**Product Qualification Consulting**: Engage with product qualification consultants to ensure that the graphite product meets industry standards and customer specifications. This process will involve testing and validation of product quality, consistency, and performance.

By undertaking these steps, ESM will be well-positioned to advance the Project towards commercial production, ensuring that the product meets market demands and customer and industry qualification requirements.

**Table 26-4: Commercial recommendations and estimated cost**

---

| | |
|:---|:---|
| **Recommended Study Item** | **Estimated Cost ($)** |
| Commercial Scoping Study | 150000 |
| Product Qualification Consulting | 68000 |
| Demonstration Plant (including working capital) | 6110000 |
| **Commercial Scoping Subtotal** | **6328000** |
| Contingency (25%) | 1582000 |
| **Total Estimate** | **7910000** |

---

Source: ESM 2024

---

| | |
|:---|:---|
| **JANUARY 2025** | **26-300** |

---

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|:---|:---|:---|
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---

27. References

Blackwell, A. & Peacock, B. 2020. Empire State Mine Scoping Level Pit Slope Design. Report prepared by Knight Piésold Ltd. for Titan Mining Corporation. May 15, 2020, 93 pages.

Brummer, R., 2005. Geomechanics Review Site Visit – May 26-27, 2005. Technical Memo by Itasca Consulting for Hudbay. July 22, 2005. 484 pages.

Buddington, A. F. (1917). Report on the pyrite and pyrrhotite veins in Jefferson and St. Lawrence counties, New York. J.B. Lyon Co.,.

Chiarenzelli, J., Kratzmann, D., Selleck, B., and deLorraine, W. 2015. Age and provenance of Grenville supergroup rocks, Trans-Adirondack Basin, constrained by detrital zircons Geology, February 2015, v. 43, pp. 183-186.

Cocks, L., Robin, M., and Torsvik, T.H. 2005. Baltica from the late Precambrian to mid-Palaeozoic times: The gain and loss of a terrane's identity: Elsevier Earth-Science Reviews 72 (2005) pp. 39-66.

CIM 2014. Canadian Institute of Mining, Metallurgical and Petroleum, CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014.

CIM 2019. Canadian Institute of Mining, Metallurgical and Petroleum, CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council November 29, 2019.

Davidson, A., An Overview of Grenville Province Geology, Canadian Shield, in Lucas, S.B. and St-Onge, M.R., 1998. Geology of the Precambrian Superior and Grenville Provinces and Precambrian Fossils in North America, Geology of Canada, no. 7, pp. 205-270.

Derby, J., Fritz, R., Longacre, S., Morgan, W., and Sternbach, C. 2013. The Great American Carbonate Bank: The Geology and Economic Resources of the Cambrian-Ordovician Sauk Megasequence of Laurentia, AAPG Memoir 98, 20 January 2013.

Emsbo, P. 2009. Geologic Criteria for the Assessment of Sedimentary Exhalative (Sedex) Zn-Pb-Ag Deposits: U.S. Geological Survey Open-File Report 2009-1209, pp. 21.

Emsbo, Poul, Seal, R.R., Breit, G.N., Diehl, S.F., and Shah, A.K., 2016, Sedimentary exhalative (Sedex) zinc-lead-silver deposit model: U.S. Geological Survey (USGS) Scientific Investigations Report 2010–5070–N, 57 p.

Forte Analytical, LLC. 2024. Metallurgical Test Results for Kilbourne Graphite Project. Prepared for Titan Mining Corp., (Project No. 242-24002). Forte Project No. 221-23045 Rev.0. November 17, 2024, 19 pages plus appendices.

---

| | |
|:---|:---|
| **JANUARY 2025** | **27-301** |

---

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|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Grammatikopoulos, P., Zhang, A., Mina, C., Gibbs, K., Wittekoek, R. & Downing, S. 2023. An Investigation by High Definition Mineralogy into the Mineralogical Characteristics of Seven Graphite Samples from New York State. Prepared for Empire State Mine by SGS Natural Resources. Project 19712-01 – MI5000-MAR 23 - Final Report–DRAFT. August 1, 2023, 38 pages.

Hatcher, R. D. Jr., W. A. Thomas, and G. W. Viele, eds. 1989. The Appalachian-Ouachita Orogen in the United States. Boulder: Geological Society of America, 1989.

Hair, A. 2012. Balmat Closure Mine Flooding Potential Liability. Hudbay Internal Memo. August 1, 2012, 1 page.

Hoefs, J., & Frey, M. 1976. Isotopic composition of carbonaceous organic matter in a metamorphic profile from the Swiss Alps. Geochimica et Cosmochimica Acta, 40(9), 945-951.

Hudbay Minerals Inc. 2005a. Annual Information Form for the Year Ended December 31, 2005.

Hudbay Minerals Inc. 2005b. Balmat No. 4 Zinc Mine Re-Opening Feasibility Study, 2005.

Hudbay Minerals Inc. 2006. Annual Information Form for the Year Ended December 31, 2006.

Hudbay Minerals Inc. 2007. Annual Information Form for the Year Ended December 31, 2007.

Hudbay Minerals Inc. 2008. Annual Information Form for the Year Ended December 31, 2008.

Hudbay Minerals Inc. 2009. Annual Information Form for the Year Ended December 31, 2009.

Makarenko, M., Gopinathan, I., Reeves, A., Raponi, R., 2017. NI 43-101 Preliminary Economic Assessment – Updated Technical Report, Empire State Mines, Gouverneur, New York, USA. Prepared by JDS Energy & Mining Inc. for St. Lawrence Zinc Company, LLC., a wholly owned subsidiary of Titan Mining Corporation. May 24, 2017, 267 pages.

Marshak, S. 2009. Essentials of Geology (Third Edition).

McLelland, J.M., Selleck, B.W., and Bickford, M.E. 2010. Review of the Proterozoic evolution of the Grenville Province, its Adirondack outlier, and the Mesoproterozoic inliers of the Appalachians, in Tollo, R.P.

Mezger, K., van der Pluijm, B.A., Essene, E.J., and Halliday, A.N. 1992. The Carthage-Colton mylonite zone (Adirondack Mountains, New York); the site of a cryptic suture in the Grenville Orogeny Journal of Geology 100, pp. 630-638.

Parrish, I.S. 1997. Geologist's Gordian Knot: To Cut or Not to Cut. Mining Engineering, vol. 49, pp 45-49.

RDi 2020. Metallurgical Test Program - Empire State Mining, Turnpike-Hoist House. Prepared by Resource Development Inc. September 24, 2020. 69 pages.

---

| | |
|:---|:---|
| **JANUARY 2025** | **27-302** |

---

---

| | | |
|:---|:---|:---|
| ![](ex99-48_002a.jpg)<br>| **Titan Mining Corporation** <br> Empire State Mines 2024 NI 43-101 Technical Report Update | &nbsp;&nbsp;![](ex99-48_003a.jpg) |

---

Rivard, D. and Stephens, M. 2013. "Balmat Reserves and Exploration Potential", Beaufield Resources Internal Company Report, 3 February 2013.

Robinson, G. R., Jr., Hammarstrom, J. M., & Olson, D. W. 2017. Graphite. In K. J. Schulz, J. H. DeYoung Jr., R. R. Seal II, & D. C. Bradley (Eds.), Critical mineral resources of the United States—Economic and environmental geology and prospects for future supply (pp. J1-J24). U.S. Geological Survey Professional Paper 1802.

Share, J. 2012. The Adirondack Mountains of New York State: Part II- What do we know about their geological evolution? Retrieved on December 8, 2012 from http://written-in-stone-seen-through-my-lens.blogspot.com/2012/12/the-adirondack-mountains-of-new-york.html.

Simandl, G. J., Paradis, S., Akam, C. 2015. Graphite deposit types, their origin, and economic significance. Symposium on critical and strategic materials. British Columbia Geological Survey Paper 2015-3.

Fennema, R. & Sollner, D. 2011. Balmat Mine Closure Plan and Cost Estimate 2010 Update. Report prepared by SRK Consulting (Canada) Inc. for Hinshaw and Culbertson LLP. Feb 2011, 61 pages.

Taylor, J. P., & Fitzgerald, P. G. 2011. Post-Jurassic thermal history and exhumation of the Eastern Adirondack Mountains associated with movement over the Great Meteor Hotspot: Constraints from low-temperature thermochronology. Geological Society of America Bulletin, 123, 412-426.

Tollo, R. P., Corriveau, L., McLelland, J., & Bartholomew, M. J. 2004. Proterozoic tectonic evolution of the Grenville Orogen in North America. Geological Society of America Memoir 197. Boulder, CO: Geological Society of America.

Warren, D., Methven, G., Malhotra, D., Vatterrodt, D., Peacock, B., & Hastings, M. 2021. Empire State Mines 2021 NI 43-101 Technical Report (Amended). Prepared by AMC Mining Consultants (Canada) Ltd. for Titan Mining Corporation. Effective as pf February 24, 2021; 225 pages.

West, D. 2018. Empire State Mines Inspection and Review. Letter to Titan Mining Corporation dated May 11, 2018. 6 pages.

---

| | |
|:---|:---|
| **JANUARY 2025** | **27-303** |

---

## Exhibit 99.49

**Exhibit 99.49**

---

| | |
|:---|:---|
| ![](ex99-49_001.jpg) | 144, Pine Street, Unit 501<br> Sudbury, ON P3C 1X3<br> **T +**1 705.265.1119<br> **F +**1 450.464.0901<br> **BBA.CA**  |

---

**SEDAR+ CONSENT OF QUALIFIED PERSON** 

I, Todd McCracken, P.Geo., employed with BBA USA Inc., do hereby consent to the public filing of the NI 43-101 Technical Report prepared for Titan Mining Corporation titled "*Empire State Mines 2024 NI 43-101 Technical Report Update, New York, USA*" (the "Technical Report"), with a signing date of January 15, 2025, and an effective date of December 3, 2024, by Titan Mining Corporation.

I also consent to the use of extracts from, or a summary of, the Technical Report contained in the news release of Titan Mining Corporation dated December 3, 2024 (the "News Release").

I confirm that I have read the written disclosure in the News Release and that it fairly and accurately represents the information contained in the sections of the Technical Report for which I am responsible.

Signed this 15<sup>th</sup> day of January 2025.

 

---

| |
|:---|
| *Signed and Sealed* |
| Signature of Qualified Person |
| Todd McCracken |
| Name of Qualified Person |

---

## Exhibit 99.50

**Exhibit 99.50**

![](ex99-50_001.jpg)

**SEDAR+ CONSENT OF QUALIFIED PERSON** 

I, Oliver Peters, MSc, P.Eng., MBA, President of Metpro Management Inc., do hereby consent to the public filing of the NI 43-101 Technical Report prepared for Titan Mining Corporation titled "*Empire State Mines 2024 NI 43-101 Technical Report Update, New York, USA*" (the "Technical Report"), with a signing date of January 15, 2025, and an effective date of December 3, 2024, by Titan Mining Corporation.

I also consent to the use of extracts from, or a summary of, the Technical Report contained in the news release of Titan Mining Corporation dated December 3, 2024 (the "News Release").

I confirm that I have read the written disclosure in the News Release and that it fairly and accurately represents the information contained in the sections of the Technical Report for which I am responsible.

---

| |
|:---|
| Signed this 15<sup>th</sup> day of January 2025. |
| *Signed and Sealed* |
| Signature of Qualified Person |
| Oliver Peters |
| Name of Qualified Person |

---

102 Milroy Drive oliver@metpro.ca <br> Peterborough, ON, K9H7T2, Canada T: +1 (705) 761-7276

## Exhibit 99.51

**Exhibit 99.51**

![](ex99-51_001.jpg)

**SEDAR+ CONSENT OF QUALIFIED PERSON**

I, Donald R. Taylor, MSc., PG, employed with Titan Mining Corporation, do hereby consent to the public filing of the NI 43-101 Technical Report prepared for Titan Mining Corporation titled "*Empire State Mines 2024 NI 43-101 Technical Report Update, New York, USA*" (the "Technical Report"), with a signing date of January 15, 2025, and an effective date of December 3, 2024, by Titan Mining Corporation.

I also consent to the use of extracts from, or a summary of, the Technical Report contained in the news release of Titan Mining Corporation dated January 7, 2025 (the "News Release").

I confirm that I have read the written disclosure in the News Release and that it fairly and accurately represents the information contained in the sections of the Technical Report for which I am responsible.

---

| |
|:---|
| Signed this 15<sup>th</sup> day of January 2025. |
| *Signed and Sealed* |
| Signature of Qualified Person |
| Donald R. Taylor |
| Name of Qualified Person |

---

## Exhibit 99.52

**Exhibit 99.52**

![](ex99-52_001.jpg)

**SEDAR+ CONSENT OF QUALIFIED PERSON** 

I, Deepak Malhotra, P.Eng., employed with Forte Dynamics, Inc., do hereby consent to the public filing of the NI 43-101 Technical Report prepared for Titan Mining Corporation titled "*Empire State Mines 2024 NI 43-101 Technical Report Update, New York, USA*" (the "Technical Report"), with a signing date of January 15, 2025, and an effective date of December 3, 2024, by Titan Mining Corporation.

I also consent to the use of extracts from, or a summary of, the Technical Report contained in the news release of Titan Mining Corporation dated January 7, 2025 (the "News Release").

I confirm that I have read the written disclosure in the News Release and that it fairly and accurately represents the information contained in the sections of the Technical Report for which I am responsible.

---

| |
|:---|
| Signed this 15<sup>th</sup> day of January 2025. |
| *Signed and Sealed* |
| Signature of Qualified Person |
| Deepak Malhotra |
| Name of Qualified Person |

---

## Exhibit 99.53

**Exhibit 99.53**

![](ex99-53_002.jpg)

**Titan Mining Announces Phase III Metallurgy Results and**

**Outlines Plans for Natural Flake Graphite Processing Facility in New York State**

**Vancouver, BC – January 16, 2025** – Titan Mining Corporation (TSX: TI) ("**Titan**" or the "**Company**") is pleased to announce the Phase III metallurgy results conducted at SGS Lakefield for the Kilbourne graphite project. The Company is also excited to be outlining parameters of a processing facility for Kilbourne natural graphite mineralized material (the "**Facility**"), to be co- located with the Company's existing zinc operations at Empire State Mines ("**ESM**"). This initiative aims to fast-track development of Kilbourne and make ESM the first end to end producer of natural flake graphite in the United States since the 1950s.

 ****

***Highlights:***

● **Process optimization completed indicating favorable characteristics of material with low impurities, high recoveries, final concentrate of 98.8% C(t) and saleable product** 

● **Simplified process sheet developed which provides potential synergies with existing ESM mill circuit** 

● **Size fraction analysis shows good flake size distribution with the potential to deliver to available US domestic segments and value-added products. Ability to meaningfully meet current US natural graphite demands** 

● **Engineering for the Facility is in final stages of completion targeting 1,000-1,200t per annum of concentrate production for product qualification and to be used as path towards commercialization. The Facility aims for modular expansion to baseline production of 40,000t per annum with further growth capability** 

● **Goal to make ESM the first end to end producer of natural flake graphite in the USA with target Facility start in 2025. Significant ability to leverage existing ESM infrastructure and work force lowering capital and operating costs** 

● **Key product group applications identified ranging from core areas such as semiconductors, batteries (CSPG anodes), military specification graphite and battery storage to mainstream applications such as lubricants, polymers and coatings** 

 

*Don Taylor, CEO of Titan commented*: "*We are pleased with the Phase III test results demonstrating potential closed-circuit recoveries of 90%+ and high-grade concentrate product from Kilbourne*. The *current resource outlined at Kilbourne represents only 8,300 ft of strike length tested of a total strike length of 25,000 ft. Kilbourne has significant resource expansion potential to meet the demands of US natural flake graphite over a long- term period and we are excited to be moving towards the next phase of development".*

 

*Rita Adiani, President of Titan commented*: "*The Phase III test results and size fraction analysis provides us with useful product data as we commence scoping out pricing and relevant US customer base for Kilbourne graphite. The Facility is the first step towards ESM becoming the first end to end producer of natural flake graphite in the United States and having the ability to secure supply chain resilience for our core industries such as semiconductors, military spec graphite and batteries whilst having domestic resources to support industrial uses which currently rely fully on imports. We are excited by current developments as we surface more shareholder value through organic growth".*

 

**Phase III Metallurgy Results and Proposed Flow Sheet**

A process optimization program was recently completed at SGS Minerals in Lakefield, Ontario. The samples that were used for the optimization program included a total of 118 mineralized intervals from drill holes KX23-001, KX24-002, KX24-003, and KX24-004. The drill core intervals were divided to generate four (4) variability composites, namely North Shallow, North Deep, South Shallow, and South Deep. Further, sub-samples of all 118 drill core intervals were combined to produce a Master composite for optimization testing. Once optimization testing was completed, the variability samples were subjected to the optimized flowsheet and conditions to confirm its robustness.

Total grade and graphitic head grade for the Master composite and the four variability composites are presented in Table 1. Graphitic carbon grades were only slightly lower than total carbon grades, which suggests low concentrations of organic and carbonate carbon in the samples.

**Table 1: Head Grades of Master and Variability Composites**

---

| | | |
|:---|:---|:---|
| Composite | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assays (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assays (%) |
| Composite | C(t) | C(g) |
| Master | 3.48 | 3.14 |
| North Shallow | 3.38 | 3.21 |
| South Shallow | 3.51 | 3.28 |
| North Deep | 2.87 | 2.68 |
| South Deep | 3.57 | 3.25 |

---

 ****

*Notes: C(t): Total Carbon C(g): Graphitic Carbon*

A total of eight (8) cleaner flotation tests were completed. Process variables that were evaluated included flash/rougher circuit configuration, primary grind size, regrind technologies and the number of regrind steps. A standard reagent suite consisting of diesel and methyl isobutyl carbinol (MIBC) was chosen since it was effective in previous programs.

The optimization program produced the flowsheet that is depicted in Figure 1. The flowsheet comprised a primary grind to P<sub>80</sub> = 100 microns followed by rougher flotation. The rougher concentrate is upgraded in a cleaning circuit consisting of one polishing mill and three stirred media mills (SMM) followed by cleaner flotation after each regrind step. The final concentrate is dewatered, dried, and then bagged.

![](ex99-53_002.jpg)

**Figure 1: Simplified Facility Flowsheet**

The last master composite test with the optimized conditions (Test F8) produced a final concentrate of 98.8% C(t) at an open circuit graphite recovery of 87.3%. This recovery is expected to increase during commercial operation since intermediate tailings streams are cycled rather than being treated as final tailings. A closed-circuit graphite recovery of 90-91% is projected based on the graphite losses to intermediate tailings streams.

The four variability flotation tests produced concentrate grades between 97.6% C(t) for the North Shallow and 99.3% C(t) for the South Deep composite. The open circuit graphite recovery ranged between 82.3% for the North Shallow composite and 92.4% for the North Deep composite. These results are well aligned with the Master composite and confirm the consistent metallurgical performance of the Kilbourne graphite mineralization and the robustness of the proposed flowsheet and conditions.

![](ex99-53_002.jpg)

The final concentrates were submitted for a size fraction analysis to quantify the flake size distribution and total carbon grade profile. The results are summarized in Table 2.

 **

***Table 2: Size Fraction Analysis of Final Concentrate of the Master and Variability Composites***

 **

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Product Size (Mesh) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master | &nbsp;&nbsp;&nbsp;North Shallow | &nbsp;&nbsp;&nbsp;North Shallow | &nbsp;&nbsp;&nbsp;&nbsp;North Deep | &nbsp;&nbsp;&nbsp;&nbsp;North Deep | &nbsp;&nbsp;&nbsp;South Shallow | &nbsp;&nbsp;&nbsp;South Shallow | &nbsp;&nbsp;&nbsp;&nbsp;South Deep | &nbsp;&nbsp;&nbsp;&nbsp;South Deep |
| &nbsp;&nbsp;&nbsp;Product Size (Mesh) | &nbsp;&nbsp;&nbsp;&nbsp;Mass<br> (%) | %<br> C(t) | Mass<br> (%) | %<br> C(t) | Mass<br> (%) | %<br> C(t) | Mass<br> (%) | %<br> C(t) | &nbsp;&nbsp;&nbsp;&nbsp;Mass<br> (%) | %<br> C(t) |
| 100 | 8.2 | 98.1 | 2.2 | 95.1 | 8.3 | 96.9 | 3.8 | 96.5 | 9.2 | 97.4 |
| 150 | 11.7 | 98.9 | 6.9 | 97.9 | 12.4 | 99.2 | 9.5 | 99.7 | 10.1 | 99.4 |
| 200 | 26.0 | 99.1 | 22.7 | 97.8 | 24.3 | 99.0 | 24.2 | 98.2 | 22.1 | 99.3 |
| -200 | 54.1 | 99.2 | 68.2 | 97.7 | 55.1 | 99.1 | 62.5 | 98.6 | 58.6 | 99.3 |

---

 ****

**The Facility**

Titan is in the final phases of completing engineering in respect of the Facility. The Facility is expected to produce 1,000-1,200t per annum of graphite concentrate and aims for modular expansion to baseline production of 40,000t per annum with further growth capability. The Facility will be fed Kilbourne mineralized material and will be co-located in the ESM mill area. It will benefit from leveraging personnel and infrastructure from the existing zinc ESM mill operations thereby reducing capital and operating costs.

The key objectives of the commercial demonstration facility are:

● **Product qualification**: Graphite concentrate being produced on a continuous basis will be used towards product qualification across various industry segments (as outlined below) and will form the basis for offtake discussions with potential US customers.

● **Path to full scale commercialization**: The Facility is the first step towards obtaining product at full run time which will allow ESM to establish customer demand and pricing thresholds. Subject to available product demand and funding, ESM is targeting a modular expansion to a 40,000t per annum facility.

As of 2024, the global market for natural flake graphite across the product segments the Company is targeting, was assessed to be 1.7 mt per annum. ESM is therefore well positioned to service global demands of natural flake graphite.

Based on available operating cost data for the Facility and pricing metrics across various targeted product groups, ESM is targeting a 40-45% operating margin for its full production facility of 40,000t per annum (based on an average sales price of US$2350/t).

Equipment for the Facility together with associated installation costs and working capital is likely to cost US$6.0-7.5 million. Titan has commenced work on various funding initiatives for this project.

![](ex99-53_002.jpg)

**Kilbourne Graphite Market Applications**

The market applications for natural flake graphite production from the Facility comprise of the below key product groups. Strategic introduction timelines will be coordinated with the Facility production ramp up and customer qualifications. Micronized STD Purity (95.0% LOI MIN) products are planned to expand progressive qualifications and add to revenues and margins. Future high purity (99.9% LOI MIN) micronized graphite products are anticipated to further enhance both revenues and margins to the Company targeting primary and secondary batteries, medical device, military specifications ("MIL-SPEC") and nuclear grade graphite.

Initial concentrate product applications from the facility will target thermal management, engineered products and lubricants followed by high-purity engineered products (including nuclear graphite) and energy storage products (battery- CSPG anode grades and primary alkaline).

Key customers for Micronized STD Purity graphite are expected to comprise producers of the following:

● **Engineered Products**: Ceramics, Friction, Carbon Brush, Seals, Bearings, Powdered Metal, Semiconductor –Siliconized Graphite Powders, MIL-SPEC Friction; SiC Armor, SiC Optics (SiC Grain Growth Surface Management)

● **Lubricants / Dispersions**: Grease, Dry Lubricants, HMF Dispersions, Nuclear Lubricants, MIL-SPEC

● **Polymers, Plastics, Rubber**: Automotive, Seals, Adhesives

● **Energy Storage**: Conductive Coatings, Solid Oxide Fuel Cells (SOFC / Pore Former Ceramic Surface)

**Quality Assurance and Quality Control**

All work and chemical analysis was conducted at SGS Lakefield in Canada, which is independent of the Company. This laboratory is ISO/IEC 17025 accredited, which ensures that the laboratory produces high-quality, accurate, and timely results. Repeat analyses of flotation products were completed as per the internal SGS QA/QC protocol. The QP is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein.

**Qualified Person**

The scientific and technical information in this news release has been reviewed and approved by Mr. Oliver Peters, a Principal Metallurgist and President of Metpro Management Inc., with over 25 years of mineral processing experience. He is a Qualified Person within the meaning of NI 43- 101 and is independent of the Company. Mr. Peters is satisfied that the metallurgical testing procedures and associated assay methods used are standard industry operating procedures and methodologies. He has reviewed, approved and verified the technical information disclosed in this news release, including core sampling, analytical and test data underlying the technical information.

**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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

**Contact**

 ****

*For further information, please contact: Rita Adiani, President. Email: radiani@titanminingcorp.com,* Investor Relations: Email: info@titanminingcorp.com

![](ex99-53_002.jpg)

**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 the parameters of the Facility and that it will be co-located with the Company's existing zinc operations at ESM; this initiative aims to fast-track development of Kilbourne and make ESM the first end to end producer of natural flake graphite in the United States since the 1950s; that the graphite produced will be saleable; that there will be potential synergies with the existing ESM mill circuit; the potential to deliver to available US domestic segments and value-added products; ability to meaningfully meet current US natural graphite demands; that the Facility is targeting 1,000-1,200t per annum of concentrate production for product qualification and to be used as path towards commercialization; the Facility aims for modular expansion to baseline production of 40,000t per annum with further growth capability; goal to make ESM the first end to end producer of natural flake graphite in the USA with target Facility start in 2025; significant ability to leverage existing ESM infrastructure and work force lowering capital and operating costs; the key product group applications for graphite produced at the Kilbourne project; potential closed-circuit recoveries of 90%+ and high-grade concentrate product from Kilbourne; Kilbourne has significant resource expansion potential to meet the demands of US natural flake graphite over a long-term period; that we will move to the next phase of development; that we are surfacing more shareholder value through organic growth; the recovery is expected to increase during commercial operation since intermediate tailings streams are cycled rather than being treated as final tailings; a closed-circuit graphite recovery of 90-91% is projected based on the graphite losses to intermediate tailings streams; Graphite concentrate being produced on a continuous basis will be used towards product qualification across various industry segments and will form the basis for offtake discussions with potential US customers; the Facility is the first step towards obtaining product at full run time which will allow ESM to establish customer demand and pricing thresholds. Subject to available product demand and funding; ESM is therefore well positioned to service global demands of natural flake graphite; ESM is targeting a 40-45% operating margin for its full production facility of 40,000t per annum (based on an average sales price of US$2350/t); equipment for the Facility together with associated installation costs and working capital is likely to cost US$6.0-7.5 million; Strategic introduction timelines will be coordinated with the Facility production ramp up and customer qualifications; initial concentrate product applications from the facility will target thermal management, engineered products and lubricants followed by high-purity engineered products (including nuclear graphite) and energy storage products (battery- CSPG anode grades and primary alkaline); and the composition of the key customers for Micronized STD Purity graphite. When used in this news release words such as "to be", "aim", "will", "planned", "expected", "potential", "target", "goal" 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 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 our economic studies at ESM; 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; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.54

**Exhibit 99.54**

![](ex99-54_002.jpg)

**Titan Provides Update on<br> Production Expansion and Guidance for 2025**

**Vancouver, BC – February 19, 2025** – Titan Mining Corporation (TSX: TI) (OTCQB: TIMCF) ("**Titan**" or the "**Company**") is pleased to provide an update on production expansion plans at its wholly owned project, Empire State Mines ("**ESM**") and 2025 production, cost and capital expenditure guidance (all dollar figures are in US dollars, unless otherwise indicated).

**Highlights:**

● **Addition of 12 million payable pounds of production expected annually upon execution of growth plans at the N2D Zone ("N2D")** 

● **Equipment secured for expansion with mobilization by the end of Q2 2025 and production contribution from N2D in H2 2025** 

● **Production guidance increase by 15% for 2025 to 75- 81 million zinc recoverable pounds or 64 – 69 million zinc payable pounds when compared to 2024** 

● **C1 Cash Cost<sup>(1)</sup>for 2025 is estimated between $0.89 and $0.96 per payable pound and all-in-sustaining cost ("AISC")<sup>(1)</sup>for 2025 is estimated between $0.98 and $1.05** 

 

*Don Taylor, CEO of Titan commented*: "*2025 promises to be another great year for Titan as we continue to execute our planned zinc gro wth strategy with an enhanced restart of the N2D Zone and an improved production outlook for 2025. N2D is a fully developed mining area that will add significant incremental production to the #4 mine for several years. Also, zinc miners in 2025 find themselves in a good position with metal stocks already low and declining, lower concentrate treatment charges predicted and the possibility for much higher zinc prices."*

 

*Rita Adiani, President of Titan commented*: "*We are pleased to have secured the necessary equipment for our expansion project, paving the way for its launch in the second half of 2025. Our focus remains on creating value for our shareholders by driving cost efficiencies and advancing organic growth initiatives across our zinc and graphite portfolios."*

 

**Production Expansion at ESM**

Titan management and Board have approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D area. The area is fully developed enabling the Company to ramp up production quickly.

The Company plans to ramp up production beginning in Q3 25, achieving full production at N2D in Q4 25. The production from N2D will add 500 tons per day (bringing overall production to 2,250 tpd). N2D is estimated to add approximately 12 million payable zinc pounds per annum.

![](ex99-54_002.jpg)

Figure 1 below outlines the key mining zones for ESM:

**Figure 1: N2D Life of Mine Plan**

**Guidance for 2025**

Production guidance for 2025 is estimated to be between 75 - 81 million zinc recoverable pounds or<br> 64 - 69 million zinc payable pounds. C1 Cash Cost<sup>(1)</sup> for 2025 is estimated between $0.89 and $0.96 per payable pound and all-in-sustaining cost ("AISC")<sup>(1)</sup> for 2025 is estimated between $0.98 and $1.05 per payable pound.

**Table 1: Production and Cost Guidance for 2025**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Recoverable Production Zinc** | &nbsp;&nbsp;75 - 81 million lbs |
| &nbsp;&nbsp;**Payable Production Zinc** | &nbsp;&nbsp;64 – 69 million lbs |
| &nbsp;&nbsp;**C1 Cash Cost/payable lb <sup>(1)</sup>** | &nbsp;&nbsp;$0.89 - $0.96 per lb |
| &nbsp;&nbsp;**AISC/payable lb<sup>(1)</sup>** | &nbsp;&nbsp;$0.98 - $1.05 per lb |
| &nbsp;&nbsp;**Sustaining Capital** | &nbsp;&nbsp;$5.5-$5.7 million |
| &nbsp;&nbsp;**Exploration Capital** | &nbsp;&nbsp;$2.2 -$2.5 million |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *C1 Cash Cost and AISC are non-GAAP financial measures. Accordingly, these financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These financial measures have been calculated on a basis consistent with historical periods. Information explaining these non-GAAP measures is set out in the Company's most recent MD&A under the section titled, "Non-GAAP Financial Measures" which disclosure is incorporated by reference herein. The Company's most recent MD&A can be found on SEDAR+ at www.sedarplus.com.* 

Titan is progressing with final engineering work for its natural flake graphite processing facility in New York State, as detailed in the Company's January 16, 2025, press release. Concurrently, Titan is actively advancing financing initiatives to support the facility's development and will provide further updates as milestones are achieved

 ****

***Qualified Person***

The scientific and technical information contained in this news release has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company. Mr. Taylor is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597). The scientific and technical information herein was derived from the Company's technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update, Gouverneur, New York, USA" with an effective date of December 3, 2024.

![](ex99-54_002.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. The Company is focused on value creation and operating excellence, with a strong commitment to developing critical mineral assets that enhance the security of the U.S. supply chain. For more information on the Company, please visit our website at www.titanminingcorp.com.

 

***Contact***

 

*For further information, please contact: Rita Adiani, President. Email: radiani@titanminingcorp.com,* Investor Relations: Email: info@titanminingcorp.com

 

***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 the addition of 12 million payable pounds of production expected annually upon execution of growth plans at N2D;; 2025 promises to be another great year for Titan as we continue to execute our planned zinc growth strategy with an enhanced restart of the N2D Zone and an improved production outlook for 2025; N2D is a fully developed mining area that will add significant incremental production to the #4 mine for several years; zinc miners in 2025 find themselves in a good position with metal stocks already low and declining, lower concentrate treatment charges predicted and the possibility for much higher zinc prices; the achievement of financing milestones for Titan's natural flake graphite processing facility in New York State, the timing of announcement of such milestones, or that such milestones will be achieved at all; equipment secured for expansion with mobilization by the end of Q2 2025 and production contribution from N2D in H2 2025; production, C1 Cash Cost, AISC, sustaining capital and exploration capital guidance; the Company plans to ramp up production beginning in Q3 25, achieving full production at N2D in Q4 25; the production from N2D will add 500 tons per day (bringing overall production to 2,250 tpd); and N2D is estimated to add approximately 12 million payable zinc pounds per annum. When used in this news release words such as "to be", "aim", "will", "plans", "expected", "potential", "target", "goal", "guidance", "policy" 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 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 our economic studies at ESM; 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; the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.55

**Exhibit 99.55**

![](ex99-55_001.jpg)

**TITAN MINING CORPORATION**

**CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023**

**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/ Ty Minnick* |
| Chief Executive Officer | Chief Financial Officer |

---

**March 19, 2025**

**Independent auditor's report**

To the Shareholders of

**Titan Mining Corporation**

**Opinion**

We have audited the consolidated financial statements of **Titan Mining Corporation** and its subsidiaries [the "Group"], which comprise the consolidated statements of financial position as at December 31, 2024 and 2023, and the consolidated statements of income (loss) and other comprehensive income (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 Group as at December 31, 2024 and 2023, 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 Group 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 Group has cash and cash equivalents of $10,163, a working capital deficit of $12,581 and a deficit of $61,781. 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 Group'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 matter 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.

![](ex99-55_002.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key audit matter** | &nbsp;&nbsp;**How our audit addressed the key audit matter** |
| &nbsp;&nbsp;*Assessment of Impairment indicators for the Group's mineral properties, plant and equipment* | &nbsp;&nbsp;*Assessment of Impairment indicators for the Group's mineral properties, plant and equipment* |
| &nbsp;&nbsp; As at December 31, 2024, the Group had mineral properties, plant and equipment of $30,303, which were allocated to the Empire State Mines cash-generating unit [the "CGU"]. As outlined in notes 3 and 5 to the consolidated financial statements, at each reporting period the Group assesses whether there is an indication that the CGU may be impaired.<br>Management applies significant judgment in assessing whether indicators of impairment exist for a CGU which would necessitate impairment testing. Internal and external factors considered by management include commodity prices, foreign exchange rates, capital and production cost forecasts, resource quantities and discount rates. Management estimates of resources are prepared by mining specialists [managements experts]. As at December 31, 2024, management has concluded that there are no impairment indicators on the Group's mineral properties, plant and equipment.<br>Auditing the assessment of impairment indicators is complex due to the subjective nature of the various management inputs and assumptions, including input from their experts.<br>| &nbsp;&nbsp; Our audit procedures included, among others, the following to address the key assumptions described:<br>· We understood management's process over their assessment of impairment indicators.<br>· We evaluated management's significant judgements around inputs and compared previous operational forecasts made by management to actual results achieved with respect to production levels, and operating and capital costs to assess reasonability of production cost forecasts. In addition, we compared the commodity prices, foreign exchange rates and discount rates with external market and industry data.<br>· We involved our mining specialists to assist in evaluating the methods and assumptions used by management's specialists to estimate production levels. We also involved our mining specialists in evaluating the methods and assumptions employed by management's specialists to develop operating and capital cost inputs that form the basis of cash flow estimates.<br>· We assessed the competency and objectivity of management's specialist in relation to estimates of mineral resources.<br>|

---

**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.

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.

![](ex99-55_002.jpg)

**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 Group'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 Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group'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 Group'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 Group'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 Group 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.

● Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion.

![](ex99-55_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 19, 2025 | Chartered Professional Accountants |

---

![](ex99-55_002.jpg)

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Consolidated Statements of Financial Position**<br> (Expressed in thousands of US dollars) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Notes | | December 31, <br>2024 | December 31, <br>2023 |
| **Assets** |  |  |  |  |
| Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 12 |  | $10163 | $5031 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 8 |  | 4032 | 1521 |
| &nbsp;&nbsp;&nbsp;Inventories | 9 |  | 8243 | 7208 |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  |  | 1074 | 813 |
| &nbsp;&nbsp;&nbsp;Other current assets | 12 |  | 518 |  |
| &nbsp;&nbsp;&nbsp;Derivative asset | 20 |  | - | 648 |
|  |  |  | 24030 | 15221 |
| Non-current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 10 |  | 30303 | 36798 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 11 | a | 125 | 71 |
| &nbsp;&nbsp;&nbsp;Other assets | 12 |  | 690 | 672 |
| **Total assets** |  |  | $**55148** | $**52762** |
| **Liabilities** |  |  |  |  |
| Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  |  | $4490 | $2878 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 11 | b | 40 | 76 |
| &nbsp;&nbsp;&nbsp;Credit facility | 13 | a | 10058 | 31655 |
| &nbsp;&nbsp;&nbsp;Related party loans | 13 | b,c | 22023 | 4124 |
|  |  |  | 36611 | 38733 |
| Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 11 | b | 87 |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | 16 |  | 15447 | 16299 |
| Total liabilities |  |  | 52145 | 55032 |
| **Shareholders' equity** |  |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  |  | 4971 | 6245 |
| &nbsp;&nbsp;&nbsp;Deficit |  |  | (61781) | (68328) |
| Total equity (deficit) |  |  | 3003 | (2270) |
| **Total liabilities and shareholders' equity** |  |  | $**55148** | $**52762** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 6, 24)

Approved by the Board on March 19, 2025:

*"Lenard Boggio" , *Audit Committee Chair* *"Donald Taylor" , *Director*

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Consolidated Statements of Income (Loss) and Other Comprehensive Income (Los**s)** |
| (Expressed in thousands of US dollars) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Years ended December 31, | Years ended December 31, |
|  | <br>Notes | 2024 | 2023 |
| **Revenue** | 6 | $64301 | $52086 |
| **Cost of Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | 42787 | 46774 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | 8728 | 12889 |
|  |  | (51515) | (59663) |
| **Income (loss) from mine operations** |  | **12786** | **(7577)** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 7b | 1861 | 1903 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 7a | 3745 | 4386 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 13a,b, 15 | 4035 | 3913 |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision change in estimate | 16 | (1523) |  |
| &nbsp;&nbsp;&nbsp;Accretion expense | 16 | 304 | 257 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (315) | (234) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain |  | (1789) | (815) |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | 13a | (98) |  |
| &nbsp;&nbsp;&nbsp;Other income |  | (151) | (250) |
| &nbsp;&nbsp;&nbsp;Realized gain on derivative |  |  | (5860) |
| &nbsp;&nbsp;&nbsp;Unrealized gain derivative |  |  | (648) |
| &nbsp;&nbsp;&nbsp;Gain on settlement |  | - | (33) |
|  |  | (6069) | 2619 |
| **Net income (loss) before tax** |  | **6717** | **(10196)** |
| &nbsp;&nbsp;&nbsp;**Current tax expense** | 18 | (170) | (14) |
| **Net income (loss) after tax for the year** |  | **6547** | **(10210)** |
| **Other comprehensive income (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on translation to reporting currency |  | (1733) | (1260) |
| **Total comprehensive income (loss) for the year** |  | $**4814** | $**(11470)** |
| **Basic and diluted earnings (loss) per share** |  | $**0.05** | $**(0.07)** |
| **Weighted average shares outstanding (in '000)** |  | **136367** | **137584** |

---

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 ('000s) | Amount | Share options and warrants | Currency translation adjustment | Total |<br>Deficit |<br>Total <br> equity (deficit) |
| Balance, January 1, 2023, as previously reported | 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 | (2969) | (1424) |  |  |  |  | (1424) |
| Fair value of warrants 13b |  |  | 645 |  | 645 |  | 645 |
| Total comprehensive loss for the year | - | - | - | (1260) | (1260) | (10210) | (11470) |
| Balance, December 31, 2023 | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation 17b |  |  | 459 |  | 459 |  | 459 |
| Total comprehensive gain for the year | - | - | - | (1733) | (1733) | 6547 | 4814 |
| Balance, December 31, 2024 | 136367 | $59813 | $10253 | $(5282) | $4971 | $(61781) | $3003 |

---

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) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Years ended December 31, | Years ended December 31, |
|  | <br>Notes | 2024 | 2023 |
| **Operating activities** |  |  |  |
| Profit (loss) for the year |  | $6717 | $(10196) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 304 | 257 |
| &nbsp;&nbsp;&nbsp;Gain on change in reclamation and remediation provision |  | (1523) |  |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 13 | 880 | 754 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 8728 | 12889 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 67 | 77 |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | 13 | 98 |  |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 2727 | 3137 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 7 | 10 |
| &nbsp;&nbsp;&nbsp;Loss on sale of equipment |  | 19 |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 459 | 387 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain |  | (2018 | (1230) |
|  |  | 16465 | 6085 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 1450 | (1782) |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | (2526) | 701 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (967) | (774) |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  | (780) | 415 |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  | 648 | (176) |
| &nbsp;&nbsp;&nbsp;Star Mountain settlement |  |  | (5900) |
| &nbsp;&nbsp;&nbsp;Release of restricted cash |  |  | 1921 |
| &nbsp;&nbsp;&nbsp;Income tax paid |  | - | (71) |
| **Net cash generated in operating activities** |  | 14290 | 419 |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of Credit Facility |  | (22000) | (5000) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  | 16500 | 5000 |
| &nbsp;&nbsp;&nbsp;Credit Facility interest payments |  | (1707) | (3035) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (67) | (85) |
| &nbsp;&nbsp;&nbsp;Transaction fees paid for loans |  | (18) | (350) |
| &nbsp;&nbsp;&nbsp;Proceeds from bank indebtedness |  |  | 5900 |
| &nbsp;&nbsp;&nbsp;Dividends paid |  |  | (1978) |
| &nbsp;&nbsp;&nbsp;Proceeds from warrant exercise |  |  | 130 |
| &nbsp;&nbsp;&nbsp;Repayment of equipment loans |  | - | (15) |
| **Net cash generated (used) by financing activities** |  | (7292 | 567 |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 10 | (1820) | (2647) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  | 45 | - |
| **Net cash used by investing activities** |  | (1775 | (2647) |
| Effect of foreign exchange on cash and cash equivalents |  | (91 | (28) |
| Increase (decrease) in cash and cash equivalents |  | 5132 | (1689) |
| Cash and cash equivalents, beginning of year |  | 5031 | 6720 |
| **Cash and cash equivalents, end of year** |  | $**10163** | **5031** |

---

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, 2024 and 2023** |
| *(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 ("ESM") 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" and on the OTCQB and trade under the symbol "TIMCF". 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, 2024, the Company had cash and cash equivalents of $10,163, working capital deficit of $12,581, net income before tax for the year ended December 31, 2024 of $6,717 and a deficit of $61,781. During the year ended December 31, 2024, the Company had cash inflows from operating activities of $14,290, cash spend on investing activities of $1,775, and cash outflow from financing activities of $7,292. The Company has $32,081 of current debt as at December 31, 2024.

Based on the Company's plan for ESM's operations and continued exploration drilling programs, bank debt due in the current year, and its current level of corporate overheads, the Company may 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, the recent equipment facility loan (Note 24), 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

The Company prepares its annual financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

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.

Subsidiaries are included in the consolidated financial results from the effective date of acquisition of control through to the effective date of disposition of 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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

2. BASIS OF PRESENTATION (continued)

c) Basis of consolidation (continued)

---

| | | | |
|:---|:---|:---|:---|
| Subsidiary | Incorporation jurisdiction | Ownership % | Ownership % |
| Subsidiary | Incorporation jurisdiction | 2024 | 2023 |
| 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. 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.

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).

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

3. MATERIAL ACCOUNTING POLICIES (continued)

**b)** **Foreign currencies (continued)** 

<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.

*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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

3. MATERIAL ACCOUNTING POLICIES (continued)

**d)** **Financial instruments (continued)** 

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 are met: 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;

● other assets;

● 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.

*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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

3. MATERIAL ACCOUNTING POLICIES (continued)

**d)** **Financial instruments (continued)** 

The Company's financial liabilities at amortized cost include:

● accounts payable and accrual liabilities

● Credit Facility; and

● Related Party Loans.

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 income (loss) and comprehensive income (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.

**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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

**f)** **Exploration and evaluation expenses (continued)** 

● 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 Income (Loss) and Other Comprehensive Income (Loss) and in trade receivables on the 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, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

**3.** **MATERIAL ACCOUNTING POLICIES (continued)** 

**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.

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

IAS 1, *Presentation of Financial Statements* ("IAS 1")

In October 2022, the IASB issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its consolidated financial statements.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

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

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

5. 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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

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 income (loss) and comprehensive income (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.

● *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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

● *Going concern –* Management has applied judgment in the assessment of the company's ability to continue as a going concern when preparing its financial statements. Management prepares these financial statements on a going concern basis unless management either intends to liquidate the entity or to cease trading or has no realistic alternative but to do so. In assessing whether the going concern is appropriate, management takes into account all variable information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. Management considers a wide range of factors relating to expected future cash flows from operations and sources of funding.

● *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, which the Company has determined as being the Empire State Mine, 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.

● *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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

6. REVENUE

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Zinc concentrate sales | $76322 | $74070 |
| Zinc concentrate provisional pricing adjustments | (456) | (3444) |
| Smelting and refining charges | (11565) | (18540) |
| Revenue, net | $64301 | $52086 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. ("Glencore") for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc. As of December 31, 2024, the Company had fulfilled its commitment under the fixed zinc pricing arrangement.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit was returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six-month period of the fixed price arrangement. As the Company had fulfilled its commitment under the fixed zinc pricing arrangement by December 31, 2024, the remaining balance of the cash deposit of $518, was returned to the Company in January 2025.

7. OTHER OPERATING EXPENSES

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

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits | $1575 | $1244 |
| Share-based compensation | 420 | 351 |
| Office and administration | 918 | 729 |
| Professional fees | 677 | 1933 |
| Amortization of right-to-use assets | 95 | 77 |
| Investor relations | 60 | 52 |
|  | $3745 | $4386 |

---

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

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits | $767 | $584 |
| Assay and analyses | 193 | 158 |
| Contractor and consultants | 451 | 880 |
| Supplies | 236 | 53 |
| Other | 214 | 228 |
|  | $1861 | $1903 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

7. OTHER OPERATING EXPENSES (continued)

**b)** **Exploration and evaluation expenses (continued)** 

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Empire State Mines | $1830 | $1852 |
| Other | 31 | 51 |
| Exploration and Evaluation Expenses | $1861 | $1903 |

---

8. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
| | December 31,<br>2024 | December 31,<br>2023 |
| Trade receivables | $3987 | $1500 |
| GST receivable | 35 | 14 |
| Other | 10 | 7 |
|  | $4032 | $1521 |

---

9. INVENTORIES

---

| | | |
|:---|:---|:---|
| | December 31,<br>2024 | December 31,<br>2023 |
| Ore in stockpiles | $135 | $147 |
| Concentrate stockpiles | 47 | 276 |
| Materials and supplies | 8061 | 6785 |
|  | $8243 | $7208 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(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, 2024 and 2023 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2023 | $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 |
| &nbsp;&nbsp;&nbsp;Additions | 38 | 50 |  | 1841 | 1928 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1452 |  | (1452) |  |
| &nbsp;&nbsp;&nbsp;Transfer to mineral properties | 3269 |  |  | (3269) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 368 | - | - | 368 |
| As at December 31, 2024 | $50020 | $41382 | $1135 | $959 | $93496 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2023 | 17834 | $23777 | $- | $- | $41611 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 7387 | 5502 | - | - | 12889 |
| As at December 31, 2023 | 25221 | $29279 | $- | $- | $54500 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (35) |  |  | (35) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 4337 | 4391 | - | - | 8728 |
| As at December 31, 2024 | $29558 | $33635 | $- | $- | $63193 |
| Net book value at December 31, 2023 | $21492 | $10331 | $1135 | $3840 | $36798 |
| Net book value at December 31, 2024 | $20462 | $7746 | $1135 | $959 | $30303 |

---

11. LEASES

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $161 |
| Changes to lease terms | (13) |
| Depreciation | (77) |
| As at December 31, 2023 | $71 |
| Lease amendment | 154 |
| Changes to lease terms | (28) |
| Depreciation | (67) |
| Unrealized foreign exchange | (5) |
| As at December 31, 2024 | $125 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

11. LEASES (continued)

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, 2024 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. Further, during the year ended December 31, 2024, the Company renewed its lease agreement for the shared office space and extended the term of the lease by three years, resulting in a net addition of $154 to right-of-use assets, with an offsetting addition to lease liabilities (note 11b).

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2023 | $192 |
| Changes to lease terms | (43) |
| Interest accretion | 10 |
| Unrealized foreign exchange | 2 |
| Lease payments | (85) |
| As at December 31, 2023 | $76 |
| Changes to lease terms | (34) |
| Lease amendment | 154 |
| Interest accretion | 7 |
| Unrealized foreign exchange | (9) |
| Lease payments | (67) |
| As at December 31, 2024 | $127 |
| Current lease liabilities | $40 |
| Non-current lease liabilities | 87 |
|  | $127 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | > 3 years | Total |
| &nbsp;&nbsp;Lease liabilities | $40 | $87 | $- | $127 |

---

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

---

| | | |
|:---|:---|:---|
| | Year ended <br>December 31,<br> 2024 | Year ended December 31,<br> 2023 |
| Interest on lease liabilities | $8 | $10 |
| Depreciation of right-of-use assets | $67 | $77 |
| Variable lease payments | $64 | $135 |
| Expenses relating to short-term leases | $303 | $273 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

11. LEASES (continued)

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

---

| | | |
|:---|:---|:---|
| | Year ended <br>December 31,<br> 2024 | Year ended<br> December 31,<br> 2023 |
| Payment of lease liabilities | $67 | $86 |

---

12. OTHER ASSETS

---

| | | |
|:---|:---|:---|
| | December 31,<br>2024 | December 31,<br>2023 |
| Reclamation deposit | $672 | 672 |
| Other assets | 536 | - |
|  | $1208 | 672 |
| Current | (518) | - |
| Non-current | $690 | $672 |

---

Included in other assets is a $518 cash deposit held with Glencore in respect of the Company's fixed zinc pricing arrangement (Note 6) that was completed in December 2024. The cash deposit was returned to the Company in January 2025.

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

13. DEBT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Credit <br> Facility (a) | Related Party Promissory Note (b) | Related Party Loans <br> (other) (c) | Total |
| Balance, January 1, 2023 | 30016 |  |  | 30016 |
| Proceeds of loan | 5900 | 5000 |  | 10900 |
| Repayment of loan | (5000) |  |  | (5000) |
| Loan initiation fee |  | (350) |  | (350) |
| Warrant issuance |  | (645) |  | (645) |
| Interest and accretion | 3054 | 84 |  | 3138 |
| Interest payment | (3035) |  |  | (3035) |
| Amortization of borrowing costs | 720 | 35 | - | 755 |
| Balance, December 31, 2023 | 31655 | 4124 | - | 35779 |
| Proceeds of loan |  |  | 16500 | 16500 |
| Repayment of loan | (22000) |  |  | (22000) |
| Interest and accretion | 1564 | 1163 |  | 2727 |
| Interest payment | (1707) |  |  | (1707) |
| Amortization of borrowing costs | 644 | 236 |  | 880 |
| Gain on loan modification | (98) | - | - | (98) |
| Balance, December 31, 2024 | $10058 | $5523 | $16500 | $32081 |
| Current | $10058 | $5523 | $16500 | $32081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit Facility** 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company, and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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, however, as there was no unadvanced portion of the Credit Facility during the year ended December 31, 2024, the Company did not incur any standby charges in 2024.

● The original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

● The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of December 31, 2024, the Company was in compliance with all covenants related to the Credit Facility.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

13. DEBT (continued)

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit Facility (continued)** 

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, the available credit limit was reduced from $32,170 to an available credit limit of $27,170, by a principal payment of $5,000. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and providing a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

As a result of the loan amendments, the Company recognized a gain on loan modification of $98 on the Company's Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the available credit limit amount at an annual rate of 1.125%, and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the year ended December 31, 2024, the Company incurred a guarantee fee charge of $282 (2023 - $450) recognized on the Company's Statements of Income (Loss) and Comprehensive Income (Loss).

**b) Related Party Promissory Note**

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

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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

13. DEBT (continued)

**c) Related Party Loans (other)**

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Note 6), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Credit Facility. As at the date of these financial statements, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman, and as such, has classified these loans as current on the statements of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;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 as of December 31, 2024 was approximately $207 over the course of the remaining three year term of the office space lease.

The Company was charged for the following with respect to this arrangement in the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits | $403 | $482 |
| Office and other | 113 | 193 |
| Marketing and travel | 18 | 16 |
|  | $534 | $691 |

---

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

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

---

| | | |
|:---|:---|:---|
| | Year ended<br> December 31,<br> 2024 | Year ended<br> December 31, <br> 2023 |
| Salaries and benefits | $1040 | $761 |
| Consulting fees | 764 | 422 |
| Share-based compensation | 392 | 309 |
| Directors' fees | 219 | 219 |
|  | $2415 | $1711 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

14. RELATED PARTY TRANSACTIONS (continued)

b) Key management compensation (continued)

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits payable | $650 | $416 |
| Consulting fees payable | 206 | - |
|  | $856 | $416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;15. INTEREST AND OTHER FINANCE EXPENSES

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Interest and borrowing costs | $3719 | $3893 |
| Other | 316 | 20 |
|  | $4035 | $3913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;16. RECLAMATION AND REMEDIATION PROVISION

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Balance, beginning of year | $16299 | $15233 |
| Accretion | 304 | 257 |
| Change in estimates | (1156) | 809 |
| Balance, end of year | $15447 | $16299 |

---

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. As a result of the decrease in the reclamation and remediation provision exceeding the carrying amount of the related asset, the Company recognized a $1,523 gain on change in estimate in the Company's Statement of Income (loss) and comprehensive income (loss) for the year ended December 31, 2024.

At December 31, 2024 the estimated future cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 2.47% (December 31, 2023 – discounted at a real rate of 1.89%). The impact of the change in estimate is included in the table above.

At December 31, 2024, the total undiscounted amount for the estimated future cash flows was $23,663 (December 31, 2023 – $19,292).

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;17. SHARE CAPITAL AND RESERVES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Authorized capital** 

The Company's authorized share capital consists of an unlimited number of common shares without par value. At December 31, 2024, the Company had 136,366,599 (December 31, 2023 - 136,366,599) common shares issued and outstanding. No dividends were declared in 2024 (2023 - C$0.01 per share).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

For the year ended December 31, 2024, the Company recognized share-based compensation expense of $459 (2023 – $387), of which $36(2023 – $36) was recorded to Operating Expenses in the Statements of Income (Loss) and Other Comprehensive Income (Loss) and the remaining balance recognized in general and administrative expenses in the Statement of Income (Loss) and Comprehensive Income (Loss). The following table shows the change in the Company's stock options during the years ended December 31, 2024 and 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2023 | 2023 |
| | Number of options ('000s) | Weighted-average exercise price (in C$) | Number of options ('000s) | Weighted-average exercise price (in C$) |
| Outstanding, start of the year | 6330 | 1.12 | 8735 | 1.12 |
| &nbsp;&nbsp;&nbsp;Granted | 4950 | 0.35 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (1035) | 0.50 | (40) | 0.54 |
| &nbsp;&nbsp;&nbsp;Expired | - | - | (2365) | 1.40 |
| Outstanding, end of the year | 10245 | 0.47 | 6330 | 0.55 |
| Exercisable, end of the year | 3893 | 0.54 | 3717 | 0.58 |

---

The fair value and assumptions for the options granted during the year ended December 31, 2024, were as follows, there were no stock options granted during the year ended December 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected Life of Options | Exercise Price | Risk-free Interest Rate | Volatility | Black-Scholes Fair Value |
| April 16, 2024 | 5 years | $0.36 | 3.76% | 0.76 | $0.17 |
| August 15, 2024 | 5 years | $0.36 | 2.98% | 0.74 | $0.08 |
| October 17, 2024 | 5 years | $0.30 | 2.93% | 0.75 | $0.12 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

17. SHARE CAPITAL AND RESERVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options (continued)** 

The following table provides information on outstanding and exercisable stock options at December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 1155 | 0.7 | 1155 |
| November 13, 2020 | 0.85 | 250 | 0.9 | 250 |
| November 10, 2022 | 0.51 | 3965 | 2.9 | 1888 |
| April 16, 2024 | 0.36 | 3875 | 4.3 | 600 |
| August 15, 2024 | 0.36 | 200 | 4.6 |  |
| October 17, 2024 | 0.30 | 800 | 4.8 | - |
|  | 0.46 | 10245 | 3.4 | 3893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 2024, $231 of the value of these borrowing costs was amortized as interest and other finance expenses (2023 - $35), and the ending balance was $83 as of December 31, 2024 (2023 - $315).

The following table shows the change in the Company's share purchase warrants during the year ended December 31, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | Number of share purchase warrants ('000s) | Weighted-average exercise price<br> (in C$) | Weighted-average life remaining (years) |
| Outstanding, December 31, 2022 | 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 |
| &nbsp;&nbsp;&nbsp;Expired | (14143) | 0.54 | - |
| Outstanding, December 31, 2024 | 6000 | 0.42 | 3.84 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

17. SHARE CAPITAL AND RESERVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Share purchase warrants (continued)** 

There were no warrants granted during the year ended December 31, 2024. 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, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of warrants outstanding ('000s) | Weighted-average remaining contractual life (years) | Weighted-average fair value per warrants <br>(in C$) |
| November 1, 2028 | 0.42 | 6000 | 4.8 | 0.26 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;18. INCOME TAXES

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Current income tax expense | $170 | $14 |
| Total income tax expense | $170 | $14 |

---

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, |
| | 2024 | 2023 |
| Net income (loss) for the year before tax | $6717 | $(10196) |
| Statutory income tax rate | 27% | 27% |
| Expected income tax (recovery) | 1813 | (2753) |
| &nbsp;&nbsp;&nbsp;Difference in tax rates | (91) | 54 |
| &nbsp;&nbsp;&nbsp;Permanent differences | (1996) | 322 |
| &nbsp;&nbsp;&nbsp;Temporary differences not recognized | 1759 | 2376 |
| &nbsp;&nbsp;&nbsp;Other | (1655) | 14 |
|  | $170 | $14 |

---

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

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Non-capital losses available | $311 | $351 |
| Deferred tax asset | $311 | $351 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Debt and other | $(311) | $(351) |
| Deferred tax liability | $(311) | $(351) |
| Net deferred tax asset (liability) | $- | $- |

---

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:

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;18. INCOME TAXES (continued)

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Deferred tax assets not recognized: |  |  |
| &nbsp;&nbsp;&nbsp; Non-capital losses available | $8755 | $9644 |
| &nbsp;&nbsp;&nbsp; Reclamation and remediation | 4002 |  |
| &nbsp;&nbsp;&nbsp; Resource tax pools in excess of net book value | 3638 | 6968 |
| &nbsp;&nbsp;&nbsp; Share issue costs and others | 1887 | 977 |
| Deferred tax asset not recognized | $18282 | $17589 |

---

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 $27,305 of unrecognized Canadian tax loss carry forwards which expire between 2035 to 2043 and $6,714 of unrecognized US tax loss that carry forward indefinitely.

The Canadian tax loss carry forwards includes $18,260 (2023 – $19,019) 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 $9,045 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 $6,714 (2023 - $7,826) of available losses to offset future taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;19. CONTINGENCIES

&nbsp;&nbsp;&nbsp;&nbsp;**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. ("Star Mountain"), 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 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 bankruptcy court confirmed a Chapter 11 plan of liquidation in the bankruptcy proceedings, which went effective on July 8, 2019. The Chapter 11 plan provided 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.

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 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 asserted: (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 breached their remaining payment obligations to Star Mountain related to the Purchase Agreement.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;19. CONTINGENCIES (continued)

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 and 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.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** The Company is from time to time involved in various legal proceedings related to its business. 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.

&nbsp;&nbsp;&nbsp;&nbsp;20. FINANCIAL INSTRUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Derivatives** 

In December 2024, the Company entered into an amendment to its previously signed hedge facility agreement "ISDA Master Agreement" that was entered into with National Bank of Canada ("NBC") in June 2022, providing the Company with an up to US$5.3 million treasury line enabling additional access to funds for future zinc contract commitments. As at December 31, 2024, there were no open Zinc Swap contracts.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;20. FINANCIAL INSTRUMENTS (continued)

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.

*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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;20. FINANCIAL INSTRUMENTS (continued)

*Price risk (continued)*

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, 2024 balance, and assuming all other variables remain constant, a 10% change in zinc prices would increase/decrease provisionally priced trade receivables and revenue by $770.

*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 32% of the Company's portfolio of loans and borrowings bear interest at variable rates. Based on the principal owing at December 31, 2024, and assuming all other variables remain constant, a 1% change in the SOFR rate would result in an increase/decrease of $79 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 $30,832 and those located in Canada total $125.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Notes to the Consolidated Financial Statements** |
| **For the years ended December 31, 2024 and 2023** |
| *(Expressed in thousands of US dollars, unless otherwise indicated)* |

---

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;23. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | 110 | (413) |
| Change in accounts payable and accrued liabilities with respect to inventories | 68 | (513) |
| Change in accounts payable and accrued liabilities with respect to operating expenses | 1001 | (218) |
| Change in reclamation and remediation asset | 367 | 809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;24. SUBSEQUENT EVENTS

<u>Equipment Facility</u>

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

Subsequent to December 31, 2024, the Company had advanced a total principal amount of $2,895 under the Equipment Facility.

## Exhibit 99.56

**Exhibit 99.56**

![](ex99-56_003.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |

---

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the year ended December 31, 2024, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023 (the "**Annual Financial Statements**") and the related notes thereto and other corporate filings. Unless otherwise specified, all financial information has been derived from the Company's Annual Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**").

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

This MD&A is dated March 19, 2025. All dollar amounts reported herein are in US dollars unless otherwise indicated.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 9 |
| FINANCIAL REVIEW | 12 |
| LIQUIDITY AND CAPITAL RESOURCES | 15 |
| FINANCIAL INSTRUMENT | 19 |
| RELATED PARTY TRANSACTIONS | 20 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 23 |
| NOTES TO READER | 23 |
| NON-GAAP PERFORMANCE MEASURES | 35 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the OTCQB under the symbol "TIMCF".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "**Empire State Mine**" or "**ESM**"). Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district are a focus for Titan's exploration team.

Titan management and Board have approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D Zone ("**N2D**") area. The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine. See the Company's news release dated February 19, 2025, for further detail on production and cost guidance.

The Company has also outlined parameters of a processing facility for Kilbourne natural graphite mineralized material (the "**Facility**"), to be co-located with the Company's existing zinc operations at ESM. The Company is targeting production from the Facility in 2025. The Facility is the first step towards obtaining product at full run time which will allow ESM to establish customer demand and pricing thresholds. See the Company's news release dated January 16, 2025, for further detail regarding the Facility*.*

In addition, the Company continues to examine various financing options to advance further development at ESM and bolster the Company's treasury.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**FINANCIAL AND OPERATIONAL SUMMARY**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Financial Performance** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Net income (loss) before tax | $11596 | $(6959) | $18555 | $6717 | $(10196) | $16913 |
| Operating cash inflow (outflow) before changes in non-cash working capital | $10900 | $(1363) | $12263 | $164654 | $6085 | $10380 |

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| | | |
|:---|:---|:---|
| **Financial Condition** | **December 31, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $10163 | $5031 |
| Working capital | $(12581) | $(23512) |
| Total assets | $55148 | $52762 |
| Equity (Deficit) | $3003 | $(2270) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Operating Data** | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Payable zinc produced (mlbs) | 21.7 | 13.9 | 7.8 | 59.6 | 61.0 | (1.5) |
| Payable zinc sold (mlbs) | 22.3 | 13.9 | 8.4 | 59.7 | 62.0 | (2.3) |
| Average provisional zinc price (per lb) | $1.38 | $1.13 | $0.25 | $1.23 | $1.19 | $0.09 |

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**HIGHLIGHTS**

Significant events and operating highlights for the three months ended December 31, 2024 and up to the date of this MD&A include the following:

● Zero Lost Time Injuries in the fourth quarter.

● Produced 21.7 million pounds of payable zinc in the fourth quarter of 2024 an increase of 56% from the same quarter in the prior year.

● Revenues of $26,327 in the fourth quarter of 2024, an increase of $18,053 from Q3 2024 and $15,416 from the fourth quarter in the prior year.

● AISC of $0.86 for the fourth quarter of 2024 (Q4 2023 – $1.17), and AISC of $0.94 for the full year 2024 (FY 2023 - $1.08)

● Completion of an updated mineral resource estimate and extended mine life for ESM's zinc operations until 2033, reporting a 22% increase in measured and indicated contained pounds of zinc compared to the Company's 2020 zinc Mineral Resource estimate.

● Completion of its maiden mineral resource estimate ("MRE") for the Kilbourne Graphite Project, resulting in an open-pit constrained inferred mineral resource estimate of 22 million US short tons at an average grade of 2.91% (Cg) containing 653,000 tons of graphite, based on a cut-off grade of 1.50%.

● An aggregate of US$22 million principal repaid on the Company's credit facility with National Bank of Canada.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2024 | 2024 | 2024 | 2024 | 2024 |
| | | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |
| Ore mined | tons | 406541 | 141820 | 58353 | 95575 | 110795 |
| Ore milled | tons | 410867 | 147393 | 57011 | 95762 | 110703 |
| Feed grade | zn% | 8.8 | 9.0 | 8.6 | 9.1 | 8.1 |
| Recovery | % | 96.4 | 96.4 | 96.3 | 96.5 | 96.2 |
| Payable zinc | mlbs | 59.5 | 21.7 | 8.3 | 14.8 | 14.7 |
| Concentrate grade | zn % | 60.0 | 60.0 | 59.8 | 60.1 | 59.9 |
| Zinc concentrate produced | tons | 58317 | 21850 | 7920 | 14155 | 14392 |
| **Sales** |  |  |  |  |  |  |
| Payable zinc | mlbs | 59.6 | 22.3 | 8.2 | 14.7 | 14.4 |
| Average provisional zinc price | $/lb | $1.23 | $1.28 | $1.27 | $1.30 | $1.11 |
| C1 cash cost per payable zinc pound sold <sup>(1)</sup> | $/Ib | $0.91 | $0.81 | $1.32 | $0.79 | $0.97 |
| Sustaining capital expenditures <sup>(1)</sup> | $/lb | $0.03 | $0.05 | $0.03 | $0.00 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $0.94 | $0.86 | $1.35 | $0.79 | $1.00 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2023 | 2023 | 2023 | 2023 | 2023 |
| | | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |
| Ore mined | tons | 444588 | 108962 | 108210 | 112528 | 114888 |
| Ore milled | tons | 445803 | 109258 | 110202 | 112082 | 114261 |
| Feed grade | zn% | 8.4 | 7.8 | 10.1 | 8.1 | 7.4 |
| Recovery | % | 96.3 | 96.2 | 96.3 | 96.3 | 96.1 |
| Payable zinc | mlbs | 61.0 | 13.9 | 18.3 | 15.0 | 13.8 |
| Concentrate grade | zn % | 59.6 | 59.2 | 60.3 | 59.8 | 59 |
| Zinc concentrate produced | tons | 60123 | 13756 | 17855 | 14727 | 13785 |
| **Sales** |  |  |  |  |  |  |
| Payable zinc | mlbs | 62.0 | 13.9 | 18.3 | 15.0 | 14.8 |
| Average provisional zinc price | $/lb | $1.19 | $1.13 | $1.10 | $1.15 | $1.42 |
| C1 cash cost per payable zinc pound sold <sup>(1)</sup> | $/Ib | $1.05 | $1.16 | $0.84 | $1.05 | $1.23 |
| Sustaining capital expenditures <sup>(1)</sup> |  | $0.03 | $0.01 | $0.02 | $0.07 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $1.08 | $1.17 | $0 .86 | $1.12 | $1.26 |

---

 

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

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

**OPERATIONS REVIEW**

Mining in the fourth quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Mining will continue in these key same zones during the first quarter of 2025.

While crushing and hoisting activities were halted from August 12, 2024 to September 26, 2024, mining activities continued and ore was stockpiled in the underground. Ore tons that were stockpiled in Q3 2024, during the rehabilitation of the crusher, were hoisted and milled in Q4 2024. This significantly contributed to higher tons and zinc metal produced in Q4 2024. With the excess capacity in the mill, the Company was able to meet full year guidance.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Work on projects in the fourth quarter of 2024 focused mainly on completion of an updated NI 43-101 technical report which was released in January 2025 (the "**2025 Technical Report**"), a power upgrade in the Mahler mining zone, and final work on the crusher recovery project.

**ESM Mineral Resource Estimate Update and Extended Life of Mine**

On January 15, 2025, the Company filed the 2025 Technical Report with respect to the Company's Empire State Mine, providing an updated mineral resource estimate and extended mine life for its ESM zinc operation. The regional and near mine exploration plans cover ESM's 80,000 acres of controlled mineral rights in upstate New York and targe multiple high quality, near mine and district scale targets with potential to increase near term production and further extended mine life.

Highlights of the 2025 Technical Report, include the following:

● Increase in measured & indicated contained pounds of zinc by 22% as compared to Titan's 2020 zinc mineral resource estimate (net of depletions)

● Updated base case life of mine plan with extended life of mine until 2033

● The updated life of mine plan (the "Zinc LOM Plan") provides total recoverable zinc of 636 million pounds and payable zinc production of 541 million pounds.

● Established operating base with 5,000 tpd mill and 130+ employee workforce in a Tier 1 jurisdiction

● 40,000 ft of near mine underground drilling planned in 2025 adjacent to existing mining areas. 31,000 ft of surface exploration drilling also planned for 2025 with 13,000 ft in near mine drilling and 18,000 ft in regional surface drilling

● The 100+ year track record at ESM of converting near-mine exploration targets into production suggests the Company's exploration program has the potential to continue adding incremental production in the near term

● The surface exploration drilling comprises fifteen drill ready targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend

● Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 mlbs to 1,470 mlbs of contained zinc

**Opportunities - Near Term Increase in Production and District Scale Potential**

Titan management and Board have approved a plan and commenced acquisition of the necessary equipment to recommence mining in N2D. The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. The opportunity at N2D is contemplated in the 2025 Technical Report. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds.

Titan is also assessing a near term production increase opportunity at Turnpike. Commencement of open pit mining at Turnpike could increase near term production, cash flows and project NPV over the life of the zones. Near mine exploration targets provide opportunities for mineral resource expansion that could increase mine life and are summarized in Figure 1 below.

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Figure 1- Near mine exploration and production opportunity targets**

Targets for exploration drilling can be broken into three categories, near mine, within the Balmat (ESM #1-#4) - Pierrepont trend, and within the greater district. Figure 1 shows the current near mine drill targets.

In 2025, near mine exploration is expected to expand the Mahler, Mud Pond Main and New Fold zones with planned underground drilling totaling 40,000 ft and test Arnold Pit/Wight, Streeter East, Streeter West, and Little York with planned surface drilling totaling 13,000 ft.

Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 Mlbs to 1,470 Mlbs of contained zinc, providing significant potential to increase mine life. The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

In addition to the near mine targets, the Company has developed an additional fifteen drill ready targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend. Targeting has focused on: the extension of historic mineralized intercepts with room down dip, and along strike to accommodate a significant body of mineralization; testing historically productive stratigraphic units; and testing down dip from surficial zinc anomalies. Targets for the 2025 in trend drill program include Pleasant Valley, Pork Creek, and Bend (See Figure 2 below).

There are currently four drill ready targets within the district. These target: the down dip extensions of zinc anomalies identified through surface geochemical sampling; stratigraphy with known past base metal production; and conceptual geologic and geophysical targets. The Company currently has 18,000 ft planned to test targets within the trend and district. The primary district drill target for 2025 is Moss Ridge.

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

In addition to the 71,000 ft planned for the 2025 drill programs, the Company plans on collecting greater than 2,000 soil samples annually from its existing and future mineral tenure. This program will begin targeting historically productive stratigraphic units within the trend, and historic geochemical samples (rock and soil) with elevated Zn recorded. The Company's 2022 soil program led to the development of the Pork Creek, and Moss Ridge drill targets.

**Figure 2 – District Drilling and Geochemical Sampling Targets**

![](ex99-56_002.jpg)

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which were being prioritized for drill testing in 2024 and 2025. The team continues to research and consolidate mineral rights interests in high priority target areas.

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

In addition to zinc and base metal occurrences the Company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESM's mineral rights.

*2024 Drill Programs*

 

Underground:

Underground drill programs in 2024 targeted Fowler, Mahler, Mud Pond, and New Fold. Underground drilling totalled 44 drill holes and 17,058 ft (5,199 m). Of these 21 holes were completed in the fourth quarter of 2024 totalling 7,027 ft (2,142 m). Fourth quarter drilling targeted Lower Mahler, Mud Pond and New Fold. All underground drilling was completed with Company-owned underground drills by Company employees. Of the drilling in the fourth quarter, 2,293 ft (698.9 m) testing exploration targets was completed. With one exploration hole completed testing prospective areas within proximity to New Fold – Mahler. An exploration hole targeting down dip extensions of Mud Pond began in December 2024, with 1,196 ft (364.5 m) completed at the end of the fourth quarter. Additionally, drilling on three utility holes totalled 597ft (324 m).

Surface:

Surface programs targeting zinc mineralization were carried out in the third and fourth quarters of 2024, with 3 holes being completed totalling 1,873 ft (570.9 m). This drilling targeted the open up-dip extensions of the historic Gleason ore body. All three holes were completed in the fourth quarter totalling 1,304 ft (397.5 m) drilled. All drilling was completed with Company owned surface equipment by Company employees.

**Kilbourne**

 

The Company's 100% owned Kilbourne Graphite Project is located within the active use permit of the Company's ESM #4 mine. In December 2024, the Company announced a maiden inferred mineral resource estimate of 22 million US short tons, at an average grade of 2.91% graphitic carbon (Cg), based on a cut-off grade of 1.5% Cg. A total of 39 diamond drill holes were completed on the property between the fourth quarter of 2023 and the second quarter of 2024, totalling 11,916 ft (3,362 m) drilled. Testing roughly 8,300 ft (2,530 m) of Unit 2 (the Kilbourne host lithology) strike length within the Company's permitted surface ownership.

Surface mapping, supported by historic drill logs, suggests an additional ~8,000 ft (2,438 m) of open strike length to the east, and ~7,500 ft (2,286 m) of open strike length to the south. The mapped historic extents of Unit 2 are within the Company's owned mineral rights package.

During the fourth quarter of 2024 the Company began Phase III of metallurgical test work on graphitic material from the Kilbourne project (*See the Company's press release* "Titan Mining Announces Phase III Metallurgy Results and Outlines Plans for Natural Flake Graphite Processing Facility in New York State" *dated January, 16<sup>th</sup> 2025*). Samples representing 118 mineralized intercepts from four drill holes (KX23-001, KX24-002, KX24-003, and KX24-004) were used in the process optimization program. The material was used to generate four variability samples representing the upper "shallow" and lower "deep" zones of mineralization from the north (KX23-001 & KX24-002) and the south (KX24-003 & KX24-004). Sub-samples from all four variability samples were combined into a master composite. Results from these variability tests are below.

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Table 1: Head Grades of Master and Variability Composites

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| | | |
|:---|:---|:---|
|  | Assays (%) | Assays (%) |
| &nbsp;&nbsp;&nbsp;Composite | C(t) | C(g) |
| &nbsp;&nbsp;&nbsp;Master | 3.48 | 3.14 |
| &nbsp;&nbsp;&nbsp;North Shallow | 3.38 | 3.21 |
| &nbsp;&nbsp;&nbsp;South Shallow | 3.51 | 3.28 |
| &nbsp;&nbsp;&nbsp;North Deep | 2.87 | 2.68 |
| &nbsp;&nbsp;&nbsp;South Deep | 3.57 | 3.25 |

---

The optimization program produced a flowsheet capable of producing a 98.8% C(t) concentrate from the master composite, with a recovery of 87.3%, graphite recovery is projected to increase to 90-91% in a closed-circuit. The four variability samples were run through the same optimized flowsheet and produced results in line with the Master composite. This demonstrates the consistent metallurgical performance of the Kilbourne graphitic material, and the robustness of the proposed flowsheet. The size fraction analysis of the Master and variability samples can be seen below.

Table 2: Size Fraction Analysis of Final Concentrate of the Master and Variability Composites

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product Size<br> (Mesh) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master | &nbsp;&nbsp;&nbsp;&nbsp;North Shallow | &nbsp;&nbsp;&nbsp;&nbsp;North Shallow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Deep | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Deep | &nbsp;&nbsp;&nbsp;&nbsp;South Shallow | &nbsp;&nbsp;&nbsp;&nbsp;South Shallow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Deep | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Deep |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product Size<br> (Mesh) | Mass (%) | % C(t) | Mass (%) | % C(t) | Mass (%) | % C(t) | Mass (%) | % C(t) | Mass (%) | % C(t) |
| 100 | 8.2 | 98.1 | 2.2 | 95.1 | 8.3 | 96.9 | 3.8 | 96.5 | 9.2 | 97.4 |
| 150 | 11.7 | 98.9 | 6.9 | 97.9 | 12.4 | 99.2 | 9.5 | 99.7 | 10.1 | 99.4 |
| 200 | 26.0 | 99.1 | 22.7 | 97.8 | 24.3 | 99.0 | 24.2 | 98.2 | 22.1 | 99.3 |
| -200 | 54.1 | 99.2 | 68.2 | 97.7 | 55.1 | 99.1 | 62.5 | 98.6 | 58.6 | 99.3 |

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With the positive metallurgical results of Phase III, Titan is in the final phases of completing engineering for a commercial demonstration plant (the "Facility"). The Facility is expected to produce 1,000-1,200t per annum of graphite concentrate and aims for modular expansion to baseline production of 40,000t per annum with further growth capability. The Facility will be fed Kilbourne mineralized material and will be co-located in the ESM mill area. It will benefit from leveraging personnel and infrastructure from the existing zinc ESM mill operations thereby reducing capital and operating costs. The Company is targeting production from the Facility in 2025. The Facility is the first step towards obtaining product at full run time which will allow ESM to establish customer demand and pricing thresholds. Construction of the Facility is recommended in the 2025 Technical Report.

 

**New Mexico**

 

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities.

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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**TREND ANALYSIS**

**Selected Quarterly Information**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 |
| | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Revenues ($) | 26327 | 8274 | 17969 | 11731 | 10911 | 15481 | 8952 | 16742 |
| Net income (loss) ($) | 11596 | (4864) | 2617 | (2632) | (6959) | 501 | (4841) | 1103 |
| Basic & diluted income (loss) per share ($) | 0.08 | (0.04) | 0.02 | (0.02) | (0.05) |  | (0.03) | 0.01 |
| Cash and cash equivalents ($) | 10163 | 5844 | 5547 | 4176 | 5031 | 4319 | 2895 | 7411 |
| Total assets ($) | 55148 | 50290 | 52386 | 49813 | 52762 | 59060 | 59591 | 67916 |
| Total liabilities ($) | 52145 | 57535 | 55194 | 56021 | 55032 | 55528 | 56513 | 58953 |

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**FINANCIAL REVIEW**

**Financial Results**

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| | | |
|:---|:---|:---|
| ($000's) | **Three months ended** <br> **December 31,** | **Year ended<br> December 31,** |
| **Net income (loss) for the 2023 period** | $(6959) | $(10196) |
| Changes in components of income: |  |  |
| &nbsp;&nbsp;&nbsp;Revenues increase (decrease) | 15416 | 12215 |
| &nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | 745 | 8148 |
| &nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | 2394 | (3450) |
| **Net income (loss) for the 2024 period** | $11596 | $6717 |

---

During the year ended December 31, 2024, revenues increased compared to the same period in 2023 largely as a result of lower treatment charges (2024 - $8,188 vs. 2023 - $14,567), a lower negative rollback credit (2024 – negative $1,902 vs. 2023 – negative $2,645), and lower negative provisional and final pricing adjustments (2024 – negative $456 vs. 2023 – negative $3,444). While the Company had slightly lower zinc concentrate sales (2024 – 59.7 mlbs vs. 2023 – 62.0 mlbs), this was mostly offset by a higher average provisional price (2024 - $1.23/lb vs. 2023 - $1.19/lb).

During the year ended December 31, 2024, cost of sales decreased compared to the same period in 2023 as a result of lower operating costs due to lower tons milled (2024 – 410,867 tons vs. 2023 – 425,022), lower tons mined (2024 – 406,541 vs. 2023 – 419,104), in addition to lower depreciation incurred in 2024 compared to 2023.

During the year ended December 31, 2024, other expenses increased compared to the same period in 2023, largely a result of a realized gain on derivative that was incurred in 2023 and was not incurred in 2024.

**Revenue**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Zinc concentrate sales | $30724 | $15637 | $15087 | $76322 | $74070 | $2252 |
| Zinc concentrate provisional pricing adjustments | (78) | (493) | 415 | (456) | (3444) | 2988 |
| Smelting and refining charges | (4319) | (4233) | (86) | (11565) | (18540) | 6975 |
| Revenue, net | $26327 | $10911 | $15416 | $64301 | $52086 | $12215 |

---

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| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract. In June 2024, the Company entered into a fixed zinc pricing arrangement pursuant to its existing offtake agreement with an affiliate of Glencore Ltd. for approximately 30% of the Company's budgeted zinc production for the second half of 2024. The arrangement fixed the zinc price for a six-month period covering July 2024 through December 2024 at a price of US$1.37 per pound of zinc. As of December 31, 2024, the Company had fulfilled its commitment under the fixed price zinc pricing arrangement.

In connection with the fixed zinc pricing arrangement, the Company was required to provide a cash deposit in the amount of $2,777. The cash deposit was returned to the Company on a prorata basis, upon completion of the delivery of zinc concentrate on a monthly basis over the six-month period of the fixed price arrangement. As the Company had fulfilled its commitment under the fixed zinc pricing arrangement by December 31, 2024, the remaining balance of the cash deposit of $518, was returned to the Company in January 2025.

Revenues were significantly higher in Q4 2024 when compared to the same quarter in the prior year as a result of the build up of ore stockpiled at the end of Q3 2024, as mining activities continued while the operations at ESM were temporarily shut down as a result of Tropical Storm Debby. Ore tons that were stockpiled in Q3 2024 were hoisted and milled in Q4 2024, which contributed to significantly higher tons and zinc metal produced in Q4 2024.

**Cost of sales**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>($000's) | **2024** | **2023** | **Change** | **2024** | **2023** | **Change** |
| Operating expenses | $11516 | $10949 | $567 | $39155 | $41809 | $(2654) |
| Transportation costs | 1215 | 810 | 405 | 3357 | 3618 | (261) |
| Royalties | 8 | 7 | 1 | 34 | 38 | (4) |
| Depreciation and depletion | 1204 | 3832 | (2628) | 8728 | 12889 | (4161) |
| Change of Inventory | 928 | 17 | 911 | 241 | 1309 | (1068) |
| Total | $14871 | $15615 | $744 | $51515 | $59663 | $(8148) |

---

During the year ended December 31, 2024, cost of sales decreased compared to the same period in the prior year due to a decline in tons mined and milled and efficient management of site costs. Operating expenses during the three months ended December 31, 2024, compared to the same period in the prior year increased as a result of an increase in tons milled during Q4 2024 compared to the same quarter in the prior year. Depreciation and depletion expenses decreased during the year ended December 31, 2024 compared to the prior year due to lower tons mined, and a decrease in capital asset acquisitions. Depreciation and depletion expenses during the three months ended December 31, 2024, decreased compared to the same period in the prior year, as a result of the Company's change in mineral resource assumption which increased the reserve base over which unit of production assets will be depreciated. The change in the mineral reserve assumption was a direct result of the Company's updated mineral resource estimate at the Company's ESM operations included in the 2025 Technical Report. The change of inventory is a result of the ending inventory level changes due to timing differences of sales of zinc concentrate.

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Other operating expenses**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| **<u>G&A expenses</u>:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $654 | $223 | $431 | >100 | 1575 | 1244 | 331 | 26 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 81 | 58 | 23 | 40 | 420 | 351 | 69 | 16 |
| &nbsp;&nbsp;&nbsp;Professional fees | 322 | 371 | (50) | (100) | 677 | 1934 | (1257) | (65) |
| &nbsp;&nbsp;&nbsp;Office and administration | 353 | 135 | 218 | >100 | 918 | 729 | 189 | 26 |
| &nbsp;&nbsp;&nbsp;Investor relations | 31 | 9 | 22 | >100 | 59 | 52 | 7 | 13 |
|  | $1441 | $796 | $645 | 81 | 3649 | 4310 | (661) | (15) |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $178 | $172 | $6 | 3 | 767 | 584 | 183 | 31 |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 31 | 17 | 14 | 82 | 193 | 158 | 35 | 22 |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 135 | 73 | 62 | 85 | 451 | 880 | (429) | (48) |
| &nbsp;&nbsp;&nbsp;Supplies | 21 | 18 | 3 | 17 | 236 | 53 | 183 | >100 |
| &nbsp;&nbsp;&nbsp;Other | 136 | 103 | 33 | 32 | 214 | 228 | (10) | (4) |
|  | $501 | $383 | $118 | 31 | 1861 | 1903 | (38) | (2) |

---

G&A expenses for the year ended December 31, 2024 compared to the prior year, decreased largely as a result of lower professional fees incurred, partially offset by an increase in salaries and benefits resulting from an increase in head count at the Company's corporate office, in addition to an increase in the Company's short-term incentive bonus plan that was accrued for in Q4 2024 compared to Q4 2023. G&A expenses increased in Q4 2024 compared to the same quarter in the prior year, as a result of an increase in salaries and benefits due to an increase in head count at the Company's corporate office, in addition to an increase in the Company's short-term incentive bonus plan that was accrued for in Q4 2024 compared to Q4 2023.

E&E expenses for the year ended December 31, 2024 remained relatively consistent year over year.

**Other expenses (income)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| **2024** | **2023** | **Change** | **%** | **2024** | **2023** | **Change** | **%** |
| $(2109) | $1078 | $(1031) | >100 | $462 | $(3670) | $4132 | >(100) |

---

For the three months ended December 31, 2024, other expenses (income) increased from the same period in the prior year as a result of a gain recognized on a change in estimate of the Company's reclamation and remediation provision as well as a foreign exchange gain, compared to a foreign exchange loss recognized in the prior year. For the years ended December 31, 2024 compared to the prior year, other expenses increased from other income recognized in the prior year, largely as a result of the realized gain on a derivative that was incurred in 2023, and no similar gain was incurred in 2024, as the Company did not have any hedge agreements resulting in derivative gains or losses during the year, partially offset by a gain recognized on a change in estimate of the Company's reclamation and remediation provision.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - National Bank of Canada*

 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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 original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of December 31, 2024, the Company was in compliance with all covenants related to the Credit Facility.

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, a principal payment of $5,000 reduced the available credit limit from $32,170 to $27,170. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and provided a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

As a result of the loan amendments, the Company recognized a gain on loan modification of $98 on the Company's Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the available credit limit amount at an annual rate of 1.125%, and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the year ended December 31, 2024, the Company incurred a guarantee fee charge of $282 (2023 - $450) recognized on the Company's Statements of Income (Loss) and Comprehensive Income (Loss).

*Promissory Note – November 1, 2023* 

 

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

● 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.

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.

 

*Other Related Party Loans*

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

As at the date of this report, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman, and as such, has classified these loans as current on the statements of financial position.

**Financial Condition**

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $10163 | $5031 |
| Total debt | $32081 | $35779 |
| Net debt<sup>(1)</sup> | $21918 | $30748 |
| Working capital | $(12581) | $(23512) |

---

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

Cash and cash equivalents as at December 31, 2024 increased by $5,132 compared to December 31, 2023. The increase in cash was generated from positive operating cash flows of $14,290. This was partially offset by $7,292 of net cash used in financing activities, largely as a result of a $22,000 principal repayments on the Company's Credit Facility, and $1,707 of interest payments. This was partially offset by funding of by $16,500 in related party loans. The Company's net cash used in investing activities was $1,755 during the year, related to the purchase of equipment.

At December 31, 2024, the Company's debt was comprised of a loan from the Credit Facility of $10,058, the Promissory Note from a related party of $5,523, and additional loans from a related party of $16,500. The Company incurred interest and accretion expense of $2,727 during the year ended December 31, 2024, related to the debt, and made an interest payment of $1,707 towards the Credit Facility. Amortized borrowing costs during year were $880.

The working capital deficit decreased as at December 31, 2024 compared to December 31, 2023 as a result of an increase in cash and cash equivalents, an increase in accounts receivable, an increase in inventories, and a decrease in debt, partially offset by an increase in accounts payable.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2023** | **Change** |
| Operating cash flows before changes in working capital | $16465 | $6085 | $10380 |
| &nbsp;&nbsp;&nbsp;Changes in working capital | (2175) | (5666) | 3491 |
| Net cash flows generated by (used in) operating activities | 14290 | 419 | 13871 |
| Net cash flows generated by (used in) financing activities | (7292) | 567 | (7859) |
| Net cash flows generated by (used in) investing activities | (1775) | (2647) | (932) |
|  | $5223 | $(1661) | $6884 |

---

Net cash flows generated from operating activities were higher during the year ended December 31, 2024 compared to the prior year largely as a result of higher revenue and lower cost of sales. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

Net cash flows used in financing activities during the year ended December 31, 2024 reflect $17,000 of principal payments and $1,707 of interest payments made towards the Credit Facility, partially offset by $16,500 proceeds received from related party loans. For comparison, net cash flows used in financing activities by the Company in the same period in 2023 reflects $5,000 of Credit Facility interest payments, $5,900 advances received from the Credit Facility, $5,000 advances received from related party loans, $3,035 of interest payments made on the Credit Facility, and $1,978 of dividends paid.

Net cash flows used in investing activities in the year ended December 31, 2024 were lower compared to the prior year as a result of lower capital expenditures incurred.

**Capital Expenditures**

The Company invested $1,928 in capital expenditures during the year ended December 31, 2024 compared to $2,648 in capital expenditures in the prior year. A new transformer and a server room were added to capital assets, in addition to two drill rigs, and a compact twin-boom mining equipment was rebuilt during the period. Further, additional capital expenditures were incurred in Q3 2024 to repair a damaged crusher and surrounding infrastructure following the historic flooding from Tropical Storm Debby.

**Liquidity**

As at December 31, 2024, the Company had total liquidity of $10,163 in cash and cash equivalents. The Company had negative working capital of $12,581 and a deficit balance of $61,781. For the year ended December 31, 2024, the Company had recognized net income of $6,717 and positive operating cash flows of $14,290. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

As at December 31, 2023, the Company had total liquidity of $5,031 in cash and cash equivalents. The Company had negative working capital of $23,512 and a deficit of $68,328. For the year ended December 31, 2023, the Company had positive operating cash flows before changes in working capital of $6,085 and a net loss of $10,196.

**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.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

As noted above with the Company's debt, the Company is subject to certain financial covenants relating to its Credit Facility with NBC. As at December 31, 2024, the Company was in compliance with all financial covenants. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at December 31, 2024 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $32019 | $- | $- | $- | $32019 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 570 |  |  |  | 570 |
| &nbsp;&nbsp;&nbsp;Leases | 40 | 87 |  |  | 127 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 15447 | 15447 |
|  | $32629 | $87 | $- | $15447 | $48163 |

---

The repayment of debt principal includes $16,500 owing to a related party, of which commercial terms have not yet been finalized. Until such terms have been finalized, the Company has classified all principal amounts owing as current.

**Subsequent Events**

<u>Equipment Facility</u>

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

Subsequent to December 31, 2024, the Company had advanced a total principal amount of $2,895 under the Equipment Facility.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 6,000,000 warrants and 10,245,000 options outstanding.

**FINANCIAL INSTRUMENT**

a) Carrying amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $127 | $127 | $76 | $55 |
| Bank indebtedness | $10058 | $10058 | $31655 | $32087 |
| Loans from related party | $22023 | $22023 | $4124 | $5061 |

---

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

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

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on December 31, 2024 was approximately $207 over the course of the remaining three year term of the office lease.

The Company was charged for the following with respect to this arrangement during the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits | $403 | $482 |
| Office and other | 113 | 193 |
| Marketing and travel | 18 | 16 |
|  | $534 | $691 |

---

**Key management personnel compensation**

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

---

| | | |
|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, |
| | 2024 | 2023 |
| Salaries and benefits | $1040 | $761 |
| Consulting fees | 764 | 422 |
| Share-base compensation | 392 | 309 |
| Directors' fees | 219 | 219 |
|  | $2415 | $1711 |

---

The following amounts are outstanding as at December 31, 2024 and December 31, 2023, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
| | As at December 31, 2024 | As at December 31, 2023 |
| Salaries and benefits payable | $650 | $416 |
| Consulting fees payable | 206 | - |
|  | $856 | $416 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Adoption of New Accounting Standards**

IAS 1, *Presentation of Financial Statements* ("IAS 1")

In October 2022, the IASB issued amendments to IAS 1 titled Non-current Liabilities with Covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of Debt as Current or Non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. Effective January 1, 2024, the Company has adopted these amendments, which did not have a material effect on its Annual Financial Statements.

**Accounting Standards Issued But Not Yet Adopted**

 

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

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

**Estimates and judgments**

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

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Taxation

See note 5 of our 2024 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the year ended December 31, 2024.

**NOTES TO READER**

**Cautionary note regarding forward-looking information** 

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; anticipated head grade; anticipated zones that will be mined, and timing of such mining; exploration plans at the Kilbourne target and timing of such plans; 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 N2D, and timing and results therefrom; anticipated construction of the Facility and timing and results therefrom. 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 and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; damage caused by Tropical Storm Debby; the Company's assumptions regarding time and cost to repair damage caused by Tropical Storm Debby; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2024 Annual Financial Statements. The following are additional risk factors which the Company's management believes are most important in the context of the Company's business. It should be noted that this list is not fully comprehensive and that other risk factors may apply.

***The Company has a limited operating history***

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The Company has a limited operating history upon which an evaluation of the Company, its current business and its prospects can be based. Further, its sole production mineral property, ESM's #4 mine, was on care and maintenance since 2008 until recommencing operations in 2017. If the Company is unable to generate significant revenues from ESM's #4 mine, it will not be able to earn profits or continue operations. There can be no assurance that the Company will be successful in ever achieving profitable operations. The Company has a limited operating history from which its business and prospects can be evaluated, and forecasts of any potential growth of the business of the Company are difficult to evaluate. The Company's prospects must be considered in light of the risks, expenses and difficulties frequently encountered by single asset companies in the early stages of development, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues.

***Dependence on ESM's #4 mine***

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The only mineral producing property the Company has is the ESM #4 mine. Because ESM's #4 mine has a limited life based on mineral resource estimates, the Company will be required to replace and expand its mineral resources to continue production beyond the current mine life. In the absence of additional producing mineral projects, the Company will be solely dependent upon ESM's #4 mine for its revenue and profits, if any, and the Company's ability to maintain or increase its annual production will be dependent in significant part on its ability to expand its mineral resource base at ESM's #4 mine and increase throughput at ESM's #4 mine mill above its initially targeted rate.

***There may be requirements for additional capital in the future***

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Any future mining, production, processing, development and exploration by the Company may require substantial additional financing, including capital for the continuation or expansion of mining operations at ESM's #4 mine. Failure to obtain sufficient financing may result in delaying or indefinite postponement of the Company's business plans. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. This uncertainty casts doubt about the Company's ability to continue as a going concern.

***Financial leverage and restrictive covenants may restrict our current and future operations***

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The Company and its subsidiaries have agreed to various restrictive covenants with its lenders under its existing loan arrangements, including to maintain certain interest coverage ratios and minimum cash balances, make payments of interest and principal when due, to conduct its operations subject to certain restrictions and to comply with restrictions governing current and future indebtedness.

These restrictions prohibit or limit the Company's and its subsidiaries' ability to, among other things, incur additional debt, provide guarantees for indebtedness, create liens, dispose of assets, liquidate, dissolve, wind up, or assign or surrender a material contract. These restrictions may restrict the Company's ability to refinance its existing indebtedness. If the Company defaults in respect of its obligations under its loan arrangements, including without limitation servicing existing indebtedness, or if it is unable to refinance any such indebtedness, its lenders may be entitled to demand repayment and enforce their security against certain assets.

If there is any event of default under its existing loan arrangements, the principal amount owing, plus accrued and unpaid interest, may be declared immediately due and payable. If such an event occurs, or if any extended default under such agreements is ongoing, it could have a material negative impact on the Company financially.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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In addition, the degree to which the Company and its subsidiaries are leveraged could have important consequences to shareholders, including: (i) the Company's ability to obtain additional financing for working capital, capital expenditures, acquisitions or other project developments in the future may be limited; (ii) a significant portion of the Company's cash flows from operations may be dedicated to the payment of the principal and interest on their indebtedness, thereby reducing funds available for future operations and flexibility to take advantage of business opportunities; (iii) the Company may be unable to refinance its existing indebtedness on terms favourable to the Company, if at all, and the consequences arising therefrom; and (iv) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures. The inability to meet these debt covenants or obtain lenders' consent to carry out restricted activities could materially and adversely affect the business and results of operations of the Company.

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

***United States-Canada Tariffs***

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Recent executive orders have been issued by the U.S. President, including to direct the U.S. to impose new or increased tariffs on certain imports from its trading partners, including Canada, Mexico and China, and on certain other imports regardless of origin. The executive orders contemplated the imposition of 25% tariffs on most goods imported from Mexico and Canada (excluding certain energy resources from Canada, which were set to face a lesser tariff) and a 10% additional tariff on all goods from China, with originally planned implementation dates of February 4, 2025 and March 4, 2025. Certain other countries have, or have indicated, that they intend to impose retaliatory tariffs. While the U.S. administration recently deferred the implementation of certain tariffs pending negotiations between Canada and the U.S., there is no assurance that these negotiations will result in a successful withdrawal of the tariff proposals or a reduction in tariff rates. It remains unclear the extent to which additional duties, tariffs and/or other trade restrictions or other similar measures may be imposed by the United States or other countries, whether and if any changes to the currently announced tariffs will be applied, how long they may be in effect, the extent to which further retaliatory measures will be imposed, and whether other factors will support a pass through of all or a part of the tariffs to the market.

If high US tariffs are imposed on Canadian products and the products of other countries and Canada and the other countries retaliate with import tariffs on US products, the consequences on global supply chains could adversely impact the Company's ability to source the supplies the Company relies on to perform its planned work programs or operations or, if available, the cost of such supplies could increase, potentially impairing the Company's ability to complete work programs or conduct its operations.

***Fluctuations in demand for, and prices of, zinc***

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As the Company's sole source of revenue is the sale of zinc in separated and/or mixed form, changes in demand for, and the market price of, zinc are expected to have a significant effect on the Company's revenues and results of operations. The value and price of the Common Shares and the Company's financial results may be significantly adversely affected by declines in the prices of zinc. The price of zinc is influenced by many factors beyond the control of the Company. The level of interest rates, the rate of inflation, global and regional consumption patterns, the world supply of and demand for zinc, including zinc's intermediate and end product uses, market behaviour of current supply sources for zinc and the variation in exchange rates can all cause significant fluctuations in prices of zinc. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. The effect of these factors cannot be accurately predicted. The price of zinc and mineral commodities more generally has fluctuated widely in the past decade and future declines in the price of zinc received could cause commercial production to become uneconomic, thereby having a material adverse effect on the Company's business and financial condition and the value and price of the Common Shares. ESM's #4 mine was closed and placed on care and maintenance in the fall of 2008 in the face of a general economic turndown and resulting fall in zinc prices. The Company's results of operations will also be heavily dependent on the costs of consumables, particularly fuel, energy, chemical reagents and other products which may be required to be used in future exploration, development, mining and treatment operations.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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A prolonged or significant economic contraction worldwide could put further downward pressure on market prices of zinc. Protracted periods of low prices for zinc could significantly reduce revenues and the availability of required development funds in the future. This could impair asset values and reduce the Company's mineral resources.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to supply and demand of zinc and ultimately to the broader markets. Strong prices for zinc may create economic pressure to identify or create alternate technologies using substitutes for zinc that ultimately could depress future long-term demand for zinc, and at the same time may incentivize development of otherwise marginal mining properties that would compete with the Company.

***Ramping up mining operations***

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As Titan continues to ramp up production, several risks remain for the Company, including: **(**i) Titan may encounter unforeseen obstacles or costs in operating the mine, some of which may be material and could cause Titan's estimates of time and costs to ramp up production to be significantly understated, (ii) certain lower levels of the mine are considered unsafe, (iii) some equipment may be more unreliable as operations ramp-up, and (iv) production rates and ore grades may not be as predicted. Any of these factors may adversely affect Titan's ability to ramp up production and could place Titan in a position where it has insufficient cash resources to continue mining operations, or which could result in mining operations being uneconomic.

***Limited Supplies, Supply Chain Disruptions, and Inflation***

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Our operations require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with government restrictions or regulations which delay importation of necessary items. COVID-19 has had a significant impact on global supply chains, which has impacted our ability to source supplies required for our operations and has increased the costs of those supplies. Global supply chains have been further strained by the current conflict between Russia and the Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

***The Company's current production projections and cost estimates for ESM's #4 mine may prove to be inaccurate***

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A reduction in the amount of, or a change in the timing of, the zinc production as compared to the Company's current projections for ESM's #4 mine may have a material adverse impact on the Company's anticipated future cash flows. The actual effect of such a reduction of the Company's cash flow from operations would depend on the quantity and timing of any such changes in production and on actual prices and costs. A change in the timing of these projected cash flows due to production shortfalls or labour disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels or fund capital expenditures. This could result in the Company being required to raise additional equity capital or incur additional indebtedness to finance capital expenditures in the future.

The level of production and capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are subject to considerable uncertainties. Actual results of operations at ESM's #4 mine are likely to differ from the Company's current estimates, and these differences may be significant. Moreover, experience from actual mining or processing operations may identify new or unexpected conditions that could decrease production below, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favourable than the Company currently estimates, the Company's business, results from operations, financial condition and liquidity could be materially adversely affected.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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***Profitability of the Company***

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There can be no assurance that the Company's business and strategy will enable it to become profitable or sustain profitability in future periods. The Company's future operating results will depend on various factors, many of which are beyond the Company's direct control, including the Company's ability to develop its mining projects and commercialize its mineral resources, its ability to control its costs, the demand and price for zinc and general economic conditions. If the Company is unable to generate profits in the future, the market price of the Common Shares could decline.

***Mining is inherently risky and subject to conditions or events beyond the Company's control***

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The development and operation of a mine or mine property is inherently dangerous and involves many risks that the Company may not be able to overcome, including:

● unusual or unexpected geological formations;

● metallurgical and other processing problems;

● metal losses;

● environmental hazards;

● power outages;

● labour disruptions;

● industrial accidents;

● periodic interruptions due to inclement or hazardous weather conditions;

● flooding, explosions, fire, rockfalls, rockbursts, cave-ins and landslides;

● ground or soil conditions including seismic activity;

● mechanical equipment and facility performance problems;

● poor ventilation in all or part of ESM; and

● the availability of materials and equipment.

These risks could result in damage to, or destruction of, mineral properties, production facilities or other properties, personal injury or death, including to the Company's employees, environmental damage, delays in mining, increased production costs, asset write downs, monetary losses and legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums, or at all, or it may choose not to insure against these risks. Insurance against certain environmental risks, including potential liability for pollution and other hazards as a result of the disposal of waste products occurring from production, is not generally available to companies in the mining industry. The Company may suffer a material adverse effect on its business if the Company incurs losses related to any significant events that are not covered by the Company's insurance policies.

 

***Mineral resource calculations are only estimates based on interpretation and assumptions***

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Any figures presented for mineral resources will only be estimates. There is a degree of uncertainty attributable to the calculation of mineral resources. Until **mineralized material** is actually mined and processed, the quantity of metal and grades must be considered as estimates only and no assurances can be given that the indicated levels of metals will be recovered. In making determinations about whether to advance any of its projects to development, the Company must rely upon such estimated calculations as to the mineral resources and grades of mineralization on its properties.

The estimation of mineral resources is a subjective process that relies on the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, analysis of drilling results and industry practices. Estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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Estimated mineral resources may have to be recalculated based on changes in mineral prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates or other important factors that influence mineral resource estimates. The extent to which mineral resources may ultimately be reclassified as mineral reserves is dependent upon the demonstration of their profitable recovery. Any material changes in mineral resource estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. The Company cannot provide assurance that mineralization can be mined and processed profitably.

The Company's mineral resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market price for zinc may render portions of the Company's mineralization uneconomic and result in a reduction in reported mineral resources, which in turn could have a material adverse effect on the Company's results of operations, financial condition or the market price of the Common Shares. The Company cannot provide assurance that mineral recovery rates achieved in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale. In addition, if the Company's projects produce concentrate for which there is no market, this may have an impact on the economic model for ESM.

***Production based on mineral resources***

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The Company based its production decision on the results of a preliminary economic assessment and not on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that would be analysed in more detail in a feasibility study, such as applying deeper economic analysis to mineral reserves and mineral resources, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

 

***Uncertainty exists related to inferred mineral resources***

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There is a risk that inferred mineral resources referred to in the most recent technical report for ESM cannot be converted into measured or indicated mineral resources as there may be limited ability to assess geological continuity. Due to the uncertainty related to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to mineral resources with sufficient geological continuity to constitute mineral reserves as a result of continued exploration and economic evaluation.

***Construction and Commissioning of Processing and Demonstration Facilities***

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The design and construction of efficient processing and demonstration facilities, such as the Facility (as defined above), the cost and availability of suitable machinery, supplies, equipment and skilled labor, the existence of competent operational management and prudent financial administration, as well as the availability and reliability of appropriately skilled and experienced employees can affect successful project development.

The Company intends to construct the Kilbourne Project Facility, which will rely on new infrastructure. It is common in new processing facilities to experience unexpected problems and delays during construction, development, start-up and commissioning activities. The costs, timing and complexities of developing the Kilbourne Project Facility may be significantly higher than anticipated which can add to the cost of development, production and operation and/or impair production and activities.

***Need for Funding and Time of Development***

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There is a risk that the development of the Kilbourne Project Facility will not be completed on time or on budget, or at all. The development and construction schedule of the Kilbourne Project Facility is based on management's expectations, and may be delayed by a number of factors, some of which are beyond the Company's control. Most, if not all, projects of this kind suffer delays in start-up and commissioning due to late delivery of components, the inadequate availability of skilled labor and mining equipment, adverse weather or equipment failures, the rate at which expenditures are incurred, delays in construction schedules, or delays in obtaining the required permits or consents, or to obtain the required financing.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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***Risks Related to Future Sale of Graphite Products***

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The viability of the Company's Kilbourne Project is dependent on future sales of graphite-based products. No assurance can be given that the Company will be able to sell graphite-based products at such terms and conditions as are favourable for, or necessary to sustain the operations of the Company.

The Company has not entered into any other binding agreements for the sale of graphite-based products. There can be no guarantee that the Company will be able to secure sales agreements, including offtake agreements for future sales and, if so, there can be no guarantee as to the amount of purchase orders or commitments, the quantity of graphite represented by such orders and commitments or the timing for receiving same. Factors that may impact such orders and commitments include the ability of the Company to reliably and consistently produce graphite meeting client specifications and confidence of clients in such ability, market conditions and demand for products requiring graphite, overall market conditions and the strength of the economy.

If the Company, for whatever reason, is not able to produce the products in accordance with the terms and specifications of any sales agreements, such noncompliance or violation, resulting in termination or damages, may have an adverse effect on the Company's operations and financial position. Even if the Company is able to meet the requirements set out therein, there is no assurance that the contract counterparties will be willing or able to purchase the production at the prices or quantities they have agreed to in a particular offtake agreement.

***Graphite Supply, Demand***, ***Macroeconomic conditions***

Global graphite supply is concentrated in a limited number of countries, particularly China, which accounts for a substantial portion of global production. Geopolitical tensions, export restrictions, trade policies, and environmental regulations in key producing regions may disrupt supply chains, leading to price volatility and potential shortages. Additionally, the development of new graphite projects is capital-intensive and subject to permitting delays, technological challenges, and infrastructure limitations, which may constrain future supply. Given that graphite is not a publicly traded commodity like base and precious metals, and sales agreements are negotiated privately, actual sales prices may differ from the Company's assumptions. This opacity in pricing can further contribute to uncertainty in forecasting and financial performance.

The demand for graphite is influenced by several factors, including the growth of the electric vehicle (EV) and renewable energy sectors, as graphite is a critical component in lithium-ion batteries. Changes in government policies, technological advancements, or slower-than-anticipated adoption of EVs and energy storage systems could reduce graphite demand. Conversely, rapid adoption could drive increased competition for graphite resources and escalate input costs for the Company. Additionally, a limited number of existing producers may seek to protect their market position by increasing production capacity or lowering prices, which could create competitive pressures and impact the Company's ability to secure favorable sales agreements.

Broader economic conditions, including inflation, currency fluctuations, and global economic slowdowns, could impact graphite prices and availability. Economic uncertainty or recessions may reduce industrial activity and the demand for graphite across multiple sectors, while inflationary pressures could increase operational costs and capital expenditures. Furthermore, global supply chain disruptions stemming from pandemics, natural disasters, or geopolitical conflicts may affect the availability and cost of graphite. Foreign currency fluctuations may also influence the cost structure and profitability of graphite operations, particularly when sales agreements are denominated in foreign currencies.

Factors such as foreign currency fluctuation, supply and demand, industrial disruption and actual graphite market sale prices could have an adverse impact on operating costs and stock market prices and on the Company's ability to fund its activities. In each case, the economics of the Kilbourne project could be materially adversely affected, even to the point of being rendered uneconomic.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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***Title***

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There is no guarantee that the Company's title to its properties will not be challenged or impugned. The Company's claims may be subject to prior unregistered agreements or transfers and title may be affected by unidentified or unknown defects. If title to the Company's properties is disputed, it may result in the Company paying substantial costs to settle the dispute or clear title and could result in the loss of the property, which events may affect the economic viability of the Company.

***Surface Access***

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In some cases, the Company has ownership title or leasehold rights only to the minerals of certain properties (the mineral estate), while other parties own the non-mineral or surface rights of the properties (the surface estate). In such cases, the Company has the legal right to access the property, and conduct activities on the property to the fullest extent necessary to realize its rights to the mineral estate, subject only to an obligation to avoid unreasonably impacting the surface estate and the activities of owners of the surface estate, and with due regard to their physical safety. Nonetheless, the owners of the surface estate may prove unwilling to coordinate with the Company regarding the timing and other parameters of the Company's access and activities on the property or may obstruct the Company's representatives while they are on the property. In addition, the owners of the surface estate may use or allow others to use the property for hunting or other activities that risk the safety of the Company's representatives while they are on the property. Such factors could delay or otherwise hinder the Company's ability to realize its rights to the mineral estate and give rise to legal claims.

***The Company may experience difficulty attracting and retaining qualified management and employees to sustain and grow its business***

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The Company is dependent on the services of key executives and its skilled employees to advance its corporate objectives and to identify new opportunities for growth and funding. The loss of any executive of the Company and the Company's inability to attract and retain a suitable replacement, or additional highly skilled employees required for the Company's activities, would have a material adverse effect on the Company's business and financial condition.

***Competition***

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The Company competes with other mining companies, many of which are better capitalized, have greater financial resources, operational experience and technical capabilities or are further advanced in their development or are significantly larger and have access to mineral reserves, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel. If the Company requires and is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company will not be able to grow at the rate it desires, or at all.

***Significant governmental regulations***

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The Company's mining activities are subject to extensive federal, state and local laws, regulations and policies governing various matters, including:

● environmental protection, including regulations with respect to processing concentrates;

● the management and use of toxic substances and explosives;

● the management of natural resources and land;

● the exploration of mineral properties;

● exports;

● price controls;

● taxation and mining royalties;

● labour standards and occupational health and safety, including mine safety; and

● historic and cultural preservation.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in significant expenditures. The Company may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause the Company to incur additional expenses or capital expenditure restrictions, or suspensions of the Company's activities and delays in the exploration and development of its properties.

***Market events and general economic conditions***

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Adverse events in global financial markets can have profound impacts on the global economy. Many industries, including the zinc mining industry, are affected by these market conditions. Some of the key effects of the financial market turmoil experienced over the past decade include contraction in credit markets resulting in a spread of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's growth and profitability, financial liabilities and results of operations.

***Environmental laws and regulations (including in respect of climate change)***

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All of the Company's exploration, development and production activities are subject to regulation by governmental agencies under various environmental laws. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, reclamation of lands disturbed by mining operations and climate change. Environmental legislation is evolving, and the general trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on the Company's behalf and may cause material changes or delays in the Company's intended activities. Future changes in these laws or regulations could have a significant adverse impact on some portion of the Company's business, requiring the Company to re-evaluate those activities at that time. Non-compliance thereof may result in significant penalties, fines and/or sanctions imposed on the Company by the relevant environmental regulatory authority resulting in a material adverse effect on the Company's reputation and results of its operations.

***Threat of legal proceedings***

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Due to the nature of its business, the Company may be subject to numerous regulatory investigations, civil claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. The Company's efforts to respond to the legal proceedings could result in a diversion of management time and attention from revenue-generating activities. There can be no assurances that these matters will not have a material adverse effect on the Company's business. See "*Title*", above.

 

***Rights, concessions and permits***

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The Company's current and anticipated future operations, including further exploration, development and production on its mineral properties, including ESM's #4 mine, require concessions and permits from various governmental authorities.

Obtaining or renewing governmental concessions and permits is a complex and time-consuming process. The duration and success of efforts to obtain and renew permits are contingent upon many variables not within the Company's control. The Company cannot provide assurance that all rights, concessions and permits that it requires for its operations will be obtainable or renewable on reasonable terms, or at all. Delays or a failure to obtain or renew such required concessions and permits, or the expiry, revocation or failure to comply with the terms of any such concessions and permits that the Company has obtained, would adversely affect the Company's business.

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| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

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***Social and environmental activism can have a negative effect on exploration, development and mining activities***

There is an increasing level of public concern relating to the effects of mining on the natural landscape, on communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations ("**NGOs**") who oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. Local communities in St. Lawrence County, NGOs or local community organizations could direct adverse publicity and/or disrupt the operations of the Company in respect of ESM or another of the Company's properties, regardless of its successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company's operations specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

***Land reclamation requirements for the Company's properties may be burdensome***

 ****

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies in order to minimize long term effects of land disturbance. Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents; and

● reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on the Company in connection with exploration, development and production activities, the Company must allocate financial resources that might otherwise be spent on exploration and contemplated development programs. If the Company is required to carry out unanticipated reclamation work or provide security for further reclamation work, the Company's financial position could be adversely affected.

***Tailings management facility and environmental reclamation***

 ****

The embankment for the tailings management facility ("**TMF**") at ESM's #4 mine will need to be raised to fully contain the estimated tonnage for ESM's#4 mine as set out in the current mine plan. The Company is not certain how the native surface of the TMF was prepared, what design features were included, what sub-surface conditions existed prior to construction or the material properties of the fill used for construction. If the Company is unable to complete the embankment raise at the TMF, or if the TMF were to subsequently breach, the Company would be required to delay or cease operations at ESM's #4 mine for a significant period of time. This may also necessitate extensive response and rehabilitation activities. The Company may not receive approvals and consents necessary to proceed with the remaining rehabilitation plans in a timely manner. The Company cannot anticipate the timing and amount of the costs and the liabilities relating to any such TMF failure, or whether such failure would result in the Company being subject to regulatory charges or claims, fines and penalties or the potential quantum thereof.

***Insurance***

 ****

ESM's #4 mine is subject to numerous risks and hazards. Such risks could result in personal injury, environmental damage, damage to and destruction of the facilities, delays in production and liability. For some of these risks, the Company maintains insurance to protect against these losses at levels consistent with industry practice. However, the Company may choose not to insure certain risks or may not be able to maintain current or desired levels of insurance coverage, particularly if there is a significant increase in the cost of premiums. The Company's current policies may not cover all losses and the Company currently does not have specific coverage for environmental risk. Moreover, in the event that the Company is unable to fully pay for the cost of remedying damages, particularly environmental problems, the Company might be required to suspend or significantly curtail its activities or enter into other interim compliance measures.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

***Health & safety***

 ****

Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities due to accidents that could result in serious injury or death. The impact of such accidents could affect the profitability of the operations, cause an interruption to operations, lead to a loss of licenses, affect the reputation of the Company and its ability to obtain further licenses, damage community relations and reduce the perceived appeal of the Company as an employer.

There is no assurance that the Company has been or will at all times be in full compliance with all laws and regulations or hold, and be in full compliance with, all required health and safety permits. The potential costs and delays associated with compliance with such laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a project, and any non-compliance therewith may adversely affect the Company's business, financial condition and results of operations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

 

***The Company is dependent on information technology systems***

 ****

The Company's operations depend, in part, upon information technology systems. The Company's information technology systems are subject to disruption, damage or failure from a number of sources, including, but not limited to, computer viruses, security breaches, natural disasters, power loss and defects in design. Although to date the Company has not experienced any material losses relating to information technology system disruptions, damage or failure, there can be no assurance that it will not incur such losses in future. Any of these and other events could result in information technology systems failures, operational delays, production downtimes, destruction or corruption of data, security breaches or other manipulation or improper use of the Company's systems and networks, any of which may result in a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

***Fixed Zinc Pricing Arrangements and Other Pricing Hedges***

 ****

The Company may from time to time enter into fixed zinc pricing arrangements or other hedges in respect of a material amount of its forecasted zinc production. The use of these arrangements involves certain inherent risks including the risk of default on amounts owing to the Company by the counterparties with which the Company has entered into such transactions. In the event that such risks materialize, the Company's future cash flows, profitability, results of operations and financial condition could be materially and adversely affected.

***Conflicts of interest***

 ****

Certain of the Company's directors also serve or may serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production or mining-related activities, including in other companies involved in the exploration, development and production of zinc. To the extent that such other companies may participate in ventures in which the Company may participate, or in ventures which the Company may seek to participate in, the Company's directors and officers may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In all cases where the Company's directors and officers have an interest in other companies, such other companies may also compete with the Company for the acquisition of mineral property investments. Such conflicts of the Company's directors and officers may result in a material and adverse effect on the Company's profitability, results of operation and financial condition. As a result of these conflicts of interest, the Company may miss the opportunity to participate in certain transactions, which may have a material adverse effect on the Company's financial position.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

***Risks inherent in acquisitions***

 ****

The Company may actively pursue the acquisition of exploration, development and production assets consistent with its acquisition and growth strategy. From time to time, the Company may also acquire securities of or other interests in companies with respect to which it may enter into acquisitions or other transactions. Acquisition transactions involve inherent risks, including but not limited to:

● accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates;

● ability to achieve identified and anticipated operating and financial synergies;

● unanticipated costs;

● diversion of management's attention from existing business;

● potential loss of the Company's key employees or key employees of any business acquired;

● unanticipated changes in business, industry or general economic conditions that affect the assumptions underlying the acquisition; and

● decline in the value of acquired properties, companies or securities.

Any one or more of these factors or other risks could cause the Company not to realize the anticipated benefits of an acquisition of properties or companies, and could have a material adverse effect on its financial condition.

***Labour and employment retention relations***

 ****

Production at ESM's #4 mine will be dependent upon the ability of the Company to hire qualified employees and to maintain good relations with its employees. In addition, relations between the Company and its employees may be impacted by changes in the scheme of labour relations which may be introduced by the relevant governmental authorities in the United States. Adverse changes in such legislation or in the relationship between the Company and its employees or the ability to attract employees to ESM's #4 mine may have a negative impact on the Company's business, results of operations and financial condition.

 

***Anti-corruption and bribery regulation, including the Canadian Extractive Sector Transparency Measures Act ("ESTMA") reporting***

 ****

The Company is required to comply with anti-corruption and anti-bribery laws in Canada and the United States. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Although the Company has adopted a Code of Conduct that addresses these matters, no assurance can be given that the Company, or its employees, contractors or third-party agents will comply strictly with such laws. If the Company is the subject of an enforcement action or in violation of such laws, it may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on the Company's reputation and results of its operations.

In addition, ESTMA requires public disclosure of payments to governments by mining and oil and gas companies engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more governments, and including aboriginal groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvement payments, and any other prescribed payment over C$100,000. Failure to report, false reporting or structuring payments to avoid reporting may result in fines of up to C$250,000 (which may be concurrent). The Company commenced reporting in 2017. If the Company finds itself subject to an enforcement action or in violation of ESTMA, this may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on its reputation.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

***Infrastructure***

 ****

Mining, processing, development and exploration activities depend on the availability of adequate infrastructure. Reliable roads, bridges and power sources are important factors that affect capital and operating costs. Sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

***Enforceability of judgments***

 ****

Certain directors of the Company reside outside of Canada. As a result, holders of Common Shares may not be able to effect service of process within Canada to such directors, or to enforce Canadian court judgments obtained against such directors in jurisdictions outside of Canada, including those predicated upon the civil liability provisions of applicable Canadian securities laws. Furthermore, it may be difficult for the holders of Common Shares to enforce, in original actions brought in courts in jurisdictions outside of Canada, liabilities predicated upon Canadian securities laws.

***Global outbreaks and Coronavirus***

 ****

The Company's business could be significantly adversely affected by the effects of any widespread global outbreak of contagious disease. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downtown that could affect demand for the Company's products and likely impact operating results.

***Russia-Ukraine conflict***

 ****

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets. As a result, the Company's business, financial condition, and results of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report" with an effective date of December 3, 2024, filed on SEDAR+ at www.sedarplus.ca on January 15, 2025.

**NON-GAAP PERFORMANCE MEASURES**

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**C1 cash cost per payable pound sold** 

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2024** | **2023** | **2023** | **2024** | **2024** | **2023** | **2023** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 22.3 |  | 13.9 |  | 59.7 |  | 62.0 |
| Operating expenses and selling costs | $13666 | $0.62 | $11783 | $0.85 | $42787 | $0.72 | $46774 | $0.75 |
| Concentrate smelting and refining costs | 4319 | 0.19 | 4232 | 0.31 | 11564 | 0.19 | 18540 | 0.30 |
| Total C1 cash cost | $17985 | $0.81 | $16015 | $1.16 | $54352 | $0.91 | $65314 | $1.05 |
| Sustaining Capital Expenditures | $1186 | $0.05 | $86 | $0.01 | $1891 | $0.03 | $2029 | $0.03 |
| AISC | $19.171 | $0.86 | $16101 | $1.17 | $56243 | $0.94 | $67343 | $1.08 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2023** |
| Sustaining capital expenditures | $1891 | $2029 |
| Expansionary capital expenditures | 38 | 618 |
| Additions to mineral, properties, plant and equipment | $1932 | $2648 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| (In thousands of US Dollars, unless otherwise indicated) |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **As at <br> December 31,**<br>**2024** | **As at <br> December 31,**<br>**2023** |
| Current portion of debt | $32081 | $35779 |
| Non-current portion of debt | - | - |
| Total debt | $32081 | $35779 |
| Less: Cash and cash equivalents | (10163) | (5031) |
| Net debt | $21918 | $30748 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| | **2024** | **2023** |
| Net cash provided (used) by operating activities | $14290 | $419 |
| Less: Capital expenditures | (1775) | (2647) |
| Free cash flow | $12515 | $(2228) |

---

## Exhibit 99.57

**Exhibit 99.57**

**Form 52-109F1**

***Certification of Annual Filings***

***Full Certificate***

I, **Donald Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents
and information that are incorporated by reference in the AIF (together, the "annual filings") of **Titan Mining Corporation** (the "issuer") for the financial year ended **December 31, 2024**.

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

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

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

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I
have, as at the financial year end

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

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

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

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

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

5.2  ***N/A*** 

5.3  ***N/A*** 

6.  ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated,
or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer
has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated,
or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer
has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our
conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A.

7.  ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the
period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely
to materially affect, the issuer's ICFR.

8.  ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and
I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit
committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's
ICFR.

---

| |
|:---|
| Date: **March 19, 2025** |
| */s/ Donald R. Taylor* |
| Donald Taylor |
| Chief Executive Officer |

---

## Exhibit 99.58

**Exhibit 99.58**

**Form 52-109F1**

***Certification of Annual Filings***

***Full Certificate***

I, **Tyler Minnick**, Interim Chief Financial Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A, including, for greater certainty, all documents
and information that are incorporated by reference in the AIF (together, the "annual filings") of **Titan Mining Corporation** (the "issuer") for the financial year ended **December 31, 2024**.

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

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

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

5.  ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I
have, as at the financial year end

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

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

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

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

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

5.2  ***N/A*** 

5.3  ***N/A*** 

6.  ***Evaluation:*** The issuer's other certifying officer(s) and I have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluated,
or caused to be evaluated under our supervision, the effectiveness of the issuer's DC&P at the financial year end and the issuer
has disclosed in its annual MD&A our conclusions about the effectiveness of DC&P at the financial year end based on that evaluation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evaluated,
or caused to be evaluated under our supervision, the effectiveness of the issuer's ICFR at the financial year end and the issuer
has disclosed in its annual MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our
conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) N/A.

7.  ***Reporting changes in ICFR:*** The issuer has disclosed in its annual MD&A any change in the issuer's ICFR that occurred during the
period beginning on **October 1, 2024** and ended on **December 31, 2024** that has materially affected, or is reasonably likely
to materially affect, the issuer's ICFR.

8.  ***Reporting to the issuer's auditors and board of directors or audit committee:*** The issuer's other certifying officer(s) and
I have disclosed, based on our most recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the audit
committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer's
ICFR.

---

| |
|:---|
| Date: **March 19, 2025** |
| */s/ Tyler Minnick* |
| Tyler Minnick |
| Interim Chief Financial Officer |

---

## Exhibit 99.59

**Exhibit 99.59**

**Note: [01 Mar 2017]** – The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING***

***ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>PARIKH, Purni</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

<u>(s) PARIKH, Purni</u> <u>19 Mar 2025</u> <br> Name: PARIKH, Purni Date: <br> Title: Sr VP Corporate Affairs & Corporate Secretary

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Titan Mining Corporation / Titan Mining Corporation (000043356) |
| **End date of previous financial year:** | 31 Dec 2024 |
| **Type of Reporting Issuer:** | ☒ **Class 1 reporting issuer** ☐ **Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

**<u>Market value of listed or quoted equity securities:</u>**

---

| | | |
|:---|:---|:---|
| **Equity Symbol** | **Equity Symbol** | TI |
| **1st Specified Trading Period** (dd/mm/yy) | **1st Specified Trading Period** (dd/mm/yy) | 01/01/24 to 31/03/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.3000 (i) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (ii) |
| Market value of class or series | (i) x (ii) | $40909979.70 (A) |
| **2nd Specified Trading Period** (dd/mm/yy) | **2nd Specified Trading Period** (dd/mm/yy) | 01/04/24 to 30/06/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.2300 (iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (iv) |
| Market value of class or series | (iii) x (iv) | $31364317.77 (B) |
| **3rd Specified Trading Period** (dd/mm/yy) | **3rd Specified Trading Period** (dd/mm/yy) | 01/07/24 to 30/09/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.2500 (v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (vi) |
| Market value of class or series | (v) x (vi) | $34091649.75 (C) |

---

---

| | | |
|:---|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | **4th Specified Trading Period** (dd/mm/yy) | 01/10/24 to 31/12/24 |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $0.3050 (vii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | 136366599.00 (viii) |
| Market value of class or series | (vii) x (viii) | $41591812.70 (D) |
| **5th Specified Trading Period** (dd/mm/yy) | **5th Specified Trading Period** (dd/mm/yy) | N/A |
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $ N/A (ix) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period | N/A (x) |
| Market value of class or series | (ix) x (x) | $ N/A(E) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $36989439.98 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** |  |
| (Provide details of how value was determined) | $0.00(2) |
| **Capitalization for the previous financial year (1) + (2)** | $36989439.98 |
| **Participation Fee** | $1200.00 |
| **Late Fee,** if applicable | $N/A |
| **Total Fee Payable**(Participation Fee plus Late Fee) | $1200.00 |

---

## Exhibit 99.60

**Exhibit 99.60**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS –***

***PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

I, <u>PARIKH, Purni</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate.

<u>(s) PARIKH, Purni</u> <u>19 Mar 2025</u> <br> Name: PARIKH, Purni Date: <br> Title: Sr VP Corporate Affairs & Corporate Secretary

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | Titan Mining Corporation / Titan Mining Corporation (000043356) |
| **End date of previous financial year:** | 31 Dec 2024 |
| **Type of Reporting Issuer:** | **☒ Class 1 reporting issuer ☐ Class 3B reporting issuer** |
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market value of listed or quoted equity securities:</u>**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| **Equity Symbol** | TI |
| **1st Quarterly Trading Period** (dd/mm/yy) | 01/01/24 to 31/03/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.3000(i) |

---

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00(ii) |
| Market value of class or series | (i) x (ii) | $40909979.70(A) |
| **2nd Quarterly Trading Period** (dd/mm/yy) | **2nd Quarterly Trading Period** (dd/mm/yy) | 01/04/24 to 30/06/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.2300(iii) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00(iv) |
| Market value of class or series | (iii) x (iv) | $31364317.77(B) |
| **3rd Quarterly Trading Period** (dd/mm/yy) | **3rd Quarterly Trading Period** (dd/mm/yy) | 01/07/24 to 30/09/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.2500(v) |
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00(vi) |
| Market value of class or series | (v) x (vi) | $34091649.75(C) |
| **4th Quarterly Trading Period** (dd/mm/yy) | **4th Quarterly Trading Period** (dd/mm/yy) | 01/10/24 to 31/12/24 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) |  |
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $0.3050(vii) |

---

---

| | | |
|:---|:---|:---|
| Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period | 136366599.00 (viii) |
| Market value of class or series | (vii) x (viii) | $41591812.70 (D) |
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $36989439.98 (1) |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:**<br> (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00 (2) |
| **Capitalization for the previous financial year (1) + (2)** | $36989439.98 |
| **Participation Fee** |  |
| <br> (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $2400.00 |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable<br> (As determined under section 8 of OSC Rule 13-502 Fees) | $0.00 |
| **Total Fee Payable** | $2400.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.61

**Exhibit 99.61**

![](ex99-61_001.jpg)

ANNUAL INFORMATION FORM

**For the Year Ended December 31, 2024**

Dated: March 18, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **PRELIMINARY NOTES** | **1** |
| **CORPORATE STRUCTURE** | **2** |
| **GENERAL DEVELOPMENT OF THE BUSINESS** | **3** |
| **DESCRIPTION OF The Business** | **6** |
| **RISK FACTORS** | **8** |
| **EMPIRE STATE MINE** | **21** |
| **Dividends** | **35** |
| **Capital Structure** | **36** |
| **MARKET FOR SECURITIES** | **36** |
| **DIRECTORS AND OFFICERS** | **37** |
| **Legal Proceedings and Regulatory Actions** | **40** |
| **Interest of Management and Others in Material Transactions** | **40** |
| **Transfer Agents and Registrars** | **40** |
| **Material Contracts** | **40** |
| **Interests of Experts** | **41** |
| **AUDIT COMMITTEE INFORMATION** | **41** |
| **Additional Information** | **42** |
| **SCHEDULE "A"** | **43** |

---

i

**PRELIMINARY NOTES**

This Annual Information Form ("**AIF**") takes into account information available up to and including December 31, 2024, unless otherwise indicated. Throughout this document the terms "**we**", "**us**", "**our**", the "**Company**" and "**Titan Mining**" refer to Titan Mining Corporation.

All financial information in this AIF is prepared in accordance with International Financial Reporting Standards ("**IFRS**"). Additional financial information may be found in the Company's audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2024.

**Currency**

All dollar amounts are expressed in US dollars unless otherwise indicated.

**Cautionary Note Regarding Forward-Looking Information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to the nature and extent of future exploration and testing at ESM; that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; that there is potential for significant resource expansion which is expected to support production growth; that other historic mines and new targets within the district will be a focus for Titan's exploration team; that other historic mines and new targets within the district will be a focus for Titan's exploration team with over 80,000 acres of mineral rights controlled through out the district; exploration plans generally and at the Kilbourne Target; timing and results of such exploration plans; ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine; that the Company will commence production at N2D, timing thereof, and results therefrom; production guidance; that the Company will build the Facility (as defined below), timing thereof, and the results therefrom; that the Company continues to examine various financing options to expand production and to bolster the Company's treasury; Mineral Resource estimates; results from economic analyses on ESM; and production forecasts.

The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; assumptions as to mining dilution; assumptions as to closure costs and closure requirements; environmental risks; unanticipated reclamation expenses; unexpected variations in quantity of mineralized material, grade or recovery rates; geotechnical or hydrogeological considerations during mining being different from what was assumed; changes to assumptions as to salvage values; ability to maintain the social license to operate; changes to interest rates; changes to tax rates, including federal, state and county income and property tax rates; and the factors discussed in the section entitled "Risks Factors" in this document.

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 as a result of new information, future events or results or otherwise, except as required by applicable law.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Company was incorporated under the Business Corporations Act (British Columbia) on October 15, 2012. On November 10, 2016, the Company amended its articles of incorporation to change the name of the Company from "Triton Mining Corporation" to "Titan Mining Corporation". On June 13, 2017, the Company filed a notice of alteration to amend its authorized share capital by re-designating its Class A shares as Common Shares. A copy of the Company's Articles of Incorporation is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Titan Mining is listed on the Toronto Stock Exchange ("**TSX**") under the symbol TI.

At the date of this AIF the Company's head office is located at Suite 555 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1 and its the registered office is located at Suite 2900, 550 Burrard Street, Vancouver, BC V6C 0A3.

On November 10, 2016, the Company amended its articles of incorporation to change the name of the Company from "Triton Mining Corporation" to "Titan Mining Corporation".

On June 13, 2017, the Company filed a notice of alteration to amend its authorized share capital by re-designating its Class A shares as Common Shares.

**Intercorporate Relationships** 

The following chart identifies Titan Mining's subsidiaries (including jurisdiction of formation or incorporation of the various entities). Except for 1077615 US LLC, all subsidiaries are material subsidiaries.

![](ex99-61_002.jpg)

**GENERAL DEVELOPMENT OF THE BUSINESS**

Titan Mining is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. The Company's principal asset is its indirect ownership interest (as illustrated in the chart above) of Empire State Mines, LLC, which owns a group of high-grade zinc mines in St Lawrence County, New York. These past-producing operations include Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively referred to as "**ESM**" or the "**Empire State Mine**"), which had been on care and maintenance since 2008. The Company indirectly acquired ESM on December 30, 2016 as part of its acquisition of 100% of the issued and outstanding shares of Balmat Holdings Corp.

**Three Year History** 

Set out below is a summary of how the Company's business has developed over the last three completed financial years. In accordance with Form 51-102F2 *Annual Information Form*, the below summary includes only events, such as acquisitions or dispositions, or conditions that have influenced the general development of the business.

**Operations at the Empire State Mine**

On September 6, 2022, the Company announced that ESM had received a permit from New York State Department of Environment and Conservation ("**NYSDEC**"), allowing it to begin mining activities on the Turnpike project.

On September 8, 2022, the Company announced that its common shares had been approved for trading on the OTCQB Venture Market.

On January 25, 2023, the Company announced that it planned to begin construction of the Turnpike project (formerly Sphaleros). On August 11, 2023, the Company announced work at Turnpike was temporarily suspended in order to preserve cash. The Company is committed to investing in Turnpike when zinc prices recover.

On January 31, 2023, the Company announced a discovery of near-mine proximity to the Company's New Fold and Mahler bodies.

On June 14 and September 14, 2023, the Company announced further updates to its exploration drilling, revealing both surface and underground drilling programs were successful in intercepting significant zinc mineralization.

On October 23, 2023, the Company announced the discovery of the Kilbourne graphite project, an extensively drill tested graphite-bearing trend located almost entirely on the active use permit hosting Titan's currently operating Empire State Mine ("ESM") in upstate New York.

On April 19, 2024, the Company announced initial drill results at the Kilbourne Graphite Project and, on June 16, 2024, the Company announced completion of Phase I drilling at the Kilbourne Graphite Project.

On December 3, 2024, the Company announced an initial maiden mineral resource estimate at its Kilbourne Graphite Project.

**Financings**

On January 10, 2022, following TSX approval, the Company extended the maturity dates of its credit facilities with each of the Bank of Nova Scotia and a company owned by the Company's Executive Chairman (the "**Lender**"). The maturity date of the Company's senior secured revolving credit facility with a limit of $10,000,000 with the Bank of Nova Scotia was extended from April 3, 2022 to April 3, 2023. The maturity date of the Company's second ranking secured credit facility of $20,710,000 with the Lender was extended from April 5, 2022 to April 5, 2023.

In consideration of the extension of the Company's credit facility with the Lender, the Company paid an extension fee to the Lender in the amount of US$75,000.

On June 7, 2022, the Company announced the closing of the revolving credit facility with National Bank of Canada ("**National Bank**") for $40 million (the "**Credit Facility**"). In addition to the Credit Facility, National Bank provided the Company with an up to $15 million treasury line enabling additional access to funds for future zinc contract commitments. Titan used the proceeds to consolidate previous loans held with the Lender and the Bank of Nova Scotia.

On December 21, 2022, the Company extended the maturity date of its $40 million Credit Facility with National Bank of Canada. The maturity date of the Company's revolving credit facility has been extended from December 6, 2023, to December 6, 2024. Concurrently, the guarantee provided by the Company's Executive Chairman through the Lender was also extended to December 6, 2024.

On November 1, 2023, the Company entered into a promissory note with the Lender (the "**November 2023 Promissory Note**"). The November 2023 Promissory Note is in a principal amount of $5,000,000 plus an initiation fee of $350,000, bears interest at 10% compounded annually, and matures on May 1, 2025. The proceeds were used to repay part of the National Bank Credit Facility. In connection with the Promissory Note, the Company issued 6,000,000 warrants to the Lender. Each warrant entitles the Lender to acquire one common share of the Company at an exercise price of C$0.42 per share until November 1, 2028.

On April 16, 2024, the Company announced a $10,000,000 bridge loan from the Lender. Proceeds from this loan have been used to repay part of the Credit Facility, bringing the outstanding amount down from $27.2 million to $17.2 million following the payment to National Bank. The terms of this loan and of the US$5M advance made by the Lender earlier in the year are subject to ongoing negotiations between the Company and the Lender.

On December 11, 2024, the Company announced that it had agreed to certain amendments to the Credit Facility, including: (i) principal repayment of $5 million by December 30, 2024, for an aggregate of $17 million in principal repaid in 2024; (ii) extension of the Credit Facility maturity date from June 30, 2025 to December 31, 2025; and (iii) extension of the remaining principal repayment from US$10.2 million by June 30, 2025 to $5 million by June 30, 2025 and $5.2 million by December 31, 2025.

**Corporate**

On March 4, 2022, the Company announced that it had entered into a fixed zinc pricing arrangement with an affiliate of Glencore plc for 50% of the Company's budgeted zinc production for the second quarter of 2022 at a price of $1.76 per pound of zinc.

On September 6, 2022, Titan announced that it had entered into a fixed zinc pricing arrangement with National Bank for 50% of the Company's budgeted zinc production for the remainder of 2022 at a price of US$1.61 per pound of zinc.

On February 2, 2023, the Company announced that it had entered into a fixed zinc pricing arrangement with National Bank for approximately 30% of the Company's forecasted zinc production for the eleven-month period covering February 2023 to December 2023 at a price of $1.55 per pound of zinc.

On March 28, 2024, the Company announced the appointment of Ty Minnick as Interim CFO of the Company. Mr. Minnick has been affiliated with the Augusta Group as a consultant of Augusta Gold Corp. (formerly, Bullfrog Gold Corp.), and was its Chief Financial Officer from 2011 until October 2020. Mr. Minnick is also the Chief Financial Officer of Athena Gold Corp since May 2021 and has 13 years of experience in the mining industry. Since December 2018, Mr. Minnick has acted as a Certified Public Accountant (1993) with Grand Mesa CPAs, LLC.

On September 26, 2024, the Company announced the appointment of Rita Adiani as President of the Company. Ms. Adiani has over 18 years of global experience in the mining industry, with a proven track record in capital markets, project development, and corporate leadership. She was previously Senior Vice President of Corporate Development at Arizona Sonoran Copper Company and has held senior roles at firms such as NRG Capital, La Mancha Resources and Societe Generale in London and Paris, respectively. She also served as Senior Adviser to International Battery Metals and has specific experience in the energy transition sector. Over her career, Ms. Adiani has been involved in raising over US$10 billion in public equity capital markets.

**2025 Outlook**

Titan's mission is to deliver extraordinary shareholder value through exploration, development and operational excellence.

Titan believes that the district surrounding ESM remains underexplored despite the long operating history of the district. The Company is focused on discovering and developing additional high-grade, low-cost mineral resources to feed the mill at ESM. ESM's #4 mine is connected to its #2 mine, and there is potential for significant mineral resource expansion which is expected to support production growth. Other historic mines and new targets within the district will be a focus for Titan's exploration team.

Titan management and Board have approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D Zone ("**N2D**"). The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine. See the Company's news release dated February 19, 2025, for further detail on production and cost guidance.

The Company has also outlined parameters of a processing facility for Kilbourne natural graphite mineralized material (the "**Facility**"), to be co-located with the Company's existing zinc operations at ESM. The Company is targeting production from the Facility in 2025. The Facility is the first step towards obtaining product at full run time which will allow ESM to establish customer demand and pricing thresholds. See the Company's news release dated January 16, 2025, for further detail regarding the Facility.

In addition, the Company continues to examine various financing options to advance further development at ESM and bolster the Company's treasury.

**DESCRIPTION OF The Business**

**General**

***Summary*** *-* The Company is engaged in the acquisition, exploration, development and extraction of natural mineral resources. The Company's only source of revenue is from sales of zinc concentrates produced at ESM in New York State. The Company did not recognize revenue on the sales of its zinc concentrates until it reached commercial production on January 1, 2020. Other than mark-to-market adjustments relating to provisional pricing adjustments on concentrate shipments, revenue realized during the pre-commercial operating period at ESM was recorded as a credit to mineral properties, plant and equipment. The zinc concentrates produced by the Company at ESM are 100% sold to Glencore Ltd. pursuant to an off-take agreement between the Company and Glencore Ltd. dated February 26, 2018.

***Production and Services -* ESM announced commercial production on January 1, 2020. The method of production at ESM's #4 mine consists of underground mining principally through long hole stoping, sub-level drift and pillar slashing, modified or stepped room and pillar, mechanized cut and fill and sub-level drives, access, and stope cross-cut development operations. Extracted ore is trucked to a conventional crushing, milling and processing plant.**

***Specialized Skill and Knowledge -* Various aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of permitting, geology, drilling, engineering, mine planning, mining, milling, metallurgy, logistical planning and implementation of exploration and production programs as well as financing and accounting. While competitive conditions exist in the industry, and challenges in hiring at the mine site exists consistent with the industry, the Company has been able to locate and retain employees and consultants with such skills and believes it will continue to be able to do so in the future.**

***Competitive Conditions*** - Competition in the mineral exploration and mining industry is intense. The Company competes with other mining companies, many of which have greater financial resources and technical facilities for the acquisition and development of, and production from, mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants and, to a lesser extent, for the supply of raw materials. The price of zinc is also a factor affecting the Company as it is determined by world markets over which the Company has no influence or control as further described below under 'Business Cycles'. Our competitive position is primarily determined by our costs compared to other producers throughout the world and our ability to maintain our financial integrity through metal price cycles. In addition, the mining industry is competitive, particularly in the acquisition of additional mineral reserves and resources in all phases of operation, and we compete with many companies possessing similar or greater financial and technical resources.

***Business Cycles*** - The mining business is subject to mineral price cycles and in the case of the Company, the price of zinc. The marketability of minerals and mineral concentrates (zinc) is also affected by worldwide economic cycles. The ultimate economic viability of ESM is primarily sensitive to the market price of zinc. Metal prices fluctuate widely and are affected by numerous factors such as global supply, demand, inflation, exchange rates, interest rates, forward selling by producers, central bank sales and purchases, production, global or regional political, economic or financial situations and other factors beyond the control of the Company.

***Economic Dependence*** - On February 26, 2018, the Company concluded an offtake agreement with Glencore Ltd. for 100% of the zinc concentrate from ESM's #4 mine. The long-term contract commenced on January 1, 2018 with first concentrate being delivered in March 2018.

 ****

***Environmental Protection* - The Company's exploration, development and production activities are subject to United States laws and regulations regarding the protection of the environment. If required, Titan will make expenditures to ensure compliance with applicable laws and regulations. New environmental laws and regulations, amendments to existing laws and regulations, or more stringent implementation or enforcement of existing laws and regulations could have a material adverse effect on the Company's business, cash flows, earnings, results of operations, financial condition and prospects, by potentially increasing capital and/or operating costs and/or delaying or preventing the exploration and/or development of mineral properties. The Company intends to control and mitigate the environmental impact from the exploration, development and production of its projects and their future operation. Reclamation plans approved by the NYSDEC are in place for ESM's #4 mine (formerly the Balmat No. 4 Mine) and the Balmat No. 2 shaft area (which is still in use as an alternate exit route and ventilation shaft for ESM's #4 mine) and are the ongoing responsibility of Empire State Mines LLC. ESM and mine tailings reclamation is guaranteed with a $1,662,870 certificate of deposit.**

***Employees*** – At December 31, 2024, the Company had 8 offsite employees and 132 employees at ESM's #4 mine. As operations require, the Company also retains geologists, engineers, geophysicists and other consultants on a fee for service basis. Certain of the employees have responsibilities with other publicly traded companies and, as such, the Company pays a pro-rata portion of the costs of such employees based on their time spent working on the Company's business.

 

***Foreign Operations*** - Substantially all of the Company's long-term assets, primarily comprising its mineral properties, are located in St. Lawrence County, New York, USA. The Company also has an exploration project in New Mexico, USA.

***Social and Environmental Policies* - The Company has an Environmental, Health and Safety Policy. The focus of the policy is concern for the environment and the health and safety of individuals and the communities in which it operates. The Company endeavors to provide and maintain safe and healthy working conditions to safeguard its employees and the communities in which it operates. In doing so, the Company considers compliance with the regulatory standards as a minimum.** 

**RISK FACTORS**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2024 Annual Financial Statements. The following are additional risk factors which the Company's management believes are most important in the context of the Company's business. It should be noted that this list is not fully comprehensive and that other risk factors may apply.

**The Company has a limited operating history**

The Company has a limited operating history upon which an evaluation of the Company, its current business and its prospects can be based. Further, its sole production mineral property, ESM's #4 mine, was on care and maintenance since 2008 until recommencing operations in 2017. If the Company is unable to generate significant revenues from ESM's #4 mine, it will not be able to earn profits or continue operations. There can be no assurance that the Company will be successful in ever achieving profitable operations. The Company has a limited operating history from which its business and prospects can be evaluated, and forecasts of any potential growth of the business of the Company are difficult to evaluate. The Company's prospects must be considered in light of the risks, expenses and difficulties frequently encountered by single asset companies in the early stages of development, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues.

**Dependence on ESM's #4 mine**

The only mineral producing property the Company has is the ESM #4 mine. Because ESM's #4 mine has a limited life based on mineral resource estimates, the Company will be required to replace and expand its mineral resources to continue production beyond the current mine life. In the absence of additional producing mineral projects, the Company will be solely dependent upon ESM's #4 mine for its revenue and profits, if any, and the Company's ability to maintain or increase its annual production will be dependent in significant part on its ability to expand its mineral resource base at ESM's #4 mine and increase throughput at ESM's #4 mine mill above its initially targeted rate.

**There may be requirements for additional capital in the future**

Any future mining, production, processing, development and exploration by the Company may require substantial additional financing, including capital for the continuation or expansion of mining operations at ESM's #4 mine. Failure to obtain sufficient financing may result in delaying or indefinite postponement of the Company's business plans. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favourable to the Company. This uncertainty casts doubt about the Company's ability to continue as a going concern.

***Financial leverage and restrictive covenants may restrict our current and future operations***

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The Company and its subsidiaries have agreed to various restrictive covenants with its lenders under its existing loan arrangements, including to maintain certain interest coverage ratios and minimum cash balances, make payments of interest and principal when due, to conduct its operations subject to certain restrictions and to comply with restrictions governing current and future indebtedness.

These restrictions prohibit or limit the Company's and its subsidiaries' ability to, among other things, incur additional debt, provide guarantees for indebtedness, create liens, dispose of assets, liquidate, dissolve, wind up, or assign or surrender a material contract. These restrictions may restrict the Company's ability to refinance its existing indebtedness. If the Company defaults in respect of its obligations under its loan arrangements, including without limitation servicing existing indebtedness, or if it is unable to refinance any such indebtedness, its lenders may be entitled to demand repayment and enforce their security against certain assets.

If there is any event of default under its existing loan arrangements, the principal amount owing, plus accrued and unpaid interest, may be declared immediately due and payable. If such an event occurs, or if any extended default under such agreements is ongoing, it could have a material negative impact on the Company financially.

In addition, the degree to which the Company and its subsidiaries are leveraged could have important consequences to shareholders, including: (i) the Company's ability to obtain additional financing for working capital, capital expenditures, acquisitions or other project developments in the future may be limited; (ii) a significant portion of the Company's cash flows from operations may be dedicated to the payment of the principal and interest on their indebtedness, thereby reducing funds available for future operations and flexibility to take advantage of business opportunities; (iii) the Company may be unable to refinance its existing indebtedness on terms favourable to the Company, if at all, and the consequences arising therefrom; and (iv) the Company may be more vulnerable to economic downturns and be limited in its ability to withstand competitive pressures. The inability to meet these debt covenants or obtain lenders' consent to carry out restricted activities could materially and adversely affect the business and results of operations of the Company.

The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that debt/equity financing or strategic alternative will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**United States-Canada Tariffs**

Recent executive orders have been issued by the U.S. President, including to direct the U.S. to impose new or increased tariffs on certain imports from its trading partners, including Canada, Mexico and China, and on certain other imports regardless of origin. The executive orders contemplated the imposition of 25% tariffs on most goods imported from Mexico and Canada (excluding certain energy resources from Canada, which were set to face a lesser tariff) and a 10% additional tariff on all goods from China, with originally planned implementation dates of February 4, 2025 and March 4, 2025. Certain other countries have, or have indicated, that they intend to impose retaliatory tariffs. While the U.S. administration recently deferred the implementation of certain tariffs pending negotiations between Canada and the U.S., there is no assurance that these negotiations will result in a successful withdrawal of the tariff proposals or a reduction in tariff rates. It remains unclear the extent to which additional duties, tariffs and/or other trade restrictions or other similar measures may be imposed by the United States or other countries, whether and if any changes to the currently announced tariffs will be applied, how long they may be in effect, the extent to which further retaliatory measures will be imposed, and whether other factors will support a pass through of all or a part of the tariffs to the market.

If high US tariffs are imposed on Canadian products and the products of other countries and Canada and the other countries retaliate with import tariffs on US products, the consequences on global supply chains could adversely impact the Company's ability to source the supplies the Company relies on to perform its planned work programs or operations or, if available, the cost of such supplies could increase, potentially impairing the Company's ability to complete work programs or conduct its operations.

**Fluctuations in demand for, and prices of, zinc**

As the Company's sole source of revenue is the sale of zinc in separated and/or mixed form, changes in demand for, and the market price of, zinc are expected to have a significant effect on the Company's revenues and results of operations. The value and price of the Common Shares and the Company's financial results may be significantly adversely affected by declines in the prices of zinc. The price of zinc is influenced by many factors beyond the control of the Company. The level of interest rates, the rate of inflation, global and regional consumption patterns, the world supply of and demand for zinc, including zinc's intermediate and end product uses, market behaviour of current supply sources for zinc and the variation in exchange rates can all cause significant fluctuations in prices of zinc. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. The effect of these factors cannot be accurately predicted. The price of zinc and mineral commodities more generally has fluctuated widely in the past decade and future declines in the price of zinc received could cause commercial production to become uneconomic, thereby having a material adverse effect on the Company's business and financial condition and the value and price of the Common Shares. ESM's #4 mine was closed and placed on care and maintenance in the fall of 2008 in the face of a general economic turndown and resulting fall in zinc prices. The Company's results of operations will also be heavily dependent on the costs of consumables, particularly fuel, energy, chemical reagents and other products which may be required to be used in future exploration, development, mining and treatment operations.

A prolonged or significant economic contraction worldwide could put further downward pressure on market prices of zinc. Protracted periods of low prices for zinc could significantly reduce revenues and the availability of required development funds in the future. This could impair asset values and reduce the Company's mineral resources.

In contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to supply and demand of zinc and ultimately to the broader markets. Strong prices for zinc may create economic pressure to identify or create alternate technologies using substitutes for zinc that ultimately could depress future long-term demand for zinc, and at the same time may incentivize development of otherwise marginal mining properties that would compete with the Company.

**Ramping up mining operations**

As Titan continues to ramp up production, several risks remain for the Company, including: **(**i) Titan may encounter unforeseen obstacles or costs in operating the mine, some of which may be material and could cause Titan's estimates of time and costs to ramp up production to be significantly understated, (ii) certain lower levels of the mine are considered unsafe, (iii) some equipment may be more unreliable as operations ramp-up, and (iv) production rates and ore grades may not be as predicted. Any of these factors may adversely affect Titan's ability to ramp up production and could place Titan in a position where it has insufficient cash resources to continue mining operations, or which could result in mining operations being uneconomic.

***Limited Supplies, Supply Chain Disruptions, and Inflation***

Our operations require skilled personnel and a supply of other resources, such as natural gas, diesel, oil and electricity. Supply may be interrupted due to a shortage or the scarce nature of inputs. Supply might also be interrupted due to transportation and logistics associated with government restrictions or regulations which delay importation of necessary items. COVID-19 has had a significant impact on global supply chains, which has impacted our ability to source supplies required for our operations and has increased the costs of those supplies. Global supply chains have been further strained by the current conflict between Russia and the Ukraine and could be strained further by any exacerbation of this conflict. Any interruptions to the procurement and supply of resources, or the availability of skilled personnel, as well as increasing rates of inflation, could have an adverse impact on our future cash flows, earnings, results of operations, and financial condition.

**The Company's current production projections and cost estimates for ESM's #4 mine may prove to be inaccurate**

A reduction in the amount of, or a change in the timing of, the zinc production as compared to the Company's current projections for ESM's #4 mine may have a material adverse impact on the Company's anticipated future cash flows. The actual effect of such a reduction of the Company's cash flow from operations would depend on the quantity and timing of any such changes in production and on actual prices and costs. A change in the timing of these projected cash flows due to production shortfalls or labour disruptions would result in delays in receipt of such cash flows and in using such cash to fund operating activities and, as applicable, reduce debt levels or fund capital expenditures. This could result in the Company being required to raise additional equity capital or incur additional indebtedness to finance capital expenditures in the future.

The level of production and capital and operating cost estimates which are used for determining and obtaining financing and other purposes are based on certain assumptions and are subject to considerable uncertainties. Actual results of operations at ESM's #4 mine are likely to differ from the Company's current estimates, and these differences may be significant. Moreover, experience from actual mining or processing operations may identify new or unexpected conditions that could decrease production below, and/or increase capital and/or operating costs above, the current estimates. If actual results are less favourable than the Company currently estimates, the Company's business, results from operations, financial condition and liquidity could be materially adversely affected.

**Profitability of the Company**

There can be no assurance that the Company's business and strategy will enable it to become profitable or sustain profitability in future periods. The Company's future operating results will depend on various factors, many of which are beyond the Company's direct control, including the Company's ability to develop its mining projects and commercialize its mineral resources, its ability to control its costs, the demand and price for zinc and general economic conditions. If the Company is unable to generate profits in the future, the market price of the Common Shares could decline.

**Mining is inherently risky and subject to conditions or events beyond the Company's control**

The development and operation of a mine or mine property is inherently dangerous and involves many risks that the Company may not be able to overcome, including:

● unusual or unexpected geological formations;

● metallurgical and other processing problems;

● metal losses;

● environmental hazards;

● power outages;

● labour disruptions;

● industrial accidents;

● periodic interruptions due to inclement or hazardous weather conditions;

● flooding, explosions, fire, rockfalls, rockbursts, cave-ins and landslides;

● ground or soil conditions including seismic activity;

● mechanical equipment and facility performance problems;

● poor ventilation in all or part of ESM; and

● the availability of materials and equipment.

These risks could result in damage to, or destruction of, mineral properties, production facilities or other properties, personal injury or death, including to the Company's employees, environmental damage, delays in mining, increased production costs, asset write downs, monetary losses and legal liability. The Company may not be able to obtain insurance to cover these risks at economically feasible premiums, or at all, or it may choose not to insure against these risks. Insurance against certain environmental risks, including potential liability for pollution and other hazards as a result of the disposal of waste products occurring from production, is not generally available to companies in the mining industry. The Company may suffer a material adverse effect on its business if the Company incurs losses related to any significant events that are not covered by the Company's insurance policies.

 

**Mineral resource calculations are only estimates based on interpretation and assumptions**

Any figures presented for mineral resources will only be estimates. There is a degree of uncertainty attributable to the calculation of mineral resources. Until **mineralized material** is actually mined and processed, the quantity of metal and grades must be considered as estimates only and no assurances can be given that the indicated levels of metals will be recovered. In making determinations about whether to advance any of its projects to development, the Company must rely upon such estimated calculations as to the mineral resources and grades of mineralization on its properties.

The estimation of mineral resources is a subjective process that relies on the judgment of the persons preparing the estimates. The process relies on the quantity and quality of available data and is based on knowledge, mining experience, analysis of drilling results and industry practices. Estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate.

Estimated mineral resources may have to be recalculated based on changes in mineral prices, further exploration or development activity or actual production experience. This could materially and adversely affect estimates of the volume or grade of mineralization, estimated recovery rates or other important factors that influence mineral resource estimates. The extent to which mineral resources may ultimately be reclassified as mineral reserves is dependent upon the demonstration of their profitable recovery. Any material changes in mineral resource estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. The Company cannot provide assurance that mineralization can be mined and processed profitably.

The Company's mineral resource estimates have been determined and valued based on assumed future prices, cut-off grades and operating costs that may prove to be inaccurate. Extended declines in market price for zinc may render portions of the Company's mineralization uneconomic and result in a reduction in reported mineral resources, which in turn could have a material adverse effect on the Company's results of operations, financial condition or the market price of the Common Shares. The Company cannot provide assurance that mineral recovery rates achieved in small scale tests will be duplicated in large scale tests under on-site conditions or in production scale. In addition, if the Company's projects produce concentrate for which there is no market, this may have an impact on the economic model for ESM.

**Production based on mineral resources**

The Company based its production decision on the results of a preliminary economic assessment and not on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure which are associated with this production decision. These risks, among others, include areas that would be analysed in more detail in a feasibility study, such as applying deeper economic analysis to mineral reserves and mineral resources, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

 

**Uncertainty exists related to inferred mineral resources**

There is a risk that inferred mineral resources referred to in the ESM Technical Report cannot be converted into measured or indicated mineral resources as there may be limited ability to assess geological continuity. Due to the uncertainty related to inferred mineral resources, there is no assurance that inferred mineral resources will be upgraded to mineral resources with sufficient geological continuity to constitute mineral reserves as a result of continued exploration and economic evaluation.

***Construction and Commissioning of Processing and Demonstration Facilities***

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The design and construction of efficient processing and demonstration facilities, such as the Facility (as defined above), the cost and availability of suitable machinery, supplies, equipment and skilled labor, the existence of competent operational management and prudent financial administration, as well as the availability and reliability of appropriately skilled and experienced employees can affect successful project development.

The Company intends to construct the Kilbourne Project Facility, which will rely on new infrastructure. It is common in new processing facilities to experience unexpected problems and delays during construction, development, start-up and commissioning activities. The costs, timing and complexities of developing the Kilbourne Project Facility may be significantly higher than anticipated which can add to the cost of development, production and operation and/or impair production and activities.

***Need for Funding and Time of Development***

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There is a risk that the development of the Kilbourne Project Facility will not be completed on time or on budget, or at all. The development and construction schedule of the Kilbourne Project Facility is based on management's expectations, and may be delayed by a number of factors, some of which are beyond the Company's control. Most, if not all, projects of this kind suffer delays in start-up and commissioning due to late delivery of components, the inadequate availability of skilled labor and mining equipment, adverse weather or equipment failures, the rate at which expenditures are incurred, delays in construction schedules, or delays in obtaining the required permits or consents, or to obtain the required financing.

***Risks Related to Future Sale of Graphite Products***

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The viability of the Company's Kilbourne Project is dependent on future sales of graphite-based products. No assurance can be given that the Company will be able to sell graphite-based products at such terms and conditions as are favourable for, or necessary to sustain the operations of the Company.

The Company has not entered into any other binding agreements for the sale of graphite-based products. There can be no guarantee that the Company will be able to secure sales agreements, including offtake agreements for future sales and, if so, there can be no guarantee as to the amount of purchase orders or commitments, the quantity of graphite represented by such orders and commitments or the timing for receiving same. Factors that may impact such orders and commitments include the ability of the Company to reliably and consistently produce graphite meeting client specifications and confidence of clients in such ability, market conditions and demand for products requiring graphite, overall market conditions and the strength of the economy.

If the Company, for whatever reason, is not able to produce the products in accordance with the terms and specifications of any sales agreements, such noncompliance or violation, resulting in termination or damages, may have an adverse effect on the Company's operations and financial position. Even if the Company is able to meet the requirements set out therein, there is no assurance that the contract counterparties will be willing or able to purchase the production at the prices or quantities they have agreed to in a particular offtake agreement.

***Graphite Supply, Demand***, ***Macroeconomic conditions***

Global graphite supply is concentrated in a limited number of countries, particularly China, which accounts for a substantial portion of global production. Geopolitical tensions, export restrictions, trade policies, and environmental regulations in key producing regions may disrupt supply chains, leading to price volatility and potential shortages. Additionally, the development of new graphite projects is capital-intensive and subject to permitting delays, technological challenges, and infrastructure limitations, which may constrain future supply. Given that graphite is not a publicly traded commodity like base and precious metals, and sales agreements are negotiated privately, actual sales prices may differ from the Company's assumptions. This opacity in pricing can further contribute to uncertainty in forecasting and financial performance.

The demand for graphite is influenced by several factors, including the growth of the electric vehicle (EV) and renewable energy sectors, as graphite is a critical component in lithium-ion batteries. Changes in government policies, technological advancements, or slower-than-anticipated adoption of EVs and energy storage systems could reduce graphite demand. Conversely, rapid adoption could drive increased competition for graphite resources and escalate input costs for the Company. Additionally, a limited number of existing producers may seek to protect their market position by increasing production capacity or lowering prices, which could create competitive pressures and impact the Company's ability to secure favorable sales agreements.

Broader economic conditions, including inflation, currency fluctuations, and global economic slowdowns, could impact graphite prices and availability. Economic uncertainty or recessions may reduce industrial activity and the demand for graphite across multiple sectors, while inflationary pressures could increase operational costs and capital expenditures. Furthermore, global supply chain disruptions stemming from pandemics, natural disasters, or geopolitical conflicts may affect the availability and cost of graphite. Foreign currency fluctuations may also influence the cost structure and profitability of graphite operations, particularly when sales agreements are denominated in foreign currencies.

Factors such as foreign currency fluctuation, supply and demand, industrial disruption and actual graphite market sale prices could have an adverse impact on operating costs and stock market prices and on the Company's ability to fund its activities. In each case, the economics of the Kilbourne project could be materially adversely affected, even to the point of being rendered uneconomic.

**Title**

There is no guarantee that the Company's title to its properties will not be challenged or impugned. The Company's claims may be subject to prior unregistered agreements or transfers and title may be affected by unidentified or unknown defects. If title to the Company's properties is disputed, it may result in the Company paying substantial costs to settle the dispute or clear title and could result in the loss of the property, which events may affect the economic viability of the Company.

***Surface Access***

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In some cases, the Company has ownership title or leasehold rights only to the minerals of certain properties (the mineral estate), while other parties own the non-mineral or surface rights of the properties (the surface estate). In such cases, the Company has the legal right to access the property, and conduct activities on the property to the fullest extent necessary to realize its rights to the mineral estate, subject only to an obligation to avoid unreasonably impacting the surface estate and the activities of owners of the surface estate, and with due regard to their physical safety. Nonetheless, the owners of the surface estate may prove unwilling to coordinate with the Company regarding the timing and other parameters of the Company's access and activities on the property or may obstruct the Company's representatives while they are on the property. In addition, the owners of the surface estate may use or allow others to use the property for hunting or other activities that risk the safety of the Company's representatives while they are on the property. Such factors could delay or otherwise hinder the Company's ability to realize its rights to the mineral estate and give rise to legal claims.

**The Company may experience difficulty attracting and retaining qualified management and employees to sustain and grow its business**

The Company is dependent on the services of key executives and its skilled employees to advance its corporate objectives and to identify new opportunities for growth and funding. The loss of any executive of the Company and the Company's inability to attract and retain a suitable replacement, or additional highly skilled employees required for the Company's activities, would have a material adverse effect on the Company's business and financial condition.

**Competition**

The Company competes with other mining companies, many of which are better capitalized, have greater financial resources, operational experience and technical capabilities or are further advanced in their development or are significantly larger and have access to mineral reserves, for the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel. If the Company requires and is unsuccessful in acquiring additional mineral properties or qualified personnel, the Company will not be able to grow at the rate it desires, or at all.

**Significant governmental regulations**

The Company's mining activities are subject to extensive federal, state and local laws, regulations and policies governing various matters, including:

● environmental protection, including regulations with respect to processing concentrates;

● the management and use of toxic substances and explosives;

● the management of natural resources and land;

● the exploration of mineral properties;

● exports;

● price controls;

● taxation and mining royalties;

● labour standards and occupational health and safety, including mine safety; and

● historic and cultural preservation.

Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in significant expenditures. The Company may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or more stringent enforcement of current laws and regulations by governmental authorities, could cause the Company to incur additional expenses or capital expenditure restrictions, or suspensions of the Company's activities and delays in the exploration and development of its properties.

**Market events and general economic conditions**

Adverse events in global financial markets can have profound impacts on the global economy. Many industries, including the zinc mining industry, are affected by these market conditions. Some of the key effects of the financial market turmoil experienced over the past decade include contraction in credit markets resulting in a spread of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets, and a lack of market liquidity. A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's growth and profitability, financial liabilities and results of operations.

**Environmental laws and regulations (including in respect of climate change)**

All of the Company's exploration, development and production activities are subject to regulation by governmental agencies under various environmental laws. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, reclamation of lands disturbed by mining operations and climate change. Environmental legislation is evolving, and the general trend has been towards stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and increasing responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations may require significant capital outlays on the Company's behalf and may cause material changes or delays in the Company's intended activities. Future changes in these laws or regulations could have a significant adverse impact on some portion of the Company's business, requiring the Company to re-evaluate those activities at that time. Non-compliance thereof may result in significant penalties, fines and/or sanctions imposed on the Company by the relevant environmental regulatory authority resulting in a material adverse effect on the Company's reputation and results of its operations.

**Threat of legal proceedings**

Due to the nature of its business, the Company may be subject to numerous regulatory investigations, civil claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal. The Company's efforts to respond to the legal proceedings could result in a diversion of management time and attention from revenue-generating activities. There can be no assurances that these matters will not have a material adverse effect on the Company's business. See "*Title*" above.

 

**Rights, concessions and permits**

The Company's current and anticipated future operations, including further exploration, development and production on its mineral properties, including ESM's #4 mine, require concessions and permits from various governmental authorities.

Obtaining or renewing governmental concessions and permits is a complex and time-consuming process. The duration and success of efforts to obtain and renew permits are contingent upon many variables not within the Company's control. The Company cannot provide assurance that all rights, concessions and permits that it requires for its operations will be obtainable or renewable on reasonable terms, or at all. Delays or a failure to obtain or renew such required concessions and permits, or the expiry, revocation or failure to comply with the terms of any such concessions and permits that the Company has obtained, would adversely affect the Company's business.

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***Social and environmental activism can have a negative effect on exploration, development and mining activities***

There is an increasing level of public concern relating to the effects of mining on the natural landscape, on communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations ("**NGOs**") who oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. Local communities in St. Lawrence County, NGOs or local community organizations could direct adverse publicity and/or disrupt the operations of the Company in respect of ESM or another of the Company's properties, regardless of its successful compliance with social and environmental best practices, due to political factors, activities of unrelated third parties on lands in which the Company has an interest or the Company's operations specifically. Any such actions and the resulting media coverage could have an adverse effect on the reputation and financial condition of the Company or its relationships with the communities in which it operates, which could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

**Land reclamation requirements for the Company's properties may be burdensome**

Land reclamation requirements are generally imposed on companies with mining operations or mineral exploration companies in order to minimize long term effects of land disturbance. Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents; and

● reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on the Company in connection with exploration, development and production activities, the Company must allocate financial resources that might otherwise be spent on exploration and contemplated development programs. If the Company is required to carry out unanticipated reclamation work or provide security for further reclamation work, the Company's financial position could be adversely affected.

**Tailings management facility and environmental reclamation**

The embankment for the tailings management facility ("**TMF**") at ESM's #4 mine will need to be raised to fully contain the estimated tonnage for ESM's#4 mine as set out in the current mine plan. The Company is not certain how the native surface of the TMF was prepared, what design features were included, what sub-surface conditions existed prior to construction or the material properties of the fill used for construction. If the Company is unable to complete the embankment raise at the TMF, or if the TMF were to subsequently breach, the Company would be required to delay or cease operations at ESM's #4 mine for a significant period of time. This may also necessitate extensive response and rehabilitation activities. The Company may not receive approvals and consents necessary to proceed with the remaining rehabilitation plans in a timely manner. The Company cannot anticipate the timing and amount of the costs and the liabilities relating to any such TMF failure, or whether such failure would result in the Company being subject to regulatory charges or claims, fines and penalties or the potential quantum thereof.

**Insurance**

ESM's #4 mine is subject to numerous risks and hazards. Such risks could result in personal injury, environmental damage, damage to and destruction of the facilities, delays in production and liability. For some of these risks, the Company maintains insurance to protect against these losses at levels consistent with industry practice. However, the Company may choose not to insure certain risks or may not be able to maintain current or desired levels of insurance coverage, particularly if there is a significant increase in the cost of premiums. The Company's current policies may not cover all losses and the Company currently does not have specific coverage for environmental risk. Moreover, in the event that the Company is unable to fully pay for the cost of remedying damages, particularly environmental problems, the Company might be required to suspend or significantly curtail its activities or enter into other interim compliance measures.

**Health & safety**

Mining, like many other extractive natural resource industries, is subject to potential risks and liabilities due to accidents that could result in serious injury or death. The impact of such accidents could affect the profitability of the operations, cause an interruption to operations, lead to a loss of licenses, affect the reputation of the Company and its ability to obtain further licenses, damage community relations and reduce the perceived appeal of the Company as an employer.

There is no assurance that the Company has been or will at all times be in full compliance with all laws and regulations or hold, and be in full compliance with, all required health and safety permits. The potential costs and delays associated with compliance with such laws, regulations and permits could prevent the Company from proceeding with the development of a project or the operation or further development of a project, and any non-compliance therewith may adversely affect the Company's business, financial condition and results of operations.

Amendments to current laws, regulations and permits governing operations and activities of mining companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in exploration expenses, capital expenditures or production costs, reduction in levels of production at producing properties, or abandonment or delays in development of new mining properties.

 

**The Company is dependent on information technology systems**

The Company's operations depend, in part, upon information technology systems. The Company's information technology systems are subject to disruption, damage or failure from a number of sources, including, but not limited to, computer viruses, security breaches, natural disasters, power loss and defects in design. Although to date the Company has not experienced any material losses relating to information technology system disruptions, damage or failure, there can be no assurance that it will not incur such losses in future. Any of these and other events could result in information technology systems failures, operational delays, production downtimes, destruction or corruption of data, security breaches or other manipulation or improper use of the Company's systems and networks, any of which may result in a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

**Fixed Zinc Pricing Arrangements and Other Pricing Hedges**

The Company may from time to time enter into fixed zinc pricing arrangements or other hedges in respect of a material amount of its forecasted zinc production. The use of these arrangements involves certain inherent risks including the risk of default on amounts owing to the Company by the counterparties with which the Company has entered into such transactions. In the event that such risks materialize, the Company's future cash flows, profitability, results of operations and financial condition could be materially and adversely affected.

**Conflicts of interest**

Certain of the Company's directors also serve or may serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production or mining-related activities, including in other companies involved in the exploration, development and production of zinc. To the extent that such other companies may participate in ventures in which the Company may participate, or in ventures which the Company may seek to participate in, the Company's directors and officers may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In all cases where the Company's directors and officers have an interest in other companies, such other companies may also compete with the Company for the acquisition of mineral property investments. Such conflicts of the Company's directors and officers may result in a material and adverse effect on the Company's profitability, results of operation and financial condition. As a result of these conflicts of interest, the Company may miss the opportunity to participate in certain transactions, which may have a material adverse effect on the Company's financial position.

**Risks inherent in acquisitions**

The Company may actively pursue the acquisition of exploration, development and production assets consistent with its acquisition and growth strategy. From time to time, the Company may also acquire securities of or other interests in companies with respect to which it may enter into acquisitions or other transactions. Acquisition transactions involve inherent risks, including but not limited to:

● accurately assessing the value, strengths, weaknesses, contingent and other liabilities and potential profitability of acquisition candidates;

● ability to achieve identified and anticipated operating and financial synergies;

● unanticipated costs;

● diversion of management's attention from existing business;

● potential loss of the Company's key employees or key employees of any business acquired;

● unanticipated changes in business, industry or general economic conditions that affect the assumptions underlying the acquisition; and

● decline in the value of acquired properties, companies or securities.

Any one or more of these factors or other risks could cause the Company not to realize the anticipated benefits of an acquisition of properties or companies, and could have a material adverse effect on its financial condition.

**Labour and employment retention relations**

Production at ESM's #4 mine will be dependent upon the ability of the Company to hire qualified employees and to maintain good relations with its employees. In addition, relations between the Company and its employees may be impacted by changes in the scheme of labour relations which may be introduced by the relevant governmental authorities in the United States. Adverse changes in such legislation or in the relationship between the Company and its employees or the ability to attract employees to ESM's #4 mine may have a negative impact on the Company's business, results of operations and financial condition.

 

**Anti-corruption and bribery regulation, including the Canadian Extractive Sector Transparency Measures Act ("ESTMA") reporting**

The Company is required to comply with anti-corruption and anti-bribery laws in Canada and the United States. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and third-party agents. Although the Company has adopted a Code of Conduct that addresses these matters, no assurance can be given that the Company, or its employees, contractors or third-party agents will comply strictly with such laws. If the Company is the subject of an enforcement action or in violation of such laws, it may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on the Company's reputation and results of its operations.

In addition, ESTMA requires public disclosure of payments to governments by mining and oil and gas companies engaged in the commercial development of oil, gas and minerals who are either publicly listed in Canada or with business or assets in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments at all levels, including entities established by two or more governments, and including aboriginal groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvement payments, and any other prescribed payment over C$100,000. Failure to report, false reporting or structuring payments to avoid reporting may result in fines of up to C$250,000 (which may be concurrent). The Company commenced reporting in 2017. If the Company finds itself subject to an enforcement action or in violation of ESTMA, this may result in significant penalties, fines and/or sanctions imposed on the Company resulting in a material adverse effect on its reputation.

**Infrastructure**

Mining, processing, development and exploration activities depend on the availability of adequate infrastructure. Reliable roads, bridges and power sources are important factors that affect capital and operating costs. Sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations, financial condition and results of operations.

**Enforceability of judgments**

Certain directors of the Company reside outside of Canada. As a result, holders of Common Shares may not be able to effect service of process within Canada to such directors, or to enforce Canadian court judgments obtained against such directors in jurisdictions outside of Canada, including those predicated upon the civil liability provisions of applicable Canadian securities laws. Furthermore, it may be difficult for the holders of Common Shares to enforce, in original actions brought in courts in jurisdictions outside of Canada, liabilities predicated upon Canadian securities laws.

**Global outbreaks and Coronavirus**

The Company's business could be significantly adversely affected by the effects of any widespread global outbreak of contagious disease. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downtown that could affect demand for the Company's products and likely impact operating results.

***Russia-Ukraine conflict***

 ****

In late February 2022, Russia launched a large-scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including Canada. In response to the military action by Russia, various countries, including Canada, the United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets. As a result, the Company's business, financial condition, and results of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the sanctions imposed in response to that action.

**EMPIRE STATE MINE**

The following information on ESM is the Summary exactly as included in and extracted from the Technical Report titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with an effective date of December 3, 2024 (the "**ESM Technical Report**"). The ESM Technical Report is incorporated by reference herein and available on the Company's profile on SEDAR+.

1.1 Introduction

BBA USA Inc. (BBA) was engaged by the Company to update the current National Instrument 43-101 (NI 43-101) Technical Report for the Empire State Mines (ESM) operation. This technical report summarizes the results of this update and was prepared following the guidelines of NI 43-101.

ESM owns the Balmat No. 4 Underground Zinc Mine (the Mine), which is known as ESM No. 4 Mine or #4 Mine. The mine is located in the Balmat-Edwards-Pierrepont mining district in northern New York State, near Gouverneur and is 25 miles (mi) south of the Port of Ogdensburg.

The district is a mature zinc mining camp with production first recorded in 1915. Mining proceeded over the decades primarily as underground (UG) operations serviced by shafts and portals.

This revision to the technical report provides an update to ESM's zinc resources following additional drilling and mining exposure since the last technical report. Additionally, an initial resource estimate is provided for a graphite target called "Kilbourne".

The currency in the report is United States dollars (US$), unless stated otherwise. Imperial and metric units are used and defined as required.

1.2 Project Description

The mine is fully developed with shaft access and mobile equipment on-site. Existing surface facilities at the mine include a maintenance shop, offices, mine dry, primary crusher, mine ventilation fans, 12,000-ton (t) covered concentrate storage building, rail siding, warehouse, and storage buildings. The mine and its facilities were maintained to good standards during the period of care and maintenance.

Mineralization is hosted within an Upper Marble rock unit, comprised of metamorphosed and complexly folded (silicified) marbles. The mineralization is located primarily in hinges of large fold structures.

The mine uses a combination of longhole stoping, inclined room and pillar style panel mining, and mechanized Cut and Fill as mining methods. An underground crusher is in place and is capable of feeding a surface flotation concentrator with name plate capacity of 5,000 tons per day (t/d). The mine plan scales up slightly from the current production rate of 1,750 t/d to 1,775 t/d in 2025. The current mine life is projected to be 9 years with the open pits being started depending on zinc price.

Tailings are being placed in the existing permitted 260-acre conventional impoundment. The Tailings Management Facility (TMF) is categorized as a low-risk dam by the New York State Bureau of Flood Protection and Dam Safety.

The ultimate capacity of the 260-acre footprint has been estimated at 20 million tons (Mt), with immediate capacity of 2.7 Mt, before further embankment construction will be needed. Tailings and waste rock materials at the TMF are non-acid generating due to the high carbonate content of the host rocks. Volunteer vegetation is evident and continues to naturally revegetate inactive areas of the TMF.

1.3 Location, access, and ownership

ESM is located approximately 1.3 miles southwest of Fowler, New York State, in St. Lawrence County. St. Lawrence Zinc Company, LLC (SLZ) owns a total of 2,699 acres of fee simple surface and mineral rights in three towns in St. Lawrence County. The majority of the Property consists of the 1,754 acres in the town of Fowler where the ESM, mill and tailings disposal facility are located. Nine parcels totaling 703 acres are owned in the town of Edwards, which includes the Edwards mine. The remainder of the fee ownership covers the Pierrepont mine, which is located on four owned parcels totaling 242 acres.

1.4 History, exploration, and drilling

The Balmat-Edwards-Pierrepont district consists of four mining regions (Balmat, Hyatt, Edwards, and Pierrepont) with production first recorded out of Edwards in 1915. Balmat operated continuously from 1930 to 2001 when production ceased due to depressed zinc metal prices. Production resumed in 2006 until Hudbay placed the Balmat mine on care and maintenance in the third quarter of 2008 in response to depressed metal prices. ESM resumed production in 2018 and has produced continually since then.

Drilling on site has been exclusively core drilling either with contract drillers such as Cabo, Major, and Boart Longyear, or by company owned and operated drills. The drillhole database contains 9,514 surface and underground drillholes, of which 513 holes totaling 219,095 ft have been drilled since 2020.

The Balmat mine (now ESM) has produced a total of 35.5 Mt grading 8.7% zinc. A history of mine ownership is listed in Table 1-1.

**Table 1-1: Balmat (now ESM) ownership history**

---

| | |
|:---|:---|
| **Date** | **Company** |
| 1930 | St. Joe Minerals |
| 1987 | Zinc Corporation of America |
| 2003 | OntZinc (renamed Hudbay Minerals in December 2004) |
| 2015 | Star Mountain Resources Inc. |
| 2017 | Titan Mining (US) Corporation |

---

Source: ESM 2024.

1.5 Geology and mineralization

**1.5.1 Zinc**

The carbonate hosted ESM zinc deposits are comprised of multiple zones in and around Fowler, NY. There are ten deposits currently considered as viable economic targets; American, Cal Marble, Fowler, Mahler, Mud Pond, N2, Northeast Fowler, New Fold, Sylvia Lake, and Turnpike. Historic mining at these locations has provided a good geological understanding of each, with supporting mapping, sampling, and drilling data.

Mining and grade control experience by ESM geologists have supported that the implicit modeling of the mineralized zones as veins in Leapfrog Geo™ version 2023.2.3, results in more accurate geological wireframes.

The zinc mineralization extends from the surface down to a depth of 5,700 ft below surface. The zones are aerially scattered and all zones except NE Fowler and Cal Marble are connected by existing development to the shaft. The zones range in thickness from 2 ft to 50 ft with an overall plunge between 20° to 25° with local dips ranging from 0° to 90°. The deposit footprints are up to 500 ft wide and 9,000 ft long. The veins can display considerable geometrical variability depending on the degree of folding.

**1.5.2 Graphite**

Graphite mineralization occurs as weakly disseminated flakes within many of the marbles and dolomites, and occurs in the highest grades in the Upper Marble Unit 2 schists with graphitic carbon content averaging around 3% graphitic carbon.

1.6 Metallurgical testing and mineral processing

**1.6.1 Zinc**

A test program was undertaken in 2005 to confirm the processing requirements of selected mineralized material zones from the ESM mine. These mineralized material zones were selected based on projected tonnage, mineralized material type, and sample availability. The results were used to confirm concentrate grades and recoveries for the re-start of operations in 2005.

Flotation tests were completed under the guidance of Fred Vargas, the metallurgical consultant who developed the pHLOTEC flotation process in use at ESM since 1984.

The 2005 metallurgical test results, and operational results from 2006 to 2008, support a zinc recovery of 96% and a zinc concentrate grade of 58% for the UG operations.

ESM recently discovered two new zones of near-surface mineralization near the existing operation. Metallurgical test work was undertaken on the samples from the new zones to determine the process flowsheet for treating them to produce both lead/silver and zinc concentrates.

The primary objective of the test work undertaken at Resource Development Inc. (RDi) in 2020 was to determine if the ores from the Turnpike and Hoist House prospects can be processed in the existing circuit with minor modifications to produce both lead and zinc concentrates.

Approximately 121 pounds (lb) or 55 kg of each sample, some half core samples, and existing mill feed samples were sent to RDi for metallurgical test work which consisted of Bond's Ball Mill Work Index and abrasion index determination and flotation test work. Reagents, currently employed in the milling circuit at the mine, were also sent for the study.

The conclusions drawn based on the scoping level study undertaken by RDi were that the recently discovered prospects could be processed using sequential flotation process to produce separate lead and zinc concentrate. Mineralization from Turnpike and Hoist House prospects are slightly harder than the current ore being processed in the plant. The lead recovery and concentrate grade are dependent on the feed grade of the ore. The higher the feed grade, the higher the final concentrate recovery and grade.

Due to the low feed lead grade, one would require a large amount of mineralization to run a locked-cycle test. Since limited ore was available, the optimization can be done once new flotation cells for the lead circuit are incorporated into the flowsheet.

**1.6.2 Graphite**

Mineralogical characterization and metallurgical testing were performed on samples from the Kilbourne Graphite Project (Kilbourne).

Optical microscopy of the samples showed that graphite was acicular to prismatic, and platy in habit. It ranged from <50 μm as individual flakes to 1.5 mm in size as polycrystalline clusters. Graphite was generally finer-grained in the low-grade samples and coarser in the higher-grade samples.

Flotation process development conducted at SGS on a sample grading 1.67% C(g) culminated in a flowsheet and conditions that produced a final concentrate grading 97.4% C(t). The graphite concentrate was classified as finer grained with less than 8% of the concentrate mass reporting to the +100 mesh size fractions. It is noteworthy that even the smallest size fraction of -200 mesh produced a very high total carbon content of 97.4% C(t).

Forte Analytical (Forte) conducted a test work program on two composites grading between 2.4% and 2.5% C(g). The focus of the test program was to produce a concentrate grading at least 95% C(t) while minimizing flake degradation. The optimized flowsheet and conditions produced an upgraded flash concentrate grading 98.3% C(t) with 21.4% of the concentrate mass reporting to the +100 mesh size fractions. The flash concentrate accounted for only 50-60% of the contained graphite and a global concentrate product including the upgraded rougher concentrate was not characterized.

While the execution of the test programs conducted by SGS and Forte varied significantly, the results are consistent. Both programs determined that the flake size distribution in the Kilbourne mineralization is relatively fine but upgraded readily to very high concentrate grades well above 95% C(t).

A review of the drillhole data revealed that the material between the upper and lower zones is almost barren. Sensor-based ore sorting may be an effective technology to reject the barren material, thus upgrading the average mill feed noticeably. Hence, ore sorting will be explored in the next phase of testing, which could significantly increase the mill head grade.

1.7 Mineral Resource Estimates

**1.7.1** Zinc

Drillhole database

The drillhole database was exported as CSV files for the resource updates. Assays and associated composites were extracted from drillholes that were used in estimation, of which there were 1,321 in total.

The complete database for ESM consists of 12,264 records. There are 89 sets of channel samples, 2,193 surface core holes, 7,321 UG core holes, and 2,661 holes identified as other (including monitoring wells, blast holes, and un-categorized historic drilling). Smaller subsets of this database were used for geologic modeling and/or estimation on a lithological unit basis. Each lithological group was modeled separately in isolated geological and estimation projects.

Geologic model

Ten zones were defined and modeled by ESM geologists. Each one is comprised of multiple veins designating variably oriented and spatially-distinct mineralized zones, which were modeled using implicit methods. Input data for these models are based on drilling intercepts and years of surface and underground mapping.

All geological modeling was conducted in Leapfrog Geo™ version 2023.2.3. Each zone has been analyzed and divided where appropriate to facilitate a more accurate estimation of grade. In some cases, this has resulted in splitting of domains based on morphology or orientation for the purposes of estimation. Updates periods for modeling are summarized in Table 1-2.

**Table 1-2: Update periods, model methodology, and volumes**

---

| | | | |
|:---|:---|:---|:---|
| **Zone** | **Modeling Method** | **Years Modeled and Updated** | **Model Volumes** |
| American | Implicit vein model | 2019 | 4586000 |
| Cal Marble | Implicit vein system model | 2009, 2017, 2019, 2024 | 5206900 |
| Fowler | Implicit vein system model | 2019, 2023 | 2598000 |
| Mahler | Implicit vein model; indicator RBF interpolant | 2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | 25915000 |
| Mud Pond | Implicit vein system model | 2008, 2009, 2017, 2019, 2020, 2021, 2022, 2023, 2024 | 14875000 |
| N2D | Implicit vein system model; indicator RBF interpolant | 2019, 2021, 2022, 2023 | 22420000 |
| New Fold | Implicit vein system model; indicator RBF interpolant | 2009, 2017, 2020, 2021, 2022, 2023, 2024 | 15392000 |
| Northeast Fowler | Implicit vein model | 2017, 2019 | 6852600 |
| Sylvia Lake | Implicit vein system model | 2017, 2019, 2024 | 7102000 |
| Turnpike | Indicator RBF interpolant | 2019, 2021, 2022, 2023 | 65041000 |

---

Source: ESM 2024

**Block Model**

Separate block models were created for each zone. The parameters for each consist of origins, rotations (in Leapfrog rotation convention), parent block parameters and associated sub-block parameters. The American and Northeast Fowler block models were created in Vulcan and have parameters consistent with Vulcan conventions.

Historical mine workings, or as-built solids, were used for sub-blocking during model creation and mined blocks contained in these wireframes were removed from the estimated material. A comprehensive as-built wireframe was updated as of June 11, 2024, and used to deplete tonnage within the block models.

Due to the high variability of the ESM deposits and the lack of robust variography, inverse distance squared estimates were used to estimate grade into parent blocks within the block model. The control of each estimate was based on sample selection criteria such as minimum and maximum number of composites, minimum number of drillholes, and search distances. For each pass, the search distances were either isotropic (spherical) or anisotropic (ellipsoidal) depending on the geometric control and limits in each vein. For isotropic searches, the geometry of the vein was considered adequate to control sample selection. For anisotropic searches, the direction was defined using a variable orientation algorithm in Leapfrog EDGE called Variable Orientation or in Vulcan called Locally Varying Anisotropy (LVA). This oriented the search ellipse for each block down a plane which paralleled the modeled geologic continuity (i.e., the hanging wall or footwall of the ESM veins). The VO and LVA parameters were defined within the estimator based on the modeled vein surfaces.

Underground Mineral Resources have been modeled (Leapfrog Geo™ version 2023.2.3) and estimated (Leapfrog EDGE) by ESM geologists and reviewed for consistency with industry standards. Don Taylor of Titan Mining Corp. is the qualified person (QP) who has reviewed the geological models and estimates and has conducted multiple site inspections. Mineral Resources for the underground #4 Mine areas have been compiled from ten separate block models including the American, Cal Marble, Fowler, Mahler – Lower, Mahler - Upper, Mud Pond, N2D, New Fold, Northeast Fowler and Silvia Lake areas (Table 1-3).

**Table 1-3: Underground Mineral Resource Estimate as of July 16, 2024**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Category** | **Tons (000's US short tons)** | **Zn (%)** | **Contained Pounds (000's lb)** |
| Measured | 295 | 17.1 | 101086 |
| Indicated | 1158 | 15.7 | 363825 |
| Measured + Indicated | 1453 | 16.0 | 464911 |
| Inferred | 4327 | 12.1 | 1048630 |

---

Source: ESM 2024

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R.
Taylor, of Titan Mining Corp., SME registered member (#4029597).

2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves Estimate.

3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 underground MRE encompasses
36 vein domains and six indicator RBF interpolant shells totaling 42 individual wireframes.

4. Geological and block models for the underground MRE used data from a total of 1,100 surface and underground
diamond drillholes (core). The drillhole database was validated prior to resource estimation and QA/QC checks were made using industry-standard
control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms
and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping
method.

6. The MRE was compiled from 10 individual block models that were prepared using Leapfrog Edge. Block models
were sub-blocked at domain boundaries and samples were composited using vein length intervals where a single composite is generated for
each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10-ft run-length
composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Grade estimation
was carried out using inverse distance weighted (IDW) methods coupled with variably orientated search ellipses derived from modeled vein
surfaces.

7. The specific gravity (SG) assessment was carried out for all domains using measurements collected during
the core logging process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient
sampling exists, then density was assigned to models based on calculated means or by a regression formula.

8. Resources are reported using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing,
G&A costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.

9. Resources stated as in-situ grade at a Zinc price of $1.30/lb.

10. The resource classification considered the quality, quantity and distance to the data informing blocks
in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the
nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality,
quantity, and distance parameters.

11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect
that they are estimations.

12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political
or marketing issues or any other relevant issues that could materially affect this MRE.

Open Pit #2 Mine (Turnpike) Mineral Resources have also been modeled (Leapfrog Geo™ version 2023.2.3) and estimated (Leapfrog EDGE) by ESM geologists and reviewed for consistency with industry standards. Don Taylor of Titan Mining Corp. is the QP who has reviewed the geological models and estimates and has conducted multiple site inspections. Mineral Resources for the Turnpike Open Pit area have been taken from a single block model (Table 1-4).

**Table 1-4: Turnpike Open Pit Mineral Resource Estimate as of October 17, 2024**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Category** | **Tons (000's US short tons)** | **Zn (%)** | **Contained pounds (000's lb)** |
| Measured | 251 | 3.1 | 15679 |
| Indicated | 950 | 3.2 | 61088 |
| Measured + Indicated | 1201 | 3.2 | 76767 |
| Inferred | 461 | 3.5 | 32360 |

---

Source: ESM 2024

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R. Taylor,
of Titan Mining Corp., SME registered member (#4029597).

2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no
certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate.

3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological
interpretation of the logged lithology on contiguous grade intervals defining mineralized sub-domains. The 2024 Open Pit MRE encompasses
three vein domains and nine indicator RBF interpolant shells totaling 12 individual wireframes.

4. Geological and block models for the Open Pit MRE used data from a total of 254 surface and underground
diamond drillholes (core). The drillhole database was validated prior to resource estimation and QA/QC checks were made using industry-standard
control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mines personnel.

5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms
and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping
method.

6. The Open Pit MRE was compiled from a single block model that was prepared using Leapfrog Edge. The block
model was sub-blocked at domain boundaries and samples were composited within the indicator RBF interpolant models as 10-ft run-length
composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Assays were composited
within the vein models using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole.
Grade estimation was carried out using IDW methods coupled with variably orientated search ellipses derived from modeled trend surfaces.

7. The SG assessment was carried out for all domains using measurements collected during the core logging
process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists,
then density was assigned to models based on calculated means or by a regression formula.

8. Resources stated as internal to an optimized pit shell, above a cut-off grade of 0.6% Zn.

9. Cut-off is based on break-even economics at a Zinc price of $1.27/lb, with an assumed zinc recovery of
96%, and actual processing, mining, and transportation costs from the ESM operation. No G&A costs were applied as ESM considers the
Project accretive. No extra mining dilution was added as a regularized block model was used.

10. The resource classification considered the quality, quantity and distance to the data informing blocks
in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the
nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality,
quantity, and distance parameters.

11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect
that they are estimations.

12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.

14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political
or marketing issues or any other relevant issues that could materially affect this MRE.

**1.7.2** **Graphite** 

**Drill Database**

The Kilbourne Graphite Project database totals 45 surface-collared diamond drillholes (DDH) and one surface channel, totaling 29,699 ft used for modeling Kilbourne. There are a total of 3,396 assay records in the Kilbourne database, of which 2,088 assay records for graphite (%Cg).

**Geology Model**

Three-dimensional (3D) wireframe models of mineralization were developed in Leapfrog Geo™ version 2023.2.3 (Leapfrog) by ESM and reviewed by the QP. The wireframes were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50 %Cg within the Upper Marble #2 (UM2) formation, defining the Upper, Middle, and Lower sub-domains of UM2 (210, 220, 230). Contiguous grade intervals greater than or equal to 0.50 %Cg were modeled within the higher-grade 210 and 230 sub-domains (UM2 – Upper and Lower, respectively), while contiguous grade intervals less than 0.50 %Cg were modeled as the 220 sub-domain (UM2 – Middle). These 200 series domains form the basis of the Kilbourne Mineral Resource Estimate.

The wireframe solids were imported from Leapfrog into Datamine Studio RM™ version 2.1.125.0 (Datamine) in .dwg format. The solids were validated within Datamine. The modeling is broken down into twelve separate geological domains based on lithology.

The wireframes extend at depth, below the deepest DDH. This is to provide a target for future exploration. The block model extents did not encompass the entire wireframe extents to reduce block model and file sizes. As such the volumes related to the block model may significantly differ in comparison to the wireframe volumes. The volumes were validated with an initial block fill of the entire wireframes and no significant discrepancies were noted.

**Block Model**

Block modeling was completed in Datamine using industry accepted standard practices. The geological model wireframes were filled with parent block 30' x 30' x 15' and sub-celled to filled the volumes.

Drillhole samples intervals were assigned to the appropriate mineral domain. Geostatistical analysis was completed on each mineral domain for grade capping, compositing, and spatial analysis.

Grades were estimated into the model using a three-pass estimation requiring a minimum and maximum number of samples to estimate a block. Table 1-5 summarizes the pit constrained Mineral Resource using a 1.5% Cg cut-off grade.

**Table 1-5: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Classification** | **Deposit** | **Cut-Off Grade<br> (% Cg)** | **Tonnage<br> ('000 Ton)** | **Grade<br> (% Cg)** | **Contained Graphite<br> ('000 Ton)** |
| **Inferred** | Kilbourne | 1.50 | 22423 | 2.91 | 653 |

---

Source: BBA 2024

Notes:

1. The independent qualified person for the 2024 MRE, as defined by NI 43-101, is Mr. Todd McCracken
(PGO 0631) of BBA USA Inc. The effective date of this Mineral Resource Estimate is December 3, 2024.

2. Three-dimensional (3D) wireframe models of mineralization were based on the geological interpretation
of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50% Cg defining two mineralized
sub-domains.

3. Geological and block models for the Mineral Resource Estimate used data from a total of 45 surface diamond
drillholes (core) and 1 surface channel sample. The drillhole database was validated prior to resource estimation and QA/QC checks were
made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire
State Mines personnel.

4. Quantities and grades in the Mineral Resource Estimate are rounded to an appropriate number of significant
figures to reflect that they are estimations.

5. The Mineral Resource Estimate was constrained using the following optimization parameters, as agreed upon
by Empire State Mines and the QP. The parameters include mining costs of $4.60/ton for mineralized rock, $3.50/ton for unmineralized rock,
and $2.00/ton for overburden and tailings, with a 5.0% dilution and 95.0% mining recovery. Processing costs are $14.00/ton milled, with
a 91.0% processing recovery and a concentrate grade of 95.0%. No general and administrative (G&A) costs were applied. The selling
price is $1,090/ton of concentrate, with transportation costs of $50/ton and no additional selling costs. The overall slope angles are
23 degrees for overburden and tailings, and 45 degrees for rock.

6. The resource reported has been tabulated in terms of a pit-constrained cut-off value of 1.50% Cg.

7. The block model was prepared using Datamine Studio RM™. A 30 ft x 30 ft x 15 ft block model was
created, and samples were composited at 5 ft intervals. Grade estimation for graphite used data from drillhole data and was carried out
using ordinary kriging (OK), inverse distance squared (ID2), and nearest neighbor (NN) methods. The OK methodology is the method used
to report the mineral estimate statement.

8. Grade estimation was validated by comparison of the global mean block grades for OK, ID2, and NN by domain
and composite mean grades by domain, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in
cross-sections.

9. The SG assessment was carried out for all domains using measurements collected during the core logging
process. The mean specific gravity value within the mineralized domains is 2.75.

10. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral
Reserves Best Practice Guidelines (November 29, 2019).

1.8 Mining

The mine plan tons at the ESM deposit are extracted using a combination of longitudinal retreat stoping (LRS), Cut and Fill (C&F), Panel Mining (PM) – Primary and Secondary (PAP & PAS), and development drifting underground mining methods with rock backfill. Longhole back-stopes (BCK) are also used in the design where applicable. The mine plan scales up slightly from the current production rate of 1,750 t/d continuing through 2032 winding down in 2033. The current mine life is projected to be 9 years with the Turnpike open pits being dependent on zinc price. For the purposes of this report, the open pits are not included in the economic analysis. A conceptual schedule is included, but the tons are not included in the life of mine (LOM) mineable inventory.

The ESM deposit will be accessed from surface via the No. 4 shaft, and all mineralized material and some waste rock will be hoisted out of the mine via that shaft. In addition to the existing development and raises, new lateral development and ramping will be required to access mineralized zones.

To supplement the ventilation provided by the raises, as the ramps are being driven, shorter internal ventilation drop raises will ensure air delivery to the active development face.

Measured, Indicated, and Inferred Mineral Resources were included in the mine design and schedule optimization process. The Mineral Inventory is based on the Mineral Resource stated as of July 2024 and is estimated at a 5.5% Zinc cut-off grade for the UG mine and 0.6% Zn for open pit mining. The LOM plan is considered to start January 2025 with the production from 2024 being calculated from actuals and short-range estimates.

For the underground mine, dilution was estimated based on typical stope dimensions to calculate unplanned overbreak experienced during mining operations. The rock quality at ESM is considered to be very good geotechnically, so overbreak is considered to be minimal. For LRS and BCK stopes, two sources of dilution were considered. Sloughing was estimated to be 2.0 ft on both the hanging wall and footwall of LRS stopes. For C&F, planned over break dilution of 0.5 ft was applied to both walls. A dilution grade of 0% Zn was assumed for all dilution.

Mine recovery was calculated under the following mine assumptions:

● C&F and waste development passing incremental cut-off, assume 95% mine recovery after losses.

● Longitudinal retreat and back-stopes assume 95% mine recovery.

● Panel mining assumes 75% mine recovery after losses from pillars left behind.

Provided care is taking during blasting and rigorous ore control and monitoring systems are followed, BBA estimates that dilution and ore losses can be minimized for open pit mining. A mining recovery factor and dilution factor were not applied as a regularized block model was used for the mine design and scheduling.

The production schedule for the underground LOM is provided in Table 1-6. A proposed schedule for potential Turnpike Open Pit order of extraction is provided in Table 1-7.

**Table 1-6: Mine production schedule**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **Total** | **2024** | **2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** |
| Underground Ore Mined | kt | **4467** | 425 | 462 | 467 | 455 | 455 | 455 | 455 | 455 | 455 | 383 |
| Zinc Grade | % | **7.41** | 8.60 | 7.80 | 7.50 | 7.30 | 7.30 | 7.30 | 7.30 | 7.30 | 6.50 | 7.30 |
| Contained Zinc | M lb | **662** | 73 | 72 | 70 | 66 | 66 | 66 | 66 | 66 | 59 | 56 |

---

Source: ESM 2024

**Table 1-7: Turnpike Open Pit conceptual schedule**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **LOM** | **Y1** | **Y2** | **Y3** |
| Open Pit Ore Mined | kt | 399 | 120 | 195 | 84 |
| Total Open Pit Waste | kt | 1364 | 580 | 627 | 158 |
| Stripping Ratio | W:O | 4.8 | 3.2 | 1.9 | 3.4 |
| Total Material moved | kt | 1763 | 700 | 822 | 242 |
| Zinc Grade | % | 2.79 | 3.13 | 3.80 | 3.17 |
| Contained Zinc | 000s lb | 6695 | 12210 | 6390 | 25292 |

---

Source: BBA 2024

1.9 Recovery methods

Mineralized material mined in the ESM deposits is processed at the existing ESM concentrator that was commissioned in 1970 and last shut down in 2008. The concentrator was refurbished in late 2017 and began processing ore in 2018. The concentrator flowsheet includes crushing, grinding, sequential lead and zinc flotation circuits, concentrate dewatering circuits, and loadout facilities.

The design capacity of the concentrator is 5,000 t/d. Throughout the history of the Balmat operation (now ESM), the capacity of the concentrator has exceeded that of the mines' capacity. The operating strategy is to operate the concentrator at its rated hourly throughput of 200 tons per hour (t/h) to 220 t/h, but for only as many hours as necessary to suit mine production. It currently is processing between 6,500 to 7,000 tons per week operating on a schedule of one shift per day, 4 days per week. The concentrator suffers no notable losses from intermittent operation.

The zinc flotation circuit consists of rougher flotation followed by scavenger flotation. The scavenger concentrate returns to the head of the rougher circuit. Rougher concentrate undergoes two stages of cleaner flotation. Cleaner tailings are returned to the previous stage of flotation in the traditional manner. Currently, the concentrator is producing zinc concentrate at an average of 59.0% zinc with 3% iron and 0.50% magnesium.

Lead values in the underground ore will be generally very low, and lead concentrate is not planned to be produced. Lead values in the open pit ore are expected to be higher and it will be possible to produce a lead concentrate from this ore source.

While aged, the concentrator is in good working order and runs efficiently. No modifications are required to continue processing underground ore sources and minimal modifications would be required for processing the mineralized material to be mined from the open pits.

1.10 Infrastructure

Access to the ESM facility is by existing paved state, town, and site roads. All access to the mine/mill facility as well as concentrate haulage from the facility is by paved public roads and/or an existing CSX rail short line. The existing facilities at ESM mine are well established and will generally meet the requirements of the planned operations.

The ESM site is located adjacent to State Highway 812, approximately 1.5 mi from the junction with State Highway 58. A mile-long stretch of Sylvia Lake Road currently handles traffic to and from the site, including truck haulage of concentrate. Road maintenance is carried out by the Town and State Government Department of Highways.

There are currently two entries from Sylvia Lake Road providing access to the site. The main entry provides access to the parking lot and the approach to the office complex, and the tailings line entry is the waste truck haulage route to the tailings impoundment. These accesses are adequate, and no improvements are planned.

The existing mine office complex is a two-story steel frame and concrete block/galbestos-sided building with steel joist/concrete plank built up roof system. As part of the first floor, the maintenance vehicle storage garage, the boiler room, and the dry/lamp room is a 60 ft x 273 ft area. The dry, located on the ground floor, accommodates 125 people with individual lockers for clean clothes and hanging baskets for working clothes for all personnel, as well as the appropriate number of showers and toilet facilities.

The ground floor also contains mine offices, a boiler room and lamp room. Hot water for sanitary purposes is provided by quick recovery propane water heater, eliminating the need to operate a steam boiler through the summer months. The second floor contains a warehouse, machine shop, mine rescue room, first aid equipment room and training room.

Power to site is fed by line from Niagara Mohawk's substation at Battle Hill-ESM #5 circuit. On-site power is distributed to the plant and mine. SLZ owns two portable generators for emergency use. One is a 125 kVA portable used for general 480 V / 220 V / 110 V applications. The other is a 100 kVA portable generator which will run the No. 2 emergency egress hoist.

Mill process and cooling water (non-potable) for the site are pumped from the Sylvia Lake pump house to two 100,000-gallon (gal) concrete deluge tanks near the concentrate storage building/rail loadout shed. Water is pumped from the reservoir tanks to the concentrator. Mine water is pumped from the mill basement sump down the 4" shaft water line to the various mine levels.

The tailings disposal facility covers 260 acres approximately 4,000 ft north of the mill. Water from tailings flows through a series of retention ponds before discharge into Turnpike Creek. Discharge is regulated by the New York State Department of Environmental Conservation (NYSDEC) under permit NY0001791.

The mineralized materials and waste rock from the development and operation of the mine is non acid-generating due to the alkaline nature of the host rock. The designated surface pads were designed such that any run-off will drain to the concentrator pond. The capacity of this stockpile area is sufficient for the tonnages in the contained mine schedule.

1.11 Environment and permitting

All permits required to operate the ESM #4 Mine are active and in place. Additionally, there are not any other significant factors or risks that may affect access, title, or the right or ability to perform work on the ESM properties.

Permits have remained active for mining at ESM No. 4 since the previous operating periods. No environmental studies are underway at this time, nor are any required for this existing fully permitted mine. The site is well managed and is in compliance with all environmental regulatory requirements.

Renewals for State Pollutant Discharge Elimination System (SPDES) Permit and Water Withdrawal Permit were submitted to the NYSDEC in a timely manner. Both permits are on the Department's schedule for technical review due to length of time elapsed since previous review.

Tailings are non-acid generating so conventional reclamation methods can be used to rehabilitate the tailings area. Currently, surface water discharge is in compliance with a SPDES permit and is expected to remain so for operating, closure, and post-closure periods.

The ESM No. 2 Mine site has been partially reclaimed. ESM No. 2 shaft serves as secondary access to the underground operations at the No. 4 Mine and will be included in the final reclamation of the No. 4 Mine and concentrator complex. ESM No. 4 Mine and mine tailings reclamation is assured with a $1,627,341 certificate of deposit.

1.12 Operating and capital cost estimates

Estimated project capital costs (including closure costs) total $37.2M, consisting of the following distinct areas:

● No. 4 Mine capital equipment;

● No. 4 infrastructure and process capital.

The capital cost estimate was compiled using a combination of quotations, labor rates, and database costs.

Table 1-8 presents the capital estimate summary for each area in 2024 US$ with no escalation.

**Table 1-8: Capital cost summary**

---

| | |
|:---|:---|
| **Area** | **Cost Estimate ($M)** |
| #4 Mine Capital Equipment | 13.1 |
| #4 Infrastructure and Process Capital | 13.9 |
| **Total Capital Cost** | **27.0** |
| Closure Costs | 15.4 |
| Salvage Value | 5.2 |
| **Total Capital Cost (incl. closure costs)** | **37.2** |

---

Source: ESM 2024

Underground capital costs are estimated to be $13.1M. This includes an additional mechanical bolter as well as a replacement bolter, replacement of two 6 yd loaders, replacement of two UG haul trucks, replacement of a single boom jumbo, four additional 750 kVA transformers, ventilation fans and doors, a replacement locomotive, a surface exploration drill, and main dewatering pumps.

ESM has assumed that due to the short life of the pits (3 years), a contractor will be used to mine the open pits. Mark-ups on the operating costs have been assumed to cover the contractor's mining equipment and infrastructure capital costs.

Capital item allowance for the open pit includes upgrade of the railway right of way into a haul road, land acquisition, process plant upgrade for lead circuit, and site facility preparation.

Closure costs were estimated based on the SRK cost estimate to a total of $15.4M, this will be offset by the estimated $5.2M in salvage value. This cost is however not included in the economic model due to ongoing mining discoveries and expansions.

Indirect, owner's, and contingency costs are all incorporated into the capital cost estimates.

Preparation of the site operating cost estimate is based on current UG operation performance. The site operating cost is based on Owner-owned and operated mining/services fleets, and minimal use of permanent contractors except where value is provided through expertise and/or packages efficiencies/skills.

Site operating costs in this section of the report are broken into four major sections, which include mining, processing, general and administrative (G&A), and concentrate transportation costs.

Site operating costs are presented in 2024 US$ on a calendar year basis. No escalation or inflation is included.

**Table 1-9: Breakdown of estimated site operating costs**

---

| | | |
|:---|:---|:---|
| <br>**Site Operating Costs** | **Unit Cost ($/t milled)** | **LOM Cost ($M)** |
| Mining | 55 | 244 |
| Processing | 18 | 80 |
| G&A | 20 | 90 |
| Concentrate Transportation | 8 | 32 |
| **Total** | **101** | **446** |

---

Source: ESM 2024

1.13 Economic analysis

An economic model was developed to estimate annual cash flows and sensitivities of the Project. Pre-tax estimates of project values were prepared for comparative purposes, while after-tax estimates were developed and are likely to approximate the true investment value. It must be noted, however, that tax estimates involve many complex variables that can only be accurately calculated during operations and, as such, the after-tax results are only approximations.

Sensitivity analyses were performed for variations in grade, metal price, operating costs, capital costs, and discount rates to determine their relative importance as project value drivers.

It must be noted that this PEA is preliminary in nature and includes the use of Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized.

Other economic factors include the following:

● Discount rate of 5%;

● Nominal 2024 US dollars;

● Revenues, costs, and taxes are calculated for each period in which they occur;

● All costs and time prior to January 1, 2024, are considered sunk costs;

● Results are presented on 100% ownership basis.

The Project has been evaluated on an after-tax basis to provide an indicative value of the potential project economics. Corporate income tax was calculated by Titan of $5.6M for the LOM.

The economic analysis incorporates royalties. A royalty of 0.3% is applied to the NSR for the zinc concentrate.

The results of the economic evaluation indicate that the Project is economic under the current assumptions. The pre-tax cash flow is estimated to be $104M, with a pre-tax and post-tax net present value (NPV) at a discount rate of 5% of $88M and $83M, respectively. The results of the assessment are provided in Table 1-10.

A sensitivity analysis was performed to determine which factors most affected the project economics. The analysis revealed that the Project is most sensitive to zinc price, then zinc grade, followed by operating costs and capital costs. The results of the sensitivity analysis are provided in Table 1-11.

**Table 1-10: Summary of the economic analysis results**

---

| | | |
|:---|:---|:---|
| **Summary of Results** | **Unit** | **Value** |
| Mine Life | year | 9.0 |
| Resource Mined | kt | 4469 |
| LOM Throughput Rate | t/d | 1775 |
| LOM Operating Days per Year | d/y | 260 |
| Average Head Zinc Grade | % Zn | 7.4 |
| LOM Recovered Zinc | M lb | 636 |
| LOM Payable Zinc | M lb | 541 |
| Total Revenue | $M | 577 |
| Total Offsite Charges | $M | 107 |
| Royalties | $M | 0.2 |
| NSR (net of royalties) | $M | 577 |
| Capital Costs (including sustaining) | $M | 27 |
| Operating Costs | $M | 446 |
| Operating Costs | $/t processed | 101 |
| Pre-tax Cash Flow | $M | 104 |
| Taxes | $M | 5.6 |
| After-tax Cash Flow | $M | 98 |
| **Pre-tax NPV (5% discount)** | **$M** | **88** |
| **After-tax NPV (5% discount)** | **$M** | **83** |

---

Source: ESM 2024

**Table 1-11: Sensitivity analysis results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pre-tax NPV @ 5% ($M)** | **Pre-tax NPV @ 5% ($M)** | **Pre-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** | **Post-tax NPV @ 5% ($M)** |
| <br>**Variable** | **-10% variance** | **0% variance** | **10% variance** | **-10% variance** | **0% variance** | **10% variance** |
| Zinc Price | 47 | 88 | 133 | 38 | 83 | 125 |
| Zinc Grade | 49 | 88 | 126 | 46 | 83 | 116 |
| CAPEX | 90 | 88 | 85 | 85 | 83 | 76 |
| OPEX | 116 | 88 | 55 | 109 | 83 | 44 |

---

Source: ESM 2024

1.14 Conclusions

It is the conclusion of the QPs that the PEA summarized in this Technical Report contains adequate detail and information to support the positive economic result. The PEA proposes the use of industry standard equipment and operating practices. To date, the QPs are not aware of any fatal flaws for the Project.

Risks

The most significant risks associated with the Project are commodity prices, uncontrolled dilution, mineral recovery, operating and sustaining capital cost escalation, ventilation limitations, and Inferred Mineral Resource confidence.

These risks are common to most mining projects, many of which may be mitigated, at least to some degree, with adequate engineering, planning, and proactive management.

Opportunities

The resource potential has not been fully defined, and as such there is opportunity for resource expansion. The mine historically operated with little definition drilling in comparison to greenfield exploration properties. The replacement of ore reserves depended heavily on the ability to follow the mineralized zones through mine development. Additional exploration drilling may yield high returns in the discovery and upgrade of additional Mineral Resources.

There is an opportunity to increase production and project NPV by accelerating the mining of the N2D zone. This would require the purchase $2.8M of additional mining equipment, a power upgrade of $2.6M and hiring additional miners and mechanics to add 500 t/d of incremental ore to the mill feed. The expansion would decrease the LOM by 1 year compared to the base case due to accelerated depletion of resources. It would also add $14M to the project pre-tax NPV calculation and 13 M payable zinc pounds per year during its 3.5-year life.

The dark mineralization hosted within a light dolomitic rock may lend itself to optical sorting technology, which could provide an increase to mill feed head grade while simultaneously providing a source of crushed waste rock for cemented and un-cemented backfill. In addition, a sorted mill feed may permit a lower mine cut-off grade which could increase the Mineral Resources within the PEA mine plan, without requiring additional exploration.

*Recommendations*

<u>Zinc</u>

The items shown in Table 1-12 are recommended for ESM to improve confidence and performance of the PEA mine plan and economics.

**Table 1-12: Project recommendations and estimated cost**

---

| | |
|:---|:---|
| **Item** | **Cost ($)** |
| Infill Drilling and Conversion of Inferred Mineral Resources | 150000 |
| Review Financing for Production Expansion from N2D Zone | 5400000 |
| Sorting Test Work and Integration Study | 100000 |
| Contractor Quotes for Open Pit Cost Assumptions | 15000 |
| **Total Estimate** | **5665000** |

---

Source: ESM 2024

<u>Graphite</u>

The items shown in Table 1-13 and Table 1-14 are recommended for ESM to advance Kilbourne to a PEA level and ensure commercial viability.

**Table 1-13: Project recommendations and estimated cost**

---

| | |
|:---|:---|
| **Recommended Study Item** | **Estimated Cost ($)** |
| Infill Drilling | 950000 |
| Geotechnical Study | 50000 |
| Phase III Metallurgical Study | 47000 |
| Mining Study | 250000 |
| Optical Sorting Study | 30000 |
| Contractor Quotes | 15000 |
| Permitting | 130000 |
| PEA Technical Report Update | 500000 |
| **Preliminary Economic Assessment Subtotal** | **1972000** |
| Contingency (25%) | 493000 |
| **Total Estimate** | **2465000** |

---

Source: ESM 2024

**Table 1-14: Commercial recommendations and estimated cost**

---

| | |
|:---|:---|
| **Recommended Study Item** | **Estimated Cost ($)** |
| Commercial Scoping Study | 150000 |
| Product Qualification Consulting | 68000 |
| Demonstration Plant | 6110000 |
| **Commercial Scoping Subtotal** | **6328000** |
| Contingency (25%) | 1582000 |
| **Total Estimate** | **7910000** |

---

Source: ESM 2024

**Dividends**

Set out below are all dividends declared by the Company for the three most recently completed financial years:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Declaration Date** | **Declaration Date** | **Amount per Common Share** | **Amount per Common Share** |
| 2023 | ● | March 7 | ● | C$0.01 |
| 2022 | ● | December 13 | ● | C$0.01 |
|  | ● | September 20 | ● | C$0.01 |
|  | ● | June 16 | ● | C$0.01 |
|  | ● | March 4 | ● | C$0.01 |

---

On December 13, 2022, the Company adopted a dividend policy to declare a quarterly cash dividend of C$0.01 per common share. On June 14, 2023, the Company temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflected the Company's focus on strengthening its balance sheet as it navigates the downturn in zinc prices. The Company is not currently restricted from issuing dividends and will consider re-instating a dividend policy in due course.

**Capital Structure**

**General Description of Capital Structure**

The Company is authorized to issue an unlimited number of common shares. The common shares of the Company are all without par value and rank equally as to dividends, voting powers and participation in assets and as to all other benefits which might accrue to holders of the common shares. No shares have been issued subject to call or assessment. Each common share carries one vote at shareholder meetings of the Company. All of the common shares outstanding as at the date of this AIF are fully paid and non-assessable. There are no pre-emptive or conversion rights, and no provision for redemption, purchase for cancellation, surrender or sinking funds attached to any of the Company's common shares. Provisions as to the modification, amendment or variation of such rights or provisions are contained in the Company's Articles of Incorporation.

As at the date hereof, there were 136,366,599 common shares issued and outstanding, 6,000,000 warrants outstanding and 10,245,000 options outstanding.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The common shares of the Company trade on the TSX under the symbol "TI". The following table presents the high, low and closing sale price and volume traded on the TSX for the Company's common shares during fiscal 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Period (2024)** | **High** | **Low** | **Volume** |
| December | 0.34 | 0.24 | 1749881 |
| November | 0.34 | 0.23 | 1200872 |
| October | 0.35 | 0.25 | 1177681 |
| September | 0.25 | 0.23 | 509855 |
| August | 0.24 | 0.20 | 146211 |
| July | 0.26 | 0.21 | 518568 |
| June | 0.33 | 0.22 | 1173016 |
| May | 0.40 | 0.30 | 198037 |
| April | 0.44 | 0.29 | 608219 |
| March | 0.31 | 0.24 | 691232 |
| February | 0.34 | 0.25 | 425736 |
| January | 0.38 | 0.33 | 172029 |

---

**DIRECTORS AND OFFICERS**

At the date of this AIF the following were the directors and officers of the Company:

**Name, Occupation and Security Holdings**

---

| | | |
|:---|:---|:---|
| **Name, Province or State and Country of Residence** | **Date First Appointed** | **Position Held with the Company and<br> Present and Principal Occupation During the <br> Past Five Years**<sup>(1)</sup> |
| Richard W. Warke<br> British Columbia, Canada | October 15, 2012 | **Executive Chairman of the Company**; Executive Chairman of Solaris Resources Inc. from January 2020 to December 2024; Executive Chairman of Augusta Gold Corp. since January 2021 and Director of Armor Minerals Inc. since February 2015 and President and CEO since October 2018; Executive Chairman of Tethyan Resource Corp. from January 2019 to March 2020. |
| Donald R. Taylor<br> Arizona, USA | June 21, 2018 | **Director and CEO of the Company**; President and CEO of Augusta Gold Corp. since April 2021. |
| Lenard Boggio<sup>(2)(3)(4)</sup><br> British Columbia, Canada | January 1, 2017 | **Director of the Company**; Independent corporate director of several publicly listed corporations; Partner of PricewaterhouseCoopers LLP from 1988 and senior member of the firm's mining industry group until his retirement from the firm in May 2012. |
| George Pataki<sup>(2)(4)</sup><br> New York,<br> USA | June 29, 2017 | **Director of the Company**; Senior Counsel at Norton Rose Fulbright since March 2007; Co-founder and Chairman or the Pataki-Cahill Group. |
| John Boehner <sup>(2)(3)</sup><br> Florida, USA | October 9, 2018 | **Director of the Company**; Strategic Advisor for Squire Patton Boggs since November 2017. |
| William Mulrow<sup>(3)(4)</sup><br> New York,<br> USA | October 9, 2018 | **Director of the Company**; Senior Advisory Director at Blackstone Group since May 2017; Secretary to New York State Governor Cuomo from January 2015 to April 2017. |
| Rita Adiani<br> Texas, USA<br>| October 1, 2024 | **President of the Company**; Senior Vice President, Strategy & Corporate Development at Arizona Sonoran Copper Company from 2021 to 2024; Executive Vice President of Xiana Mining Inc. from 2019-2020. |
| Ty Minnick<br> Colorado, USA<br>| April 1, 2024 | **Interim Chief Financial Officer of the Company**; **Interim** CFO of Augusta Gold Corp. since October 2020. |
| Purni Parikh<br> British Columbia, Canada | November 12, 2021<br>| **Senior Vice President, Corporate Affairs and Corporate Secretary of the Company**; Senior Vice President, Corporate Affairs and Corporate Secretary for Augusta Gold Corp. since November 2020 and Solaris Resources Inc. from November 2019 to December 2024. |
| Kevin Hart<br> British Columbia, Canada | January 6, 2025 | **VP Finance of the Company;** Chief Financial Officer & Corporate Secretary of Inca One Gold Corp. from 2017 to December 2024 |
| Tom Ladner<br> British Columbia, Canada | November 23, 2020 | **General Counsel of the Company**; General Counsel and before that, VP Legal, for the Augusta Group of Companies, including Highlander Silver Corp. and Augusta Gold Corp. (and formerly Solaris Resources Inc.) since November 2020; practiced law at Borden Ladner Gervais LLP from August 2014 to November 2020. |
| Joel Rheault<br> Gouverneur, NY<br>| February 26, 2024 | **VP Operations of the Company**; Mine General Manager at ESM since July 2018. |

---

(1) Information has been provided by the directors and officers of the Company.

(2) Member of the Company's Audit Committee.

(3) Member of the Company's Compensation Committee.

(4) Member of the Company's Nominating and Corporate Governance Committee.

The directors of the Company are elected annually and hold office until the next annual meeting of shareholders or until their successors are elected or appointed. There are three committees of the Board, an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee.

To the knowledge of the Company, the number of common shares of the Company which are beneficially owned, or controlled or directed, directly and indirectly, by all directors and officers of the Company, as a group, as of the date hereof, is 81,320,533 (approximately 59.63% of the Company's issued and outstanding share capital).

**Cease Trade Orders and Bankruptcies**

Except as disclosed below, no director or executive officer of the Company is, as at the date of the AIF, or was within 10 years before the date of the AIF, a director, chief executive officer or chief financial officer of any company (including the Company), that (a) was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer, or (b) was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

Except as disclosed below, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, or a personal holding company of any such persons, as at the date of this AIF, is or has been within the 10 years before the date of this AIF, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets; or has, within 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or become subject to or instituted proceedings, an arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

Mr. Boggio was a director of Great Western Minerals Group Ltd. ("**GWMG**") from January 2013 until July 2015. In April 2015, GWMG entered a support agreement with certain of the holders of GWMG's secured convertible bonds and GWMG was subsequently granted protection from its creditors under the Companies' Creditors Arrangements Act. In May 2015, an order was issued by the Financial and Consumers Affairs Authority of the Province of Saskatchewan that all trading in the securities of GWMG be ceased due to its failure to file financial statements for the year ended December 31, 2014. In December, 2015, GWMG entered bankruptcy proceedings.

Mr. Boggio was a director of Pure Gold Mining Inc. ("**Pure Gold**") until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia (the "**Court**") under the Companies' Creditors Arrangement Act ("**CCAA**"). KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSX Venture Exchange. Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings.

Mr. Hart was an officer of Inca One Gold Corp. ("**Inca One**") until October 2024. On June 3, 2024, Inca One received an initial order for creditor protection from the Court under the CCAA. On October 7, 2024, the Court made a final receivership order appointing FTI Consulting Canada Inc. as receiver and manager. In connection with the aforementioned matter, Inca One's common shares were cease traded for failure to file its annual financial statements for the year ended April 30, 2024.

**Penalties or Sanctions**

No director or officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement since December 31, 2000 that would likely be important to a reasonable investor in making an investment decision, with a securities regulatory authority; or been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**Conflicts of Interest**

The directors of the Company are required by law to act honestly and in good faith with a view to the best interest of the Company and to disclose any interests which they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in a conflict will disclose his interest and abstain from voting on such matter. In determining whether or not the Company will participate in any project or opportunity, that director will primarily consider the degree of risk to which the Company may be exposed and its financial position at that time.

To the best of the Company's knowledge, there are no known existing or potential conflicts of interest among the Company, its promoters, directors, officers or other members of management of the Company as a result of their outside business interests except as described herein and also that certain of the directors, officers, promoters and other members of management serve as directors, officers, promoters and members of management of other public companies, and therefore it is possible that a conflict may arise between their duties as a director, officer, promoter or member of management of such other companies. See "Financings" and "Directors and Officers".

The directors and officers of the Company are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and requiring disclosures by directors of conflicts of interest and the Company will rely upon such laws in respect of any directors' and officers' conflicts of interest or in respect of any breaches of duty by any of its directors or officers. Such directors or officers, in accordance with the *Business Corporations Act* (British Columbia), will disclose all such conflicts and they will govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law.

**Legal Proceedings and Regulatory Actions**

**Legal Proceedings**

The Company is from time to time involved in various legal proceedings related to its business. 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.

**Regulatory Actions** 

There are no: (a) penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the Company's most recently completed financial period and up to the date of this AIF; (b) other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision; or (c) settlement agreements the Company entered into with a court relating to securities legislation or with a securities regulatory authority during the Company's most recently completed financial period and up to the date of this AIF.

**Interest of Management and Others in Material Transactions**

Other than as set forth earlier in this AIF, to the knowledge of the Company, no director, executive officer, person or company that beneficially owns, or controls, or directs, directly or indirectly, more than ten percent of the Company's voting securities, or associates or affiliates of the foregoing, has had any material interest, direct or indirect, in any transactions in which the Company has participated within the three most recently completed financial years or in the current financial year prior to the date of this AIF, which has materially affected or is reasonably expected to materially affect the Company.

**Transfer Agents and Registrars**

The Registrar and Transfer Agent for the common shares in British Columbia is Computershare Investor Services Inc., at its offices at 4<sup>th</sup> Floor, 510 Burrard Street, Vancouver, British Columbia, V6C 3B9.

**Material Contracts**

The only material contracts, which the Company or its subsidiaries have entered into in the last financial year, or previously if still in effect, other than in the ordinary course of business, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Credit Facility (see "General Development of the Business – Financings" above for
more information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the November 2023 Promissory Note (see "General Development of the Business – Financings"
above for more information); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the off-take agreement with Glencore Ltd. dated effective January 1, 2018 (see "Description of Business"
above for more information).

Copies of the material contracts set out above are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

**Interests of Experts**

The following are names of persons or companies (a) that have prepared or certified a report, valuation statement or opinion described or included in a filing, or referred to in a filing made under NI 51-102 by the Company during, or relating to, the Company's most recently completed financial period and (b) whose profession or business gives authority to the report, valuation statement or opinion made by the person or company:

Each of Todd McCracken, Deepak Malhotra, and Oliver Peters, being an independent author of the ESM Technical Report, is a "qualified person" for the purposes of NI 43-101. Each such qualified person has reviewed certain scientific and technical information relating to ESM as more fully described in this AIF or has supervised the preparation of information upon which such scientific and technical information is based as detailed in the ESM Technical Report. As of the date hereof, to the best of the Company's knowledge, the foregoing experts beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company and have no other direct or indirect interest in the Company or any of its associates or affiliates.

The auditors of the Company are Ernst & Young, LLP, Chartered Professional Accountants, of Vancouver, British Columbia. Ernst & Young, LLP, has advised the Company that it is independent within the meaning of the CPA Code of Professional Conduct.

 

*Qualified Person*

Donald R. Taylor, MSc., PG, SME, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101, is a co-author of the ESM Technical Report and has reviewed and approved certain scientific and technical information made in filings made by the Company under NI 51-102 in the most recently completed financial year. Mr. Taylor is a Director and officer of the Company. As of the date of this AIF, Mr. Taylor owns, beneficially, directly or indirectly, 5,126,071 common shares of the Company, nil warrants and 1,900,000 stock options, each to acquire one common share of the Company.

**AUDIT COMMITTEE INFORMATION**

**National Instrument 52-110 – *Audit Committees* ("NI 52-110") requires companies to provide disclosure with respect to their audit committee including the text of the audit committee's charter, the composition of the audit committee and the fees paid to the external auditor.**

The text of the audit committee's charter is attached as Schedule "A" to this AIF.

For the year ended December 31, 2024, the Company's audit committee consisted of Messrs. Boggio, Boehner and Pataki. All are independent and financially literate as defined in NI 52-110.

The following is a description of the education and experience of each member of the audit committee during the year ended December 31, 2024, that is relevant to the performance of their responsibilities as an audit committee member.

*Lenard Boggio* (Chair of Audit Committee) - Mr. Boggio is a former partner of PwC LLP, where he was an audit partner and the leader of the mining industry practice in British Columbia. Mr. Boggio has significant expertise in financial reporting, auditing matters and transactional support, previously assisting, amongst others, clients in the mineral resource and energy sectors, including exploration, development and production stage operations in the Americas, Africa, Europe and Asia. Mr. Boggio previously served as an independent director and audit committee chair of Blue Gold Mining Inc., Augusta Resource Corp., Armor Minerals Inc., Polaris Materials Corporation, Lithium Americas Corp., Pure Gold Mining Inc., and Three Valley Copper Corp., and currently serves as an independent director and audit committee chair of Equinox Gold Corp. and Augusta Gold Corp. Mr. Boggio has a Bachelor of Arts Degree and an Honors Bachelor of Commerce Degree from the University of Windsor. In 1985 Mr. Boggio became a member of the Institute of Chartered Accountants of BC (ICABC, now CPA BC). Mr. Boggio was conferred with a Fellow's designation in 2007 by the ICABC for distinguished service to the profession and community and in 2018 he was awarded a Lifetime Achievement Award by CPA BC for his outstanding lifetime of service to the profession and community. He is a past president of ICABC and a past Chair of the Canadian Institute of Chartered Accountants. He is also a member of the Canadian Institute of Corporate Directors (ICD.D).

John Boehner – Mr. Boehner served as the 53rd Speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, Mr. Boehner was the U.S. Representative from Ohio's 8th congressional district, serving from 1991 to 2015. He previously served as the House Minority Leader from 2007 until 2011, and House Majority Leader from 2006 until 2007. Following his career in government service, Mr. Boehner joined Squire Patton Boggs, a global law and public policy firm. He earned a Bachelor of Arts in business administration from Xavier University.

 

*George Pataki -* Mr. Pataki is the co-founder and Chairman of the Pataki-Cahill Group, a specialized development firm, and serves as Senior Counsel to the international law firm Norton Rose Fullbright. Previously, he served three terms as the 53rd Governor of the State of New York from 1995 to 2006, being elected after serving consecutively as the mayor of Peekskill, an assemblyman in the New York State Legislature, and as a senator in the New York State Senate. Mr. Pataki has significant experience serving on the boards of public and private corporations.

**Pre-Approval Policies and Procedures**

The audit committee has not adopted any specific policies and procedures for the engagement of non-audit services. However, under its charter, the audit committee must approve all non-audit services to be provided to the Company or its subsidiaries by the Company's external auditors.

**External Auditor Service Fees**

The following table sets forth the fees billed to the Company by Ernst & Young, LLP, Chartered Professional Accountants in the last two fiscal periods for services rendered:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Period** | **Audit Fees**(1)<br> Cdn$ | **Audit Related Fees**(2)<br> Cdn$ | **Tax Fees**<br> Cdn$ | **All Other Fees**(3)<br> Cdn$ |
| December 31, 2024 | $443724 | $0 | $0 | $0 |
| December 31, 2023 | $306500 | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Aggregate fees billed by the Company's auditors for audit and review services.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Aggregate fees billed by the Company's auditors for assurance and related services that are reasonably related to the performance
of the audit or review of the Company's financial statements and not contained under "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;(3) Aggregate fees billed by the Company's auditors for services not contained "Audit Fees", "Audit Related Fees"
or "Tax Fees".

**Additional Information**

Additional information about the Company may be found under the Company's profile on SEDAR+ atwww.sedarplus.ca.

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under equity compensation plans, where applicable, will be contained in the Company's information circular for the annual meeting of shareholders involving the election of directors.

Additional financial information is provided in the Company's consolidated financial statements and management discussion & analysis for its most recently completed financial year.

Titan Mining Corporation<br> Suite 555 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1

Telephone: 604-687-1717; Facsimile: 604-687-1715<br> Website: www.titanminingcorp.com<br> Email: info@titanminingcorp.com

**SCHEDULE "A"**

**Attached.**

**TITAN MINING CORPoration**

**(the "Company")**

**AUDIT COMMITTEE**

**CHARTER**

The Audit Committee (the "Committee") is a committee of the Board of Directors (the "Board") of Titan Mining Corporation (the "Company") to which the Board delegates its responsibilities for the oversight of the accounting and financial reporting process and financial statement audits.

The Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review and report to the Board on the following before they are published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the financial statements and MD&A (management discussion and analysis) (as defined in National Instrument
51-102) of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the auditors report, if any, prepared in relation to those financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all other filings with regulatory authorities and any other publicly disclosed information containing
the Company's financial statements, including any certification, report, opinion or review rendered by the independent accountants,
and all financial information and earnings guidance intended to be provided to analysts and the public or to rating agencies, and consider
whether the information contained in these documents is consistent with the information contained in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Company's annual and interim earnings press releases, if any, before the Company publicly
discloses this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy itself that adequate procedures are in place for the review of the Company's public disclosure
of financial information extracted or derived from the Company's financial statements and periodically assess the adequacy of those
procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) recommend to the Board the external auditor to be nominated for the purposes of preparing and issuing
an auditor's report or performing other audit, review or attest services for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) approve the compensation of such external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be directly responsible for overseeing the work of the external auditor engaged for the purpose of preparing
or issuing an auditor's report or performing other audit, review or attest services for the Company, including the resolution of
disagreements between management and the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) monitor and report to the Board on the integrity of the financial reporting process and the system of
internal controls that management and the Board have established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal
accounting controls, or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approve all non-audit services to be provided to the Company or its subsidiary entities by the Company's
external auditor, including as contemplated by National Instrument 52-110 and consider such fees in relation to fees for audit services
as well as any risk or conflicts of such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) review and approve the Company's hiring of partners, employees and former partners and employees
of the external auditor of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) with respect to ensuring the integrity of disclosure controls and internal controls over financial reporting,
understand the process utilized by the Chief Executive Officer and the Chief Financial Officer to comply with National Instrument 52-109;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) review any changes proposed by management to accounting policies and report to the Board on such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) oversee the opportunities and risks inherent in the Company's financial management and the effectiveness
of the controls thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) review major transactions (acquisitions, divestitures and funding), in respect of which a special committee
of the Board is not established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) review the reports of the Chief Executive Officer and Chief Financial Officer regarding any significant
deficiencies or material weaknesses in the design of operation of internal controls and any fraud that involves management or other employees
of the Company who have a significant role in managing or implementing the Company's internal controls and evaluate whether the
internal control structure, as created and as implemented, provides reasonable assurances that transactions are recorded as necessary
to permit the Company's external auditor to reconcile the Company's financial statements in accordance with applicable securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) review with management the adequacy of the insurance and fidelity bond coverage, reported contingent liabilities,
and management's assessment of contingency planning. Review management's plans regarding any changes in accounting practices
or policies and the financial impact of such changes, any major areas in management's judgment that have a significant effect upon
the financial statements of the Company, and any litigation or claim, including tax assessments, that could have a material effect upon
the financial position or operating results of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) periodically review and discuss with the external auditor all significant relationships the external auditor
has with the Company to determine the independence of the external auditor, including a review of service fees for audit and non-audit
services; and

consider, in consultation with the external auditor, the audit scope and plan of the external auditor and approve the proposed audit fee and the final fees for the audit.

**Composition of the Committee**

The Committee shall be composed of at least three independent directors. Independence of the Board members will be as defined by applicable legislation and as a minimum each committee member will have no direct or indirect relationship with the Company which, in the view of the Board, could reasonably interfere with the exercise of a member's independent judgement.

All members of the Committee must be financially literate or must become financially literate within a reasonable period of time after his or her appointment to the Committee. "Financial literate" means that such member has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. One or more members of the Committee shall, in the judgment of the Board, have accounting or financial management expertise.

**Appointing Members**

The members of the Committee shall be appointed or re-appointed by the Board on an annual basis. Each member of the Committee shall continue to be a member thereof until such member's successor is appointed, unless such member shall resign or be removed by the Board or such member shall cease to be a director of the Company. Where a vacancy occurs at any time in the membership of the Committee, it may be filled by the Board and shall be filled by the Board if the membership of the Committee is less than three directors as a result of the vacancy or the Committee no longer has a member who has, in the judgment of the Board, accounting or financial management expertise.

**Authority**

The Committee has the authority to engage independent counsel and other advisors as it deems necessary to carry out its duties and the Committee will set the compensation for such advisors.

The Committee has the authority to communicate directly with and to meet with the external auditors and the internal auditor, without management involvement. This extends to requiring the external auditor to report directly to the Committee.

The Committee has the authority to approve, if so delegated by the board of directors, the interim financial statements and management discussion and analysis and to cause the filing of the same together with all required documents and information with the securities commissions and other regulatory authorities in the required jurisdictions.

The Committee shall have full access to the books, records and facilities of the Company in carrying out its responsibilities.

The Board shall adopt resolutions which provide for appropriate funding, as determined by the Committee, for (i) services provided by the external auditor in rendering or issuing an audit report, (ii) services provided by any adviser employed by the Committee which it believes, in its sole discretion, are needed to carry out its duties and responsibilities, or (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties and responsibilities.

**Reporting**

The reporting obligations of the Committee will include:

1. reporting to the Board on the proceedings of each Committee meeting and on the Committee's recommendations
at the next regularly scheduled directors meeting; and

2. reviewing, and reporting to the Board on its concurrence with, the disclosure required by Form 52-110F2
in any management information circular prepared by the Company.

**Meetings**

The time and place of meetings of the Committee and the procedure at such meetings shall be determined from time to time by the members thereof provided that:

● A quorum for meetings shall be at least a majority of the members of the Committee, present in person or by telephone or other telecommunication device that permit all persons participating in the meeting to speak and hear each other;

● The Committee shall meet at least quarterly (or more frequently as circumstances dictate); and

● Notice of the time and place of every meeting shall be given in writing or facsimile communication to each member of the Committee and the external auditors of the Company at least 48 hours prior to the time of such meeting.

While the Committee is expected to communicate regularly with management, the Committee shall exercise a high degree of independence in establishing its meeting agenda and in carrying out its responsibilities. The Committee shall submit the minutes of all meetings of the Committee to, or discuss the matters discussed at each Committee meeting with, the Board.

The members of the Committee must elect a chair from among the members of the Committee. On request of the auditor of the Company, the chair of the Committee must convene a meeting of the Committee to consider any matter that the auditor believes should be brought to the attention of the directors or shareholders.

Approved by the Board of Directors of

Titan Mining Corporation on November 10, 2022

## Exhibit 99.62

**Exhibit 99.62**

**Titan Hits Upper Range of Production Guidance and Beats Cost Guidance**

**Vancouver, BC – March 20, 2025** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") is pleased to announce the results for the year ended December 31, 2024*.* The Company has achieved the top end of its 2024 production guidance and costs were 10% lower than the low end of its AISC guidance, at its wholly owned Empire State Mines ("ESM"), despite the production suspension caused by Storm Debby in Q3 2024. *(All amounts are in U.S. dollars unless otherwise stated).*

 ****

***FY 2024 HIGHLIGHTS:***

● Produced 21.7 million pounds of payable zinc in Q4 2024 up 56% when compared to Q4 2023 and total production of 59.5 million pounds of payable zinc for FY 2024.

● Revenues of $26.3 million in Q4 2024, up 318% when compared to Q3 2024 and up 241% when compared to Q4 2023.

● C1 cash costs per payable pound sold of $0.81 for Q4 2024, down 30% when compared to Q4 2023. C1 cash costs were also down to $0.91 for FY 2024, a decrease of 13% when compared to FY 2023. The C1 cash cost achieved is 7% lower than the low end of the C1 cash cost guidance range of $0.98-1.02/lb for 2024.

● AISC of $0.86 for Q4 2024, down 26% when compared to Q4 2023. AISC for FY 2024 was down to $0.94, a 13% decrease when compared to FY 2023. The achieved AISC is 10% lower than the low end of the AISC guidance range of $1.04-1.10/lb for 2024.

● Cash flows from operations of $16.5 million for FY 2024, up 170% when compared to FY 2023.

● Another record year in safety at the Empire State Mine since re-opening, with an injury frequency rate of 0.7, more than 70% lower than the national average.

● Completion of an updated mineral resource estimate and extended mine life for ESM's zinc operations until 2033, reporting a 22% increase in measured and indicated contained pounds of zinc compared to the Company's 2020 zinc mineral resource estimate.

● Completion of a maiden mineral resource estimate for the Kilbourne Graphite Project, resulting in an open-pit constrained inferred mineral resource estimate of 22 million US short tons at an average grade of 2.91% (Cg) containing 653,000 tons of graphite, based on a cut-off grade of 1.50%.

● An aggregate of US$22 million principal repaid on the Company's credit facility with National Bank of Canada.

Don Taylor, Chief Executive Officer of Titan, commented, "*The operational, safety and cost performance in 2024 reflects the solid foundation established at ESM, where the team achieved the upper end of production guidance at lower-than-forecast costs, despite the disruption caused by Storm Debby. The improving TC environment for miners with forecast TCs below $150/t will further enhance profitability in 2025 as we continue to expand operations, reduce costs, and execute our growth plans*."

![](ex99-62_001.jpg)

Rita Adiani, President of Titan commented: "*The Company generated approximately $17 million in cash flow from operations and has retired $22 million of third party debt in 2024, demonstrating a solid and growing operation. Titan is well poised to execute its announced growth projects in 2025 strengthening its role as a key player in domestic critical minerals supply chains."*

***TABLE 1 Financial and Operating Highlights***

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **FY 2024** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q1 2024** |
| **Operating** |  |  |  |  |  |  |
| Payable Zinc Produced | mlbs | 59.5 | 21.7 | 8.3 | 14.5 | 14.6 |
| Payable Zinc Sold | mlbs | 59.6 | 22.3 | 8.2 | 14.7 | 14.4 |
| Average Realized Zinc Price | $/lb | 1.23 | 1.28 | 1.27 | 1.30 | 1.11 |
| C1 cash cost<sup>(1)</sup> | $/lb | 0.91 | 0.81 | 1.32 | 0.79 | 0.97 |
| AISC<sup>(1)</sup> | $/lb | 0.94 | 0.86 | 1.35 | 0.79 | 1.00 |
| **Financial** |  |  |  |  |  |  |
| Revenue | $m | 64.3 | 26.3 | 8.3 | 18 | 11.7 |
| Net Income (loss) after tax | $m | 6.5 | 11.4 | (4.9) | 2.6 | (2.6) |
| Earnings (loss) per share - basic | $/sh | 0.05 | 0.09 | (0.04) | 0.02 | (0.02) |
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | 16.5 | 10.9 | (1.7) | 7 | 0.3 |
|  |  | **31-Dec-24** | **30-Sep-24** | **30-Jun-24** | **31-Mar-24** | **31-Dec-23** |
| **Financial Position** |  |  |  |  |  |  |
| Cash and Cash Equivalents | $m | 10.2 | 5.8 | 5.5 | 4.2 | 5 |
| Net Debt<sup>(1)</sup> | $m | 21.9 | 30.8 | 30.6 | 32.4 | 30.7 |

---

 ****

Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding.

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

For further details the reader is directed to the Company's year ended December 31, 2024 Financial Statements and Management Discussion and Analysis available on the Company's website and sedarplus.ca.

***OPERATIONS REVIEW***

Mining in the fourth quarter of 2024 focused on the Mahler, New Fold, and Mud Pond zones. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades by 10%. Longhole stope mining in New Fold provided above-target grades and tons. Mining has continued in these same key zones during the first quarter of 2025.

While crushing and hoisting activities were halted from August 12, 2024, to September 26, 2024, mining activities continued and ore was stockpiled in the underground. Ore tons that were stockpiled in Q3 2024, during the rehabilitation of the crusher, were hoisted and milled in Q4 2024. This contributed significantly to higher tons and zinc metal produced in Q4 2024. With the excess capacity in the mill, the Company was able to achieve the top end of full guidance while beating cost guidance.

![](ex99-62_001.jpg)

Work on projects in the fourth quarter of 2024 focused mainly on completion of an updated NI 43-101 technical report which was released in January 2025, a power upgrade in the Mahler mining zone, and final work on the crusher recovery project.

***GRAPHITE UPDATE***

The Company's 100% owned Kilbourne Graphite Project is almost entirely located within the active use permit of the Company's ESM #4 mine and within 400ft of the mill. In December 2024, the Company announced a maiden inferred mineral resource estimate of 22 million US short tons, at an average grade of 2.91% graphitic carbon (Cg), based on a cut-off grade of 1.5% Cg. A total of 39 diamond drill holes were completed on the property between the fourth quarter of 2023 and the second quarter of 2024, totaling 11,916 ft (3,362 m) drilled and testing roughly 8,300 ft (2,530 m) of Unit 2 (the Kilbourne host lithology) strike length within the Company's permitted surface ownership.

Surface mapping, supported by historic drill logs, suggests an additional ~8,000 ft (2,438 m) of open strike length to the east, and ~7,500 ft (2,286 m) of open strike length to the south. The mapped historic extents of Unit 2 are within the Company's owned mineral rights package.

During the fourth quarter of 2024 the Company began Phase III of metallurgical test work on graphitic material from the Kilbourne project. Samples representing 118 mineralized intercepts from four drill holes (KX23-001, KX24-002, KX24-003, and KX24-004) were used in the process optimization program.

The optimization program produced a flowsheet capable of producing a 98.8% C(t) concentrate from the master composite, with a recovery of 87.3%, graphite recovery is projected to increase to 90-91% in a closed-circuit.

With the positive metallurgical results of Phase III, Titan is in the final phases of completing engineering for a commercial demonstration plant (the "**Facility**"). The Facility is expected to produce 1,000-1,200t per annum of graphite concentrate and aims for modular expansion to baseline production of 40,000t per annum with further growth capability. The Facility will be fed Kilbourne mineralized material and will be co-located in the ESM mill area. It will benefit from leveraging personnel and infrastructure from the existing zinc ESM mill operations thereby reducing capital and operating costs.

The Company is progressing financing alternatives for the facility and will provide material updates as they occur.

***Scientific and Technical Information***

The scientific and technical information contained herein related to the mineral resource estimates at ESM and related matters is based upon the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update Gouverneur, New York, USA" which has an effective date of December 3, 2024, and was approved by the following qualified persons: Donald R. Taylor, MSc., PG, Todd McCracken, P. Geo., Deepak Malhotra, P. Eng., and Oliver Peters, MSc, P. Eng., MBA. Mr. Taylor is the Chief Executive Officer of the Company. Messrs McCracken, Malhotra, and Peters are independent of the Company. Additional scientific and technical information contained herein related to the Kilbourne project is based on the Company's press release titled "Titan Mining Announces Phase III Metallurgy Results and Outlines Plans for Natural Flake Graphite Processing Facility in New York State", dated January 16, 2025, which was approved by Oliver Peters, MSc, P. Eng., MBA. Mr. Peters is a Qualified Person as defined by National Instrument 43-101 and is independent of Titan.

![](ex99-62_001.jpg)

***Non-GAAP Performance Measures***

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

**C1 Cash Cost Per Payable Pound Sold** 

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

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

**All-in Sustaining Costs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **FY2024** | | **FY2023** |
|  | $| $/lb | $| $/lb |
| Pounds of payable zinc sold (millions) |  | 59.6 |  | 62 |
| Operating expenses and selling costs | 42787 | 0.72 | 46774 | 0.75 |
| Concentrate smelting and refining costs | 11564 | 0.19 | 18540 | 0.30 |
| Total C1 cash cost | 54352 | 0.91 | 65314 | 1.05 |
| Sustaining capital expenditures | 1891 | 0.03 | 2029 | 0.03 |
| AISC | 56243 | 0.94 | 67343 | 1.08 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Current portion of third party debt | $10058 | $31655 |
| Current portion of related party debt | 22023 | 4124 |
| Non-current portion of debt | - | - |
| Total debt | 32081 | 35779 |
| Less: Cash and cash equivalents | (10163) | (5031) |
| Net debt | $21918 | $30748 |

---

 **

***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 built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 ****

 ****

 ****

***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 future results of operations; future exploration plans; the improving TC environment for miners with forecast TCs below $150/t will further enhance profitability in 2025 as we continue to expand operations, reduce costs, and execute our growth plans; Titan is well poised to execute its announced growth projects in 2025 strengthening its role as a key player in domestic critical minerals supply chains; projected graphite recovery; details regarding the proposed Facility, including that the Facility is expected to produce 1,000-1,200t per annum of graphite concentrate and aims for modular expansion to baseline production of 40,000t per annum with further growth capability, the Facility will be fed Kilbourne mineralized material and will be co-located in the ESM mill area, the Facility will benefit from leveraging personnel and infrastructure from the existing zinc ESM mill operations thereby reducing capital and operating costs; the Company is progressing financing alternatives for the facility and will provide material updates as they occur.. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.63

**Exhibit 99.63**

---

| | |
|:---|:---|
| ![](ex99-63_001.jpg) | Suite 555 – 999 Canada Place<br> Vancouver, BC, V6C 3E1<br> Tel: 604-687-1717<br> Fax: 604-687-1715 |

---

March 20, 2025

**TO: ALL APPLICABLE EXCHANGES AND COMMISSIONS**

Dear All:

**Re: TITAN MINING CORPORATION. (the "Company")**

We advise the following with respect to the upcoming meeting of shareholders for the referenced Company:

---

| | | |
|:---|:---|:---|
| 1. | Meeting Type | Annual General |
| 2. | Class of Securities Entitled to Receive Notice | Common |
| 3 | Class of Securities Entitled to Vote | Common |
| 4. | CUSIP Number | 88831L103 |
| 5. | Record Date for Notice | May 6, 2025 |
| 6. | Record Date for Voting | May 6, 2025 |
| 7. | Beneficial Ownership determination date | May 6, 2025 |
| 8. | Meeting Date | June 25, 2025 |
| 9. | Issuer is sending proxy related materials directly to NOBO | No |
| 10. | Issuer paying for delivery to OBO | No |
| 11. | Issuer is sending proxy-related materials to registered holders using notice-and-access | Yes |
| 12. | Issuer is sending proxy-related materials to beneficial owners using notice-and-access | Yes |
| 13. | Stratification | No |

---

Yours truly,

**TITAN MINING CORPORATION**

 

*"Tom Ladner"*

Tom Ladner

General Counsel

## Exhibit 99.64

**Exhibit 99.64**

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024**

(Unaudited)

**Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements**

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.

**TITAN MINING CORPORATION**<br>**Condensed Consolidated Interim Statements of Financial Position**<br>(Expressed in thousands of US dollars - Unaudited)<br>

---

| | | | |
|:---|:---|:---|:---|
| | Notes | March 31,<br> 2025 | December 31, <br> 2024 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $12183 | $10163 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 7 | 4326 | 4032 |
| &nbsp;&nbsp;&nbsp;Inventories | 8 | 8789 | 8243 |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  | 2336 | 1074 |
| &nbsp;&nbsp;&nbsp;Other current assets | 11 |  | 518 |
|  |  | 27634 | 24030 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | 9 | 30472 | 30303 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 10 a | 149 | 125 |
| &nbsp;&nbsp;&nbsp;Other assets | 11 | 672 | 690 |
| **Total assets** |  | $**58927** | $**55148** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $3582 | $4490 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 10b | 53 | 40 |
| &nbsp;&nbsp;&nbsp;Debt | 12a,d | 11307 | 10058 |
| &nbsp;&nbsp;&nbsp;Related party loans | 12b,c | 22420 | 22023 |
|  |  | 37362 | 36611 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 10b | 99 | 87 |
| &nbsp;&nbsp;&nbsp;Debt | 12d | 1510 |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | 15 | 16489 | 15447 |
| Total liabilities |  | 55460 | 52145 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 5081 | 4971 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (61427) | (61781) |
| Total equity (deficit) |  | 3467 | 3003 |
| **Total liabilities and shareholders' equity** |  | $**58927** | $**55148** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 12b)

Approved by the Board on May 13, 2025:

*<u>"Lenard Boggio"</u>* , Audit Committee Chair *<u>"Donald Taylor"</u> ,* Director

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Condensed Consolidated Interim Statements of Income (Loss) and Other Comprehensive Income (Loss)** |
| *(Expressed in thousands of US dollars - Unaudited)* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Three months ended March 31, | Three months ended March 31, |
| | <br>Notes | 2025 | 2024 |
| **Revenue** | 5 | $16015 | $11731 |
| **Cost of Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | 12121 | 10262 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | 1506 | 2957 |
|  |  | (13627) | (13219) |
| **Income (loss) from mine operations** |  | **2388** | **(1488)** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 6b | 389 | 465 |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 6a | 982 | 893 |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 12a,b,d, 14 | 693 | 1143 |
| &nbsp;&nbsp;&nbsp;Accretion expense | 15 | 87 | 70 |
| &nbsp;&nbsp;&nbsp;Interest income |  | (89) | (58) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain |  | (17) | (1331) |
| &nbsp;&nbsp;&nbsp;Other income |  | (11) | (38) |
|  |  | (2034) | (1144) |
| **Net income (loss) for the period** |  | **354** | **(2632)** |
| **Other comprehensive income (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on translation to reporting currency |  | (17) | (1311) |
| **Total comprehensive income (loss) for the period** |  | $**337** | $**(3943)** |
| **Basic and diluted earnings (loss) per share** |  | $**0.00** | $**(0.02)** |
| **Weighted average shares outstanding (in '000)** |  | **136367** | **136367** |

---

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Condensed Consolidated Interim Statements of Changes in Equity** |
| *(Expressed in thousands of US dollars - Unaudited)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Share capital | Share capital | Reserves | Reserves | Reserves | | |
| | Number ('000s) | Amount | Share options<br> and warrants | Currency<br> translation<br> adjustment | Total |<br>Deficit |<br>Total <br> equity<br> (deficit) |
| Balance, December 31, 2023 | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation |  |  | 459 |  | 459 |  | 459 |
| Total comprehensive gain for the year |  |  |  | (1733) | (1733) | 6547 | 4814 |
| Balance, December 31, 2024 | 136367 | $59813 | $10253 | $(5282) | $4971 | $(61781) | $3003 |
| Share based compensation 16b |  |  | 127 |  | 127 |  | 127 |
| Total comprehensive gain for the period |  |  |  | (17) | (17) | 354 | 337 |
| Balance, March 31, 2025 | 136367 | $59813 | $10380 | $(5299) | $5081 | $(61427) | $3467 |

---

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Condensed Consolidated Interim Statement of Cash Flows** |
| *(Expressed in thousands of US dollars - Unaudited)* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | Three Months ended March 31, | Three Months ended March 31, |
| |<br>Notes | 2025 | 2024 |
| **Operating activities** |  |  |  |
| Income (loss) for the period |  | $354 | $(2632) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 87 | 70 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 12 | 62 | 236 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 1506 | 2957 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 15 | 19 |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 558 | 974 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 4 | 1 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 127 | 5 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain |  | (23) | (1367) |
|  |  | 2690 | 263 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | (495) | 99 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | (293) | (204) |
| &nbsp;&nbsp;&nbsp;Inventories |  | (956) | (681) |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  | (743) | (193) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  |  | 648 |
| &nbsp;&nbsp;&nbsp;Income tax paid |  |  | (14) |
| **Net cash generated in operating activities** |  | 203 | (82) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advance on Equipment Loan |  | 2894 |  |
| &nbsp;&nbsp;&nbsp;Debt interest payments |  | (360) | (124) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (18) | (22) |
| &nbsp;&nbsp;&nbsp;Transaction fees paid for loans |  | 18 | (175) |
| &nbsp;&nbsp;&nbsp;Repayment of Credit Facility |  |  | (5000) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  |  | 5000 |
| **Net cash generated (used) by financing activities** |  | 2534 | (321) |
| **Investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and <br> equipment | 9 | (724) | (439) |
| **Net cash used by investing activities** |  | (724) | (439) |
| Effect of foreign exchange on cash and cash equivalents |  | 7 | (13) |
| Increase (decrease) in cash and cash equivalents |  | 2020 | (855) |
| Cash and cash equivalents, beginning of period |  | 10163 | 5031 |
| **Cash and cash equivalents, end of period** |  | $**12183** | $**4176** |

---

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

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 ("ESM") 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" and on the OTCQB and trade under the symbol "TIMCF". 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 March 31, 2025, the Company had cash and cash equivalents of $12,183, working capital deficit of $9,728, net income for the three months ended March 31, 2025 of $354 and a deficit of $61,427. During the three months ended March 31, 2025, the Company had cash inflows from operating activities of $203, cash spend on investing activities of $724, and cash inflow from financing activities of $2,534. The Company has $33,727 of current debt as at March 31, 2025.

Based on the Company's plan for ESM's operations and continued exploration drilling programs, bank debt due in the current year, and its current level of corporate overheads, the Company may 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, the equipment facility loan, 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

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

b) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2024 (the "**Annual Financial Statements**").

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

3. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED

 

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 3 of the Annual Financial Statements.

5. REVENUE

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Zinc concentrate sales | $20087 | $16003 |
| Zinc concentrate provisional pricing adjustments | (2107) | (605) |
| Smelting and refining charges | (1965) | (3667) |
| Revenue, net | $16015 | $11731 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract.

In December 2024, the Company entered into an amendment to its previously signed hedge facility agreement "ISDA Master Agreement" that was entered into with National Bank of Canada ("NBC") in June 2022. The amendment provides the Company with an up to US$1.35 million collateralized facility enabling additional access to funds for future zinc contract commitments. As at March 31, 2025 and December 31, 2024, there were no open Zinc Swap contracts.

6. OTHER OPERATING EXPENSES

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

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Salaries and benefits | $496 | $543 |
| Share-based compensation | 115 | 1 |
| Office and administration | 222 | 292 |
| Professional fees | 161 | 25 |
| Amortization of right-to-use assets, net of changes in lease terms (Note 10) | (24) | 19 |
| Investor relations | 12 | 13 |
|  | $982 | $893 |

---

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

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Salaries and benefits | $163 | $244 |
| Assay and analyses | 7 | 42 |
| Contractor and consultants | 112 | 126 |
| Supplies | 55 | 8 |
| Other | 52 | 45 |
|  | $389 | $465 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

7. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
| | March 31,<br>2025 | December 31,<br>2024 |
| Trade receivables | $4260 | $3987 |
| GST receivable | 41 | 35 |
| Other | 25 | 10 |
|  | $4326 | $4032 |

---

8. INVENTORIES

---

| | | |
|:---|:---|:---|
| | March 31,<br>2025 | December 31,<br>2024 |
| Ore in stockpiles | $224 | $135 |
| Concentrate stockpiles | 41 | 47 |
| Materials and supplies | 8524 | 8061 |
|  | $8789 | $8243 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

9. 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 March 31, 2025 and December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral<br> properties | Plant and<br> equipment | Land | Construction in<br> progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | $46713 | $39610 | $1135 | $3840 | $91298 |
| &nbsp;&nbsp;&nbsp;Additions | 38 | 50 |  | 1841 | 1928 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1452 |  | (1452) |  |
| &nbsp;&nbsp;&nbsp;Transfer to mineral properties | 3269 |  |  | (3269) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and <br>remediation provision |  | 368 |  |  | 368 |
| As at December 31, 2024 | $50020 | $41382 | $1135 | $959 | $93496 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 720 | 720 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1066 |  | (1066) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and <br>remediation provision |  | 955 |  |  | 955 |
| As at March 31, 2025 | $50020 | $43403 | $1135 | $613 | $95171 |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | $25221 | $29279 | $— | $— | $54500 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (35) |  |  | (35) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 4337 | 4391 |  |  | 8728 |
| As at December 31, 2024 | $29558 | $33635 | $— | $— | $63193 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 436 | 1070 |  |  | 1506 |
| As at March 31, 2025 | $29994 | $34705 | $— | $— | $64699 |
| Net book value at December 31, 2024 | $20462 | $7746 | $1135 | $959 | $30303 |
| Net book value at March 31, 2025 | $20026 | $8698 | $1135 | $613 | $30472 |

---

10. LEASES

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2024 | $71 |
| Lease amendment | 154 |
| Changes to lease terms | (28) |
| Depreciation | (67) |
| Unrealized foreign exchange | (5) |
| As at December 31, 2024 | $125 |
| Changes to lease terms | 39 |
| Depreciation | (15) |
| As at March 31, 2025 | $149 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

10. LEASES (continued)

The Company shares office space with other companies related to it by virtue of certain directors and management in common. During the three months ended March 31, 2025 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. Further, during the year ended December 31, 2024, the Company renewed its lease agreement for the shared office space and extended the term of the lease by three years, resulting in a net addition of $154 to right-of-use assets, with an offsetting addition to lease liabilities.

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

---

| | |
|:---|:---|
| | Total |
| As at January 1, 2024 | $76 |
| Changes to lease terms | (34) |
| Lease amendment | 154 |
| Interest accretion | 7 |
| Unrealized foreign exchange | (9) |
| Lease payments | (67) |
| As at December 31, 2024 | $127 |
| Changes to lease terms | 38 |
| Interest accretion | 4 |
| Unrealized foreign exchange | 1 |
| Lease payments | (18) |
| As at December 31, 2024 | $152 |
| Current lease liabilities | $53 |
| Non-current lease liabilities | 99 |
|  | $152 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | > 3 years | Total |
| Minimum lease payments | 64 | 107 |  | 171 |
| Interest charge | (11) | (8) |  | (19) |
| Lease liabilities | $53 | $99 | $— | $152 |

---

During the three months ended March 31, 2025, the Company recognized $81 relating to short-term leases and $13 relating to variable lease payments (2024 - $65 and $36, respectively), expensed to the statements of income (loss) and other comprehensive income (loss).

11. OTHER ASSETS

---

| | | |
|:---|:---|:---|
| | March 31,<br>2025 | December 31,<br>2024 |
| Reclamation deposit | $672 | 672 |
| Other assets |  | 536 |
|  | $672 | 1208 |
| Current |  | (518) |
| Non-current | $672 | $690 |

---

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Credit<br> Facility (a) | Related Party<br> Promissory<br> Note (b) | Related<br> Party Loans<br> (other) (c) | Equipment<br>Facility (d) | Total |
| Balance, January 1, 2024 | 31655 | 4124 |  |  | 35779 |
| Proceeds of loan |  |  | 16500 |  | 16500 |
| Repayment of loan | (22000) |  |  |  | (22000) |
| Interest and accretion | 1564 | 1163 |  |  | 2727 |
| Interest payment | (1707) |  |  |  | (1707) |
| Amortization of borrowing costs | 644 | 236 |  |  | 880 |
| Gain on loan modification | (98) |  |  |  | (98) |
| Balance, December 31, 2024 | $10058 | $5523 | $16500 | $— | $32081 |
| Proceeds of loan |  |  |  | 2894 | 2894 |
| Interest and accretion | 211 | 335 |  | 12 | 558 |
| Interest payment | (173) |  |  | (185) | (358) |
| Amortization of borrowing costs |  | 62 |  |  | 62 |
| Balance, March 31, 2025 | $10096 | $5920 | $16500 | $2721 | $35237 |
| Current | 10096 | 5920 | 16500 | 1211 | 33727 |
| Non-current | $— | $— | $— | $1510 | $1510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Credit Facility** 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company, and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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, however, as there was no unadvanced portion of the Credit Facility during the year ended December 31, 2024, the Company did not incur any standby charges in 2024.

● The original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

● The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of March 31, 2025, the Company was in compliance with all covenants related to the Credit Facility.

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, the available credit limit was reduced from $32,170 to an available credit limit of $27,170, by a principal payment of $5,000. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT (continued)

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and providing a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the available credit limit amount at an annual rate of 1.125%, and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the three months ended March 31, 2025, the Company incurred a guarantee fee charge of $28 (2024 - $112) recognized on the Company's Statements of Loss and Comprehensive Loss.

**b) Related Party Promissory Note**

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

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.

Subsequent to March 31, 2025, the repayment date of the Promissory Note was extended to November 1, 2025. All other terms remain the same.

**c) Related Party Loans (other)**

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Note 6), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Credit Facility. As at the date of these financial statements, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman, and as such, has classified these loans as current on the statements of financial position.

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT (continued)

**d) Equipment Facility**

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

As at March 31, 2025, the Company had $1,906 remaining to be advanced under the Equipment Facility.

13. 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 as of March 31, 2025 was approximately $172 (December 31, 2024 -$207) over the course of the remaining three year term of the office space lease.

The Company was charged for the following with respect to this arrangement during the three months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
|  | 2025 | 2024 |
| Salaries and benefits | $76 | $205 |
| Office and other | 35 | 30 |
| Marketing and travel | 3 | 4 |
|  | $114 | $239 |

---

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

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

---

| | | |
|:---|:---|:---|
| | Three months ended<br> March 31, 2025 | Three months ended<br> March 31, 2024 |
| Salaries and benefits | $107 | $428 |
| Consulting fees | 159 | 228 |
| Share-based compensation | 55 | (3) |
| Directors' fees | 107 | 55 |
|  | $428 | $708 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

13. RELATED PARTY TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| | As at March<br> 31, 2025 | As at<br> December 31,<br> 2024 |
| Salaries and benefits payable | $382 | $650 |
| Consulting fees payable |  | 206 |
|  | $382 | $856 |

---

14. INTEREST AND OTHER FINANCE EXPENSES

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Interest and borrowing costs | $632 | $906 |
| Other | 61 | 237 |
|  | $693 | $1143 |

---

15. RECLAMATION AND REMEDIATION PROVISION

---

| | | |
|:---|:---|:---|
| | As at March 31, <br>2025 | As at December 31, 2024 |
| Balance, beginning of period | $15447 | $16299 |
| Accretion | 87 | 304 |
| Change in estimates | 955 | (1156) |
| Balance, end of period | $16489 | $15447 |

---

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

At March 31, 2025 the estimated future cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 2.29% (December 31, 2024 – discounted at a real rate of 2.47%). The impact of the change in estimate is included in the table above.

At March 31, 2025, the total undiscounted amount for the estimated future cash flows was $23,560 (December 31, 2024 – $23,663).

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

16. SHARE CAPITAL AND RESERVES

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

The Company's authorized share capital consists of an unlimited number of common shares without par value. At March 31, 2025, the Company had 136,366,599 (December 31, 2024 - 136,366,599) common shares issued and outstanding. No dividends were declared during the three months ended March 31, 2025 (2024 - nil).

**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.

During the three months ended March 31, 2025, the Company recognized share-based compensation expense of $127 (2024 – $5), of which $12 (2023 – $1) was recorded to Operating Expenses in the Statements of Income (Loss) and Other Comprehensive Income (Loss) and $115 recognized in general and administrative expenses in the Statement of Income (Loss) and Comprehensive Income (Loss) (2024 - $4).

There were no stock options granted during the three months ended March 31, 2025. The fair value and assumptions for the options granted during the year ended December 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected Life<br> of Options | Exercise<br> Price | Risk-free<br> Interest<br> Rate | Volatility | Black-Scholes<br> Fair Value |
| April 16, 2024 | 5 years | $0.36 | 3.76% | 0.76 | $0.17 |
| August 15, 2024 | 5 years | $0.36 | 2.98% | 0.74 | $0.08 |
| October 17, 2024 | 5 years | $0.30 | 2.93% | 0.75 | $0.12 |
| December 13, 2024 | 5 years | $0.30 | 2.97% | 0.75 | $0.12 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;16. SHARE CAPITAL AND RESERVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options (continued)** 

The following table provides information on outstanding and exercisable stock options at March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 1155 | 0.5 | 1155 |
| November 13, 2020 | 0.85 | 250 | 0.6 | 250 |
| November 10, 2022 | 0.51 | 3965 | 2.6 | 2943 |
| April 16, 2024 | 0.36 | 3875 | 4.1 | 600 |
| August 15, 2024 | 0.36 | 200 | 4.4 |  |
| October 17, 2024 | 0.30 | 800 | 4.6 |  |
| December 13, 2024 | 0.30 | 400 | 4.7 | - |
|  | 0.45 | 10645 | 3.1 | 4948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Share purchase warrants** 

The following table shows the change in the Company's share purchase warrants during the three months ended March 31, 2025 and during the year ended December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| | Number of share<br> purchase warrants<br> ('000s) | Weighted-average<br> exercise price<br> (in C$) | Weighted-average<br> life remaining<br> (years) |
| Outstanding, December 31, 2023 | 20143 | 0.51 | 1.66 |
| Expired | (14143) | 0.54 |  |
| Outstanding, December 31, 2024 and March 31, 2025 | 6000 | 0.42 | 3.84 |

---

The following table provides information on outstanding and exercisable share purchase warrants at March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of<br> warrants<br> outstanding<br> ('000s) | Weighted-average<br> remaining<br> contractual life<br> (years) | Weighted-average<br> fair value per<br> warrants <br>(in C$) |
| November 1, 2028 | 0.42 | 6000 | 3.6 | 0.26 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three months ended March 31, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

17. 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 $31,157 and those located in Canada total $149.

18. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
| | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | (4) | (46) |
| Change in accounts payable and accrued liabilities with respect to inventories | (410) | (333) |
| Change in accounts payable and accrued liabilities with respect to operating expenses | (182) | (122) |
| Change in reclamation and remediation asset | 955 | 347 |

---

## Exhibit 99.65

**Exhibit 99.65**

![](ex99-65_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the three months ended March 31, 2025, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025 and 2024 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of interim financial statements including International Accounting Standards 34 – Interim Financial Reporting ("**IAS 34**").

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

This MD&A is dated May 13, 2025. All dollar amounts reported herein are in US dollars unless otherwise indicated.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 8 |
| LIQUIDITY AND CAPITAL RESOURCES | 10 |
| FINANCIAL INSTRUMENTS | 14 |
| RELATED PARTY TRANSACTIONS | 15 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 17 |
| NOTES TO READER | 17 |
| NON-GAAP PERFORMANCE MEASURES | 19 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the OTCQB under the symbol "TIMCF".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "**Empire State Mine**" or "**ESM**"). Titan declared commercial production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

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

Titan management and Board have approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D Zone ("**N2D**") area. The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine. See the Company's news release dated February 19, 2025, for further detail on production and cost guidance.

In 2024 the Company declared a maiden mineral resource on the Kilbourne graphite project. The deposit comprises an open pit constrained inferred mineral resource estimate of 22 million tons at an average grade of 2.91% Cg with 653kt of contained graphite. Nearly all of the existing mineral resource estimate is within the active use permit, with only permits required to bring to production comprising of state permits. The Company has outlined parameters of a processing facility for the Kilbourne natural graphite mineralized material (the "**Facility**"), to be co-located with the Company's existing zinc operations at ESM. The Company is targeting production from the Facility during the second half of 2025. The key objectives of the Facility are to obtain product for commencement of qualification sales and develop a commercialization strategy for Kilbourne. See the Company's news release dated January 16, 2025, for further detail regarding the Facility*.* Construction of the Facility is recommended in the Company's current technical report for ESM.

In addition, the Company continues to examine various financing options to advance further development at ESM and bolster the Company's treasury.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| <br>**Financial Performance** | **2025** | **2024** | **Change** |
| Net income (loss) before tax | $354 | $(2632) | $2986 |
| Operating cash inflow (outflow) before changes in non-cash working capital | $2690 | $263 | $2427 |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **March 31,<br> 2025** | **December 31,<br> 2024** |
| Cash and cash equivalents | $12183 | $10163 |
| Working capital deficit | $9728 | $12581 |
| Total assets | $58927 | $55148 |
| Equity | $3467 | $3003 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| **Operating Data** | **2025** | **2024** | **Change** |
| Payable zinc produced (mlbs) | 15.4 | 14.7 | 0.7 |
| Payable zinc sold (mlbs) | 15.6 | 14.4 | 1.2 |
| Average provisional zinc price (per lb) | $1.29 | $1.11 | $0.18 |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended March 31, 2025 and up to the date of this MD&A include the following:

● Zero Lost Time Injuries in the first quarter.

● Produced 15.4 million pounds of payable zinc in the first quarter of 2025, an increase of 5% from the same quarter in the prior year.

● Revenues of $16,015 in the first quarter of 2025, an increase of $4,284 from the first quarter in the prior year.

● AISC of $0.96 for the first quarter of 2025 compared to $1.00 in the first quarter of 2024.

● Completion of an updated mineral resource estimate and technical report, which extended the mine life for ESM's zinc operations until 2033, reporting a 22% increase in measured and indicated contained pounds of zinc compared to the Company's 2020 zinc Mineral Resource estimate.

● Received Phase III metallurgy results for the Kilbourne graphite project, resulting in process optimization which indicates favorable characteristics of material with low impurities, high recoveries, final concentrate of 98.8% C(t) and saleable product.

● Commenced engineering for the Facility with financing efforts underway for equipment to be procured.

 

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| | | Q1 | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |
| Ore mined | tons | 109167 | 406541 | 141820 | 58353 | 95575 | 110795 |
| Ore milled | tons | 108293 | 410867 | 147393 | 57011 | 95762 | 110703 |
| Feed grade | zn % | 8.7 | 8.8 | 9.0 | 8.6 | 9.1 | 8.1 |
| Recovery | % | 96.4 | 96.4 | 96.4 | 96.3 | 96.5 | 96.2 |
| Payable zinc | mlbs | 15.37 | 59.5 | 21.7 | 8.3 | 14.8 | 14.7 |
| Concentrate grade | zn % | 59.6 | 60.0 | 60.0 | 59.8 | 60.1 | 59.9 |
| Zinc concentrate produced | tons | 15172 | 58317 | 21850 | 7920 | 14155 | 14392 |
| **Sales** |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 15.57 | 59.6 | 22.3 | 8.2 | 14.7 | 14.4 |
| Average provisional zinc price | $/lb | $1.29 | $1.23 | $1.28 | $1.27 | $1.30 | $1.11 |
| C1 cash cost <sup>(1)</sup> | $/lb | $0.91 | $0.91 | $0.81 | $1.32 | $0.79 | $0.97 |
| Sustaining capital expenditures <sup>(1)</sup> | $/lb | $0.05 | $0.03 | $0.05 | $0.03 | $0.00 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $0.96 | $0.94 | $0.86 | $1.35 | $0.79 | $1.00 |

---

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

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

**OPERATIONS REVIEW**

Mining in the first quarter of 2025 continued to focus on the Mahler, New Fold, and Mud Pond zones in the #4 mine. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Mining has continued in these same key zones during the second quarter of 2025. In addition to these zones, mining activities will expand to the N2D zone, with initial production from the area scheduled at 250 tons per day, ramping up to 500 tons per day in the third quarter of 2025.

Work on projects in the fourth quarter of 2024 focused mainly on establishing a revised mining plan for 2025 with an increase in production from 1,750 tons per day to a nominal 2,250 tons per day by year end. During the first quarter of 2025, mining equipment was sourced and purchased to expand the underground mining fleet to implement the expansion. Personnel were hired to start training and rehabilitation work commenced to prepare the area for mining.

Other project work is focused on further potential expansions in respect of the zinc operation and completion of a Preliminary Economic Assessment on the Kilbourne graphite project.

**ESM Mineral Resource Estimate Update and Extended Life of Mine**

On January 15, 2025, the Company filed the 2025 Technical Report with respect to the Company's Empire State Mine, providing an updated mineral resource estimate and extended mine life for its ESM zinc operation. The regional and near mine exploration plans cover ESM's 80,000 acres of controlled mineral rights in upstate New York and target multiple high quality, near mine and district scale targets with potential to increase near term production and further extend the mine life.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

For additional information, please see the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report" with an effective date of December 3, 2024, filed on SEDAR+ at www.sedarplus.ca on January 15, 2025.

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including the N2D zone and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, and Rossie-Macomb), which were prioritized for drill testing in 2024 and continue in 2025. The team continues to research and consolidate mineral rights interests in high priority target areas.

In addition to zinc and base metal occurrences the Company has identified multiple areas with historic documentation of graphite bearing lithologies in St. Lawrence County. This review has helped identify graphite targets within ESM's mineral rights.

*2025 Drill Programs*

 

Underground:

Underground drill programs in in the first quarter of 2025 targeted Mahler, New Fold, and Mud Pond. Underground drilling totalled 22 drill holes and 9,213 ft (2,808 m). All underground drilling was completed with Company-owned underground drills by Company employees. Of the drilling in the first quarter of 2025, 590 ft (179.8 m) testing exploration targets was completed. One exploration hole, which began in the fourth quarter of 2024, was completed with an additional 460 ft (140.2 m) drilled in the first quarter of 2025. A second hole targeting the down dip extensions of Mud Pond, began in the first quarter of 2025 and was at a depth of 130 ft (39.6 m). The exploration hole UX24-036 intercepted 11.4' at 13.7% Zn (2,157 ft to 2,168 ft) which was 1,750 ft outside the current mineral resource estimate for the#4 mine, indicating further potential mineral resource growth.

Surface:

Surface programs in the first quarter of 2025, included the diamond drilling of Pleasant Valley, an exploration target within the Balmat-Pierrepont trend. Two holes totaling 1,994 ft (607.7 m) were completed during the period. All surface drilling was completed using Company owned drills by Company employees. Drilling targeted the possible extensions of a historically identified mineralized horizon along strike. After drilling at Pleasant Valley is complete, the Company plans to begin drilling at the Pork Creek target.

 

**New Mexico**

 

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since allowing the Company to maintain control of the current land position while evaluating future exploration activities.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | | | 2024 | | | 2023 | 2023 |
|  | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Revenues ($) | 16015 | 26327 | 8274 | 17969 | 11731 | 10911 | 15481 | 8952 |
| Net income (loss) ($) | 354 | 11596 | (4864) | 2617 | (2632) | (6959) | 501 | (4841) |
| Basic & diluted income (loss) per share ($) | 0.00 | 0.08 | (0.04) | 0.02 | (0.02) | (0.05) | 0.00 | (0.03) |
| Cash and cash equivalents ($) | 12183 | 10163 | 5844 | 5547 | 4176 | 5031 | 4319 | 2895 |
| Total assets ($) | 58927 | 55148 | 50290 | 52386 | 49813 | 52762 | 59060 | 59591 |
| Total liabilities ($) | 55460 | 52145 | 57535 | 55194 | 56021 | 55032 | 55528 | 56513 |

---

**FINANCIAL REVIEW**

**Financial Results**

---

| | |
|:---|:---|
| ($000's) | **Three months ended March 31,** |
| **Net income (loss) for the 2024 period** | $(2632) |
| Changes in components of income: |  |
| &nbsp;&nbsp;&nbsp;Revenues increase (decrease) | 4284 |
| &nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | (408) |
| &nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | (890) |
| **Net income for the 2025 period** | $354 |

---

During the three months ended March 31, 2025, revenues increased compared to the same period in 2024 largely as a result of higher concentrate zinc sales over the prior year (2025 – 15.6 mlbs vs. 2024 - 14.4 mlbs), and a higher average provisional price (2025 - $1.29 vs. 2024 - $1.11).

During the three months ended March 31, 2025, cost of sales increased compared to the same period in 2024 as a result of increased repairs and maintenance for planned maintenance on some of the Company's equipment during the first quarter of 2025 and an increased headcount compared to the same period in the prior year. This was partially offset by lower depreciation incurred in 2025 compared to 2024 as a result of the change in resource estimate that occurred in Q4 2024, extending the life of the unit of production depreciated assets.

During the three months ended March 31, 2025, other expenses increased compared to the same period in 2024, largely a result of a foreign exchange gain that was recognized in the same period in the prior year, whereas in Q1 2025, there was less fluctuation in the USD/CAD foreign exchange rate.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Revenue**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| <br>($000's) | **2025** | **2024** | **Change** |
| Zinc concentrate sales | $20087 | $16003 | $4084 |
| Zinc concentrate provisional pricing adjustments | (2107) | (605) | (1502) |
| Smelting and refining charges | (1965) | (3667) | 1702 |
| Revenue, net | $16015 | $11731 | $4284 |

---

Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract.

During the three months ended March 31, 2025, revenues increased compared to the same period in 2024 largely as a result of higher concentrate zinc sales over the prior year (2025 – 15.6 mlbs vs. 2024 - 14.4 mlbs), and a higher average provisional price (2025 - $1.29 vs. 2024 - $1.11).

**Cost of sales**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| <br>($000's) | **2025** | **2024** | **Change** |
| Operating expenses | $11266 | $9430 | $1836 |
| Transportation costs | 928 | 834 | 94 |
| Royalties | 11 | 7 | 4 |
| Depreciation and depletion | 1506 | 2957 | (1451) |
| Change of Inventory | (84) | (9) | (75) |
| Total | $13627 | $13219 | $408 |

---

During the three months ended March 31, 2025, operating expenses increased compared to the same period in the prior year, while tons mined and milled in Q1 2025 were 109,167 and 108,293, respectively (2024 – 110,795 and $110,703, respectively). Operating expenses increased as a result of increased repairs and maintenance for planned maintenance on some of the Company's equipment during the first quarter of 2025, in addition to increased headcount compared to the same period in the prior year. Depreciation and depletion expenses decreased during the three months ended March 31, 2025 compared to the same period in the prior year as a result of the Company's change in mineral resource assumption that occurred in Q4 2024, which increased the mineral resource base over which unit of production assets will be depreciated. The change in the mineral resource assumption was a direct result of the Company's updated mineral resource estimate at the Company's ESM operations included in the 2025 Technical Report.

The impact of inflation on the Company's financial position, operational performance, or cash flows over the next twelve months cannot be determined with any degree of certainty.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Other operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2024** | **Change** | **%** |
| **<u>G&A expenses:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $496 | $543 | (47) | 9 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 115 | 1 | 114 | >100 |
| &nbsp;&nbsp;&nbsp;Office and administration | 222 | 292 | (70) | (24) |
| &nbsp;&nbsp;&nbsp;Professional fees | 161 | 25 | 136 | >100 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, net of changes in lease terms | (24) | 19 | (43) | >100 |
| &nbsp;&nbsp;&nbsp;Investor relations | 12 | 13 | (1) | (8) |
|  | $982 | $893 | 89 | 10 |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $163 | $244 | (81) | (33) |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 7 | 42 | (35) | (83) |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 112 | 126 | (14) | (11) |
| &nbsp;&nbsp;&nbsp;Supplies | 55 | 8 | 47 | >100 |
| &nbsp;&nbsp;&nbsp;Other | 52 | 45 | 7 | 16 |
|  | $389 | $465 | (76) | (16) |

---

G&A expenses for three months ended March 31, 2025 increased slightly compared to the same quarter in the prior year, largely as a result of an increase in share based payments as the Company had a larger amount of stock options vesting during the period compared to the prior year. In addition to an increase in professional fees relating to accounting and tax support.

E&E expenses for the three months ended March 31, 2025 remained relatively consistent with the same quarter in the prior year.

**Other expenses (income)** 

---

| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| **2025** | **2024** | **Change** | **%** |
| 663 | (214) | 877 | >100 |

---

For the three months ended March 31, 2025, other expenses (income) increased from the same period in the prior year as a result of a foreign exchange gain recognized in the prior year of $1,331 compared to a $17 gain in the current year, as the foreign exchange rate remained relatively consistent during the current period. This was partially offset by a decrease in interest expense due to a lower debt balance owing on the Company's credit facility with NBC (as defined below).

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - National Bank of Canada*

 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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 original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of March 31, 2025, the Company was in compliance with all covenants related to the Credit Facility.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, a principal payment of $5,000 reduced the available credit limit from $32,170 to $27,170. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and provided a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guaranteed fee applicable to the available credit limit amount at an annual rate of 1.125% and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the three months ended March 31, 2025, the Company incurred a guaranteed fee charge of $28 (2024 - $112) recognized on the Company's Statements of Loss and Comprehensive Loss.

*Promissory Note – November 1, 2023* 

 

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

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.

Subsequent to March 31, 2025, the repayment date of the Promissory Note was extended to November 1, 2025. All other terms remain the same.

 

*Other Related Party Loans*

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

As at the date hereof, the Company has not yet agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman, and as such, has classified these loans as current on the statements of financial position.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

*Equipment Facility* 

 

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

As at March 31, 2025, the Company had $1,906 remaining to be advanced under the Equipment Facility.

**Financial Condition**

---

| | | |
|:---|:---|:---|
| | **March 31,<br> 2025** | **December 31,<br> 2024** |
| Cash and cash equivalents | $12183 | $10163 |
| Total debt | $35237 | $32081 |
| Net debt<sup>(1)</sup> | $23054 | $21918 |
| Working capital deficit | $(9728) | $(12581) |

---

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

Cash and cash equivalents as at March 31, 2025 increased by $2,020 compared to December 31, 2024. The increase in cash was generated from positive operating cash flows of $203, in addition to cash provided by financing activities of $2,534, partially offset by cash used in investing activities of $724, relating to the purchase of equipment. The cash provided by financing activities largely related to a $2,894 advance on the Company's Equipment Facility, partially offset by debt interest payments of $360 during the quarter.

At March 31, 2025, the Company's debt was comprised of a loan from the Credit Facility of $10,096, the Equipment Facility of $2,721, the Promissory Note from a related party of $5,920, and additional loans from a related party of $16,500. The Company incurred interest and accretion expense of $558 during the three months ended March 31, 2025, related to the debt, and made interest payments of $358. Amortized borrowing costs during the three months ended March 31, 2025 was $62.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2024** | **Change** |
| Operating cash flows before changes in working capital | $2690 | $263 | $2427 |
| Changes in working capital | (2487) | (345) | (2142) |
| Net cash flows generated by (used in) operating activities | 203 | (82) | 285 |
| Net cash flows generated by (used in) financing activities | 2534 | (321) | 2855 |
| Net cash flows generated by (used in) investing activities | (724) | (439) | (285) |
|  | $2013 | $(842) | $2855 |

---

Net cash flows generated from operating activities were higher during the three months ended March 31, 2025 compared to the same period in the prior year largely as a result of higher revenue. A discussion of the changes from period to period is set out above under "Financial Results" and "Other Operating Expenses".

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

Net cash flows generated by financing activities during the three months ended March 31, 2025 reflect $2,894 advances on the Company's Equipment Facility, partially offset by $360 of interest payments.

Net cash flows used in investing activities in the three months ended March 31, 2025 were slightly higher compared to the same period in the prior year related to the commencement of the planned equipment purchases to recommence mining in the N2D zone.

**Capital Expenditures**

The Company invested $724 in capital expenditures during the three months ended March 31, 2025 compared to $439 in capital expenditures in the comparative period in the prior year, including a new telehandler and loader.

**Liquidity**

As at March 31, 2025, the Company had total liquidity of $12,183 in cash and cash equivalents. The Company had negative working capital of $9,728 and a deficit balance of $61,427. For the three months ended March 31, 2025, the Company had recognized net income of $354 and positive operating cash flows of $203. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

**Capital Management**

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

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

As noted above with the Company's debt, the Company is subject to certain financial covenants relating to its Credit Facility with NBC. As at March 31, 2025, the Company was in compliance with all financial covenants. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that debt/equity financing or strategic alternatives will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at March 31, 2025 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $33230 | $1513 | $- | $- | $34743 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 1233 | 21 |  |  | 1254 |
| &nbsp;&nbsp;&nbsp;Leases | 53 | 99 |  |  | 152 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision |  |  | - | 16489 | 16489 |
|  | $34516 | $1633 | $- | $16489 | $52638 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

The repayment of debt principal includes $16,500 owing to a related party, of which commercial terms have not yet been finalized. Until such terms have been finalized, the Company has classified all principal amounts owing as current.

**Subsequent Events**

The Company did not have any subsequent events other than what has been disclosed elsewhere in this MD&A. Refer to Liquidity and Capital Resources – Debt.

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 6,000,000 warrants and 10,695,000 options outstanding.

**FINANCIAL INSTRUMENTS**

a) Carrying amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | March 31, 2025 | March 31, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $152 | $152 | $127 | $127 |
| Debt | $12817 | $12817 | $10058 | $10058 |
| Loans from related party | $22420 | $22420 | $22023 | $22023 |

---

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

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

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on March 31, 2025 was approximately $172 over the course of the remaining three year term of the office lease.

The Company was charged for the following with respect to this arrangement during the three months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Salaries and benefits | $76 | $205 |
| Office and other | 35 | 30 |
| Marketing and travel | 3 | 4 |
|  | $114 | $239 |

---

**Key management personnel compensation**

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

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| | 2025 | 2024 |
| Salaries and benefits | $107 | $428 |
| Consulting fees | 159 | 228 |
| Share-base compensation | 55 | (3) |
| Directors' fees | 107 | 55 |
|  | $428 | $708 |

---

The following amounts are outstanding as at March 31, 2025 and December 31, 2024, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
| | As at March 31, 2025 | As at December 31, 2024 |
| Salaries and benefits payable | $382 | $650 |
| Consulting fees payable | - | 206 |
|  | $382 | $856 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Accounting Standards Issued But Not Yet Adopted**

 

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

**Estimates and judgments**

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

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

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Taxation

See note 5 of our 2024 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the three months ended March 31, 2025.

**NOTES TO READER**

**Cautionary note regarding forward-looking information**

Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to that Titan believes that the district surrounding ESM remains underexplored despite the long operating history of ESM; the nature, extent, location, and timing of future exploration and testing at ESM; that testing at targets prioritized for surface sampling, mapping and drilling occurs as scheduled, if at all; production guidance; 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 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. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward looking statements and forward-looking statements are not guarantees of future results, performance or achievement. The Company has made assumptions based on or related to many of these risks, uncertainties and factors. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc 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; delays in completion of exploration, development or construction activities; 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; risks of making a production decision at Turnpike (formerly Sphaleros) that is not based on a technical report; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; damage caused by Tropical Storm Debby; the Company's assumptions regarding time and cost to repair damage caused by Tropical Storm Debby; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+.

Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2024 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the section entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available on www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report" with an effective date of December 3, 2024, filed on SEDAR+ at www.sedarplus.ca on January 15, 2025.

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**NON-GAAP PERFORMANCE MEASURES**

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

**C1 cash cost per payable pound sold**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| C1 cash cost per payable pound | Total | Per pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 15.6 |  | 14.4 |
| Operating expenses and selling costs | $12121 | $0.78 | $10263 | $0.71 |
| Concentrate smelting and refining costs | 1964 | 0.13 | 3667 | 0.26 |
| Total C1 cash cost | $14085 | $0.91 | $13930 | $0.97 |
| Sustaining Capital Expenditures | $720 | $0.05 | $438 | $0.03 |
| AISC | $14805 | $0.96 | $14368 | $1.00 |

---

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>(In thousands of US Dollars, unless otherwise indicated)<br>

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2024** |
| Sustaining capital expenditures | $720 | $438 |
| Expansionary capital expenditures | - | 1 |
| Additions to mineral, properties, plant and equipment | $720 | $439 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **As at<br> March 31,**<br>**2025** | **As at <br> December 31,**<br>**2024** |
| Current portion of debt | $33727 | $32081 |
| Non-current portion of debt | 1510 | - |
| Total debt | $35237 | $32081 |
| Less: Cash and cash equivalents | (12183) | (10163) |
| Net debt | $23054 | $21918 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2025** | **2024** |
| Net cash provided (used) by operating activities | $203 | $(82) |
| Less: Capital expenditures | (720) | (439) |
| Free cash flow | $(517) | $(521) |

---

## Exhibit 99.66

**Exhibit 99.66**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

 ****

I, **Donald R. Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation** (the "issuer") for the interim period ended **March 31, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2025** and ended on **March 31, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

---

| |
|:---|
| Date: May 13, 2025 |
| */s/ Donald R. Taylor* |
| Donald R. Taylor |
| Chief Executive Officer |

---

## Exhibit 99.67

**Exhibit 99.67**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

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

1.  ***Review:*** I have reviewed the interim financial report and interim Management's Discussion
and Analysis ("MD&A") (together, the "interim filings") of **Titan Mining Corporation.** (the "issuer")
for the interim period ended **March 31, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed in its interim MD&A any change
in the issuer's ICFR that occurred during the period beginning on **January 1, 2025,** and ended on **March 31, 2025,** that
has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **May 13, 2025** |
| /s/ Kevin Hart |
| Kevin Hart |
| Chief Financial Officer |

---

## Exhibit 99.68

**Exhibit 99.68**

![](ex99-68_001.jpg)

**Titan Mining Reports 37% Revenue Growth and Lower Costs in Q1 2025**

**Vancouver, BC – May 14, 2025** – *Titan Mining Corporation* (TSX: TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") today announced its financial and operating results for the quarter ended March 31, 2025. The Company delivered a 37% year-over-year revenue increase and a 4% reduction in all-in sustaining costs ("**AISC**"), supported by higher production and strong operational execution at the Empire State Mine ("**ESM**").

***Q1 25 HIGHLIGHTS:<sup>(1)</sup>***

● Payable zinc production of 15.37 million pounds, up 5% from Q1 2024.

● Revenues of $16.02 million, a 37% increase year-over-year.

● C1 cash costs of $0.91/lb, down 6% from Q1 2024.

● AISC of $0.96/lb, down 4% from Q1 2024.

● Cash flow from operations of $2.7 million, up 922% from Q1 2024.

● Reduction in net debt by 29% from Q1 2024.

● Ending cash balance of $12.18 million, up 20% from December 31, 2024.

● 22 holes (9,213 ft) drilled in underground exploration drilling, across Mahler, New Fold, and Mud Pond.

● UX24-036 at Mud Pond intersected 11.6 ft at 13.7% Zn. This is ~1,750 ft directly down plunge of the current mineral resource estimate, indicating significant expansion potential.

● Strong safety performance, with an injury frequency rate 70% below the U.S. national average.

● Kilbourne graphite project on track with final engineering complete for commercial demonstration facility.

<sup>(1)</sup> All amounts disclosed in this news release are in U.S. dollars unless otherwise stated.

Don Taylor, Chief Executive Officer of Titan, commented, "*We started 2025 with good momentum, achieving strong production and lowering unit costs. This performance reflects the strength of our team and the efficiency of the Empire State Mine, which continues to deliver consistent, high-quality results. The quarter's exploration results, including a high-grade intercept over 1,700 feet outside our current mineral resource model, point to meaningful mineral resource expansion and long-term potential across the district"*.

Rita Adiani, President of Titan commented: "*Titan's Q1 results reinforce our strategy to grow responsibly while maintaining cost discipline. With zinc operations delivering robust cash flow and our graphite project advancing rapidly, we are executing on our dual-commodity growth plan and positioning Titan as a reliable U.S. supplier of critical minerals".*

![](ex99-68_001.jpg)

***TABLE 1 Financial and Operating Highlights***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2024** |
| | | &nbsp;&nbsp;Q1 | &nbsp;&nbsp;FY | &nbsp;&nbsp;Q4 | &nbsp;&nbsp;Q3 | &nbsp;&nbsp;Q2 | &nbsp;&nbsp;Q1 |
| **Operating** | **Operating** | **Operating** | **Operating** | **Operating** | **Operating** | **Operating** | **Operating** |
| Payable zinc produced | mlbs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 |
| Payable zinc sold | mlbs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 |
| Average Realized Zinc Price | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| C1 Cost<sup>(1)</sup> | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| AISC<sup>(1)</sup> | $/lb | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Financial** | **Financial** | **Financial** | **Financial** | **Financial** | **Financial** | **Financial** | **Financial** |
| Revenue | $m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.73 |
| Net Income (loss) after tax | $m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.63) |
| Earnings (loss) per share- basic | $/sh | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.02) |
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | 2.69 | 16.47 | 10.92 | (1.68) | 6.97 | 0.26 |
| **Financial Position** | **Financial Position** | **Financial Position** | **Financial Position** | **Financial Position** | **Financial Position** | **Financial Position** | **Financial Position** |
| Cash & Cash Equivalents | $m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Net Debt<sup>(1)</sup> | $m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.44 |

---

Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding.

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

For further details the reader is directed to the Company's Q1 2025 Financial Statements and Management Discussion and Analysis available on the Company's website and www.sedarplus.ca.

***OPERATIONS REVIEW***

Mining activity in Q1 2025 focused on the Mahler, New Fold, and Mud Pond zones in the #4 mine. Deepening of the Mahler ramp enabled access to higher-grade ore, while long hole stoping in New Fold exceeded grade and tonnage targets. Production from the N2D zone is set to commence at 250 tons/day in Q2, increasing to 500 tons/day in Q3.

Titan has begun implementing production expansion from 1,750 to 2,250 tons/day anticipated for completion by year-end. Equipment purchases and workforce training are underway, with rehabilitation advancing to support increased output.

***GRAPHITE UPDATE***

The Kilbourne Graphite Project, located within ESM's active permit area, continues to progress on schedule. Following positive Phase III metallurgy results, engineering for the commercial demonstration facility is nearing completion. The facility is expected to produce 1,000–1,200 tonnes of graphite concentrate per year. Subject to demand, funding and positive economic studies, the Company is targeting increasing graphite concentrate production to 40,000 tonnes per year. This will be the first fully integrated natural flake graphite production in the U.S. since 1956.

![](ex99-68_001.jpg)

***EXPLORATION UPDATE***

As part of the underground drilling campaign, 22 holes totaling 9,213 feet were drilled in Q1, targeting Mahler, New Fold, and Mud Pond zones. A notable intercept from hole UX24-036 (11.6 ft at 13.7% Zn) was intersected approximately 1,750 ft outside the current mineral resource model along strike, indicating the potential to meaningfully expand the current mineral resource estimate.

![](ex99-68_002.jpg)

Figure 1: Map showing the intercept in UX24-036 relative to the current resource model extents.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** | &nbsp;&nbsp;**Underground Exploration Drilling** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From (ft)** | &nbsp;&nbsp;**To (ft)** | &nbsp;&nbsp;**Interval (ft)** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Zn%** |
| &nbsp;&nbsp;UX24-036 | &nbsp;&nbsp;2156.7 | &nbsp;&nbsp;2168.3 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;656.1 | &nbsp;&nbsp;659.6 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;13.7 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** | &nbsp;&nbsp;**Collar** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Length (ft)** | &nbsp;&nbsp;**Easting (ft)** | &nbsp;&nbsp;**Northing (ft)** | &nbsp;&nbsp;**Elevation (ft)** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**Dip** |
| &nbsp;&nbsp;UX24-036 | &nbsp;&nbsp;2456 | &nbsp;&nbsp;17587.9 | &nbsp;&nbsp;16552.3 | &nbsp;&nbsp;-2892.3 | &nbsp;&nbsp;308 | &nbsp;&nbsp;-45 |

---

![](ex99-68_001.jpg)

***Quality Assurance and Quality Control***

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes.

Shipping boxes are placed on pallets and shipped by freight to ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical data in this news release. Mr. Taylor has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

***Qualified Person***

The scientific and technical information contained in this news release has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company. Mr. Taylor is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597).

***Non-GAAP Performance Measures***

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

![](ex99-68_001.jpg)

**C1 Cash Cost Per Payable Pound Sold** 

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

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

**All-in Sustaining Costs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Q1 2025** |  | &nbsp;&nbsp;**Q1 2024** |
| | &nbsp;&nbsp;**$** | &nbsp;&nbsp;**$/lb** | &nbsp;&nbsp;**$** | &nbsp;&nbsp;**$/lb** |
| Pounds of payable zinc sold (millions) |  | &nbsp;&nbsp;15.6 |  | &nbsp;&nbsp;14.4 |
| Operating expenses and selling costs | &nbsp;&nbsp; $12121 | &nbsp;&nbsp; $0.78 | &nbsp;&nbsp;$10263 | &nbsp;&nbsp;$0.71 |
| Concentrate smelting and refining costs | &nbsp;&nbsp;1964 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;3667 | &nbsp;&nbsp;0.26 |
| Total C1 cash cost | &nbsp;&nbsp;$14085 | &nbsp;&nbsp;$0.91 | &nbsp;&nbsp; $13930 | &nbsp;&nbsp;$0.97 |
| Sustaining capital expenditures | &nbsp;&nbsp; 720 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;438 | &nbsp;&nbsp;0.03 |
| AISC | &nbsp;&nbsp;$14805 | &nbsp;&nbsp;$0.96 | &nbsp;&nbsp;$14368 | &nbsp;&nbsp;$1.00 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Q1 2025** | &nbsp;&nbsp;**Q1 2024** |
| Current portion of debt | &nbsp;&nbsp;$33727 | &nbsp;&nbsp;$32081 |
| Non-current portion of debt | &nbsp;&nbsp;1510 | &nbsp;&nbsp;- |
| Total debt | &nbsp;&nbsp;$35237 | &nbsp;&nbsp;$32081 |
| Less: Cash and cash equivalents | &nbsp;&nbsp;(12183) | &nbsp;&nbsp;(10163) |
| Net debt | &nbsp;&nbsp;$23054 | &nbsp;&nbsp;$21918 |

---

 **

 ****

***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'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 www.titanminingcorp.com

***Contact***

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

***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 the potential for significant expansion of the mineral resource estimate; the Kilbourne graphite project for commercial demonstration facility; that Titan will be positioned as a reliable U.S. supplier of critical minerals; production from the N2D zone is set to commence at 250 tons/day in Q2, increasing to 500 tons/day in Q3; Titan has begun implementing production expansion from 1,750 to 2,250 tons/day anticipated for completion by year-end; the facility is expected to produce 1,000–1,200 tonnes of graphite concentrate per year; subject to demand, funding and positive economic studies, the Company is targeting increasing graphite concentrate production to 40,000 tonnes per year; Procurement and assembly for the facility is expected to begin in H2 2025; and that this will be the first fully integrated natural flake graphite production in the U.S. since 1956.. 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 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 the ability to advance exploration efforts at ESM; the results of such exploration efforts; graphite demand; results of economic studies; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. 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.

## Exhibit 99.69

**Exhibit 99.69**

![](ex99-69_001.jpg)

**Titan Launches Processing Facility for U.S. Natural Flake Graphite Production in New York** 

*First U.S.-Sourced and Processed Natural Graphite Since 1956 to Support National Security and Supply Chain Resilience*

**Vancouver, BC** – May 20, 2025 – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce the launch of construction of its fully permitted commercial demonstration facility (the "Facility") for natural flake graphite, co-located at its Empire State Mine ("ESM") in St. Lawrence County, New York. This milestone will enable the first end-to-end production of U.S. mined and processed natural flake graphite in nearly 70 years and represents a key step toward restoring domestic supply of a mineral critical to both national security and energy independence.

***Highlights:***

 ****

● Facility will enable first mined and refined U.S. natural flake graphite production since 1956

● Fully permitted Facility leveraging existing zinc mill and infrastructure

● Engineering complete, procurement underway with commissioning due in H2 2025

● Initial capacity to process 60,000 tonnes/year of feed from the Kilbourne Project ("Kilbourne"), producing 1,000–1,200 tonnes/year of graphite concentrate

● Qualification sales to U.S. defense and industrial customers expected in early 2026

● Targeting production capability of 40,000 tonnes, to satisfy large majority of US natural flake graphite demand

● Public-private partnership with the St. Lawrence County Industrial Development Agency ("SLCIDA") and the Development Authority of the North Country ("DANC"), which provided equipment financing and workforce support

● Preliminary Economic Assessment ("PEA") for Kilbourne expected in H2 2025

*Don Taylor, CEO of Titan commented: "This launch underscores the scalability and optionality of our district. Plans to produce both zinc and graphite on one site uniquely positions us to deliver critical materials from a single, fully permitted platform with established infrastructure."*

 

*Rita Adiani, President of Titan commented: "This facility is a critical first step toward restoring domestic production of a mineral essential to our national security and energy independence. We're proud to begin construction of a facility that will bring U.S. natural graphite back online and provide a secure, transparent, and ethical source of supply."*

 

 

 

*Congresswoman Elise Stefanik, Chair of the House Republican Conference, commented: I'm proud to support Titan's new graphite processing facility in St. Lawrence County—the first U.S.-sourced and processed natural graphite since 1956. This is a major step for national security, supply chain resilience, and jobs right here in New York's North Country. I'll continue fighting to strengthen American energy and critical mineral independence."*

 

*Patrick J. Kelly, CEO of the St. Lawrence County Industrial Development Agency commented: "St. Lawrence County is fortunate to have tremendous natural resources, a dedicated and skilled workforce, and world-class companies like Titan as partners in our development efforts. We are excited to be part of this milestone commercial demonstration facility and look forward to working with Titan on the continued growth of the Empire State Mines operations."*

 

*Carl E. Farone Jr. Executive Director, Development Authority of the North Country commented: "The North Country is fortunate to have Empire State Mines be one of the first in the country to mine & process natural flake graphite, and we are pleased to be able to support their Facility and the jobs it will create."*

 

***Project Overview & Next Steps***

As outlined in the press release dated January 16, 2025, the Facility is designed to process approximately 60,000 tonnes per year of graphite-bearing material from Kilbourne, producing 1,000–1,200 tonnes per year of graphite concentrate for customer qualification. The project is fully permitted and on track to commence commissioning in H2 2025, with initial sales expected in early 2026 to U.S. defense and industrial customers.

This launch is the first phase of Titan's long-term strategy to scale production. Subject to customer demand, further technical studies and capital availability, Titan is targeting an expansion to a 40,000 tonnes/year Facility, positioning the Company to become a leading U.S. supplier of natural flake graphite, capable of meeting a significant part of domestic demand.

The Company is currently completing a PEA for the Kilbourne graphite project, with results expected in the second half of 2025. Titan will continue to operate the Facility to progress product qualifications in parallel with technical and economic studies, ensuring production is scaled appropriately with secured offtake agreements in place before major capital commitments are made.

Construction of the Facility is supported through equipment financing from SLCIDA and DANC, with Titan committing to maintain at least 135 full-time jobs and creating 5 new positions.

 **

***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'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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

 

 

***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 this milestone will enable the first end-to-end production of U.S. mined and processed natural flake graphite since 1956 and represents a key step toward restoring domestic supply of a mineral critical to both national security and energy independence; specifications of the Facility; qualification sales to U.S. defense and industrial customers expected in early 2026; targeting production capability to satisfy large majority of US natural flake graphite demand; PEA for Kilbourne expected in H2 2025; plans to produce both zinc and graphite on one site uniquely positions us to deliver critical materials from a single, fully permitted platform with established infrastructure; that we will bring U.S. natural graphite back online and provide a secure, transparent, and ethical source of supply; the project is on track to commence commissioning in H2 2025; Titan is targeting an expansion to a 40,000 tonnes/year Facility, positioning the Company to become a leading U.S. supplier of natural flake graphite; and that Titan will continue to operate the Facility to progress product qualifications in parallel with technical and economic studies, ensuring production is scaled appropriately with secured offtake agreements in place before major capital commitments are made. 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 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; 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.

## Exhibit 99.70

**Exhibit 99.70**

![](ex99-70_001.jpg)

**The Export-Import Bank of the United States approves US$15.8 Million Financing for ESM to Advance Zinc and Critical Minerals Production in New York**

**Vancouver, BC – June 19, 2025 –** Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce that the Export-Import Bank of the United States ("EXIM") has approved a US$15.8 million financing for its wholly owned subsidiary, Empire State Mines LLC ("ESM"), to fund critical capital development in support of expanding zinc production and advancing ESM's critical minerals portfolio in St. Lawrence County, New York.

This marks EXIM's first direct mining transaction under the Make More in America Initiative ("MMIA"), a landmark federal initiative aimed at reshoring industrial capacity, securing U.S. supply chains for critical materials and expanding the domestic manufacturing base.

***Highlights:***

● EXIM's first mining loan under MMIA, signaling federal recognition of Titan's role in restoring domestic mineral production

● First step in a strategic financing partnership as Titan develops the first integrated natural flake graphite operations in the United States since 1956

● Long-term, fixed-rate financing (7-year tenor, 2-year interest-only grace period) to support zinc expansion, whilst ESM is focused on graphite facility build-out

● Funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM

● Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite

● Job creation and retention commitments: 135 jobs retained, and 10 new positions targeted under EXIM requirements

● Efficient balance sheet structuring with Titan retaining flexibility for future growth and financings

 

*Don Taylor, CEO of Titan commented: "This financing marks a major step forward for Titan and the Empire State Mine. It enables us to further expand zinc production, accelerate our graphite development, and importantly, retain 135+ high-quality jobs in upstate New York while creating new skilled positions as we grow. EXIM's support reflects the strategic importance of our assets and validates our long-term vision"*

 

*Rita Adiani, President of Titan commented: "This is a foundational milestone—not just for Titan, but for U.S. mineral policy. With this EXIM facility, we're building a secure, transparent supply of critical minerals and investing in energy and defense supply chains. We're proud to be EXIM's first mining partner under Make More in America."*

 

*"I am proud that the Board approved our eighth Make More in America transaction," said Acting President and Chairman James Cruse. "This deal underscores EXIM's commitment to strengthening U.S. supply chains, competing with the People's Republic of China, and supporting good-paying American jobs."* 

 

![](ex99-70_001.jpg)

 

***About EXIM***

 ****

Established in 2022, the Make More in America initiative (MMIA) directs an all-of-government approach to assessing vulnerabilities in, and strengthening the resilience of, the United States' critical supply chains. By leveraging its existing financing capabilities, with priority given to small businesses and transformational export areas, including critical minerals, EXIM is working to help level the playing field for American companies competing in overseas markets, especially those with export-oriented domestic manufacturing nexuses.

 **

***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'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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

***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 funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM; Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite; future growth and financings; and expansion of zinc operations and the reestablishment of U.S. natural graphite production. 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 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; 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.

## Exhibit 99.71

**Exhibit 99.7**1

![](ex99-71_001.jpg)

June 23, 2025

To: British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

Office of the Superintendent of Securities (Northwest Territories)

Office of the Yukon Superintendent of Securities

Office of the Superintendent of Securities Nunavut

We have read the statements made by Titan Mining Corporation in the attached copy of change of auditor notice dated June 17, 2025, which we understand will be filed pursuant to Section 4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers LLP in the change of auditor notice dated June 17, 2025.

Yours very truly,

![](ex99-71_002.jpg)

Chartered Professional Accountants

PricewaterhouseCoopers LLP

250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7

T: +1 604 806 7000, F: +1 604 806 7806, ca_vancouver_main_fax@pwc.com, www.pwc.com/ca

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

## Exhibit 99.72

**Exhibit 99.72**

---

| | | |
|:---|:---|:---|
| ![](ex99-72_001.jpg)  | <br>Ernst & Young LLP<br> The Stack<br> 1133 Melville St.<br> Suite 1900<br> Vancouver, BC V6E 4E5 | <br>Tel: +1 604 891 8200<br> Fax: +1 604 643 5422<br> ey.com |

---

June 18, 2025

British Columbia Securities Commission (Principal Regulator)

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Financial and Consumer Services Commission of New Brunswick

Nova Scotia Securities Commission

Financial and Consumer Services Division, Prince Edward Island

Office of the Superintendent of Securities Service, Newfoundland and Labrador

Office of the Superintendent of Securities, Northwest Territories

Office of the Yukon Superintendent of Securities

Office of the Superintendent of Securities, Nunavut

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Titan Mining Company** |

---

**Change of Auditor Notice dated June 17, 2025**

Pursuant to National Instrument 51-102 (Part 4.11), we have read the above-noted Change of Auditor Notice and confirm our agreement with the information contained in the Notice pertaining to our firm.

Yours sincerely,

![](ex99-72_002.jpg)

Chartered Professional Accountant

cc: The Board of Directors, Titan Mining Company

A member firm of Ernst & Young Global Limited

## Exhibit 99.73

**Exhibit 99.73**

---

| | |
|:---|:---|
| ![](ex99-73_001.jpg) | Suite 555 – 999 Canada Place<br> Vancouver, BC, V6C 3E1<br> Tel: 604-687-1717<br> Fax: 604-687-1715 |

---

**<u>NOTICE OF CHANGE OF AUDITOR</u>**

---

| | |
|:---|:---|
| TO: | Ernst & Young LLP |
| AND TO: | PricewaterhouseCoopers LLP |
| CC: | British Columbia Securities Commission (Principal Regulator) |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Ontario Securities Commission |
|  | Financial and Consumer Services Commission of New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Financial and Consumer Services Division, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Yukon Superintendent of Securities |
|  | Office of the Superintendent of Securities, Nunavut |

---

**TAKE NOTICE THAT** Titan Mining Corporation (the "**Corporation**") hereby provides notice pursuant to National Instrument 51-102 *Continuous Disclosure Obligations* ("**NI 51-102**") of a change of auditors from Ernst & Young LLP ("**E&Y**") to PricewaterhouseCoopers LLP ("**PWC**") effective June 17, 2025.

**TAKE FURTHER NOTICE THAT:**

1. At the request of the Corporation, E&Y, resigned as auditor of the Corporation effective June 17, 2025 and PWC has been appointed as auditor of the Corporation effective June 17, 2025.

2. The resignation of E&Y and the appointment of PWC in its place have been recommended by the Audit Committee of the Board of Directors of the Corporation (the "**Board**") and approved by the Board.

3. The auditor's report of E&Y on the financial statements of the Corporation for (a) the two most recently completed financial years of the Corporation; and (b) any period subsequent to the two most recently completed financial years of the Corporation and ending on June 17, 2025, did not express a modified opinion.

4. There are no reportable events (as defined under Section 4.11(1) of NI 51-102).

5. The Corporation has requested PWC and E&Y to each furnish a letter addressed to the securities administrators in each province and territory in which the Corporation is a reporting issuer stating whether or not they agree with the information contained in this notice. A copy of each such letter to the securities administrators will be filed with this notice.

---

| | |
|:---|:---|
| **DATED** as of this the 17 day of June, 2025. | **DATED** as of this the 17 day of June, 2025. |
| **TITAN MINING CORPORATION** | **TITAN MINING CORPORATION** |
| *(signed) Kevin Hart* | *(signed) Kevin Hart* |
| Name: | Kevin Hart |
| Title: | Chief Financial Officer |

---

## Exhibit 99.74

**Exhibit 99.74**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")

Suite 555 – 999 Canada Place Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

June 19, 2025

3. <u>NEWS RELEASE</u> 

News release dated June 19, 2025, was disseminated through the facilities of Newswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced that the Export-Import Bank of the United States ("EXIM") has approved a US$15.8 million financing for its wholly owned subsidiary, Empire State Mines LLC ("ESM"), to fund critical capital development in support of expanding zinc production and advancing ESM's critical minerals portfolio in St. Lawrence County, New York.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced that the EXIM has approved a US$15.8 million financing for its wholly owned subsidiary, ESM, to fund critical capital development in support of expanding zinc production and advancing ESM's critical minerals portfolio in St. Lawrence County, New York.

This marks EXIM's first direct mining transaction under the Make More in America Initiative ("MMIA"), a landmark federal initiative aimed at reshoring industrial capacity, securing U.S. supply chains for critical materials and expanding the domestic manufacturing base.

Highlights:

● EXIM's first mining loan under MMIA, signaling federal recognition of Titan's role in restoring domestic mineral production

● First step in a strategic financing partnership as Titan develops the first integrated natural flake graphite operations in the United States since 1956

● Long-term, fixed-rate financing (7-year tenor, 2-year interest-only grace period) to support zinc expansion, whilst ESM is focused on graphite facility build-out

● Funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM

● Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite

● Job creation and retention commitments: 135 jobs retained, and 10 new positions targeted under EXIM requirements

● Efficient balance sheet structuring with Titan retaining flexibility for future growth and financings

 

 

*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 document and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including that funds will be used for capital equipment and infrastructure upgrades to support existing and future operations at ESM; Cash-generative zinc operations at ESM will help de-leverage existing facilities, reduce cost of capital, while enabling early investment into graphite; future growth and financings; and expansion of zinc operations and the reestablishment of U.S. natural graphite production. When used in this document 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 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; 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 document are expressly qualified in their entirety by this cautionary statement.

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

June 30, 2025

## Exhibit 99.75

**Exhibit 99.75**

---

| | |
|:---|:---|
| ![](ex99-75_001.jpg) | Suite 555 – 999 Canada Place<br> Vancouver, BC, V6C 3E1<br> Tel: 604-687-1717<br> Fax: 604-687-1715 |

---

***AMENDED***

 ****

June 30, 2025

**TO: ALL APPLICABLE EXCHANGES AND COMMISSIONS**

Dear All:

**Re: TITAN MINING CORPORATION. (the "Company")**

We advise the following with respect to the upcoming meeting of shareholders for the referenced Company:

---

| | | |
|:---|:---|:---|
| 1. | Meeting Type | Annual General |
| 2. | Class of Securities Entitled to Receive Notice | Common |
| 3 | Class of Securities Entitled to Vote | Common |
| 4. | CUSIP Number | 88831L103 |
| 5. | Record Date for Notice | July 7, 2025 |
| 6. | Record Date for Voting | July 7, 2025 |
| 7. | Beneficial Ownership determination date | July 7, 2025 |
| 8. | Meeting Date | August 20, 2025 |
| 9. | Issuer is sending proxy related materials directly to NOBO | No |
| 10. | Issuer paying for delivery to OBO | No |
| 11. | Issuer is sending proxy-related materials to registered holders using notice-and-access | Yes |
| 12. | Issuer is sending proxy-related materials to beneficial owners using notice-and-access | Yes |
| 13. | Stratification | No |

---

Yours truly,

**TITAN MINING CORPORATION**

 

*"Tom Ladner"*

Tom Ladner

General Counsel

## Exhibit 99.76

**Exhibit 99.76**

![](ex99-76_001.jpg)

**Titan to Hold AGM on August 20, 2025**

**Vancouver, BC – July 4, 2025 –** Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce that it will be holding its annual general meeting (the "**Meeting**") on August 20, 2025. Additional information regarding the Meeting will be provided in the Company's management information circular for the Meeting, which will be filed on the Company's website and SEDAR+ in the coming days.

 **

***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'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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

***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 the proposed date of the Company's upcoming annual general meeting. 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 that the Company is required to further postpone its annual general meeting for any reason 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 that no circumstance will arise that will require the Company to further postpone its annual general meeting. 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.

## Exhibit 99.77

**Exhibit 99.77**

**TITAN MINING CORPORATION**

**Request for Printed Copies of Annual and Interim Financial Statements and MD&A**

In accordance with the rules of National Instrument 51-102 - *Continuous Disclosure Obligations*, a reporting issuer must send annually a request form to the registered holders and to the beneficial owners of its securities, that the registered holders and beneficial owners may use to request a copy of the reporting issuer's annual financial statements and Management Discussion & Analysis ("MD&A"), the interim financial statements and MD&A, or both. Please complete the form below if you wish to receive the statement(s) this year.

**You will not automatically receive copies of the financial statement(s) unless this card is completed and returned. Copies of all previously issued annual and quarterly financial statements and related MD&A are available to the public on the SEDAR+ website at www.sedarplus.ca.**

If you wish to receive printed copies of any of these documents, please indicate your request by completing this form and returning it to:

TITAN MINING CORPORATION

Suite 555 – 999 Canada Place

Vancouver, BC, V6C 3E1

OR BY FAX TO: 604-687-1715

OR BY EMAIL TO: info@titanminingcorp.com

**Please select one or both of the following options:** 

⬜ A. Please send me the annual financial statements and MD&A

⬜ B. Please send me the interim financial statements and MD&A

⬜ C. Please send me both A and B above.

I certify that I am a registered and/or beneficial holder of shares of the above referenced company.

---

| |
|:---|
| **Signature** |
| **Printed Name of Shareholder** |
| **Address** |
| **Address** |
| **Postal Code** |
| **Name and Title of Person Signing, if different from name above.** |

---

**APPENDIX A**

**Consent to Electronic Delivery of Documents**

TO: Titan Mining Corporation (the "Corporation")

I have read and understand this "Consent to Electronic Delivery of Documents" and hereby consent to the electronic delivery of the Corporation's interim and annual financial statements and related MD&A that the Corporation elects to deliver to me electronically, all in accordance with my instructions below:

1. I acknowledge that the interim and annual financial statements and related MD&A will be attached to
an email sent to my email address that is set out below.

2. I understand that as the interim and annual financial statements and related MD&A will be sent by
email and will be in PDF format that I will need access to a personal computer with appropriate software, including email software, and
communication access to the Internet to receive the documents, Adobe Acrobat Reader software to view the PDF – formatted documents
and a printer to print the documents.

3. I acknowledge that I may receive from the Corporation a paper copy of any documents delivered electronically
at no cost if I contact the Corporation by telephone, regular mail or email as set out in number 6 below.

4. I understand that I will be provided with a paper copy of any documents delivered electronically if electronic
delivery fails.

5. I acknowledge that my personal information will be stored electronically and the electronic file will
be password protected.

6. I understand that my consent may be revoked or changed, including any change in the email address to which
documents are delivered, at any time by notifying the Corporation of such revised or revoked consent by mail, fax or email at:

TITAN MINING CORPORATION

Suite 555 – 999 Canada Place

Vancouver, BC, V6C 3E1

Tel: 604-687-1717

info@titanminingcorp.com

OR BY FAX TO: 604-687-1715

7. I understand that I am not required to consent to electronic delivery.

By signing below, I confirm that I have consented to the foregoing and to the collection and use of personal information for the purposes outlined above and to the disclosure to the Corporation and to its agents, including its registrar and transfer agent, for the purpose of administering the delivery of the documents described above.

---

| |
|:---|
| SIGNATURE OF SHAREHOLDER |
| NAME OF SHAREHOLDER |
| EMAIL ADDRESS |

---

## Exhibit 99.78

**Exhibit 99.78**

![](ex99-78_001.jpg)

**Notice of Meeting**

**Important Notice Regarding the Availability of Proxy Materials for the Annual General Meeting of Titan Mining Corporation to be held at Suite 555, 999 Canada Place, Vancouver, BC **on August 20, 2025, at 10:00 am (Pacific Time)**

You are receiving this notice to advise that Titan Mining Corporation is using notice-and-access for its upcoming annual general meeting (the "**Meeting**"). Notice-and-access is a set of rules for reducing the volume of materials that must be physically mailed to shareholders by allowing issuers to post the information circular and additional proxy materials online.

This communication presents only an overview of the more complete proxy materials that are available to you on the internet. We remind you to access and review all of the important information contained in the information circular and other proxy materials before voting. The information circular and other relevant materials are available at:

https://www.titanminingcorp.com/investors/agm/ OR <br> www.sedarplus.ca

**Obtaining a Paper Copy of the Proxy Materials**

If you would like to receive a paper copy of the meeting materials by mail, you must request one. There is no charge to you for requesting a copy.

Please call toll-free 1-888-442-2224 or send an e-mail to info@titanminingcorp.com to request a paper copy of the materials for the Meeting or to obtain additional information on notice-and-access.

To ensure you receive the material in advance of the voting deadline, all requests must be received by us no later than July 31, 2025 to ensure timely receipt. If you do request a paper copy of the proxy materials, please note that another proxy/voting instruction form will not be sent to you - please retain your current one for voting purposes.

To obtain paper copies of the materials after the Meeting date, please send a message to info@titanminingcorp.com.

**Shareholders' Meeting Notice**

**PLEASE NOTE – YOU CANNOT VOTE BY RETURNING THIS NOTICE**. To vote your securities you must vote online, via telephone or by mailing the enclosed proxy/voting instruction form for receipt using the enclosed Business Reply Envelope. Please refer to the enclosed proxy/voting instruction form for additional details on how to vote (including the deadline to submit your proxy/voting instruction form).

The resolutions to be voted on at the meeting are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;1. Election
 of Directors – See "Election of Directors" in the information circular
 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;2. Appointment
 of Auditors – See "Appointment of Auditors" in the information circular
 for additional information.

**PLEASE REVIEW THE INFORMATION CIRCULAR PRIOR TO VOTING**

## Exhibit 99.79

**Exhibit 99.79**

![](ex99-79_001.jpg)

Security Class Holder Account Number Form of Proxy - Annual General Meeting to be held on August 20, 2025 This Form of Proxy is solicited by and on behalf of Management. Notes to proxy 1. Every holder has the right to appoint some other person or company of their choice, who need not be a holder, to attend and act on their behalf at the meeting or any adjournment or postponement thereof. If you wish to appoint a person or company other than the Management Nominees whose names are printed herein, please insert the name of your chosen proxyholder in the space provided (see reverse). 2. If the securities are registered in the name of more than one owner (for example, joint ownership, trustees, executors, etc.), then all those registered should sign this proxy. If you are voting on behalf of a corporation or another individual you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. 3. This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy. 4. If a date is not inserted in the space provided on the reverse of this proxy, it will be deemed to bear the date on which it was mailed to the holder by Management. 5. The securities represented by this proxy will be voted as directed by the holder, however, if such a direction is not made in respect of any matter, and the proxy appoints the Management Nominees listed on the reverse, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted in favour, or withheld from voting, or voted against each of the matters described herein, as applicable, in accordance with the instructions of the holder, on any ballot that may be called for. If you have specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting and Management Information Circular or other matters that may properly come before the meeting or any adjournment or postponement thereof, unless prohibited by law. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. • Call the number listed BELOW from a touch tone telephone. 1 - 866 - 732 - VOTE (8683) Toll Free • Go to the following web site: www.investorvote.com • Smartphone? Scan the QR code to vote now. Proxies submitted must be received by 10:00 am (Vancouver Time), on August 18, 2025. VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK! To Vote Using the Telephone To Vote Using the Internet To Receive Documents Electronically • You can enroll to receive future securityholder communications electronically by visiting www.investorcentre.com. If you vote by telephone or the Internet, DO NOT mail back this proxy. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. Voting by mail or by Internet are the only methods by which a holder may appoint a person as proxyholder other than the Management Nominees named on the reverse of this proxy. Instead of mailing this proxy, you may choose one of the two voting methods outlined above to vote this proxy. To vote by telephone or the Internet, you will need to provide your CONTROL NUMBER listed below. CONTROL NUMBER ------ - Fold ------ - Fold

![](ex99-79_002.jpg)

------ - Fold ------ - Fold Appointment of Proxyholder I/We being holder(s) of securities of Titan Mining Corporation (the "Corporation") hereby appoint: Richard W. Warke, or failing this person, Purni Parikh, or failing this person, Tom Ladner (the "Management Nominees") OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein. as my/our proxyholder with full power of substitution and to attend, act and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and on all other matters that may properly come before the Annual General Meeting of shareholders of the Corporation to be held at Suite 555, 999 Canada Place, Vancouver, BC on August 20, 2025 at 10:00 am (Vancouver Time), and at any adjournment or postponement thereof. VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT OVER THE BOXES. 1. Election of Directors 01. Richard W. Warke For Withhold 02. Donald R. Taylor For Withhold 03. John Boehner For Withhold 04. Lenard Boggio 05. William Mulrow 06. George Pataki 2. Appointment of Auditors To appoint PricewaterhouseCoopers, LLP as auditors of the Corporation for the ensuing year and to authorize the directors to fix their remuneration. For Withhold Signature of Proxyholder Signature(s) Date I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, and the proxy appoints the Management Nominees, this Proxy will be voted as recommended by Management. If you are voting on behalf of a corporation you are required to provide your name and designation of office, e.g., ABC Inc. per John Smith, President. Signing Capacity 3 7 6 9 2 0 A R 0 T Q Q Q

## Exhibit 99.80

**Exhibit 99.80**

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON AUGUST 20, 2025**

NOTICE IS HEREBY GIVEN that the Annual General Meeting (the "**Meeting**") of holders (the "**Shareholders**") of common shares (the "**Common Shares**") of Titan Mining Corporation (the "**Company**") will be held at Suite 555, 999 Canada Place, Vancouver, BC, on August 20, 2025, at 10:00 a.m. (Vancouver time), for the following purposes:

1. To receive the consolidated audited financial statements of the Company for the year ended December 31,
2024, together with the auditors' report thereon;

2. To elect directors of the Company for the ensuing year;

3. To appoint PricewaterhouseCoopers, LLP as auditors of the Company until the Company's next annual
meeting, and to authorize the directors to fix their remuneration; and

4. To transact such other business as many properly come before the Meeting or any adjournment thereof.

Accompanying this Notice of Meeting is a Management Information Circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on July 7, 2025, for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access provisions ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders will still receive a Proxy enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.titanminingcorp.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@titanmining.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Computershare Investor Services Inc. (the "Transfer Agent") at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of July 9, 2025

BY ORDER OF THE BOARD OF DIRECTORS

<u>*"Donald R. Taylor*"</u> <br> DONALD R. TAYLOR <br> Chief Executive Officer

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

![](ex99-80_002.jpg)

**MANAGEMENT INFORMATION CIRCULAR**

INFORMATION PROVIDED AS AT JULY 9, 2025 (*unless otherwise stated)*<br> FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS<br> TO BE HELD ON AUGUST 20, 2025

**PERSONS MAKING THE SOLICITATION**

**This Management Information Circular (the "Circular") is being furnished in connection with the solicitation of proxies being made by or on behalf of the management of Titan Mining Corporation (the "Company" or "Titan Mining") for use at the annual general meeting (the "Meeting") of holders (the "Shareholders") of the common shares of the Company (the "Common Shares") to be held on August 20, 2025 at the time and place and for the purposes set forth in the accompanying notice of meeting (the "Notice of Meeting")**.

While it is expected that the solicitation of proxies will be made primarily by mail, proxies may also be solicited personally, by telephone or other means of communication by the directors, officers, employees and agents of the Company. All costs of this solicitation will be borne by the Company.

Unless otherwise indicated, all dollar amounts in this Circular are in United States dollars. The exchange rate of Canadian dollars into United States dollars based upon the exchange rate reported by the Bank of Canada on December 31, 2024, was US$1.00 = C$1.4389.

**APPOINTMENT OF PROXIES**

The individuals named as proxyholders in the accompanying form of proxy (the "**Proxy**") are directors or officers of the Company or both. **A registered Shareholder wishing to appoint some other person (who need not be a Shareholder) to attend and act for the Shareholder or on the Shareholder's behalf at the Meeting, or any adjournment or postponement thereof, has the right to do so, by inserting the desired person's name in the blank space provided in the Proxy or by completing another valid form of proxy. A proxy will not be valid unless the completed form of proxy is received by Computershare Investor Services Inc. (the "Transfer Agent"), at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1, not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time for holding the Meeting or any adjournment or postponement thereof. Late proxies may be accepted or rejected by the Chair of the Meeting at their discretion, and the Chair is under no obligation to accept or reject any particular late proxy.**

**NON-REGISTERED SHAREHOLDERS**

**Only registered Shareholders ("Registered Shareholders") or duly appointed proxyholders are permitted to vote at the Meeting. Most Shareholders of the Company are "non-registered" Shareholders because the Common Shares they own are not registered in their names but are instead registered in the names of a brokerage firm, bank or other intermediary or in the name of a clearing agency. Shareholders who do not hold their Common Shares in their own name (referred to herein as "Beneficial Shareholders") should note that only Registered Shareholders (or duly appointed proxyholders) may complete a proxy or vote at the Meeting in person.** If Common Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Common Shares will not be registered in such Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's broker or an agent of that broker. In Canada, the vast majority of such Common Shares are registered under the name of CDS and Co. (the registration name for CDS Clearing and Depository Services Inc., which company acts as nominee for many Canadian brokerage firms). Common Shares held by brokers (or their agents or nominees) on behalf of a broker's client can only be voted (for or against resolutions) at the direction of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the brokers' clients.

This Circular and accompanying materials are being sent to both Registered Shareholders and Beneficial Shareholders. Beneficial Shareholders fall into two categories – those who object to their identity being known to the issuers of securities which they own ("**Objecting Beneficial Owners**", or "**OBOs**") and those who do not object to their identity being made known to the issuers of the securities they own ("**Non-Objecting Beneficial Owners**", or "**NOBOs**"). Subject to the provision of National Instrument 54-101 – *Communication with Beneficial Owners of Securities of Reporting Issuers* ("**NI 54-101**"), issuers may request and obtain a list of their NOBOs from intermediaries via their transfer agents and use this NOBO list for distribution of proxy-related materials directly to NOBOs.

The Company is taking advantage of those provisions of NI 54-101 that permit the Company to deliver proxy-related materials to the Company's NOBOs who have not waived the right to receive them. As a result, NOBOs can expect to receive a Voting Instruction Form ("**VIF**") together with the notice and access notice and related documents through their respective broker or other intermediary. These VIFs are to be completed and returned in line with the instructions provided by each NOBO's respective broker or other intermediary. **NOBOs should carefully follow the instructions provided, including those regarding when and where to return the completed VIFs.**

Should a NOBO wish to attend and vote at the Meeting in person, the NOBO must insert the NOBO's name (or such other person as the NOBO wishes to attend and vote on the NOBO's behalf) in the blank space provided for that purpose on the VIF and return the completed VIF in line with the instructions provided by such NOBO's broker or other intermediary. **If a NOBO or a nominee of the NOBO is appointed as a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**NOBOs that wish to change their vote must contact their broker or other intermediary who provided the instructions to arrange to change their vote in sufficient time in advance of the Meeting.**

The Company does not intend to pay for intermediaries to deliver the Meeting materials and Form 54-101F7 – *Request for Voting Instructions Made by Intermediary* to OBOs. As a result, OBOs will not receive the Meeting materials unless their intermediary assumes the costs of delivery.

Should an OBO wish to vote at the Meeting in person, the OBO must insert the OBO's name (or such other person as the OBO wishes to attend and vote on the OBO's behalf) in the blank space provided for that purpose on the request for a VIF and return the completed request for a VIF form to the intermediary or its service provider or the OBO must submit, to their intermediary, any other document in writing that requests that the OBO or a nominee of the OBO be appointed as proxyholder. **If the OBO or a nominee of the OBO is appointed a proxyholder pursuant to such request, the appointed proxyholder will need to attend the Meeting in person in order for their votes to be counted.**

**Only Registered Shareholders have the right to revoke a proxy. NOBOs and OBOs who wish to change their vote must, sufficiently in advance of the Meeting, arrange for their respective intermediaries to change their vote and if necessary, revoke their proxy in accordance with the revocation procedures set out below.**

All references to Shareholders in this Circular, the accompanying Proxy and Notice of Meeting of Shareholders are to Registered Shareholders of record unless specifically stated otherwise.

**NOTICE AND ACCESS**

The Company is using Notice and Access procedures to deliver its 2025 Meeting materials to Shareholders. The Notice and Access provisions are a mechanism which allows reporting issuers to choose to deliver proxy-related materials to Registered Shareholders and non-registered Shareholders by posting such materials on a non-SEDAR+ website rather than delivering such materials by mail.

The Meeting materials have been posted in full on the Company's website at https://www.titanminingcorp.com/investors/agm/ and under the Company's SEDAR+ profile at www.sedarplus.ca.

The Company has determined that those registered and beneficial Shareholders with existing instructions on their account to receive printed materials will receive a printed copy of the Meeting materials together with the Notice of Meeting and Proxy or VIF.

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone at 1-888-442-2224 or by email at info@titanminingcorp.com. In order to ensure that a paper copy of the Circular can be delivered to a requesting Shareholder in time for such Shareholder to review the Circular and return a proxy or voting instruction form prior to the deadline to received proxies, it is suggested that a shareholder ensure their request is received no later than July 31, 2025.

**REVOCATION OF PROXIES**

A Shareholder who has delivered a proxy for use at the Meeting may revoke it by an instrument in writing executed by the Shareholder or by the Shareholder's attorney authorized in writing or, if the Shareholder is a corporation, by a duly authorized officer or attorney of the corporation, and delivered either (i) to the registered office of the Company, at Suite 2600, 595 Burrard Street, Vancouver, British Columbia V7X 1L3, at any time up to and including the last business day preceding the day of the Meeting or any adjournment or postponement thereof, (ii) to the Transfer Agent at 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 (attention Proxy Department), at any time up to and including the last business day preceding the day of the Meeting or any adjournment or postponement thereof, or (iii) to the Chair of the Meeting on the day of the Meeting or any adjournment or postponement thereof. A revocation of a proxy does not affect any matter on which a vote has been taken prior to the revocation.

**VOTING OF PROXIES**

The Common Shares represented by a properly executed proxy in favour of the individuals designated as management proxyholders in the enclosed form of proxy will:

a. be voted or withheld from voting in accordance with the instructions of the person appointing the management
proxyholder on any ballot that may be called for; and

b. where a choice with respect to any matter to be acted upon has been specified in the form of proxy, be
voted in accordance with the specification made in such proxy.

If, however, direction is not given in respect of any matter, the proxy will be voted as recommended by management of the Company.

The enclosed form of proxy, when properly completed and delivered and not revoked, confers discretionary authority upon the individuals appointed as management proxyholder thereunder to vote with respect to amendments or variations of matters identified in the Notice of the Meeting, and in respect of other matters which may properly come before the Meeting. In the event that amendments or variations to matters identified in the Notice of Meeting are properly brought before the Meeting or any further or other business is properly brought before the Meeting, it is the intention of the individuals designated by management as proxyholders in the enclosed form of proxy to vote in accordance with their best judgment on such matters or business. At the time of the printing of this Circular, management of the Company knows of no such amendment, variation or other matter which may be presented to the Meeting.

**VOTING SHARES AND PRINCIPAL HOLDERS THEREOF**

The board of directors of the Company (the "**Board of Directors**" or the "**Board**") has fixed a record date as of the close of business on July 7, 2025 (the "**Record Date**") for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

As at the Record Date, there were a total of 136,366,599 Common Shares outstanding. Except as may otherwise be set forth herein, each Common Share entitles the holder thereof to one vote for each Common Share shown as registered in the holder's name as of the Record Date. Only Registered Shareholders at the close of business on the Record Date who either personally attend the Meeting or who have completed and delivered a form of proxy in the manner and subject to the provisions described above shall be entitled to vote or to have their Common Shares voted at the Meeting.

To the knowledge of the directors and executive officers of the Company, no person or company beneficially owns, controls or directs, directly or indirectly, 10% or more of the voting rights attached to any class of voting securities of the Company as of the Record Date, other than the following:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Number of Shares Beneficially Owned** | &nbsp;&nbsp;**Percentage of Issued Shares** |
| &nbsp;&nbsp;Richard W. Warke<sup>(1)</sup> | &nbsp;&nbsp;73457112 | &nbsp;&nbsp;53.87% |

---

<sup>(1)</sup> Richard Warke directly holds 1,000 Common Shares and indirectly holds (i) 29,756,112 Common Shares through Augusta Investments Inc., a company controlled by Mr. Warke; (ii) 40,700,000 Common Shares through Augusta Ozama Investment Limited Partnership, a partnership controlled by Mr. Warke; and (iii) 3,000,000 Common Shares through Ozama River Holdings Corp., a company controlled by Mr. Warke.

**ANNUAL FINANCIAL STATEMENTS**

The audited consolidated financial statements of the Company for the year ended December 31, 2024, together with the report of the Company's auditors thereon, which were filed on SEDAR+ at www.sedarplus.ca on March 19, 2025, will be presented to the Shareholders at the Meeting. Shareholders wishing to obtain a copy of the Company's audited consolidated financial statements and Management's Discussion and Analysis may obtain a copy, free of charge, from the Company's profile on SEDAR+, the Company's website at www.titanminingcorp.com or from the Company by contacting the Company at the following:

Titan Mining Corporation Telephone: (604) 687-1717 <br> Suite 555 – 999 Canada Place Email: info@titanminingcorp.com <br> Vancouver, British Columbia V6C 3E1

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

No person who has been a director or executive officer of the Company at any time since the beginning of the last financial year, nor any proposed nominee for election as a director of the Company, nor any associate or affiliate of any of the foregoing, has any material interest directly or indirectly, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Meeting except with respect to the election of directors*.*

**ELECTION OF DIRECTORS**

At the date of this Circular there were six directors of the Company. The present term of office of each of these six directors will expire immediately prior to the election of directors at the Meeting. Management of the Company does not contemplate that any of the nominees will be unable to serve as directors. Each director will hold office until the next annual meeting of the Company or until his successor is appointed or elected, unless his office is earlier vacated in accordance with the articles of the Company or with the provisions of the *Business Corporations Act (British Columbia)*.

At the Meeting, the individuals nominated for election as directors of the Company will be voted on individually and the voting results for each nominee will be publicly disclosed in a news release. **Unless such authority is withheld by a Shareholder, the management proxyholder named in the accompanying form of proxy or VIF intend to vote "FOR" the election of the individuals whose names are set out below.** 

In the following table and notes thereto is stated the name of each person proposed to be nominated by management for election as a director of the Company, the country in which the proposed director is ordinarily resident, all offices of the Company currently held by the proposed director, the proposed director's principal occupation, the business or employments of each proposed director within the preceding five years, the date the proposed director was first appointed as a director of the Company and the number of Common Shares beneficially owned by the proposed director, directly or indirectly, or over which the proposed director exercises control or direction, as at the Record Date.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name of Proposed Director and Current Position with the Company and location of residence** | &nbsp;&nbsp; <br> **Principal Occupation, Business or Employment <br> During the**<br> **Past Five Years<sup>(1)</sup>**<br>| &nbsp;&nbsp; <br> **Date First<br> Appointed as Director of the Company**<br>| &nbsp;&nbsp; **Number of<br> Common Shares<br> beneficially owned, controlled or directed, directly or indirectly<sup>(1)</sup>** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman<br> West Vancouver, BC Canada<br>| &nbsp;&nbsp;**Executive Chairman of the Company**; President and CEO to September 2018; Executive Chairman of Solaris Resources Inc. from March 2020 to December 2024; Executive Chairman of Augusta Gold Corp. since January 2021; President and CEO of Armor Minerals Inc. since October 2, 2018. | &nbsp;&nbsp;October 15, 2012 | &nbsp;&nbsp; 73457112 |
| &nbsp;&nbsp; Donald R. Taylor<br> CEO and Director<br> Oro Valley, AZ<br> USA | &nbsp;&nbsp;**CEO of the Company;** President and CEO of Augusta Gold Corp. since October 2020. | &nbsp;&nbsp;June 21, 2018 | &nbsp;&nbsp; 5126071 |
| &nbsp;&nbsp; Lenard Boggio<sup>(2)(3)(4)</sup><br> Lead Director<br> North Vancouver, BC Canada<br>| &nbsp;&nbsp;Corporate director of several publicly listed corporations since his retirement in 2012 from PricewaterhouseCoopers LLP as Partner and senior member of the firm's mining industry group in Vancouver. | &nbsp;&nbsp;January 1, 2017 | &nbsp;&nbsp; 134000 |
| &nbsp;&nbsp; George Pataki<sup>(2)(4)</sup><br> Director<br> Garrison, NY<br> USA | &nbsp;&nbsp;Senior Counsel at Norton Rose Fulbright since March 2007. Co-founder and Chairman of the Pataki-Cahill Group. | &nbsp;&nbsp; June 29, 2017<br>| &nbsp;&nbsp; Nil |
| &nbsp;&nbsp; John Boehner<sup>(2)(3)</sup><br> Director<br> Marco Island, FL<br> USA | &nbsp;&nbsp;Strategic Advisor for Squire Patton Boggs since November 2017. | &nbsp;&nbsp;October 9, 2018 | &nbsp;&nbsp; Nil |
| &nbsp;&nbsp; William Mulrow<sup>(3)(4)</sup><br> Director<br> New York, NY<br> USA  | &nbsp;&nbsp;Senior Advisory Director at Blackstone Group since May 2017. | &nbsp;&nbsp;October 9, 2018 | &nbsp;&nbsp; Nil |

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<sup>(1)</sup> This information has been furnished by the respective directors, individually. The directors listed may be directors of other reporting issuers. Details with respect to other directorships are provided under the heading entitled "Statement of Corporate Governance Practices".

<sup>(2)</sup> Member of Audit Committee.

<sup>(3)</sup> Member of the Compensation Committee.

<sup>(4)</sup> Member of the Nominating and Corporate Governance Committee.

The Board has adopted a majority voting policy (the "**Majority Voting Policy**") that stipulates that, in an uncontested election of directors, if a nominee receives a greater number of votes "withheld" from his or her election than votes "for" such election, the nominee will immediately submit his or her resignation to the Chair of the Board for consideration following the meeting (to take effect immediately upon acceptance by the Board). The Nominating and Corporate Governance Committee will consider the offer of resignation and will make a recommendation to the Board of whether or not to accept it. The Board shall review, consider and act on the Nominating and Corporate Governance Committee's recommendation within 90 days following the applicable meeting of the Shareholders of the Company. The Board shall accept the resignation absent exceptional circumstances that would warrant the nominee to continue to serve on the Board. The Company will promptly issue a press release announcing the Board's decision, and a copy of that press release will be provided to the Toronto Stock Exchange ("**TSX**"). If the Board declines to accept the resignation, the press release shall fully state the reasons for its decision. Any director who tenders his or her resignation shall not participate in any Nominating and Corporate Governance Committee or Board meetings at which his or her resignation is considered. The Majority Voting Policy does not apply in circumstances involving contested director elections.

**CORPORATE CEASE TRADE ORDERS OR BANKRUPTCIES**

Except for as provided below, no proposed director of the Company is, as at the date of this Circular, or was within 10 years before the date of this Circular, a director, chief executive officer or chief financial officer of any company (including the Company), that (i) was subject to a cease trade or similar order or an order that denied such company access to any exemption under securities legislation (that was in effect for a period of more than 30 days) that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to any such order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

Except for as provided below, no proposed director of the Company is or has been within the 10 years before the date of this Circular a director or executive officer of any company (including the Company) that while that person was acting in that capacity or within a year of that person ceasing to act in that capacity became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets.

Mr. Boggio was a director of Great Western Minerals Group Ltd. ("**GWMG**") from January 2013 until July 2015. In April 2015, GWMG entered a support agreement with certain of the holders of GWMG's secured convertible bonds and GWMG was subsequently granted protection from its creditors under the Companies' Creditors Arrangements Act. In May 2015, an order was issued by the Financial and Consumers Affairs Authority of the Province of Saskatchewan that all trading in the securities of GWMG be ceased due to its failure to file financial statements for the year ended December 31, 2014. In December 2015, GWMG entered bankruptcy proceedings.

Mr. Boggio was a director of Pure Gold Mining Inc. ("**Pure Gold**") until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia (the "**Court**") under the Companies' Creditors Arrangement Act ("**CCAA**"). KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSX Venture Exchange. Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings

No proposed director of the Company is or has within the 10 years before the date of this Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

**Penalties or Sanctions**

No proposed director of the Company has been subject to (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement, with a securities regulatory authority, or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

**APPOINTMENT OF AUDITORS**

Unless such authority is withheld, the persons named in the accompanying Proxy or VIF intend to vote to re-elect PricewaterhouseCoopers, LLP ("**PwC**"), as auditor of the Company and to authorize the directors to fix their remuneration.

PwC was first appointed auditors of the Company on June 17, 2025, upon resignation of Ernst & Young LLP ("**E&Y**"), the predecessor auditor of the Company. In accordance with National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), a copy of the prescribed reporting package relating to the change of auditor is attached to this Circular as Schedule B, including the Company's change of auditor notice dated June 17, 2025 and letters from each of PwC and E&Y dated June 23, 2025, and June 18, 2025, respectively. As noted in the reporting package, there were no "reportable events" (within the meaning of NI 51-102) and no modified opinion was expressed in E&Y's report on any of the financial statements of the Company for the two most recently completed financial years or any period subsequent thereto.

**STATEMENT OF EXECUTIVE COMPENSATION**

**Compensation Discussion and Analysis**

The following information describes the significant elements of compensation paid to the Company's Chief Executive Officer ("**CEO**"), Chief Financial Officer ("**CFO**") and the three most highly compensated executive officers, other than the CEO and CFO who were serving as executive officers during the most recent fiscal year (the "**Named Executive Officers**" or "**NEOs**") whose total compensation was, individually, more than $150,000, if any. For the year ended December 31, 2024, the Company's NEOs were: Richard W. Warke – Executive Chairman, Donald R. Taylor – CEO, Rita Adiani – President, Michael McClelland – CFO, Tyler Minnick – Interim CFO, and Joel Rheault – Vice President, Operations. The Company did not have any other officers whose total compensation was, individually, more than $150,000. Mr. McClelland resigned effective March 31, 2024. Mr. Ty Minnick assumed the role of Interim Chief Financial Officer effective April 1, 2024.

The Board has established a Compensation Committee whose mandate is to develop and recommend compensation policies and programs to the Board with the objective of ensuring the Company is able to attract, retain and motivate executives and key personnel to develop and implement the Company's strategic goals. For the year ended December 31, 2024, the Compensation Committee was comprised of John Boehner (Chair), William Mulrow and Lenard Boggio. Members of the Compensation Committee have direct experience in executive compensation matters as directors of other companies, which experience assists in evaluating the suitability of the Company's compensation practices and policies.

In consultation with the President and CEO, the Compensation Committee reviews and recommends, as required on an annual basis, the process, evaluation and determination of the various elements of compensation for the Company's executive officers. The Company is dependent on individuals with specialized skills and knowledge related to mining exploration and development of mineral prospects, corporate finance and management. The objective of the Compensation Committee is to assist in attracting, retaining and motivating executives and key personnel with these skills and in view of the Company's goals. In reviewing the compensation arrangements of the Company's executive officers, the Compensation Committee will consider the fairness to Shareholders, the Company's requirements and market competitiveness in order to attract and retain capable and experienced personnel, performance and such other objectives as the Compensation Committee considers advisable.

The Compensation Committee has the authority to engage independent consultants as necessary to assist it in performing its mandate including assessing the competitiveness of the Company's compensation program.

**Elements of Compensation**

Compensation for the Company's executive officers is comprised of three elements: base salary, discretionary bonus or success fee ("**STIP**") and a long term incentive program ("**LTIP**") comprised of incentive stock options ("**Options**") granted pursuant to the Company's Stock Option Plan dated June 1, 2017, as amended (the "**Option Plan**") and restricted share units ("**RSUs**") granted pursuant to the Restricted Share Units Plan dated May 11, 2018, as amended (the "**RSU Plan**"). This compensation structure is intended to reward performance and be competitive with the compensation arrangements of other companies of similar size and scope in the industry. As of the date of this Circular, no RSUs have been granted.

***Base Salary***

 

Base salary for the Company's executive officers is established taking into account each executive's responsibilities, performance assessment and career experience. To ensure that the Company will continue to attract and retain qualified and experienced executives, base salaries may be reviewed annually by the Compensation Committee and adjusted to ensure that they remain competitive subject to the discretion of the Board.

***Bonus (STIP)***

The STIP is intended to motivate and reward executives for the achievement of short-term goals and their contribution to the business objectives during the relevant year. Bonus payments under the STIP are paid at the discretion of the Board on the recommendations of the Compensation Committee (in consultation with management where appropriate) and may be based on a combination of individual and corporate performance against a target percentage of the executive's salary as approved by the Board. Compared to other executives, the compensation of the President and CEO is weighted more against the Company's performance. Details regarding the target bonus for each NEO for the most recently completed financial year is set out below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Position in Organization** | &nbsp;&nbsp;**STIP Payout as Percentage of Base Salary on <br> Meeting Target Performance<sup>(1)</sup>** |
| &nbsp;&nbsp; Richard Warke<br> Executive Chairman | &nbsp;&nbsp;Up to 70% |
| &nbsp;&nbsp; Donald R. Taylor<br> CEO | &nbsp;&nbsp;Up to 70% |
| &nbsp;&nbsp; Rita Adiani<br> President | &nbsp;&nbsp;Up to 70% |
| &nbsp;&nbsp; Michael McClelland<br> CFO | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Ty Minnick<br> Interim CFO | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Joel Rheault<br> VP Operations | &nbsp;&nbsp;Up to 50% |

---

**** 

**<sup>(1)</sup>** Mr. McClelland was not eligible for STIP for the year ended December 31, 2024, as he resigned effective March 31, 2024. Mr. Minnick was not eligible for STIP for the year ended December 31, 2024, as he was retained as an independent contractor on an interim basis.

 ****

 ****

***Long Term Incentive Compensation (LTIP) – Stock Options and Restricted Share Units***

The Company's LTIP is currently comprised of Option grants pursuant to its Option Plan and RSUs pursuant to the RSU Plan (collectively the "**Plans**"). The purpose of the Plans is to secure for the Company and Shareholders the benefits of the incentives inherent to common share ownership by officers, directors and other eligible persons who, in the judgment of the Board, will have a significant role in the Company's growth and success.

Options and RSUs, if granted, are generally granted during the first quarter of the year following review of the prior year's performance. The timing of the grant, and number of Options or RSUs proposed to be granted by the Company to its executive officers and directors is proposed by the President and CEO, reviewed and recommended (or revised if thought appropriate) by the Compensation Committee, and ultimately approved by the Board. In certain cases, grants proposed by the President and CEO are reviewed (and revised if thought appropriate) by the entire Board before being ultimately approved. In determining grants, consideration is given to, among other things, the total number of convertible securities outstanding, current and future expected contribution to the advancement of corporate objectives by such individual, the position of the individual, tenure, and the status of previous grants to such individuals. No specific weightings are assigned to each factor; instead, a subjective determination is made based on an assessment of the individual relative to such factors. Convertible securities also comprise a portion of the compensation package offered to attract and retain new directors and executive officers to the Company. Options granted by the Board are priced at the closing price of the Common Shares on the TSX on the last trading day prior to the date of the grant in accordance with the Option Plan. Refer to the column entitled "Option-Based Awards" in the Summary Compensation Table for further details with respect to stock options awarded to NEOs during the most recently completed financial year.

 

*Stock Option Plan*

The Board adopted the Option Plan on June 1, 2017, and was ratified and approved, as amended, by Shareholders on June 30, 2021. All unallocated entitlements under the Option Plan were most recently approved by Shareholders on June 25, 2024.

The summary of the Option Plan set out below is intended to be a brief description and is subject to and qualified in its entirety by the full text of the Option Plan. Capitalized terms used in the following section "Summary of the Option Plan" but not otherwise defined in this Circular have the meanings given to them in the Option Plan.

 

*Summary of the Option Plan*

The purpose of the Option Plan is to secure for the Company and the Shareholders the benefits of the incentives inherent to Common Share ownership by officers, directors and other eligible persons who, in the judgment of the Board, will have a sufficient role in the Company's growth and success.

Directors, officers and employees of, and consultants to, the Company or any of its subsidiaries, as well as employees of companies providing management services or support to the Company or any of its subsidiaries (each, an "**Eligible Person**"), are eligible to receive Option grants under the Option Plan. The Option Plan includes the following significant terms and restrictions:

● The aggregate number of Common Shares that may be reserved for issuance pursuant to the Option Plan and all other Share Compensation Arrangements may not exceed 10% of the number of Common Shares issued and outstanding from time to time. Of this number, a maximum of 10% Common Shares may be granted as Incentive Stock Options.

● Any Common Shares subject to an Option that expires or terminates without having been fully exercised may be made the subject of a further Option.

● Upon the partial or full exercise of an Option, the Common Shares issued upon such exercise will automatically become available to be made the subject of a new Option, provided that the total number of Common Shares reserved for issuance under the Option Plan does not exceed 10% of the number of Common Shares then issued and outstanding.

● The aggregate number of Common Shares reserved for issuance pursuant to the Option Plan or any other Share Compensation Arrangement to any one Participant may not exceed 5% of the number of Common Shares issued and outstanding at any time.

● The aggregate number of Common Shares issuable pursuant to the Option Plan or any other Share Compensation Arrangement to Insiders may not exceed 10% of the number of Common Shares issued and outstanding at any time.

● The aggregate number of Common Shares issued to Insiders pursuant to the Option Plan or any other Share Compensation Arrangement in any one-year period may not exceed 10% of the number of Common Shares then issued and outstanding.

Subject to the terms of the Option Plan, the Exercise Price for each Common Share subject to an Option will be determined by the Board at the time of the Option grant and may not be lower than the last closing price of a common share on the TSX preceding the time of the Option grant, rounded up to the nearest whole cent.

Options will vest and become exercisable at such time or times as may be determined by the Board on the date of the Option grant.

Unless the Board determines otherwise and subject to any accelerated termination in accordance with the Option Plan, each Option will expire on the fifth anniversary of the date on which it was granted. In no event may an Option expire later than the tenth anniversary of the date on which it was granted. If the date on which an Option is scheduled to expire occurs during, or within ten business days after the last day of, a Black Out Period applicable to the Optionee, then the date on which the Option will expire will be extended to the last day of such ten business day period.

Options are non-assignable and non-transferable, with the exception of an assignment by testate succession or by the laws of descent and distribution upon the death of an Optionee.

If an Optionee ceases to be an Eligible Person (other than by reason of death, permanent disability or termination for cause), the Optionee may exercise any vested Options for a period of 30 days after the Optionee ceases to provide services to the Company or any of its subsidiaries, subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person by reason of death, the Optionee's heir may exercise any vested Options for one-year following the date of the Optionee's death, subject to the earlier expiry of the Options. If an Optionee ceases to be an Eligible Person while on permanent disability, the Optionee or his legal representatives may exercise any vested Options until the expiry of the Options. If an Optionee is dismissed for cause, any Options (whether vested or unvested) held by such Optionee shall terminate immediately upon receipt by the Optionee of notice of such dismissal.

If a "Change of Control" (as defined below) occurs, the Board may, in its discretion, (a) amend, abridge or otherwise eliminate any vesting schedule so that notwithstanding the other terms of any outstanding Option or the Option Plan, any outstanding Option may be exercised in whole or in part by the Optionee and/or (b) determine that all holders of outstanding Options with an exercise price equal to or greater than the price per Common Share provided for in the transaction giving rise to such Change of Control shall be entitled to receive and shall accept, immediately prior to or concurrently with the transaction giving rise to such Change of Control, in consideration for the surrender of such Options, the value of such Options determined in accordance with the Black and Scholes Option Pricing Model, as determined by the Board.

The Board may from time to time, subject to applicable law and any required approval of the TSX, any other regulatory authority, or the Shareholders, suspend, terminate or discontinue the Option Plan at any time, or amend or revise the terms of the Option Plan or of any Option granted thereunder; provided that no such amendment, revision, suspension, termination or discontinuance can adversely affect the rights of an Optionee under any previously granted Option except with the consent of that Optionee.

Shareholder approval shall not be required for the following amendments, subject to any regulatory approvals, including, where required, the approval of the TSX:

1. amendments to the Option Plan to ensure continuing compliance with applicable laws, regulations, requirements,
rules or policies of any governmental or regulatory authority or any stock exchange;

2. amendments of a "housekeeping", clerical, technical or stylistic nature, which include amendments
relating to the administration of the Option Plan or to eliminate any ambiguity or correct or supplement any provision herein which may
be incorrect or incompatible with any other provision hereof;

3. changing the terms and conditions governing any Option(s) granted under the Option Plan, including the
vesting terms, the exercise and payment method, the Exercise Price and the effect of the Optionee's death or permanent disability,
the termination of the Optionee's employment, term of office or consulting engagement or the Optionee ceasing to be an Eligible
Person;

4. determining that any of the provisions of the Option Plan concerning the effect of the Optionee's
death or permanent disability, the termination of the Optionee's employment, term of office or consulting engagement or the Optionee
ceasing to be an Eligible Person shall not apply for any reason acceptable to the Board;

5. amendments to the definition of Eligible Person;

6. changing the termination provisions of the Plan or any Option which, in the case of an Option, does not
entail an extension beyond an Option's originally scheduled expiry date;

7. changing the terms and conditions of any financial assistance which may be provided by the Company to
Optionees to facilitate the purchase of Common Shares under the Option Plan, or adding or removing any provisions providing for such financial
assistance;

8. amendments to the cashless exercise feature set out in Section 2.8 of the Option Plan;

9. the addition of or amendments to any provisions necessary for Options to qualify for favourable tax treatment
to Optionees or the Company under applicable tax laws or otherwise address changes in applicable tax laws;

10. amendments relating to the administration of the Option Plan; and

11. any other amendment, whether fundamental or otherwise, not requiring Shareholder approval under applicable
law or the rules or policies of any stock exchange upon which the Common Shares trade from time to time.

Notwithstanding anything contained in the Option Plan to the contrary, no amendment requiring the approval of the Shareholders under applicable law or the rules or policies of any stock exchange upon which the Common Shares trade from time to time shall become effective until such approval is obtained. In addition to the foregoing, approval by the Shareholders by ordinary resolution shall be required for:

&nbsp;&nbsp;&nbsp;&nbsp;1. any amendment to the provisions of Section 3.9 of the Option Plan that is not an amendment within the
nature of Sections 3.9(a)(i) and 3.9(a)(ii) of the Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;2. any increase in the maximum number of Common Shares that can be issued under the Option Plan, except in
connection with an adjustment made in accordance with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;3. any reduction in the Exercise Price of an Option granted under the Option Plan (including the cancellation
and re-grant of an Option, constituting a reduction of the Exercise Price of an Option), except in connection with an adjustment made
in accordance with the Adjustment Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;4. any amendment to extend the expiry of an Option beyond its original Expiry Date;

&nbsp;&nbsp;&nbsp;&nbsp;5. any amendment to Section 3.1(e) or Section 3.1(f) of the Option Plan to increase participation by Insiders;
and

&nbsp;&nbsp;&nbsp;&nbsp;6. any amendment to the provisions of the Option Plan that would permit Options to be transferred or assigned
other than for normal estate settlement purposes, provided further that, in the case of any amendment or variance referred to (I) in clause
(v) of Section 3.9(b) of the Option Plan, Insiders are not eligible to vote their Common Shares in respect of the required approval of
the Shareholders, and (II) in clauses (iii), (iv) or (vi) of Section 3.9(b) of the Option Plan, Insiders who shall benefit from such amendment
or variance are not eligible to vote their Common Shares in respect of the required approval of the Shareholders.

For the purposes of the Option Plan, "**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;1. any one person holds a sufficient number of voting shares of the Company or resulting company to affect
materially the control of the Company or resulting company;

&nbsp;&nbsp;&nbsp;&nbsp;2. any combination of persons, acting in concert by virtue of an agreement, arrangement, commitment or understanding,
hold in total a sufficient number of voting shares of the Company or its successor to affect materially the control of the Company or
its successor; or

&nbsp;&nbsp;&nbsp;&nbsp;3. the Board adopts a resolution to the effect that the circumstances in clause (1) or (2) of this definition
have occurred or are imminent,

where such person or combination of persons referred to in clause (1) or (2) of this definition did not previously hold a sufficient number of voting shares to affect materially control of the Company or its successor. In the absence of evidence to the contrary, any person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding holding more than 20% of the voting shares of the Company or its successor is deemed to materially affect control of the Company or its successor.

*RSU Plan*

The Board adopted the RSU Plan on May 11, 2018, and was ratified and approved, as amended, by the Shareholders on June 30, 2021. All unallocated entitlements under the RSU Plan were most recently approved by Shareholders on June 25, 2024.

Similar to the Option Plan, the RSU Plan must also be reconfirmed every three years by Company's Shareholders at a meeting of Shareholders in accordance with the requirements of the TSX and if the RSU Plan is not reconfirmed, no further grants of RSUs may be made under the RSU Plan. The summary of the RSU Plan set out below is intended to be a brief description and is subject to and qualified in its entirety by the full text of the RSU Plan. Capitalized terms used in the following section "Summary of the RSU Plan" but not otherwise defined in this Circular have the meanings given to them in the RSU Plan.

 

*Summary of the RSU Plan*

The purpose of the RSU Plan is to promote further alignment of interests between Designated Participants and the Shareholders of the Company, to provide a compensation system for Designated Participants that is reflective of the responsibility, commitment and risk accompanying their role over the medium term and to allow Designated Participants to participate in the success of the Company over the medium term.

Pursuant to the RSU Plan, the Board may grant RSUs to Designated Participants who are directors, officers, employees or consultants of the Company or an affiliate of the Company, other than directors of the Company who are not also employees of the Company, in consideration of such persons providing their services to the Company or an affiliate of the Company. When cash dividends are paid on the Common Shares, additional RSUs of equivalent value are credited to the Designated Participant's RSU account. RSUs can be redeemed for either cash or Common Shares, or a combination of both, at the discretion of the Board, at the end of each Performance Period upon achievement by the Designated Participant of certain Target Milestones established by the Board at the time of the original RSU grant, which may include vesting based on length of service. Holders of RSUs are not entitled to any rights of a Shareholder of the Company with respect to the Common Shares underlying any such RSUs.

The RSU Plan authorizes the Board to grant RSUs to Designated Participants on the following terms:

1. The aggregate number of Common Shares that may be issued upon the redemption of RSUs granted under the
RSU Plan shall not at any time, when taken together with any Common Shares issuable under any other security based compensation arrangement
of the Company either then in effect or proposed, including the Option Plan, exceed 10% of the issued and outstanding Common Shares of
the Company from time to time on a non-diluted basis. If any RSU is cancelled for any reason without having been redeemed in full, the
Common Shares reserved for issuance in respect of such RSUs will become available again for the purposes of the RSU Plan.

2. The maximum number of Common Shares issuable to Insiders of the Company, at any time, under all security
based compensation arrangements of the Company, shall not exceed 10% of the issued and outstanding Common Shares and the maximum number
of Common Shares issued to Insiders of the Company, within any 12 month period, under all security based compensation arrangements of
the Company, shall not exceed 10% of issued and outstanding Common Shares, both on a non-diluted basis.

3. RSUs credited to the Designated Participant's account from time to time vest based upon the Designated
Participant's performance toward the Target Milestones as specified by the Board at the time of grant. If a Designated Participant
dies, or if a Designated Participant who is an employee or officer retires, suffers a disability preventing him from carrying out his
employment, or is terminated without cause, or for cause but such cause does not disqualify the officer or employee from statutory notice
under minimum standards legislation, if applicable, during a Performance Period, and the Designated Participant's Target Milestones
have not been met, the Board, in its sole discretion and taking into consideration the Designated Participant's proportional achievement
toward Target Milestones, may determine that a portion of such RSUs will immediately become vested.

4. Notwithstanding paragraph 3, RSUs will vest in accordance with the terms and conditions of any applicable
employment or consulting agreement between the Company or an affiliate of the Company and a Designated Participant. If the Board determines
it is necessary or desirable in order to comply with applicable laws of a foreign jurisdiction or to avoid adverse tax consequences in
a foreign jurisdiction, the Board may set forth in the applicable RSU Acknowledgement such terms as it deems appropriate, which will govern
such awards notwithstanding any other provisions of the RSU Plan.

5. If a Designated Participant who is an employee or officer is terminated for cause and provided such cause
disqualifies the Designated Participant from statutory notice under minimum standards legislation, if applicable or resigns prior to the
end of a Performance Period in respect of any RSUs granted, or is a consultant and the consulting contract with the Company or an affiliate
of the Company is terminated by such consultant or the Company or such affiliate of the Company, the Designated Participant is not entitled
to any cash payment or treasury Common Shares on account of RSUs relating to such Performance Period in which such Designated Participant's
employment terminates, and all outstanding RSUs shall be cancelled.

6. In the event of a Change in Control of the Company, as defined in the RSU Plan, subject to TSX or any
other required regulatory approvals, then, notwithstanding the achievement or non-achievement of the Target Milestones set forth in a
RSU Acknowledgement, all of the RSUs held by such Designated Participant shall be deemed hereunder to have been vested upon the Change
in Control.

7. With respect to the grant of RSUs under the RSU Plan:

&nbsp;&nbsp;&nbsp;&nbsp;a. unless the Board specifies a shorter period, the Performance Period applicable to a grant of RSUs commences
on the January 1 coincident with or immediately preceding the grant and ends on November 30 of the third year following the calendar year
in which such RSUs were granted;

&nbsp;&nbsp;&nbsp;&nbsp;b. RSUs (including dividend equivalent RSUs) credited to the Designated Participant's account from
time to time are denominated in Common Shares of the Company. Whenever cash dividends are paid on the Common Shares of the Company, additional
RSUs will be credited to RSU accounts of Designated Participant's holding RSUs. The number of such dividend equivalent RSUs will
be calculated by dividing the amount of cash dividends that would have been payable if such RSUs had been Common Shares as at the record
date for the dividend by the market value on the trading day immediately preceding the date on which the Common Shares began trading on
an ex-dividend basis, rounded down to the next whole number of RSUs. No fractional RSUs will be issued; and

&nbsp;&nbsp;&nbsp;&nbsp;c. vested RSUs credited to the Designated Participant's account shall be redeemed on the last day of
the Performance Period of such RSUs (or such earlier date in the case of vested RSUs that are redeemable immediately upon the achievement
of Target Milestones). In addition, if a Designated Participant dies or if a Designated Participant who is an employee or officer retires,
suffers a disability preventing him from carrying out his employment, or is terminated without cause, or for cause but such cause does
not disqualify the officer or employee from statutory notice under minimum standards legislation, if applicable, during a Performance
Period, and the Designated Participant's Target Milestones have not been met, RSUs that have vested in accordance with paragraph
3 above credited to the Designated Participant's account are redeemable as soon as practicable following the closing date. The RSUs
are redeemable in cash equal to the market value of vested RSUs (being the closing trading price of the Common Shares on the TSX immediately
preceding the relevant date), in treasury Common Shares equal to the number of vested RSUs or in any combination of cash or treasury Common
Shares, at the sole discretion of the Board.

8. Subject to the restrictions noted in paragraph 10, below, and to regulatory and TSX approval, where required,
the Board may amend the terms of the RSU Plan or any RSUs without Shareholder approval, including in the following circumstances, provided
that no such amendment or revision may materially decrease the rights or benefits accruing or materially increase the obligations of a
Designated Participant without the consent of such Designated Participant:

&nbsp;&nbsp;&nbsp;&nbsp;a. amendments of a "housekeeping" nature including, but not limited to, of a clerical, grammatical
or typographical nature;

&nbsp;&nbsp;&nbsp;&nbsp;b. to correct any defect, supply any information or reconcile any inconsistency in the RSU Plan in such a
manner and to such extent as shall be deemed necessary or advisable to carry out the purposes of the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;c. in the case of any granted RSUs, amend, including the acceleration of, the vesting provisions, the Target
Milestones, the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;d. in the case of any granted RSUs, substitute another award for the same or different type or make such
adjustments contemplated under the RSU Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;e. amendments to reflect any changes in requirements of any regulatory authority or stock exchange to which
the Company is subject.

9. Subject to regulatory and TSX approval, where required, the Board may, from time to time, suspend or terminate
the RSU Plan in whole or in part.

10. Shareholder approval is required to amend the RSU Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;a. increase the number of Common Shares reserved for issuance under the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;b. to remove or exceed the limits set out in paragraph 2 above;

&nbsp;&nbsp;&nbsp;&nbsp;c. to amend the amendment or assignment provisions of the RSU Plan;

&nbsp;&nbsp;&nbsp;&nbsp;d. to allow grants of RSUs to non-employee directors; or

&nbsp;&nbsp;&nbsp;&nbsp;e. amend RSUs granted under the RSU Plan to extend the Performance Period beyond the original expiration
date for the benefit of Insiders of the Company, except in circumstances where the Company has imposed a trading black-out, as described
in paragraph 13.

11. The RSUs are not transferable or assignable other than by will or pursuant to the laws of succession,
except that the Designated Participant may, subject to Board approval, assign RSUs granted under the RSU Plan to a trustee, custodian
or administrator acting on behalf of or for the benefit of the Designated Participant, a personal holding corporation, partnership, trust
or other entity controlled by the Designated Participant or a registered retirement income fund or registered retirement savings plan
of the Designated Participant.

12. If a Performance Period ends during a trading black-out period imposed by the Company to restrict trades
in the Company's securities, then, notwithstanding any other provision of the RSU Plan, the Performance Period shall end 10 business
days after the trading black-out period is lifted by the Company.

13. No financial assistance is available to Designated Participants under the RSU Plan.

14. The Board has delegated to the Compensation Committee of the Company such administrative duties and powers
required to administer the RSU Plan.

 ****

 ****

***Securities Available for Grant Under the Option Plan and RSU Plan***

The Plans are "rolling" such that the number of securities granted under the Plans can be up to a maximum of 10% of the issued capital of the Company at the time of the grant on a non-diluted basis, and such aggregate number of Common Shares shall increase or decrease as the number of issued and outstanding Common Shares changes. As of the end of the most recently completed financial year, the Company was able to grant a maximum number of securities convertible for up to 13,636,660 Common Shares, representing 10% of Common Shares outstanding. As of the end of the most recently completed financial year, the Company had awarded 10,645,000 Options representing approximately 7.81% of the Common Shares outstanding and nil RSUs. As of the end of the most recently completed financial year, the Company had further securities convertible into up to 2,991,660 Common Shares available for grant under its Option Plan and RSU Plan representing approximately 2.19% of the Common Shares outstanding.

 ****

***Annual Burn Rate***

 

The following table sets forth the annual "burn rate" of the Option Plan for each of the three most recently completed fiscal years, calculated using the TSX's prescribed methodology pursuant to Section 613(d) of the TSX Company Manual:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Burn Rate<sup>(1)</sup>** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** |
| &nbsp;&nbsp;Option Plan | &nbsp;&nbsp;3.63% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;3.42% |

---

<sup>(1)</sup> The burn rate is the number of awards granted in a fiscal year, expressed as a percentage of the weighted average number of common shares outstanding for the applicable fiscal year calculated in accordance with the CPA Canada Handbook.

**Risk Assessment of the Company's Compensation Policies and Practices**

During the financial year ended December 31, 2024, the Compensation Committee of the Board generally considered the implications of the risks associated with the Company's compensation policies and practices. The Compensation Committee believes the Company's compensation policies alleviate risk by having a balance of short-term and long-term compensation. The Compensation Committee will also evaluate the risks and make adjustments to the Company's compensation policies as necessary.

**Hedging**

Pursuant to the Company's Disclosure Policy, NEOs and directors are not permitted to purchase financial instruments, including, for greater certainty, prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by the NEO or director.

**Compensation Governance**

Compensation for the Company's directors and officers is determined based on the recommendations of the Compensation Committee. The Compensation Committee is entitled to consult with external experts on the adequacy of the compensation paid to the Company's directors. During fiscal 2023, the Compensation Committee was comprised of John Boehner (Chair), Lenard Boggio and William Mulrow all of whom are independent directors in accordance with corporate governance rules of NI 58-101 and the policies of the TSX. The objective of the Committee is to assist in attracting, retaining and motivating executives and key personnel in view of the Company's goals and setting director and executive officer compensation and to develop and submit to the Board recommendations with respect to such other employee benefits as considered advisable, pursuant to the following principles: (a) to offer competitive compensation to attract, retain and motivate qualified executives in order for the Company to achieve the strategic plan and budget approved by the Board from time to time; and (b) to act in the best interests of the Company by being financially responsible.

**Performance Graph**

The Company's Shares commenced trading in the TSX on October 19, 2017. The following graph compares the annual percentage change in the Company's cumulative total shareholder return based on the assumption that C$100 was invested in the Company's Common Shares on December 31, 2019, against the cumulative total shareholder return of the S&P/TSX Composite Index and the TSX Global Mining Index for the five most recently completed financial years of the Company ended December 31, 2024.

As discussed in the Compensation Discussion and Analysis, compensation for the Company's NEOs is comprised of various elements including a base salary and bonus that may not necessarily correlate directly with the market price of the Company's shares. In addition, the market price of a publicly traded stock, especially a junior resource issuer as is the case for the Company, may be affected by many variables that may not be directly related to NEO performance including the market for junior resource stocks, the strength of the economy generally, commodity prices, the availability and attractiveness of alternative investments, and the breadth of the public market for the stock.

The trend in overall compensation paid to the Company's executives over the period has not specifically tracked the performance of the market price of the Company's common shares, or the S&P/TSX Composite Index.

**Compensation Consultants and Advisors**

 ****

No compensation consultants or advisors were retained by the Company since inception of the Company.

**Summary Compensation Table**

The following table sets forth compensation awarded, earned or paid to the NEOs of the Company for the three most recently completed financial years:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Name and principal<br> position** | &nbsp;&nbsp; <br> **Year** | &nbsp;&nbsp; <br>**Salary**<br> **($)<sup>(1)</sup>** | &nbsp;&nbsp; <br>**Option-based awards**<br> **($)<sup>(2)</sup>** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; <br> **Pension value**<br> **($)** | &nbsp;&nbsp; <br> **Total compen-sation**<br> **($)** |
| &nbsp;&nbsp; <br> **Name and principal<br> position** | &nbsp;&nbsp; <br> **Year** | &nbsp;&nbsp; <br>**Salary**<br> **($)<sup>(1)</sup>** | &nbsp;&nbsp; <br>**Option-based awards**<br> **($)<sup>(2)</sup>** | &nbsp;&nbsp; <br> **Annual incentive plans<sup>(3)</sup>** | &nbsp;&nbsp;**Long-term incentive plans** | &nbsp;&nbsp; <br> **Pension value**<br> **($)** | &nbsp;&nbsp; <br> **Total compen-sation**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke**<sup>(4)</sup>**<br> Executive Chairman | &nbsp;&nbsp;2024 | &nbsp;&nbsp;229233 &nbsp;&nbsp;Nil | &nbsp;&nbsp;127500 | &nbsp;&nbsp;178858 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;535592 |
| &nbsp;&nbsp; Richard W. Warke**<sup>(4)</sup>**<br> Executive Chairman | &nbsp;&nbsp;2023 | &nbsp;&nbsp;259317 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;145217 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;404534 |
| &nbsp;&nbsp; Richard W. Warke**<sup>(4)</sup>**<br> Executive Chairman | &nbsp;&nbsp;2022 | &nbsp;&nbsp;268969 &nbsp;&nbsp;Nil | &nbsp;&nbsp;140000 | &nbsp;&nbsp;169450 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;578419 |
| &nbsp;&nbsp; Donald R. Taylor<br> Chief Executive Officer | &nbsp;&nbsp;2024 | &nbsp;&nbsp;321006 &nbsp;&nbsp;Nil | &nbsp;&nbsp;127500 | &nbsp;&nbsp;224910 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;673416 |
| &nbsp;&nbsp; Donald R. Taylor<br> Chief Executive Officer | &nbsp;&nbsp;2023 | &nbsp;&nbsp;311149 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;192780 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;503929 |
| &nbsp;&nbsp; Donald R. Taylor<br> Chief Executive Officer | &nbsp;&nbsp;2022 | &nbsp;&nbsp;306000 &nbsp;&nbsp;Nil | &nbsp;&nbsp;140000 | &nbsp;&nbsp;192780 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;638780 |
| &nbsp;&nbsp; Rita Adiani<sup>(5)</sup> | &nbsp;&nbsp;2024 | &nbsp;&nbsp;68313 &nbsp;&nbsp;Nil | &nbsp;&nbsp;96000 | &nbsp;&nbsp;43750 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;208063 |
| &nbsp;&nbsp; President |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Michael McClelland<sup>(6)</sup><br> Chief Financial Officer | &nbsp;&nbsp;2024 | &nbsp;&nbsp;42865 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;42865 |
| &nbsp;&nbsp; Michael McClelland<sup>(6)</sup><br> Chief Financial Officer | &nbsp;&nbsp;2023 | &nbsp;&nbsp;152812 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;42602 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;195414 |
| &nbsp;&nbsp; Michael McClelland<sup>(6)</sup><br> Chief Financial Officer | &nbsp;&nbsp;2022 | &nbsp;&nbsp;152913 &nbsp;&nbsp;Nil | &nbsp;&nbsp;84000 | &nbsp;&nbsp;48030 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;284943 |
| &nbsp;&nbsp; Ty Minnick<sup>(7)</sup><br> Interim Chief Financial<br> Officer | &nbsp;&nbsp;2024 | &nbsp;&nbsp;26500 &nbsp;&nbsp;Nil | &nbsp;&nbsp;16000 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;42500 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;2024 | &nbsp;&nbsp;259875 &nbsp;&nbsp;Nil | &nbsp;&nbsp;42500 | &nbsp;&nbsp;142931 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;445306 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;2023 | &nbsp;&nbsp;236250 &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;64409 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;300659 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;2022 | &nbsp;&nbsp;225000 &nbsp;&nbsp;Nil | &nbsp;&nbsp;35000 | &nbsp;&nbsp;64125 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;324125 |

---

<sup>(1)</sup> Salaries for Donald R. Taylor, and Joel Rheault are paid in US dollars by the Company or its subsidiary. Richard Warke, Ty Minnick and Rita Adiani indirectly receive consulting fees and do not receive salaries (see notes 4 and 5). Mr. McClelland's salary was paid through a management services company equally owned by the Company and other companies related by virtue of certain common directors and officers. For purposes of this table, Mr. McClelland's salary was converted into US dollars at the average exchange rate for the period over which they were earned as follows: 2024- $1.3698; 2023 - $1.3497; and 2022 - $1.3013.

<sup>(2)</sup> The fair value of the option-based awards for 2024 and 2022 were calculated using the Black Scholes model using the following weighted average assumptions: 2024 and 2022 – expected life of 5 years, annualized volatility of 2024 -75.97% and 2022 74.42%, a risk-free interest rate of 2024 - 3.76% and 2022 - 3.31%, annual rate of dividends 2024 - 0% and 2022 - 7.84%. For the purposes of this table the Canadian dollar value of the option award is converted into US dollars. For 2024 and 2022 the US$/C$ exchange rate at the date of the grants were $1.3822 and $1.3545 respectively. For the year ended December 31, 2023, no option-based awards were provided to the Company's NEOs.

<sup>(3)</sup> 2024 annual incentive payments were paid in January 2025.

<sup>(4)</sup> On January 1, 2021, the Company entered an agreement with Augusta Capital Corporation, a company controlled by Mr. Warke for consulting services. Consulting services for 2024, 2023 and 2022 were charged directly to the Company in C$. For purposes of this table the fees were converted into US dollars at the average exchange rate over the period over which they were earned as follows: 2024 – $1.3698; 2023 - $1.3497 and 2022 - $1.3013.

<sup>(5)</sup> On October 16, 2024, a subsidiary of the Company entered an agreement with Ionic Energy Partners LLC, a company controlled by Ms. Adiani for consulting services. Consulting services for were charged directly to the Company subsidiary in US$.

<sup>(6)</sup> Mr. McClelland resigned effective March 31, 2024.

<sup>(7)</sup> Mr. Minnick was appointed Interim CFO effective April 1, 2024.

The value for stock option awards disclosed in footnote (2) was calculated using the Black-Scholes option pricing model based on the assumptions indicated in the footnote. These assumptions are highly subjective and can materially affect the calculated fair value. Further, calculating the value of stock options using this methodology is not the same as the simple "in-the-money" value of the options, which on the date of grant would be $nil. Accordingly, caution should be exercised in comparing grant date fair values, as calculated using the Black-Scholes model, to cash values or an in-the-money calculation.

*NEO Employment Agreements*

 

The Company has entered into an employment agreement, letter agreement or consulting agreement with each NEO for an indefinite term. Except in the case of Richard Warke (details of which are provided below), such agreements provide for a base salary (as may be adjusted annually), a bonus, grant of Options and/or RSUs, vacation time and various standard benefits including life, disability, medical, dental and reimbursement of reasonable expenses. Where applicable, the payment of a bonus is to be tied to corporate, operational and individual performance and the grant of Options are at the discretion of the Board. Bonus is also at the discretion of the Board. Refer to the Summary Compensation Table above for compensation paid to, earned by or accrued for each NEO for fiscal year ended December 31, 2024.

**Incentive Plan Awards**

 

*Outstanding Share-based Awards and Option-based Awards*

The following table sets out all awards outstanding at the end of the most recently completed financial year held by each NEO including awards granted before the most recently completed financial year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name**  | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Share-based Awards** | &nbsp;&nbsp;**Share-based Awards** |
| &nbsp;&nbsp; <br>**Name**  | &nbsp;&nbsp; <br>**Number of securities underlying unexercised options** | &nbsp;&nbsp; <br>**Option** <br> **exercise** <br> **price**<br> **(C$)** | &nbsp;&nbsp; <br>**Option expiration** <br> **Date** | &nbsp;&nbsp; **Value of unexercised in-the-money options** <br> **(C$)<sup>(1)</sup>**  | &nbsp;&nbsp;**Number of shares or units of shares that have not vested (#)** | &nbsp;&nbsp; <br>**Market or payout value of share-based awards that have not vested** |
| &nbsp;&nbsp;Richard W. Warke | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Executive Chairman | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;November 10, 2027 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp;750000 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;April 16, 2029 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;CEO | &nbsp;&nbsp; 1000000<br> 750000 | &nbsp;&nbsp; $0.51<br> $0.36 | &nbsp;&nbsp; November 10, 2027<br> April 16, 2029 | &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A |
| &nbsp;&nbsp; Rita Adiani<br> President | &nbsp;&nbsp;800000 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;October 17, 2029 | &nbsp;&nbsp;$8000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer |  |  |  |  |  |  |
| &nbsp;&nbsp; Ty Minnick<br> Interim CFO | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;August 15, 2029 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp; 100000<br> 250000<br> 250000 | &nbsp;&nbsp; $0.63<br> $0.51<br> $0.36 | &nbsp;&nbsp; September 25, 2025<br> November 10, 2027<br> April 16, 2029 | &nbsp;&nbsp; Nil<br> Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A<br> N/A |

---

<sup>(1)</sup> This amount is calculated based on the difference between the market price of the Common Shares underlying the Options at the end of the most recently completed financial year, which was C$0.31, and the exercise or base price of the Option.

 

 

*Value Vested or Earned During the Year*

The following table represents the aggregate dollar value that would have been realized if the awards had been exercised on the vesting date for each NEO:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name** | &nbsp;&nbsp; <br> **Share-based awards – Value vested during the year**<br> **(C$)** | &nbsp;&nbsp; <br> **Non-equity incentive plan compensation – Value earned during the year<br> (C$)** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Donald R. Taylor &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;CEO |  |  |
| &nbsp;&nbsp;Rita Adiani &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;President |  |  |
| &nbsp;&nbsp; Michael McClelland<br> Chief Financial Officer<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Ty Minnick<br> Interim Chief Financial Officer<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Joel Rheault &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Vice President, Operations |  |  |

---

<sup>(1)</sup> Represents the value of stock options vested during the year ended December 31, 2024, calculated as if stock options had been exercised on their vesting date based on the market price on the vesting date of the stock options less the exercise price.

**Pension Plan Benefits**

The Company does not have any pension or retirement plans.

**Termination and Change of Control Benefits**

The following describes the principal terms of remuneration payable to such NEO of the Company in the event of termination. If the NEO is terminated for cause (or equivalent), then no payment or incremental benefits are due to the NEO.

*Richard W. Warke, Executive Chairman*

The Company has entered into a consulting agreement with Augusta Capital Corporation, a private company 100% beneficially held by Mr. Warke, Chairman of the Company. Under the terms of the agreement, Augusta Capital Corporation is paid a monthly rate of C$29,167 and is eligible for an annual success fee of C$245,000 at the discretion of the Board. In the event of a change of control, Augusta Capital Corporation shall be paid a success fee of C$1,785,000. The agreement went into effect January 1, 2021, and remains in effect until terminated.

*Donald R. Taylor, CEO*

If Mr. Taylor's employment is terminated without cause or by him for good reason, the Company shall pay an amount in cash equal to (i) one and one-half times his then base annual salary, and (ii) an amount equal to twelve (12) times the excess of the total monthly premium cost for Mr. Taylor's healthcare coverage under all Company plans over the employee-paid portion of such premiums, each as determined immediately before the termination date. Mr. Taylor will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event of a Change of Control, if Mr. Taylor is terminated without cause or resigns for any reason before the earlier of (i) the last day of the six month period after such Change of Control or (ii) February 1 of the year following the calendar year of such Change of Control, he will be entitled to an amount in cash equal to three times the aggregate of his then base annual salary and three times his target bonus. All unvested Options held by Mr. Taylor at the time of a Change of Control will vest on the date of such Change of Control.

 

*Rita Adiani, President*

A subsidiary of the Company has entered into a consulting agreement with Ionic Energy Partners LLC, a private company 100% beneficially held by Ms. Adiani. Under the terms of the agreement, Ionic Energy Partners LLC is paid a monthly rate of US$25,000 and is eligible for an annual success bonus of up to US$210,000 at the discretion of the Board. In the event of a change of control, Ionic Energy Partners LLC shall be paid a success fee of US$1,020,000 and all stock options shall vest. If the Company terminates the consulting agreement other than for a material breach, then the Company shall pay to Ionic Energy Partners LLC US$450,000.

*Michael McClelland, CFO*

If Mr. McClelland's employment is terminated without cause or by him for good reason, the Company will pay an amount in cash equal to one and one-half (1.5) times the aggregate of his then base annual salary paid by the Company. Mr. McClelland will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event that Mr. McClelland is terminated without cause or resigns for any reason within six months following a Change of Control, he will be entitled to an amount in cash equal to two times the aggregate of his then base annual salary paid by the Company and two times his target bonus. All unvested Options held by Mr. McClelland at the time of a Change of Control will vest on the date of such Change of Control.

 

*Ty Minnick, Interim CFO*

Mr. Minnick was retained as an independent contractor on an interim basis. Given the foregoing, Mr. Minnick was not entitled to additional payments on termination or on a Change of Control.

 

*Joel Rheault, Vice President, Operations*

If Mr. Rheault's employment is terminated without cause or by him for good reason, the Company shall pay an amount in cash equal to one-half times his then base annual salary plus one month for every year of service to a maximum of nine (9) months. Mr. Rheault will also be entitled to retain any vested securities granted to him under any compensation plan of the Company in accordance with such compensation plan. In the event of a Change of Control, if Mr. Rheault is terminated without cause or resigns for any reason before the earlier of (i) the last day of the six (6) month period after such Change of Control or (ii) February 1 of the year following the calendar year of such Change of Control, he will be entitled to an amount in cash equal to two times the aggregate of his then base annual salary and two times target bonus. All unvested Options held by Mr. Rheault at the time of a Change of Control will vest on the date of such Change of Control.

*Estimated Payment on Termination without Cause or by NEO for Good Reason*

The following table provides details regarding the estimated incremental payments and benefits to each NEO on termination without cause or by the NEO for good reason, assuming a triggering event occurred on December 31, 2024. Mr. McClelland resigned as CFO effective March 31, 2024, and so would not be entitled to a change of termination payment at December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>| &nbsp;&nbsp;**Multiple** | &nbsp;&nbsp; **Base Salary**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke<br> Executive Chairman | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp; Donald R. Taylor<sup>(2)</sup><br> CEO | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;500870 &nbsp;&nbsp;Nil | &nbsp;&nbsp;500870 |
| &nbsp;&nbsp; Rita Adiani<br> President | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;450000 &nbsp;&nbsp;Nil | &nbsp;&nbsp;450000 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;267671 &nbsp;&nbsp;Nil | &nbsp;&nbsp;267671 |
| &nbsp;&nbsp; Ty Minnick<br> Interim CFO | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |

---

<sup>(1)</sup> At December 31, 2024, the closing price of the Company's shares on the TSX was C$0.31. Vested options were out-of-the money.

<sup>(2)</sup> Salary amount includes one year of health benefits estimated at $18,920 which is not impacted by the multiplier.

*Estimated Payment on a Change of Control*

The following table provides details regarding the estimated incremental payments and benefits to each NEO on termination on a change of control, assuming a triggering event occurred on December 31, 2024. Mr. McClelland resigned as CFO effective March 31, 2024, and so would not be entitled to a change of control payment at December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Multiple** | &nbsp;&nbsp; **Base Salary**<br> **($)** | &nbsp;&nbsp; **Bonus**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp; Richard W. Warke<sup>(1)(4)</sup><br> Executive Chairman | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Nil | &nbsp;&nbsp;1240530 &nbsp;&nbsp;Nil | &nbsp;&nbsp;1240530 |
| &nbsp;&nbsp; Donald R. Taylor<br> CEO | &nbsp;&nbsp;3 | &nbsp;&nbsp;963900 | &nbsp;&nbsp;674730 &nbsp;&nbsp;Nil | &nbsp;&nbsp;1638630 |
| &nbsp;&nbsp; Rita Adiani<sup>(4)</sup><br> President | &nbsp;&nbsp;2 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;420000 &nbsp;&nbsp;Nil | &nbsp;&nbsp;1020000 |
| &nbsp;&nbsp; Joel Rheault<br> Vice President, Operations | &nbsp;&nbsp;1 | &nbsp;&nbsp;535342 | &nbsp;&nbsp;267671 &nbsp;&nbsp;Nil | &nbsp;&nbsp;803013 |
| &nbsp;&nbsp; Ty Minnick<br> Interim CFO | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |

---

<sup>(1)</sup> Converted from C$ to US$ based on the exchange rate reported by the Bank of Canada on December 31, 2024, of $1.4389.

<sup>(2)</sup> Equity value represents the calculated value of the unvested stock options that would vest at December 31, 2024, as a result of termination and is not impacted by the applicable multiple. At December 31, 2024, the closing price of the Company's shares on the TSX was C$0.31. Options were out-of-the money.

<sup>(3)</sup> In accordance with the Company's Option Plan, if there is a change of control, the Board may in its discretion determine that all holders of outstanding Options with an exercise price equal to or greater than the price per share provided for in the transaction giving rise to such change of control shall be entitled to receive and shall accept, immediately prior to or concurrently with the transaction giving rise to such change of control, in consideration for the surrender of such Options, the value of such Options determined in accordance with the Black and Scholes Option pricing Model, as determined by the Board.

<sup>(4)</sup> Pursuant to the terms of their respective consulting agreements, a success fee or completion bonus is payable in the event of a Change of Control. For the purposes of this table, the success fee or completion bonus as applicable has been classified as a bonus.

**Director Compensation**

During fiscal 2024 Board fees for the Company's non-executive directors were structured as provided for in the table below.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**(US$)** |
| &nbsp;&nbsp;Annual base compensation per Board member | &nbsp;&nbsp;50,000/annum |
| &nbsp;&nbsp;Board meeting attendance (per meeting basis) | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Audit Committee Chair | &nbsp;&nbsp;9,000/annum |
| &nbsp;&nbsp;Compensation Committee Chair | &nbsp;&nbsp;6,000/annum |
| &nbsp;&nbsp;Nominating and Corporate Governance Committee Chair | &nbsp;&nbsp;3,600/annum |
| &nbsp;&nbsp;Committee Member Compensation | &nbsp;&nbsp;Nil |

---

All reasonable expenses incurred by a director in attending Board meetings, committee meetings or shareholder meetings, together with all expenses properly and reasonably incurred by any director in the conduct of the Company's business or in the discharge of his or her duties as a director are paid by the Company.

Compensation levels are typically impacted by the demand and supply of talent. In the case of board directors there continues to be a shortage of leadership talent caused by both supply and demand. This shortage is driving up the price of leadership talent and companies face difficult pay decisions to attract and retain experienced leaders. As a result, there is a need to provide fair and competitive pay levels in a highly priced marketplace.

Following the implementation of Sarbanes Oxley, many companies have been diversifying the talent requirements at the board level. In particular they have been seeking expertise in finance, auditing, capital markets, governance and compensation. Such talent is not always readily available, especially as directors are limiting the number of boards upon which they serve. Continuing changes to the regulatory environment and governance practices in Canada places additional responsibilities and demands on Board members. Boards have a need to diversify their knowledge and expertise, particularly in risk management. This need for experienced talent at the Board level combined with the continuing emphasis being placed on good corporate governance in North America has resulted in a compensation structure for directors to reward them for contributing to the success of the Company while recognizing the value of their time and effort.

The following table sets forth all amounts of compensation paid to or earned by the non-executive directors of the Company for the year ended December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Fees earned**<br> **($)** | &nbsp;&nbsp; **Share-based awards**<br> **($)** | &nbsp;&nbsp; **Option-based awards**<br> **($)** | &nbsp;&nbsp; **Non-equity incentive plan compensation**<br> **($)** | &nbsp;&nbsp; **Pension value**<br> **($)** | &nbsp;&nbsp; <br> **All other compensation**<br> **($)** | &nbsp;&nbsp; **Total**<br> **($)** |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;58807 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;36000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;94807 |
| &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;50000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;36000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;86000 |
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;56000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;36000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;92000 |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;53600 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;36000 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;89600 |

---

 

 

*Directors' Outstanding Share-based and Option-based Awards*

The following table sets forth, for each director of the Company that is not a NEO, all awards outstanding at the end of the period ended December 31, 2024, including awards granted before this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**Name** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Option-based Awards** | &nbsp;&nbsp;**Share-based Awards** | &nbsp;&nbsp;**Share-based Awards** |
| &nbsp;&nbsp; <br>**Name** | &nbsp;&nbsp;**Number of securities underlying unexercised options** | &nbsp;&nbsp; <br> **Option**<br> **exercise**<br> **price**<br> **(C$)** | &nbsp;&nbsp; **Option expiration**<br> **date** | &nbsp;&nbsp;**Number of shares or units of shares that have not vested** | &nbsp;&nbsp;**Market or payout value of share-based awards that have not vested** |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp; 200000<br> 300000 | &nbsp;&nbsp; $0.51<br> $0.36 | &nbsp;&nbsp; November 10, 2027<br> April 16, 2029<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A |
| &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp; 200000<br> 300000 | &nbsp;&nbsp; $0.51<br> $0.36 | &nbsp;&nbsp; November 10, 2027<br> April 16, 2029<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A |
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp; 200000<br> 300000 | &nbsp;&nbsp; $0.51<br> $0.36 | &nbsp;&nbsp; November 10, 2027<br> April 16, 2029<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;150000 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;September 25, 2025 &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
|  | &nbsp;&nbsp; 200000<br> 300000 | &nbsp;&nbsp; $0.51<br> $0.36 | &nbsp;&nbsp; November 10, 2027<br> April 16, 2029<br> &nbsp;&nbsp; Nil<br> Nil | &nbsp;&nbsp; N/A<br> N/A | &nbsp;&nbsp; N/A<br> N/A |

---

<sup>(1)</sup> This amount is calculated based on the difference between the market price of the Common Shares underlying the Options at the end of the most recently completed financial year, which was C$0.31, and the exercise or base price of the Option.

 

*Value Vested or Earned During the Year*

The following table represents the aggregate dollar value that would have been realized if the stock options under the option-based award had been exercised on the vesting date in 2024 for each listed director:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Name** | &nbsp;&nbsp; <br> **Share-based awards – Value vested during the year**<br> **(C$)** | &nbsp;&nbsp; <br> **Non-equity incentive plan compensation – Value earned during the year<br> (C$)** |
| &nbsp;&nbsp;Lenard Boggio &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;George Pataki &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;John Boehner &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;William Mulrow &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<sup>(1)</sup> Represents the value of stock options vested during the year ended December 31, 2024, calculated as if stock options had been exercised on their vesting date based on the market price on the vesting date of the stock options less the exercise price.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

**Option Plan and RSU Plan**

The following table sets forth information as at December 31, 2024 concerning the Company's Option Plan:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Equity compensation plans approved by securityholders**<br>| &nbsp;&nbsp; **Number of Common Shares to be issued upon exercise of outstanding options or redemption of RSUs** | &nbsp;&nbsp; **Weighted-average exercise price of outstanding options or redemption of RSUs (C$)** | &nbsp;&nbsp; **Number of securities remaining available for future issuance under equity compensation plans** |
| &nbsp;&nbsp; Option Plan | &nbsp;&nbsp; 10245000<sup>(1)</sup> | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; 3391660<sup>(2)</sup> |
| &nbsp;&nbsp; RSU Plan | &nbsp;&nbsp; 0 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 3391660<sup>(2)</sup> |

---

<sup>(1)</sup> Of these, 3,893,331 Options were exercisable at December 31, 2024.

<sup>(2)</sup> Based on 10% of the Company's issued and outstanding Common Shares at December 31, 2024, less stock options outstanding at December 31, 2024. This aggregate number of securities will be available for issue under all security-based compensation plans of the Company.

**Statement of Corporate Governance PracticeS**

National Instrument 58-101 – *Disclosure of Corporate Governance Practices* requires all companies to provide certain annual disclosure of their corporate governance practices with respect to the corporate governance guidelines (the "**Guidelines**") adopted in National Policy 58-201 – *Corporate Governance Guidelines* ("**NP 58-201**"). These Guidelines are not prescriptive but have been used by the Company in adopting its corporate governance practices. The Company's approach to corporate governance is set out below.

**Board of Directors**

Management is nominating six individuals to the Company's Board all of whom are current directors of the Company.

The Guidelines suggest that the board of directors of every listed company should be constituted with a majority of individuals who qualify as "independent" directors under NI 52-110, which provides that a director is independent if he or she has no direct or indirect "material relationship" with the Company. Of the proposed nominees, Richard W. Warke, Executive Chairman of the Board, and Donald R. Taylor, President and CEO of the Company, are considered to be "non-independent" within the meaning of NI 52-110. The other proposed nominees, John Boehner, Lenard Boggio, William Mulrow and George Pataki are considered by the Board to be "independent" within the meaning of NI 52-110 and the Board is therefore majority independent. To ensure the Board functions independently of management the Board has appointed a Lead Director (Mr. Lenard Boggio). Mr. Boggio is responsible for providing leadership for the independent directors and facilitating open and candid discussion among the independent directors.

At the date of this Circular, some of the Company's directors were directors of other reporting issuers as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;Augusta Gold Corp. |
| &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;Equinox Gold Corp., Rubicon Organics Inc., and Augusta Gold Corp. |
| &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;Consolidated Edison, Inc. and JBG Smith Properties |
| &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;Solaris Resources Inc. and Augusta Gold Corp. |
| &nbsp;&nbsp;Richard W. Warke | &nbsp;&nbsp;Solaris Resources Inc., Highlander Silver Corp., Augusta Gold Corp., and Armor Minerals Inc. |

---

The independent directors of the Company may hold scheduled meetings at which non-independent directors and members of management are not in attendance. During the calendar year ended December 31, 2024, the Audit Committee held three meetings, the Compensation Committee held one meeting and the Nominating and Corporate Governance Committee held one meeting. Also, as required from time to time, the Board may constitute a Special Committee for a specific purpose.

During the calendar year ended December 31, 2024, the Board held three meetings, which were attended by each Board member.

***Term Limits***

The directors of the Company are elected annually and hold office until the next annual meeting of Shareholders or until their successors are elected or appointed. No term limits have been adopted for directors so far. However, the Company may consider adopting term limits for directors in the future.

***Board Mandate***

The Board has a formal written mandate which defines its stewardship responsibilities. A copy of the Board of directors Mandate is attached hereto as Schedule "A".

***Position Descriptions***

The Board has not developed formal written position descriptions for the Chair of the Board, or for the Chairs of the Audit, Compensation, or Nominating and Corporate Governance Committees. However, each committee has a charter governing its function. The majority of the Board members are also directors of other reporting issuers and are therefore knowledgeable and experienced in their capacity as such and the role designated for them. Informal discussions occur at the Board level with respect to their responsibilities. The Board has also not developed a formal position description for the CEO. The CEO has considerable prior management experience and is therefore knowledgeable and experienced in his capacity as such and the role designated for him.

***Orientation and Continuing Education***

The Nominating and Corporate Governance Committee is responsible for ensuring that new directors are provided with an orientation including written information about the duties and obligations of directors, the business and operations of the Company, documents from recent Board meetings as applicable, and opportunities for meetings and discussion with senior management and other directors. Directors are expected to attend all scheduled Board and committee meetings as applicable either by telephone conference or in person when possible.

The Board recognizes the importance of ongoing director education and the need for each director to take personal responsibility for the process. To facilitate ongoing education of the Company's directors, the Company supports training or education in areas relating to their role as a director of the Company; arranges visitation by directors to the Company's facilities and operations; and encourages presentations by outside experts to the Board or committees on matters of particular importance or emerging significance.

 ****

***Ethical Business Conduct***

The Board has adopted a Code of Business Conduct and Ethics (the "**Code**") for its directors, officers and employees. The Company's reporting contacts for the purposes of the Code, the Chairman of the Audit Committee and the Chief Financial Officer of the Company, have the responsibility for monitoring compliance with the Code by ensuring all directors, officers and employees receive and become thoroughly familiar with the Code and acknowledge their support and understanding of the Code. Any non-compliance with the Code is to be reported to either the Chairman of the Audit Committee or the Chief Financial Officer, or other designated persons. A copy of the Code may be accessed on the Company's website at www.titanminingcorp.com or on SEDAR+ at www.sedarplus.ca.

The Board ensures that directors, officers and employees are familiar with the Code to ensure that they exercise independent judgment in considering transactions and agreements in respect of which a director or executive officer has a material interest. To encourage and promote a culture of ethical business conduct, the Board has adopted a Corporate Disclosure Policy and a Whistleblower Policy. Both of these policies are available on the Company's website at www.titanminingcorp.com. In addition, the Board requests from management periodic reports relating to any fraud or unethical behavior.

***Nominating Directors***

 ****

The process by which the Board anticipates that it will identify new candidates is by keeping itself informed of potential candidates in the industry. Any Board member may suggest a director nominee. The Nominating and Corporate Governance Committee must formally review and consider the background, expertise, qualifications and skill sets, to the needs of the Company and recommend the appointment of the potential candidate to the Board as a whole.

During the most recently completed financial year, the members of the Nominating and Corporate Governance Committee were independent directors in accordance with Corporate Governance Disclosure Rules. The Nominating and Corporate Governance Committee has been established by the Board to (a) identify individuals qualified to become Board members; (b) to assess and report on the effectiveness of the Board and any committees thereof; and (c) develop and recommend to the Board a set of corporate governance policies and principles applicable to the Company in light of the corporate governance guidelines published by regulatory bodies having jurisdiction.

***Compensation***

Compensation for the Company's directors and officers is determined based on the recommendations of the Compensation Committee. The Compensation Committee is entitled to consult with external experts on the adequacy of the compensation paid to the Company's directors. During the most recently completed fiscal year, the Compensation Committee was comprised of all independent directors in accordance with corporate governance rules of NI 58-101 and the policies of the TSX. The Compensation Committee has been established by the Board to review and recommend compensation policies and programs to the Company as well as salary and benefit levels for its executives. The objective of the Committee is to assist in attracting, retaining and motivating executives and key personnel in view of the Company's goals.

 ****

***Other Board Committees***

During the most recently completed fiscal year, the Board had the following standing committees: the Audit Committee; the Compensation Committee; and the Nominating and Corporate Governance Committee. The Board may appoint an Environment, Health and Safety Committee when appropriate. The committees report directly to the Board. The purpose of the Audit Committee is to assist the Board's oversight of the integrity of the Company's financial statements; the Company's compliance with legal and regulatory requirements; the qualifications and independence of the Company's independent auditors; and the performance of the independent auditors. Further information regarding the Audit Committee is contained in the Company's most recently filed annual information form (the "**AIF**") under the heading "Audit Committee Information" and a copy of the Audit Committee charter is attached to the AIF as Schedule A. The AIF is available under the Company's profile at www.sedarplus.ca. The purpose of the Nominating and Corporate Governance Committee and the Compensation Committee has been described above under "Nominating Directors" and "Compensation" respectively.

***Assessment***

The Board currently does not have a formal process in place to assess its committees and individual directors with respect to their effectiveness and contribution. This matter has been discussed among the Board members and it was felt that the current size and constitution of the Board allows for informal discussions regarding the contribution of each director. In addition, each individual director is significantly qualified through their current or previous positions to fulfil their duties as a Board member. A formal process for evaluating the Board, its committees and individual directors may be implemented in the future.

**MANAGEMENT CONTRACTS**

Pursuant to a management services agreement with 688284 B.C. Ltd. (the "**Management Company**") and certain other reporting issuers, the Management Company provides the Company and the other reporting issuers with office space, facilities, equipment and services, including personnel, with respect to the administrative and corporate affairs of the Company. The Company reimburses the Management Company's cost for the Company's pro rata share of estimated expenses on a full cost recovery basis for the services provided. Wage and benefit costs of personnel (including any termination of employment costs) are charged to the Company based on the time spent by employees of the Management Company providing the services. The charges are reviewed and adjusted from time to time to reflect actual expenses paid.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

During the Company's past fiscal year, no director, executive officer or senior officer of the Company, proposed management nominee for election as a director of the Company or associate or affiliate of any such director, executive or senior officer or proposed nominee is or has been indebted to the Company or any of its subsidiaries or is or has been indebted to another entity where such indebtedness is or has been the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company or any of its subsidiaries, other than routine indebtedness.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Other than as set forth in this paragraph below or elsewhere in this Circular and other than transactions carried out in the ordinary course of business of the Company or any of its subsidiaries, no informed person or proposed director of the Company and no associate or affiliate of the foregoing persons has or has had any material interest, direct or indirect, in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which in either of such cases has materially affected or would materially affect the Company or any of its subsidiaries. Additional details with respect to related party transactions can be found in the Company's audited consolidated financial statements for the year ended December 31, 2024, copies of which are available on SEDAR+ at www.sedarplus.ca and from the Company as set out in "Additional Information" below.

**OTHER MATTERS**

Management of the Company knows of no matters to come before the Meeting other than the matters referred to in the Notice of Meeting accompanying this Circular. However, if any other matters that are not known to management should properly come before the Meeting, it is the intention of the persons named in the form of proxy accompanying this Circular to vote upon such matters in accordance with their best judgement.

**GENERAL**

Unless otherwise directed, it is management's intention to vote proxies in favour of the resolutions set forth herein. All matters herein submitted to shareholder vote must be passed by ordinary resolution. Ordinary resolutions require, for the passing of the same, a simple majority of the votes cast at the Meeting by the holders of Common Shares in favour of the matter.

**ADDITIONAL INFORMATION**

Additional information concerning the Company is available on SEDAR+ at www.sedarplus.ca. Financial information concerning the Company is provided in the Company's audited consolidated financial statements and Management Discussion and Analysis for the financial year ended December 31, 2024. Shareholders wishing to obtain a copy of the Company's audited consolidated financial statements and Management's Discussion and Analysis may contact the Company at the following:

Titan Mining Corporation Telephone: (604) 687-1717 <br> Suite 555 – 999 Canada Place Email: info@titanminingcorp.com <br> Vancouver, British Columbia V6C 3E1

Dated effective as of July 9, 2025.

**BY ORDER OF THE BOARD OF DIRECTORS**

<u>*"Donald R. Taylor"*</u> <br> Donald R. Taylor <br> Chief Executive Officer

**SCHEDULE "A"**

**BOARD OF DIRECTORS MANDATE**

**TITAN MINING CORPORATION (the "Company")**

**1.** **ROLE AND RESPONSIBILITIES** 

1.1 The Board of Directors (the "Board") is responsible
for the stewardship of the Company. This requires the Board to oversee the conduct of the business and supervise management, which is
responsible for the day-to-day conduct of the business. The Board shall meet as frequently as may be required to fulfil these responsibilities,
and at least once per quarter.

1.2 The Board is responsible for the review of the Company's
strategic business plan proposed by management, and to adopt the plan with such changes as the Board deems appropriate. The plan and
discussion should take into account, among other things, the opportunities and risks of the business.

1.3 The Board shall review and measure corporate performance against
strategic plans, senior management objectives, financial plans and budgets.

1.4 The Board is responsible for ensuring that management has undertaken
identification of the principal risks of the Company's business and is overseeing the implementation of appropriate systems to
manage these risks.

1.5 The Board is responsible for satisfying itself as to the integrity
of the CEO and other executive officers and that the CEO and the other senior officers create a culture of integrity throughout the Company.

1.6 The Board is responsible for overseeing and approving the Company's
communication policies, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) address how the Company interacts with analysts, investors, other key stakeholders and the public,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contain measures for the Company to comply with its continuous and timely disclosure obligations and to
avoid selective disclosure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are reviewed from time to time.

1.7 The Board is responsible for ensuring the integrity of the Company's
internal control and management information systems.

1.8 The Board is responsible for acting in accordance with all applicable
laws, the Company's constating documents and the Company's Code of Business Conduct and Ethics.

A - 1

1.9 The Board and each individual director is responsible for acting
in accordance with the obligations imposed by the *Business Corporations Act* (British Columbia) *,* applicable securities commissions
and The Toronto Stock Exchange. In exercising their powers and discharging their duties, each director shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act honestly and in good faith with a view to the best interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise independent judgment regardless of the existence of relationships or interests which could interfere
with the exercise of independent judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) disclose to the Company, in writing, the nature and extent of any interest that the director has
 in a material contract or material transaction (a "disclosable interest"), whether made or proposed, with the Company if
 the director is a party to the contract or transaction, is a director or officer, or an individual acting in a similar capacity, of
 a party to the contract or transaction, or, has a material interest in a party to the contract or transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such director shall refrain from voting on any resolution to
approve such contract or transaction unless all directors have a disclosable interest.

1.10 The Board has the authority to establish committees and appoint
directors to be members of these committees. The Board may not delegate to such committees the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit to the shareholders any question or matter requiring the approval of the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fill a vacancy among the directors or in the office of auditor, or appoint additional directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue securities, except as authorized by the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) issue shares of a series, except as authorized by the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) declare dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) purchase, redeem or otherwise acquire shares issued by the Company;

A - 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pay a commission to any person in consideration of his purchasing or agreeing to purchase shares of the
Company from the Company or from any other person, or procuring or agreeing to procure purchasers for any such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) approve a management proxy circular, take-over bid circular or directors' circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approve financial statements to be put before an annual meeting of shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) adopt, amend or repeal articles.

1.11 The matters to be delegated to committees of the Board and the
constitution of such committees are to be assessed annually or more frequently, as circumstances require. From time to time the Board
may create an ad hoc committee to examine specific issues on behalf of the Board. The following are the current committees of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Audit Committee, consisting of not less than three directors, each of whom must be an "unrelated
or "independent" director under applicable securities laws and applicable stock exchange rules. The role of the Audit Committee
is to provide oversight of the Company's financial management and of the design and implementation of an effective system of internal
financial controls as well as to review and report to the Board on the integrity of the financial statements of the Company, its subsidiaries
and associated companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Nominating and Corporate Governance Committee, consisting of not less than three directors, each of
whom must be an "unrelated or "independent" director under applicable securities laws and applicable stock exchange
rules. The role of the Nominating and Corporate Governance Committee is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) develop and monitor the effectiveness of the Company's system of corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish procedures for identifying, evaluating and recommending prospective new nominees to the Board
and leading the candidate selection process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) develop and implement orientation procedures for new directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) recommend the appointment of committee members to the Board's standing committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assess the effectiveness of directors, the Board and the various committees of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure appropriate corporate governance and the proper delineation of the roles, duties and responsibilities
of management, the Board, and its committees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) establish a plan of succession including in respect of the CEO;

A - 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Compensation Committee, consisting of not less than three directors, each of whom must be an "unrelated
or "independent" director under applicable securities laws and applicable stock exchange rules. The role of the Compensation
Committee is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish a remuneration and benefits plan for the directors and officers of the Company as deemed appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review the adequacy and form of compensation of the directors and officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) setting objectives and undertaking the performance evaluation of the CEO in consultation with the Chair
of the Board, if not the CEO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make recommendations to the Board.

1.12 The independent directors shall meet on a regular basis as often
as necessary to fulfill their responsibilities, including at least annually in executive session without the presence of non-independent
directors and management.

**2.** **COMPOSITION** 

2.1 From time to time the Board or an appropriate committee of the
Board shall review the size of the Board to ensure that the size facilitates effective decision-making.

2.2 The Board shall be composed of a majority of directors who qualify
as "unrelated" or "independent" directors under applicable securities laws and applicable stock exchange rules.
The determination of whether an individual director is unrelated or independent is the responsibility of the Board.

2.3 If at any time the Company has a significant shareholder, meaning
a shareholder with the ability to exercise a majority of the votes for the election of the Board, the Board will include at least one
director who does not have interests in or relationships with either the Company or the significant shareholder and who fairly reflect
the investment in the Company by shareholders other than the significant shareholder.

2.4 The Board should, as a whole, have the following competencies
and skills:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) technical and operating knowledge of the mining industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) knowledge of current corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) financial and accounting expertise.

**3.** **PROCEDURES TO ENSURE EFFECTIVE OPERATION** 

3.1 The Board recognizes the importance of having procedures in
place to ensure the effective and independent operation of the Board.

3.2 If the Chair of the Board is not a member of management, the
Chair shall be responsible for overseeing that the Board discharges its responsibilities. If the Chair is a member of management, responsibility
for overseeing that the Board discharges its responsibility shall be assigned to a non-management director.

3.3 The Board has complete access to the Company's management.
The Board shall require timely and accurate reporting from management and shall regularly review the quality of management's reports.

A - 4

3.4 An individual director may engage an external adviser at the
expense of the Company in appropriate circumstances. Such engagement is subject to the approval of the Nominating and Corporate Governance
Committee.

3.5 The Board may provide an orientation program for new recruits
to the Board as well as continuing education on topics relevant to all directors from time to time as required.

3.6 The Board shall institute procedures for receiving shareholder
feedback.

3.7 The Board requires management to run the day-to-day operations
of the Company, including internal controls and disclosure controls and procedures.

3.8 The Board sets appropriate limits on management's authority.
In addition, the following decisions require the approval of the Board or one of its committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of the annual and quarterly (unless delegated to the Audit Committee) consolidated financial
statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the approval of the consolidated annual budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any equity or debt financing of the Company, other than debt incurred in the ordinary course of business
such as trade payables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation of subsidiaries for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the creation of new Company bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) payment of dividends by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) proxy solicitation material for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) projected issuances of securities from treasury by the Company as well as any projected redemption of
such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the appointment of members on any committee of the Board of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the appointment or discharge of any senior officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) entering into employment contracts with any senior officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) entering into any license, strategic alliance, partnership or other agreement outside the ordinary course
of business for the Company or its subsidiaries (the "Consolidated Group");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the acquisition and assignment of material assets (including intellectual property and fixed assets) outside
of the ordinary course of business within the Consolidated Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any material change to the business of the Consolidated Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) initiating or defending any law suits or other legal actions for the Consolidated Group.

A - 5

**SCHEDULE "B"**

**CHANGE OF AUDITOR REPORTING PACKAGE**

**[Attached.]**

B - 1

## Exhibit 99.81

**Exhibit 99.81**

![](ex99-81_001.jpg)

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON AUGUST 20, 2025**

NOTICE IS HEREBY GIVEN that the Annual General Meeting (the "**Meeting**") of holders (the "**Shareholders**") of common shares (the "**Common Shares**") of Titan Mining Corporation (the "**Company**") will be held at Suite 555, 999 Canada Place, Vancouver, BC, on August 20, 2025, at 10:00

a.m. (Vancouver time), for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To receive the consolidated audited financial statements of the Company for the year ended December 31, 2024, together with the auditors'
report thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To elect directors of the Company for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To appoint PricewaterhouseCoopers, LLP as auditors of the Company until the Company's next annual meeting, and to authorize
the directors to fix their remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To transact such other business as many properly come before the Meeting or any adjournment thereof.

Accompanying this Notice of Meeting is a Management Information Circular (the "**Circular**"), which provides additional information relating to the business to be conducted at the Meeting, a form of proxy (the "**Proxy**") or voting instruction form (the "**VIF**"), and a form whereby Shareholders may request that the Company's annual and/or interim financial statements and corresponding management's discussion and analysis be mailed to them.

The board of directors of the Company has fixed a record date as of the close of business on July 7, 2025, for the purpose of determining the Shareholders of record that will be entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

**Notice and Access**

The Company is using the notice-and-access provisions ("**Notice and Access**") under the Canadian Securities Administrators' National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer* for the delivery of the Circular for the Meeting to its Shareholders.

Under Notice and Access, instead of receiving paper copies of the Circular, Shareholders will be receiving a Notice and Access notification with information on how they may obtain a copy of the Circular electronically or request a paper copy. Registered Shareholders will still receive a Proxy enabling them to vote at the Meeting. The use of Notice and Access in connection with the Meeting reduces paper use, as well as the Company's printing and mailing costs. The Company will arrange to mail paper copies of the Circular to those registered Shareholders who have existing instructions on their account to receive paper copies of the Company's Meeting materials.

The Company urges Shareholders to review the Circular before voting.

**Accessing Meeting Materials Online**

The Meeting materials can be viewed online under the Company's profile at www.sedarplus.ca or at https://www.titanminingcorp.com/investors/agm/.

**Requesting Printed Meeting Materials**

Any Shareholder who wishes to receive a paper copy of the Circular should contact the Company by telephone toll-free at 1-888-442-2224 or by email at info@titanmining.com.

**Proxies are being solicited by management of the Company. Registered Shareholders who are unable to be present in person at the Meeting are requested to date, complete and sign the enclosed Proxy and return it in the addressed envelope provided for that purpose (or use the communication means provided in the Proxy). To be valid, the completed Proxy must be deposited with the Company's transfer agent, Computershare Investor Services Inc. (the "Transfer Agent") at the following address: Computershare Investor Services Inc., Proxy Department, 100 University Avenue, 8<sup>th</sup> Floor, Toronto, Ontario M5J 2Y1 not less than forty-eight (48) hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment or postponement thereof.**

**If you are a non-registered Shareholder and receive these materials through your broker or through another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or such other intermediary. If you do not complete and return the materials in accordance with such instructions, you may lose your right to vote at the Meeting.**

Dated as of July 9, 2025

BY ORDER OF THE BOARD OF DIRECTORS

 

*"Donald R. Taylor"*

DONALD R. TAYLOR

Chief Executive Officer

***The enclosed materials are being sent to both registered and non-registered Shareholders. If you are a non-registered Shareholder and the Company or its agents have sent these materials directly to you, your name and address and information about your holdings of Common Shares have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding your Common Shares on your behalf.***

 ****

 ****

## Exhibit 99.82

**Exhibit 99.82**

![](ex99-82_002.jpg)

**Titan Mining On Track to Become the Only Fully Integrated U.S. Graphite Producer by Q4 2025**

**Gouverneur, New York – July 21, 2025 –** Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") is pleased to provide an update on the construction of its graphite processing facility for its Kilbourne Graphite Project at Empire State Mines LLC ("ESM"), its wholly owned subsidiary located in St. Lawrence County, New York.

***Highlights:***

●  ***First Fully Integrated U.S. Graphite Producer in 70+ Years*** : Titan on track to deliver domestically sourced and processed natural graphite in Q4 2025.

●  ***Major Construction Milestone Achieved*** : Over 50% of major equipment delivered; installation starting August 2025, commissioning targeted for Q4 2025.

●  ***North American Supply Chain Focus*** : Over 90% of equipment sourced in North America, majority from the United States, supporting domestic manufacturing.

●  ***Permitted and Ready for Operations*** : All key operating permits secured; sales qualification targeted for Q1 2026.

●  ***Tariff-Free, Secure U.S. Supply*** : Titan offers a reliable, tariff-free graphite source amidst rising global trade restrictions and tariffs on imports.

●  ***Strategic Advantage with Existing Infrastructure*** : Utilizes the Company's skilled 135+ person workforce, on-site power, and logistics network to fast-track readiness.

●  ***Clear Pathway to Growth*** : The Kilbourne Graphite Project offers significant scalability, positioning Titan to be able to meet a majority of projected U.S. graphite demand in key sectors.

The recent arrival and placement of the ball mill—shown in the image below—marks another significant milestone in advancing toward operational readiness.

 

*Don Taylor, CEO of Titan commented: "Graphite is a critical material, yet the U.S. has gone decades without domestic production. The current resource outlined at Kilbourne represents only 8,300 ft of strike length tested of a known total strike length of 25,000 ft. Kilbourne has significant resource expansion potential to meet the demands of U.S, natural flake graphite over a long- term period. Our facility is a major step toward restoring U.S. industrial graphite capability and delivering a fully Made in America natural graphite product in 2025 ."*

 

*Rita Adiani, President of Titan commented: "With escalating tariffs on imports and tightening trade restrictions globally, Titan is uniquely positioned to offer secure, tariff-free, U.S.-produced graphite to industrial markets. By investing in U.S.-sourced equipment, leveraging existing infrastructure, and maintaining a skilled domestic workforce, Titan provides customers with a reliable alternative amidst growing supply chain uncertainty."*

![](ex99-82_002.jpg)

![](ex99-82_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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

 

 ****

![](ex99-82_002.jpg) ****

 ****

***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 Titan is on track to become the only fully integrated U.S. graphite producer by Q4 2025; equipment installation starting August 2025, commissioning targeted for Q4 2025; qualification sales targeted for Q1 2026; the Kilbourne Graphite Project offers significant scalability, positioning Titan to be able to meet a majority of projected U.S. graphite demand in key sectors. 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 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; 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.

## Exhibit 99.83

**Exhibit 99.83**

![](ex99-83_001.jpg)

**Titan Mining Closes Landmark US$15.8M Credit Agreement with US EXIM** 

**Gouverneur, New York and Vancouver, BC – July 22, 2025 –** Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") is pleased to announce that its wholly owned subsidiary, Empire State Mines, LLC ("ESM"), has entered into a definitive credit agreement (the "EXIM Facility") with the Export-Import Bank of the United States ("EXIM"). The EXIM Facility provides funding of up to US$15.8 million towards critical capital development supporting current operations and planned expansion at ESM's underground zinc mine in St. Lawrence County, New York.

This transaction marks EXIM's first direct mining investment under its Make More in America Initiative ("MMIA"), underscoring the strategic importance of domestic critical mineral production. Titan is proud to partner with EXIM in advancing U.S. supply chain security.

***Highlights:***

 ****

● **US$15.8 million EXIM Facility** available through December 31, 2026

● **Seven-year repayment term** with scheduled repayments principal commencing December 30, 2027

● **Competitive interest rate**, fixed at approximately 4.91% per annum (payable quarterly) under EXIM's Commercial Interest Reference Rate (CIRR) plus an upfront fee of 5.97% for an effective interest rate of approximately 7%.

● **Job creation and retention**: 135 jobs retained and 10 new positions committed under EXIM's domestic employment requirements

● **Debt restructuring agreement with Augusta Investments Inc.** on US$16.5 million of outstanding obligations, with repayments beginning in 2026 over three years at 8% per annum, payable monthly, subject to financial covenant compliance

● **Strengthened balance sheet**, with significant deleveraging and enhanced working capital projected by year-end 2025

*Don Taylor, CEO of Titan commented: "This financing from EXIM Bank directly supports our operational growth strategy at Empire State Mines. It allows us to continue to invest in critical capital infrastructure and positions ESM for long-term operational success. We are excited to build on the solid foundation at ESM while creating high-quality jobs in upstate New York."*

*Rita Adiani, President of Titan commented: "Securing long-term, competitive financing from US-EXIM validates the strength of our U.S. asset base and the critical role domestic mining plays in supporting American manufacturing and supply chain resilience. This facility also establishes a foundation for a broader partnership with EXIM as we advance our graphite strategy and contribute to U.S. critical minerals independence."*

The EXIM Facility is guaranteed by Titan and its subsidiaries, with proceeds directed towards enhancing ESM's long-term production capacity and is secured by a general charge on personal property. The EXIM Facility demonstrates the Company's commitment to responsible growth and securing competitive financing to develop its U.S. operations.

![](ex99-83_001.jpg)

Titan has also entered into a credit agreement (the "Augusta Facility") dated July 21, 2025, with Augusta Investments Inc. ("Augusta"), a company owned by Mr. Richard Warke, Titan's Executive Chairman, providing terms for three advances previously made by Augusta in 2024 aggregating US$16.5 million. Of these advances, US$15.0 million was used to settle principal payments owing on the Company's credit facility with National Bank of Canada and US$1.5 million was used to assist with funding the Company's cash deposit required in connection with the Company's then outstanding fixed price zinc contract.

The Augusta Facility will bear interest at a rate of 8% per annum from the date of the Augusta Facility through to maturity. Interest will be capitalized from the date of the Augusta Facility until December 31, 2025, after which interest will be paid monthly in cash. The principal and capitalized interest will be repaid in three instalments according to the following schedule, provided Titan is in compliance with its financial covenants:

● December 31, 2026: US$7.5 million

● December 31, 2027: US$5.0 million

● December 31, 2028: US$4.6 million (includes capitalized interest)

The Augusta Facility is secured by a general charge on personal property subordinated to the interests of EXIM.

Mr. Warke is considered a "related party" of the Company, and the Augusta Facility constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions* ("MI 61-101"). The Augusta Facility is exempt from the minority approval requirements of MI 61-101 under Section 5.7(1)(f) of MI 61-101 as the Augusta Facility has been obtained under reasonable commercial terms and is not convertible or repayable in equity or voting securities of the Company. The Augusta Facility is not a transaction that requires a valuation under Section 5.4(1) of MI 61-101. To the knowledge of the Company or any director or senior officer of the Company, after reasonable inquiry, no "prior valuations" (as defined in MI 61-101) in respect of the Company that relate to the Augusta Facility, or are relevant to the Augusta Facility, have been prepared within 24 months preceding the date hereof. Mr. Warke disclosed to the Company and its board that he had an interest in the Augusta Facility by virtue of being the owner of Augusta. All of the terms and conditions of the Augusta Facility were reviewed and unanimously approved by the Company's board, with Mr. Warke abstaining due to his interest in the Augusta Facility.

 **

***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 www.titanminingcorp.com

 ****

 **

 ****

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

***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 significant deleveraging and enhanced working capital projected by year-end 2025; that ESM will be able to achieve long-term operational success; and that Titan will be creating high quality jobs in upstate New York. 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 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; 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.

## Exhibit 99.84

**Exhibit 99.84**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")

Suite 555 – 999 Canada Place

Vancouver, BC V6C 3E1

2. <u>DATE OF MATERIAL CHANGE</u> 

July 21, 2025

3. <u>NEWS RELEASE</u> 

News release dated July 22, 2025, was disseminated through the facilities of GlobeNewswire and filed on SEDAR+.

4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced that its wholly owned subsidiary, Empire State Mines, LLC ("ESM"), entered into a definitive credit agreement (the "EXIM Facility") with the Export-Import Bank of the United States ("EXIM"). The EXIM Facility provides funding of up to US$15.8 million towards critical capital development supporting current operations and planned expansion at ESM's underground zinc mine in St. Lawrence County, New York.

Titan also entered into a credit agreement (the "Augusta Facility") dated July 21, 2025, with Augusta Investments Inc. ("Augusta"), a company owned by Mr. Richard Warke, Titan's Executive Chairman, providing terms for three advances previously made by Augusta in 2024 aggregating US$16.5 million.

5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced that its wholly owned subsidiary, ESM, has entered into the EXIM Facility with the EXIM. The EXIM Facility provides funding of up to US$15.8 million towards critical capital development supporting current operations and planned expansion at ESM's underground zinc mine in St. Lawrence County, New York.

This transaction marks EXIM's first direct mining investment under its Make More in America Initiative, underscoring the strategic importance of domestic critical mineral production. Titan is proud to partner with EXIM in advancing U.S. supply chain security.

Highlights:

● US$15.8 million EXIM Facility available through December 31, 2026

● Seven-year repayment term with scheduled repayments principal commencing December 30, 2027

● Competitive interest rate, fixed at approximately 4.91% per annum (payable quarterly) under EXIM's Commercial Interest Reference Rate (CIRR) plus an upfront fee of 5.97% for an effective interest rate of approximately 7%.

● Job creation and retention: 135 jobs retained and 10 new positions committed under EXIM's domestic employment requirements

● Debt restructuring agreement with Augusta on US$16.5 million of outstanding obligations, with repayments beginning in 2026 over three years at 8% per annum, payable monthly, subject to financial covenant compliance

● Strengthened balance sheet, with significant deleveraging and enhanced working capital projected by year-end 2025

The EXIM Facility is guaranteed by Titan and its subsidiaries, with proceeds directed towards enhancing ESM's long-term production capacity and is secured by a general charge on personal property. The EXIM Facility demonstrates the Company's commitment to responsible growth and securing competitive financing to develop its U.S. operations.

Titan also entered into the Augusta Facility with Augusta, a company owned by Mr. Richard Warke, Titan's Executive Chairman, providing terms for three advances previously made by Augusta in 2024 aggregating US$16.5 million. Of these advances, US$15.0 million was used to settle principal payments owing on the Company's credit facility with National Bank of Canada and US$1.5 million was used to assist with funding the Company's cash deposit required in connection with the Company's then outstanding fixed price zinc contract.

The Augusta Facility will bear interest at a rate of 8% per annum from the date of the Augusta Facility through to maturity. Interest will be capitalized from the date of the Augusta Facility until December 31, 2025, after which interest will be paid monthly in cash. The principal and capitalized interest will be repaid in three instalments according to the following schedule, provided Titan is in compliance with its financial covenants:<br>

● December 31, 2026: US$7.5 million

● December 31, 2027: US$5.0 million

● December 31, 2028: US$4.6 million (includes capitalized interest)

The Augusta Facility is secured by a general charge on personal property subordinated to the interests of EXIM.

Mr. Warke is considered a "related party" of the Company, and the Augusta Facility constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions* ("MI 61-101"). The Augusta Facility is exempt from the minority approval requirements of MI 61-101 under Section 5.7(1)(f) of MI 61-101 as the Augusta Facility has been obtained under reasonable commercial terms and is not convertible or repayable in equity or voting securities of the Company. The Augusta Facility is not a transaction that requires a valuation under Section 5.4(1) of MI 61-101. To the knowledge of the Company or any director or senior officer of the Company, after reasonable inquiry, no "prior valuations" (as defined in MI 61-101) in respect of the Company that relate to the Augusta Facility, or are relevant to the Augusta Facility, have been prepared within 24 months preceding the date hereof. Mr. Warke disclosed to the Company and its board that he had an interest in the Augusta Facility by virtue of being the owner of Augusta. All of the terms and conditions of the Augusta Facility were reviewed and unanimously approved by the Company's board, with Mr. Warke abstaining due to his interest in the Augusta Facility.

 

*Cautionary Note Regarding Forward-Looking Information*

Certain statements and information contained herein 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 significant deleveraging and enhanced working capital projected by year-end 2025; that ESM will be able to achieve long-term operational success; and that Titan will be creating high quality jobs in upstate New York. 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 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; 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 herein are expressly qualified in their entirety by this cautionary statement.

6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

July 28, 2025

## Exhibit 99.85

**Exhibit 99.85**

*NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THIS AGREEMENT, THE INDEBTEDNESS EVIDENCED HEREBY, AND THE RELATED GUARANTEES ARE AND SHALL AT ALL TIMES BE AND REMAIN SUBORDINATED IN RIGHT OF PAYMENT TO THE EXTENT AND IN THE MANNER SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (THE "SUBORDINATION AGREEMENT"), DATED AS OF JULY 21, 2025, BY AND AMONG TITAN MINING CORPORATION, AUGUSTA INVESTMENTS INC., THE GUARANTORS NAMED THEREIN AND EXPORT-IMPORT BANK OF THE UNITED STATES, AS SUCH SUBORDINATION AGREEMENT MAY BE AMENDED FROM TIME TO TIME, TO THE PRIOR PAYMENT IN FULL OF ALL SECURED OBLIGATIONS (AS DEFINED THEREIN). THE LIEN AND SECURITY INTEREST SECURING THIS AGREEMENT, THE INDEBTEDNESS EVIDENCED HEREBY, AND THE RELATED GUARANTEES, THE EXERCISE OF ANY RIGHT OR REMEDY WITH RESPECT THERETO, AND CERTAIN OF THE RIGHTS OF THE HOLDER HEREOF ARE SUBJECT TO THE PROVISIONS OF THE SUBORDINATION AGREEMENT. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE SUBORDINATION AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL GOVERN AND CONTROL.*

**CREDIT AGREEMENT**

**DATED AS OF JULY 21, 2025**

**Between:**

**TITAN MINING CORPORATION**

**as Borrower**

**- and -**

**1100951 B.C. LTD., TITAN MINING (US) CORPORATION, BALMAT HOLDING CORP. and**

**EMPIRE STATE MINES, LLC**

**1077615 US LLC**

**as Guarantors**

**- and -**

**AUGUSTA INVESTMENTS INC.**

**as Lender**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ARTICLE 1 INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extended Meanings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation Not Affected by Headings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statute References | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted Encumbrance | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of the Words "Best Knowledge" | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Business Days | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramountcy | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enurement | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time of Essence | 15 |
| **ARTICLE 2 THE FACILITY** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Facility | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Revolvement | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computations | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Set-off | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Return | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and Place of Payments | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record of Payments | 16 |
| **ARTICLE 3 PREPAYMENT** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Prepayment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Prepayments of the Facility | 17 |
| **ARTICLE 4 SECURITY** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Documents | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration of the Security | 18 |
| **ARTICLE 5 CONDITIONS PRECEDENT** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Closing | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | 19 |
| **ARTICLE 6 REPRESENTATIONS AND WARRANTIES** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Credit Parties | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement | 24 |
| **ARTICLE 7 COVENANTS OF THE BORROWER** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Covenants | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Negative Covenants of the Credit Parties | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Other Agreements | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued Listing | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Pay Lender's Fees and Expenses | 27 |

---

- i -

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comply with Continuous Disclosure Obligations | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Pay Additional Amounts | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender May Perform Covenants | 28 |
| **ARTICLE 8 DEFAULT AND ENFORCEMENT** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Events of Default | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acceleration on Default | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Default | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement by the Lender | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Moneys | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons Dealing with Lender | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender Appointed Attorney | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remedies Cumulative | 32 |
| **ARTICLE 9 NOTICES** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to the Borrower | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to the Lender | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice | 32 |
| **ARTICLE 10 INDEMNITIES** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Indemnity | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental Indemnity | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action by Lender to Protect Interests | 34 |
| **ARTICLE 11 MISCELLANEOUS** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments and Waivers | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Remedies Cumulative | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits of Agreement | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect; Assignment; Syndication | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Judgment Currency | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments Set Aside | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts and facsimile | 36 |

---

- ii -

**CREDIT AGREEMENT**

**THIS AGREEMENT** made as of the 21st day of July, 2025

**BETWEEN:**

**TITAN MINING CORPORATION**, a corporation organized and existing under the laws of British Columbia

(hereinafter referred to as the "**Borrower**")

**AND:**

**1100951 B.C. LTD., TITAN MINING (US) CORPORATION, BALMAT HOLDING CORP., EMPIRE STATE MINES, LLC and 1077615 US LLC**

(hereinafter referred to as the "**Guarantors**")

**AND:**

**AUGUSTA INVESTMENTS INC.**, a corporation organized and existing under the laws of British Columbia

(hereinafter referred to as the "**Lender**")

**WHEREAS** the Borrower has requested, and the Lender has agreed, to establish a **$16,500,000** principal amount subordinate secured credit facility on and subject to the terms and conditions herein set forth.

**NOW THEREFORE THIS CREDIT AGREEMENT WITNESSES** that for good and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the parties, the parties agree as follows:

**ARTICLE 1**

**INTERPRETATION**

**Definitions**

1.1 In this Agreement, unless
there is something in the subject matter or context inconsistent therewith:

"**Advance**" means an advance of the Facility contemplated herein;

"**Affiliate**" has the meaning given thereto in the Securities Act;

"**Agreement**", "**this Agreement**", "**hereto**", "**hereby**", "**hereunder**", "**hereof",** "**herein**" and similar expressions refer to this credit agreement and not to any particular Article, section, subsection, paragraph, clause, subdivision or other portion hereof, and include any and every supplemental Agreement; and the expressions "**Article**", "**Section**", "**subsection**" and "**paragraph**" followed by a number mean and refer to the specified Article, section, subsection or paragraph of this Agreement;

"**Amount**" or "**Amount Payable**" includes the principal amount Advanced or deemed to be Advanced and any other amount payable hereunder or under any of the Facility Documents;

"**Applicable Law**" means, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes, regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, guidelines, orders, policies, practices and other requirements of any Governmental Authority relating or applicable at such time to such Person, property, transaction, event or other matter, and also includes any interpretation thereof by any Person having jurisdiction over it or charged with its administration or interpretation;

"**Applicable Securities Legislation**" means all applicable securities laws of each of the Reporting Jurisdictions and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of the Reporting Jurisdictions and such other jurisdictions as may be agreed to between the Borrower and the Lender;

"**Authorization**" means any authorization, consent, approval, resolution, licence, permit, concession, exemption, filing, notarization or registration;

"**Borrower**" means **Titan Mining Corporation**, a corporation organized and existing under the laws of British Columbia, and its successors and permitted assigns;

"**Borrower's Auditors**" means, at any time, a firm of chartered accountants duly appointed as auditors of the Borrower;

"**Business Day**" means any day other than Saturday, Sunday or a statutory holiday when banks are not open in Toronto, Ontario or Vancouver, British Columbia;

"**Capital Lease**" means, with respect to a Person, a lease or other arrangement in respect of personal property that is required to be classified and accounted for as a capital lease obligation on a balance sheet of the Person in accordance with IFRS;

"**Capital Lease Obligation**" means, with respect to a Person, the obligation of the Person to pay rent or other amounts under a Capital Lease and for the purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date as determined in accordance with IFRS;

"**Certificate of the Borrower**" means an instrument signed in the name of the Borrower and without personal liability by any Director or senior officer of the Borrower, certifying the matters specified therein;

"**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person or group of persons "acting in concert" (as contemplated by the Securities Act
and as interpreted by Applicable Law), shall at any time have acquired or otherwise result in holding or controlling direct or indirect
beneficial ownership of Voting Shares of the Borrower having attributed to it 50% or more of the outstanding votes attached to all of
the issued and outstanding Voting Shares of the Borrower

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is a report filed with any securities commission or securities regulatory authority in Canada, disclosing
that any offeror (as such term is defined in Section 1.1 of Multilateral Instrument 62-104),
other than the Borrower or any Subsidiary of the Borrower, has acquired beneficial ownership (within the meaning of the Securities Act)
of, or the power to exercise control or direction over, or securities convertible into, any Voting Shares of the Borrower, that together
with the offeror's securities (as such term is defined in Section 1.1 of Multilateral Instrument 62-104) in relation to the Voting
Shares of the Borrower, would constitute Voting Shares of the Borrower representing more than 20% of the total voting power attached to
all Voting Shares of the Borrower then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is consummated any amalgamation, consolidation, statutory arrangement (involving a business combination)
or merger of the Borrower (1) in which the Borrower is not the continuing or surviving corporation or (2) pursuant to which any Voting
Shares of the Borrower would be reclassified, changed or converted into or exchanged for cash, securities or other property, other than
(in each case) an amalgamation, consolidation, statutory arrangement or merger of the Borrower in which the holders of the Voting Shares
of the Borrower immediately prior to the amalgamation, consolidation, statutory arrangement or merger have, directly or indirectly, more
than 20% of the Voting Shares of the continuing or surviving corporation immediately after such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Person or group of Persons shall succeed in having a sufficient number of its nominees elected as
Directors of the Borrower such that such nominees, when added to any existing Directors after such election who was a nominee of or is
an Affiliate or related Person of such Person or group of Persons, will constitute a majority of the Directors;

"**Commitment**" means all Advances made by the Lender to the Borrower, in the aggregate principal amount of **$16,500,000**, in accordance with this Agreement;

"**Common Shares**" means common shares in the capital of the Borrower as such shares exist at the close of business on the Documentary Closing Date;

"**Constating Documents**" means (i) with respect to a corporation, its articles of incorporation, amalgamation or continuance, or constitution, or other similar documents by which it is established under its governing corporate legislation as a corporation, and its by-laws, if any, and (ii) with respect to any other Person which is an artificial body other than a corporation, the organization and governance documents of such Person; in each case as amended and supplemented from time to time;

"**Contingent Liabilities**" means, with respect to a Person, any agreement, undertaking or arrangement by which the Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or other, to provide funds for payment, to supply funds to, or otherwise to invest in a debtor, or otherwise to assure a creditor against loss) the obligation, debt or other liability of any other Person or guarantees the payment of dividends or other distributions upon the shares of any Person. The amount of any contingent liability will, subject to any limitation contained therein, be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of the obligation, debt or other liability to which the contingent liability is related;

"**Corporations Act**" means the *Business Corporations Act* (British Columbia);

"**Credit Parties**" means collectively, the Borrower and the Guarantors, and "**Credit Party**" means any one of them;

"**Current Assets**" means, at any time, all current assets on the consolidated balance sheet of the Borrower, determined as of such time in accordance with IFRS;

"**Current Liabilities**" means, at any time, all current liabilities on the consolidated balance sheet of the Borrower, determined as of such time in accordance with IFRS;

"**Default**" means an Event of Default or any event or circumstance specified in Section 8.1 hereof which would (with the expiry of a grace period, the giving of notice or the making of any determination or any combination of any of the foregoing) be an Event of Default;

"**Director**" means a director of the Borrower for the time being and "**Directors**" means the board of directors of the Borrower or, whenever duly empowered, a committee of the board of directors of the Borrower, and reference to action by the Directors means action by the directors as a board or action by such a committee of the board as a committee;

"**Disclosure Record**" means all information circulars, prospectuses (including preliminary prospectuses), annual information forms, offering memoranda, financial statements, material change reports and news releases filed by the Borrower with the Exchange and all securities regulatory authorities in each Reporting Jurisdiction during the 24 months preceding the date hereof;

"**Documentary Closing Date**" means July 21, 2025;

"**Environmental Laws**" means all federal, provincial, state, municipal, county, local and other laws, statutes, codes, ordinances, by-laws, rules, regulations, policies, guidelines, certificates, approvals, permits, consents, directions, standards, judgments, orders and other Authorizations, as well as common law, civil law and other jurisprudence or authority, in each case, domestic or foreign, having the force of law at any time relating in whole or in part to any Environmental Matters and any permit, order, direction, certificate, approval, consent, registration, licence or other Authorization of any kind held or required to be held in connection with any Environmental Matters;

"**Environmental Matters**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any condition or substance, heat, energy, sound, vibration,
radiation or odour that may affect any component of the earth and its surrounding atmosphere or affect human health or any plant, animal
or other living organism; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any waste, toxic substance, contaminant or dangerous good
or the deposit, release or discharge of any thereof into any component of the earth and its surrounding atmosphere;

"**Event of Default**" has the meaning attributed to such term in Section 8.1 hereof; "**Exchange**" means the Toronto Stock Exchange, and each successor thereto; "**Exercise Price**" has the meaning attributed to such term in Section 2.9 hereof; "**Facility**" has the meaning attributed to such term in Section 2.1 hereof;

"**Facility Documents**" means this Agreement, the Security Documents, and all other certificates, instruments, notices and documents delivered or to be delivered by the Credit Parties hereunder or thereunder, each as amended, modified, supplemented, restated or replaced from time to time;

"**Facility Indebtedness**" means all present and future debts, liabilities and obligations of the Borrower and the Guarantors to the Lender under and in connection with this Agreement and all other Facility Documents, including all Amounts Payable and all fees and other money payable or owing from time to time pursuant to the terms of this Agreement or any of the Facility Documents;

"**Financial Instrument Obligations**" means, with respect to any Person, obligations arising under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interest rate swap agreements, forward rate agreements, floor, cap or collar agreements, futures or options,
insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the Person where the
subject matter thereof is interest rates or the price, value or amount payable thereunder is dependent or based upon interest rates or
fluctuations in interest rates in effect from time to time (but excluding non-speculative conventional floating rate indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) currency swap agreements, cross-currency agreements, forward agreements, floor, cap or collar agreements,
futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the
Person where the subject matter thereof is currency exchange rates or the price, value or amount payable thereunder is dependent or based
upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement for the making or taking of any commodity (including gold, coal, natural gas, oil and electricity),
swap agreement, floor, cap or collar agreement or commodity future or option or other similar agreement or arrangement, or any combination
thereof, entered into or guaranteed by the Person where the subject matter thereof is any commodity or the price, value or amount payable
thereunder is dependent or based upon the price or fluctuations in the price of any commodity;

or any other similar transaction, including any option to enter into any of the foregoing, or any combination of the foregoing, in each case to the extent of the net amount due or accruing due by the Person under the obligations determined by marking the obligations to market in accordance with their terms;

"**Governmental Authority**" means each national, state, provincial, county, municipal or other such governmental or public authority, including their authorized administrative bodies, courts, tribunals, commissions and agents, which have legal jurisdiction over a Person or a matter relevant to this Agreement;

"**Guarantors**" means, collectively, 1100951 B.C. Ltd., Titan Mining (US) Corporation, Balmat Holding Corp., Empire State Mines, LLC and 1077615 US LLC and their respective successors and permitted assigns, and "**Guarantor**" means either one of them;

"**Hazardous Materials**" has the meaning attributed to such term in Section 6.1(u) hereof;

"**IFRS**" means international financial reporting standards, approved by the International Accounting Standards Board or any successor thereto ("**IASB**"), as at the date on which any calculation or determination is required to be made, provided that, in accordance with such international financial reporting standards, where the IASB includes a recommendation concerning the treatment of any accounting matter, such recommendation shall be regarded as the only international financing reporting standard;

"**Indebtedness**" means, with respect to a Person, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of the Person for borrowed money, including
debentures, notes or similar instruments and other financial instruments and obligations with respect to bankers' acceptances and
contingent reimbursement obligations relating to letters of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Financial Instrument Obligations of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Capital Lease Obligations and Purchase Money Obligations
of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations to pay the deferred and unpaid purchase price
of property or services, which purchase price is due and payable more than six months after the date of placing such property or service
or taking delivery at the completion of such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Indebtedness of any other Person secured by a Security
Interest on any asset of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations to repurchase, redeem or repay any Common
Shares or any other shares of the Borrower that fall due prior to the Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Contingent Liabilities of the Person with respect to obligations
of another Person if such obligations are of the type referred to in paragraphs (a) to (f) above;

"**Indemnified Parties**" has the meaning attributed to such term in Section 10.1(a) hereof;

"**Lender**" means **Augusta Investments Inc**., a British Columbia company and every successor Person thereto and assignee;

"**Lender's Counsel**" means any law firm selected by the Lender and, at any time, any other legal counsel retained by the Lender in the relevant jurisdiction to the matter in question;

"**Material Adverse Effect**" means, when used with reference to any event or circumstance, any event or circumstance which has, had, or could reasonably be expected to have a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, prospects, results of operations, assets, liabilities (contingent or otherwise),
capitalization, condition (financial or otherwise) or cash flows of the Credit Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of the Credit Parties taken as a whole to perform
their obligations when due under this Agreement or any of the other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of this Agreement or any other
Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the perfection or priority of any Security Interest granted
pursuant to the Security Documents or any of the rights or remedies of the Lender thereunder or under any other Facility Document;

"**Material Contract**" means any Project Document which (i) is prudent or necessary for the continuing operation and development of the Project, and (ii) the performance of which involves consideration in excess of $3,500,000.00;

"**Maturity Date**" means December 31, 2028, unless all Indebtedness is repaid prior to that date pursuant to the terms of Section 3.2 or Section 3.3 hereof;

"**Model**" means the Borrower's mine plan for the Project and related financial model, as delivered and accepted by the Lenders on or before the Documentary Closing Date;

"**Obligations**" means, without duplication, with respect to a Person, all items which, in accordance with IFRS, would be included as liabilities on the liability side of the balance sheet of the Person and all Contingent Liabilities of the Person;

"**Permitted Disposal**" means any sale, lease, license, transfer or other disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made by a Credit Party to another Credit Party, provided that
if the disposing Credit Party had granted a Security Interest in favour of the Lender over the asset or property subject to such disposal,
equivalent security over such asset or property shall be granted in favour of the Lender by the acquiring Credit Party, subject to prior
written consent from the Senior Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is contemplated under Article 3 and in respect of which
all or part of the proceeds will be paid to the Lender in accordance with the terms of that Article and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of obsolete or redundant vehicles, plant and equipment for
cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) made with the prior written consent of the Lender and Senior
Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) of fixed assets where the proceeds of disposal are used to
purchase replacement assets comparable or superior as to type, value and quality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) of assets (other than shares) for cash where the net consideration
receivable (when aggregated with the net consideration receivable for any other sale, lease, license, transfer or disposal not allowed
under paragraphs (a) to (d) above) does not exceed $1,000,000;

"**Permitted Encumbrances**" means, with respect to any Credit Party, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security Interest granted pursuant to the Security Documents
and Senior Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Security Interest or deposit under workers' compensation,
social security or similar legislation or in connection with bids, tenders, leases or contracts or to secure related public or statutory
obligations, surety and appeal bonds where required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Security Interest imposed pursuant to statute such as
builders', mechanics', materialman's, carriers', warehousemen's and landlords' liens and privileges,
in each case, which relate to obligations not yet due or delinquent or, if due or delinquent, which the Credit Party is contesting in
good faith if such contest will involve no material risk of loss of any material part of the property of any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Security Interest for Taxes, assessments, unpaid wages
or governmental charges or levies for the then current year, or not at the time due and delinquent or the validity of which is being
contested at the time in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any right reserved to or vested in any Governmental Authority
by the terms of any lease, licence, franchise, grant, claim or permit held or acquired by any Credit Party, or by any statutory provision,
to terminate the lease, licence, franchise, grant, claim or permit or to purchase assets used
in connection therewith or to require annual or other periodic payments as a condition of the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Security Interest created or assumed by any Credit Party arising in the ordinary course of business
and for amounts not overdue or for amounts contested in good faith and in appropriate proceedings and for which the relevant Credit Party
has established adequate reserves (including purchase-money liens and retention of title arrangements in favour of suppliers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Security Interest created or assumed by any Credit Party in favour of a public utility or Governmental
Authority (whether directly or indirectly) when required by the utility or Governmental Authority in connection with the operations of
such Credit Party that do not in the aggregate materially detract from the value of any of the Secured Assets or materially impair their
use in the operation of the business of such Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any reservations, limitations, provisos and conditions expressed in original grants from any Governmental
Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any applicable municipal and other Governmental Authority restrictions affecting the use of land or the
nature of any structures which may be erected thereon, any minor encumbrance, such as easements, rights-of-way, servitudes or other similar
rights in land granted to or reserved by other Persons, rights-of-way for sewers, electric lines, telegraph and telephone lines, oil and
natural gas pipelines and other similar purposes, or zoning or other restrictions applicable to the use of real property by any Credit
Party, or title defects, encroachments or irregularities, that do not in the aggregate materially detract from the value of the property
or materially impair its use in the operation of the business of any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) customary Security Interests in respect of service charges and related obligations in respect of bank,
custodian, investment, customs and other accounts opened in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Security Interest that secures Permitted Indebtedness referred to under subsections (c), (i) or (k) of that definition;

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course of business,
which are either not overdue or, if disputed and in that case whether or not overdue, are being contested in good faith by such Credit
Party by appropriate proceedings diligently conducted, and provided always that the failure to pay such Indebtedness would not reasonably
be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Indebtedness approved by the Lender and, if applicable, permitted pursuant to the terms of an inter-creditor
agreement, in form and substance satisfactory to the Lender providing for the full subordination and postponement of such indebtedness
and any security therefor to the Facility Indebtedness and the Security Interests granted under the Security Documents, executed and delivered
in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any inter-company Indebtedness between any Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any guarantee or indemnity in respect of Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other Indebtedness which the Lender agrees in writing is Permitted Indebtedness for the purposes of
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any performance or similar bond guaranteeing performance by a Credit Party or another subsidiary of a
Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Indebtedness arising under a foreign exchange transaction for spot or forward deliver entered into
in connection with protection against fluctuation in currency rates where that foreign exchange exposure (and not a foreign exchange transaction
for investment or speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Indebtedness under finance leases or Capital Leases and Purchase Money Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Indebtedness relating to employee benefit plans or compensation entered into in the ordinary course
of business, consistent with past practices and provided always that such Indebtedness is not overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Indebtedness under any corporate or employee credit card programs of a Credit Party, which Indebtedness
does not exceed $1,000,000 in the aggregate for the Credit Parties at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any unsecured working capital lines of credit made available to any Credit Party in the ordinary course
of business, provided that such lines are not secured by any lien or security interest on any assets of the Credit Parties and are not
otherwise prohibited under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Indebtedness owing to the Senior Lender pursuant to the Senior Credit Agreement by any of the Credit
Parties at any time.

"**Person**" means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, or corporation with or without share capital, body corporate, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, government or Governmental Authority or entity, however designated or constituted;

"**PPSA**" means the *Personal Property Securities Act* (British Columbia);

"**Project"** means the Empire State Mines, as more particularly described on Schedule A hereto;

"**Project Document**" means any agreement, contract, license, permit, instrument, lease, easement or other document which (i) deals with or is related to the construction, operation or development of the Project, and (ii) is executed from time to time by or on behalf of or is otherwise made or issued in favour of any Credit Party;

"**Purchase Money Obligation**" means, with respect to a Person, indebtedness of the Person issued, incurred or assumed to finance all or part of the cost of acquiring any mobile asset;

"**Relevant Jurisdiction**" means, from time to time, any jurisdiction in which any Credit Party has material property or assets, or in which it carries on material business and, for the purposes of this Agreement, includes (i) British Columbia, Canada and (ii) St Lawrence County, New York, United States of America;

"**Reporting Jurisdictions**" means all of the jurisdictions in Canada in which the Borrower is a "reporting issuer", including as of the date hereof, the Provinces of British Columbia and Ontario;

"**Secured Assets**" means the undertaking, properties and assets now owned, leased or hereafter acquired or leased by the Credit Parties or any of them secured by the Security Documents;

"**Securities Act**" means the *Securities Act* (British Columbia);

"**Security Documents**" means, collectively, the agreements, instruments and documents listed in Schedule B hereto and delivered pursuant to Article 4 of this Agreement;

"**Security Interest**" means any security interest, assignment by way of security, mortgage, charge (whether fixed or floating), hypothec, deposit arrangement, pledge, trust, lien, encumbrance, preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever, and includes any other "Security Interest" as defined in section 1.1 of the PPSA;

"**Senior Credit Agreement**" means the credit agreement dated July 21, 2025 among Empire State Mines, LLC, as borrower, the Borrower and certain of its subsidiaries, as guarantors, and the Senior Lender, as lender, as amended, extended, renewed or replaced and in effect from time to time;

"**Senior Credit Documents**" means the Senior Credit Agreement, and the guarantees, security and all other documents and registrations delivered or created pursuant thereto;

"**Senior Indebtedness**" means Indebtedness of the Borrower arising pursuant to the Senior Credit Agreement;

"**Senior Lender**" means Export-Import Bank of the United States;

"**Subordination Agreement**" means an agreement between the Lender and the Senior Lender pursuant to which the Facility and Facility Documents are subordinated, to the satisfaction of the Senior Lender, to the Security Interest securing the Senior Indebtedness and the prior payment in full of the Senior Indebtedness;

"**Subsidiary**" has the meaning attributed to such term in the Corporations Act;

"**Taxes**" means all present or future taxes, assessments, rates, levies, imposts, deductions, withholdings, dues, duties, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not;

"**United States Dollars**", "**US Dollars**" and the symbols "**USD**" and "**$**" each means dollars which are the lawful currency of the United States of America;

"**Voting Shares**" means shares of capital stock of any class of any corporation carrying voting rights under all circumstances, provided that for the purposes of such definition, shares which only carry the right to vote conditionally on the happening of any event shall not be considered Voting Shares, whether or not such event shall have occurred, nor shall any shares be deemed to cease to be Voting Shares solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such event; and

"**Working Capital**" means Current Assets less Current Liabilities.

**Extended Meanings**

1.2 To the extent the context so admits, in this Agreement the
following words and expressions shall be given the following corresponding extended meanings:

an "**agreement**" – any agreement, oral or written, any simple contract, deed or specialty, and includes any bond, bill of exchange, indenture, instrument or undertaking.

"**arm's length**" – the meaning attributed thereto under the Income Tax Act (Canada).

an "**asset**" – any undertaking, business, property (real, personal or mixed, tangible or intangible) or other asset, including any interest held in capital stock of another person.

an "**authorization**" – any authorization, approval, consent, exemption, licence, permit, franchise, quota, privilege or no action letter from any governmental authority having jurisdiction with respect to any specified person, property, transaction or event, or with respect to any of such person's business affairs or from any person in connection with any easements or contractual rights.

an "**award**" – any judgment, decree, injunction, rule, award or order of any governmental authority, arbitrator or other decision-making authority of competent jurisdiction.

"**business affairs**" – the business, assets, undertaking, affairs, operations, prospects, revenues, liabilities (including contingent liabilities), obligations, capitalization, results of operations (financial or otherwise), cash flows or condition (financial or otherwise) of a specified person or persons.

"**change**" – change, modify, alter, amend, supplement, extend, renew, compromise, novate, replace, terminate (excluding, for clarity, termination in accordance with the express terms of an applicable agreement, but not resulting from any breach, default or other equivalent or analogous cause), release, discharge, cancel, suspend or waive.

"**claim**" – claim, claim over, counter-claim, cross-claim, defence, demand or liability (actual or contingent, now existing or arising hereafter), whether arising by agreement or statute, at law or in equity or otherwise, or any proceeding, judgment or order of any court or other governmental authority or arbitrator.

"**dispose**" – lease, sell, transfer, license or otherwise dispose of any property, or the commercial benefits of use or ownership of any property, including the right to profit or gain therefrom, whether in a single transaction or in a series of related transactions (other than the payment of money).

a "**document**" – a written agreement, consent, waiver, certificate, notice or other written document or instrument.

"**fair market value**" – the highest price, expressed in terms of money and money's worth, which would reasonably be established in an open and unrestricted market between informed and prudent parties, each acting at arm's length, where neither party is under any compulsion to act.

a "**final judgment**" – an award from which no appeal may be made or from which all rights of appeal have expired or been exhausted.

a "**governmental authority**" – any international tribunal, agency, body, commission or other authority (including that of any union of nations), any government, executive, parliament, legislature or local authority, or any governmental body, ministry, department or agency or regulatory authority, court, tribunal, commission or board of or within Canada or any other foreign jurisdiction, or any political subdivision of any thereof or any authority having jurisdiction therein.

a "**guarantee**" – any guarantee, indemnity, letter of comfort or other assurance made in respect of any Indebtedness or any other obligation or financial condition of another, including (i) any purchase or repurchase agreement, (ii) any obligation to supply funds or invest in such other, (iii) any keep-well, take-or-pay, through-put or other arrangement having the effect of assuring or holding harmless another against financial loss, or maintaining another's solvency or financial viability or (iv) any obligation under any credit derivative; but shall exclude endorsements on notes, bills and cheques presented to financial institutions for collection or deposit in the ordinary course of business. Whenever in this Agreement the amount of any guarantee is required to be determined or measured, such amount shall be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming the guarantor is required to perform thereunder) as determined by the guarantor in good faith or, if the guarantee is expressly limited to a specified amount, such specified amount.

"**include**" – include without limitation and such term shall not be construed to limit any word or statement which it follows to the specific items or matters immediately following it or similar terms or matters.

"**knowledge**" of any Credit Party – to the best of the knowledge, information and belief of a senior officer of such person after the exercise of reasonable due diligence under the circumstances (in accordance with the standard of what a reasonable person in similar circumstances would have done).

"**losses and expenses**" – losses, costs, expenses, damages, penalties, awards, claims, claims over, demands and liabilities, including any applicable court costs and legal fees and disbursements on a full indemnity basis.

"**obligations**" – indebtedness, obligations, promises, covenants, endorsements, guarantees, undertakings, responsibilities, duties and liabilities (actual or contingent, direct or indirect, matured or unmatured, now existing or arising hereafter), whether arising by agreement or statute, at law, in equity or otherwise.

an "**order**" – any order or directive, direction or request (the compliance with which is generally regarded as mandatory by the person to whom it applies) of any governmental authority, arbitrator or other decision-making authority of competent jurisdiction.

"**paid in full**" and "**payment in full**" in relation to any payment obligation owing to any person (the "obligee") – permanent, indefeasible and irrevocable payment in cash (or other freely available funds transfer as may be expressly provided for in the applicable document creating or evidencing such payment obligation) to that obligee in full of such payment obligation in accordance with the express provisions of the applicable document creating or evidencing such payment obligation, without regard to any compromise, reduction or disallowance of all or any item or part thereof by virtue of the application of any insolvency law, fraudulent conveyances law or other similar such laws, any law affecting creditors' rights generally or general principles of equity, and, if applicable, the cancellation or expiry of any commitment of that obligee to lend or otherwise extend credit.

a "**person**" – an individual (including an individual in his or her capacity as trustee, executor, administrator or other Representative), a sole proprietorship, a company (limited, unlimited, unlimited liability or other), limited liability corporation or other body corporate, a partnership (including a limited, limited liability or general partnership), a joint venture, an unincorporated association, an unincorporated syndicate, an unincorporated organization, a trust (including a business trust), a trustee, a governmental authority or any other artificial legal or commercial entity.

a "**proceeding**" – any grievance, investigation, litigation, legal action, lawsuit, arbitration, mediation, alternative dispute resolution proceeding or other proceeding (whether civil, administrative, quasi-criminal or criminal) by or before any governmental authority, arbitrator or other decision-making authority.

a "**rate of exchange**" – the rate of exchange, including any premiums or costs payable in connection with any currency conversion being effected.

a "**receiver**" – a privately appointed or court appointed receiver or receiver and manager, interim receiver, liquidator, trustee in bankruptcy, chief restructuring officer, administrator, administrative receiver, monitor and any other like or similar official.

"**rights**" – rights, titles, benefits, interests, powers, authorities, discretions, privileges, immunities and remedies (actual or contingent, direct or indirect, matured or unmatured, now existing or arising hereafter), whether arising by agreement or statute, at law, in equity or otherwise.

"**set-off**" – any right or obligation of set-off, compensation, offset, combination of accounts, netting, retention, withholding, reduction, abatement, deduction, counter-claim or any similar right or obligation, or (as the context requires) any exercise of any such right or performance of such obligation.

"**successor**" of a person (the "relevant party") – (i) any amalgamated or other body corporate of which the relevant party or any of its successors is one of the amalgamating or merging body corporates, (ii) any person resulting from any court approved arrangement of which the relevant party or any of its successors is party, (iii) any person to whom all or substantially all the assets of the relevant party are transferred, (iv) any body corporate resulting from the continuance of the relevant party or any successor of it under the laws of another jurisdiction of incorporation or of the same jurisdiction but under different enabling legislation and (v) any successor (determined as aforesaid or in any similar or comparable procedure under the laws of any other jurisdiction) of any person referred to in clause (i), (ii), (iii) or (iv) of this definition. Each reference in this Agreement to any party hereto or any other person shall (where the context so admits) include its successors.

"**written**" and "**in writing**" – an original writing, a pdf or facsimile copy of a writing or an e-mail.

**Interpretation Not Affected by Headings**

1.3 The division of this Agreement into articles, sections, subsections
and paragraphs, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.

**Statute References**

1.4 Any reference in this Agreement to a statute shall be deemed
to be a reference to such statute as amended, re-enacted or replaced from time to time.

**Permitted Encumbrance**

1.5 Any reference in any of the Facility Documents to a Permitted Encumbrance is not intended to and shall
not be interpreted as subordinating or postponing, or as any agreement to subordinate or postpone, any obligation of any Credit Party
to the Lender under any of the Facility Documents to any Permitted Encumbrance, except in respect of the Senior Indebtedness owing to
the Senior Lender.

**Currency**

1.6 Any reference in this Agreement to "**Dollars** ", "**dollars** ", "**$** "
or "**US$**" shall be deemed to be a reference to lawful money of the United States of America and any reference to any
payments to be made by any Credit Party shall be deemed to be a reference to payments made in lawful money of United States of America.
Any reference to "**CAD**" or "**C$**" shall be deemed to be a reference to lawful money of Canada.

**Use of the Words "Best Knowledge"**

1.7 The words "**best knowledge** ", "**to the best of the Borrower's knowledge** ",
" **to the knowledge of** ", "**of which they are aware** ", "**any knowledge of**" or other
similar expressions limiting the scope of any representation, warranty, acknowledgement, covenant or statement by the Borrower or the
Credit Parties will be understood to be made on the basis of the actual knowledge of any of the executive officers of the Borrower or
Credit Party, in each case, after due inquiry.

**Non-Business Days**

1.8 Whenever any payment to be made hereunder shall be due, any period of time would begin or end, any calculation
is to be made or any other action is to be taken on or as of, a day other than a Business Day, such payment shall be made, such period
of time shall begin or end, such calculation shall be made and such other actions shall be taken, as the case may be, unless otherwise
specifically provided for herein, on or as of the next succeeding Business Day and the Lender shall not be entitled to any further interest
or other payment in respect of such delay.

**Governing Law**

1.9 This Agreement shall be governed by, construed and enforced in accordance with the laws of the Province
of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract.
Each of the Credit Parties hereby irrevocably attorns to the non-exclusive jurisdiction of the Courts of the Province of British Columbia
in the City of Vancouver. Each Credit Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any Court of the Province of British Columbia. Each of the Credit Parties hereby irrevocably waives, to the fullest
extent permitted by law, any forum non conveniens defence to the maintenance of such action or proceeding in any such court. Each Credit
Party irrevocably consents to service of process in British Columbia. Nothing in this Agreement will affect the right of the Lender to
serve process in any other manner
or in any other jurisdiction permitted by law or to commence suits, actions or legal proceedings in any other jurisdictions.

**Paramountcy**

1.10 In the event of any inconsistency between the provisions of this Agreement and the provisions of any other
Facility Document, the provisions of this Agreement shall prevail.

**Enurement**

1.11 The Facility Documents shall be binding upon and shall enure to the benefit of each Credit Party which
is party thereto and the Lender and their respective successors and permitted assigns.

**Interpretation**

1.12 In this Agreement, unless the context otherwise requires, words importing the singular include the plural
and vice versa and words importing gender include all genders. In this Agreement the words "including" or "includes"
mean "including without limitation" and "includes without limitation", respectively.

**Time of Essence**

1.13 Time shall be of the essence in all respects in this Agreement.

**ARTICLE 2**

**THE FACILITY**

**The Facility**

2.1 Subject to the terms and conditions hereof, the Lender hereby establishes in favour of the Borrower a
subordinate secured non-revolving multiple advance reducing term credit facility (the "**Facility**") in an amount equal
to the Commitment, **which has been fully drawn by, and fully Advanced to, the Borrower**.

**Non-Revolvement**

2.2 The Facility is a *non-revolving* facility, and any repayment under the Facility shall <u>not</u> be re-borrowed.

**Term**

2.3 Except as otherwise provided in this Agreement, including without limitation Article 3, the Borrower shall
repay to the Lender, on the Maturity Date, the entire outstanding principal amount of the Advances, together with all accrued but unpaid
interest, bonuses, fees, costs, and other charges payable under this Agreement.

**Interest**

2.4 Interest shall be capitalized to the principal amount of the Advances from the date of the Agreement to
December 31, 2025, at the fixed rate of eight percent (8%) per annum, calculated daily.

2.5 Interest shall accrue on the principal amount of the Advances plus capitalized interest, from January
1, 2026, as well as on all overdue amounts outstanding in respect of interest, costs, or other fees or expenses payable hereunder, at
the fixed rate of eight percent (8%) per annum, calculated daily and payable monthly by the Borrower to the Lender on the first Business
Day following the end of the month, as well as after each of maturity, default and judgment.

**Computations**

2.6 The rates of interest under this Agreement are nominal rates and not effective rates or yields. Unless
otherwise stated, wherever in this Agreement reference is made to a rate of interest (or standby fee) "per annum" or a similar
expression, such interest (or standby fee) shall be calculated on the basis of a 360-day year, using the actual number of days in the
applicable month or period. For greater certainty, interest shall accrue daily based on the actual number of days in each calendar month
(e.g., 30 or 31 days, or 28/29 in February), and not on the assumption of 30-day months. For the purposes of the *Interest Act* (Canada)
and disclosure thereunder, whenever any interest is calculated on the basis of a 360-day year, the equivalent annual rate shall be determined
by multiplying the applicable rate by the actual number of days in the calendar year and dividing by 360.

**No Set-off**

2.7 All payments required to be made by the Borrower or any other Credit Party pursuant to the provisions
hereof or any other Facility Document shall be made in immediately available funds and without any set-off, deduction, withholding or
counter-claim or cross-claim.

**Maximum Return**

2.8 The Lender and the Borrower acknowledge and agree that the payment of Amounts Payable hereunder and any
further consideration to the Lender is a fair payment based on the business terms of this transaction. The Lender and the Borrower acknowledge
and agree that it is their express intention and desire that in no event shall the total payment to the Lender, whether for any Amount
Payable or otherwise, exceed the maximum payment permitted under Applicable Law.

**Time and Place of Payments**

2.9 All payments made by the Borrower pursuant to this Agreement or pursuant to any other Facility Document
shall be made before 2:00 p.m. (Vancouver, BC time) on the day specified for payment. Any payment received after 2:00 p.m. (Vancouver,
BC time) on the day specified for such payment shall be deemed to have been received before 2:00 p.m. (Vancouver, BC time) on the immediately
following Business Day. All payments shall be made to the Lender to the office of the Lender, as specified by the Lender in Section 9.2
hereto, or such other office as the Lender may designate in writing. If the date for payment of any Amount Payable is not a Business Day
at the place of payment, then payment shall be made on the next Business Day at such place.

**Record of Payments**

2.10 The Lender shall maintain accounts and records evidencing all payments hereunder, which accounts and records
shall constitute, in the absence of manifest error, prima facie evidence thereof.

**ARTICLE 3**

**PREPAYMENT**

**Voluntary Prepayment**

3.1 The Borrower may prepay the outstanding balance of the Facility, in whole or in part, at any time before
the applicable maturity date, provided that such prepayment of the Facility is made on the last Business Day of a calendar month and that
the Borrower has delivered to the Lender not less than ten (10) Business Days' prior written notice of its intention to prepay all
or part of the outstanding balance of the Facility under this Section 3.1.

**Mandatory Prepayments of the Facility**

3.2 If, on either June 30 or December 31 of each calendar year the Borrower's cash balance exceeds USD
$15,000,000 as a result of the Borrower closing one or more equity or debt financings (excluding intercompany financings between Credit
Parties and the Senior Indebtedness), then, subject to the conditions set forth below, the Borrower shall, promptly, but in any event
within five Business Days, apply the amount in excess of USD $15,000,000 (the "**Excess Amount**") toward the repayment
of outstanding indebtedness as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 50% of the Excess Amount will be applied toward the Senior Indebtedness owed to the Senior Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 50% of the Excess Amount will be applied toward the Facility Indebtedness owed to the Lender under this Agreement,

provided that such application of the Excess Amount shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the Borrower's continued compliance with this Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the prior written approval of the Borrower's board of directors; and

provided further that no such payment shall be funded, in whole or in part, with the proceeds of any loan or other extension of credit made by the Senior Lender under the Senior Credit Agreement.

3.3 Upon the occurrence of a Change of Control, the Facility will become immediately due and payable, in full
and the Borrower shall pay to the Lender in respect thereof, an amount equal to the outstanding balance of the Facility, all accrued but
unpaid interest hereon and all costs and charges payable hereunder.

3.4 Provided no Event of Default or Potential Default (as defined in the Senior Credit Agreement) exists at
such time, the Borrower hereby covenants and agrees to repay the Facility in accordance with the following schedule, to the extent permitted
by the Subordination Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on or before December 31, 2026, the Borrower shall pay to the Lender the principal sum of US$7,500,000 plus all accrued and unpaid
interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on or before December 31, 2027, the Borrower shall pay to the Lender the principal sum of US$5,000,000 plus all accrued and unpaid
interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On or before December 31, 2028, the Borrower shall pay to
the Lender all of the outstanding and unpaid Obligations of any Credit Party owing to the Lender, including without limitation, together
with all accrued and unpaid interest.

**ARTICLE 4**

**SECURITY**

**Security Documents**

4.1 To secure the due payment of all Indebtedness of the Credit
Parties to the Lender in respect of the Facility and the payment and performance of all other obligations, indebtedness and liabilities
of the Credit Parties to the Lender hereunder and under the other Facility Documents, the Credit Parties shall execute and deliver the
Security Documents to the Lender.

**Registration of the Security**

4.2 The Lender shall at the Borrower's expense, register,
file, record and give notice of (or cause to be registered, filed, recorded and given notice of) the Security Documents in all offices
and registries where such registration, filing, recording or giving notice is necessary or desirable for the perfection of the Security
Interest constituted thereby and to ensure that such Security Interest is second ranking, subject only to the Permitted Encumbrances.

**ARTICLE 5**

**CONDITIONS PRECEDENT**

**Conditions Precedent to Closing**

5.1 Closing shall only occur upon satisfaction of the following
conditions precedent, each in form and substance satisfactory to the Lender and the Lender's Counsel, on or before the Documentary
Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt by the Lender of the following documents, each in
full force and effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed copies of the Facility Documents, including, without
limitation, this Agreement and the Security Documents described in Schedule B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certificates of status or other similar type of evidence of
existence for each of the Credit Parties from all Relevant Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certified copies of directors' resolutions for each of
the Credit Parties with respect to its authorization, execution and delivery of the Facility Documents to which it is a party being delivered
in connection herewith and the performance of all obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all requisite regulatory approvals, including Exchange and other
approvals to the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) releases, discharges and postponements (in registrable form
where appropriate) covering all Security Interests or other encumbrances affecting the Secured Assets secured by the Security Documents
described in Schedule B hereto which are not Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all required consent(s) of the Senior Lender to the Facility and Facility Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidence that all Security Interests pursuant to the Security
Documents described in Schedule B hereto have been (i) duly perfected and registered in all Relevant Jurisdictions or submitted for registration
if permitted by the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there shall be no other Security Interests or other liens
or encumbrances whatsoever attaching to the Secured Assets, other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all of the covenants and agreements of each of the Credit
Parties contained herein or in any other Facility Document required to be fulfilled or satisfied on or before the Documentary Closing
Date have been so fulfilled or satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no Default or Event of Default has occurred and is continuing,
and the Lender has received a Certificate of the Borrower so certifying to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Lender has received payment of all fees and all reimbursable
expenses so invoiced in connection with this Agreement in accordance with Section 7.5, which are payable by the Borrower to the Lender
on or prior to the Documentary Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such other conditions precedent (including the delivery of
such documents, certificates, opinions and agreements) as the Lender may reasonably require based on its due diligence review,

failing which the Lender shall have no further obligation to the Borrower hereunder and the Borrower shall promptly thereafter pay to the Lender all outstanding fees and expenses, including all out-of-pocket costs reasonably incurred by the Lender in connection with this Agreement.

**Waiver**

5.2 The conditions in Section 5.1 are inserted for the sole benefit
of the Lender and may be waived by the Lender, in whole or in part, with or without conditions, as the Lender may determine in its sole
and absolute discretion.

**ARTICLE 6**

**REPRESENTATIONS AND WARRANTIES**

**Representations and Warranties of the Credit Parties**

6.1 The Credit Parties hereby represent and warrant to the Lender
as of the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Credit Party has been duly incorporated and organized
under the laws of its jurisdiction of incorporation and is validly existing and is current and up-to-date with all material filings required
to be made under the laws of its jurisdiction of incorporation to maintain its corporate existence and has all requisite corporate power
to carry on its business as now conducted and to own, lease or operate its property, and no steps or proceedings have been taken by any
Person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Credit Party and any representative signing on its behalf
has full power and capacity to enter into each of the Facility Documents to which it is a party and to do all acts and things and execute
and deliver all documents as are required hereunder or thereunder to be done, observed, performed or executed and delivered by it in accordance
with the terms hereof and thereof, and each Credit Party has taken all necessary corporate action to duly authorize the creation, execution,
delivery and performance of each of the Facility Documents to which it is a party and to observe and perform the provisions of such Facility
Documents in accordance with the provisions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Facility Documents will create valid and legally binding obligations of each Credit Party that is
party to them enforceable against each such Credit Party in accordance with their respective terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entry into and the performance of its obligations under each Facility Document to which it is a party
is in its best interests and for a proper purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the execution and delivery of the Facility Documents, the compliance by the Credit Parties with
the provisions of the Facility Documents or the consummation of the transactions contemplated herein, does or will: (i) require the consent,
approval, Authorization, order or agreement of, or registration or qualification with, any Governmental Authority, court, stock exchange,
securities regulatory authority or other Person, except (A) such as have been obtained, (B) Exchange approval which will be obtained by
the Documentary Closing Date, which approval is subject to customary conditions to be satisfied following closing of the Advance; (ii)
conflict with or result in any breach or violation of any of the provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, lease or other agreement or instrument to which any Credit Party is a party or by which it or any of the properties or
assets thereof is bound; or (iii) conflict with
or result in any breach or violation of any provisions of, or constitute a default under the articles or by-laws of any Credit Party or
any resolution passed by the directors (or any committee thereof) or shareholders of any Credit Party, or any statute or any judgment,
decree, order, rule, policy or regulation of any court, Governmental Authority, any arbitrator, stock exchange or securities regulatory
authority applicable to any Credit Party or any of the properties or assets thereof, which, in the case of any matter referred to in (ii)
or (iii), could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the outstanding shares of the Borrower are listed and posted for trading on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none of the Credit Parties carry on business, have an office or own any properties or assets located,
outside of British Columbia, Canada and New York State, USA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Credit Party is licensed, registered or qualified as an extra-provincial or foreign corporation in
all jurisdictions where the character of the property or assets thereof owned or leased or the nature of the activities conducted by it
make licensing, registration or qualification necessary and is carrying on the business thereof in compliance with all Applicable Laws,
rules and regulations of each such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Credit Party has conducted and is conducting its business in compliance in all material
 respects with Applicable Law and possesses all material Authorizations issued by the appropriate Governmental Authority necessary to
 carry on the business currently carried on by it, is in compliance in all material respects with the terms and conditions of all
 such Authorizations, and none of the Credit Parties have received any notice of the modification, revocation or cancellation of, any
 intention to modify, revoke or cancel or any proceeding relating to the modification, revocation or cancellation of any such
 Authorization (save in respect of any such
notice, intention or proceeding which the relevant Credit Party is disputing in good faith and pursuant to appropriate proceedings diligently
conducted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower is a reporting issuer or the equivalent in the Reporting Jurisdictions and is in compliance
with its obligations under the Applicable Securities Legislation of such jurisdictions and of the Exchange in all material respects and
is not included in any list of defaulting reporting issuers maintained by the securities commission of such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no order, ruling of suspending the sale or ceasing the trading in any securities of the Borrower nor prohibiting
the sale of such securities has been issued by any securities regulatory authority to and is outstanding against the Borrower or its directors,
officers or promoters and no investigations or proceedings for such purposes have been threatened or are pending or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower has complied with all Applicable Securities Legislation in connection with the issuance of
this Agreement, including, but not limited to, receiving the approvals of the Exchange, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except as qualified by the disclosure therein and except as otherwise permitted herein (including with
respect to Permitted Encumbrances), the Credit Parties are the legal and beneficial owners of the respective properties, business and
assets referred to as being owned by them in the Disclosure Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) each Credit Party holds either freehold title, mining leases, mining claims or other conventional property,
proprietary or contractual interests or rights, recognized in the jurisdiction in which a particular property is located, in respect of
the ore bodies and minerals located in properties in which it has an interest as described in the Disclosure Record under valid, subsisting
and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit such Credit Party
to explore the minerals relating thereto, all such property, leases or claims and all property, leases or claims in which any Credit Party
has an interest or right have been validly located and recorded in accordance with Applicable Law in all material respects and are valid
and subsisting, the Credit Parties have all necessary surface rights, access rights and other necessary rights and interests relating
to the properties in which the Credit Parties have an interest as described in the Disclosure Record granting the applicable Credit Parties
the right and ability to explore for minerals, ore and metals for development purposes as are appropriate in view of the rights and interest
therein of the applicable Credit Parties, with only such exceptions as do not materially interfere with the use made by the applicable
Credit Parties of the rights or interests so held and each of the proprietary interests or rights and each of the documents, agreements
and instruments and obligations relating thereto referred to above is currently in good standing in the name of the applicable Credit
Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) each Credit Party owns or has the right to use under license,
sub-license or otherwise all material intellectual property used by it in its business, including copyrights, industrial designs, trademarks,
trade secrets, know-how and proprietary rights, free and clear of any and all encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) none of the Credit Parties has approved entering into any
agreement in respect of (i) the sale of any property material to any Credit Party, or assets or any interest therein or the sale, transfer
or other disposition of any property material to any Credit Party, or assets or any interest therein currently owned, directly or indirectly,
by any Credit Party whether by asset sale, transfer
of shares or otherwise, in each case outside of the ordinary course of its business; or (ii) any Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the consolidated financial statements of the Borrower contained in the Disclosure Record are in accordance
with the Corporations Act, including giving a true and fair view of the consolidated entity's financial position as at the date
thereof and comply with IFRS, and no adverse material changes in the financial position of any Credit Party has taken place since the
date thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) none of the Credit Parties has any material liabilities, fixed or contingent, that are not reflected in
the consolidated financial statements of the Borrower contained in the Disclosure Record, in the notes thereto or otherwise disclosed
in writing to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Borrower has in all material respects complied with all continuous disclosure obligations under Applicable
Securities Legislation and the rules and regulations of the Exchange and, without limiting the generality of the foregoing, there has
not occurred an adverse material change, financial or otherwise, in the assets, liabilities (contingent or otherwise), business, financial
condition, capital or prospects of the Borrower and the Subsidiaries (taken as a whole) which has not been publicly disclosed on a non-confidential
basis; the information and statements in the Disclosure Record were true and correct at the time such documents were filed on SEDAR or
EDGAR, as applicable, and contained no misrepresentation as of the respective dates of such information and statements; the Disclosure
Record conformed in all material respects to Applicable Securities Legislation at the time such documents were filed on SEDAR or EDGAR,
as applicable; and the Borrower has not filed any confidential material change reports which remain confidential as at the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) all taxes, duties, royalties, levies, imposts, assessments, deductions, charges or withholdings and all
liabilities with respect thereto including any penalty and interest payable with respect thereto due and payable by any Credit Party have
been paid, except any non-payment that would not reasonably be expected to have a Material Adverse Effect. All tax returns, declarations,
remittances and filings required to be filed by any Credit Party have been filed with all appropriate governmental authorities and all
such returns, declarations, remittances and filings were, at the time of filing, complete and accurate in all material respects and no
material fact or facts have been omitted therefrom which would make any of them misleading. There are no issues or disputes outstanding
with any Governmental Authority respecting any taxes that have been paid, or may be payable, by any Credit Party and no examination of
any tax return of any Credit Party is currently in progress (save in respect of any issue, dispute or examination which the relevant Credit
Party (or Credit Parties) is disputing in good faith and pursuant to appropriate proceedings diligently conducted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) (i) no Credit Party
 is in violation of any Environmental Laws including laws relating to the release or threatened
 release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances,
 petroleum or petroleum by-products (collectively, "**Hazardous Materials** ")
 or the manufacture, processing, distribution, use, treatment, storage, disposal, transport
 or handling of Hazardous Materials (ii) each Credit Party has all material Authorizations
 required under any applicable Environmental Laws and, each Credit Party is in material compliance
 with such Authorizations; (iii) there are no pending or, to any Credit Party's knowledge,
 threatened administrative, regulatory or judicial actions, suits, demands, claims, liens,
 notices of non-compliance or violation, investigation or proceedings relating to any Environmental
 Laws against any Credit Party; and (iv) there are no events or circumstances that could reasonably
 be expected to form the basis of an order for clean-up or remediation, or an action, suit
 or proceeding by any private party or governmental body or agency, against or affecting any
 Credit Party relating to any Environmental Laws, which, in each case in respect of any matter
 referred to in (i) to (iv), could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Credit Parties have been and are continuing to operate their businesses in compliance with all applicable
employment and, in respect of any Guarantors, social security laws and there are no legal proceedings nor any threatened legal proceedings,
against such Credit Parties pursuant to any applicable employment and, in respect of any Guarantors, social security laws which in each
case could reasonably be expected to have a Material Adverse Effect. There are no outstanding decisions, orders or settlements or pending
settlements under any applicable employment and, in respect of any Guarantors, social security laws which place any obligation upon any
of the Credit Parties to do or refrain from doing any act and which could reasonably be expected to have a Material Adverse Effect. The
Credit Parties are up to date in the payment of all material premiums or assessments under applicable workers compensation and profit
sharing or other worker safety legislation applicable in the Relevant Jurisdictions, and in respect of any Guarantors, social security
quotas, and none of the Credit Parties is subject to any special assessment or penalty under any such legislation which could reasonably
be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) none of the directors, officers or employees of any Credit Party or any affiliate of a Credit Party had
or has any material interest, direct or indirect, in any transaction or any proposed transaction with any Credit Party which, as the case
may be, materially affects, is material to or will materially affect any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the assets of each Credit Party and their respective businesses and operations are insured against loss
or damage with insurers on a basis consistent with insurance obtained by reasonably prudent participants in comparable businesses, such
coverage is in full force and effect, and no Credit Party has failed to promptly give any notice of any material claim thereunder. There
are no claims by any Credit Party under any such policy or instrument as to which any insurance company is denying liability or defending
under a reservation of rights clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) no Credit Party is in violation of any term or provision of any agreement, indenture or other instrument
applicable to it which could reasonably be expected to result in any Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) no Credit Party is in default of any material term, covenant or condition under or in respect of any judgment,
order, agreement or instrument to which it is a party or to which it or any of the property or assets thereof are subject that could reasonably
be expected to have a Material Adverse Effect, and no event has occurred and is continuing, and no circumstance exists which has not been
waived, which constitutes a default in respect of any commitment, agreement, document or other instrument to which any Credit Party is
a party or by which it is otherwise bound entitling any other party thereto to accelerate the maturity of any amount owing thereunder
or which could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) none of the Credit Parties has committed any act of bankruptcy
or is insolvent, and none of the Credit Parties has proposed a compromise or arrangement to its respective creditors generally, has had
a petition or receiving order in bankruptcy filed against it, has made a voluntary assignment in bankruptcy, has taken any proceedings
with respect to a compromise or arrangement, has taken any proceedings to have a receiver appointed for any of its property or has had
any execution or distress become enforceable or become levied upon any of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) there are no actions, suits, proceedings, inquiries or investigations
existing, pending or, to any Credit Party's knowledge, threatened against or adversely affecting any Credit Party or to which any
of their property or assets is subject, at law or equity, and no Credit Party is subject to any judgment, order, writ, injunction, decree,
award, rule, policy or regulation of any Governmental Authority, which, either separately or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) no Credit Party enjoys immunity from suit or execution in
relation to its obligations under any Facility Document to which it is a party.

**Acknowledgement**

6.2 The Credit Parties acknowledge that the Lender is relying
upon the representations and warranties in this Article 6 in discharging its obligations under this Agreement and that such representations
and warranties shall be deemed to be restated in every respect effective on the date each Advance is made.

**ARTICLE 7**

**COVENANTS OF THE BORROWER**

**General Covenants**

7.1 While any Facility Indebtedness is outstanding or the Facility
remains available to the Borrower, the Credit Parties covenant with the Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower will duly and punctually pay or cause to be paid
to the Lender each Amount Payable, on the dates, at the places, in the currency and in the manner mentioned herein, including, without
limitation, upon the occurrence of any Event of Default, the outstanding balance of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they will at all times maintain their corporate existence,
obtain and maintain all Authorizations required or necessary in connection with their business and/or any of the Secured Assets and to
carry on and conduct their business in accordance with prudent industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they will keep or cause to be kept proper books of account
and make or cause to be made therein true and complete entries of all of its dealings and transactions in relation to their business
in accordance with IFRS, and at all reasonable times they will furnish or cause to be furnished to the Lender or its duly authorized
agent or attorney such information relating to their operations as the Lender may reasonably request and such books of account shall
be open for inspection by the Lender or such agent or attorney, upon reasonable prior notice and during regular business hours in the
location of the requested information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) they will provide the Lender and its representatives or such
agent or attorney access to all properties, assets and books and records, upon reasonable prior notice and during regular business hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) they will ensure that each of the Security Documents will
at all times constitute valid and perfected second-ranking security on all of the Secured Assets, subject only to Permitted Encumbrances,
and at all times take all actions necessary or reasonably requested to create, perfect and maintain the Security Interests granted pursuant
to the Security Documents as perfected second-ranking security over the Secured Assets, subject only to Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) they will duly and punctually perform and carry out all of
the covenants and acts or things to be done by them as provided in this Agreement and each of the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) they will comply in all material respects with all Applicable
Law and the Borrower will comply in all material respects with Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) they will: (i) maintain policies of insurance with carriers
and in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar properties
in the same general areas in which the Credit Parties operate, and add and maintain the Lender as second loss payee and a named insured
under all such policies to the extent of its interest; and (ii) on an annual basis and/or at any other time, promptly at the request
of the Lender, deliver to the Lender all certificates and reports prepared in connection with such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they will immediately notify the Lender in writing upon becoming
aware of: (i) any Default, or (ii) any suit, proceeding or governmental investigation pending or, to any Credit Party's knowledge,
threatened or any notification of any challenge to the validity of any Authorization, relating to the Credit Parties, which could reasonably
be expected to have a Material Adverse Effect, or relating to any of the Secured Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) they will maintain or cause to be maintained the Secured Assets in good condition in accordance with prudent
industry standards (subject to normal wear and tear);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) they will pay and discharge or cause to be paid and discharged, promptly when due, all taxes, assessments
and governmental charges or levies imposed upon them or in respect of any of the Secured Assets or upon the income or profits therefrom
except for Permitted Encumbrances as well as all claims of any kind (including claims for labour, materials, supplies and rent) which,
if unpaid, might become a lien thereupon; provided however, that they shall not be required to pay or cause to be paid any such tax, assessment,
charge, levy or claim if the amount, applicability or validity thereof shall concurrently be contested in good faith by appropriate proceedings
diligently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) they will cause all necessary and proper steps to be taken diligently to protect and defend the Secured
Assets and the proceeds thereof against any material adverse claim or demand, including without limitation, the employment or use of counsel
for the prosecution or defence of litigation and the contest, settlement, release or discharge of any such claim or demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if and to the extent that any Credit Party holds or is granted any Security Interests, it will take all
steps necessary to ensure that all such Security Interests which it holds are attached, enforceable and continuously perfected under the
PPSA (or such similar legislation pursuant to which such Security Interest is granted) until the obligations they secure are satisfied
or they are released for value, where a failure to take the necessary steps could have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) except with the prior written consent of the Lender, the proceeds of the Facility have been, and shall
continue to be, used solely for the following purposes, unless otherwise agreed in writing by the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in payment of the Lender's fees and expenses payable pursuant
to Section 7.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the development of the Project in accordance with the Model;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the balance, for general corporate and working capital
purposes of the Credit Parties (including in respect of any costs and expenses incurred in the negotiation of the Facility and the Facility
Documents), in each case as contemplated in the Model; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) at all times after the Documentary Closing Date, if any Subsidiary of a Credit Party has earnings before
interest, tax, depreciation and amortization representing 5% or more of the earnings before interest, tax, depreciation and amortization
of the Borrower on a consolidated basis or has gross assets or turnover (excluding turnover relating to items from any Credit Parties
or other Subsidiaries of any Credit Parties) representing 5% or more of the gross assets or turnover of the Borrower on a consolidated
basis, such Subsidiary shall (and the Borrower will ensure that such Subsidiary shall) promptly accede to this Agreement as a Guarantor
pursuant to an accession agreement to be agreed between the Lender and the Borrower, which accession shall include the delivery of customary
conditions precedent documentation, including that Subsidiary's constating documents, appropriate authorizations and confirmations
and a legal opinion of counsel to the Credit Parties in the jurisdiction of that Subsidiary in a form satisfactory to the Lender, and
grant to the Lender an unlimited guarantee substantially similar to the guarantees granted to the Lender by the Guarantors (subject to
any constraints or limitations imposed by Applicable Law).

**Negative Covenants of the Credit Parties**

7.2 The Credit Parties hereby covenant and agree with the Lender
that, except with prior written consent of Lender, they will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly issue, incur, assume or otherwise become
liable for or in respect of any Indebtedness other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly create, incur, assume, permit or suffer to exist any Security Interest against
any of their properties or assets, including, without limitation, any of the Secured Assets or the Material Contracts, other than Permitted
Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any scheme for the reconstruction or reorganization of it or any of its Subsidiaries or for
the consolidation, amalgamation, merger, arrangement or similar transaction of it or any of its Subsidiaries with or into any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any prepayment on, purchase, redeem, or otherwise acquire or retire for value, prior to any scheduled
final maturity, any Indebtedness other than (i) the Senior Indebtedness; (ii) the Facility
Indebtedness or (iii) pursuant to the terms of any written subordination or similar agreement with the Lender in respect of any Indebtedness
subordinated on terms satisfactory to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make any change to their Constating Documents in a manner
that adversely affects the interests of the Lender or any Security Interest granted to the Lender under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) transfer or permit the transfer of any shares or other equity interests of any Guarantor or otherwise
allow any of the Guarantors to cease to be direct or indirect wholly-owned Subsidiaries of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) guarantee the obligations of any other Person, directly or indirectly, other than obligations permitted
by this Agreement, including any Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) enter into or become party or subject to any dissolution, winding-up, reorganization, arrangement or similar
transaction or proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) engage in the conduct of any business other than the business of such Credit Party as existing on the
date of this Agreement or in businesses reasonably related thereto on a basis consistent with the conduct of such business as conducted
on the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) take any action that would constitute a breach of any negative covenants set forth in the Senior Credit
Documents, unless otherwise expressly permitted by this Agreement or consented to in writing by the Lender.

**Compliance with Other Agreements**

7.3 The Credit Parties hereby covenant and agree with the Lender that, except with prior written consent of
Lender, they will comply with all terms, conditions, covenants, and obligations set forth in the Senior Credit Agreement.

**Continued Listing**

7.4 The Borrower shall take all reasonable steps and actions as may be required to maintain the listing and
posting for trading of the Common Shares on the Exchange and to maintain its status as a "reporting issuer", or the equivalent
thereof not in default of the requirements of the Applicable Securities Legislation in the Reporting Jurisdictions.

**To Pay Lender's Fees and Expenses**

7.5 The Borrower will pay for the Lender's legal fees (on a solicitor and own client basis) and
 all other costs, charges and expenses (including all due diligence expenses) of and incidental to the preparation, execution and
 completion of this Agreement and the other Facility Documents (including reasonable notaries' and translator's fees
 where such notarial and translation services are customarily required), the Subordination Agreement and all amendments thereto, and
 as may be required by the Lender or the Lender's Counsel to complete or facilitate the transactions contemplated herein
 including but not limited to technical consulting and other due diligence costs. The Borrower further covenants and agrees to pay
 all of the Lender's reasonable legal fees (on a solicitor and own-client basis) and all other costs, charges and expenses of
 and incidental to the recovery of all amounts owing hereunder, including but not limited to those incurred in connection with the
 enforcement of this Agreement and the other Facility Documents and the realization of the Security. All amounts will be payable upon
 demand. If not paid within 30 days of demand, all such amounts will be added to and form part of the principal amount of the
 Facility and shall accrue interest from the date
of demand as if such amounts had been advanced by the Lender to the Borrower hereunder on such date.

**Comply with Continuous Disclosure Obligations**

7.6 The Borrower shall timely file all documents that must be
publicly filed or sent to its shareholders pursuant to Applicable Securities Legislation within the time prescribed by such Applicable
Securities Legislation and make such documents available on the System for Electronic Document Analysis and Retrieval within such prescribed
time period.

**To Pay Additional Amounts**

7.7 Any and all payments by or on account of any obligation of the Credit Parties hereunder or under any other
Facility Document shall be made free and clear of and without deduction or withholding for any Taxes except as required by applicable
law. If the Lender is required by applicable law to deduct or withhold any Taxes from such payments, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount payable by the applicable Credit Party shall be increased so that after all such required deductions
or withholdings are made (including deductions or withholdings applicable to additional amounts payable under this Section), the Lender
receives an amount equal to the amount it would have received had no such deduction or withholding been made, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender shall make such deductions or withholdings and pay the full amount deducted or withheld to
the relevant Governmental Authority in accordance with Applicable Law.

**Further Assurances**

7.8 Each of the Credit Parties shall, from time to time, as may
be reasonably required by the Lender, execute and deliver such further and other documents and do all matters and things which are necessary
to carry out the intention and provisions of this Agreement.

**Lender May Perform Covenants**

7.9 If any of the Credit Parties shall fail to perform any of its respective covenants contained in this Agreement,
any other Facility Document or the Senior Credit Agreement and related security, the Lender may, upon becoming aware of such failure,
in its discretion, but need not, itself perform any of such covenants capable of being performed by it, but is under no obligation to
do so. All reasonable sums so required to be paid in connection with the Lender's performance of any covenant will be paid by the
Borrower and all sums so paid shall be payable by the Borrower in accordance with the provisions of Section 7.5 hereof. No such performance
by the Lender of any such covenant or payment or expenditure by the Borrower of any sums advanced or borrowed by the Lender pursuant to
the foregoing provisions shall be deemed to relieve any of the Credit Parties from any default hereunder or their respective continuing
obligations hereunder.

**ARTICLE 8**

**DEFAULT AND ENFORCEMENT**

**Events of Default**

8.1 The occurrence of any one or more of the following events
shall constitute an "**Event of Default**" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Borrower fails to make any payment of any principal
amount of the Facility or interest payable hereunder, when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower fails to pay any fees, costs or other amounts or charges payable hereunder when due and
such failure shall continue unremedied for a period of three (3) Business Days after written notice from the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Credit Party defaults in observing or performing any covenant or condition of this Agreement or
any other Facility Document on its part to be observed or performed and, with respect to such covenants or conditions which are capable
of being cured, if such default continues for a period of thirty (30) days, after the earlier of knowledge thereof by the relevant Credit
Party or notice thereof from the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more of the Security Documents ceases to be in full force and effect or to constitute a valid
and perfected second priority Security Interest (subject only to Permitted Encumbrances) upon all the Secured Assets it purports to charge
or encumber, in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the institution by any Credit Party of proceedings to be adjudicated a bankrupt or insolvent or any similar
proceedings or the seeking by it of liquidation, reorganization or relief under any applicable federal, provincial, state or other law
relating to bankruptcy, insolvency, reorganization or relief of debtors, or the filing by it of any such petition or to the appointment
under any such law of a receiver, receiver-manager, liquidator, assignee, trustee or other similar official of any Credit Party of all
or substantially all of its property, or the making by it of a general assignment for the benefit of creditors, or the admission by it
in writing of its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any proceedings are commenced by a Person other than a Credit Party for the bankruptcy, insolvency, reorganization,
winding-up, liquidation or dissolution or any similar proceedings of any Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the entry of a decree or order by a court having jurisdiction adjudging any Credit Party a bankrupt or
insolvent or approving as properly filed an application or a petition seeking liquidation, reorganization, arrangement or adjustment of
or in respect of the Credit Party under any Applicable Law relating to bankruptcy, insolvency, reorganization or relief of debtors, or
appointing under any such law a receiver, receiver-manager, liquidator, assignee, trustee or other similar official of any Credit Party
or of all or substantially all of its property, or ordering pursuant to any such law the winding-up or liquidation of its affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Agreement or any Security Document is claimed by any Credit Party to, cease in whole or in any part
to be a legal, valid, binding and enforceable obligation of the Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement or any Security Document shall for any reason other than paragraph (h) above, cease in
whole or in any part to be a legal, valid, binding and enforceable obligation of the Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any representation or warranty given by any Credit Party in this Agreement or any other Facility Document
shall prove to be incorrect or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the occurrence or existence of any event or circumstance which has or could reasonably be expected to
have a Material Adverse Effect, in the opinion of the Lender, in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any destruction, suspension or abandonment of the Project or any part thereof which destruction, suspension
or abandonment causes any material reduction in the valuation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if any of the Credit Parties or their Subsidiaries cease or threatened to cease to carry on business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) final non-appealable judgments or decrees for the payment
of money in excess of $5,000,000 in the aggregate, are rendered against the Credit Parties or any of them by courts having jurisdiction,
and such judgments or decrees have not been paid in full by the Credit Parties within 30 days after such judgments or decrees have become
final non-appealable judgments or decrees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a default, event of default or other event or circumstance occurs under the Senior Credit Agreement or
in connection with the Senior Indebtedness if the effect is to cause or permit the acceleration of the due date of the Senior Indebtedness
(whether or not acceleration actually occurs) or to require the prepayment, repurchase, redemption or defeasance of the Senior Indebtedness
before its scheduled maturity, or an obligor fails to pay any the Senior Indebtedness when due.

**Acceleration on Default**

8.2 If any Event of Default shall occur and be continuing, the
Lender may (i) by notice to the Borrower, (A) declare its commitment to advance the Facility or any portion thereof to be terminated,
whereupon the same shall forthwith terminate and (B) declare the entire unpaid principal amount of the Facility, all interest accrued
and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the principal amount of
the Facility, all such accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable,
without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower or the Credit Parties under
the *Bankruptcy and Insolvency Act* (Canada), the *Companies Creditors Arrangement Act* (Canada), the *Winding-up and Restructuring Act* (Canada) or any other similar such legislation in other jurisdictions including the result which would otherwise occur only upon
giving of notice by the Lender to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice;
and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Lender's rights and
remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Lender under this Agreement,
the Security Documents and Applicable Law.

**Waiver of Default**

8.3 If an Event of Default shall have occurred, the Lender shall have the power to waive any Event of
 Default hereunder if, in the Lender's opinion, the same shall have been cured or adequate provision made therefor, upon such
 terms and conditions as the Lender may consider advisable, provided that no delay or omission of the Lender to exercise any right or
 power accruing upon any Event of Default shall impair any such right or power or shall be construed to be a waiver of any such Event
 of Default or acquiescence therein and provided further that no act or omission of the Lender shall extend to or be taken
in any manner whatsoever to affect any subsequent Event of Default hereunder or the rights resulting therefrom.

**Enforcement by the Lender**

8.4 If an Event of Default shall have occurred, but subject to
Section 8.3 hereof, subject at all times to the terms of the Senior Credit Documents, including any applicable intercreditor or subordination
agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lender may in its sole discretion proceed to enforce,
and to instruct any other Person to enforce, the rights of the Lender by any action, suit, remedy or proceeding authorized or permitted
by this Agreement or any of the Security Documents or by law or equity; and may file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Lender in any bankruptcy, insolvency, winding-up or other judicial
proceedings relating to any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no such remedy for the enforcement of the rights of the Lender
shall be exclusive of or dependent on any other such remedy but any one or more of such remedies may from time to time be exercised independently
or in combination.

**Application of Moneys**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Except as otherwise provided herein, and subject at all times
to the terms of the Senior Credit Documents, including any applicable intercreditor or subordination agreement, any of the Security Documents
or other proceedings against any Credit Party pursuant hereto or any of the Security Documents or from any trustee in bankruptcy or liquidation
of any of the Credit Parties, shall be held by the Lender and applied by it, together with any moneys then or thereafter in the hands
of the Lender available for the purpose, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in or towards payment of the Senior Indebtedness, pursuant
to the terms of the Senior Credit Agreement and the Subordination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second, in payment or reimbursement to the Lender of the reasonable
remuneration, expenses, disbursements, and advances of the Lender earned, properly incurred or made in the administration or enforcement
of this Agreement and the Security Documents or otherwise in relation to this Agreement and any of the Security Documents with interest
thereon as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) third (but subject to Section 7.5 hereof and this Section
8.5), in or towards payment of all Amounts Payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fourth, the surplus (if any) of such moneys shall be paid
to the Borrower or as it may direct.

**Persons Dealing with Lender**

8.6 No Person dealing with the Lender or any of its agents shall
be required to enquire whether an Event of Default has occurred, or whether the powers which the Lender is purporting to exercise have
become exercisable, or whether any moneys remain due under this Agreement, or to see to the application of any moneys paid to the Lender,
and in the absence of fraud on the part of such Person, such dealing shall be deemed to be within the powers hereby conferred and to
be valid and effective accordingly.

**Lender Appointed Attorney**

8.7 The Credit Parties irrevocably appoint the Lender to be the
attorney of the Credit Parties in the name and on behalf of the Credit Parties to execute any instruments and do any things which the
Credit Parties ought to execute and do, and has not executed or done, under the covenants and provisions contained in this Agreement
and generally to use the name of the Credit Parties in the exercise of all or any of the powers hereby conferred on the Lender with full
powers of substitution and revocation. Such power of attorney, being coupled with an interest, is irrevocable.

**Remedies Cumulative**

8.8 No remedy herein conferred upon or reserved to the Lender
is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or under any Security Document or now or hereafter existing by law or by statute.

**ARTICLE 9**

**NOTICES**

**Notice to the Borrower**

9.1 Any notice to the Credit Parties under the provisions of
this Agreement or any other Facility Document shall be valid and effective if delivered personally, by courier or facsimile transmission
to or, if given by registered mail, postage prepaid, addressed to, the relevant Credit Party at [contact information redacted], and shall
be deemed to have been given on the date of personal delivery or by facsimile transmission if so delivered or sent prior to 5:00 pm (Vancouver
time) on a Business Day and otherwise on the next Business Day, or on the fifth Business Day after such letter has been mailed, as the
case may be. Any Credit Party may from time to time notify the Lender of a change in address which thereafter, until changed by further
notice, shall be the address of the Credit Party for all purposes of this Agreement.

**Notice to the Lender**

9.2 Any notice to the Lender under the provisions of this Agreement
shall be valid and effective if delivered personally, by courier or facsimile transmission to or, if given by registered mail, postage
prepaid, addressed to the Lender at its principal office at [contact information redacted], and shall be deemed to have been given on
the date of delivery personally or by facsimile transmission if so delivered or sent prior to 5:00 p.m. (Vancouver time) on a Business
Day and otherwise on the next Business Day or on the fifth Business Day after such letter has been mailed, as the case may be. The Lender
may from time to time notify the Borrower of a change in address which thereafter, until changed by further notice, shall be the address
of the Lender for all purposes of this Agreement.

**Waiver of Notice**

9.3 Any notice provided for in this Agreement may be waived in
writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such
notice.

**ARTICLE 10**

**INDEMNITIES**

**General Indemnity**

10.1 Each of the Credit Parties expressly declares and agrees
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lender, its partners and its and their directors, officers,
employees, and agents, and all of their respective representatives, heirs, successors and assigns (collectively the "**Indemnified Parties**") will at all times be indemnified and saved harmless by the Credit Party from and against all claims, demands, losses,
actions, causes of action, costs, charges, expenses, damages and liabilities whatsoever arising in connection with this Agreement and
the other Facility Documents, including, without limitation, those arising out of or related to actions taken or omitted to be taken
by the Lender contemplated hereby, reasonable legal fees and disbursements on a solicitor and own client basis and all reasonable costs
and expenses incurred in connection with the enforcement of this indemnity, which the Lender may suffer or incur, whether at law or in
equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done,
acquiesced in or omitted in or about or in relation to the execution of its duties as Lender and including any act, deed, matter or thing
in relation to the registration, perfection, release or discharge of security. The foregoing provisions of this subsection do not apply
in any circumstances where any Indemnified Party was grossly negligent or acted with wilful misconduct in relation to their obligations
hereunder or otherwise in connection with or under this Agreement and the Facility Documents. This indemnity shall survive the termination
of this Agreement or the resignation or termination of the Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender may act and rely and shall be protected in acting
and relying upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram,
cable, facsimile or other paper or electronic document reasonably believed by it to be genuine and to have been signed, sent or presented
by or on behalf of the proper party or parties.

**Environmental Indemnity**

10.2 Each of the Credit Parties hereby indemnifies and holds harmless
the Lender against any loss, expenses, claim, proceedings, judgment, liability or asserted liability (including strict liability and
including costs and expenses of abatement and remediation of spills or releases of contaminants and including liabilities of the Lender
to third parties (including governmental agencies) in respect of bodily injuries, property damage, damage to or impairment of the environment
or any other injury or damage and including liabilities of the Lender to third parties for the third parties' foreseeable and unforeseeable
consequential damages) incurred as a result of or in connection with the administration or enforcement of this Agreement or any other
Facility Document, including the exercise by the Lender of any rights hereunder or under the Security Documents, which result from or
relate, directly or indirectly, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the presence or release of any contaminants, by any means
or for any reason, on the Secured Assets, whether or not release or presence of the contaminants was under the control, care or management
of the Credit Party or of a previous owner, or of a tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the breach or alleged breach of any Environmental Laws by
the Credit Party.

The foregoing provisions of this Section do not apply in any circumstances where any Indemnified Party was grossly negligent or acted with wilful misconduct in relation to their obligations hereunder or otherwise in connection with or under this Agreement and the Facility Documents. For purposes of this Section, "**liability**" shall include (a) liability of an Indemnified Party for costs and expenses of abatement and remediation of spills and releases of contaminants, (b) liability of an Indemnified Party to a third party to reimburse the third party for bodily injuries, property damages and other injuries or damages which the third party suffers, including (to the extent, if any, that the Indemnified Party is liable therefor) foreseeable and unforeseeable consequential damages suffered by the third party, (c) liability of the Indemnified Party for damage suffered by the third party, (d) liability of an Indemnified Party for damage to or impairment of the environment and (e) liability of an Indemnified Party for court costs, expenses of alternative dispute resolution proceedings, and fees and disbursements of expert consultants and legal counsel on a solicitor and client basis.

**Action by Lender to Protect Interests**

10.3 The Lender shall, at the Borrower's cost, have the
power to institute and maintain all and any such actions, suits or proceedings and to take any other action as it may consider necessary
or expedient to preserve, protect or enforce its interests.

**ARTICLE 11**

**MISCELLANEOUS**

**Amendments and Waivers**

11.1 No amendment to any provision of the Facility Documents shall
be effective unless it is in writing and has been signed by the Lender and the Credit Parties who are party to that Facility Document,
and no waiver of any provision of any Facility Document, or consent to any departure by the relevant Credit Party therefrom, shall be
effective unless it is in writing and has been signed by the Lender. Any such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

**No Waiver; Remedies Cumulative**

11.2 No failure on the part of the Lender to exercise, and no
delay in exercising, any right, remedy, power or privilege under any Facility Document shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights and remedies under the Facility Documents are cumulative and not exclusive
of any rights, remedies, powers and privileges that may otherwise be available to the Lender.

**Survival**

11.3 All covenants, agreements, representations and warranties
made in any Facility Documents shall, except to the extent otherwise provided therein, survive the execution and delivery of this Agreement
and the Advance of the Facility, and shall continue in full force and effect so long as any principal amount of the Facility remains
outstanding or any other Facility Indebtedness remain unpaid or any obligation to perform any other act hereunder or under any other
Facility Document remains unsatisfied.

**Benefits of Agreement**

11.4 The Facility Documents are entered into for the sole protection
and benefit of the parties hereto and their successors and assigns, and no other Person shall be a direct or indirect beneficiary of,
or shall have any direct or indirect cause of action or claim in connection with, any Facility Document.

**Binding Effect; Assignment; Syndication**

11.5 This Agreement shall become effective when it shall have
been executed by the parties hereto and thereafter shall be binding upon, inure to the benefit of and be enforceable by the parties hereto
and their respective successors and assigns. The Credit Parties shall not have the right to assign their rights and obligations hereunder
or under the other Facility Documents or any interest herein or therein without the prior written consent of the Lender. The Lender reserves
the right to sell, assign, transfer or grant participations in all or any portion of the Lender's interests, rights and obligations
hereunder and under the other Facility Documents to any other Person, upon notice to, but without the consent of, the Credit Parties.
In the event of any sale, assignment or transfer by the Lender of all of its interests, rights and obligations hereunder and under the
other Facility Documents, upon notice thereof to the Credit Parties, the assignee shall be deemed the "Lender" for all purposes
of the Facility Documents with respect to the rights and obligations assigned to it, the obligations of the Lender so assigned shall
thereupon terminate and the assigning Lender shall be released from all obligations to the Credit Parties in respect thereof. The Credit
Parties shall, from time to time upon request of the Lender, enter into such amendments to the Facility Documents and execute and deliver
such other documents as shall be necessary to effect any such grant or assignment and maintain the perfected security interest created
by the Security Documents.

**Judgment Currency**

11.6 If, for the purposes of obtaining judgment in any court,
it is necessary to convert a sum due hereunder in US Dollars into another currency, the parties hereto agree, to the fullest extent permitted
by law, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the Lender could purchase
US Dollars with such other currency at the buying spot rate of exchange in the foreign exchange markets on the Business Day immediately
preceding that on which any such judgment, or any relevant part thereof, is given.

11.7 The obligations of the Credit Parties in respect of any sum
due to the Lender hereunder and under the other Facility Documents shall, notwithstanding any judgment in a currency other than US Dollars,
be discharged only to the extent that on the Business Day following receipt by the Lender of any sum adjudged to be so due in such other
currency the Lender may, in accordance with normal banking procedures, purchase US Dollars with such other currency. If the amount of
US Dollars so purchased is less than the sum originally due to the Lender in US Dollars, each of the Credit Parties agrees, to the fullest
extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against
such loss. If the amount of US Dollars so purchased exceeds the sum originally due to the Lender in US Dollars, the Lender shall remit
such excess to the relevant Credit Parties.

**Entire Agreement**

11.8 The Facility Documents reflect the entire agreement between
the parties hereto with respect to the matters set forth herein and therein and supersede any prior agreements, commitments, drafts,
communication, discussions and understandings, oral or written, with respect thereto.

**Payments Set Aside**

11.9 To the extent that any payment by or on behalf of the Borrower
is made to the Lender, or the Lender exercises its right of set-off, and such payment or the proceeds of such set-off or any part thereof
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered
into by the Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
the *Bankruptcy and Insolvency Act* (Canada), the *Companies Creditors Arrangement Act* (Canada) and the *Winding-up and Restructuring Act* (Canada) or other Canadian or United States federal, provincial or foreign liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief
laws, or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred.

**Severability**

11.10 Whenever possible, each provision of the Facility Documents shall be interpreted in such manner as to
be effective and valid under all Applicable Laws and regulations. If, however, any provision of any of the Facility Documents shall be
prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to
conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective
and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of such Facility Document,
or the validity or effectiveness of such provision in any other jurisdiction.

**Counterparts and facsimile**

11.11 This Agreement may be executed in counterparts and by electronic transmission of an authorized signature
and each such counterpart shall be deemed to form part of one and the same document.

 ****

***[remainder of page intentionally left blank]***

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement under the hands of their proper officers duly authorized in that behalf.

---

| | |
|:---|:---|
| **TITAN MINING CORPORATION** | **TITAN MINING CORPORATION** |
| Per: | *(signed) Kevin Hart* |
|  | Authorized Signatory |
| **1100951 BC LTD.** | **1100951 BC LTD.** |
| Per: | *(signed) Kevin Hart* |
|  | Authorized Signatory |
| **TITAN MINING (US) CORPORATION** | **TITAN MINING (US) CORPORATION** |
| Per: | *(signed) Donald Taylor* |
|  | Authorized Signatory |
| **BALMAT HOLDING CORP.** | **BALMAT HOLDING CORP.** |
| Per: | *(signed) Rita Adiani* |
|  | Authorized Signatory |
| **EMPIRE STATE MINES, LLC** | **EMPIRE STATE MINES, LLC** |
| Per: | *(signed) Rita Adiani* |
|  | Authorized Signatory |
| **1077615 US LLC** | **1077615 US LLC** |
| Per: | *(signed) Donald Taylor* |
|  | Authorized Signatory |

---

*[signature page to the Credit Agreement]*

 

 

---

| | |
|:---|:---|
| **AUGUSTA INVESTMENTS INC.** | **AUGUSTA INVESTMENTS INC.** |
| Per: | *(signed) Richard Warke* |
|  | Authorized Signatory |

---

*[signature page to the Credit Agreement]*

 

**SCHEDULE A**

**PROJECT**

Titan Mining Corporation's principal asset is a group of 100%-owned high-grade zinc mines, the Empire State Mines, in St Lawrence County, New York. These past-producing operations (the Empire State Mines' #2, #3, #4, Hyatt, Pierrepont and Edwards mines) were acquired on December 30, 2016 and had been on care and maintenance since 2008. The Company declared commercial production at the fully-permitted Empire State Mines' #4 mine on January 1, 2020 and has been in continuous operations since that time. The Company also has plans to recommence mining at the N2D zone during the second half of 2025 and has launched construction of its fully permitted commercial demonstration facility for natural flake graphite, co-located at Empire State Mines.

**SCHEDULE B**

**SECURITY DOCUMENTS**

The Security Documents shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general security agreement of the Borrower, pursuant to
which the Borrower shall grant to and in favour of the Lender a second-priority security interest over all of its present and after-acquired
personal property, subject only to Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unlimited joint and several guarantees of the debts and liabilities
of the Borrower from each of the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a general security agreement of each of the Guarantors, pursuant
to which each Guarantor shall grant to and in favour of the Lender a second-priority security interest over all of its present and after-acquired
personal property, subject only to Permitted Encumbrances.

## Exhibit 99.86

**Exhibit 99.86**

![](ex99-86_001.jpg)

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

(Unaudited)

**Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements**

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Institute of Professional Chartered Accountants for a review of interim financial statements by an entity's auditor.

**TITAN MINING CORPORATION**<br>**Condensed Consolidated Interim Statements of Financial Position**<br>(Expressed in thousands of US dollars - Unaudited)<br>

---

| | | | |
|:---|:---|:---|:---|
| | Notes | June 30, <br> 2025 | December 31, <br>2024 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $8142 | $10163 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;7 | 3858 | 4032 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;8 | 9334 | 8243 |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  | 2989 | 1074 |
| &nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;11 |  | 518 |
|  |  | 24323 | 24030 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | &nbsp;&nbsp;9 | 31774 | 30303 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | &nbsp;&nbsp;10a | 180 | 125 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;11 | 866 | 690 |
| **Total assets** |  | $**57143** | $**55148** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $4176 | $4490 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | &nbsp;&nbsp;10b | 72 | 40 |
| &nbsp;&nbsp;&nbsp;Debt | &nbsp;&nbsp;12a | 6807 | 10058 |
| &nbsp;&nbsp;&nbsp;Related party loans | &nbsp;&nbsp;12b | 22328 | 22023 |
|  |  | 33383 | 36611 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | &nbsp;&nbsp;10b | 114 | 87 |
| &nbsp;&nbsp;&nbsp;Debt | &nbsp;&nbsp;12a | 3254 |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | &nbsp;&nbsp;15 | 16363 | 15447 |
| Total liabilities |  | 53114 | 52145 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 59813 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 5103 | 4971 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (60887) | (61781) |
| Total equity (deficit) |  | 4029 | 3003 |
| **Total liabilities and shareholders' equity** |  | $**57143** | $**55148** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 19)

Approved by the Board on August 11, 2025:

<u>*"Lenard Boggio" ,*</u> Audit Committee Chair <u>*"Donald Taylor" ,*</u> Director

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

**TITAN MINING CORPORATION**<br>**Condensed Consolidated Interim Statements of Income (Loss) and Other Comprehensive Income (Loss)**<br>(Expressed in thousands of US dollars - Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | <br>Notes | 2025 | 2024 | 2025 | 2024 |
| **Revenue** | &nbsp;&nbsp;5 | $16344 | $17969 | $32359 | $29700 |
| **Cost of Sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | (12755) | (9653) | (24876) | (19915) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | (1541) | (2670) | (3047) | (5627) |
|  |  | (14296) | (12323) | (27923) | (25542) |
| **Income (loss) from mine operations** |  | **2048** | **5646** | **4436** | **4158** |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | &nbsp;&nbsp;6b | (534) | (500) | (922) | (965) |
| &nbsp;&nbsp;&nbsp;General and administration expenses | &nbsp;&nbsp;6a | (845) | (806) | (1828) | (1699) |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | &nbsp;&nbsp;14 | (582) | (1130) | (1275) | (2273) |
| &nbsp;&nbsp;&nbsp;Accretion expense | &nbsp;&nbsp;15 | (82) | (79) | (169) | (149) |
| &nbsp;&nbsp;&nbsp;Interest income |  | 115 | 64 | 204 | 122 |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) |  | 40 | (563) | 57 | 768 |
| &nbsp;&nbsp;&nbsp;Other expense (income) |  | 41 | (15) | 52 | 23 |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | &nbsp;&nbsp;12d | 338 |  | 338 |  |
|  |  | (1509) | (3029) | (3543) | (4173) |
| **Net income (loss) for the period** |  | **539** | **2617** | 893 | **(15)** |
| **Other comprehensive income (loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Items that may be reclassified to profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on translation to <br>reporting currency |  | (56) | 567 | (73) | (744) |
| **Total comprehensive income (loss) for the period** |  | $483 | $**3184** | $820 | $**(759)** |
| **Basic and diluted earnings (loss) per share** |  | $**0.00** | $**0.02** | $**0.01** | $**(0.01)** |
| **Weighted average shares outstanding (in '000)** |  | **136367** | **136367** | **136367** | **136367** |

---

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

**TITAN MINING CORPORATION**<br>**Condensed Consolidated Interim Statements of Changes in Equity**<br>(Expressed in thousands of US dollars - Unaudited)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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<br> (deficit) |
| Balance, December 31, 2023 | 136367 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation |  |  | 459 |  | 459 |  | 459 |
| Total comprehensive gain for the year |  |  |  | (1733) | (1733) | 6547 | 4814 |
| Balance, December 31, 2024 | 136367 | $59813 | $10253 | $(5282) | $4971 | $(61781) | $3003 |
| Share based compensation &nbsp;&nbsp;16b |  |  | 205 |  | 205 |  | 205 |
| Total comprehensive gain for the period |  |  |  | (73) | (73) | 894 | 821 |
| Balance, June 30, 2025 | 136367 | $59813 | $10458 | $(5355) | $5103 | $(60887) | $4029 |

---

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

**TITAN MINING CORPORATION**<br>**Condensed Consolidated Interim Statement of Cash Flows**<br>(Expressed in thousands of US dollars - Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
| | <br>Notes | 2025 | 2024 | 2025 | 2024 |
| **Operating activities** |  |  |  |  |  |
| Profit (loss) for the period |  | $539 | $2617 | $893 | $(15) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 82 | 79 | 169 | 149 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 12 | 22 | 245 | 83 | 482 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 1541 | 2670 | 3047 | 5627 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 19 | 19 | 34 | 38 |
| &nbsp;&nbsp;&nbsp;Gain on loan modification | 12d | (338) |  | (338) |  |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 465 | 471 | 1024 | 1444 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 4 | 2 | 8 | 2 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 78 | 216 | 205 | 221 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | (49) | 646 | (72) | (722) |
|  |  | 2363 | 6965 | 5053 | 7226 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 181 | (178) | (314) | (93) |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | 468 | (665) | 175 | (867) |
| &nbsp;&nbsp;&nbsp;Inventories |  | (540) | (632) | (1496) | (1313) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | (653) | 54 | (1396) | (139) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  |  |  |  | 648 |
| &nbsp;&nbsp;&nbsp;Restricted cash deposit (release) |  |  | (2777) |  | (2777) |
| **Net cash generated (used) in operating activities** |  | 1819 | 2767 | 2022 | 2685 |
| **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of Credit Facility |  | (5000) | (12000) | (5000) | (17000) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  |  | 11500 |  | 16500 |
| &nbsp;&nbsp;&nbsp;Credit Facility interest payments |  | (544) | (1028) | (904) | (1028) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (22) | (20) | (40) | (42) |
| &nbsp;&nbsp;&nbsp;Payment of transaction costs |  |  | 299 | 18 |  |
| &nbsp;&nbsp;&nbsp;Advance on equipment loan |  | 547 |  | 3441 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from development agencies |  | 2000 |  | 2000 |  |
| **Net cash generated (used) by financing activities** |  | (3019) | (1249) | (485) | (1570) |
| **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets |  |  | (150) |  | (150) |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and <br> equipment | 9 | (2834) | (1) | (3558) | (440) |
| **Net cash used by investing activities** |  | (2834) | (151) | (3558) | (590) |
| Effect of foreign exchange on cash and cash equivalents |  | (7) | 4 |  | (9) |
| Increase (decrease) in cash and cash equivalents |  | (4041) | 1371 | (2021) | 516 |
| Cash and cash equivalents, beginning of period |  | 12183 | 4176 | 10163 | 5031 |
| **Cash and cash equivalents, end of period** |  | $**8142** | $**5547** | $**8142** | $**5547** |

---

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

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 ("ESM") 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" and on the OTCQB and trade under the symbol "TIMCF". 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 June 30, 2025, the Company had cash and cash equivalents of $8,142, working capital deficit of $9,060, net income before taxes for the six months ended June 30, 2025 of $893 and a deficit of $60,887. During the six months ended June 30, 2025, the Company had cash inflows from operating activities of $2,022, cash spend on investing activities of $3,558, and cash outflow from financing activities of $485. The Company has $29,135 of current debt as at June 30, 2025.

Based on the Company's plan for ESM's operations and continued exploration drilling programs, bank debt due in the current year, and its current level of corporate overheads, the Company may 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, the equipment facility loan, 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

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

b) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2024 (the "**Annual Financial Statements**").

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

3. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 3 of the Annual Financial Statements.

5. REVENUE

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br> June 30, | Three months ended<br> June 30, | Six months ended<br> June 30, | Six months ended<br> June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Zinc concentrates sales | $19179 | $19010 | $39266 | $35013 |
| Zinc concentrates provisional pricing adjustments | (1163) | 872 | (3271) | 267 |
| Smelting and refining charges | (1672) | (1913) | (3636) | (5580) |
|  | $16344 | $17969 | $32359 | $29700 |

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Zinc concentrate pricing consists of provisional and final pricing adjustments made prior to the finalization of the sales contract.

In December 2024, the Company entered into an amendment to its previously signed hedge facility agreement "ISDA Master Agreement" that was entered into with National Bank of Canada ("NBC") in June 2022. The amendment provides the Company with an up to US$1.35 million collateralized facility enabling additional access to funds for future zinc contract commitments. As at June 30, 2025 and December 31, 2024, there were no open Zinc Swap contracts.

6. OTHER OPERATING EXPENSES

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> June 30, | Three months ended <br> June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $484 | $208 | $980 | $751 |
| Share-based compensation | 71 | 211 | 187 | 212 |
| Office and administration | 161 | 139 | 383 | 431 |
| Professional fees | 140 | 222 | 301 | 247 |
| Amortization of right-to-use assets (note 10) | (23) | 20 | (47) | 39 |
| Investor relations | 12 | 6 | 24 | 19 |
|  | $845 | $806 | $1828 | $1699 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $169 | $206 | $332 | $450 |
| Assay and analyses | 68 | 78 | 75 | 120 |
| Contractor and consultants | 294 | 160 | 406 | 286 |
| Supplies | (9) | 41 | 45 | 49 |
| Other | 12 | 15 | 64 | 60 |
|  | $534 | $500 | $922 | $965 |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

7. TRADE AND OTHER RECEIVABLES

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| | | |
|:---|:---|:---|
| | June 30,<br>2025 | December 31,<br>2024 |
| Trade receivables | $3845 | $3987 |
| GST receivable | 13 | 35 |
| Other |  | 10 |
|  | $3858 | $4032 |

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8. INVENTORIES

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| | | |
|:---|:---|:---|
| | June 30,<br>2025 | December 31,<br>2024 |
| Ore in stockpiles | $174 | $135 |
| Concentrate stockpiles | 28 | 47 |
| Materials and supplies | 9132 | 8061 |
|  | $9334 | $8243 |

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9. 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 June 30, 2025 and December 31, 2024 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | $46713 | $39610 | $1135 | $3840 | $91298 |
| &nbsp;&nbsp;&nbsp;Additions | 38 | 50 |  | 1841 | 1928 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1452 |  | (1452) |  |
| &nbsp;&nbsp;&nbsp;Transfer to mineral properties | 3269 |  |  | (3269) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and <br>remediation provision |  | 368 |  |  | 368 |
| As at December 31, 2024 | $50020 | $41382 | $1135 | $959 | $93496 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 3772 | 3772 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 2201 |  | (2201) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and <br>remediation provision |  | 746 |  |  | 746 |
| As at June 30, 2025 | $50020 | $44328 | $1135 | $2531 | $98015 |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

9. MINERAL PROPERTIES, PLANT AND EQUIPMENT (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Mineral properties | Plant and equipment | Land | Construction in progress | Total |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | $25221 | $29279 | $— | $— | $54500 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (35) |  |  | (35) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 4337 | 4391 |  |  | 8728 |
| As at December 31, 2024 | $29558 | $33635 | $— | $— | $63193 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 897 | 2150 |  |  | 3047 |
| As at June 30, 2025 | $30454 | $35787 | $— | $— | $66241 |
| Net book value at December 31, 2024 | $20462 | $7746 | $1135 | $959 | $30303 |
| Net book value at June 30, 2025 | $19567 | $8541 | $1135 | $2531 | $31774 |

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10. LEASES

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

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| | |
|:---|:---|
| | Total |
| As at January 1, 2024 | $71 |
| Lease amendment | 154 |
| Changes to lease terms | (28) |
| Depreciation | (67) |
| Unrealized foreign exchange | (5) |
| As at December 31, 2024 | $125 |
| Changes to lease terms | 81 |
| Depreciation | (34) |
| Unrealized foreign exchange | 8 |
| As at June 30, 2025 | $180 |

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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, 2024 and the six months ended June 30, 2025, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above. Further, during the year ended December 31, 2024, the Company renewed its lease agreement for the shared office space and extended the term of the lease by three years, resulting in a net addition of $154 to right-of-use assets, with an offsetting addition to lease liabilities.

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

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| | |
|:---|:---|
| | Total |
| As at January 1, 2024 | $76 |
| Changes to lease terms | (34) |
| Lease amendment | 154 |
| Interest accretion | 7 |
| Unrealized foreign exchange | (9) |
| Lease payments | (67) |
| As at December 31, 2024 | $127 |
| Changes to lease terms | 82 |
| Interest accretion | 8 |
| Unrealized foreign exchange | 9 |
| Lease payments | (40) |
| As at June 30, 2025 | $186 |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

10. LEASES (continued)

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| | |
|:---|:---|
| Current lease liabilities | $72 |
| Non-current lease liabilities | 114 |
|  | $186 |

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The maturity analysis of the Company's contractual undiscounted lease liabilities as at June 30, 2025 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | > 3 years | Total |
| Minimum lease payments | 86 | 121 |  | 207 |
| Interest charge | (14) | (7) |  | (21) |
| Lease liabilities | $72 | $114 | $— | $186 |

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11. OTHER ASSETS

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| | | |
|:---|:---|:---|
| | June 30,<br>2025 | December 31,<br>2024 |
| Reclamation deposit | $866 | 672 |
| Other assets |  | 536 |
|  | $866 | 1208 |
| Current |  | (518) |
| Non-current | $866 | $690 |

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

12. DEBT

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | Credit Facility (i) | Equip. Facility (ii) | Local develop. agencies (iii) | **Total third-party debt** |
| Balance January 1, 2024 | $31655 | $— | $— | $**31655** |
| Gain on loan modification | (98) |  |  | **(98)** |
| Repayment of Loan | (22000) |  |  | **(22000)** |
| Interest and accretion | 1568 |  |  | **1568** |
| Interest payment | (1707) |  |  | **(1707)** |
| Amortization of deferred charges | 640 |  |  | **640** |
| Balance December 31, 2024 | $10058 | $— | $— | $**10058** |
| Advances |  | 3441 | 2000 | **5441** |
| Repayment of Loan | (5000) |  |  | **(5000)** |
| Interest and accretion | 428 | 34 | 4 | **466** |
| Interest payment | (361) | (542) | (1) | **(904)** |
| Balance June 30, 2025 | $5125 | $2933 | $2003 | $**10061** |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| | Credit Facility (i) | Equip. Facility (ii) | Local develop. agencies (iii) | **Total third-party debt** |
| Current | $5125 | $1463 | $219 | $**6807** |
| Non-current | $— | $1470 | $1784 | $**3254** |

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

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company, and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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, however, No standby fees were incurred during the year ended December 31, 2024 or the six months ended June 30, 2025, as the full amount of the Credit Facility had been drawn prior to January 1, 2024, and no unadvanced portion remained during these periods.

● The original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

● The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of March 31, 2025, the Company was in compliance with all covenants related to the Credit Facility

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, the available credit limit was reduced from $32,170 to an available credit limit of $27,170, by a principal payment of $5,000. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and providing a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT (continued)

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the available credit limit amount at an annual rate of 1.125%, and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the three and six months ended June 30, 2025, the Company incurred a guarantee fee charge of $28 and $57 respectively (2024 - $87 and $197 respectively) recognized on the Company's Statements of Income and Comprehensive Income.

Subsequent to June 30, 2025, NBC released its security over the Company's assets (Note 19 – subsequent events).

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

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

As at June 30, 2025, the Company had $1,359 available to be advanced under the Equipment Facility on or before August 31, 2025.

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

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

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

During the three and six months ended June 30, 2025 the Company recognized $8 as interest on its Statements of Income and Comprehensive Income.

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

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| | | | |
|:---|:---|:---|:---|
| | Related Party Promissory Note (iv) | Related Party Loans (v) | **Total third-party debt** |
| Balance January 1, 2024 | $4124 | $— | $**4124** |
| Advances |  | 16500 | **16500** |
| Interest and accretion | 1163 |  | **1163** |
| Amortization of deferred charges | 236 |  | **236** |
| Balance December 31, 2024 | $5523 | $16500 | $**22023** |
| Gain in loan modification | (338) |  | **(338)** |
| Interest and accretion | 560 |  | **560** |
| Amortization of deferred charges | 83 |  | **83** |
| Balance June 30, 2025 | $5828 | $16500 | $**22328** |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

12. DEBT (continued)

**iv)** **Related Party Promissory Note**

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

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

On April 30, 2025, the terms of the Promissory Note were amended to extend its maturity to November 1, 2025. As a result of the loan extension, the Company recognized a gain on loan modification of $338 on the Company's Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). All other terms remain the same.

**v)** **Related Party Loans (other)** 

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by Augusta Investments Inc. ("Augusta Investment") a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Note 6), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Credit Facility. As at the date of these financial statements, the Company had not agreed to commercial terms related to the related party loans from the company controlled by Titan's Executive Chairman, and as such, has classified these loans as current on the statements of financial position.

Subsequent to June 30, 2025, the Company agreed the commercial terms with Augusta Investments (Note 19 – subsequent events).

13. 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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

13. RELATED PARTY TRANSACTIONS (continued)

Company's obligation for future rental payments as of June 30, 2025 was approximately $283 (December 31, 2024 -$207) over the course of the remaining three year term of the office space lease.

The Company was charged for the following with respect to this arrangement during the three and six months ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $118 | $67 | $194 | $271 |
| Office and other | 43 | 12 | 78 | 42 |
| Marketing and travel | 3 | 4 | 6 | 8 |
|  | $164 | $83 | $278 | $321 |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $138 | $100 | $245 | $504 |
| Consulting Fees | 150 | 81 | 309 | 309 |
| Share-based compensation | 65 | 200 | 172 | 197 |
| Directors' fees | 54 | 54 | 109 | 109 |
|  | $407 | $435 | $835 | $1119 |

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| | | |
|:---|:---|:---|
| | As at<br> June 30, <br> 2025 | As at<br> December 31,<br> 2024 |
| Salaries and benefits payable | $403 | $650 |
| Consulting fees payable | 28 | 206 |
|  | $431 | $856 |

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&nbsp;&nbsp;&nbsp;&nbsp;14. INTEREST AND OTHER FINANCE EXPENSES

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Interest and borrowing cots | $552 | $1053 | $1184 | $2186 |
| Other | 30 | 77 | 91 | 87 |
|  | $582 | $1130 | $1275 | $2273 |

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**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;15. RECLAMATION AND REMEDIATION PROVISION

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| | | |
|:---|:---|:---|
| | As at <br> June 30, <br>2025 | As at <br> December 31, <br> 2024 |
| Balance, beginning of period | $15447 | $16299 |
| Accretion | 170 | 304 |
| Change in estimates | 746 | (1156) |
| Balance, end of period | $16363 | $15447 |

---

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 June 30, 2025, the estimated future cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 2.54% (December 31, 2024 – discounted at a real rate of 2.47%). The impact of the change in estimate is included in the table above.

At June 30, 2025, the total undiscounted amount for the estimated future cash flows was $23,703 (December 31, 2024 – $23,663).

16. 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 June 30, 2025, the Company had 136,366,599 (December 31, 2024 - 136,366,599) common shares issued and outstanding. No dividends were declared during the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 - nil).

**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**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

16. SHARE CAPITAL AND RESERVES (continued)

The following table shows the change in the Company's stock options during the six months ended June 30, 2025 and the years ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Six months ended June 30, <br> 2025 | Six months ended June 30, <br> 2025 | Year ended December 31, <br>2024 | Year ended December 31, <br>2024 |
| | Number of<br> options<br> ('000s) | Weighted-average<br> exercise price<br> (in C$) | Number of<br> options<br> ('000s) | Weighted-average<br> exercise price<br> (in C$) |
| Outstanding, start of the period | 10245 | 0.47 | 6330 | 1.12 |
| &nbsp;&nbsp;&nbsp;Granted | 550 | 0.35 | 4950 | 0.35 |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  | (1035) | 0.50 |
| &nbsp;&nbsp;&nbsp;Expired |  |  |  |  |
| Outstanding, end of the period | 10795 | 0.47 | 10245 | 0.47 |
| Exercisable, end of the period | 6407 | 0.50 | 3893 | 0.54 |

---

During the three and six months ended June 30, 2025, the Company recognized share-based compensation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Share based compensation | $78 | $216 | $205 | $221 |
| Recognized in: |  |  |  |  |
| Operating expenses | $7 | 5 | 18 | 9 |
| General and administrative expenses | $71 | $211 | $187 | $212 |
|  | $78 | $216 | $205 | $221 |

---

During the three and six months ended June 30, 2025, the Company recognized share-based compensation expense of $78 and $205 respectively (2024 – $216 and $221), of which $7 and $18 respectively (2024 $5 and $9) were recorded in Operating Expenses in the Statements of Income (Loss) and Other Comprehensive Income (Loss) and $71 and $187 (2024- $211 and $212) recognized in General and Administrative Expenses in the Statement of Income (Loss) and Comprehensive Income (Loss). The fair value and assumptions for the options granted during the three and six months ended June 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected Life of Options | Exercise Price | Risk-free Interest Rate | Volatility | Black-Scholes Fair Value |
| April 16, 2024 | 5 years | $0.36 | 3.76% | 0.76 | $0.17 |
| August 15, 2024 | 5 years | $0.36 | 2.98% | 0.74 | $0.08 |
| October 17, 2024 | 5 years | $0.30 | 2.93% | 0.75 | $0.12 |
| December 13, 2024 | 5 years | $0.30 | 2.97% | 0.75 | $0.12 |
| April 1, 2025 | 5 years | $0.41 | 2.57% | 0.76 | $0.18 |

---

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

16. SHARE CAPITAL AND RESERVES (continued)

The following table provides information on outstanding and exercisable stock options at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | 1155 | 0.2 | 1155 |
| November 13, 2020 | 0.85 | 250 | 0.4 | 250 |
| November 10, 2022 | 0.51 | 3965 | 2.4 | 2910 |
| April 16, 2024 | 0.36 | 3875 | 3.8 | 2092 |
| August 15, 2024 | 0.36 | 200 | 4.1 |  |
| October 17, 2024 | 0.30 | 800 | 4.3 |  |
| December 13, 2024 | 0.30 | 400 | 4.5 |  |
| April 1, 2025 | 0.41 | 150 | 4.8 |  |
|  | 0.45 | 10795 | 2.9 | 6407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Share purchase warrants** 

The following table shows the change in the Company's share purchase warrants during the six months ended June 30, 2025 and during the year ended December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| | Number of share<br> purchase warrants<br> ('000s) | Weighted-average<br> exercise price<br> (in C$) | Weighted-average<br> life remaining<br> (years) |
| Outstanding, December 31, 2023 | 20143 | 0.51 | 1.66 |
| &nbsp;&nbsp;&nbsp;Expired | (14143) | 0.54 |  |
| Outstanding, December 31, 2024 and June 30, 2025 | 6000 | 0.42 | 3.34 |

---

The following table provides information on outstanding and exercisable share purchase warrants at March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of<br> warrants<br> outstanding<br> ('000s) | Weighted-average<br> remaining<br> contractual life<br> (years) | Weighted-average<br> fair value per<br> warrants <br>(in C$) |
| November 1, 2028 | 0.42 | 6000 | 3.3 | 0.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17. 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 $32,639 and those located in Canada total $180.

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

18. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30, | Six months ended June 30, |
| | 2025 | 2024 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | 214 |  |
| Change in accounts payable and accrued liabilities with respect to inventories | (405) | (324) |
| Change in accounts payable and accrued liabilities with respect to operating expenses | 383 | 102 |
| Change in reclamation and remediation asset | 746 | 74 |

---

19. SUBSEQUENT EVENTS

**EXIM Facility**

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

Terms of the EXIM Facility include the following:

● The EXIM Facility is available to be drawn until December 31, 2026, and may be drawn in multiple tranches.

● Interest on the EXIM Facility is fixed for the duration of the loan and is based on the average of the EXIM Commercial Interest Reference Rate (CIRR) for the five business days prior to the first drawdown. Interest is payable quarterly, commencing December 30, 2025, and continuing on March 30, June 30, September 30, and December 30 of each year.

● A one-time exposure fee of 5.9721% is applied to each drawdown amount.

● A commitment fee of 0.5% per annum is payable on the undrawn portion of the facility, commencing on August 18, 2025, and continuing until the earlier of the final drawdown or December 31, 2026, with payment due quarterly in arrears beginning December 30, 2025.

● The EXIM Facility matures on September 30, 2032, with principal to be repaid in 20 equal quarterly installments of $783.4, beginning on December 30, 2027. In addition, if the Company's consolidated cash balance exceeds $15,000 on June 30 or December 31 in any year during the term of the loan, 50% of the excess is required to be repaid toward the outstanding balance of the EXIM Facility within five business days.

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

**TITAN MINING CORPORATION**<br>**Notes to the Condensed Consolidated Interim Financial Statements**<br>**For the three and six months ended June 30, 2025 and 2024**<br>(Expressed in thousands of US dollars, unless otherwise indicated - Unaudited)<br>

19. SUBSEQUENT EVENTS (continued)

**Amendment to Related Party Loans**

Concurrently with the closing of the EXIM Facility, the Company also entered into a credit agreement dated July 21, 2025, with Augusta Investment, a company controlled by the Company's Executive Chairman, to formalize the terms of $16,500 previously advanced by Augusta Investment during 2024 (the "Augusta Facility").

Terms of the Augusta Facility include the following:

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

● Principal repayments are scheduled as follows:

● $7,500 on December 31, 2026

● $5,000 on December 31, 2027

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

The Augusta Facility is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company.

This arrangement constitutes a related party transaction as defined under IAS 24 – Related Party Disclosures, due to the control of Augusta by a member of the Company's key management personnel. The transaction was reviewed and approved by the Company's Board of Directors, with the related party abstaining from voting, and was determined to be on commercial terms consistent with those available from arm's length parties.

**Amendment to Credit Facility with NBC**

Also, in connection with the execution of the EXIM Facility and Augusta Facility, the Company amended its Credit Facility with National Bank of Canada to remove the general security interest previously held by NBC over the assets of the Company. This release of security was executed to allow the EXIM Facility to hold first-ranking priority on applicable collateral as required under its lending terms.

## Exhibit 99.87

**Exhibit 99.87**

![](ex99-87_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025**

**TITAN MINING CORPORATION**<br>**Management's Discussion and Analysis**<br>

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the three and six months ended June 30, 2025, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025 and 2024 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of interim financial statements including International Accounting Standards 34 – Interim Financial Reporting ("**IAS 34**").

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

This MD&A is dated August 11, 2025. All dollar amounts reported herein are in US dollars unless otherwise indicated.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 5 |
| OPERATIONS REVIEW | 6 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 8 |
| LIQUIDITY AND CAPITAL RESOURCES | 11 |
| FINANCIAL INSTRUMENTS | 15 |
| RELATED PARTY TRANSACTIONS | 16 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 18 |
| NOTES TO READER | 19 |
| NON-GAAP PERFORMANCE MEASURES | 20 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the OTCQB under the symbol "TIMCF".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "**Empire State Mine**" or "**ESM**"). Titan is also fast-tracking the development of the Kilbourne Graphite Project ("**Kilbourne**") targeting to be the first integrated producer of natural graphite in the USA since 1956. Titan declared commercial zinc production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

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

In the first quarter of 2025, Titan management and Board approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D zone ("**N2D**"). Mining from N2D re-started in this quarter. The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine.

In 2024, the Company declared a maiden mineral resource at Kilbourne. Kilbourne comprises an open pit constrained inferred mineral resource estimate of 22 million tons at an average grade of 2.91% Cg with 653kt of contained graphite. Nearly all of the existing mineral resource estimate is within the active use permit, with only state permits required to bring Kilbourne into production. The Company has outlined parameters of a processing facility for the Kilbourne natural graphite mineralized material (the "**Facility**"), to be co-located with the Company's existing zinc operations at ESM. The Company is targeting production from the Facility by the fourth quarter of 2025. The key objectives of the Facility are to obtain product for commencement of qualification sales and to develop a commercialization strategy for Kilbourne. See the Company's news release dated January 16, 2025, for further detail regarding the Facility*.* Construction of the Facility was recommended in the Company's current technical report for ESM.

In addition, the Company continues to examine various financing options to advance further development at ESM and bolster the Company's treasury.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>**Financial Performance** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net income (loss) before tax | $539 | $2617 | $(2078) | $893 | $(15) | $908 |
| Operating cash inflow before changes in non-cash working capital | $2363 | $6965 | $(4602) | $5053 | $7226 | $(2173) |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $8142 | $10163 |
| Working capital deficit | $9060 | $12581 |
| Total assets | $57143 | $55148 |
| Equity | $4029 | $3003 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Three months ended June 30,** | <br>**Three months ended June 30,** | <br>**Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>**Operating Data** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Payable zinc produced (mlbs) | 15.5 | 14.5 | 1 | 30.9 | 29.1 | 1.8 |
| Payable zinc sold (mlbs) | 16 | 14.7 | 1.3 | 31.6 | 29.1 | 2.5 |
| Average provisional zinc price (per lb) | $1.20 | $1.30 | $(0.1) | $1.24 | $1.21 | $0.03 |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended June 30, 2025 and up to the date of this MD&A include the following:

● Payable zinc production of 15.5 million pounds, up 7% from Q2 2024

● Revenues of $16.3 million, C1 cash costs and AISC of $0.90/lb

● Cash flow from operations of $2.4 million

● Reduction in net debt by 21% from Q2 2024

● Cash balance of $8.1 million at quarter end

● EXIM Bank financing secured for $15.8 million, the first direct mining loan under its Make More in America Initiative  ***<sup>(1)</sup>*** 

● Strong safety performance, with an injury frequency rate well below the U.S. national average

● Over 40,000 acres of mineral rights added through lease and option to lease agreements with St. Lawrence County in May 2025. This expands the Company's mineral tenure to over 120,000 acres in upstate New York and increases the discovery opportunities for additional zinc and graphite resources as well as iron-oxide copper gold deposits

● Graphite processing facility construction underway at ESM site; over 50% of major equipment delivered

● Expected commissioning in Q4 2025, making Titan the first integrated producer of natural flake graphite in the U.S. in over 70 years

*(1)* *The EXIM Bank Financing was completed on July 21, 2025, after end of Q2 2025.* 

 

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| | | Q2 | Q1 | FY <sup>(2)</sup> | Q4 | Q3 | Q2 | Q1 |
| **Production** |  |  |  |  |  |  |  |  |
| Ore mined | tons | 113361 | 109167 | 406541 | 141820 | 58353 | 95575 | 110795 |
| Ore milled | tons | 111695 | 108293 | 410867 | 147393 | 57011 | 95762 | 110703 |
| Feed grade | zn % | 8.5 | 8.7 | 8.8 | 9.0 | 8.6 | 9.1 | 8.1 |
| Recovery | % | 96.0 | 96.4 | 96.4 | 96.4 | 96.3 | 96.5 | 96.2 |
| Payable zinc | mlbs | 15.51 | 15.37 | 59.5 | 21.7 | 8.3 | 14.8 | 14.7 |
| Concentrate grade | zn % | 60.2 | 59.6 | 60.0 | 60.0 | 59.8 | 60.1 | 59.9 |
| Zinc concentrate produced | tons | 15117 | 15172 | 58317 | 21850 | 7920 | 14155 | 14392 |
| **Sales** |  |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 16.04 | 15.57 | 59.6 | 22.3 | 8.2 | 14.7 | 14.4 |
| Average provisional zinc price | $/lb | 1.20 | $1.29 | $1.23 | $1.28 | $1.27 | $1.30 | $1.11 |
| C1 cash cost <sup>(1)</sup> | $/lb | $0.90 | $0.91 | $0.91 | $0.81 | $1.32 | $0.79 | $0.97 |
| Sustaining capital expenditures <sup>(1)</sup> | $/lb | $0.00 | $0.05 | $0.03 | $0.05 | $0.03 | $0.00 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $0.90 | $0.96 | $0.94 | $0.86 | $1.35 | $0.79 | $1.00 |

---

 

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

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

**OPERATIONS REVIEW**

Mining in the second quarter of 2025 continued to focus on the Mahler, New Fold, and Mud Pond zones in the #4 mine, as well as preparation of N2D for restart of mining. Deepening of the lower Mahler ramp system provided access to high-grade ore in the Lower Mahler mining zone that supported higher than budgeted grades. Longhole stope mining in New Fold provided above-target grades and tons. Mining has continued in these same key zones during the second quarter of 2025. In addition to these zones, mining activities restarted at N2D for the first time since May 2023, with initial production from the area scheduled at 250 tons per day. Production from the area will ramp up to 500 tons per day in the third quarter of 2025.

Work on projects in the second quarter focused mainly on equipment purchases for the underground expansion with delivery taken on a two-boom jumbo, a mechanical bolter, a loader and other ancillary equipment.

There were two lost time injuries in the second quarter. The first occurred when a miner was struck by loose rock while charging a blast. He has fully recovered from his injuries. The second occurred when a mechanic strained his shoulder while loading a tool box into a vehicle.

In addition, construction began on the demonstration plant which will process Kilbourne ore in order to produce flake graphite concentrate. This facility will be the first to produce end to end natural flake graphite in the US in 70 years and will be used to generate product for qualification by downstream users. The Kilbourne demonstration pit was fully permitted in the second quarter and equipment was purchased to begin movement of ore.

Other project work focused on further advancement of the technical studies on the Kilbourne graphite project which is currently progressing.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including N2D and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, Rossie-Macomb, and Clifton). The team continues to research and consolidate mineral rights interests in high priority target areas. With an additional 43,942 acres of mineral rights added through lease and option to lease agreements with St. Lawrence County in May of 2025 (See press release dated May 8<sup>th</sup>, 2025 "Titan Mining Signs Cooperative Agreements with St. Lawrence County, Expands Mineral Tenure to Greater Than 120,000 acres in Upstate New York".

The company continues to evaluate the potential of the district for base, industrial, and precious metals. Multiple areas with historically documented graphite mineralization have been identified, with confirmed graphite mineralization within the ESM mineral tenure. The St. Lawrence County agreement has added the Parish Magnetite prospect to the Company's target list, a possible Iron Oxide Copper Gold (IOCG) occurrence in the historic Adirondack Magnetite Belt

*2025 Drill Programs*

 

Underground:

Underground drill programs in in the second quarter of 2025 targeted Mahler, New Fold, N2D and Mud Pond. Underground drilling totalled 21 drill holes and 8,894ft (2,710 m). All underground drilling was completed with Company-owned underground drills by Company employees. This drilling included three utility holes totaling 1,257 ft (383.1 m) completed to facilitate the Company's restart of production from N2D. Included in the second quarter drill total is 3,543 ft (1,079.9 m) of exploration drilling. This includes four completed exploration holes which tested the extension of Lower Mahler, and the continuation of UX25-037 which began in the first quarter of 2025. The Lower Mahler drilling successfully intercepted mineralization 500 ft in front of the 2024 life of mine indicating further upside potential.

Surface:

Surface drilling in the second quarter of 2025 totalled two holes with 3,154 ft (961.3 m) drilled. The Company completed their Pleasant Valley program with one additional hole, totalling 1,097 ft (334.4 m) drilled on the target. Drilling began on the Company's Pork Creek target in May, with one hole totalling 2,057 ft (627 m) completed in the second quarter. All surface drilling was completed using Company owned drills by Company employees. Pleasant Valley successfully tested a gap in drilling within a historically modeled zone of mineralization. Pork Creek drilling is testing an area with limited surface drilling and documented zinc in soil anomalies; geologic mapping indicates a marble – gneiss assemblage similar to that which hosts the mineralized horizon at Pleasant Valley. Following the completion of the Pork Creek program, the Company plans to test their Moss Ridge target.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**New Mexico**

 

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since, allowing the Company to maintain control of the current land position while evaluating future exploration activities.

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 2025 | | | 2024 | | 2023 | 2023 |
| | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Revenues ($) | 16344 | 16015 | 26327 | 8274 | 17969 | 11731 | 10911 | 15481 |
| Net income (loss) ($) | 539 | 354 | 11596 | (4864) | 2617 | (2632) | (6959) | 501 |
| Basic & diluted income (loss) per share ($) | 0.00 | 0.00 | 0.08 | (0.04) | 0.02 | (0.02) | (0.05) | 0.00 |
| Cash and cash equivalents ($) | 8142 | 12183 | 10163 | 5844 | 5547 | 4176 | 5031 | 4319 |
| Total assets ($) | 57143 | 58927 | 55148 | 50290 | 52386 | 49813 | 52762 | 59060 |
| Total liabilities ($) | 53114 | 55460 | 52145 | 57535 | 55194 | 56021 | 55032 | 55528 |

---

**FINANCIAL REVIEW**

**Financial Results**

---

| | | |
|:---|:---|:---|
| ($000's) | **Three months ended<br> June 30** | **Six months ended<br> June 30,**  |
| **Net income (loss) for the 2024 period** | $2617 | $(15) |
| Changes in components of income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues increase (decrease) | (1625) | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | (1973) | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | 1520 | 630 |
| **Net income for the 2025 period** | $539 | $893 |

---

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>($000's) | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Zinc concentrate sales | $19179 | $19011 | $168 | $39266 | $35014 | $4352 |
| Zinc concentrate provisional pricing adjustments | (1163) | 872 | (2035) | (3271) | 267 | (3538) |
| Smelting and refining charges | (1672) | (1914) | 242 | (3636) | (5581) | 1945 |
| Revenue, net | $16344 | 17969 | (1625) | $32359 | $29700 | $2659 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

During the three months ended June 30, 2025, revenues decreased by $1,625 compared to the same period in 2024. This decline is primarily attributable to the combined effect of:

● A favorable impact in the second quarter of 2025 from the sale of 1.3 million lbs of zinc more than the second quarter of 2024. This increase in zinc sales was mostly offset by an average price of $1.20 per lb in the second quarter of 2025 compared to $1.30 per lb in the second quarter of 2024.

● Provisional price adjustments during second quarter of 2025 resulted in a loss of $1,163 compared to a gain of $872 in the same period of 2024 for a total change in the comparative quarters of $2,035 resulting from lower final pricing upon settlement of sales contracts.

● Savings in treatment charges occurred during 2025 of $242 compared to the same period of 2024.

During the six months ended June 30, 2025, revenues increased by $2,659 compared to the same period in 2024, primarily due to the combination of:

● A higher production of zinc sold during 2025 of approximately 2.5 million pounds when compared to the same period in 2024. Likewise, the average provisional zinc price sold during 2025 was higher by $0.03 when compared to the same period in 2025. Both factors resulted in an increase in zinc concentrates sales of $4,352.

● Provisional price adjustments during the period resulted in a loss of $3,271 compared to a gain of $267 in the same period of 2024 for a total change in the comparative periods of $3,538 resulting from lower final pricing upon settlement of sales contracts.

● Significantly lower treatment charges, which were $1,945 lower than those incurred during the six months ended June 30, 2024.

**Cost of sales**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>($000's) | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Operating expenses | $11696 | $9032 | $2664 | $22961 | $18461 | $4500 |
| Transportation costs | 983 | 848 | 135 | 1911 | 1682 | 229 |
| Royalties | 12 | 12 |  | 23 | 19 | 4 |
| Depreciation and depletion | 1541 | 2670 | (1129) | 3047 | 5627 | (2580) |
| Change of Inventory | 64 | (239) | 303 | (19) | (247) | 228 |
| Total | 14296 | 12323 | 1973 | $27923 | $25542 | $2381 |

---

During the three and six months ended June 30, 2025, cost of sales increased by $1,973 and $2,381, respectively, compared to the same periods in 2024. This increase is primarily attributable to the combined effect of:

● Higher production levels in 2025, with an increase of approximately 1.0 million pounds for the three-month period and 1.8 million pounds for the six-month period, compared to the same periods in 2024.

● Increases in repairs and maintenance expenses related to planned maintenance on certain equipment, totaling $895 and $1,679 for the three- and six-month periods, respectively. These maintenance activities were necessary to support the higher production levels during the period.

● Higher labor costs due to an increased headcount, resulting in additional expenses of $629 and $826 for the three- and six-month periods, respectively.

These increases were partially offset by lower depreciation charges in 2025, driven by a revision to the resource estimate in the fourth quarter of 2024, which extended the useful life of certain depreciable assets under the unit-of-production method.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Other operating expenses**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| <br>($000's) | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **<u>G&A expenses:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $484 | $208 | $276 | $980 | $751 | $229 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 71 | 211 | (140) | 187 | 212 | (25) |
| &nbsp;&nbsp;&nbsp;Office and administration | 161 | 139 | 22 | 382 | 431 | (49) |
| &nbsp;&nbsp;&nbsp;Professional fees | 140 | 222 | (82) | 301 | 247 | 54 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, net of changes in lease terms | (23) | 20 | (43) | (46) | 39 | (85) |
| &nbsp;&nbsp;&nbsp;Investor relations | 12 | 6 | 6 | 24 | 19 | 5 |
| Total | $845 | $806 | $39 | $1828 | $1699 | $129 |
| **<u>Exploration and evaluation ("E&E") expenses:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $169 | $206 | $(37) | $332 | $450 | $(118) |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 67 | 78 | (11) | 74 | 120 | (46) |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 199 | 160 | 39 | 311 | 286 | 25 |
| &nbsp;&nbsp;&nbsp;Supplies | 65 | 10 | 55 | 120 | 18 | 102 |
| &nbsp;&nbsp;&nbsp;Other | 34 | 46 | (12) | 85 | 91 | (6) |
| Total | $534 | $500 | $34 | $922 | $965 | $(43) |

---

General and administrative (G&A) expenses increased by $39 and $129 for the three and six months ended June 30, 2025, respectively, compared to the same periods in the prior year. The increase was primarily driven by higher salaries and benefits, which rose by $276 and $229 for the three- and six-month periods, respectively. This increase reflects a rise in headcount to support the Company's continued expansion in its operations and the advancement of key projects, as well as annual salary adjustments. These increases were partially offset by lower share-based compensation expenses, which declined by $140 and $25 over the same periods, primarily due to a reduced number of stock options granted and vesting in the current year.

Exploration and evaluation (E&E) expenses for the three and six months ended June 30, 2025 remained relatively consistent with the same periods in the prior year.

**Other expenses (income)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| $130 | $1723 | $(1593) | $793 | $1509 | $(716) |

---

For the three and six months ended June 30, 2025, other expenses (income) decreased by $1,593 and $716, respectively, compared to the same periods in the prior year. The decrease for both periods was primarily driven by a decrease in interest expense of $548 and $998, respectively, resulting from a lower outstanding balance on the Company's credit facility with NBC (as defined below). In addition, during the three and six month period, the Company recognized a $338 gain on the modification of existing loan terms.

Foreign exchange gains also contributed positively to the three-month period ended June 30, 2025, as the Company recorded a gain of $40 compared to a loss of $563 in the same period of the prior year, representing an increase in gain of $603. However, for the six-month period, foreign exchange gains decreased significantly, from $768 in the prior year to $57 in the current year, resulting in a decrease in gain of $711. The decrease in the year-to-date gain was primarily due to more favourable exchange rate movements during the first half of the prior year, which did not recur to the same extent in the current period.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - National Bank of Canada*

 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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 original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

On December 9, 2024, the Company entered into its most recent amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and provided a revised repayment schedule which included $5,000 due before June 30, 2025 (paid), and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

*Equipment Facility* 

 

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

As at June 30, 2025, the Company had $1,359 available to be advanced under the Equipment Facility on or before August 31, 2025.

*Local development agencies*

 

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

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

*EXIM Facility*

 

Subsequent to June 30, 2025, on July 21, 2025, the Company's wholly owned subsidiary, Empire State Mines, LLC ("ESM"), entered into a credit agreement with the Export-Import Bank of the United States ("EXIM") for a secured term loan facility of up to $15,800 (the "EXIM Facility"). Proceeds from the EXIM Facility will be used to reimburse capital expenditures previously incurred at the ESM operations and to support ongoing infrastructure and expansion initiatives at ESM.

Terms of the EXIM Facility include the following:

● The EXIM Facility is available to be drawn until December 31, 2026, and may be drawn in multiple tranches.

● Interest on the EXIM Facility is fixed for the duration of the loan and is based on the average of the EXIM Commercial Interest Reference Rate (CIRR) for the five business days prior to the first drawdown. Interest is payable quarterly, commencing December 30, 2025, and continuing on March 30, June 30, September 30, and December 30 of each year.

● A one-time exposure fee of 5.97% is applied to each drawdown amount.

● A commitment fee of 0.5% per annum is payable on the undrawn portion of the facility, commencing on August 18, 2025, and continuing until the earlier of the final drawdown or December 31, 2026, with payment due quarterly in arrears beginning December 30, 2025.

● The EXIM Facility matures on September 30, 2032, with principal to be repaid in 20 equal quarterly installments of $783.4, beginning on December 30, 2027. In addition, if the Company's consolidated cash balance exceeds $15,000 on June 30 or December 31 in any year during the term of the loan, 50% of the excess is required to be repaid toward the outstanding balance of the EXIM Facility within five business days.

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

*Promissory Note – November 1, 2023* 

 

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

On April 30, 2025, the repayment date of the Promissory Note was extended to November 1, 2025. All other terms remain the same.

 

*Other Related Party Loans*

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

Subsequent to June 30, 2025, the Company agreed to the following commercial terms with the related party:

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

● Principal repayments are scheduled as follows:

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

● $7,500 on December 31, 2026

● $5,000 on December 31, 2027

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

The loan is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company. If the Company's consolidated cash balance exceeds $15,000 on June 30 or December 31 in any year during the term of the loan, 50% of the excess is required to be repaid toward the outstanding balance of this loan within five business days.

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

**Financial Condition**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Cash and cash equivalents | $8142 | $10163 |
| Total debt | $32389 | $32081 |
| Net debt<sup>(1)</sup> | $24247 | $21918 |
| Working capital deficit | $(9060) | $(12581) |

---

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

Cash and cash equivalents as at June 30, 2025 decreased by $2,021 compared to December 31, 2024. The decrease in cash was generated from positive operating cash flows of $2,022 offset by cash used in financing activities of $485 and in investing activities of $3,558, which relates to the purchase of equipment to expands its mining activities at N2D. The cash provided by financing activities largely related to a $5,441 advance on the Company's Equipment Facility and loans from Local Development Agencies, partially offset by debt interest payments of $5,904 during the period.

At June 30, 2025, the Company's debt was comprised of a loan from third parties of $10,061 and loans from related party of $22,328. During the six months ended June 30, 2025, the Company incurred interest and accretion expense of $1,026, interest payment of $904 and amortized borrowing costs of $83.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **Change** |
| Operating cash flows before changes in working capital | $5053 | $7226 | $(2173) |
| &nbsp;&nbsp;&nbsp;Changes in working capital | (3031) | (4541) | 1510 |
| Net cash flows generated by (used in) operating activities | 2022 | 2685 | (663) |
| Net cash flows generated by (used in) financing activities | (485) | (1570) | 1085 |
| Net cash flows generated by (used in) investing activities | (3558) | (590) | (2968) |
| Effect in foreign exchange on cash equivalent |  | (9) | 9 |
|  | $(2021) | $516 | $(2537) |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

Net cash flows generated from operating activities were lower during the six months ended June 30, 2025 compared to the same period in the prior year largely as a result of higher operative expenses and lower zinc prices. A discussion of the changes from period to period is set out above under "Cost of Sales" and "Revenue".

Net cash flows used in financing activities during the six months ended June 30, 2025 was $1,085 higher when compared to the six months ended June 30, 2024, which is mostly attributable to the higher cash received from new debt vs. debt servicing during 2025

Net cash flows used in investing activities in the six months ended June 30, 2025 were significant higher when compared to the same period of 2024; this is mainly attributable to the acquisition of equipment in connection to the Company's equipment facility with Glencore being used to recommence mining at N2D.

**Capital Expenditures**

The Company invested $3,558 in capital expenditures during the six months ended June 30, 2025 compared to $590 in capital expenditures in the comparative period in the prior year. The increase is mainly attributable to the purchase of equipment to re-start mining activities at N2D.

**Liquidity**

As at June 30, 2025, the Company had total liquidity of $8,142 in cash and cash equivalents. The Company had a working capital deficiency of $9,060 and a deficit balance of $60,887. For the six months ended June 30, 2025, the Company had recognized net income of $893 and positive operating cash flows of $2,022. The Company continues to monitor zinc prices and the impact on financial covenants associated with the Credit Facility.

**Capital Management**

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

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

As noted above with the Company's debt, the Company is subject to certain financial covenants relating to its Credit Facility with NBC. As at June 30, 2025, the Company was in compliance with all financial covenants. The Company's ability to continue as a going concern is dependent upon the successful execution of its business plan, raising additional capital and/or evaluating strategic alternatives for its mineral property interests. The Company expects to continue to raise necessary funds primarily through securing additional debt or equity in support of its business objectives. There can be no guarantees that debt/equity financing or strategic alternatives will be available on acceptable terms to the Company or at all, and therefore, a material uncertainty exists that may cast significant doubt about the Company's ability to continue as a going concern.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at June 30, 2025 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | < 1 year | 1 to 3 years | 4 – 5 years | >5 years | Total |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $28182 | $3254 | $- | $- | $31436 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 953 |  |  |  | 953 |
| &nbsp;&nbsp;&nbsp;Leases | 72 | 114 |  |  | 186 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 16363 | 16363 |
|  | $29207 | $3368 | $- | $16363 | $48938 |

---

Of the $28,182 in debt principal initially classified as current liabilities at June 30, 2025, $16.5 million related to a related party loan that was advanced with no commercial terms. Subsequent to June 30, 2025, the Company finalized a loan agreement with the related party, establishing extended repayment terms.

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 136,366,599 common shares issued, 6,000,000 warrants and 10,795,000 options outstanding.

**FINANCIAL INSTRUMENTS**

a) Carrying amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying<br> amount | Fair value | Carrying<br> amount | Fair value |
| **Financial liabilities** |  |  |  |  |
| Lease liabilities | $186 | $186 | $127 | $127 |
| Debt | $10061 | $10061 | $10058 | $10058 |
| Loans from related party | $22328 | $22328 | $22023 | $22023 |

---

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

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

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

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 officed space rental agreement. The Company's obligation for future rental payments on June 30, 2025 was approximately $283 over the course of the remaining three year term of the office lease.

The Company was charged for the following with respect to this arrangement during the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $118 | $67 | $194 | $271 |
| Office and other | 43 | 12 | 78 | 42 |
| Marketing and travel | 3 | 4 | 6 | 8 |
|  | $164 | $83 | $278 | $321 |

---

**Key management personnel compensation**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended <br>June 30, | Three months ended <br>June 30, | Six months ended <br>June 30, | Six months ended <br>June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $138 | $100 | 245 | $504 |
| Consulting Fees | 150 | 81 | 309 | 309 |
| Share-based compensation | 65 | 200 | 172 | 197 |
| Directors' fees | 54 | 54 | 109 | 109 |
|  | $407 | $435 | 835 | $1119 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

The following amounts are outstanding as at June 30, 2025 and December 31, 2024, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
| | As at<br> June 30, <br> 2025 | As at December 31,<br> 2024 |
| Salaries and benefits payable | $403 | $650 |
| Consulting fees payable | 28 | 206 |
|  | $431 | $856 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Accounting Standards Issued But Not Yet Adopted**

 

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

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

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

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

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

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

● Amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Estimates and judgments**

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

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Taxation

See note 5 of our 2024 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the three months ended June 30, 2025.

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**NOTES TO READER**

**Cautionary note regarding forward-looking information** 

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs in respect of both the Company's zinc and graphite operations; our expectations regarding mining and metallurgical recoveries in respect of both the Company's zinc and graphite operations; mine life and production rates in respect of both the Company's zinc and graphite operations; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the 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; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.

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

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2024 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the section entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available on www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report" with an effective date of December 3, 2024, filed on SEDAR+ at www.sedarplus.ca on January 15, 2025.

**NON-GAAP PERFORMANCE MEASURES**

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

**C1 cash cost per payable pound sold** 

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

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

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| C1 cash cost per payable pound | Total | Per<br> pound | Total | Per<br> pound | Total | Per<br> pound | Total | Per pound |
| Pounds of payable zinc sold (millions) |  | 16.0 |  | 14.7 |  | 31.6 |  | 29.1 |
| Operating expenses and selling costs | $12750 | $0.80 | $9652 | $0.66 | $24871 | $0.79 | $19914 | $0.69 |
| Concentrate smelting and refining costs | 1671 | 0.10 | 1913 | $0.13 | 3636 | $0.12 | 5581 | 0.19 |
| Total C1 cash cost | $14421 | $0.90 | $11565 | $0.79 | $28507 | $0.91 | $25495 | $0.88 |
| Sustaining Capital Expenditures | $27 | $0.00 | $- | $0.00 | $748 | $0.02 | $439 | $0.02 |
| AISC | $14448 | $0.90 | $11565 | $0.79 | $29255 | $0.93 | $25934 | $0.90 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Sustaining capital expenditures | $748 | $438 |
| Expansionary capital expenditures | 3024 | 2 |
| Additions to mineral, properties, plant and equipment | $3772 | $440 |

---

**TITAN MINING CORPORATION**

**Management's Discussion and Analysis**

(In thousands of US Dollars, unless otherwise indicated)

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **As at**<br> **June 30,** | **As at**<br> **December 31,** |
| | **2025** | **2024** |
| Current portion of debt | $29135 | $32081 |
| Non-current portion of debt | 3254 | - |
| Total debt | $32389 | $32081 |
| Less: Cash and cash equivalents | (8142) | (10163) |
| Net debt | $24247 | $21918 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Net cash provided (used) by operating activities | $2022 | $2685 |
| Less: Capital expenditures | (3772) | (440) |
| Free cash flow | $(1750) | $2245 |

---

## Exhibit 99.88

**Exhibit 99.88**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

 ****

I, **Donald R. Taylor,** Chief Executive Officer of **Titan Mining Corporation**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim Management's
Discussion and Analysis ("MD&A") (together, the "interim filings") of **Titan Mining Corporation** (the
"issuer") for the interim period ended **June 30, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on **April 1, 2025** and ended on **June 30, 2025** that has materially
affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: August 11, 2025 |
| */s/ Donald R. Taylor* |
| Donald R. Taylor |
| Chief Executive Officer |

---

## Exhibit 99.89

**Exhibit 99.89**

**Form 52-109F2**

**Certification of Interim Filings**

**Full Certificate**

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

1.  ***Review:*** I
have reviewed the interim financial report and interim Management's Discussion and Analysis ("MD&A") (together,
the "interim filings") of **Titan Mining Corporation.** (the "issuer") for the interim period ended **June 30, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on **April 1, 2025,** and ended on **June 30, 2025,** that has materially
affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: **August 11, 2025** |
| */s/ Kevin Hart* |
| Kevin Hart |
| Chief Financial Officer |

---

## Exhibit 99.90

**Exhibit 99.90**

**Titan Mining Delivers Strong Q2 Results; On Track to Commission First Integrated U.S. Graphite Facility in 2025**

**Gouverneur, New York and Vancouver, BC – August 12, 2025** – *Titan Mining Corporation* (TSX: TI; OTCQB: TIMCF) ("**Titan**" or the "**Company**") today announced its financial and operating results for the quarter ended June 30, 2025. The Company met quarterly production guidance at its Empire State Mines LLC ("**ESM**") and is on track to be the first end to end producer of natural flake graphite in the United States by Q4 2025.

 ****

***Q2 25 HIGHLIGHTS:<sup>(1)</sup>***

● Payable zinc production of 15.5 million pounds, up 7% from Q2 2024

● Revenues of $16.3 million, C1 cash costs and AISC of $0.90/lb

● Cash flow from operations of $2.4 million

● Reduction in net debt by 21% from Q2 2024

● Cash balance of $8.1 million at quarter end

● EXIM Bank financing secured for $15.8 million, the first direct mining loan under its Make More in America Initiative  ***<sup>(2)</sup>*** 

● Strong safety performance, with an injury frequency rate well below the U.S. national average

● Over 40,000 acres of mineral rights added through lease and option to lease agreements with St. Lawrence County in May 2025. This expands the Company's mineral tenure to over 120,000 acres in upstate New York and increases the discovery opportunities for additional zinc and graphite resources as well as iron-oxide copper gold deposits

● Graphite processing facility construction underway at ESM site; over 50% of major equipment delivered

● Expected commissioning in Q4 2025, making Titan the first integrated producer of natural flake graphite in the U.S. in over 70 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All amounts disclosed in this news release are in U.S. dollars unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The EXIM Bank Financing was completed on July 21, 2025, subsequent to end of Q2 2025.

 

Don Taylor, Chief Executive Officer of Titan, commented, "*Our Q2 performance reflects consistent execution at ESM, with strong production, start-up of the N2D zone and continued cost control. Importantly, our graphite project has moved from concept to construction, supported by public and private sector backing. Titan is building the foundation to become a multi-commodity, integrated supplier of critical minerals to the U.S. economy"*.

Rita Adiani, President of Titan commented: "*Titan is executing a unique dual-commodity strategy. Our zinc operations continue to generate cash flow, while the Kilbourne graphite first phase processing facility is rapidly progressing toward commissioning. With strong government support and tangible progress on-site, we're positioning Titan as a future-facing, U.S.-based supplier of both industrial and critical minerals".*

 

![](ex99-90_001.jpg)

***TABLE 1 Financial and Operating Highlights***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** |
| | | **Q2** | **Q1** | **YTD** |
| **Operating** |  |  |  |  |
| Payable zinc produced | mlbs | 15.51 | 15.37 | 30.88 |
| Payable zinc sold | mlbs | 16.04 | 15.57 | 31.61 |
| Average Realized Zinc Price | $/lb | 1.20 | 1.29 | 1.24 |
| C1 Cost<sup>(1)</sup> | $/lb<br>| 0.90 | 0.91 | 0.91 |
| AISC<sup>(1)</sup> | $/lb<br>| 0.90 | 0.96 | 0.93 |
| **Financial** |  |  |  |  |
| Revenue | $m | 16.34 | 16.02 | 32.36 |
| Net Income (loss) after tax | $m | 0.54 | 0.35 | 0.89 |
| Earnings (loss) per share- basic<br> Cash Flow from Operating Activities before changes in non-cash working capital | $/sh<br>$m | 0.00<br>2.36 | 0.00<br>2.69 | 0.01<br>5.05<br>|
| **Financial Position** |  |  |  |  |
| Cash & Cash Equivalents | $m | 8.1 | 12.2 | 8.1 |
| Net Debt<sup>(1)</sup> | $m | 24.2 | 23.1 | 24.2 |

---

Note: The sum of the quarters in the table above may not equal the year-to-date amounts disclosed elsewhere due to rounding.

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

***ZINC OPERATIONS REVIEW***

Mining during the quarter continued in the Mahler, New Fold, and Mud Pond zones at the #4 mine, with additional production initiated from the N2D zone for the first time since May 2023. High-grade ore from the Lower Mahler zone supported above-budget output. N2D production is ramping from 250 to 500 tons per day in Q3.

 ****

***GRAPHITE UPDATE***

Construction of the Kilbourne graphite demonstration plant is advancing, with over half of major equipment being delivered and site installation underway. Commissioning is on track for Q4 2025. Once operational, the facility will be the first to produce natural flake graphite end-to-end in the U.S. in over 70 years. Technical studies for the project are underway.

![](ex99-90_001.jpg)

***EXPLORATION UPDATE***

The Company added additional 43,942 acres of mineral rights added through lease and option to lease agreements with St. Lawrence County in May of 2025 (See press release dated May 8th, 2025 "Titan Mining Signs Cooperative Agreements with St. Lawrence County, Expands Mineral Tenure to Greater Than 120,000 acres in Upstate New York"). Titan continues to evaluate the potential of the district for base, industrial, and precious metals. Multiple areas with historically documented graphite mineralization have been identified, with confirmed graphite mineralization within the ESM mineral tenure. The St. Lawrence County agreement has added the Parish Magnetite prospect to the Company's target list, a possible Iron Oxide Copper Gold (IOCG) occurrence in the historic Adirondack Magnetite Belt.

Underground drill programs in the second quarter of 2025 targeted Mahler, New Fold, N2D and Mud Pond. Underground drilling totaled 21 drill holes and 8,894ft (2,710 m). All underground drilling was completed with Company-owned underground drills by Company employees. Drilling continues to hit mineralization at anticipated grades outside of the existing life of mine model signifying mine life expansion potential.

Surface drilling continued with Company drills in the second quarter with drilling at Pleasant Valley and Pork Creek for a total of 3,154ft (961.3m). Drilling for 2025 is expected to continue at previously outlined targets including Parish.

***Quality Assurance and Quality Control***

Core drilling was completed using ESM owned and operated drills which produced AWJ (1.374 in) size drill core. All core was logged by ESM employees. The core was washed, logged, photographed, and sampled. All core samples were cut in half, lengthwise, using a diamond saw with a diamond-impregnated blade and sampled on 5 ft intervals with adjustments made to match geological contacts. After a sample is cut, one half of the core was returned to the original core box for reference and long-term storage. The second half was placed in a plastic or cloth sample bag, labeled with the corresponding sample identification number, along with a sample tag. All sample bags were secured with staples or a draw string, weighed and packed in shipping boxes.

Shipping boxes are placed on pallets and shipped by freight to ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

![](ex99-90_001.jpg)

Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical data on a regular basis, as described above. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical data in this news release. Mr. Taylor has not identified any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources disclosed herein.

***Qualified Person***

 ****

The scientific and technical information contained in this news release has been reviewed and approved by Donald R. Taylor, MSc., PG, Chief Executive Officer of the Company. Mr. Taylor is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597).

***Non-GAAP Performance Measures***

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

**C1 Cash Cost Per Payable Pound Sold** 

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

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

**All-in Sustaining Costs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Q2 2025** | | **Q2 2024** |
|  | $| $/lb | $| $/lb |
| Pounds of payable zinc sold (millions) |  | 16.0 |  | 14.7 |
| Operating expenses and selling costs | &nbsp;&nbsp;&nbsp;&nbsp;$12750 | &nbsp;&nbsp;&nbsp;&nbsp;$0.80 | $9652 | $0.66 |
| Concentrate smelting and refining costs | 1671 | 0.10 | 1913 | 0.13 |
| Total C1 cash cost | $14421 | $0.90 | &nbsp;&nbsp;&nbsp;&nbsp;$11565 | $0.79 |
| Sustaining capital expenditures | 27 | 0.00 | - | 0.00 |
| AISC | $14448 | $0.90 | $11565 | $0.79 |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
| | **Q2 2025** | **Q2 2024** |
| Current portion of debt | $29135 | $36177 |
| Non-current portion of debt | 3254 | - |
| Total debt | $32389 | $36177 |
| Less: Cash and cash equivalents | (8142) | (5547) |
| Net debt | $24247 | $30630 |

---

On July 21, 2025, subsequent to the end of Q2 2025, the Company restructured a $16.5 million dollar loan due to a related party. The loan has an approximate three-year term at 8% per annum. Approximately $9 million of the loan has been reclassified as non-current debt, thereby improving the Company's working capital position significantly.

 **

***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'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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 ****

 ****

***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 Titan is on track to commission the first integrated US graphite facility in 2025; expected commissioning in Q4 2025, making Titan the first integrated producer of natural flake graphite in the U.S. in over 70 years; Titan is building the foundation to become a multi-commodity, integrated supplier of critical minerals to the U.S. economy; the Kilbourne graphite first phase processing facility is rapidly progressing toward commissioning; we're positioning Titan as a future-facing, U.S.-based supplier of both industrial and critical minerals; high-grade ore from the Lower Mahler zone supported above-budget output; N2D production is ramping from 250 to 500 tons per day in Q3; drilling continues to hit mineralization at anticipated grades outside of the existing life of mine model signifying mine life expansion potential; drilling for 2025 is expected to continue at previously outlined targets including Parish. 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 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 labor, infrastructure, operating and production costs in respect of both the Company's zinc and graphite operations; future prices of zinc, graphite and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated in respect of both the Company's zinc and graphite operations; delays in completion of exploration, development or construction activities in respect of both the Company's zinc and graphite operations; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks Factors" in the Company's most recent annual information form filed on SEDAR+. Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs in respect of both the Company's zinc and graphite operations; our expectations regarding mining and metallurgical recoveries in respect of both the Company's zinc and graphite operations; mine life and production rates in respect of both the Company's zinc and graphite operations; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the 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; 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. 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. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

## Exhibit 99.91

**Exhibit 99.91**

**Titan Announces Results of its Annual Shareholders' Meeting**

**Gouverneur, NY, August 20, 2025** – Titan Mining Corporation (TSX:TI, OTCQB: TIMCF) ("**Titan**" or the "**Company**") announces that all matters presented for approval at Titan's annual meeting of shareholders held today, as more particularly set out in the Company's Management Information Circular dated July 9, 2025, have been approved.

A summary of the results for the election of Titan's Board of Directors is provided below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Nominee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Against** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Withheld** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Withheld** |
| **Name of Nominee** | &nbsp;&nbsp;**Number** | **%** | &nbsp;&nbsp;&nbsp;**Number** | **%** | &nbsp;&nbsp;**Number** | **%** |
| John Boehner | &nbsp;&nbsp;85444409 | &nbsp;&nbsp;&nbsp;99.99 | - | - | &nbsp;&nbsp;12001 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Lenard Boggio | &nbsp;&nbsp;78676450 | &nbsp;&nbsp;&nbsp;92.07 | - | - | &nbsp;&nbsp;6779960 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 |
| William Mulrow | &nbsp;&nbsp;76691200 | &nbsp;&nbsp;&nbsp;89.74 | - | - | &nbsp;&nbsp;8765210 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| George Pataki | &nbsp;&nbsp;78676450 | &nbsp;&nbsp;&nbsp;92.07 | - | - | &nbsp;&nbsp;6779960 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 |
| Donald R. Taylor | &nbsp;&nbsp;85444409 | &nbsp;&nbsp;&nbsp;99.99 | - | - | &nbsp;&nbsp;12001 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Richard Warke | &nbsp;&nbsp;83459159 | &nbsp;&nbsp;&nbsp;97.66 | - | - | &nbsp;&nbsp;1997251 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |

---

**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 www.titanminingcorp.com

Contact

*For further information, please contact:*

**Investor Relations:**

Email: info@titanminingcorp.com

## Exhibit 99.92

**Exhibit 99.92**

**Titan Mining Corporation**

**Report of Voting Results**

(Section 11.3 of National Instrument 51-102)

August 20, 2025

The following provides matters voted upon and the results of the votes at the Annual General Meeting of the shareholders of Titan Mining Corporation (the "**Company**") held on August 20, 2025, in Vancouver, British Columbia (the "**Meeting**").

Common Shares represented at the Meeting: 87,802,616 or 64.39%

All matters were approved by shareholders present in person or represented by proxy at the Meeting as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;*Votes For* | &nbsp;&nbsp;*Votes For* | &nbsp;&nbsp;*Votes Against* | &nbsp;&nbsp;*Votes Against* | &nbsp;&nbsp;*Votes Withheld* | &nbsp;&nbsp;*Votes Withheld* |
|  | &nbsp;&nbsp; <br> **Description of Matter** | &nbsp;&nbsp; <br> **Number** | &nbsp;&nbsp; <br> **%** | &nbsp;&nbsp; <br> **Number**<br>| &nbsp;&nbsp; <br> **%** | &nbsp;&nbsp; <br> **Number**<br>| &nbsp;&nbsp; <br> **%** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Ordinary resolution to elect the following nominees as Directors: |  |  |  |  |  |  |
|  | &nbsp;&nbsp;John Boehner | &nbsp;&nbsp;85444409 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;12001 | &nbsp;&nbsp;0.01 |
|  | &nbsp;&nbsp;Lenard Boggio | &nbsp;&nbsp;78676450 | &nbsp;&nbsp;92.07 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6779960 | &nbsp;&nbsp;7.93 |
|  | &nbsp;&nbsp;William Mulrow | &nbsp;&nbsp;76691200 | &nbsp;&nbsp;89.74 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;8765210 | &nbsp;&nbsp;10.26 |
|  | &nbsp;&nbsp;George Pataki | &nbsp;&nbsp;78676450 | &nbsp;&nbsp;92.07 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;6779960 | &nbsp;&nbsp;7.93 |
|  | &nbsp;&nbsp;Donald R. Taylor | &nbsp;&nbsp;85444409 | &nbsp;&nbsp;99.99 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;12001 | &nbsp;&nbsp;0.01 |
|  | &nbsp;&nbsp;Richard Warke | &nbsp;&nbsp;83459159 | &nbsp;&nbsp;97.66 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1997251 | &nbsp;&nbsp;2.34 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Ordinary resolution to appoint PricewaterhouseCoopers LLP as Auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration. | &nbsp;&nbsp;87777615 | &nbsp;&nbsp;99.97 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;25001 | &nbsp;&nbsp;0.03 |

---

**Titan Mining Corporation**

*/s/ Purni Parikh*

Purni Parikh

Senior VP, Corporate Affairs and Corporate Secretary

## Exhibit 99.93

**Exhibit 99.93**

![](ex99-93_001.jpg)

**Titan Mining Graphite Testwork Demonstrates Product Meets Battery, Industrial and Defense Specifications**

*Independent Testing Confirms High-purity Natural Graphite from Titan's Kilbourne Project in New York state*

 

**Gouverneur, New York, Vancouver, British Columbia – August 28, 2025** – Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("Titan" or the "Company") announced today positive results from independent downstream testing on natural flake graphite from its 100% owned Kilbourne graphite project located in St. Lawrence County, NY demonstrating that Kilbourne graphite can be transformed into multiple high-value product streams, supporting Titan's strategy to unlock diversified revenue opportunities across multiple industry groups.

***Key Results and Commercial Applications:***

●  ***Battery Materials:*** Kilbourne graphite was successfully processed into spherical graphite (USPG) with 99.99% purity, high tap density, and favorable particle size distribution, confirming its suitability as anode material for lithium-ion batteries.

 

●  ***Industrial Products*** *:* Micronized and purified products achieved >99.9% purity, meeting specifications for refractories, lubricants, automotive, and specialty industrial markets that demand consistent quality and high performance.

 

●  ***Defense and Aerospace*** *:* Ultra-high purities and processing flexibility support potential qualification for military-specification (MiL-spec) materials, including applications in thermal management, composites, coatings, and defense-grade energy storage.

 

*Don Taylor, CEO of Titan commented: "This is a key milestone as we advance toward becoming the first fully integrated U.S. producer of natural flake graphite in more than seventy years. These results confirm Kilbourne graphite can be processed into the high-purity products required for critical applications in aerospace, batteries, industrial and defense sectors."*

*"By validating spherical, micronized, and purified graphite products, this testwork underscores Titan's ability to serve multiple markets—from energy storage to defense-grade applications," said Rita Adiani, President of Titan. "Equally important, Kilbourne strengthens U.S. supply chain security by reducing reliance on foreign graphite. These results enhance our commercial flexibility and reinforce the importance of our demonstration facility, which remains on track for commissioning later this year."*

![](ex99-93_001.jpg)

**Demonstration Facility Advancing**

Titan is advancing construction of its graphite demonstration facility in St. Lawrence County. Approximately 70% of the equipment has been delivered and installation is underway. Commissioning expected in Q4 2025. The facility will validate the downstream flowsheet at scale and provide bulk product samples for customer qualification in the several sectors including, battery, industrial, and defense sectors.

**Next Steps**

Titan will continue downstream optimization and initiate electrochemical performance testing of its spherical graphite. Bulk samples produced from the demonstration facility are expected to be available for customer qualification and offtake discussions in late 2025.

**Technical Summary Table** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Product Type** | &nbsp;&nbsp;**Key Metrics** | &nbsp;&nbsp;**Purity (LOI)** | &nbsp;&nbsp;**Commercial Relevance** |
| &nbsp;&nbsp;Flotation Concentrate | &nbsp;&nbsp;Overall grade 95.0% Cg; Medium flake (+150 µm) 96.8% Cg; Mid fraction (-150 +71 µm) 96.4% Cg; Fine (-71 µm) 93.6% Cg | &nbsp;&nbsp;95.0–96.8% | &nbsp;&nbsp;Saleable / qualifiable as -100 mesh concentrate; suitable for refractories, foundry, lubricants, friction |
| &nbsp;&nbsp;Micronized Graphite (PMG D90-45, D90-15) | &nbsp;&nbsp;D90 ~47 µm and ~17 µm ; Bulk densities after purification: ~292 g/L D90 ~ 47 µm, ~276 g/L D90 ~ 17 µm; Particle sizes within target specs | &nbsp;&nbsp;99.95–99.97% | &nbsp;&nbsp;High-purity micronized products; specialty industrial markets; feedstock for SPG |
| &nbsp;&nbsp;Spherical Graphite (SPG18) | &nbsp;&nbsp;D90 ~ 33 µm; D50 ~18 µm; D10 ~10 µm; ; Tap density 0.96 g/cm³; BET / SSA area 6.5 m²/g; Springback 4% | &nbsp;&nbsp;99.99% | &nbsp;&nbsp;Meets anode-grade specifications for lithium-ion batteries |
| &nbsp;&nbsp;Impurity Removal | &nbsp;&nbsp;Zn reduced from ~2,099 ppm (concentrate) to 1.1 ppm (SPG); Fe reduced from ~3,600 ppm to 11 ppm; Si reduced from ~7,000 ppm to 11 ppm | &nbsp;&nbsp;>99.9% after purification | &nbsp;&nbsp;Enables qualification for MiL-spec defense, aerospace, and advanced composites |
| Testing Conducted at ProGraphite GmbH in Germany– Kilbourne Graphite | Testing Conducted at ProGraphite GmbH in Germany– Kilbourne Graphite | Testing Conducted at ProGraphite GmbH in Germany– Kilbourne Graphite | Testing Conducted at ProGraphite GmbH in Germany– Kilbourne Graphite |

---

![](ex99-93_001.jpg)

**Quality Assurance and Quality Control**

All work and chemical analysis was conducted by ProGraphite GmbH in Germany, which is independent of the Company. The laboratory employs quality management systems that are in compliance with ISO 9001 standards, which ensures that the laboratory produces high-quality, accurate, and timely results. Equipment calibration using third-party standards are performed in prescribed intervals to ensure accuracy of the provided results. The QP is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein.

**Qualified Person** 

The scientific and technical information in this news release has been reviewed and approved by Mr. Oliver Peters, a Principal Metallurgist and President of Metpro Management Inc., with over 25 years of mineral processing experience. He is a Qualified Person within the meaning of NI 43-101 and is independent of the Company. Mr. Peters is satisfied that the metallurgical testing procedures and associated assay methods used are standard industry operating procedures and methodologies. He has reviewed, approved and verified the technical information disclosed in this news release, including core sampling, analytical and test data underlying the technical information.

 **

***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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

![](ex99-93_001.jpg)

 

***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 Titan is advancing toward becoming the first fully integrated U.S. producer of natural flake graphite in more than seventy years; that our demonstration facility remains on track for commissioning later this year; the facility will validate the downstream flowsheet at scale and provide bulk product samples for customer qualification in the several sectors including, battery, industrial, and defense sectors; Titan will continue downstream optimization and initiate electrochemical performance testing of its spherical graphite; and that bulk samples produced from the demonstration facility are expected to be available for customer qualification and offtake discussions in late 2025.. 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 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; 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.

## Exhibit 99.94

**Exhibit 99.94**

![](ex99-94_001.jpg)

**Titan Mining Announces NYSE American Listing Plans and New Executive Appointments**

 

*Appoints President Rita Adiani as CEO in latest move towards becoming US's first fully integrated natural flake graphite producer in 70 years*

**<br> Gouverneur, NY, September 8, 2025** – Titan Mining Corporation (**TSX:TI, OTCQB: TIMCF**), ("Titan" or the "Company") which produces zinc concentrate at its 100%-owned Empire State Mine and is also an emerging natural flake graphite producer, today announced plans to pursue a listing on the NYSE American as part of its U.S. growth strategy. Additionally, the Company has promoted Rita Adiani to Chief Executive Officer, effective immediately. Ms. Adiani will also continue in her role as President and joins the Board of Directors. She succeeds Don Taylor, who will transition to Vice Chair of the Board, ensuring continuity and providing technical oversight. Titan also appointed Jenny Hood as Vice President, Commercial and Sales, and Irina Kuznetsova as Director, Investor Relations.

Ms. Adiani has been President of Titan since October 2024 and brings more than 19 years of international mining industry experience spanning operations, development projects, investment banking, private equity and law. She has held senior leadership roles across listed companies and private ventures and has been instrumental in raising over US$10 billion in public equity and M&A transactions worldwide. As CEO, she will spearhead efforts to expand U.S. production of critical minerals in New York and advance Titan's goal of becoming America's first fully integrated natural flake graphite producer in more than 70 years.

Ms. Hood, the former Chief Supply Chain Officer at Compass Minerals, brings two decades of experience in commercial strategy and supply chain leadership. She has significant experience in carbon products and the government contracting process. Ms. Hood will lead Titan's graphite business development, focusing on customer acquisition and sales partnerships for Titan's Kilbourne graphite project across battery, industrial, and defense markets. Ms. Kuznetsova, an MBA and CFA charterholder, joins with a proven record in investor relations at companies including Lundin Mining and Neo Performance Materials.

"*Pursuing a U.S. listing alongside the leadership changes marks an important step in Titan's evolution," said Richard Warke, Executive Chairman of Titan. "On behalf of the Board, I am thrilled to announce Rita's promotion to CEO and welcome her to Titan's Board of Directors, a strategic leadership transition that positions Titan to accelerate value creation across our dual-commodity platform. The addition of Jenny and Irina further strengthens our management team with proven commercial and investor relations expertise. Don Taylor's transition to Vice Chair ensures continuity of technical excellence at Titan. I am thankful to Don for his time with Titan as CEO and contributing to the growth strategy."* 

"*I am honored to lead Titan at this inflection point. With strong zinc operations, a transformative graphite project, and growing government support for domestic mining, we are positioned to deliver value to shareholders and contribute to America's critical minerals independence," said Rita Adiani, President and Chief Executive Officer. "The addition of Jenny and Irina, combined with our planned NYSE American listing, gives us the team and platform to seize this opportunity and establish ourselves as the United States' pre-eminent critical minerals platform."*

![](ex99-94_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 www.titanminingcorp.com

 **

***Contact***

 **

*For further information, please contact:* **Investor Relations:** Email: info@titanminingcorp.com

 

***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 plans to pursue listing on the NYSE American; Don Taylor will transition to Vice Chair of the Board ensuring continuity and providing technical oversight; As CEO, Ms. Adiani will spearhead efforts to expand U.S. production of critical minerals in New York and advance Titan's goal of becoming America's first fully integrated natural flake graphite producer in more than 70 years; Ms. Hood will lead Titan's graphite business development, focusing on customer acquisition and sales partnerships for Titan's Kilbourne graphite project across battery, industrial, and defense markets; that Titan will be positioned to accelerate value creation across our dual-commodity platform, deliver value to shareholders and contribute to America's critical minerals independence; and that Titan will establish be able to establish itself as the United States' pre-eminent critical minerals platform. 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; 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; 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.

## Exhibit 99.95

**Exhibit 99.95**

---

| | |
|:---|:---|
| ![](ex99-95_001.jpg) | Suite 555 – 999 Canada Place |
| ![](ex99-95_001.jpg) | Vancouver, BC, V6C 3E1 |
| ![](ex99-95_001.jpg) | Tel: 604-687-1717 |
| ![](ex99-95_001.jpg) | Fax: 604-687-1715 |

---

**<u>NOTICE OF CHANGE OF AUDITOR</u>**

---

| | |
|:---|:---|
| TO: | PricewaterhouseCoopers LLP |
| AND TO: | Ernst & Young LLP |
| CC: | British Columbia Securities Commission (Principal Regulator) |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Ontario Securities Commission |
|  | Financial and Consumer Services Commission of New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Financial and Consumer Services Division, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Yukon Superintendent of Securities |
|  | Office of the Superintendent of Securities, Nunavut |

---

**TAKE NOTICE THAT** Titan Mining Corporation (the "**Corporation**") hereby provides notice pursuant to National Instrument 51-102 *Continuous Disclosure Obligations* ("**NI 51-102**") of a change of auditors from PricewaterhouseCoopers LLP ("**PwC**") to Ernst & Young LLP ("**E&Y**") effective September 12, 2025.

**TAKE FURTHER NOTICE THAT:** 

1. At the request of the Corporation, PwC resigned as auditor of the Corporation effective September 12, 2025 and E&Y has been appointed as auditor of the Corporation effective September 12, 2025.

2. The resignation of PwC and the appointment of E&Y in its place have been recommended by the Audit Committee of the Board of Directors of the Corporation (the "**Board**") and approved by the Board.

3. PwC did not issue any opinion on financial statements of the Corporation relating to the "relevant period" (as that term is defined in Section 4.11 of NI 51-102).

4. There are no reportable events (as defined under Section 4.11(1) of NI 51-102).

5. The Corporation has requested E&Y and PwC to each furnish a letter addressed to the securities administrators in each province and territory in which the Corporation is a reporting issuer stating whether or not they agree with the information contained in this notice. A copy of each such letter to the securities administrators will be filed with this notice.

**DATED** as of this the 12<sup>th</sup> day of September, 2025.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| *(signed) Kevin Hart* |
| Name: Kevin Hart |
| Title: Chief Financial Officer |

---

## Exhibit 99.96

**Exhibit 99.96**

---

| | | |
|:---|:---|:---|
| ![](ex99-96_001.jpg) | Ernst & Young LLP<br> EY Tower<br> 100 Adelaide Street West, PO Box 1<br> Toronto, ON M5H 0B3 | Tel: +1 416 864 1234<br> Fax: + 1 416 864 1174<br> ey.com |

---

September 15, 2025

To:

British Columbia Securities Commission (Principal Regulator)

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Financial and Consumer Services Commission of New Brunswick

Nova Scotia Securities Commission

Financial and Consumer Services Division, Prince Edward Island

Office of the Superintendent of Securities Service, Newfoundland and Labrador

Office of the Superintendent of Securities, Northwest Territories

Office of the Yukon Superintendent of Securities

Office of the Superintendent of Securities, Nunavut

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Titan Mining Corporation** |
|  | **Change of Auditor Notice dated 2025/09/12** |

---

Pursuant to National Instrument 51-102 (Part 4.11), we have read the above-noted Change of Auditor Notice and confirm our agreement with the information contained in the Notice pertaining to our firm.

Yours sincerely,

![](ex99-96_002.jpg)

**Chartered Professional Accountants**

cc: The Board of Directors, Titan Mining Corporation

A member firm of Ernst & Young Global Limited

## Exhibit 99.97

**Exhibit 99.97**

![](ex99-97_001.jpg)

September 12, 2025

To:

British Columbia Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Financial and Consumer Services Commission (New Brunswick)

Nova Scotia Securities Commission

Office of the Superintendent of Securities Service Newfoundland and Labrador

Financial and Consumer Services Division (Prince Edward Island)

Office of the Superintendent of Securities (Northwest Territories)

Office of the Yukon Superintendent of Securities

Office of the Superintendent of Securities Nunavut

We have read the statements made by Titan Mining Corporation in the attached copy of change of auditor notice dated September 12, 2025, which we understand will be filed pursuant to Section 4.11 of National Instrument 51-102.

We agree with the statements concerning PricewaterhouseCoopers LLP in the change of auditor notice dated September 12, 2025.

Yours very truly,

**/s/ PricewaterhouseCoopers LLP**

Chartered Professional Accountants

PricewaterhouseCoopers LLP

250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7

T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to mail: ca_vancouver_main_fax@pwc.com, www.pwc.com/ca

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

## Exhibit 99.98

**Exhibit 99.98**

**Titan Mining Announces Commissioning Readiness of U.S. Graphite Facility With Support From Federal and State Leaders**

*New York project marks a pivotal step toward U.S. graphite independence and the first integrated domestic supply chain in more than 70 years*

**Gouverneur, NY, September 16, 2025** – Titan Mining Corporation (**TSX:TI, OTCQB: TIMCF**), ("Titan" or the "Company") an existing zinc concentrate producer in upstate New York and an emerging natural flake graphite producer, announced today that federal and state leaders visited its graphite demonstration facility at Empire State Mines (ESM) in St. Lawrence County, New York, ahead of commissioning. The Company will commence commissioning in the coming weeks, a major milestone toward building America's first integrated graphite supply chain in more than 70 years, with products targeted for use in the battery, defense and industrial sectors.

Congresswoman Elise Stefanik (NY-21), New York State Assemblyman Ken Blankenbush (AD-117), and New York State Senator Mark Walczyk (SD-49) toured the facility on Friday, September 12, underscoring the project's significance for both regional economic development and national security.

The facility, co-located with Titan's operating zinc mill, will validate downstream processing of natural flake graphite from the Company's Kilbourne Graphite Project and enable the Company to pursue qualification of products with U.S. industrial, defense, and energy customers. Commissioning is targeted for completion in Q4 2025, with customer qualification beginning in Q1 2026.

"*It is an honor to attend Titan Mining's new graphite facility in Gouverneur*," said Chairwoman Stefanik. "*This project reflects the best of our community: hardworking people, innovative companies, and partners who believe in the North Country. I'm proud that St. Lawrence County is a growth opportunity for American industry and world-class craftsmanship. Graphite is a critical mineral for everything from advanced manufacturing to next-generation energy storage. American-produced graphite reduces our dependence on foreign supply, bolsters national security, and proves that Upstate New York can lead the way in building what America needs. This is a critical resource for our national security and I will be utilizing my senior position on the House Armed Services Committee to continue to support this critical mining facility*."

Senator Mark Walczyk added: "*Titan is leading the way in returning critical mineral processing to U.S. soil. The commissioning of this facility is great news for St. Lawrence County, New York State, and the country.*"

Assemblyman Ken Blankenbush noted: "*This project blends the North Country's strong mining heritage with new opportunities in advanced materials. Commissioning is an exciting step forward for workers, families, and communities across our region.*"

*"Today marks a pivotal moment for U.S. graphite independence. We have fast-tracked the construction of the facility which represents a critical step toward establishing a secure, domestic supply of graphite in the United States,"* said Rita Adiani, President and CEO of Titan. *"By leveraging the existing infrastructure at Empire State Mines, we are able to advance this project in a capital-efficient way while creating high-quality jobs in the longer term in New York's North Country."*

 

 

![](ex99-98_001.jpg) 

 

**Strategic Rationale:**

● Made-in-America supply: Establishes a U.S. pathway for natural flake graphite products essential to defense, aerospace, industrial, and energy markets.

● Capital-efficient build-out: Co-located at ESM to utilize established utilities, permitting footprint, and skilled workforce.

● Customer qualification focus: Supports rapid feedback loops with customers ahead of commercial scale-up.

● Regional economic development: Creates high-quality jobs in the longer term and positions St. Lawrence County as a leader in the critical minerals supply chain.

![](ex99-98_002.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 www.titanminingcorp.com

![](ex99-98_001.jpg)

***Media & Investor Contact***

Irina Kuznetsova

Director, Investor Relations

Phone: (778) 870-7735

Email: info@titanminingcorp.com

 

***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 the Company will commence commissioning in the coming weeks; Titan is building America's first integrated graphite supply chain in more than 70 years, with products targeted for use in the battery, defense and industrial sectors; the facility will validate downstream processing of natural flake graphite from the Company's Kilbourne Graphite Project and enable the Company to pursue qualification of products with U.S. industrial, defense, and energy customers; commissioning is targeted for completion in Q4 2025, with customer qualification beginning in Q1 2026; Chairwoman Stefanik will be utilizing her senior position on the House Armed Services Committee to continue to support this critical mining facility; by leveraging the existing infrastructure at Empire State Mines, we are able to advance this project in a capital-efficient way while creating high-quality jobs in the longer term in New York's North Country; establishes a U.S. pathway for natural flake graphite products essential to defense, aerospace, industrial, and energy markets. 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; 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; 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.

## Exhibit 99.99

**Exhibit 99.99**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>NAME AND ADDRESS OF COMPANY</u> 

Titan Mining Corporation ("Titan" or the "Company")

Suite 555 – 999 Canada Place

Vancouver, BC V6C 3E1

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>DATE OF MATERIAL CHANGE</u> 

September 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>NEWS RELEASE</u> 

News release dated September 8, 2025, was disseminated through the facilities of GlobeNewswire and filed on SEDAR+.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>SUMMARY OF MATERIAL CHANGE</u> 

Titan announced plans to pursue a listing on the NYSE American as part of its U.S. growth strategy. Additionally, the Company has promoted Rita Adiani to Chief Executive Officer. Ms. Adiani will also continue in her role as President and joins the Board of Directors. She succeeds Don Taylor, who will transition to Vice Chair of the Board, ensuring continuity and providing technical oversight. Titan also appointed Jenny Hood as Vice President, Commercial and Sales, and Irina Kuznetsova as Director, Investor Relations.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

Titan announced plans to pursue a listing on the NYSE American as part of its U.S. growth strategy. Additionally, the Company has promoted Rita Adiani to Chief Executive Officer. Ms. Adiani will also continue in her role as President and joins the Board of Directors. She succeeds Don Taylor, who will transition to Vice Chair of the Board, ensuring continuity and providing technical oversight. Titan also appointed Jenny Hood as Vice President, Commercial and Sales, and Irina Kuznetsova as Director, Investor Relations.

Ms. Adiani has been President of Titan since October 2024 and brings more than 19 years of international mining industry experience spanning operations, development projects, investment banking, private equity and law. She has held senior leadership roles across listed companies and private ventures and has been instrumental in raising over US$10 billion in public equity and M&A transactions worldwide. As CEO, she will spearhead efforts to expand U.S. production of critical minerals in New York and advance Titan's goal of becoming America's first fully integrated natural flake graphite producer in more than 70 years.

Ms. Hood, the former Chief Supply Chain Officer at Compass Minerals, brings two decades of experience in commercial strategy and supply chain leadership. She has significant experience in carbon products and the government contracting process. Ms. Hood will lead Titan's graphite business development, focusing on customer acquisition and sales partnerships for Titan's Kilbourne graphite project across battery, industrial, and defense markets. Ms. Kuznetsova, an MBA and CFA charter holder, joins with a proven record in investor relations at companies including Lundin Mining and Neo Performance Materials.

*Cautionary Note Regarding Forward-Looking Information* 

*Certain statements and information contained herein 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 plans to pursue listing on the NYSE American; Don Taylor will transition to Vice Chair of the Board ensuring continuity and providing technical oversight; As CEO, Ms. Adiani will spearhead efforts to expand U.S. production of critical minerals in New York and advance Titan's goal of becoming America's first fully integrated natural flake graphite producer in more than 70 years; Ms. Hood will lead Titan's graphite business development, focusing on customer acquisition and sales partnerships for Titan's Kilbourne graphite project across battery, industrial, and defense markets; that Titan will be positioned to accelerate value creation across our dual-commodity platform, deliver value to shareholders and contribute to America's critical minerals independence; and that Titan will establish be able to establish itself as the United States' pre-eminent critical minerals platform. When used herein, 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; 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; 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 herein are expressly qualified in their entirety by this cautionary statement.*

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u> 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>OMITTED INFORMATION</u> 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>DATE OF REPORT</u> 

September 18, 2025

## Exhibit 99.100

**Exhibit 99.100**

![](ex99-1_001.jpg)

**Titan Mining Receives Financing Interest of up to US$120 Million from U.S. EXIM Bank for <br> Kilbourne Graphite Project**

 **Gouverneur, NY, October 7, 2025** – Titan Mining Corporation (**TSX:TI, OTCQB: TIMCF**), ("Titan" or the "Company") an existing zinc concentrate producer in upstate New York and an emerging natural flake graphite producer, is pleased to announce that the Export-Import Bank of the United States ("EXIM") has expressed financing interest of up to US$120 million under its "Make More in America" ("MMIA") initiative for the construction of Titan's wholly owned Kilbourne Graphite Project in St. Lawrence County, New York.

In parallel with EXIM's MMIA process, Titan continues to collaborate with the Administration and other U.S. Government Agencies such as the Department of War and the Department of Energy on opportunities for coordinated participation in Titan's critical-minerals plan through strategic funding, inclusion as a key stakeholder and policy programs incentivizing domestic production and secure resilient supply chains.

A finalized commitment package of this amount from EXIM would potentially represent a substantial portion of the capital required to construct the Kilbourne Project, providing a clear path to development that leverages federal partnership support and Titan's strong operating cash flow from its Empire State Mines zinc operations. The Company expects the overall financing structure to be highly capital-efficient for shareholders.

EXIM issued a Letter of Interest ("LI") recognizing the Kilbourne Project as a strategic U.S. critical-minerals asset aligned with national priorities that will create high-quality American jobs and strengthen U.S. supply chain resilience. The potential financing would support construction of Titan's planned 40,000-tonne-per-year commercial natural flake graphite facility adjacent to its operating Empire State Mines zinc complex.

Under the indicative terms, EXIM would consider recommending a direct loan of up to US$120 million with a repayment tenor of approximately 12 years, including an interest-only period. The loan would reference the Commercial Interest Reference Rate (CIRR), currently around 5.0%, and would be subject to EXIM's standard due diligence, environmental, and policy review processes prior to final Board approval.

Rita Adiani, President & CEO of Titan Mining, commented:

"*We are proud to expand our partnership with EXIM as we advance the Kilbourne Graphite Project—an asset that will create high-quality U.S. jobs, strengthen critical-mineral supply chains, and position Titan as the leading fully integrated natural flake graphite producer in the United States. This Letter of Interest marks a major milestone toward securing long-term, competitive-rate financing for project development as we continue to prioritize capital efficiency and disciplined balance sheet management supporting any construction decision at the Kilbourne Project*."

EXIM's MMIA initiative supports domestic manufacturing and critical-infrastructure investments that enhance U.S. competitiveness, job creation, and export potential. Titan previously received EXIM support for expansion of its Empire State Mines zinc operations, underscoring the Company's track record in successfully partnering with federal agencies to deliver strategic projects in New York State.

![](ex99-1_001.jpg)

The EXIM Letter of Interest (issued prior to the government shutdown)<sup>1</sup> is non-binding and does not represent a financing commitment. Titan will continue to work closely with EXIM's MMIA team to advance due diligence and structure a definitive financing package for the Kilbourne Project in the months ahead.

**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 www.titanminingcorp.com

 ****

***Media & Investor Contact***

Irina Kuznetsova

Director, Investor Relations

Phone: (778) 870-7735

Email: info@titanminingcorp.com

 

***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 Titan obtaining financing from EXIM for up to US$120 million; potential construction of the Kilbourne Graphite Project; Titan continues to collaborate with other U.S. government agencies and the Administration on opportunities for coordinated participation in Titan's critical-minerals plan through strategic funding, inclusion as a key stakeholder and policy programs incentivizing domestic production and secure resilient supply chains; a finalized commitment package of this amount from EXIM would potentially represent a substantial portion of the capital required to construct the Kilbourne Project, providing a clear path to development that leverages federal partnership support and Titan's strong operating cash flow from its Empire State Mines zinc operations; the Company expects the overall financing structure to be highly capital-efficient for shareholders; the Kilbourne project will create high-quality American jobs and strengthen U.S. supply chain resilience; the potential financing would support construction of Titan's planned 40,000-tonne-per-year commercial natural flake graphite facility adjacent to its operating Empire State Mines zinc complex; terms of the potential financing; the Kilbourne Graphite Project will create high-quality U.S. jobs, strengthen critical-mineral supply chains, and position Titan as the leading fully integrated natural flake graphite producer in the United States. 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.

<sup>1</sup> Issued on September 30, 2025

## Exhibit 99.101

**Exhibit 99.101**

![](ex99-1_001.jpg)

**Titan to Start Natural Graphite Production Amid Rising Global Supply Constraints at<br> Empire State Mines in New York**

*Titan Positions Itself as a U.S. Leader in Natural Graphite Production*

*With New Restrictions on Graphite & Rare Earth Exports from China* 

 **Gouverneur, NY, October 14, 2025** – Titan Mining Corporation (**TSX:TI, OTCQB: TIMCF**), ("Titan" or the "Company") is pleased to announce that it is on track to commence production of graphite concentrate at its Empire State Mines ("ESM") — making Titan the only natural flake graphite company positioned for near-term production in the United States.

"China's decision to tighten graphite exports underscores the importance of having a secure domestic supply of natural graphite," said Rita Adiani, President & CEO of Titan. "Natural graphite touches every strategic sector—from defense to energy to AI data centers—and the U.S. currently produces none of it. Titan is changing that by re-establishing natural flake graphite production and high-purity graphite processing here at home to support the technologies and systems that keep America strong."

Titan's integrated demonstration facility will produce natural flake graphite in micronized and high-purity forms sourced from Titan's wholly owned Kilbourne deposit, located immediately adjacent to ESM. This program is designed to confirm commercial-scale recoveries, refine the flowsheet, and generate offtake samples for North American and allied defense, energy, and industrial customers.

This milestone comes as the People's Republic of China tightens previously announced export restrictions on critical minerals—first on rare earths under MOFCOM Announcement No. 61 (2025) followed closely by expanded controls on artificial graphite and blended anode materials under MOFCOM Announcement No. 58 (2025)—a move expected to further tighten global supply of both synthetic and natural graphite feedstocks. The new restrictions underscore the strategic importance of Titan's progress in establishing a secure, fully domestic graphite supply chain critical to U.S. defense readiness.

Titan is supported by the U.S. Export-Import Bank, which is the Company's existing lender and has provided a Letter of Interest for up to US $120 million in financing under its Make More in America initiative for Titan's commercial graphite facility. The Company continues to collaborate with the U.S. Department of War and U.S. Department of Energy on various other funding opportunities.

Building on its successful demonstration phase, Titan is targeting ramp-up to a 40,000-tonne-per-year commercial graphite facility, which would be capable of supplying approximately half of current U.S. natural graphite demand—positioning Titan as the cornerstone of America's re-emerging graphite supply chain.

**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 www.titanminingcorp.com

 ****

 ****

![](ex99-1_001.jpg)

 ****

***Media & Investor Contact***

Irina Kuznetsova

Director, Investor Relations

Phone: (778) 870-7735

Email: info@titanminingcorp.com

 

***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 Titan to start natural graphite production; the integrated demonstration facility will produce natural flake graphite in micronized and high-purity forms sourced from Titan's wholly owned Kilbourne deposit; the program will confirm commercial-scale recoveries, refine the flowsheet, and generate offtake samples for North American and allied defense, energy, and industrial customers; the People's Republic of China's tightening of previously announced export restrictions on critical minerals is expected to further tighten global supply of both synthetic and natural graphite feedstocks; Titan securing up to US$120 million in financing from U.S. Export-Import Bank for Titan's commercial graphite facility; funding opportunities with the U.S. Department of War and U.S. Department of Energy; Titan is targeting ramp-up to a 40,000-tonne-per-year commercial facility, which would be capable of supplying approximately half of current U.S. natural graphite demand—positioning Titan as the cornerstone of America's re-emerging graphite supply chain. 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 our technical studies; 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.

## Exhibit 99.102

**Exhibit 99.102**

![](ex99-102_001.jpg)

**Titan Mining Finds Significant Concentrations of Germanium** 

**at its Empire State Mine in New York**

 

*Discovery of the mineral expands Titan's Empire State Mine into a Growing Critical Metals Complex*

 

**Gouverneur, NY – October 20, 2025** – Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("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, today announced the discovery of significant concentrations of germanium ("Ge") within existing process streams at its wholly owned Empire State Mine ("ESM") in St. Lawrence County, New York.

Germanium, a U.S.-designated critical mineral, is essential to semiconductors, fiber optics, night-vision systems, and clean-energy technologies—industries for which the United States relies almost entirely on imports.

**Key Highlights**

● Germanium identified in existing zinc-processing circuit—no new mining required.

● Initial sampling of the plant feed graded 21 g/t germanium, which was enriched to 77 g/t in the pre-float stream, where the material is more concentrated. The ESM plant has an annual plant feed of 474,000 mt.

● Germanium prices are approximately US$6,000/kg, with global supply dominated by China.

● Potential to satisfy a substantial portion of U.S. germanium demand through recovery from existing material streams.

● Potential recovery enabled through Titan's existing processing infrastructure, minimizing additional capital requirements.

*"Germanium represents an exciting new value driver for Titan and a strategic asset for the United States,"* said Rita Adiani, President and CEO of Titan Mining*. "Leveraging our existing operations at Empire State Mine allows us to accelerate development at minimal cost while contributing to a stronger, more resilient U.S. critical minerals supply chain."*

**Next Steps**

● Plant Survey: Titan completed a four-week survey, collecting daily samples from 11 areas of its processing circuit to measure germanium levels. The results will show where germanium is found in the system and guide further testing.

● Test Program: The Company has started focused test work to determine the best and most cost-effective way to recover germanium from existing zinc operations. This includes detailed mineral analysis and trials of different recovery methods to produce a high-grade product or concentrate.

● Resource Consistency: Ongoing sampling is confirming that germanium is consistently present throughout the remaining zinc resource.

**About Germanium**

Germanium is a rare, silver-gray element essential to defense and advanced-technology systems. It is used in:

● Infrared optics and thermal-imaging devices for military night-vision, surveillance, and targeting systems.

● Satellite solar cells and high-frequency electronics critical to aerospace and communications.

● Semiconductors and fiber-optic cables used in high-speed computing and secure data networks.

As germanium is a key material in modern warfare and intelligence technologies, the U.S. Department of War classifies it as a critical mineral vital to national security. The United States currently imports nearly all its germanium—with a major share sourced from China and Russia—making Titan's discovery in New York a potential first step toward restoring a secure, domestic supply.

**Scientific and Technical Validation**

The scientific and technical information in this news release has been reviewed and approved by Mr. Oliver Peters, a Principal Metallurgist and President of Metpro Management Inc., with over 25 years of mineral processing experience. He is a Qualified Person within the meaning of NI 43-101 and is independent of the Company. The initial sampling was based on approximately 5,400 mt of plant feed. Mr. Peters is satisfied that the metallurgical testing procedures and associated assay methods used are standard industry operating procedures and methodologies. He has reviewed, approved and verified the technical information disclosed in this news release, including analytical and test data underlying the technical information.

**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 the potential to satisfy a substantial portion of U.S. germanium demand through recovery from existing material streams; potential recovery enabled through Titan's existing processing infrastructure, minimizing additional capital requirements; leveraging our existing operations at Empire State Mine allows us to accelerate development at minimal cost while contributing to a stronger, more resilient U.S. critical minerals supply chain; and Titan's discovery in New York being a potential first step toward restoring a secure, domestic supply of germanium. 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 our technical studies; 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.

## Exhibit 99.103

**Exhibit 99.103**

![](ex99-103_001.jpg)

**Titan Mining Advances Toward NYSE American Listing**

**Gouverneur, NY – October 27, 2025** – Titan Mining Corporation (TSX: TI; OTCQB: TIMCF) ("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, today announced that it is advancing rapidly toward listing on the NYSE American, with required administrative steps now well underway.

In connection with the listing, Titan's Board has approved a consolidation on the basis of one new Common Share for every 1.5 existing Common Shares (the "Consolidation"), subject to approval of the Toronto Stock Exchange (the "TSX").

The Consolidation is being undertaken solely to align Titan with typical U.S. market standards. It will not affect any shareholder's proportionate ownership of Titan. Following the Consolidation, final approval of the NYSE American, and the filing effectiveness of the Company's Form 40-F registration statement with the United States Securities and Exchange Commission, Titan expects its Common Shares to begin trading on the NYSE American under the symbol "TII". Trading on the OTCQB under the symbol "TIMCF" will continue until the commencement of trading on the NYSE American. Trading on the TSX will continue under the symbol "TI".

Further details regarding the Consolidation will be made available in the coming days.

Rita Adiani, President and Chief Executive Officer, commented:

"*Securing NYSE American pre-clearance is a key milestone in Titan's growth trajectory. We look forward to expanding our U.S. investor base as we advance development of a leading U.S.-focused critical-materials platform anchored in New York State*."

**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 completing the Consolidation and the terms thereof; details of the Consolidation being made available in the coming days; listing and trading on the NYSE American; future trading symbols; expanding our U.S. investor base; and future advancement of a leading U.S.-focused critical-materials platform anchored in New York State. 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 American 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 our technical studies; 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.

## Exhibit 99.104

**Exhibit 99.104**

![](ex99-104_001.jpg)

**Titan Mining Receives NYSE American Pre-Clearance for U.S. Listing** 

*U.S. Listing Supports Titan's Plan To Re-establish U.S. Domestic Production of Natural Flake <br> Graphite , a Key Component in the Rare Earths & Critical Mineral's Ecosystem*

**Gouverneur, NY, October 30, 2025** – Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("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, today announced that it has received pre-clearance from the NYSE American LLC (the "NYSE American") to move forward with its planned U.S. stock exchange listing.

This initiative supports Titan's broader strategy to rebuild secure, North American supply chains for critical materials, most notably natural flake graphite, a key input for the energy-transition and defense sectors.

*"Our NYSE American listing will expand Titan's reach to a wider base of U.S. investors who recognize the importance of rebuilding domestic production capacity," said* Rita Adiani, President & CEO of Titan Mining. *"By advancing zinc and natural graphite production in New York State, Titan is positioning itself as a cornerstone in America's critical-materials and energy-security ecosystem."*

As announced on October 27, 2025, Titan's Board has approved a consolidation on the basis of one new Common Share for every 1.5 existing Common Shares (the "Consolidation"). The Consolidation will align Titan with U.S. market listing standards and will not affect any shareholder's proportional ownership. Titan's Common Shares are expected to begin trading on a post-Consolidation basis on the TSX and OTCQB when markets open on November 3, 2025.

Following the Consolidation, final approval of the NYSE American and the filing effectiveness of the Company's Form 40-F registration statement with the United States Securities and Exchange Commission, Titan expects its Common Shares to begin trading on the NYSE American under the symbol "TII".

Trading on the OTCQB under the symbol "TIMCF" will continue until the commencement of trading on the NYSE American. Trading on the Toronto Stock Exchange (the "TSX") will continue under the symbol "TI".

Titan anticipates the listing on NYSE American to be complete by the third week of November 2025 (subject to trading, regulatory approval and government shut-down measures impacting SEC filings).

**Share Consolidation Details**

The Consolidation has been approved by the TSX, and a related bulletin is scheduled for issuance by the TSX today. Following the Consolidation, the new CUSIP number for the Common Shares will be 88831L202 and the new ISIN number for the Common Shares will be CA88831L2021.

As part of the Consolidation, the 137,234,657 currently issued and outstanding Common Shares will be consolidated to 91,489,771 post-Consolidation Common Shares. No fractional shares will be issued under the Consolidation. Following the Consolidation, each fractional interest that is less than one-half of one Common Share will be rounded down to the nearest whole share and each fractional interest that is at least one-half of one Common Share will be rounded up to the nearest whole Common Share. The exercise price and the number of Common Shares issuable under any of the Company's outstanding stock options and warrants will be proportionately adjusted upon completion of the Consolidation.

On or about the effective date of Consolidation, the Company's transfer agent, Computershare Investor Services, will send a letter of transmittal to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post-Consolidation Common Shares to which they are entitled. A sample letter of transmittal is also available on the Company's profile on SEDAR+. Until surrender, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their Common Shares. Non-registered shareholders who hold their Common Shares through a bank, broker or other nominee and who have questions regarding how the Consolidation will be processed should contact their nominee.

**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 www.titanminingcorp.com

![](ex99-104_001.jpg)

***Media & Investor Contact***

Irina Kuznetsova

Director, Investor Relations

Phone: (778) 870-7735

Email: info@titanminingcorp.com

 

***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 Titan will emerge as a natural flake graphite producer; Titan positioning itself as a cornerstone in America's critical-materials and energy-security ecosystem; anticipated timing and results of NYSE American listing, including that such listing occurs at all; anticipated trading symbols; anticipated timing and results of the Consolidation, including that such Consolidation occurs at all; the sending of a letter of transmittal and timing thereof; 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.

## Exhibit 99.105

**Exhibit 99.105**

![](ex99-105_001.jpg)

![](ex99-105_002.jpg)

## Exhibit 99.106

**Exhibit 99.106**

**TITAN MINING CORPORATION**

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**FOR THE THREE AND NINE MONTHS ENDED** 

**SEPTEMBER 30, 2025 AND 2024**

(Unaudited)

**TITAN MINING CORPORATION**

**Condensed Consolidated Interim Statements of Financial Position**

(Expressed in thousands of US dollars - Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | September 30, <br> 2025 | December 31,<br> 2024 |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $4285 | $10163 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | &nbsp;&nbsp;7 | 3556 | 4032 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;8 | 9748 | 8243 |
| &nbsp;&nbsp;&nbsp;Prepaids and deposits |  | 2764 | 1074 |
| &nbsp;&nbsp;&nbsp;Other current assets | &nbsp;&nbsp;11 | - | 518 |
|  |  | 20353 | 24030 |
| Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Mineral properties, plant and equipment | &nbsp;&nbsp;9 | 36361 | 30303 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | &nbsp;&nbsp;10a | 206 | 125 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;11 | 866 | 690 |
| **Total assets** |  | $**57786** | $**55148** |
| **Liabilities** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | $7026 | $4490 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | &nbsp;&nbsp;10b | 94 | 40 |
| &nbsp;&nbsp;&nbsp;Debt | &nbsp;&nbsp;12a | 7578 | 10058 |
| &nbsp;&nbsp;&nbsp;Related party loans | &nbsp;&nbsp;12b | - | 22023 |
|  |  | 14698 | 36611 |
| Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | &nbsp;&nbsp;10b | 121 | 87 |
| &nbsp;&nbsp;&nbsp;Debt | &nbsp;&nbsp;12a | 5061 |  |
| &nbsp;&nbsp;&nbsp;Related party loan | &nbsp;&nbsp;12b | 16707 |  |
| &nbsp;&nbsp;&nbsp;Reclamation and remediation provision | &nbsp;&nbsp;15 | 16591 | 15447 |
| Total liabilities |  | 53178 | 52145 |
| **Shareholders' equity** |  |  |  |
| Equity attributable to shareholders of the Company |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 60440 | 59813 |
| &nbsp;&nbsp;&nbsp;Reserves |  | 4976 | 4971 |
| &nbsp;&nbsp;&nbsp;Deficit |  | (60808) | (61781) |
| Total equity (deficit) |  | 4608 | 3003 |
| **Total liabilities and shareholders' equity** |  | $**57786** | $**55148** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 2 and 16)

Approved by the Board on **November 4**, 2025:

 *" <u>Lenard Boggio</u>" ,* Audit Committee Chair   *"<u>Rita Adiani</u>"* , Director

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

**TITAN MINING CORPORATION**

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

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | <br>Notes | 2025 | 2024 | 2025 | 2024 |
| **Revenue** | 5 | $16775 | $8274 | $49134 | $37974 |
| **Cost of Sales** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses |  | (12221) | (9206) | (37097) | (29121) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion |  | (1037) | (1897) | (4084) | (7524) |
|  |  | (13258) | (11103) | (41181) | (36645) |
| **Income (loss) from mine operations** |  | **3517** | **(2829)** | **7953** | **1329** |
| &nbsp;&nbsp;&nbsp;General and administration expenses | 6a | (1129) | (573) | (2957) | (2272) |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenses | 6b | (786) | (399) | (1708) | (1364) |
| &nbsp;&nbsp;&nbsp;Graphite project expenses | 6c | (880) |  | (880) |  |
| &nbsp;&nbsp;&nbsp;Interest and other finance expenses | 14 | (723) | (793) | (1998) | (3066) |
| &nbsp;&nbsp;&nbsp;Accretion expense | 15 | (83) | (86) | (252) | (235) |
| &nbsp;&nbsp;&nbsp;Interest income |  | 73 | 88 | 277 | 210 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | 15 | (292) | 72 | 477 |
| &nbsp;&nbsp;&nbsp;Other income (expense) |  | 92 | 20 | 144 | 43 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on loan modification | 12b | (16) | - | 322 | - |
|  |  | (3437) | (2035) | (6980) | (6207) |
| **Net income (loss) for the period** |  | **80** | **(4864)** | **973** | **(4878)** |
| **Other comprehensive income (loss)** |  |  |  |  |  |
| Items that may be reclassified to profit or loss |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on translation to reporting currency |  | 6 | 316 | (67) | (428) |
| **Comprehensive income (loss) for the period** |  | $**86** | $**(4548)** | $**906** | $**(5306)** |
| **Earnings (loss) per share** |  |  |  |  |  |
| **Basic** |  | $**0.00** | $**(0.05)** | $**0.01** | $**(0.05)** |
| **Diluted** |  | $**0.00** | $**(0.05)** | $**0.01** | $**(0.05)** |
| **Weighted average shares outstanding (in "000)** |  |  |  |  |  |
| **Basic <sup>(1)</sup>** |  | **91098** | **90911** | **90974** | **90911** |
| **Diluted <sup>(1)</sup>** |  | **103266** | **90911** | **103142** | **90911** |

---

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

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

**TITAN MINING CORPORATION**

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

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Share capital | Share capital | Reserves | Reserves | Reserves | | |
|  | Number <sup>(1)</sup> ('000s) | Amount | Share options and warrants | Currency translation adjustment | Total |<br>Deficit |<br>Total <br> equity (deficit) |
| Balance, December 31, 2023 | 90911 | $59813 | $9794 | $(3549) | $6245 | $(68328) | $(2270) |
| Share based compensation |  |  | 459 |  | 459 |  | 459 |
| Comprehensive income for the year | - | - | - | (1733) | (1733) | 6547 | 4814 |
| Balance, December 31, 2024 | 90911 | $59813 | $10253 | $(5282) | $4971 | $(61781) | $3003 |
| Share based compensation &nbsp;&nbsp;16b |  |  | 456 |  | 456 |  | 456 |
| Options exercised | 579 | 627 | (384) |  | (384) |  | 243 |
| Comprehensive income for the period | - | - | - | (67) | (67) | 973 | 906 |
| Balance, September 30, 2025 | 91490 | $60440 | $10325 | $(5349) | $4976 | $(60808) | $4608 |

---

**** 

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

**** 

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

**TITAN MINING CORPORATION** 

**Condensed Consolidated Interim Statement of Cash Flows**

(Expressed in thousands of US dollars - Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | <br>Notes | 2025 | 2024 | 2025 | 2024 |
| **Operating activities** |  |  |  |  |  |
| Net income for the period |  | $80 | $(4864) | $973 | $(4878) |
| &nbsp;&nbsp;&nbsp;Accretion expense |  | 82 | 86 | 252 | 235 |
| &nbsp;&nbsp;&nbsp;Amortization of borrowing costs | 12 | (11) | 254 | 72 | 734 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion of mineral property, plant and equipment | 9 | 1037 | 1897 | 4084 | 7524 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  | 23 | 10 | 59 | 48 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on loan modification | 12b | 16 |  | (322) |  |
| &nbsp;&nbsp;&nbsp;Interest and accretion on debt | 12 | 659 | 481 | 1681 | 1.927 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liabilities |  | 5 |  | 13 | 3 |
| &nbsp;&nbsp;&nbsp;Loss on sale of equipment |  |  | 19 |  | 19 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  | 252 | 110 | 457 | 331 |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss (gain) |  | 4 | 332 | (69) | (389) |
|  |  | 2147 | (1675) | 7200 | 5554 |
| &nbsp;&nbsp;&nbsp;**Changes in non-cash working capital** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 2426 | 829 | 2112 | 736 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |  | 301 | 1488 | 476 | 619 |
| &nbsp;&nbsp;&nbsp;Inventories |  | (3) | (527) | (1499) | (1840) |
| &nbsp;&nbsp;&nbsp;Other current assets |  | 152 | (65) | (1244) | (204) |
| &nbsp;&nbsp;&nbsp;Unrealized gain on derivative |  |  |  |  | 648 |
| &nbsp;&nbsp;&nbsp;Restricted cash deposit (release) |  | - | 1203 | - | (1574) |
| **Net cash generated (used) in operating activities** |  | 5023 | 1253 | 7045 | 3939 |
| **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from credit agreement with EXIM |  | 1658 |  | 1658 |  |
| &nbsp;&nbsp;&nbsp;Repayment of credit facility |  |  |  | (5000) | (17000) |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loan |  |  |  |  | 16500 |
| &nbsp;&nbsp;&nbsp;Repayment of related party promissory note |  | (5000) |  | (5000) |  |
| &nbsp;&nbsp;&nbsp;Debt interest payments |  | (619) | (314) | (1523) | (1342) |
| &nbsp;&nbsp;&nbsp;Payment of lease liabilities |  | (24) | (15) | (64) | (57) |
| &nbsp;&nbsp;&nbsp;Payment of transaction costs |  | (18) |  |  |  |
| &nbsp;&nbsp;&nbsp;Advance on equipment loan net of repayment |  | 349 |  | 3790 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from development agencies |  |  |  | 2000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from options exercised |  | 243 | - | 243 | - |
| **Net cash generated (used) by financing activities** |  | (3411) | (329) | (3896) | (1899) |
| **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets |  |  | 150 |  |  |
| &nbsp;&nbsp;&nbsp;Additions to mineral properties, plant and equipment | 9 | (5469) | (821) | (9027) | (1261) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of equipment |  | - | 45 | - | 45 |
| **Net cash used by investing activities** |  | (5469) | (626) | (9027) | (1216) |
| Effect of foreign exchange on cash and cash equivalents |  | - | (3) | - | (11) |
| Increase (decrease) in cash and cash equivalents |  | (3857) | 295 | (5878) | 813 |
| Cash and cash equivalents, beginning of period |  | 8142 | 5549 | 10163 | 5031 |
| **Cash and cash equivalents, end of period** |  | $**4285** | $**5844** | $**4285** | $**5844** |

---

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

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

1. NATURE OF OPERATIONS

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

2. BASIS OF PRESENTATION

a) Overview

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

b) Basis of presentation

These Interim Financial Statements do not include all of the information required for full IFRS financial statements and therefore should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2024 (the "**Annual Financial Statements**").

Subsequent to September 30, 2025, the Company completed a share consolidation on the basis of one post-consolidation common share for every one and a half pre-consolidation common shares outstanding. All previously reported common share, stock option, warrants and earnings per share amounts have been retrospectively restated in these condensed financial statements to reflect the 1.5:1 share consolidation, unless otherwise noted

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

3. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED

 

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

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

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

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

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

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

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

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

3. ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED (continued)

The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

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

The Company's interim results are not necessarily indicative of its results for a full year. The significant accounting policy judgments and areas of estimation uncertainty that applied in the preparation of these Interim Financial Statements are consistent with those applied and disclosed in Note 3 of the Annual Financial Statements.

5. REVENUE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Zinc concentrates sales | $17762 | $10584 | $57028 | $45598 |
| Zinc concentrates provisional pricing adjustments | 765 | (645) | (2506) | (379) |
| Smelting and refining charges | (1752) | (1665) | (5388) | (7245) |
|  | $16775 | $8274 | $49134 | $37974 |

---

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

5. REVENUE (continued)

In December 2024, the Company entered into an amendment to its previously signed hedge facility agreement "ISDA Master Agreement" that was entered into with National Bank of Canada ("NBC") in June 2022. The amendment provides the Company with an up to US$1.35 million collateralized facility enabling additional access to funds for future zinc contract commitments. As at September 30, 2025 and December 31, 2024, there were no open Zinc Swap contracts.

6. OTHER OPERATING EXPENSES

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> September 30, | Three months ended <br> September 30, | Nine months ended <br> September 30, | Nine months ended <br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $507 | $170 | $1487 | $921 |
| Share-based compensation | 232 | 129 | 419 | 341 |
| Office and administration | 145 | 134 | 528 | 565 |
| Professional fees | 213 | 108 | 514 | 355 |
| Amortization of right-to-use assets (note 10) | (30) | 23 | (77) | 62 |
| Investor relations | 62 | 9 | 86 | 28 |
|  | $1129 | $573 | $2957 | $2272 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br> September 30, | Three months ended <br> September 30, | Nine months ended <br> September 30, | Nine months ended <br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $176 | $138 | $508 | $589 |
| Assay and analyses | 63 | 45 | 138 | 162 |
| Contractor and consultants | 452 | 131 | 858 | 316 |
| Supplies | 38 | 65 | 83 | 215 |
| Other | 57 | 20 | 121 | 82 |
|  | $786 | $399 | $1708 | $1364 |

---

**c)** **Graphite Project expenses** 

---

| | | |
|:---|:---|:---|
|  | Three and Nine months ended<br> September 30, | Three and Nine months ended<br> September 30, |
|  | 2025 | 2024 |
| Contractor and consultants | $862 | $&nbsp;&nbsp;&nbsp;&nbsp;- |
| Supplies | 11 |  |
| Other | 7 | - |
|  | $880 | $- |

---

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

7. TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| Trade receivables | $3529 | $3987 |
| GST receivable | 17 | 35 |
| Other | 10 | 10 |
|  | $3556 | $4032 |

---

8. INVENTORIES

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| Ore in stockpiles | $70 | $135 |
| Concentrate stockpiles | 132 | 47 |
| Materials and supplies | 9546 | 8061 |
|  | $9748 | $8243 |

---

9. MINERAL PROPERTIES, PLANT AND EQUIPMENT

The Company depreciates plant and equipment over the estimated useful lives of the assets, and depletes mineral property assets over units of production. The carrying value as at September 30, 2025 and December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Mineral<br> properties | Plant and<br> equipment | Land | Construction<br> in progress | Total |
| **Cost** |  |  |  |  |  |
| As at January 1, 2024 | $46713 | $39610 | $1135 | $3840 | $91298 |
| &nbsp;&nbsp;&nbsp;Additions | 38 | 50 |  | 1841 | 1929 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 1452 |  | (1452) |  |
| &nbsp;&nbsp;&nbsp;Transfer to mineral properties | 3269 |  |  | (3269) |  |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 368 | - | - | 368 |
| As at December 31, 2024 | $50020 | $41382 | $1135 | $960 | $93497 |
| &nbsp;&nbsp;&nbsp;Additions |  |  |  | 9250 | 9250 |
| &nbsp;&nbsp;&nbsp;Transfer to plant and equipment |  | 3573 |  | (3573) |  |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment |  | (224) |  |  | (224) |
| &nbsp;&nbsp;&nbsp;Change in reclamation and remediation provision | - | 892 | - | - | 892 |
| As at September 30, 2025 | $50020 | $45623 | $1135 | $6637 | $103415 |

---

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

9. MINERAL PROPERTIES, PLANT AND EQUIPMENT (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Mineral<br> properties | Plant and<br> equipment | Land | Construction<br> in progress | Total |
| **Accumulated depreciation** |  |  |  |  |  |
| As at January 1, 2024 | $25221 | $29279 | $- | $- | $54500 |
| &nbsp;&nbsp;&nbsp;Sale of equipment |  | (34) |  |  | (34) |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 4337 | 4391 | - | - | 8728 |
| As at December 31, 2024 | $29558 | $33636 | $- | $- | $63194 |
| &nbsp;&nbsp;&nbsp;Depreciation and depletion | 1353 | 2731 |  |  | 4084 |
| &nbsp;&nbsp;&nbsp;Write-down of plant and equipment | - | (224) | - | - | (224) |
| As at September 30, 2025 | $30911 | $36143 | $- | $- | $67054 |
| Net book value at December 31, 2024 | $20462 | $7746 | $1135 | $960 | $30303 |
| Net book value at September 30, 2025 | $19109 | $9480 | $1135 | $6637 | $36361 |

---

10. LEASES

a) Right-of-use assets

---

| | |
|:---|:---|
|  | Total |
| As at January 1, 2024 | $71 |
| Lease amendment | 154 |
| Changes to lease terms | (28) |
| Depreciation | (67) |
| Unrealized foreign exchange | (5) |
| As at December 31, 2024 | $125 |
| Changes to lease terms | 132 |
| Depreciation | (55) |
| Unrealized foreign exchange | 4 |
| As at September 30, 2025 | $206 |

---

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, 2024 and the nine months ended September 30, 2025, there were changes to the amount of office space attributable to the Company as reflected in changes to lease terms in the table above. Further, during the year ended December 31, 2024, the Company renewed its lease agreement for the shared office space and extended the term of the lease by three years, resulting in a net addition of $154 to right-of-use assets, with an offsetting addition to lease liabilities.

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

10. LEASES (continued)

b) Lease liabilities

---

| | |
|:---|:---|
|  | Total |
| As at January 1, 2024 | $76 |
| Changes to lease terms | (34) |
| Lease amendment | 154 |
| Interest accretion | 7 |
| Unrealized foreign exchange | (9) |
| Lease payments | (67) |
| As at December 31, 2024 | $127 |
| Changes to lease terms | 135 |
| Interest accretion | 13 |
| Unrealized foreign exchange | 4 |
| Lease payments | (64) |
| As at September 30, 2025 | $215 |
| Current lease liabilities | $94 |
| Non-current lease liabilities | 121 |
|  | $215 |

---

The maturity analysis of the Company's contractual undiscounted lease liabilities as at September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | < 1 year | 1 to 3 years | > 3 years | Total |
| Minimum lease payments | 109 | 128 |  | 237 |
| Interest charge | (15) | (7) | - | (22) |
| Lease liabilities | $94 | $121 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $215 |

---

11. OTHER ASSETS

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| Reclamation deposit | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;672 |
| Other assets | - | 536 |
|  | $866 | 1208 |
| Current | - | (518) |
| Non-current | $866 | $690 |

---

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

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

12. DEBT

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Credit<br> Facility (i) | Equip.<br> Facility (ii) | Local<br> develop.<br> agencies (iii) | EXIM Bank<br> Credit<br> Agreement<br> (iv) | **Total<br> third-party<br> debt** |
| Balance January 1, 2024 | $31655 | $- | $- | $- | $**31655** |
| Gain on loan modification | (98) |  |  |  | **(98)** |
| Repayment of Loan | (22000) |  |  |  | **(22000)** |
| Interest and accretion | 1564 |  |  |  | **1564** |
| Interest payment | (1707) |  |  |  | **(1707)** |
| Amortization of deferred charges | 644 | - | - | - | **644** |
| Balance December 31, 2024 | $10058 | $- | $- | $- | $**10058** |
| Advances |  | 4732 | 2000 | 1658 | **8390** |
| Repayment of Loan | (5000) | (942) |  |  | **(5942)** |
| Interest and accretion | 542 | 92 | 32 | 9 | **675** |
| Exposure fee |  |  |  | 99 | **99** |
| Interest payment | (448) | (92) | (29) |  | **(569)** |
| Amortization of deferred charges | - | - | - | (72) | **(72)** |
| Balance September 30, 2025 | $5152 | $3790 | $2003 | $1694 | $**12639** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Credit<br> Facility (i) | Equip.<br> Facility (ii) | Local<br> develop.<br> agencies (iii) | EXIM Bank<br> Credit<br> Agreement<br> (iv) | **Total<br> third-party<br> debt** |
| Current | $5152 | $2164 | $262 | $**-** | $**7578** |
| Non-current | $- | $1626 | $1741 | $**1694** | $**5061** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Credit Facility** 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility was secured by a general charge on the assets of the Company, and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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, however, no standby fees were incurred during the year ended December 31, 2024 or the nine months ended September 30, 2025, as the full amount of the Credit Facility had been drawn prior to January 1, 2024, and no unadvanced portion remained during these periods.

● The original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

● The Credit Facility is subject to certain financial covenants, which initially included an 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. These financial covenants have been subsequently amended, with current financial covenants including an interest coverage ratio of not less than 1.5 to 1.0, and an unrestricted cash balance of not less than $1,000. As of September 30, 2025, the Company was in compliance with all covenants related to the Credit Facility

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

12. DEBT (continued)

During 2024, the Company entered into several amendments to its Credit Facility. In February 2024, the available credit limit was reduced from $32,170 to an available credit limit of $27,170, by a principal payment of $5,000. In April 2024, a further amendment was executed, whereby, the previously imposed leverage ratio of 3.0 to 1.0 was removed and the interest coverage ratio was reduced to its current requirement of 1.5 to 1.0 (as noted above). Additionally, the Company agreed to make repayments on the Credit Facility to reduce the available credit to $15,170 by June 30, 2024 by way of a $10,000 principal payment made in April 2024, and a $2,000 principal payment on June 30, 2024, with a further reduction to the available credit limit to $10,170 by December 31, 2024, by way of another principal payment of $5,000 on or before December 31, 2024.

On December 9, 2024, the Company entered into and amendment to the Credit Facility, which extended the maturity date of the Credit Facility from June 30, 2025 to December 31, 2025, and providing a revised repayment schedule which included $5,000 due before June 30, 2025, and the remaining principal balance of the Credit Facility of $5,170 to be made prior to the amended maturity date of December 31, 2025. Further, the minimum unrestricted cash balance required to be held by the Company was reduced from $3,000 to $1,000.

On July 21, 2025, the Company entered into its most recent amendment to its Credit Facility, which removed the financial covenants as well as the general security interest previously held by NBC over the assets of the Company.

A guarantee for the Credit Facility was provided by a company controlled by Titan's Executive Chairman with a guarantee fee applicable to the available credit limit amount at an annual rate of 1.125%, and has been extended concurrent with the extension of the maturity date of the Credit Facility. During the three and nine months ended September 30, 2025, the Company incurred a guarantee fee charge of $14 and $72 respectively (2024 - $43 and $240 respectively) recognized on the Company's Statements of Income and Comprehensive Income.

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

On December 31, 2024, the Company entered into an equipment facility loan agreement ("Equipment Facility") with Glencore, to purchase certain capital equipment for use at the Company's ESM, up to a combined maximum amount of $4,800 of which the Company advanced $4,700 before August 31, 2025 (availability period). The Equipment Facility bears interest on a monthly basis using the SOFR plus 2%, with interest payable monthly. The maturity date of the Equipment Facility is May 31, 2027. Principal payments are payable in equal monthly installments from the date of each advance over the remaining term of the Equipment Facility.

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

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

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

During the three and nine months ended September 30, 2025 the Company recognized $32 as interest on its Statements of Income and Comprehensive Income.

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

12. DEBT (continued)

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

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

Terms of the EXIM Facility include the following:

● The EXIM Facility is available to be drawn until December 31, 2026, and may be drawn in multiple tranches.

● Interest on the EXIM Facility is fixed for the duration of the loan and is based on the average of the EXIM Commercial Interest Reference Rate (CIRR) for the five business days prior to the first drawdown. Interest is payable quarterly, commencing December 30, 2025, and continuing on March 30, June 30, September 30, and December 30 of each year.

● An exposure fee of 5.9721% is applied to each drawdown amount.

● A commitment fee of 0.5% per annum is payable on the undrawn portion of the facility, commencing on August 18, 2025, and continuing until the earlier of the final drawdown or December 31, 2026, with payment due quarterly in arrears beginning December 30, 2025.

● The EXIM Facility matures on September 30, 2032, with principal to be repaid in 20 equal quarterly installments of $783.4, beginning on December 30, 2027. In addition, if the Company's consolidated cash balance exceeds $15,000 on June 30 or December 31 in any year during the term of the loan, 50% of the excess is required to be repaid toward the outstanding balance of the EXIM Facility within five business days.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Minimum Liquidity: the Company must maintain a minimum cash of $475 for each fiscal quarter period between
the initiation of the loan and prior to September 30, 2027 and $3,700 for each quarter period thereafter up to the end of the loan period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Leverage ratio: a total leverage ratio of not more than 3.0 to 1.0 for quarters ending prior to December
31, 2026 and 2.50 to 1.0 for subsequent quarters up to the end of the loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fixed charge coverage ratio: not less than 1.5 to 1.0 for fiscal quarter period ending March 31, 2027
and each fiscal quarter period ending thereafter.

As of September 30, 2025, the Company was in compliance with all covenants related to the EXIM Facility

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

12. DEBT (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Related Party Promissory<br> Note (i) | Related Party Loans (ii) | **Total third-party debt** |
| Balance January 1, 2024 | $4124 | $- | $**4124** |
| Advances |  | 16500 | **16500** |
| Interest and accretion | 1163 |  | **1163** |
| Amortization of deferred charges | 236 | - | **236** |
| Balance December 31, 2024 | $5523 | $16500 | $**22023** |
| Gain in loan modification | (322) |  | **(322)** |
| Interest and accretion | 669 | 238 | **907** |
| Payment of loan | (5000) |  | **(5000)** |
| Interest payment | (954) |  | **(954)** |
| Amortization of deferred charges | 84 | (31) | **53** |
| Balance September 30, 2025 | $- | $16707 | $**16707** |
| Current | $- | $- | $**-** |
| Non-current | $- | $16707 | $**16707** |

---

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

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

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

On April 30, 2025, the terms of the Promissory Note were amended to extend its maturity to November 1, 2025. As a result of the loan extension, the Company recognized a gain on loan modification of $338 on the Company's Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). All other terms remain the same.

On August 29, 2025, the Company paid in full its Related Party Promissory Note which included $5,000 principal as well as $954 interest. An expense of $16 was recognized on its Statements of Income and Comprehensive Income.

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

12. DEBT (continued)

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

On February 9, 2024 and April 10, 2024, the Company was loaned $5,000 and $10,000, respectively, by Augusta Investments Inc. ("Augusta Investment") a company controlled by Titan's Executive Chairman of which proceeds were used to settle principal payments owing on the Company's Credit Facility. An additional $1,500 was loaned to the Company by the same related party, to assist with funding of the Company's cash deposit to be held by Glencore Ltd., as a part of the Company's fixed price zinc contract (Note 6), such that the Company would remain compliant with the Company's minimum unrestricted cash balance as required by the financial covenants of the NBC Credit Facility.

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

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

● Principal repayments are scheduled as follows:

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

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

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

The Augusta Facility is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company.

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

13. 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 as of September 30, 2025 was approximately $331 (December 31, 2024 -$207) over the course of the remaining term of the office space lease.

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

13. RELATED PARTY TRANSACTIONS (continued)

The Company was charged for the following with respect to this arrangement during the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $129 | $36 | $323 | $308 |
| Office and other | 53 | 50 | 131 | 92 |
| Marketing and travel | 4 | 4 | 10 | 12 |
|  | $186 | $90 | $464 | $412 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Salaries and benefits | $130 | $97 | $375 | $601 |
| Consulting Fees | 158 | 80 | 467 | 389 |
| Share-based compensation | 221 | 89 | 393 | 286 |
| Directors' fees | 55 | 55 | 164 | 164 |
|  | $564 | $321 | $1399 | $1440 |

---

---

| | | |
|:---|:---|:---|
|  | As at September 30,<br> 2025 | As at<br> December 31, <br> 2024 |
| Salaries and benefits payable | $395 | $650 |
| Consulting fees payable | 15 | 206 |
|  | $410 | $856 |

---

&nbsp;&nbsp;&nbsp;&nbsp;14. INTEREST AND OTHER FINANCE EXPENSES

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Interest and borrowing costs | $665 | $761 | $1849 | $2686 |
| Other | 58 | 32 | 149 | 380 |
|  | $723 | $793 | $1998 | $3066 |

---

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;15. RECLAMATION AND REMEDIATION PROVISION

---

| | | |
|:---|:---|:---|
|  | As at<br> September 30,<br> 2025 | As at<br> December 31,<br> 2024 |
| Balance, beginning of period | $15447 | $16299 |
| Accretion | 252 | 304 |
| Change in estimates | 892 | (1156) |
| Balance, end of period | $16591 | $15447 |

---

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 September 30, 2025, the estimated future cash flows have been discounted using the US Treasury real rate adjusted for years of expected closure expenditure of 2.45% (December 31, 2024 –2.47%). The impact of the change in estimate is included in the table above.

At September 30, 2025, the total undiscounted amount for the estimated future cash flows was $23,682 (December 31, 2024 – $23,663).

&nbsp;&nbsp;&nbsp;&nbsp;16. SHARE CAPITAL AND RESERVES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Authorized capital** 

The Company's authorized share capital consists of an unlimited number of common shares without par value. At September 30, 2025, the Company had 91,489,771 (December 31, 2024 - 90,911,066) common shares issued and outstanding. No dividends were declared during the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - nil).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 Condensed Consolidated Interim Financial Statements**

**For the Three and Nine months ended September 30, 2025 and 2024**

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

16. SHARE CAPITAL AND RESERVES (continued)

The following table shows the change in the Company's stock options during the nine months ended September 30, 2025 and the years ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nine months ended<br> September 30, 2025 | Nine months ended<br> September 30, 2025 | Year ended <br> December 31, 2024 | Year ended <br> December 31, 2024 |
|  | Number of options <sup>(1)</sup> ('000s) | Weighted-average exercise price <sup>(1)</sup><br> (in C$) | Number of options <sup>(1)</sup> ('000s) | Weighted-average exercise price <sup>(1)</sup><br> (in C$) |
| Outstanding, start of the period | 6830 | 0.71 | 4220 | 1.68 |
| &nbsp;&nbsp;&nbsp;Granted | 2113 | 1.83 | 3300 | 0.53 |
| &nbsp;&nbsp;&nbsp;Exercised | (775) | 0.95 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  | (690) | 0.75 |
| &nbsp;&nbsp;&nbsp;Expired | - | - | - | - |
| Outstanding, end of the period | 8168 | 0.71 | 6830 | 0.71 |
| Exercisable, end of the period | 3707 | 0.75 | 2595 | 0.81 |

---

**** 

**(1)** **Option amounts and exercise prices have been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise not** 

During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br> September 30, | Three months ended<br> September 30, | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Share based compensation | $252 | $173 | $457 | $455 |
| Recognized in: |  |  |  |  |
| Operating expenses | $20 | 44 | 38 | 114 |
| General and administrative expenses | $232 | $129 | $419 | $341 |
|  | $252 | $173 | $457 | $455 |

---

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

16. SHARE CAPITAL AND RESERVES (continued)

During the three and nine months ended September 30, 2025, the Company recognized share-based compensation expense of $252 and $457 respectively (2024 – $173 and $455), of which $19 and $37 respectively (2024 $44 and $114) were recorded in Operating Expenses in the Statements of Income (Loss) and Other Comprehensive Income (Loss) and $232 and $419 (2024- $129 and $341) recognized in General and Administrative Expenses in the Statement of Income (Loss) and Comprehensive Income (Loss). The fair value and assumptions for the options granted during the three and nine months ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Grant Date | Expected <br> Life of<br> Options | Exercise<br> Price <sup>(1)</sup> | Risk-free<br> Interest<br> Rate | Volatility | Black-Scholes<br> Fair Value <sup>(1)</sup> |
| April 16, 2024 | 5 years | $0.54 | 3.76% | 0.76 | $0.26 |
| August 15, 2024 | 5 years | $0.54 | 2.98% | 0.74 | $0.12 |
| October 17, 2024 | 5 years | $0.45 | 2.93% | 0.75 | $0.18 |
| December 13, 2024 | 5 years | $0.45 | 2.97% | 0.75 | $0.18 |
| April 1, 2025 | 5 years | $0.62 | 2.57% | 0.76 | $0.27 |
| September 4, 2025 | 5 years | $1.83 | 2.90% | 0.72 | $0.80 |

---

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

The following table provides information on outstanding and exercisable stock options at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Grant Date | Exercise price <sup>(1)</sup><br> (in C$) | Number of<br> Options<br> outstanding <sup>(1)</sup> ('000s) | Weighted-average<br> remaining<br> contractual life<br> (years) | Number of<br> Options<br> exercisable <sup>(1),(2)</sup><br> ('000s) |
| November 13, 2020 | 1.28 | 167 | 0.1 | 167 |
| November 10, 2022 | 0.77 | 2643 | 2.1 | 1940 |
| April 16, 2024 | 0.54 | 2578 | 3.6 | 1389 |
| August 15, 2024 | 0.54 | 133 | 3.9 | 45 |
| October 17, 2024 | 0.45 | 533 | 4.1 |  |
| December 13, 2024 | 0.45 | 267 | 4.2 |  |
| April 1, 2025 | 0.62 | 100 | 4.5 |  |
| September 4, 2025 | 1.83 | 1747 | 5.0 | 167 |
|  | 0.90 | 8168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | 3708 |

---

**** 

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

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

**TITAN MINING CORPORATION**

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

**For the Three and Nine months ended September 30, 2025 and 2024**

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

16. SHARE CAPITAL AND RESERVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Share purchase warrants** 

The following table shows the change in the Company's share purchase warrants during the nine months ended September 30, 2025 and during the year ended December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | Number of<br> share purchase<br> warrants <sup>(1)</sup> ('000s) | Weighted-average<br> exercise price <sup>(1)</sup><br> (in C$) | Weighted-average<br> life remaining<br> (years) |
| Outstanding, December 31, 2023 | 13429 | 0.77 | 1.66 |
| &nbsp;&nbsp;&nbsp;Expired | (9429) | 0.81 | - |
| Outstanding, December 31, 2024 | 4000 | 0.63 | 3.84 |
| Outstanding September 30, 2025 | 4000 | 0.63 | 3.09 |

---

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

The following table provides information on outstanding and exercisable share purchase warrants at September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Expiry Date | Exercise price<br> (in C$) | Number of<br> warrants<br> outstanding<br> ('000s) | Weighted-average<br> remaining<br> contractual life<br> (years) | Weighted-average<br> fair value per<br> warrants<br> (in C$) |
| November 1, 2028 | 0.63 | 4000 | 3.09 | 0.39 |

---

 

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

&nbsp;&nbsp;&nbsp;&nbsp;17. 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 $37,227 and those located in Canada total $206.

18. SUPPLEMENTARY CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | Nine months ended<br> September 30, | Nine months ended<br> September 30, |
|  | 2025 | 2024 |
| **Non-cash investing and financing activities** |  |  |
| Change in accounts payable and accrued liabilities with respect to construction in progress | 223 |  |
| Change in accounts payable and accrued liabilities with respect to inventories | 6 | 337 |
| Change in accounts payable and accrued liabilities with respect to operating expenses | 1972 | 900 |
| Change in reclamation and remediation asset | 892 | 416 |

---

## Exhibit 99.107

**Exhibit 99.107**

![](ex99-107_001.jpg)

**TITAN MINING CORPORATION**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025**

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |

---

This Management's Discussion and Analysis ("**MD&A**") is intended to help the reader understand Titan Mining Corporation ("**Titan**", "**we**", "**our**" or the "**Company**"), our operations, financial performance, and current and future business environment for the three and nine months ended September 30, 2025, and includes events up to the date of this MD&A. This discussion should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025 and 2024 (the "**Interim Financial Statements**") and the related notes thereto and other corporate filings, including the Company's annual audited consolidated financial statements for the years ended December 31, 2024 and 2023 (the "**Annual Financial Statements**"). Unless otherwise specified, all financial information has been derived from the Company's Interim Financial Statements which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("**IFRS**") applicable to the preparation of interim financial statements including International Accounting Standards 34 – Interim Financial Reporting ("**IAS 34**").

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

This MD&A is dated November 4, 2025. All dollar amounts reported herein are in US dollars unless otherwise indicated.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **Page** |
| OUR BUSINESS | 4 |
| STRATEGY AND OUTLOOK | 4 |
| FINANCIAL AND OPERATIONAL SUMMARY | 5 |
| HIGHLIGHTS | 6 |
| OPERATIONS REVIEW | 7 |
| EXPLORATION UPDATE | 7 |
| FINANCIAL REVIEW | 9 |
| LIQUIDITY AND CAPITAL RESOURCES | 12 |
| FINANCIAL INSTRUMENTS | 16 |
| RELATED PARTY TRANSACTIONS | 17 |
| CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING | 20 |
| NOTES TO READER | 20 |
| NON-GAAP PERFORMANCE MEASURES | 21 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**OUR BUSINESS**

Titan is a natural resource company engaged in the acquisition, exploration, development and production of mineral properties. Our corporate office is in Vancouver, British Columbia, and our shares are listed on the Toronto Stock Exchange under the symbol "TI" and on the OTCQB under the symbol "TIMCF".

The Company's principal asset is a group of 100%-owned, high-grade zinc mines located in the Balmat–Edwards mining district in northern New York State, near Gouverneur and 35 miles south of the Port of Ogdensburg and include the Empire State Mine's #2, #3, #4, Hyatt, Pierrepont and Edwards mines (collectively the "**Empire State Mine**" or "**ESM**"). Titan is also fast-tracking the development of the Kilbourne Graphite Project ("**Kilbourne**") targeting to be the first integrated producer of natural graphite in the USA since 1956. Titan declared commercial zinc production at ESM on January 1, 2020. The Company also continues to maintain its unpatented mining claims in New Mexico, USA.

**STRATEGY AND OUTLOOK**

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

In the first quarter of 2025, Titan management and Board approved a plan and commenced acquisition of the necessary equipment to recommence mining in the N2D zone ("**N2D**"). Mining from N2D re-started in the second quarter. The area is fully developed enabling the Company to ramp up production quickly. N2D is estimated to add approximately 12 million payable zinc pounds per annum. ESM has provided 2025 production guidance of between 75 - 81 million zinc recoverable pounds or 64 - 69 million zinc payable pounds. ESM continues to review ways to increase operating efficiencies, particularly by adding incremental ore feed from other historically mined zones outside of the current #4 mine. Refer to the Company's news release titled "Titan Provides Update on Production Expansion and Guidance for 2025" dated February 19, 2025, for additional information.

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

In 2024, the Company declared a maiden mineral resource at Kilbourne. Kilbourne comprises an open pit constrained inferred mineral resource estimate of 22 million tons at an average grade of 2.91% graphitic carbon ("Cg") with 653kt of contained graphite. The Company has outlined parameters of a processing facility for the Kilbourne natural graphite mineralized material (the "**Facility**"), co-located with the Company's existing zinc operations at ESM. The Company initiated dry commissioning of the facility in the third quarter and is targeting production from the Facility by the fourth quarter of 2025. The Company plans to use the Facility to generate product for commencement of qualification sales and to develop a commercialization strategy for Kilbourne. See the Company's news release dated January 16, 2025, for further detail regarding the Facility*.* Construction of the Facility was recommended in the Company's current technical report for ESM.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

During October 2025, the Company received an expression of financing interest of up to US$120 million from US EXIM Bank ("EXIM") for construction of the Kilbourne project under its "Make More in America" ("MMIA") program. In parallel with EXIM's MMIA process, the Company continues to collaborate with the EXIM and other U.S. Government Agencies such as the Department of War and the Department of Energy on opportunities for coordinated participation in the Company's critical-minerals plan through strategic funding, inclusion as a key stakeholder and policy programs incentivizing domestic production and secure resilient supply chains. A finalized commitment package of this amount from EXIM would potentially represent a substantial portion of the capital required to construct the Kilbourne Project, providing a clear path to development that leverages federal partnership support and Titan's strong operating cash flow from its Empire State Mines zinc operations. The Company expects the overall financing structure to be highly capital-efficient for shareholders. See the Company's news release dated October 7, 2025, for further detail regarding the expression of financing interest.

Also, during October 2025, the Company received pre-clearance by the NYSE American to list its common shares on the NYSE American. See the Company's news release dated October 30, 2025, for further detail regarding the listing.

In addition, the Company continues to examine various financing options to advance further development at ESM and bolster the Company's treasury.

**FINANCIAL AND OPERATIONAL SUMMARY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
| <br>**Financial Performance** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net income (loss) before tax | $80 | $(4864) | $4944 | $973 | $(4878) | $5851 |
| Operating cash inflow before changes in<br> non-cash working capital | $2146 | $(1675) | $3821 | $7200 | $5554 | $1646 |

---

---

| | | |
|:---|:---|:---|
| **Financial Condition** | **September 30,<br> 2025** | **December 31, <br> 2024** |
| Cash and cash equivalents | $4285 | $10163 |
| Working capital surplus (deficit) | $5655 | $(12581) |
| Total assets | $57786 | $55148 |
| Equity | $4608 | $3003 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
| <br>**Operating Data** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Payable zinc produced (mlbs) | 14.6 | 8.0 | 6.6 | 45.5 | 37.2 | 8.3 |
| Payable zinc sold (mlbs) | 14.5 | 8.2 | 6.3 | 45.4 | 37.3 | 8.1 |
| Average provisional zinc price (per lb) | $1.29 | $1.27 | $0.02 | $1.26 | $1.23 | $0.03 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**HIGHLIGHTS**

Significant events and operating highlights for the three months ended September 30, 2025 and up to the date of this MD&A include the following:

● Payable zinc production of 14.6 million pounds, up 76% from Q3 2024.

● No Lost Time Injuries

● Revenues of $16,775, C1 cash costs $1.01 per pound and AISC of $1.13 per pound.

● Cash flow from operations of $2,147.

● Reduction in net debt by 19% from Q3 2024.

● Cash balance of $4,285 at quarter end.

● Strong safety performance, with an injury frequency rate well below the U.S. national average.

● Finalized a $15,800 credit agreement with US EXIM Bank and drew down first $1,694.

● Restructured $16,500 of related party debt, with repayments beginning in 2026 over three years.

● Graphite processing facility construction nearing completion, with expected commissioning in Q4 2025, making Titan the first integrated producer of natural flake graphite in the U.S. in over 70 years.

● Identified Germanium in existing zinc-processing circuit – no new mining required.

● Received financing interest of up to US$120,000 from US EXIM Bank for construction of the Company's Kilbourne project.

● Received pre-clearance by the NYSE American to list its common shares on the NYSE American.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Q3** | **Q2** | **Q1** | **<u>FY <sup>(2)</sup></u>** | **Q4** | **Q3** | **Q2** | **Q1** |
| **Production** |  |  |  |  |  |  |  |  |  |
| Ore mined | tons | 119564 | 113361 | 109167 | 406541 | 141820 | 58353 | 95575 | 110795 |
| Ore milled | tons | 117457 | 111695 | 108293 | 410867 | 147393 | 57011 | 95762 | 110703 |
| Feed grade | zn % | 7.6 | 8.5 | 8.7 | 8.8 | 9.0 | 8.6 | 9.1 | 8.1 |
| Recovery | % | 96.2 | 96.0 | 96.4 | 96.4 | 96.4 | 96.3 | 96.5 | 96.2 |
| Payable zinc | mlbs | 14.64 | 15.51 | 15.37 | 59.5 | 21.7 | 8.3 | 14.8 | 14.7 |
| Concentrate grade | zn % | 59.3 | 60.2 | 59.6 | 60.0 | 60.0 | 59.8 | 60.1 | 59.9 |
| Zinc concentrate produced | tons | 14490 | 15117 | 15172 | 58317 | 21850 | 7920 | 14155 | 14392 |
| **Sales** |  |  |  |  |  |  |  |  |  |
| Payable zinc | mlbs | 13.81 | 16.04 | 15.57 | 59.6 | 22.3 | 8.2 | 14.7 | 14.4 |
| Average provisional zinc price | $/lb | 1.29 | 1.20 | $1.29 | $1.23 | $1.28 | $1.27 | $1.30 | $1.11 |
| C1 cash cost <sup>(1)</sup> | $/lb | $1.01 | $0.90 | $0.91 | $0.91 | $0.81 | $1.32 | $0.79 | $0.97 |
| Sustaining capital expenditures <sup>(1)</sup> | $/lb | $0.12 | $0.00 | $0.05 | $0.03 | $0.05 | $0.03 | $0.00 | $0.03 |
| AISC<sup>(1)</sup> | $/lb | $1.13 | $0.90 | $0.96 | $0.94 | $0.86 | $1.35 | $0.79 | $1.00 |

---

 

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**OPERATIONS REVIEW**

There were no lost time injuries in the third quarter.

Mining in the third quarter of 2025 continued to focus on the Mahler, New Fold, and Mud Pond zones in the #4 mine. Mining operations were suspended in the N2D zone as a result of a reduction in hauling capacity during the third quarter, due to a fire in one haul truck and the reduced mechanical unavailability of two others at various times. Delivery of a 40 ton underground haul truck was taken during the third quarter. It was commissioned early in the fourth quarter and a second underground haul truck is expected to be delivered and commissioned in late November. Mining will resume in N2D in Q1 of 2026. Extraction of high grade pillars in lower Mahler in September started and this provided higher grade feed for the mill. Additionally, longhole stope mining in New Fold provided above-target grades in September, offsetting lower grades mined in July and August. Mining will continue in these same key zones during the final quarter of 2025. Haulage capacity constraints continue to be worked through at ESM.

Work on projects in the third quarter focused mainly on the two underground haul trucks noted above and surface mining equipment for the graphite demonstration pit.

Construction work continued on the demonstration plant which will process Kilbourne ore in order to produce flake graphite concentrate for qualification. Commissioning activities started, with first concentrate expected in the fourth quarter. This facility will be the first to produce end to end natural flake graphite in the US in 70 years and will be used to generate product for qualification by downstream users. The Kilbourne demonstration pit was fully permitted in the second quarter and mining activities began in the third quarter. By the end of the third quarter, 15,000 tons of ore were broken, with approximately 8,000 tons hauled to stockpile and 500 tons crushed and ready for plant feed.

**EXPLORATION UPDATE**

**Empire State Mine**

 

*Historic Data*

 

The review, compilation, digitization, and modelling of historic data collected over approximately 100 years by the previous operators of ESM continues to contribute to the exploration success at ESM, with several near-mine mineralized zones identified, including N2D and Turnpike.

Titan's exploration team has continued to generate additional near-mine and district targets using historic soil, stream sediment, drilling, and geophysical data. These historic data sets are also being utilized to identify additional near-surface mineralization in the vicinity of the other historic mining areas (Hyatt, Pierrepont, Edwards, Rossie-Macomb, and Clifton). The team continues to research and consolidate mineral rights interests in high priority target areas. With an additional 43,942 acres of mineral rights added through lease and option to lease agreements with St. Lawrence County in May of 2025. Refer to the Company's press release dated May 8<sup>th</sup>, 2025 and titled "Titan Mining Signs Cooperative Agreements with St. Lawrence County, Expands Mineral Tenure to Greater Than 120,000 acres in Upstate New York" for more information.

The company continues to evaluate the potential of the district for base, industrial, and precious metals. Multiple areas with historically documented graphite mineralization have been identified, with confirmed graphite mineralization within the ESM mineral tenure. The St. Lawrence County agreement has added the Parish Magnetite prospect to the Company's target list, a possible Iron Oxide Copper Gold (IOCG) occurrence in the historic Adirondack Magnetite Belt.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

*2025 Drill Programs*

 

Underground Zinc:

Underground drill programs in the third quarter of 2025 targeted New Fold, N2D, Mud Pond, and Little York. Underground drilling totalled 27 drill holes and 8,436 ft (2,571 m). All underground drilling was completed with Company-owned underground drills by Company employees. Included in the third quarter drill total is 2,984 ft (909.5 m) of exploration drilling. This includes the continuation of UX25-037 which began in the first quarter of 2025 and reached its total depth of 2,578 ft (785.8 m) in the third quarter. Exploration drilling also began targeting the Little York exploration target first announced in the July 15th, 2021 press release "Titan Discovers New Zone of High-Grade Mineralization, Sets Production Guidance and Announces Inaugural Dividend". A total of 2,074 ft have been drilled targeting Little York, with one hole completed in third quarter. Drilling in the fourth quarter of 2025 will continue to target Little York and N2D.

Surface Zinc:

Surface drilling in the third quarter of 2025 totalled 1 hole with 1,877 ft (572 m) drilled. This marked the completion of the Company's Pork Creek drill program. All surface drilling was completed using Company owned drills by Company employees. Pork Creek drilling successfully tested the limbs of mapped fold, intercepting traces of zinc mineralization with prospective geologic units. The Company's surface drill rig and crew were mobilized to the Kilbourne Graphite project in August of 2025 where they drilled through the end of September. The rig then began mobilization to the Company's Parish prosect with drilling to begin in the fourth quarter of 2025.

Kilbourne Graphite:

In the third quarter of 2025, drilling resumed at the Company's Kilbourne graphite project. A total of 7 holes totalling 2,490 ft (759 m) drilled. Drilling has been completed by both a Company owned and operated surface drill, as well as through contract drilling by Boart Longyear. Five holes were completed testing the eastern extension of the mapped Kilbourne host lithology. Graphite mineralization has been intercepted over 2,500 ft (762 m) east of the conceptual Kilbourne pit design. Additional drilling is planned through the fourth quarter of 2025 to further delineate and expand the Kilbourne deposit.

New Mexico

The Company began prospecting for base metals in an area of New Mexico in 2017. In 2018, the Company completed the first phase of its drilling program and was encouraged by the results. Annual claim maintenance fees have been renewed since, allowing the Company to maintain control of the current land position while evaluating future exploration activities.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**TREND ANALYSIS**

**Selected Quarterly Information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** |
|  | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** |
| Revenues | $16775 | $16344 | $16015 | $26327 | $8274 | $17969 | $11731 | $10911 |
| Net income (loss) | 78 | 539 | 354 | 11596 | (4864) | 2617 | (2632) | (6959) |
| Basic & diluted income (loss) per share ($) <sup>(1)</sup> | 0.00 | 0.00 | 0.00 | 0.13 | (0.05) | 0.03 | (0.3) | (0.08) |
| Cash and cash equivalents | 4285 | 8142 | 12183 | 10163 | 5844 | 5547 | 4176 | 5031 |
| Total assets | 57786 | 57143 | 58927 | 55148 | 50290 | 52386 | 49813 | 52762 |
| Total liabilities | 53178 | 53114 | 55460 | 52145 | 57535 | 55194 | 56021 | 55032 |

---

**<sup>(1)</sup>** **Basic diluted income (loss) per shares has been adjusted to reflect the effect of the 1.5:1 share consolidation that took place on November 3, 2025, unless otherwise noted**

**FINANCIAL REVIEW**

**Financial Results**

---

| | | |
|:---|:---|:---|
|  | **Three months ended<br> September 30** | **Nine months ended**<br> September 30,** |
| **Net income (loss) for the 2024 period** | $(4864) | $(4878) |
| Changes in components of income: |  |  |
| &nbsp;&nbsp;&nbsp;Revenues increase (decrease) | 8501 | 11160 |
| &nbsp;&nbsp;&nbsp;Cost of sales decrease (increase) | (2155) | (4536) |
| &nbsp;&nbsp;&nbsp;Other expenses decrease (increase) | (1402) | (773) |
| **Net income for the 2025 period** | $80 | $973 |

---

**Revenue**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** | **Nine months ended<br> September 30,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Zinc concentrate sales | $17762 | $10584 | $7178 | $57028 | $45598 | $11430 |
| Zinc concentrate provisional pricing adjustments | 765 | (645) | 1410 | (2506) | (378) | (2128) |
| Smelting and refining charges | (1752) | (1665) | (87) | (5388) | (7246) | 1858 |
| Revenue, net | $16775 | 8274 | 8501 | $49134 | $37974 | $11160 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

During the three months ended September 30, 2025, revenues increased by $8,501 compared to the same period in 2024. This increase is primarily attributable to the sale of 5.6 million lbs of zinc more than the third quarter of 2024, which impacted revenues by approximately $7.2 million. The balance of the increase was related to higher provisional price adjustments during the third quarter of 2025. During the nine months ended September 30, 2025, revenues increased by $11,160 compared to the same period in 2024, primarily due to an increase in zinc sold during 2025 of approximately 8.1 million pounds when compared to the same period in 2024.

In both periods the lower amount of zinc sold during 2024 relates directly to the suspension of operations from August 12, 2024 to October 2, 2024 due to the flooding caused by the tropical storm Debby.

**Cost of sales**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Operating expenses | $11366 | $9178 | $2188 | $34327 | $27639 | $6688 |
| Transportation costs | 845 | 460 | 386 | 2756 | 2142 | 614 |
| Royalties | 10 | 8 | 2 | 33 | 27 | 6 |
| Depreciation and depletion | 1037 | 1897 | (860) | 4084 | 7524 | (3440) |
| Change of Inventory | - | (440) | 440 | (19) | (687) | 668 |
| Total | 13258 | 11103 | 2156 | $41181 | $36645 | $4536 |

---

During the three and nine months ended September 30, 2025, cost of sales increased by $2,156 and $4,536, respectively, compared to the same periods in 2024. This increase is primarily attributable to the combined effect of:

● Higher production levels in 2025, with an increase of approximately 5.5 million pounds for the three-month period and 8.1 million pounds for the nine-month period, compared to the same periods in 2024. The higher productions increased the use of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mining supplies, resulting in additional costs of $500 and $1,902 for the three and nine-month periods,
compared to the same periods of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Other production support expenses, which increased by $198 and $554 for the three and nine-month periods,
respectively compared to the same periods of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Labor costs, due to an increased headcount, resulting in additional expenses of $788 and $1,614 for the
three and nine-month periods, respectively.

● Increases in repairs and maintenance expenses related to planned maintenance on certain equipment, totaling $359 and $2,038 for the three and nine-month periods, respectively. These maintenance activities were necessary to support the higher production levels during the periods.

These increases were partially offset by lower depreciation charges in 2025, driven by a revision to the resource estimate in the fourth quarter of 2024, which extended the useful life of certain depreciable assets under the unit-of-production method.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**Other operating expenses**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **<u>G&A expenses:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $507 | $170 | $337 | $1487 | $921 | $566 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 232 | 129 | 103 | 419 | 341 | 78 |
| &nbsp;&nbsp;&nbsp;Office and administration | 146 | 196 | (50) | 528 | 627 | (99) |
| &nbsp;&nbsp;&nbsp;Professional fees | 213 | 108 | 105 | 514 | 355 | 159 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets, net of changes in lease terms | (31) | (39) | 8 | (77) |  | (77) |
| &nbsp;&nbsp;&nbsp;Investor relations | 62 | 9 | 53 | 86 | 28 | 58 |
| Total | $1129 | $573 | $556 | $2957 | $2272 | $685 |
| **<u>Exploration and evaluation expenses:</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | $176 | $139 | $37 | $508 | $589 | $(81) |
| &nbsp;&nbsp;&nbsp;Assay and analyses | 64 | 42 | 22 | 138 | 162 | (24) |
| &nbsp;&nbsp;&nbsp;Contractors and consultants | 547 | 30 | 517 | 858 | 316 | 542 |
| &nbsp;&nbsp;&nbsp;Supplies | (37) | (18) | (19) | 83 |  | 83 |
| &nbsp;&nbsp;&nbsp;Other | 36 | 206 | (170) | 121 | 297 | (176) |
| Total | $786 | $399 | $387 | $1708 | $1364 | $344 |

---

General and administrative (G&A) expenses increased by $556 and $685 for the three and nine-month periods ended September 30, 2025, respectively, compared to the same periods in the prior year. The increase was primarily driven by the combined effect of:

● Higher salaries and benefits, which rose by $337 and $566 for the three and nine-month periods, respectively. These increases reflect a rise in headcount to support the Company's continued operational expansion and the advancement of key projects, as well as annual salary adjustments.

● An increase in share-based compensation expenses, of $103 and $78 for the same periods, primarily due to a options granted and vested in the current year.

Exploration and evaluation expenses increased by $387 and $344 for the three and nine-month periods ended September 30, 2025, respectively, compared to the same periods in the prior year. The increase in this category is in line with the strategy of the Company to identify new mineralized bodies for potential production expansion.

**Other expenses (income)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
| **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| $642 | $1062 | $(420) | $1435 | $2571 | $(1136) |

---

For the three and nine months ended September 30, 2025, other expenses (income) decreased by $420 and $1,136, respectively, compared to the same periods in the prior year. The decrease for both periods was primarily driven by a decrease in interest expense of $70 and $1,068, respectively, resulting from a lower outstanding balance on the Company's credit facility with NBC (as defined below). In addition, during the nine-month period, the Company recognized a $322 gain on the modification of existing loan terms.

Foreign exchange gains also contributed positively to the three-month period ended September 30, 2025, as the Company recorded a gain of $13 compared to a loss of $291 in the same period of the prior year, representing an increase in gain of $304. However, for the nine-month period, foreign exchange gains decreased significantly, from $477 in the prior year to $70 in the current year, resulting in a decrease in gain of $407.

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**LIQUIDITY AND CAPITAL RESOURCES**

**Debt**

*Credit Facility - National Bank of Canada*

 

On June 6, 2022, the Company entered into a secured credit facility agreement for $40,000 (the "Credit Facility") with National Bank of Canada ("NBC"). The Credit Facility is secured by a general charge on the assets of the Company and was initially available to the Company on a revolving basis to finance the working capital and general corporate requirements. 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 original maturity date was December 6, 2023 and included an annual extension option. The maturity date has been subsequently amended, most recently on December 9, 2024, which extended the previously amended maturity date of June 30, 2025 to December 31, 2025.

On July 21, 2025, the Company entered into an Amended and Restated Credit Agreement (the "ARCA"). All material terms of the Credit Facility remain unchanged in the ARCA. The remaining principal balance of $5,170 is to be made prior to the amended maturity date of December 31, 2025. All financial covenants have been removed and NBC has released its security.

*Equipment Facility* 

 

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

As at September 30, 2025, the Company drew down $4,732 of the $4,800 maximum amount and continued to service the debt on schedule.

*Local development agencies*

 

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

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

*EXIM Facility*

 

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

Terms of the EXIM Facility include the following:

● The EXIM Facility is available to be drawn until December 31, 2026, and may be drawn in multiple tranches.

● Interest on the EXIM Facility is fixed for the duration of the loan and is based on the average of the EXIM Commercial Interest Reference Rate (CIRR) for the five business days prior to the first drawdown. Interest is payable quarterly, commencing December 30, 2025, and continuing on March 30, June 30, September 30, and December 30 of each year.

● A one-time exposure fee of 5.97% is applied to each drawdown amount.

● A commitment fee of 0.5% per annum is payable on the undrawn portion of the facility, commencing on August 18, 2025, and continuing until the earlier of the final drawdown or December 31, 2026, with payments due quarterly in arrears beginning December 30, 2025.

● The EXIM Facility matures on September 30, 2032, with principal to be repaid in 20 equal quarterly installments of $783.4, beginning on December 30, 2027.

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

As at September 30, 2025, the Company had drawn down $1,757 of the $15,800.

*Promissory Note – November 1, 2023* 

 

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

On August 29, 2025, the Company paid the promissory note in full.

 

*Other Related Party Loans*

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

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

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

● Principal repayments are scheduled as follows:

● $7,500 on December 31, 2026

● $5,000 on December 31, 2027

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

The loan is subordinated to the EXIM Facility under a subordination agreement and is secured by a second-ranking general security interest over all present and after-acquired property of the Company.

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

**Financial Condition**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31, <br> 2024** |
| Cash and cash equivalents | $4285 | $10163 |
| Total debt | $29346 | $32081 |
| Net debt<sup>(1)</sup> | $25061 | $21918 |
| Working capital surplus (deficit) | $5655 | $(12581) |

---

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

Cash and cash equivalents as at September 30, 2025 decreased by $5,878 compared to December 31, 2024. The decrease in cash was generated from positive operating cash flows of $7,045 offset by cash used in financing activities of $3,896 and in investing activities of $9,027, which relates to the purchase of equipment to expand its mining activities at N2D, as well as its demonstration plant for its graphite project. The cash used in financing activities largely relates to the payment of debt and interest of $11,523 net of advance on the Company's Equipment Facility, loans from Local Development Agencies and its EXIM Facility for a total of $7,448.

At September 30, 2025, the Company's debt was comprised of a loan from third parties of $12,639 and loans from related party of $16,707. During the nine months ended September 30, 2025, the Company incurred interest and accretion expense of $1,682, interest payment of $1,523, a gain on loan modification of $322 and amortized borrowing costs of $53.

**Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **Change** |
| Operating cash flows before changes in working capital | $7200 | $5554 | $1646 |
| Changes in working capital | (155) | (1615) | 1460 |
| Net cash flows generated by (used in) operating activities | 7045 | 3939 | 3106 |
| Net cash flows generated by (used in) financing activities | (3896) | (1899) | (1997) |
| Net cash flows generated by (used in) investing activities | (9027) | (1216) | (7811) |
|  | $(5878) | $824 | $(6702) |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

Net cash flows generated from operating activities was higher during the nine months ended September 30, 2025 compared to the same period in the prior year, largely as a result of higher production as well as higher zinc prices. A discussion of the changes from period to period is set out above under "Cost of Sales" and "Revenue".

Net cash flows used in financing activities during the nine months ended September 30, 2025 was $1,997 higher when compared to the nine months ended September 30, 2024, which is mostly attributable to the higher debt service costs vs. lower cash received from new debt during 2025.

Net cash flows used in investing activities in the nine months ended September 30, 2025 were significant higher when compared to the same period of 2024; this is mainly attributable to the acquisition of equipment in connection to the Company's equipment facility with Glencore being used to recommence mining at N2D, as well as the construction of its demonstration plant for its graphite project.

**Capital Expenditures**

See commentary immediately above regarding net cash flow used in investing activities.

**Liquidity**

As at September 30, 2025, the Company had total liquidity of $4,285 in cash and cash equivalents. The Company had a working capital surplus of $5,655 and a deficit balance of $60,808. For the nine months ended September 30, 2025, the Company had recognized net income of $973 and positive operating cash flows of $7,200. The Company continues to monitor zinc prices and the impact on financial covenants associated with its EXIM Facility.

**Capital Management**

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

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

As noted above with the Company's debt, the Company is subject to certain financial covenants relating to its EXIM Facility. As at September 30, 2025, the Company was in compliance with all financial covenants.

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**Contractual obligations and commitments**

The Company's contractual obligations and commitments as at September 30, 2025 and their approximate timing of payment are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **< 1 year** | **1 to 3** | **4 – 5** | **>5 years** | **Total** |
| Debt: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of principal | $7541 | $18904 | $1081 | $1576 | $29102 |
| &nbsp;&nbsp;&nbsp;Repayment of interest | 37 | 207 |  |  | 244 |
| &nbsp;&nbsp;&nbsp;Leases | 94 | 121 |  |  | 215 |
| &nbsp;&nbsp;&nbsp;Reclamation and Remediation provision | - | - | - | 16591 | 16591 |
|  | $7672 | $19232 | $1081 | $18167 | $46152 |

---

**Off-Balance Sheet Arrangements**

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

**Outstanding Securities**

As of the date of this MD&A, the Company had 91,489,771 common shares issued, 4,000,000 warrants and 8,167,778 options outstanding.

**FINANCIAL INSTRUMENTS**

a) Carrying amount versus fair value

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying<br> amount** | **Fair value** | **Carrying<br> amount** | **Fair value** |
| **Financial liabilities** | | | | |
| Lease liabilities | $215 | $215 | $127 | $127 |
| Debt | $12639 | $12639 | $10058 | $10058 |
| Loans from related party | $16707 | $16707 | $22023 | $22023 |

---

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

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

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

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

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

All financial instruments measured at fair value use Level 2 valuation techniques.

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

**RELATED PARTY TRANSACTIONS**

**Management company (Manco)**

The Company shares office space, equipment, personnel, consultants and various administration 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 as of September 30, 2025 was approximately $331 (December 31, 2024 -$207) over the course of the remaining term of the office space lease.

The Company was charged for the following with respect to this arrangement during the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** <br> **September 30,** | **Three months ended** <br> **September 30,** | **Nine months ended**<br> **September 30,**  | **Nine months ended**<br> **September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Salaries and benefits | $129 | $36 | $323 | $308 |
| Office and other | 53 | 50 | 131 | 92 |
| Marketing and travel | 4 | 4 | 10 | 12 |
|  | $186 | $90 | $464 | $412 |

---

**Key management personnel compensation** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended <br> September 30,** | **Three months ended <br> September 30,** | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Salaries and benefits | $130 | $97 | $375 | $601 |
| Consulting Fees | 158 | 80 | 467 | 389 |
| Share-based compensation | 221 | 89 | 393 | 286 |
| Directors' fees | 55 | 55 | 164 | 164 |
|  | $564 | $321 | $1399 | $1440 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

The following amounts are outstanding as at September 30, 2025 and December 31, 2024, and are included in accounts payable and accrued liabilities.

---

| | | |
|:---|:---|:---|
|  | **As at<br> September 30, <br> 2025** | **As at<br> December 31, <br> 2024** |
| Salaries and benefits payable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| Consulting fees payable | 15 | 206 |
|  | $410 | $856 |

---

**ACCOUNTING CHANGES AND CRITICAL ESTIMATES**

**Accounting Standards Issued But Not Yet Adopted**

 

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

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

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

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

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

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

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

The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with early application permitted for certain provisions. The Company is currently assessing the effect of these amendments to its financial statements but has not yet adopted.

*IFRS 18, Presentation and disclosure in financial statements*

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**Estimates and judgments**

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

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

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

● Estimated mineral resources;

● Revenue recognition

● Reclamation and remediation provision;

● Impairment;

● Fair value measurement

● Determination of useful life of assets for depreciation purposes;

● Taxation

See note 5 of our 2024 annual audited consolidated financial statements for a detailed discussion of these accounting estimates and judgments.

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

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

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

NI 52-109 also requires Canadian public companies to disclose any changes in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No material changes were made to internal controls during the three months ended September 30, 2025.

**NOTES TO READER**

**Cautionary note regarding forward-looking information** 

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

Such forward-looking statements are based on various assumptions, including assumptions made with regard to our forecasts and expected cash flows; our projected capital and operating costs in respect of both the Company's zinc and graphite operations; our expectations regarding mining and metallurgical recoveries in respect of both the Company's zinc and graphite operations; mine life and production rates in respect of both the Company's zinc and graphite operations; that laws or regulations impacting mining activities will remain consistent; our approved business plans; our mineral resource estimates and results of the 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; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.

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

**Risk Factors**

The Company's activities and related results are subject to a number of different risks at any given time. Exploration and development of mineral resources involves a high degree of risk. A summary of the Company's financial instruments risk exposure is provided in the Financial Instruments section of the Company's 2024 Annual Financial Statements. For a comprehensive list of other risks and uncertainties affecting our business, please refer to the section entitled "Risk Factors" in both our most recent Annual Information Form and Annual MD&A, which are available on www.sedarplus.ca.

**Qualified Person**

The technical and scientific information in this MD&A has been reviewed and approved by Donald R. Taylor, MSc., PG, Vice Chair and Director of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597).

For additional information, please see the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report" with an effective date of December 3, 2024, filed on SEDAR+ at www.sedarplus.ca on January 15, 2025.

**NON-GAAP PERFORMANCE MEASURES**

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

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**C1 cash cost per payable pound sold** 

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

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| C1 cash cost per payable pound | Total | Per<br> pound | Total | Per<br> pound | Total | Per<br> pound | Total | Per<br> pound |
| Pounds of payable zinc sold (millions) |  | 13.8 |  | 8.2 |  | 45.4 |  | 37.3 |
| Operating expenses and selling costs | $12188 | $0.88 | $9206 | $1.12 | $37059 | $0.82 | $29121 | $0.78 |
| Concentrate smelting and refining costs | 1752 | 0.13 | 1665 | 0.20 | 5388 | 0.12 | 7245 | 0.19 |
| Total C1 cash cost | $13940 | $1.01 | $10871 | $1.32 | $42447 | $0.93 | $36366 | $0.97 |
| Sustaining Capital Expenditures | $1663 | $0.12 | $266 | $0.03 | $2410 | $0.05 | $705 | $0.02 |
| AISC | $15603 | $1.13 | $11137 | $1.35 | $44857 | $0.99 | $37071 | $0.99 |

---

**Sustaining capital expenditures**

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

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** |
| Sustaining capital expenditures | $2410 | $705 |
| Expansionary capital expenditures | 6840 | 556 |
| Additions to mineral, properties, plant and equipment | $9250 | $1261 |

---

---

| |
|:---|
| **TITAN MINING CORPORATION** |
| **Management's Discussion and Analysis** |
| **(In thousands of US Dollars, unless otherwise indicated)** |

---

**Net Debt**

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

---

| | | |
|:---|:---|:---|
|  | **As at<br> September 30,**<br>**2025** | **As at<br> December 31,**<br>**2024** |
| Current portion of debt | $7578 | $32081 |
| Non-current portion of debt | 21768 | - |
| Total debt | $29346 | $32081 |
| Less: Cash and cash equivalents | (4285) | (10163) |
| Net debt | $25061 | $21918 |

---

**Free Cash Flow**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended <br> September 30,** | **Nine months ended <br> September 30,** |
|  | **2025** | **2024** |
| Net cash generated (used) by operating activities | $7045 | $3939 |
| Less: Capital expenditures | (9250) | (1261) |
| Free cash flow | $(2205) | $2678 |

---

## Exhibit 99.108

**Exhibit 99.108**

**Form 52-109F2**

**Certification of Interim Filings<br> Full Certificate**

 ****

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

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation** (the "issuer") for the interim period ended **September 30, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2025** and ended on **September 30, 2025** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

Date: November 4, 2025

 

---

| |
|:---|
| */s/ Rita Adiani* |
| Rita Adiani |
| Chief Executive Officer |

---

## Exhibit 99.109

**Exhibit 99.109**

**Form 52-109F2**

***Certification of Interim Filings***

***Full Certificate***

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

1.  ***Review:*** I have reviewed the interim financial
report and interim Management's Discussion and Analysis ("MD&A") (together, the "interim filings")
of **Titan Mining Corporation.** (the "issuer") for the interim period ended **September 30, 2025**.

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

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

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

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

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

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

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

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

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

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

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

6.  ***Reporting of changes in ICFR:*** The issuer has
disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **July 1, 2025,** and ended on **September 30, 2025,** that has materially affected, or is reasonably likely to materially affect, the issuer's
ICFR.

Date: **November 04, 2025**

 

---

| | |
|:---|:---|
| */s/ Kevin Hart* | |
| Kevin Hart |  |
| Chief Financial Officer |  |

---

## Exhibit 99.110

**Exhibit 99.110**

![](ex99-110_001.jpg)

**Titan Delivers Strong Q3 Results and Nears Construction Completion of Graphite Facility** 

**Gouverneur, NY, November 5, 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, today announced strong financial and operational results for the three months ended September 30, 2025.

**HIGHLIGHTS<sup>(2)</sup>:**

**Operating and Financial Performance:**

● **Zinc production**: 14.6 million payable pounds for the quarter, representing an increase of over 76% from Q3 2024; 45.5 million lbs year to date

● **Revenues**: $16.8 million, up 102% from Q3 2024

● **Cash Costs:** C1 cash costs of $1.01/lb, (-23% YoY), AISC of $1.13/lb (-16% YoY)

● **Operating cash flow**: $5.0 million in Q3, $7.1 million year-to-date

● **Safety:** Continued strong safety performance with zero lost time injuries

● **Exploration**: Completed 35 drill holes totaling 12,803 feet across underground and surface programs

**Strategic and Corporate Developments:**

● US EXIM Financing Milestone: Secured $15.8 million US EXIM Bank credit facility under the *Make More in America program*, the agency's first direct mining investment supporting ESM's expansion and critical minerals development

● Graphite Project Momentum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Independent testing, demonstrating Kilbourne graphite meets
specifications for battery-grade (99.99% purity spherical graphite), industrial, and defense applications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Received Letter of Interest from US EXIM Bank for up to $120
million for the construction of 40,000 tonne-per-year commercial graphite facility at Kilbourne

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Graphite demonstration facility commissioning initiated; on
track for Q4 2025 completion and customer qualification in Q1 2026

● **Germanium Opportunity**: Identified significant concentrations of Germanium at the Empire State Mine within the existing zinc-processing circuit, with initial plant-feed at 21 g/t enriched to 77 g/t pre-float

● **Capital Markets:** Obtained NYSE American pre-clearance in October 2025, a key step in expanding U.S investor access

(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.

(2) Unless noted otherwise, all monetary figures are expressed
in U.S. dollars.

![](ex99-110_001.jpg)

Rita Adiani, President and Chief Executive Officer, commented: "*This quarter marks a major inflection point for Titan. We're delivering zinc production while advancing our transition into other critical minerals. Our graphite has been independently validated for high-spec battery, industrial, and defense markets, and commissioning is now underway at our demonstration facility, the first end-to-end natural graphite production in the U.S. in over 70 years. The US EXIM Letter of Interest for up to $120 million, a substantial portion of the expected initial construction capital, provides a clear, capital-efficient path to commercial production, aligning Titan with U.S. supply-chain and defense-industrial priorities. With NYSE pre-clearance now in hand, we're well positioned to broaden our shareholder base and capture the next phase of growth*."

***TABLE <sup>1</sup> Financial and Operating Highlights***

 ****

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2025** |
|  |  | **Q3** | **Q2** | **Q1** | **YTD** |
| **Operating** |  |  |  |  |  |
| Payable zinc produced | mlbs | 14.64 | 15.51 | 15.37 | 45.52 |
| Payable zinc sold | mlbs | 13.81 | 16.04 | 15.57 | 45.42 |
| Average Realized Zinc Price | $/lb | 1.29 | 1.20 | 1.29 | 1.26 |
| C1 Cost<sup>(1)</sup> | $/lb | 1.01 | 0.90 | 0.91 | 0.93 |
| AISC<sup>(1)</sup> | $/lb | 1.13 | 0.90 | 0.96 | 0.99 |
| **Financial** |  |  |  |  |  |
| Revenue | $m | 16.78 | 16.34 | 16.02 | 49.14 |
| Net Income (loss) after tax | $m | 0.08 | 0.54 | 0.35 | 0.97 |
| Earnings (loss) per share- basic | $/sh | 0.00 | 0.00 | 0.01 | 0.01 |
| Cash Flow from Operating Activities before changes in non-cash working capital | $m | 2.15 | 2.36 | 2.69 | 7.20 |
| Cash Flow from Operating Activities after changes in non-cash working capital | $m | 5.02 | 1.82 | 0.20 | 7.05 |
| **Financial Position** |  |  |  |  |  |
| Cash & Cash Equivalents | $m | 4.3 | 8.1 | 12.2 | 4.30 |
| Net Debt<sup>(1)</sup> | $m | 25.1 | 24.2 | 23.1 | 25.10 |

---

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

**ZINC OPERATIONS REVIEW**

Mining during the quarter continued in the Mahler, New Fold, and Mud Pond zones at the #4 mine. A haul truck incident and subsequent mechanical downtimes on two others temporarily reduced haulage availability in the N2D zone; however, operations were quickly stabilized. A new 40-ton underground haul truck was delivered and commissioned early in Q4, with a second unit expected in late November, enabling production from N2D to resume in Q1 2026. Extraction of high-grade pillars in Lower Mahler and longhole stoping in New Fold delivered above-target grades in September of 8.3%, offsetting lower grades earlier in the quarter. Mining will continue in these key high grade zones through Q4 2025 as haulage capacity constraints are addressed.

**GRAPHITE UPDATE**

Construction of the Kilbourne graphite demonstration plant continued through the quarter, with commissioning activities initiated and first concentrate expected in Q4 2025. The facility, which will process Kilbourne ore to produce flake graphite concentrate for downstream qualification, will be the first to produce natural flake graphite end-to-end in the U.S. in over 70 years. The demonstration pit was fully permitted in Q2, and mining began in Q3 with 15,000 tons of ore broken, 8,000 tons hauled to stockpile, and 500 tons crushed for initial plant feed.

![](ex99-110_001.jpg)

**EXPLORATION UPDATE**

A total of 12,803 ft of exploration drilling was completed comprising of underground exploration drilling and surface drilling at Pork Creek. The drill rig has been mobilized to the Parish prospect for Q4 drilling. At Kilbourne, step out drilling has been initiated to test the outer conceptual pit limits.

**Scientific and Technical Information (Zinc)**

The scientific and technical information contained in this news release related to the Company's zinc operations has been reviewed and approved by Donald R. Taylor, MSc., PG, Vice Chair of the Board of Directors of the Company. Mr. Taylor is a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (Registered Member #4029597).

Mr. Taylor has a fulsome staff of experts on-site that thoroughly review and verify ESM technical zinc data on a regular basis. Refer to the Company's technical report dated titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with an effective date of December 3, 2024, for additional information on data verification procedures. For this reason, Mr. Taylor has relied entirely on such verification procedures for verifying the scientific and technical zinc data in this news release.

**Scientific and Technical Information (Graphite and Germanium)**

Refer to the Company's news release titled, "Titan Mining Graphite Testwork Demonstrates Product Meets Battery, Industrial and Defense Specifications" dated August 28, 2025, for additional information regarding the Company's graphite testwork.

Refer to the Company's news release titled, "Titan Mining Finds Significant Concentrations of Germanium at its Empire State Mine in New York" dated October 25, 2025, for additional information regarding the Company's germanium discovery.

**Non-GAAP Performance Measures**

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

**C1 Cash Cost Per Payable Pound Sold**

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

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

**All-in Sustaining Costs**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q3 2025 | Q3 2025 | Q3 2024 | Q3 2024 |
|  | $ | $/lb | $ | $/lb |
| Pounds of payable zinc sold (millions) |  | 13.8 |  | 8.2 |
| Operating expenses and selling costs | $12188 | $0.88 | $9206 | $1.12 |
| Concentrate smelting and refining costs | $1752 | $0.13 | $1665 | $0.20 |
| Total C1 cash cost | $13940 | $1.01 | $10871 | $1.32 |
| Sustaining capital expenditures | $1663 | $0.12 | $226 | $0.03 |
| AISC | $15603 | $1.13 | $11137 | $1.35 |

---

![](ex99-110_001.jpg)

**Net Debt**

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

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **September 30, <br> 2025** | **As at**<br> **December 31, <br> 2024** |
| Current portion of debt | $7578 | $32081 |
| Non-current portion of debt | 21768 |  |
| Total debt | $29346 | $32081 |
| Less: Cash and cash equivalents | (4285) | (10163) |
| Net debt | $25061 | $21918 |

---

**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 the US EXIM Letter of Interest for up to $120 million, a substantial portion of the expected initial construction capital, provides a clear, capital-efficient path to commercial production, aligning Titan with U.S. supply-chain and defense-industrial priorities; with NYSE pre-clearance now in hand, we're well positioned to broaden our shareholder base and capture the next phase of growth; a second haul truck is expected in late November, enabling production from N2D to resume in Q1 2026; mining will continue in the key high grade zones of Lower Mahler and New Fold through Q4 2025 as haulage capacity constraints are addressed; first graphite concentrate expected in Q4 2025; the facility, which will process Kilbourne ore to produce flake graphite concentrate for downstream qualification, will be the first to produce natural flake graphite end-to-end in the U.S. in over 70 years; and the nature and timing of future exploration drilling. 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 our technical studies; 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.

## Exhibit 99.111

**Exhibit 99.111**

**FORM 51-102F3 - MATERIAL CHANGE REPORT**

**1.**  **<u>NAME AND ADDRESS OF COMPANY</u>** 

Titan Mining Corporation ("Titan" or the "Company")<br> Suite 555 – 999 Canada Place <br> Vancouver, BC V6C 3E1

**2.**  **<u>DATE OF MATERIAL CHANGE</u>** 

November 3, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>NEWS RELEASE</u> 

The news release was issued and disseminated via GlobeNewswire and filed on SEDAR+ on October 30, 2025.

**4.**  **<u>SUMMARY OF MATERIAL CHANGE</u>** 

Effective November 3, 2025, the Company consolidated the issued and outstanding common shares in the authorized share structure of the Company ("**Common Shares**") on the basis of a ratio of one new Common Share for every 1.5 existing Common Shares (the "**Consolidation**"). The Common Shares began trading on a post- Consolidation basis at market open on November 3, 2025. The Consolidation was approved by the board of directors of the Company on October 27, 2025 and the TSX Bulletin was issued on October 30, 2025. The new CUSIP number for the Common Shares is 88831L202 and the new ISIN number for the Common Shares is CA88831L2021. The Consolidation was undertaken solely to align the Company with typical U.S. market standards, and on October 30, 2025, the Company received pre-clearance from the NYSE American LLC to move forward with the U.S. stock exchange listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>FULL DESCRIPTION OF MATERIAL CHANGE</u> 

For a full description of the material change, please see the news release attached as Schedule "A" to this Material Change Report.

**5.2**  **<u>DISCLOSURE OF RESTRUCTURING TRANSACTIONS</u>** 

Not applicable.

**6.**  **<u>RELIANCE ON SUBSECTION 7.1(2) OF NATIONAL INSTRUMENT 51-102</u>** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>OMITTED INFORMATION</u> 

Not applicable.

8. <u>EXECUTIVE OFFICERS</u> 

Tom Ladner, General Counsel, (604) 638-1470

9. <u>DATE OF REPORT</u> 

November 6, 2025

**SCHEDULE "A"**

(See attached)

![](ex99-111_001.jpg)

**Titan Mining Receives NYSE American Pre-Clearance for U.S. Listing**

**U.S. Listing Supports Titan's Plan To Re-establish U.S. Domestic Production of Natural Flake Graphite, a Key <br> Component in the Rare Earths & Critical Mineral's Ecosystem**

GOUVERNEUR, N.Y., Oct. 30, 2025 -- Titan Mining Corporation (TSX: TI, OTCQB: TIMCF) ("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, today announced that it has received pre-clearance from the NYSE American LLC (the "NYSE American") to move forward with its planned U.S. stock exchange listing.

This initiative supports Titan's broader strategy to rebuild secure, North American supply chains for critical materials, most notably natural flake graphite, a key input for the energy-transition and defense sectors.

 

*"Our NYSE American listing will expand Titan's reach to a wider base of U.S. investors who recognize the importance of rebuilding domestic production capacity," said* Rita Adiani, President & CEO of Titan Mining. *"By advancing zinc and natural graphite production in New York State, Titan is positioning itself as a cornerstone in America's critical-materials and energy- security ecosystem."*

As announced on October 27, 2025, Titan's Board has approved a consolidation on the basis of one new Common Share for every 1.5 existing Common Shares (the "Consolidation"). The Consolidation will align Titan with U.S. market listing standards and will not affect any shareholder's proportional ownership. Titan's Common Shares are expected to begin trading on a post- Consolidation basis on the TSX and OTCQB when markets open on November 3, 2025.

Following the Consolidation, final approval of the NYSE American and the filing effectiveness of the Company's Form 40-F registration statement with the United States Securities and Exchange Commission, Titan expects its Common Shares to begin trading on the NYSE American under the symbol "TII".

Trading on the OTCQB under the symbol "TIMCF" will continue until the commencement of trading on the NYSE American. Trading on the Toronto Stock Exchange (the "TSX") will continue under the symbol "TI".

Titan anticipates the listing on NYSE American to be complete by the third week of November 2025 (subject to trading, regulatory approval and government shut-down measures impacting SEC filings).

**Share Consolidation Details**

The Consolidation has been approved by the TSX, and a related bulletin is scheduled for issuance by the TSX today. Following the Consolidation, the new CUSIP number for the Common Shares will be 88831L202 and the new ISIN number for the Common Shares will be CA88831L2021.

As part of the Consolidation, the 137,234,657 currently issued and outstanding Common Shares will be consolidated to 91,489,771 post-Consolidation Common Shares. No fractional shares will be issued under the Consolidation. Following the Consolidation, each fractional interest that is less than one-half of one Common Share will be rounded down to the nearest whole share and each fractional interest that is at least one-half of one Common Share will be rounded up to the nearest whole Common Share. The exercise price and the number of Common Shares issuable under any of the Company's outstanding stock options and warrants will be proportionately adjusted upon completion of the Consolidation.

On or about the effective date of Consolidation, the Company's transfer agent, Computershare Investor Services, will send a letter of transmittal to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post-Consolidation Common Shares to which they are entitled. A sample letter of transmittal is also available on the Company's profile on SEDAR+. Until surrender, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their Common Shares. Non- registered shareholders who hold their Common Shares through a bank, broker or other nominee and who have questions regarding how the Consolidation will be processed should contact their nominee.

**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 www.titanminingcorp.com

**Media & Investor Contact**

 ****

Irina Kuznetsova

Director, Investor Relations Phone: (778) 870-7735

Email: info@titanminingcorp.com

**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 Titan will emerge as a natural flake graphite producer; Titan positioning itself as a cornerstone in America's critical-materials and energy-security ecosystem; anticipated timing and results of NYSE American listing, including that such listing occurs at all; anticipated trading symbols; anticipated timing and results of the Consolidation, including that such Consolidation occurs at all; the sending of a letter of transmittal and timing thereof; 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.

## 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 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 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.

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.

/s/ Ernst & Young LLP

Chartered Professional Accountants

Vancouver, Canada

November 13, 2025

## Exhibit 99.113

**Exhibit 99.113**

**CONSENT OF TODD McCRACKEN**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with a signing date of January 15, 2025 and with an effective date of December 3, 2024 (the "ESM Technical Report"), including as amended and restated, and the information derived from the ESM Technical Report, as well as the reference to their name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form 40-F of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Todd McCracken |
| Todd McCracken |
| Dated: November 13, 2025 |

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## Exhibit 99.114

**Exhibit 99.114**

**CONSENT OF OLIVER PETERS**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with a signing date of January 15, 2025 and with an effective date of December 3, 2024 (the "ESM Technical Report"), including as amended and restated, and the information derived from the ESM Technical Report, as well as the reference to their name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form 40-F of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Oliver Peters |
| Oliver Peters |
| Dated: November 13, 2025 |

---

## Exhibit 99.115

**Exhibit 99.115**

**CONSENT OF DONALD TAYLOR**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with a signing date of January 15, 2025 and with an effective date of December 3, 2024 (the "ESM Technical Report"), including as amended and restated, and the information derived from the ESM Technical Report, as well as the reference to their name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form 40-F of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Donald Taylor |
| Donald Taylor |
| Dated: November 13, 2025 |

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## Exhibit 99.116

**Exhibit 99.116**

**CONSENT OF DEEPAK MALHOTRA**

The undersigned hereby consents to the use of the technical report titled "Empire State Mines 2024 NI 43-101 Technical Report Update" with a signing date of January 15, 2025 and with an effective date of December 3, 2024 (the "ESM Technical Report"), including as amended and restated, and the information derived from the ESM Technical Report, as well as the reference to their name, in each case, where used in, incorporated by reference in or summarized or contained in the exhibits filed with, the Registration Statement on Form 40-F of Titan Mining Corporation being filed with the United States Securities and Exchange Commission, and any amendments thereto.

---

| |
|:---|
| /s/ Deepak Malhotra |
| Deepak Malhotra |
| Dated: November 13, 2025 |

---