VANCOUVER, British Columbia, Aug. 15, 2024 (GLOBE NEWSWIRE) -- 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. AISC1 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. 20 holes totalling 5,044 ft completed in Q2 2024 Highlights include 92.8 ft at 3.5% graphitic carbon 1 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. TABLE 1 Financial and Operating Highlights     Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Operating             Payable Zinc Produced mlbs 14.5 14.7   13.9   18.3 15.0   Payable Zinc Sold mlbs 14.7 14.4   13.9   18.3 15.0   Average Realized Zinc Price $/lb 1.30 1.11   1.13   1.10 1.15                 Financial             Revenue $m 17.97 11.73   10.91   15.50 8.95   Net Income (loss) before tax $m 2.62 (2.63 ) (6.96 ) 0.50 (4.84 ) Earnings (loss) per share - basic $/sh 0.02 (0.02 ) (0.05 ) 0.00 (0.03 ) Cash Flow from Operating Activities before changes in non-cash working capital $m 6.97 0.26   (1.36 ) 4.21 (0.11 )               Financial Position             Cash and Cash Equivalents $m 5.55 4.18   5.03   4.32 2.90   Net Debt 1 $m 30.63 32.44   30.75   32.93 33.43   1 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 ...