Titan Mining validates Kilbourne flowsheet, achieves battery-grade purity

Titan Mining Corporation announced positive results from its full graphite processing chain at the Kilbourne Graphite Project, validating the concentrator flowsheet and achieving battery-grade purity. Locked-cycle testing produced a 95.9% C(t) graphite concentrate at 91.4% recovery, exceeding the Preliminary Economic Assessment (PEA) design basis of 95% concentrate grade and 90% recovery. The results support the ongoing Feasibility Study and the company's plan to build the first fully integrated U.S. graphite supply chain in over 70 years.

Concentrator Performance

The metallurgical optimization program at SGS Lakefield refined the concentrator design, closely aligning with the PEA assumptions. The optimized flowsheet requires only minor refinements to further improve performance. Flake size distribution closely matched PEA assumptions, providing confidence in the concentrator design. Variability testing across representative ore types is ongoing to support final engineering.

Product	Weight %	Assays, %, C(t)	Dist. % C(t)
11th Cleaner Concentrate	2.81	95.9	91.4
Combined Cleaner Tails	22.0	0.56	4.15
9th Cleaner Tail	0.14	5.22	0.25
6th Cleaner Tail	0.57	12.6	2.42
3rd Cleaner Tail	3.04	0.35	0.35
1st Cleaner Tail	18.3	0.18	1.13
Rougher Tail	75.2	0.18	4.48
Head	100	2.96	100

Downstream Processing and Yields

Metallurgical test work confirmed the preferred purification flowsheet for the Secondary Transformation Plant, consistently producing battery-grade purified graphite with ≥99.90% Fixed Carbon. A thermal pretreatment step combined with the selected purification process achieved 99.99% Fixed Carbon for spherical purified graphite (SPG), suitable for lithium-ion battery applications.

The program demonstrated an approximate 66% conversion of graphite concentrate into spherical graphite products, exceeding the industry average of approximately 50%. This yield enhancement is expected to improve the project's economics.

Engineering and Commercialization

Engineering of both the concentrator and Secondary Transformation Plant continues to advance as part of the Feasibility Study. Vendor testing is underway to finalize equipment sizing. The Empire State Mine demonstration plant, with a design capacity of 1,200 mt per annum, is generating representative Kilbourne concentrate for downstream pilot campaigns and customer qualification.

Representative SPG products have been dispatched for specialist coating and electrochemical testing. Three tonnes of representative Kilbourne graphite concentrate are being prepared for shipment to Dorfner Anzaplan in Germany for the next pilot-scale production campaign. The evaluation of the preferred site location for the Secondary Transformation Plant is also progressing.

"These results confirm two things: our concentrator performs as designed in the PEA, and our downstream process turns that concentrate into battery-grade material at yields well above the industry average," said Rita Adiani, President and Chief Executive Officer of Titan.

HC Wainwright & Co. analyst Heiko F. Ihle has reiterated a Buy rating for Titan Mining, maintaining a price target of $6.5. The endorsement reflects continued confidence in the company's performance and market position.

Analyst Rating and Price Target

The reaffirmation comes as Heiko F. Ihle, an analyst at HC Wainwright & Co., sustains a positive outlook on Titan Mining. The price target of $6.5 remains unchanged, indicating a specific valuation expectation for the stock.

Metric	Value
Rating	Buy
Price Target	$6.5
Analyst	Heiko F. Ihle
Firm	HC Wainwright & Co.

Titan Mining is listed on the AMEX under the ticker symbol TII. The company's operations and financial results are subject to market analysis and projections from investment firms like HC Wainwright & Co.