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Titan Mining Reports 2022 Record Year in Production and Cash Flow
VANCOUVER, British Columbia, April 03, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the "Company") announces the results for the year
About this update from Titan Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, April 03, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the \"Company\") announces the results for the year ended December 31, 2022. (All amounts are in U.S. dollars unless otherwise stated) Don Taylor, President and Chief Executive Officer of Titan, commented, “Titan finished 2022 with a strong fourth quarter in both safety and production. Costs and grade returned to budgeted levels during the quarter which helped deliver a record 52.2 million payable zinc pounds produced at ESM. The decision to move forward with construction/development at Sphaleros will increase production in the fourth quarter of 2023 and increasingly benefit productivity at the mines as ramp up continues into 2024.” FY 2022 HIGHLIGHTS: Record zinc production of 52.5 million payable pounds, a 10.5% increase from 2021 $62 million in revenue, an 11.6% increase from 2021 Record net cash flow of $15 million Paid a quarterly cash dividend yielding 8.5% at December 30, 2022 Completed permitting for the Sphaleros expansion project Commenced trading in the U.S. on the OTCQB under the symbol “TIMCF” Increased 2023 exploration budget focusing targets for new discoveries on 80,000 acres of private mineral rights owned or leased surrounding the existing operations TABLE 1 Financial and Operating Highlights Q4 2022 Q3 2022 Q2 2022 Q1 2022 FY 2022 Operating Payable Zinc Produced mlbs 14.4 11.6 16.5 10.1 52.5 Payable Zinc Sold mlbs 13.0 12.6 15.0 10.4 51.1 Average Realized Zinc Price $/lb 1.36 1.49 1.74 1.57 1.55 Financial Revenue $m 13.95 14.03 20.13 13.96 62.06 Net Income (loss) after tax $m (4.08 ) (0.16 ) 5.92 (2.62 ) (0.94 ) Earnings (loss) per share - basic $/sh (0.03 ) 0.00 0.04 (0.02 ) (0.01 ) Cash Flow from Operating Activities before changes in non-cash working capital $m 2.32 1.22 9.42 2.10 15.06 Financial Position 31-Dec-22 30-Sep-22 30-Jun-22 31-Mar-22 31-Dec-21 Cash and Cash Equivalents $m 6.72 13.57 11.02 3.24 6.04 Net Debt1 $m 23.31 22.45 24.93 32.03 28.67 &nbs...