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Titan Mining Reports First Quarter 2023 Results
VANCOUVER, British Columbia, May 11, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the "Company") announces the results for the quarte
About this update from Titan Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 11, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) (“Titan” or the \"Company\") announces the results for the quarter ended March 31, 2023. (All amounts are in U.S. dollars unless otherwise stated) Don Taylor, President and Chief Executive Officer of Titan, commented, “Titan’s ESM operations had an outstanding beginning to 2023 with a solid first quarter hitting or exceeding targets for the major metrics in safety and production while continuing to pay a quarterly dividend. Development planning and execution as well equipment purchases for the Sphaleros project continued on target for the quarter.” Q1 2023 HIGHLIGHTS: Zinc production of 13.8 million payable pounds and sales of 14.8 million payable pounds, up 37% and 43% respectively when compared to Q1 2022 $16.7 million in revenue, up 20% when compared to Q1 2022 Cash flow of $3.35 million, up 60% when compared to Q1 2022 Paid a cash dividend of C$0.01 per share on April 14, 2023 in respect of Q1 2023 Entered into a fixed zinc pricing arrangement for approximately 30% of the Company’s forecasted zinc production for the remainder of 2023. The arrangement is for an eleven-month period covering February 2023 to December 2023 at a price of $1.55 per pound of zinc Cash balance of $7.4 million at March 31, 2023 TABLE 1 Financial and Operating Highlights Q1 2023 Q4 2022 Q1 2022 Q1 2023 vs. Q4 2022 Q1 2023 vs. Q1 2022 Operating Payable Zinc Produced mlbs 13.80 14.4 10.1 -4 % 37 % Payable Zinc Sold mlbs 14.80 13.0 10.4 14 % 43 % Average Realized Zinc Price $/lb 1.42 1.36 1.57 4 % -10 % Financial Revenue $m 16.74 13.95 13.96 20 % 20 % Net Income (loss) before tax $m 1.10 (4.08 ) (2.62 ) 127 % 142 % Earnings (loss) per share - basic $/sh 0.01 (0.03 ) (0.02 ) 133 % 150 % Cash Flow from Operating Activities before changes in non-cash working capital $m 3.35 2.32 2.10 45 % 60 % Financial Position 31-Mar-23 31-Dec-22 Change Cash and Cash Equivalents $m 7.41 6.72 &...