Titan Mining Closes Landmark US$15.8M Credit Agreement with US EXIM
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:
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.
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:
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
14 minutes ago
- Forbes
A Big, Beautiful Fiction - Does The EU/US Trade Deal Make Sense?
James Thurber's famous book 'The Secret Life of Walter Mitty' is yet another book I would recommend to readers, to continue a recurring theme of recent weeks. It is especially apt in the context of the US-EU trade deal. Walter Mitty appeared at the end of the 1930's, a decade that was shaped by Herbert Hoover's tariff policy, and that was marked by profound economic and geopolitical tensions. Mitty's fantasies were provoked by the reality of his pedestrian, harangued life – which will appeal to European leaders who care to dream of better days. Equally, the giddiness of Mitty's fantasies has its equivalent in the promises that Donald Trump has elicited from the EU – namely, to buy and invest hundreds of billions of dollars in energy. One week on, reaction to the US-EU trade deal is still mixed, and it is not quite clear who has 'won'. This may be because it is not a trade deal in the classical sense – at least in the sense of the laborious trade deals that the EU is used to striking, partly because a large facet of the 'deal' is based on a promise and also because the optics of the deal are quite depressing for Europe. At the headline level, EU exports into the US will be met with a 15% tariff to be paid by the US consumer, not unlike the Japanese 'deal'. Auto companies will not be displeased with a 15% tariff. Wines and spirits, steel and notably pharmaceuticals have yet to have tariff levels finalised and there will be some relief on the confirmation of 15% tariffs on pharmaceuticals, though the investigation into pharmaceutical exports back to the US is a tail risk. Interestingly, the EU has resisted attempts to water down its digital regulations. Politically the spin that the EU is putting on the agreement is that it was the best possible outcome in a difficult geopolitical climate (recall that the recent EU-China summit was a damp-squib). While there were some public expressions of dismay, notably from the French prime minister Francois Bayrou – these can be seen to be largely aimed at the public, rather than Brussels. Though Ursula von der Leyen is unpopular with EU governments for the singular way she runs her office – it is populated with officials who are close to national government (i.e. Alexandre Adam one of von der Leyen's key deputies is an arch Macronist) – there is no sense that the large countries were left out of the negotiation process, and any effort to isolate von der Leyen for blame, is ignoble. However, amongst the professional trade staff, there is still some despair at the humiliating optics of the deal, the fact that it is in many ways not binding, and the risk that there is no undertaking that it is final in the sense that another round of tariffs is imposed later. On the positive side for Europe, and flipping to the 'Mitty-esque' part of the deal, two of the key undertakings in the deal – that European companies invest USD 600 bn in the US, in addition to a commitment to purchase microchips, as well as a commitment from the EU to buy USD 750bn in energy from the US over the course of the Trump presidency – are not at all clear in their implementation, and very much open to a fudge, with the right accounting treatment. In particular the energy purchase commitment is unrealistic because it exceeds what the EU spends on energy in a given year and US energy firms do not have the capacity to service a commitment of USD 250bn in demand from Europe, whilst also serving other markets. In my view there are several aftershocks to watch for. The first is that the deal further damages trans-Atlantic relations, and the level of trust between the EU and the US is likely the lowest it has ever been, and this has strategic implications as far afield as Russia/Ukraine and the Middle East. One other implication may be a drift, by government and consumers, away from US brands – as this may well be an effect that is seen in other regions. Two financial market implications are that the dampening of growth in Europe will maintain downward pressure on rates in Europe. More importantly, in the context of a very oversold dollar, there is now an incentive for EU policy makers to try hard to talk down the euro, and we may see a short-term rebound in the currency pair. On the whole, if this is a 'final' deal and the topic of tariffs does not re-emerge in the next three years, it is not a bad deal for the semi's, autos and aerospace sectors in Europe, though the public optics are not good for the EU. The best parts of the deal for Europe are the fantastical claims of incoming European investment and energy purchases in the US. This is a Mitty style fairy tale that the Europeans hope Mr Trump believes in. The telling factor is that this deal has now emptied all goodwill from the trans-Atlantic relationship, and effectively completes another diplomatic rupture by President Trump. From a European point of view, this is yet another 'wake up call' and the best that can be hoped for is that it accelerates projects like the savings and investment union and 'strategic autonomy'. European leaders and the European policy elite keep talking about this, but until we see hard evidence (for example, German real GDP over the last five years is close to zero), they are the fantasists. Have a great week ahead Mike
Yahoo
25 minutes ago
- Yahoo
Union Pacific Hopes to Win Back Volume in Proposed $85B Norfolk Southern Deal
Union Pacific and Norfolk Southern have unveiled an agreement to merge, setting the groundwork to create America's first transcontinental railroad. Under the terms of the agreement, Union Pacific will acquire Norfolk Southern for $85 billion in stock and cash, resulting in a combined enterprise value of $250 billion for both companies. More from Sourcing Journal CMA CGM Watching Hutchison Port Sale 'Very Closely' As Potential Suitor Convoy Finds New Home: DAT Acquires Flexport's Freight-Matching Tech UP-Norfolk Southern Merger Would Control Nearly Half of US Rail Container Traffic The deal will connect more than 50,000 miles of tracks across 43 states, combining UP's presence in 23 states in the western and Midwestern U.S., along with NSC's network across 22 states on the East Coast, southeast and Midwest. Union Pacific CEO Jim Vena said in a Tuesday morning conference call that the new network would create new direct single-line services—where trains traveling in both directions share the same track—that will design new routes and open options to and from underserved areas like the Ohio Valley and the Mississippi River Watershed. These services are expected to reduce strain at interchange points in areas like Chicago, Memphis and New Orleans, where carloads are transported from one railroad to the other. Vena said this would cut transit times on those routes by one-to-two days. As one railroad network, the new Union Pacific will operate out of roughly 100 U.S. ports and serve 10 international gateways with Mexico and Canada. 'The combined network will capitalize on the strength of Union Pacific's West Coast ports and Norfolk Southern's East Coast ports,' said Vena. 'Merging the strength of both companies' intermodal networks facilitates the capture of international trade volumes and domestic truck conversion. The beauty of U.S. ports is the population centers around the ports as well as the inland reach, thus making our ports a more natural destination.' The board of directors of both Union Pacific and Norfolk Southern unanimously approved the transaction, which is subject to review and approval by the U.S. railroad regulatory body, the Surface Transportation Board (STB). The deal still needs approval from shareholders. The companies are targeting closing the transaction by early 2027. Vena will lead the combined company, while Norfolk Southern CEO Mark George will join Union Pacific's board of directors. Both railroad's management teams will operate independently until the deal closes. But the path to getting there could be arduous, as the companies have to convince the STB that the merger is both in the best interests of the public, and will enhance competition on the Class I railroads. The companies expect to file their application with the STB within six months. After the filing, the combined railroads will be up for a review process that lasts 16 months. Potentially working in the deal's favor is the possible shifting role of the STB, which is currently reforming its regulatory framework under President Donald Trump-appointed chairman Patrick Fuchs. Union Pacific brass argues that creating a coast-to-coast railroad covers both the STB's standards for rail consolidation, noting that such a railroad will compete more effectively with Canadian railroads to win back U.S. freight volume and American jobs. Additionally, the company says the deal will strengthen competition with North American truck networks, with Vena noting that the merger will reduce highway congestion. While the railroads are bullish on bringing back freight volumes, whether it be from the trucking industry or the rail sector north of the border, a transcontinental network may not be the panacea needed to fight off wider secular headwinds. 'Carload has been on a secular decline since the Global Financial Crisis, with carload volumes falling by ~400,000 units monthly today relative to 2007,' said Jason Miller, interim chairperson, department of supply chain management at Michigan State University's Eli Broad College of Business. 'I'm skeptical that the railroads can do much to convert more truck traffic to carload moves.' And although intermodal traffic increased nearly 15 percent from the same period to 1.13 million units, according to data from the U.S. Bureau of Transportation Statistics, they have struggled to stay above 1.2 million units a month since first amassing the mark in March 2018, observed Miller. 'While a UPNS merger may allow for more rapid movement across a unified network, I don't see this being a catalyst for substantial intermodal market share gains, especially given intermodal remains ~25 percent cheaper than dry van truckload based on Journal of Commerce's Contract Intermodal Savings Index,' Miller told Sourcing Journal. The transaction doesn't have solid support from laborers working at the rail companies. SMART Transportation Division, the largest railroad operating union in North America with more than 500 locals and 125,000 active and retired workers, said in a statement that it intends to oppose the deal in proceedings before the STB. The IAM Union Rail Division said it was 'closely monitoring' the acquisition, calling it out for raising 'serious concerns about community safety, job security/workers' rights, competition, and long-term industry stability.' As of now, union jobs won't be impacted as part of the merger, but Vena did not comment on non-organized labor. 'All of our union employees who have a job today will have jobs tomorrow in our merged company,' Vena said in the call.
Yahoo
25 minutes ago
- Yahoo
Nat-Gas Prices Retreat on a Mixed Weather Forecast
September Nymex natural gas (NGU25) on Wednesday closed down -0.097 (-3.09%). Sep nat-gas prices retreated on Wednesday due to a mixed weather forecast and the outlook for weekly nat-gas inventories to increase more than the seasonal average. Forecaster Vaisala said Wednesday that below-normal temperatures are forecast along the East Coast during the August 4-8 period, which will curb nat-gas demand from electricity providers to power air-conditioning usage. However, forecasts shifted warmer for the West and East during the August 9-13 period. More News from Barchart Threats of Additional Sanctions on Russian Energy Exports Support Crude Oil Crude Prices Surge as President Trump Threatens Sanctions on Russian Energy Exports Hot US Weather Forecasts Push Nat-Gas Prices Higher Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Also weighing on nat-gas prices is the outlook for weekly supplies to build more than the seasonal average. The consensus is that Thursday's weekly EIA nat-gas inventories will increase by +36 bcf for the week ended July 25, above the five-year average for this time of year of +24 bcf. Nat-gas prices had tumbled to a 3-month low Monday due to more temperate US weather forecasts and higher US nat-gas production, with recent US nat-gas output up year-over-year. In addition, expectations for even higher US nat-gas production are also weighing on nat-gas prices after last Friday's weekly report from Baker Hughes showed that the number of active US nat-gas drilling rigs in the week ending July 25 rose by +5 to a nearly 2-year high of 122 rigs. Lower-48 state dry gas production on Wednesday was 108.4 bcf/day (+3.4% y/y), according to BNEF. Lower-48 state gas demand on Wednesday was 84.5 bcf/day (+1.9% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Wednesday were 14.9 bcf/day (-0.8% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 26 rose +8.1% y/y to 98,772 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 26 rose +2.7% y/y to 4,258,448 GWh. Last Thursday's weekly EIA report was bullish for nat-gas prices since nat-gas inventories for the week ended July 18 rose +23 bcf, below the consensus of +27 bcf and the 5-year average of +30 bcf for the week. As of July 18, nat-gas inventories were down -4.8% y/y, but were +5.9% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 22, gas storage in Europe was 66% full, compared to the 5-year seasonal average of 74% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending July 25 rose by +5 to a nearly 2-year high of 122 rigs. In the past ten months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
