News Summary
On December 23, 2025, Titan Mining announced the closing of a US$5.5 million credit facility from the Export-Import Bank of the United States (EXIM) under the “Make More in America” initiative. This specific facility is dedicated to funding the Feasibility Study (FS) for the Kilbourne Graphite Project in New York. The funds will cover resource drilling, metallurgical testing, and engineering, with the FS targeted for completion in 2026. This follows a US$15 million institutional private placement closed on December 18, 2025, at US$2.25 per unit.
Material Impact
The news is Material – Positive as it represents the first-ever EXIM financing for a domestic critical minerals feasibility study. While the US$5.5 million amount is relatively small compared to the company’s market cap, the implications are significant:
– Non-Dilutive Capital: The facility provides essential development capital without further diluting shareholders, following the recent US$15 million equity raise.
– Federal De-risking: This is the third major show of support from EXIM (following a US$15.8M zinc loan and a US$120M Letter of Interest for construction). It signals that the U.S. government is deeply committed to Kilbourne as a strategic domestic asset.
– Path to Construction: Completion of the FS is the prerequisite for activating the US$120 million LOI for full-scale commercial construction.
– Strategic Validation: By funding the FS, the federal government is effectively subsidizing the technical de-risking of a project that aims to supply 50% of U.S. natural graphite demand.
Catalysts
– Demonstration Plant Results: The 1,200-tonne-per-year demonstration facility commenced ore feeding in mid-December 2025. Watch for first concentrate production news and grade confirmations in Q1 2026.
– Offtake Samples: Delivery of samples to defense and battery customers for qualification is a major milestone expected in early 2026.
– Germanium Recovery: Updates on the potential to recover germanium from the existing zinc circuit, which could provide high-margin by-product revenue.
– Zinc Treatment Charges: Management has noted an improving environment for miners; watch for Q4 2025 earnings to see if C1 costs continue to stay below US$1.00/lb.
Materiality Conclusion
The latest news confirms that Titan is successfully navigating the transition from a junior zinc producer to a federally-backed critical minerals platform. The execution of this credit facility converts a “promise” from the Dec 1 PEA announcement into actual cash on the balance sheet. While the PEA economics are robust (US$513M NPV), the project remains speculative as it relies on Inferred resources. However, the level of government involvement significantly lowers the “failure risk” typical of junior miners.
