Conference Operator: Please be advised that today’s conference is being recorded. I will now hand the conference over to your first speaker today, Irina Kuznetsova, Director of Investor Relations. Please go ahead.

Irina Kuznetsova, Director of Investor Relations, Titan Mining: Thank you, operator, and thank you everyone for joining Titan Mining’s second quarter 2026 analyst and investor update call. We appreciate the engagement we have since introducing this quarterly format last quarter. The second quarter was a record one for Titan financially, and it was followed by two important commercial milestones. Since quarter end, we have signed our first customer agreements for Kilbourne Graphite, and during the quarter, we were conditionally selected by the U.S. Army for Enhanced Use Lease opportunities at two strategic defense installations, both meaningful steps in advancing Titan’s domestic critical mineral strategy. I would like to draw your attention to the cautionary statements on slide 2, as we will be making several forward-looking comments during our prepared remarks and likely in the Q&A as well.

On the call to assist with the presentation and answer questions are Rita Adiani, our President and CEO, Rick Pozzebon, our Chief Financial Officer, and Joel Rheault, our Vice President of Operations. I will now turn the call over to Joel to discuss the operational highlights.

Joel Rheault, Vice President of Operations, Titan Mining: Thank you, Irina. In the second quarter, Titan delivered record financial results, higher zinc production, positive operating cash flow, and continued progress across our U.S. critical minerals platform. Zinc remains the engine funding everything else we are doing. We produced 17.5 million payable pounds in the quarter, 13% more than a year ago and 23% more than in Q1, running ahead of the mine plan. Unit costs came down at the same time, and we made up all of the zinc production deferred by the January hoisting outage. I’ll now turn the call over to Rita to discuss our strategic initiatives and corporate developments.

Rita Adiani, President and CEO, Titan Mining: Thank you, Joel. Since quarter end, we have signed the first two customer agreements for Kilbourne Graphite. Last week, we announced a conditional supply agreement with RHI Magnesita, a global leader in refractory products. The week before, we announced an arrangement with a U.S. manufacturer serving the aerospace and defense, and advanced industrial sectors, in the United States. I will provide additional details on both shortly. Alongside graphite, our germanium work moved forward as well. Following the cooperation agreement we signed with Teck in May, we completed a property-wide sampling program during the quarter that confirmed germanium enrichment across the district, not just in one area. It is early, but it points to potential district-scale additional critical minerals, some of which has already been mined and processed and therefore reduces any mining costs.

During the quarter, we also received conditional selection notices from the U.S. Army for Enhanced Use Lease opportunities at two strategic defense installations, one in Arkansas and the other one in Alabama. We are now conducting our detailed due diligence and finalizing business terms agreements to build and operate the Kilbourne Graphite Purification Plant on Army property. This is in addition to the previously announced expression of financing interest of up to $120 million from Export-Import Bank of the United States, as well as the Kilbourne feasibility study financing, which has been extended by U.S. EXIM. On the technical side, we announced positive results across our full processing chain from ore concentration through to battery-grade spherical graphite, confirming the design assumptions in our PEA and supporting ongoing feasibility study. The 40,000 tonnes per year Kilbourne feasibility study is fully funded. It is tracking to schedule with drilling and permitting moving alongside it.

A construction decision remains targeted for 2027. What differentiates Kilbourne is that we are not building this from a standing start. The infrastructure, the workforce, the permitting relationships, and the zinc cash flow are already in place, which is why we can move to a scalable domestic supply solution faster than other development counterparts. Qualification is now turning into agreements. The balance sheet is materially stronger than it was six months ago. The catalyst path from here is short. Execution is what matters between now and a construction decision, and we continue to deliver as previously promised. Turning to graphite commercialization, our demonstration plant has done exactly what we built it to do. It has allowed customers to test real material from our operation, and that testing is now converting into indications of interest and agreements.

With RHI Magnesita, lab qualification confirms that Kilbourne Graphite meets the specifications required for their refractory applications, and commercial-scale testing has now commenced within their manufacturing operation. The agreement covers an initial volume with the ability to expand up to 10% of Kilbourne’s projected commercial tonnage, subject to completion of a successful production trial. The second agreement is a non-binding letter of intent with a U.S. manufacturer serving the aerospace, defense, and advanced industrial sectors for supply for our planned commercial facility. That customer has initiated its own qualification testing using samples from the demonstration plant with early positive results. Both agreements remain subject to customary conditions, but taken together, they mark the beginning of our commercial order book, and they validate the end-to-end strategy, which is mine, concentrate, and purify domestically.

The indicative pricing demonstrates the supply chain security which customers are looking for and not just the cheapest material which is available today. Our objective from here is to build that order book through a series of similar agreements as we advance towards allocating production capacity at the commercial facility. Before I hand back to Joel, I want to spend a moment on germanium, which we view as a low capital option embedded in our existing operation. Germanium goes into defense, conductor optics, semiconductors, and infrared systems, and the supply picture is just about as concentrated as it gets. China accounts for roughly 60% of global production. The U.S. imports essentially all of what it consumes, and export restrictions have pushed pricing sharply higher. In May, we signed a cooperation agreement with Teck to assess whether we can recover germanium from the process streams we already run.

The scale we are testing against is roughly about 13,000 kilograms per year of contained metal, and the estimate is based on scavenger and pre-flotation tailings. In other words, material we have already mined and already processed and is sitting within our process streams. During the quarter, we completed a property-wide characterization sampling program across six underground ore bodies within our zinc resource, as well as the Number 4 and Edwards historic tailings facilities. That work confirmed district-wide germanium enrichment with elevated concentrations across multiple ore bodies at both tailings facilities. In other words, it is not a single zone anomaly, but a district-wide occurrence. We have multiple development pathways here. The first is partnering with Teck to sell a pre-concentrate of a certain specification, which allows us to reduce the upfront capital intensity to begin to generate revenue.

The second is assessing the district-wide potential to look at establishing a standalone processing facility. These two routes are complementary. They offer different capital intensities, different build time periods, and different due diligence and technical milestones. We are also prioritizing the highest grade material, running the deportment and mineralogical work in parallel and moving to recovery test work. This will help us work towards a commercialization decision. I will now hand over to Joel to provide additional details on the operation.

Joel Rheault, Vice President of Operations, Titan Mining: Thank you, Rita. In Q2 2026, we delivered 17.5 million payable pounds of zinc ahead of the mine plan with C1 cash cost of $0.88 per pound and AISC of $0.96 per pound, both below our full year guidance ranges. Mining activity was concentrated in the Mahler, New Fold, and Mud Pond zones. Recovery of high-grade pillars in Lower Mahler, together with long-hole stoping in Mud Pond Apron, delivered above target grades and tons. Importantly, the shortfall caused by the first quarter hoisting disruption was fully recovered by the end of the quarter. Capital development was completed on the New Fold–Mahler connection, improving ventilation in the lower mining zones, while ramp development continued in New Fold and Upper Mahler.

Other capital projects advanced as planned, including the production shaft rail replacement, rehabilitation of the number 2 shaft secondary egress, a fine ore bin chute rebuild in the mill, and power expansion at Mud Pond. Additionally, a 42-ton haul truck and a mechanical bolter were delivered to the site and will be commissioned in the underground by the end of the year. We are reaffirming full year guidance of 62 million-66 million payable pounds, C1 cash costs of $0.93-$1.01 per pound, and AISC of $1.07-$1.17 per pound. It’s important that I flag the sustaining capital is weighted toward the back half of the year, so first half cost performance is not at the run rate for the full year.

Turning to Kilbourne, the feasibility study for the proposed 40,000 ton per year facility is fully funded and on schedule, with $5.3 million of the roughly $20.7 million budget spent as of June 30th. Work streams underway include mine design, converting resource to reserve, tightening the metallurgical flow sheet and site layout, and firming up capital and operating cost estimates. At the demonstration facility, we improved both throughput and concentrate grade through process adjustments and mechanical alterations. In June, we delivered our first large volume shipment to a tier 1 customer. Subsequent to quarter end, we confirmed battery-grade graphite production across the full process chain from ore concentration through to spherical graphite. That result validates the design assumptions in the preliminary economic assessment and de-risks the downstream portion of the flow sheet. Permitting is moving in step with engineering, backed by our environmental baseline programs and site planning.

We are working to close out business term agreements with the U.S. Army for the purification plant. The construction decision remains targeted for early 2027, subject to board approval, completion of the study, permitting, and financing. Turning to exploration. At Empire State Mines, underground drilling in Q2 totaled 9,100 feet across 18 holes, supporting both exploration and definition programs at Lower Mahler and New Fold. Drilling from Surface also tested Little York and Bend targets, with assay results still pending. The Bend target is worth noting. The same lithological package that hosts our zinc mineralization also contains a graphitic unit analogous to the unit hosting the Kilbourne deposit, which gives us a second potential graphite target on our land package. At Kilbourne, drilling totaled just under 2,300 feet across seven holes, comprising infill drilling within the conceptual pit and geotechnical holes in support of the feasibility study.

Hole KX26-080 intersected 2.8% graphite over 106 feet, including 3.3% graphite over 50 feet. Fieldwork has now shifted primarily to geotechnical activities supporting the study. The germanium sampling program Rita referred to was also completed during the quarter, and that work is now advancing to prioritization and recovery test work. Through the balance of the year, drilling will concentrate on New Fold and Upper Mahler, which feeds both development sequencing and resource growth. Separately, the work we are doing to compile and digitize historic data sets keeps producing new targets, both near mine and across the district, on a land package of more than 120,000 acres in St. Lawrence County. I’ll now turn the call back to Rita.

Rita Adiani, President and CEO, Titan Mining: Thanks, Joel. Before we turn to the financials, I want to formally introduce Rick Pozzebon, who joined as the Chief Financial Officer in July and is on his first quarterly call with Titan today. We’re excited to have him on board as he brings more than 23 years of finance and capital markets experience, including 15 years in the resource sector with public companies in Canada and the U.S. He joins us from Interfor Corporation, where he was Executive Vice President and Chief Financial Officer, and prior to that, he held senior finance roles at Hecla Mining Company and Western Coal. He takes on the finance function at an important moment for the company, and we’re glad to have him. Rick, over to you.

Rick Pozzebon, Chief Financial Officer, Titan Mining: Thank you, Rita, and good morning, everyone. I’m certainly excited to be part of the Titan team. I look forward to meeting many of you over the coming months. Turning to the financial results for the second quarter, we generated revenue of $25.7 million, up 57% year-over-year and 31% sequentially. This was supported by 17.2 million payable pounds sold at an average provisional zinc price of $1.57 per pound, up 31% from a year ago. Adjusted EBITDA was $9.6 million in the quarter, nearly four times higher than the comparable quarter of 2025 and up 135% quarter-over-quarter. For the first half of the year, adjusted EBITDA was $13.6 million. Net income before tax for the quarter was $6.1 million, including a gain of $2.7 million on derivative instruments. This fair value adjustment on warrants is IFRS driven and non-cash.

It does not reflect underlying operating performance of the business. After tax, net income was $5.4 million or $0.06 per share. C1 cash costs were $0.88 per payable pound, down 15% sequentially, with AISC of $0.96 per pound, both below our full year guidance ranges. We expect both metrics to ultimately end the year within prior guidance, as Joel mentioned. AISC, in particular, will be influenced by sustaining capital that is weighted toward the second half of the year. Graphite related expenditures totaled $4.8 million during the quarter, including the demonstration facility and feasibility work at Kilbourne. The spend on these initiatives for the first half of the year was $7.1 million in total. Capital spending in the quarter was $1.8 million, weighted to underground development and mobile equipment.

During the quarter, we completed our first equity financing under the At-the-Market program, issuing 520,000 shares for gross proceeds of $2.1 million. We ended the quarter with solid financial flexibility with $13.3 million in cash and available liquidity of $29.1 million, including $15.8 million of undrawn capacity under our EXIM facility. Net debt was $12.8 million, down 47% from a year ago. Our zinc operation provides a strong cash generating foundation, funding both the core business and ongoing growth initiatives. Combined with strategic financing, this enables Titan to advance multiple critical minerals opportunities while maintaining balance sheet discipline. I’ll now turn the call back over to Rita for closing remarks.

Rita Adiani, President and CEO, Titan Mining: Thanks, Rick. To conclude, Titan delivered a record second quarter, record adjusted EBITDA, strong operating cash flow. We now have a strengthened balance sheet and have enhanced financial flexibility that positions us well to execute our growth strategy. Our story is straightforward. We have a cash-generating zinc operation complemented by two high-value critical mineral growth opportunities. Our zinc business provides the financial foundation, while graphite is evolving from a development project into a commercial business. This quarter, the demonstration plant continued to perform, customers advanced qualification using production material, and we secured our first two customer agreements. Germanium represents a compelling opportunity with the potential to create incremental value from our existing operation. The broader opportunity is compelling. The U.S. is working to establish a secure domestic supply chain for critical minerals, and Titan is uniquely positioned with an operating zinc business, graphite, and germanium potential.

We believe the investments we have made over the past several years position us well to benefit from these long-term structural trends. Thank you for joining us today. We appreciate your continued interest and support, and we look forward to updating you on our progress in November. We would now be happy to take your questions.

Conference Operator: Thank you. Ladies and gentlemen, as a reminder, to ask a question at this time, you will need to press star 1 1 on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Now, first question coming from the line of Heiko Ihle with H.C. Wainwright. Your line is now open.

Heiko Ihle, Analyst, H.C. Wainwright: Good morning, everybody, and thanks for taking my questions, and most importantly, welcome to the team, Rick. There is obviously a decent amount of governmental entity interest in the firm. This is, in my opinion, a very big differentiator that you guys have, and it also shows the support that probably affirms your longer-term social license and continuity. You got the U.S. Army Strategic Capital Initiative program. You got EXIM. Is there any other targets that you guys are pursuing? Is there anything else in the pond that you are trying to fish for?

Rita Adiani, President and CEO, Titan Mining: Thanks, Heiko, for your question, and again, thank you for all your support. With respect to other initiatives which we have ongoing, we obviously, like a lot of other critical minerals companies, continue to engage with the U.S. Department of Energy, continue to engage with the DOD, and with Export-Import Bank of the United States across other capital pools that may be available, which include non-dilutive investments from the U.S. government. We continue to engage with the U.S. government with respect to price floors, particularly with respect to germanium, because that is a commodity for which particularly the U.S. military has an urgent need. And obviously we continue to look at other M&A opportunities which give us the ability to add on some of these critical minerals, which are very much short in supply. So our engagement, as you’ve pointed out, Heiko, to date has been on the financial side.

We have now expanded our engagement to real estate and property, and we will continue to engage with the U.S. government with a view towards deeper financial investments and also looking at how we can sort of position ourselves better long term, be it through price floors or other mechanics.

Heiko Ihle, Analyst, H.C. Wainwright: Fair enough. Thank you for that. The germanium agreement with Teck, you actually brought it up a little bit in your last answer. Can you walk us through some of the more current timelines as you see them right now? If I may, the last news release related to germanium was on July 7th, and then you talked about it in the release today, obviously. Is there any updates that have maybe happened in Q3 so far that the analyst community should watch out for?

Rita Adiani, President and CEO, Titan Mining: On the recovery and test work ongoing for germanium, as we sort of pointed out, there are two parallel pathways. One is the Teck pathway, where we are looking to upgrade the material, which we have had some very encouraging results. We’re still working through them and as soon as we have assays and results back, we’ll be in a position to release them subject to discussion with Teck. And that will really form the gateway for a further offtake discussion on the pre-concentrate side. So that is ongoing. Unfortunately, we’re not in a position to announce anything publicly given the results are still pending.

Heiko Ihle, Analyst, H.C. Wainwright: Fair enough.

Rita Adiani, President and CEO, Titan Mining: As you pointed out, Heiko, with respect to the district-wide potential, I think we are beginning to now see the scale of the opportunity. What you will expect to see in the following quarter is numbers which kind of define how much germanium we actually have together with some test work which actually demonstrates what the size of this opportunity could be.

Heiko Ihle, Analyst, H.C. Wainwright: Very well. That is a great answer. I am going to get back in queue. Thank you, guys.

Rita Adiani, President and CEO, Titan Mining: Thanks, Heiko.

Conference Operator: Thank you. Again, if you have a question, please press star one one. Our next question in queue coming from the line of Tate Sullivan with Maxim Group. Your line is now open.

Tate Sullivan, Analyst, Maxim Group: Hi, great to see the results and that your operating income before the graphite project expenses fully covers those expenses. It is great you break that out. Going forward, Rita, are you willing to spend more on the graphite project than the operating income and the cash flow that you are getting from the zinc operations? Sure.

Rita Adiani, President and CEO, Titan Mining: Thanks, Tate, for the question. I think that for us to progress the graphite project beyond 2025 and into 2026 and into 2027, the key things remaining would be doing front-end engineering and continuing the permitting efforts, which we expect will be wrapped up during 2027, and then moving into a construction decision. We will continue to expend dollars, obviously, on the graphite project, but to provide some context, Tate, I do not think it is going to be the same order of magnitude that you saw this year. If zinc prices continue to stay as robust as they are, which we believe they will for the first half of next year, we will continue to fund some of the growth projects through existing cash reserves.

Tate Sullivan, Analyst, Maxim Group: Since you did bring up the zinc prices, can you offer some comments on why you think you are seeing those higher zinc prices? Are you seeing any from your customer, any bifurcation from China or LME-indicated prices for your zinc, please?

Rita Adiani, President and CEO, Titan Mining: With respect to zinc prices, I think a lot of it is caused because of contraction in the concentrate market. China obviously has shut down a number of smelters. A number of smelters are on downtime and maintenance, largely in Asia. That has caused severe inventory shortages, as a result of which we’re obviously seeing elevated zinc prices. This is not something that you turn the switch off and then can turn the switch on and prices go back up. We believe that these downturns could result in permanent structural changes for the zinc industry, which we would obviously welcome. But even if the supply was to come back on because industrialization continues, the build-out of steel and infrastructure continues, we think it’ll still be elevated probably for the next few quarters.

Obviously, we are pleased by that and able to take advantage of it.

Tate Sullivan, Analyst, Maxim Group: Okay, thank you. Then one more, if I may, on the graphite potential FID decisions in 2027. You said when you refer to the FID for Kilbourne, you’re referring to the mine and the graphite flake processing on-site, but then will the FID for a separate battery-grade graphite facility be a separate consideration, or are you doing all that evaluation together, please?

Rita Adiani, President and CEO, Titan Mining: The first phase of the project, as we had outlined in the PEA, comprises of processing flake, which is what our demonstration facility currently processes, going all the way up to purified micronized graphite. Phase two of the project, which is contemplated about 3 or 4 years down the line, will be spherical graphite. Some of the PMG inputs, the purified micronized graphite, does go into a battery supply chain, so that would be part of the initial FID. As we progress the project and build out phase two, the expansion will involve CSPG, which is a spherical anode input.

Tate Sullivan, Analyst, Maxim Group: Okay. Thank you very much.

Conference Operator: Thank you. I am showing no further questions in the Q&A queue at this time. I will now turn the call back over to Rita Adiani for any closing comments.

Rita Adiani, President and CEO, Titan Mining: Thank you all for being here and for all your support. Hopefully, we look forward to engaging with you in the coming months. Thank you to the Titan team as well.

Conference Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation, and you may now disconnect.