Titan Mining Closes Landmark US$15.8M Credit Agreement with US EXIM
GOUVERNEUR, New York and VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX:TI, OTCQB:TIMCF) ("Titan" or the "Company") is pleased to announce that its wholly owned subsidiary, Empire State Mines, LLC ("ESM"), has entered into a definitive credit agreement (the "EXIM Facility") with the Export-Import Bank of the United States ("EXIM"). The EXIM Facility provides funding of up to US$15.8 million towards critical capital development supporting current operations and planned expansion at ESM's underground zinc mine in St. Lawrence County, New York.
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:
US$15.8 million EXIM Facility available through December 31, 2026
Seven-year repayment term with scheduled repayments principal commencing December 30, 2027
Competitive interest rate, fixed at approximately 4.91% per annum (payable quarterly) under EXIM's Commercial Interest Reference Rate (CIRR) plus an upfront fee of 5.97% for an effective interest rate of approximately 7%.
Job creation and retention: 135 jobs retained and 10 new positions committed under EXIM's domestic employment requirements
Debt restructuring agreement with Augusta Investments Inc. on US$16.5 million of outstanding obligations, with repayments beginning in 2026 over three years at 8% per annum, payable monthly, subject to financial covenant compliance
Strengthened balance sheet, with significant deleveraging and enhanced working capital projected by year-end 2025
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 ...
