Titan Mining is a single-mine zinc producer in upstate New York that is trying to convert Empire State cash flow into a United States graphite and germanium platform. The second quarter ended June 30, 2026. That print shows the zinc engine covering more than the mine, even as graphite study costs and warrant mark-to-market still dominate the reported bottom line. The investment debate is whether Empire State remains a cyclical zinc residual or becomes the funding vehicle for a domestic flake-graphite plant that still sits at study stage.
Price leverage did more work than volume. Payable zinc rose only modestly against the year-ago quarter, while the average provisional zinc price jumped to $1.57. Adjusted earnings before interest, taxes, depreciation and amortization nearly quadrupled to $9.6 million. Unit cash cost landed below the full-year guidance band, which is the operational claim bulls want to believe is structural. The counterargument is that sustaining capital is back-half weighted, so the all-in cost print is flattered until shaft and equipment spend shows up.
Net income of $5.4 million still includes a non-cash warrant gain. First-half cash from operations after working capital was an outflow. Can Empire State keep printing this margin at a lower zinc tape, and does the Export-Import Bank letter of interest convert into committed construction capital before the related-party principal comes due?