Graphite

Strategic Positioning

The Kilbourne Graphite Project represents a transformational opportunity to re-establish domestic natural flake graphite production in the United States. The Kilbourne Graphite Demonstration Facility, which began processing in December 2025 and produced its first concentrate in January 2026, is America’s first end-to-end producer in over 70 years. Located at Titan's 100%-owned Empire State Mine complex (“ESM”) in St. Lawrence County, New York, Kilbourne benefits from existing operational infrastructure, a skilled workforce, and state-level permitting, providing a significant competitive advantage over greenfield graphite projects.

Location Map

Unique Operational Advantages

Existing Infrastructure: The Kilbourne project is located within the ESM package and will include the open pit mine, tailings management facilities, a Concentrate Plant, and a Micronization Plant. As part of this vertically integrated model, Primary Mill Feed extracted from Kilbourne open pit mine will be processed at the Concentrate Plant and subsequently micronized at Kilbourne Site. Another site in New York is under consideration for building the secondary transformation facility.

Workforce: At full production, the mining segment will employ approximately 62 skilled professionals, while the Concentrate Plant will support 58 employees across operations, maintenance, and technical services, totalling a peak workforce of about 120 people. A total workforce of 16 workers is required to operate the two micronization systems, 40 employees are required for the Purification Plant, while 88 employees are required for the CSPG Plant. The project's total employment potential is over 260 people. Today, our workforce is nearly 100% local, reflecting our commitment to supporting the community.

Land Position: Titan maintains a comprehensive land position anchored by its existing zinc operations at the Empire State Mine complex in St. Lawrence County, New York. This strategic footprint provides a strong foundation for the Kilbourne Graphite Project, leveraging established infrastructure and operational advantages.

Permitting: The Kilbourne Graphite Project benefits from its location within an existing, fully permitted mining complex, streamlining certain aspects of development. The proposed open pit will require permitting under the mining permit regime. Other operational permits are also required, which are ordinary course permits. Permitting efforts are underway, with baseline studies and monitoring programs initiated to support timely approvals. As Kilbourne is under consideration for federal funding, it has also been accepted into the FAST-41 program to streamline required federal permits to a 14-month timeline.

Critical Materials Complex: Titan’s Empire State Mines in New York State is evolving into a multi-metal critical materials complex, anchored by zinc and graphite, with germanium testing underway that could further strengthen the site’s role in U.S. defense and semiconductor supply chains.

Robust Economics: After Tax NPV (7%) for the stand-alone Kilbourne Graphite Project of $513 million, post-tax IRR of 37%, and 2.7-year payback, confirming Kilbourne to be the highest return graphite project in the USA.

High Margins: Average EBITDA of $125 million through LOM. Blended EBITDA margins of 58-69% supporting resilient returns across market cycles.

Scale & Impact: Average production of ~40,000 metric tonnes per annum of graphite concentrate, at nameplate capacity, nearly 50% of current U.S demand, from an integrated operation in New York State.

Expanded United States Government partnership:

EXIM has approved an additional $5.5 million of non-dilutive funding under the MMIA program (by way of the EMP Program), on similar terms as previously announced, to accelerate resource drilling, metallurgical test work, and engineering work programs for the Feasibility Study. This is the first Feasibility Study for a domestic project funded by EXIM, underscoring the strategic importance of fast-tracking Kilbourne.

EXIM has also issued a $120 million LOI expected to cover the majority of the construction capital, materially de-risking financing and underscoring the Project’s strategic role in U.S. national security and defense supply chains.

Capital Efficiency: Initial construction capital of $156 million, leveraging existing Empire State Mine infrastructure, government financing programs, and cash flow from Titan’s zinc operations to minimize dilution and execution risk.

Product Strategy: Initial output of Concentrate, Micronized Natural Flake Graphite (NFG), and Purified Micronized Graphite (PMG), with transition to Coated Spherical Purified Graphite (CSPG), all critical inputs for industrial, defense and energy sectors.

Significant Exploration Upside: The Kilbourne Project Study is underpinned by an Inferred Mineral Resource of 22.4 million tons grading 2.91% Cg (653,000 tons contained graphite), based on a 1.5% Cg cut-off grade. Significant exploration upside remains, with approximately 60% of the known strike length unexplored to date.

Near-Term Production Pathway: Qualification sales production commenced in Q1 2026 . The demonstration facility significantly de-risks the Kilbourne Project, accelerates time-to-market, and provides early validation of Titan’s downstream processing strategy.

Fast Tracking Development: Feasibility Study in 2026 / early 2027 with targeted start of construction in 2027.

Job creation & economic impact: Project expected to create over 150 permanent positions, establishing a total workforce of over 300 employees across ESM operations in upstate New York. In addition, downstream secondary transformation activities could further increase total employment levels by approximately 30%, while generating meaningful tax revenue and broader economic benefits for St. Lawrence County and New York State.

Project Summary and Economics (PEA - December 2025)

The Kilbourne Project hosts a maiden Inferred Mineral Resource of 22.4 M tons grading 2.9% Cg, with significant expansion potential as only ~40% of the strike length has been drilled. Development is planned as a conventional open-pit mine with an average annual production of ~40,000 metric tonnes of graphite concentrate (at nameplate capacity). Processing will use a flotation-based concentrator, achieving 95% Cg at ~90% recovery, with downstream secondary transformation facilities to produce high-purity micronized and spherical graphite for battery applications. Co-located within Titan’s Empire State Mine complex in New York, the project benefits from established infrastructure, utilities, and a skilled workforce. Work completed to date includes drilling, metallurgical testing, and construction of a demonstration plant, which began production and customer qualification in 2026.

Based on the positive Kilbourne Project Study results, Titan will advance the project to feasibility, supported by additional drilling, expanded metallurgical testing, site-specific engineering, and environmental permitting programs. Pilot-scale purification and downstream test work will generate product samples to secure offtake agreements, further de-risking commercialization and positioning Kilbourne as a cornerstone of U.S. graphite supply.

Table 1: Operational Parameters of the Kilbourne Project Study

Table 2: Economic Highlights of the Kilbourne Project Study

Table 3: Commodity Input Pricing

Pricing assumptions for the Kilbourne Graphite Study are based on North American regional prices, which are higher than global average sales prices (ASP) due to supply chain premiums for non-Chinese material. The Kilbourne Project Study takes into account these premiums for all planned upstream and downstream grades. The FOB port pricing data is sourced from quarterly reports developed by Lone Star Tech Minerals-USA, based on data points from a wide range of contacts across various markets.

Maiden Resource Estimate (Effective: December 3, 2024)

Table 4: Kilbourne Graphite Mineral Resource summary and in situ metal within pit shell

1. The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101 is Mr. Todd McCracken (PGO 0631) of BBA USA Inc. The effective date of this Mineral Resource Estimate is December 3, 2024.
2. Three-dimensional (3D) wireframe models of mineralization were based on the geological interpretation of the logged lithology and sub-domained based on contiguous grade intervals greater than or less than 0.50% Cg defined by mineralized sub-domains.
3. Geological and block models for the Mineral Resource Estimate used data from a total of 45 surface diamond drill holes (core) and 1 surface channel sample. The drill hole database was validated prior to mineral resource estimation and QA/QC checks were made using industry-standard control charts for blanks and commercial certified reference material inserted into assay batches by Empire State Mine personnel.
4. Quantities and grades in the Mineral Resource Estimate are rounded to an appropriate number of significant figures to reflect that they are estimations.
5. The mineral resource estimate was constrained using the following optimization parameters, as agreed upon by Empire State Mine and the QP. The parameters include mining costs of $4.60/ton for mineralized rock, $3.50/ton for unmineralized rock, and $2.00/ton for overburden and tailings, with a 5.0% dilution and 95.0% mining recovery. Processing costs are $14.00/ton milled, with a 91.0% processing recovery and a concentrate grade of 95.0%. No general and administrative (G&A) costs were applied. The selling price is $1,900/ton of concentrate, with transportation costs of $50/ton and no additional selling costs. The overall slope angles are 23 degrees for overburden and tailings, and 45 degrees for rock.
6. Process recoveries estimates based on Phase I testing done at SGS Lakefield and Forte Dynamics, open circuit recovery 86.5% with expected increase to 90–91% in closed circuit.
7. The reported mineral resource estimate has been tabulated in terms of a pit-constrained cut-off value of 1.50% Cg.
8. The block model was prepared using Datamine Studio RM. A 30 m x 30 m x 15 ft block model was created, and samples were composited at 5.00 ft intervals. Grade estimation for graphite used data from drill hole data and was carried out using Ordinary Kriging (OK), Inverse Distance Squared (ID 2), and Nearest Neighbor (NN) methods. The OK methodology is the method used to report the mineral resource estimate.
9. Grade estimation was validated by comparison of the global mean block grades for OK, ID2, and NN by domain and composite mean grades by domain, swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
10. The specific gravity (SG) assessment was carried out for all domains using measurements collected during the core logging process. The mean specific gravity value within the mineralized domains is 2.75.
11. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).

Exploration Upside:

Exploration drilling targeting the eastern extension of Kilbourne began in Q3 2025 and ended in Q1 of 2026, 12 holes were drilled totaling 4,027 ft. Drilling has intercepted graphite mineralization roughly 2,500 feet from the current conceptual pit design, with mineralization remaining open approximately 5,000 feet to the east and 7,500 feet to the south. In addition, multiple regional graphite targets have been identified within the broader land package, supported by historic geological records and airborne geophysical data. The base case pricing assumptions are based on current landed U.S. prices, with no policy incentives incorporated.

Open-Pit Mining

Mining Method: Conventional drill-and-blast open-pit operation

Annual throughput: ~1.7 Mtpa

Strip ratio: 2.1:1 (LOM average)

Mine life: 13 years (initial PEA) with significant extensions expected with exploration upside

Location: Within 4,000 ft of existing ESM mill

Processing & Products

Integrated Processing Strategy:

Stage 1: Concentration

Crushing → Grinding → Flotation → Dewatering

Target grade: 95% Cg

Recovery: ~90%

Stage 2: Value-Added Products

Micronized Natural Flake Graphite (NFG): Standard industrial grade

Purified Micronized Graphite (PMG): >99.9% Cg for high-purity applications

Coated Spherical Purified Graphite (CSPG): Battery-grade anode material (post year 5)

Product Mix Evolution:

Targeted Product Mix

Notes:

1. Subject to qualification sales

Market Positioning:

Titan is the first U.S. natural graphite producer in 70+ years with its demonstration facility

Positioned across high-growth critical markets — defense, aerospace, energy storage, and batteries — with premium pricing potential

Product portfolio evolves from concentrate to CSPG, enabling high margins and capturing both battery and non-battery demand

Defence & Aerospace Applications

• Graphite is used in rocket nozzles, re-entry nose tips, and heat shields for its high-temperature resilience 
• It’s used in composite materials for military aircraft/vehicles to boost strength, reduce weight, and improve thermal stability

Concentrate(1)	Micronized(2)	Purified(3)	CSPG(4)
-			-

Energy Security & Electrification

• Graphite is critical for anode and cathode use in primary and secondary batteries, including lithium-ion, lead-acid, and fuel cells, powering applications from drones and EVs to large-scale power systems 
• Secure graphite supply is vital for grid storage, backup systems, and resilient infrastructure, especially for defense bases and critical networks

Concentrate(1)	Micronized(2)	Purified(3)	CSPG(4)
-	-

High Tech & Advanced Materials

• Graphite’s exceptional conductivity and stability under extreme conditions make it indispensable in semiconductors, silicon carbide (SiC) substrates, heat spreaders, and thermal interface materials for advanced electronics 
• Enables coatings, optics, and composites in lasers, sensors, and defense-grade systems 

Concentrate(1)	Micronized(2)	Purified(3)	CSPG(4)
-			-

Industrial & High Temperature Uses

• Refractories, foundries, and steelmaking use graphite for its heat resistance and conductive properties—critical in heavy industry and materials manufacturing 
• Lubricants, coatings, and specialty applications leverage graphite’s unique chemical and thermal properties in harsh or high-wear environments 

Concentrate(1)	Micronized(2)	Purified(3)	CSPG(4)
			-

Notes:

1. ATSM Mesh Grade >95% LOI
2. Micronized Flake Graphite Products STD Purity 95.0% LOI MIN
3. Micronized Flake Graphite Products High Purity 99.9% LOI MIN
4. Coated Spherical Purified Flake Graphite (CSPG) 99.95% LOI MIN

Fast-Track to Production

Notes:

1. Commercial production decision to be based on positive results through the Company's feasibility study, permitting, development plan, board approval, and financing

Discovery to Production: ~5 years (vs. 7-10 years typical for greenfield)

Enabled by: Existing infrastructure, permits, workforce, federal support

De-Risking Commercial Development

Location: Within Empire State Mines mill complex

Status: Graphite concentrate production and initial shipments (Q1 2026)

Capacity: Current operating capacity is ~1,200 tonnes per year, with potential to ramp up

to 2,500 tonnes per year of design capacity on a two-shift basis

Objective: Customer qualification, flowsheet validation, market development

The scientific and technical information contained on this presentation was based upon the technical report titled "Empire State Mines 2025 NI 43-101 Technical Report, Gouverneur, New York, USA" which has an effective date of December 1, 2025, and which was approved by the following qualified persons: Donald R. Taylor, MSc, PG; Todd McCracken, P. Geo.; Bahareh Asi, P. Eng., David Willock, P. Eng.; Deepak Malhotra, SME Registered Member; Oliver Peters, MSc, P.Eng.; Derick de Wit, FAusIMM; and Steven M.Trader, PG, CPG, each of whom is a “Qualified Person” as defined by NI 43-101. All are independent of Titan, other than Mr. Donald Taylor, who is on Titan’s board of directors.