Mr. Don Taylor reports

TITAN UPDATES EXPLORATION INCLUDING, 26.3 FEET ASSAYING 14.9% ZINC, 3.9% LEAD, AND 34.9 G/T SILVER; PROVIDES DIVIDEND UPDATE

Titan Mining Corp. has provided an update on dividend and exploration programs at the company's 100-per-cent-owned Empire State mine (ESM) in upstate New York. Drilling has focused on discovering, expanding and delineating near-mine mineralization within proximity to active and planned operational areas at ESM. Both surface and underground programs have been successful in intercepting significant zinc mineralization that will be accretive to the overall mineral resource.

Quarterly dividend update

Titan has temporarily suspended the payment of its quarterly dividend in order to preserve capital. This decision reflects the company's focus on strengthening its balance sheet as it navigates the downturn in zinc prices.

"Titan remains confident in its business as operations continue to meet and exceed production goals, reduce costs and enjoy higher zinc prices through forward sales of 30 per cent of the production forecast at $1.55 per pound through to the end of 2023," said Donald Taylor, president and chief executive officer.

The company's board of directors will re-evaluate the payment of quarterly dividends as zinc prices improve.

Surface and underground exploration update

The surface drilling program included a total of 16,240 feet targeting modelled extents of near-mine, near-surface mineralization at the planned Turnpike (formerly Sphaleros) expansion project.

Significant mineralized intercepts from surface include:

• 49.5 feet assaying 9.3 per cent zinc, 3.2 per cent lead and 24.3 grams per tonne silver:
  • Including 15.1 feet assaying 16.1 per cent zinc, 5.2 per cent lead and 37.8 g/t silver.
• 27 feet assaying 13.2 per cent zinc, 3.6 per cent lead and 30.6 g/t silver:
  • Including 12.6 feet assaying 19.8 per cent zinc, 5.6 per cent lead and 49.4 g/t silver.
• 26.3 feet assaying 14.9 per cent zinc, 3.9 per cent lead and 34.9 g/t silver;
• 23.9 feet assaying 14 per cent zinc, 3.7 per cent lead and 33.4 g/t silver;
• 15.5 feet assaying 14.9 per cent zinc, 0.6 per cent lead and 6.9 g/t silver.

Surface drilling was successful in intercepting extensions of historically mined areas, and in testing and validating the modelled extent and scale of historical mining activity. Drilling will continue, with a full mineral resource estimate update planned for the first quarter of 2024.

Mr. Taylor commented: "The surface drilling completed thus far has been very beneficial in improving our understanding of the extent of previous mining, as well as providing vital geologic and assay data to more accurately plan and evaluate the Turnpike expansion project. Turnpike is fully permitted and will be important to the future of ESM: Once completed, Turnpike is expected to supply additional ore feed to the underutilized mill, increase our revenue, and lower our average cost per payable pound of zinc. Additionally, the project will add to the overall life of the mine."

Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas, first detailed in the company's press release dated Jan. 31, 2023. Assays from drill holes completed to date continue to support the robust nature of the zone (see an attached table).

The mineralization intercepted in the initial four holes of the program (reported Jan. 31, 2023) has been successfully tested along a modelled structural horizon between the Mahler and New Fold orebodies. Five of the subsequent holes intercepted this mineralized horizon along strike as well as up and down dip. Drilling will continue to target this mineralized zone to further understand its relationship to the neighbouring orebodies.

Qualified person

The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information have been reviewed, verified and approved by Donald R. Taylor, MSc, PG, president and chief executive officer of the company, a qualified person for the purposes of National Instrument 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience, and he is a registered professional geologist through the Society for Mining, Metallurgy and Exploration (registered member No. 4029597). The data were verified using data validation and quality assurance procedures under high industry standards.

Assays and quality assurance/quality control

To ensure reliable sample results, the company has a rigorous QA/QC program in place that monitors the chain of custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half, with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at ALS Geochemistry, an independent ISO/IEC-accredited laboratory located in Sudbury, Ont., Canada. ALS prepares a pulp of all samples and sends the pulps to the ALS analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes each pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP-AES finish, including copper, lead and zinc. All samples in which Cu, Pb or Zn are greater than 10,000 parts per million are rerun using aqua regia digestion (Cu-OG46, Pb-OG46 and Zn-OG46). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41), with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).

The company has not identified any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data set out in this news release.

About Titan Mining Corp.

Titan is an Augusta Group company. It produces zinc concentrate at its 100-per-cent-owned Empire State mine, located in New York State. Titan is built for growth, focused on value and committed to excellence.

We seek Safe Harbor.