Mr. Don Taylor reports

TITAN REPORTS STRONG SAFETY AND PRODUCTION RESULTS FOR SECOND QUARTER 2023

Titan Mining Corp. has released its results for the quarter ended June 30, 2023. (All amounts are in U.S. dollars unless otherwise stated.)

Don Taylor, president and chief executive officer of Titan, commented, "Titan's ESM operations continued the momentum gained in the first quarter with an outstanding second quarter meeting or exceeding targets for the major metrics in safety and production."

Q2 2023 highlights:

• No lost-time injuries and a recordable injury frequency rate at half the national average for underground metal mines;
• Zinc production of 15.0 million payable pounds, up 9 per cent from the prior quarter;
• Zinc sales of 15.0 million payable pounds, up 1 per cent from the prior quarter;
• $9.0-million in revenue, down 47 per cent when compared with the prior quarter, due to significantly lower realized zinc prices and negative provisional and final pricing adjustments;
• Announced results of surface and underground drilling programs. 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 (g/t) 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;
• Underground exploration continues to target a newly identified zone of mineralization between the Mahler and New Fold mining areas. Assays from drill holes completed to date continue to support the robust nature of the zone;
• Cash balance of $2.9-million at June 30, 2023.

Operations review

Mining efforts in the second quarter of 2023 focused on the Mahler, New Fold and Mud Pond zones. Mining activities were temporarily suspended in the N2D zone in response to lower-than-expected zinc prices. Waste development continued to advance on the Mahler ramp system, which provided access to a high-grade ore horizon in the lower Mahler mining zone. It is expected that ore from this zone will continue to support head grade at planned levels for the remainder of the year. The long-hole stoping program for New Fold continued to produce ore in the second quarter, but stope blasting is being paused to focus on a mining methods study and extraction sequence to maximize ore recovery.

Work on projects was minimal as muted zinc prices led the company to reduce spending at the mine. While planning for future development of the Turnpike project (formerly Sphaleros) continued, work was temporarily suspended in order to preserve cash. Titan is committed to investing in the Turnpike project when zinc prices recover. Development of additional ground support utilizing shotcrete in Newfold commenced in the first quarter and was completed in the second quarter. The counterweight rail replacement project in the No. 4 shaft started in the first quarter and was completed in the second quarter. There were no equipment purchases in the second quarter of 2023.

Exploration update

Underground

Drill programs in the second quarter of 2023 focused on exploring near-mine targets within proximity to active mine areas. All underground drilling was completed with company-owned underground drills by company employees. A total of 12 holes totalling 6,235 feet were completed targeting mineralized extensions of New Fold and Mahler. Drilling will continue to target Mahler and commence at Fowler in the third quarter of 2023.

Surface

Surface drilling in the second quarter of 2023 focused on delineating and expanding the known near-surface mineralization within the footprint of the Turnpike project area. A total of eight holes totalling 4,628 feet were completed testing the Streeter target.

One district exploration hole was completed in the second quarter at 24 Crescent, a near-mine district target, totalling 796 feet. Regional drill targets have been identified for testing in the fourth quarter of 2023, with planning under way for 2024.

Additional information on the drilling results described herein are set out in the company's news release dated Jan. 31, 2023, "Titan Mining Announces Discovery of New Zone of Near-Mine Mineralization Including 48.7 ft at 23.91% Zinc," and the company's news release dated June 14, 2023, "Titan Updates Exploration including, 26.3 feet assaying 14.9% zinc, 3.9% lead, and 34.9 g/t silver; Provides Dividend Update."

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 has 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 is a registered professional geologist through the SME (registered member No. 4029597). The data were verified using data validation and quality assurance procedures under high industry standards.

Non-GAAP (generally accepted accounting principles) performance measures

This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable with similar measures reported by other issuers. The company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the company's performance. The company uses these performance measures extensively in internal decision-making processes, including to assess how well the Empire State mine is performing, and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team.

Net debt

Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided in the attached table.

About Titan Mining Corp.

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

We seek Safe Harbor.