Toronto-listed Titan Mining on Tuesday reported higher second-quarter zinc output and said it remained on track to commission the first integrated US natural flake graphite facility in more than 70 years by the end of 2025.

The company produced 15.5-million pounds of payable zinc in the quarter ended June 30, up 7% from a year earlier, meeting production guidance at its Empire State Mines (ESM) in New York. Revenues came in at $16.3-million, with C1 cash costs and all-in sustaining costs of $0.90lb.

Cash flow from operations was $2.4-million, while net debt fell 21% from the prior-year quarter to $24.2-million. Titan ended the period with $8.1-million in cash.

Subsequent to quarter-end, Titan secured $15.8-million in financing from the US Export-Import Bank, marking the first direct mining loan under its “Make More in America” initiative.

“Our second-quarter performance reflects consistent execution at ESM, with strong production, start-up of the N2D zone and continued cost control,” CEO Don Taylor said. “Importantly, our graphite project has moved from concept to construction, supported by public and private sector backing. Titan is building the foundation to become a multi-commodity, integrated supplier of critical minerals to the US economy.”

At the Kilbourne graphite plant site, over half of the major equipment has been delivered and installation is under way.

“Titan is executing a unique dual-commodity strategy,” president Rita Adiani said. “Our zinc operations continue to generate cash flow, while the Kilbourne graphite first phase processing facility is rapidly progressing toward commissioning. With strong government support and tangible progress on-site, we’re positioning Titan as a future-facing, US-based supplier of both industrial and critical minerals.”

Mining during the quarter drew ore from the Mahler, New Fold and Mud Pond zones at ESM’s #4 mine, with production from the N2D zone resuming for the first time since May 2023. N2D output is expected to ramp up from 250 t/d to 500 t/d in the third quarter.

Commissioning of the graphite plant is expected in the fourth quarter of 2025.