Titan Mining (TSX: TI) soared on Thursday after the Export-Import Bank of the United States (EXIM) approved a $15.8 million financing to support the company’s zinc and critical minerals portfolio.Titan, part of the Augusta Group based in Vancouver, BC, is aiming to expand its 100%-owned Empire State Mines (ESM) zinc operation located in St. Lawrence county, New York. ESM represents a large complex that includes one operational mine, six historic mines and a 5,000-tonne-per-day mill.In early 2025, seven years after operations first began at ESM, the company released an updated mine plan that increased the mine’s projected production by 35% and extended the mine life by two years. Mining would occur from an increased zinc resource of 465 million lb. in the measured and indicated category and over 1 billion lb. in inferred.Titan is currently assessing near-term production growth opportunities with the development of another open pit. It is also looking to increase the existing resource through near-mine exploration in several target areas. Total near mine exploration target range, it says, is between 5-5.5 million tonnes at average zinc grades of 10-14%, providing significant potential to increase mine life.In addition to the zinc expansion, the company is also focused on developing the Kilbourne graphite deposit discovered by ESM in 2023. Work to date at Kilbourne has delineated an inferred resource of 22 million tonnes at an average grade of 2.91% graphitic carbon, containing 653,000 tonnes of graphite.First EXIM loan under MMIAAccording to Titan CEO Don Taylor, the EXIM financing approval marks a major step forward” for the ESM operation. “It enables us to further expand zinc production, accelerate our graphite development, and importantly, retain 135-plus high-quality jobs in upstate New York.”Rita Adiani, president of Titan, added: “This is a foundational milestone—not just for Titan, but for US mineral policy. With this EXIM facility, we’re building a secure, transparent supply of critical minerals and investing in energy and defense supply chains.The loan marks EXIM’s first direct mining transaction under the Make More in America Initiative (MMIA), a landmark federal initiative aimed at reshoring industrial capacity, securing US supply chains for critical materials and expanding the domestic manufacturing base.Shares of Titan Mining shot up to a 52-week high of C$0.69 apiece in the early hours of trading on the news, before pulling back to around C$0.66 for an 8% gain. The company’s market capitalization is C$90 million.
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