Zinc

Our Zinc operations are located 7 mi southeast of Gouverneur, New York. The site is 38 mi via State Road #812 from the St. Lawrence Seaway at Ogdensburg, NY. The town of Gouverneur is located 90 mi from Ottawa, Ontario, Canada, and is 100 mi northeast of Syracuse, New York.

Location Map

Location, Access & Ownership:

ESM is located approximately 1.3 mi southwest of Fowler, New York State, in St. Lawrence County. We control more than 120,000 acres of mineral rights of which approximately 2,700 acres have both fee simple surface and mineral rights.

Infrastructure:

The mine is fully developed with shaft access and mobile equipment on-site. Existing surface facilities at the mine include a maintenance shop, offices, mine dry, primary crusher, mine ventilation fans, 12,000-ton (t) covered concentrate storage building, rail siding, warehouse, and storage buildings.

The mine uses a combination of longhole stoping, inclined room and pillar style panel mining, and mechanized cut and fill as mining methods. An underground crusher is in place and is capable of feeding a surface flotation concentrator with name plate capacity of 5,000 tons per day (t/d). The mine plan scales up slightly from the current production rate of 2,275 t/d continuing through 2026 to 2,800 t/d in 2029.

Tailings are being placed in the existing permitted 260-acre conventional impoundment. The Tailings Management Facility (TMF) is categorized as a low-risk dam by the New York State Bureau of Flood Protection and Dam Safety.

On December 15th, 2025 Titan released an updated Life of Mine Plan for the Empire State Mines¹. 

Zinc LOM Plan Update Summary

Table 1 presents the key metrics of the Zinc LOM Plan compared to the 2024 Zinc LOM Plan, considering the comparable periods from January 2026 onwards (the effective date of the Zinc LOM Plan).

The total zinc production in the Zinc LOM Plan has increased by 9% compared to the 2024 LOM Plan.  LOM throughput rate increased by 28% to 2,275 tons per day with total tons processed increased by 13% to 4.0mt over LOM.

Table 1: Summary of the Zinc LOM Plan and Comparison to the 2024 Zinc LOM Plan

Source: ESM 2025

The results disclosed herein are the results of a preliminary economic assessment. On this basis, it is considered preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

2025 Zinc Mineral Resource Tables

Table 2: Underground Mineral Resource Estimate

Notes:

1. The qualified person for the 2025 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R. Taylor, of Titan Mining Corp., SME registered member (#4029597).
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves Estimate.
3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological interpretation of the logged lithology on contiguous grade intervals defining mineralized subdomains. The 2025 underground MRE encompasses 41 vein domains and 6 indicator RBF interpolant shells totaling 45 individual wireframes.
4. Geological and block models for the underground MRE used data from a total of 1,153 surface and underground diamond drillholes (core). The drillhole database was validated prior to 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 Mines personnel.
5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping method.
6. The MRE was compiled from 11 individual block models that were prepared using Leapfrog Edge. Block models were sub-blocked at domain boundaries and samples were composited using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole. Composites were generated within the indicator RBF interpolant models as 10-ft run-length composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Grade estimation was carried out using IDW methods coupled with variably orientated search ellipses derived from modeled vein surfaces.
7. The SG assessment was carried out for all domains using measurements collected during the core logging process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists, then density was assigned to models based on calculated means or by a regression formula.
8. Resources are reported using a 5.3% Zinc cut-off grade, based on actual break-even mining, processing, G&A costs, and smelter terms from the ESM operation at a zinc recovery of 96.4%.
9. Resources stated as in situ grade at a Zinc price of $1.30/lb.
10. The resource classification considered the quality, quantity and distance to the data informing blocks in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality, quantity, and distance parameters.
11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect that they are estimations.
12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).
13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.
14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-economic, marketing, or political issues or any other relevant issues that could materially affect this MRE.

Table 3: Open Pit Mineral Resource Estimate as of October 17, 2024,

Notes:

1. The qualified person for the 2024 MRE, as defined by the NI 43-101 guidelines, is Donald (Don) R. Taylor, of Titan  Mining Corp., SME registered member (#4029597).
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate.
3. Three-dimensional (3D) wireframe models of mineralization were prepared in Leapfrog Geo based on the geological interpretation of the logged lithology on contiguous grade intervals defining mineralized subdomains. The 2024 Open Pit MRE encompasses three vein domains and nine indicator RBF interpolant shells totaling 12 individual wireframes.
4. Geological and block models for the Open Pit MRE used data from a total of 254 surface and underground diamond drillholes (core). The drillhole database was validated prior to 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 Mines personnel.
5. High-grade capping was evaluated and implemented on the raw assay data on a per-zone basis using histograms and log-probability plots. Outliers were further evaluated during estimation and limited if necessary using the Leapfrog Edge clamping method.
6. The Open Pit MRE was compiled from a single block model that was prepared using Leapfrog Edge. The block model was sub-blocked at domain boundaries and samples were composited within the indicator RBF interpolant models as 10-ft run-length composites with residuals less than 5 ft added to the prior interval, honoring the modeled geological boundaries. Assays were composited within the vein models using vein length intervals where a single composite is generated for each complete vein intersection with a drillhole. Grade estimation was carried out using IDW methods coupled with variably orientated search ellipses derived from modeled trend surfaces.
7. The SG assessment was carried out for all domains using measurements collected during the core logging process. Where there is sufficient sampling, the SG is interpolated into model blocks using IDW techniques. If insufficient sampling exists, then density was assigned to models based on calculated means or by a regression formula.
8. Resources stated as internal to an optimized pit shell, above a cut-off grade of 0.6% Zn.
9. Cut-off is based on break-even economics at a Zinc price of $1.27/lb, with an assumed zinc recovery of 96%, and actual processing, mining, and transportation costs from the ESM operation. No G&A costs were applied as the Project is accretive. No extra mining dilution was added as a regularized block model was used.
10. The resource classification considered the quality, quantity and distance to the data informing blocks in the model, as well as the geological continuity of the mineralized zones. Classification parameters vary slightly depending on the nature and continuity of the individual zones. Block classification was explicitly domained based on a calculation that used quality, quantity, and distance parameters.
11. Quantities and grades in the MRE are rounded to an appropriate number of significant figures to reflect that they are estimations.
12. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).
13. CIM definitions and guidelines for Mineral Resource Estimates have been followed.
14. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-economic, marketing, or political issues, or any other relevant issues that could materially affect this MRE.

Opportunities- Near Term Increase in Production and District Scale Potential

Titan is assessing near term production increase opportunities at Turnpike with N2D production increase underway. Commencement of open pit mining at Turnpike could further increase near term production, cash flows and project NPV over the life of the zones. Near mine exploration targets provide opportunities for resource expansion that could increase mine life and are summarized in Figure 1 below.

Figure 1- Near mine exploration and production opportunity targets

Targets for exploration drilling can be broken into three categories, near mine, within the Balmat (ESM #1-#4)-Pierrpont trend, and within the greater district. Figure 1 shows the current near mine drill targets.

In 2026, near mine exploration is expected to expand the Mahler, Mud Pond Main and New Fold zones with planned underground drilling totalling 40,000 ft and test Kilbourne East, Streeter East, Streeter West, and Little York with planned surface drilling totalling 17,000 ft. 

Total near mine targets for further exploration are estimated to contain between 4.8mt-5.3mt of mineralized material at average zinc grades of 10-14%, containing 935 Mlbs to 1,470 Mlbs of contained zinc, providing  potential to increase mine life. The potential quantity and grade of these exploration targets are based on historic production figures from geologically similar horizons. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource at these targets. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.

On May 8, 2025, the Company announced a co-operative agreement for the addition of 43,943 acres of mineral rights through lease and option agreements with St. Lawrence County, New York. This expansion brings Titan’s total mineral tenure in upstate New York to over 120,000 acres, increasing the discovery opportunities for additional zinc and graphite resources as well as iron-oxide copper gold ("IOCG") deposits.

The agreement results in the consolidation of the mineralized trend between ESM and the historic Edwards Mine (6,567,660 tons produced at 10.76% Zn). Properties added include the historic Clifton Magnetite Mine and Parish Magnetite occurrence to Titan’s portfolio. The Parish Prospect highlights the potential for IOCG mineralization within the historic Adirondack Magnetite Belt. Historic drilling at Parish has encountered copper sulfides and recent sampling returned surface gold values of 0.1–0.4 g/t Au. The added mineral parcels also include prospects for additional graphite mineralization as highlighted by Titan’s airborne geophysical surveys.

In addition to the near mine targets, the Company has developed an additional sixteen drill ready zinc targets. Of these, eleven are within the historic Balmat (ESM) – Pierrepont trend. Targeting has focused on: the extension of historic mineralized intercepts with room down dip, and along strike to accommodate a significant body of mineralization; testing historically productive stratigraphic units; and testing down dip from surficial zinc anomalies.

There are currently five drill ready zinc targets within the district. These target: the down dip extensions of zinc anomalies identified through surface geochemical sampling; stratigraphy with known past base metal production; and conceptual geologic and geophysical targets.

In addition to the zinc targets, there is also a polymetallic drill ready target within the mineral tenure. The Parish drilling will target the extents and geochemical composition of the historically documented magnetite ore body. The Company currently has 20,000 ft planned to test targets within the trend and district.

Management & Ownership

The ESM operation is wholly owned by Empire State Mines, LLC (“ESM”, formerly known as St. Lawrence Zinc Company, LLC), a subsidiary of Titan. A history of ownership is listed in the table below. Star Mountain Resources, Inc. purchased ESM from Hudbay in November of 2015.

On 30 December 2016, Titan US purchased the shares of Balmat Holding Corporation, which in turn holds the shares of ESM. Titan was a privately held company, which had ESM as its primary asset. Titan changed the name of the mine from Balmat to Empire State Mines in February 2017.

Exploration History

In 1838, zinc was discovered in a prospect pit on the Balmat farm, which is located near the current location of Balmat #1 shaft. Further zinc mineralization was discovered in the Balmat-Edwards-Pierrepont district from road excavations that was developed into the Edwards mine (1908) and Hyatt (1917) mine. Gossan was later recognized, and subsequent core drilling defined the Mineral Resources of the Balmat #2 Mine in 1928. In 1945, surface drilling, down-plunge from surface showings, intersected the Balmat #3 Mine Mineral Resources. A systematic fence-drilling program across the Sylvia Lake Syncline (perpendicular to the plunge) discovered the Mineral Resources of Balmat #4 Mine in 1965. In 1979, the Pierrepont mine was discovered while drilling down-plunge from geochemical anomalies. Mine development and exploration drilling added significant reserves to the Hyatt mine in 1994, and to the Balmat #4 Mine in 1996, with the expansion of the Mud Pond zone. The New Fold and Mahler resources were later discovered in the #4 Mine in 1997 and 2000.

The Balmat area has had an active mining history for the past 85 years. On average, during the period between 1908 (discovery of the Edwards mine) and 1979 (discovery of the Pierrepont mine), a mine was discovered every 17 to 18 years in the Balmat-Edwards-Pierrepont district.

Production History

Since 1915, several zinc mines have operated in the Balmat-Edwards-Pierrepont district, collectively now known as Empire State Mines, out of four mining camps. The mining camps are known as Balmat, Hyatt, Edwards, and Pierrepont. Mine access was primarily by shaft for both the Balmat and Edwards camps, and by portal for the Hyatt and Pierrepont camps. Shafts were added over the decades as mining deepened and additional discoveries were made. Zinc was first produced from the Edwards mine in 1915 and from the Balmat #2 Mine in 1930.

Mines were operated in the district by St. Joe Minerals Corporation (St. Joe Minerals) and its predecessors from 1915 to 1987. Zinc Corporation of America (ZCA) purchased the mines in 1987 and operated them until 2001, shutting down the Balmat operations when high grade feed from the Pierrepont mine was exhausted. In September 2003 OntZinc, renamed Hudbay in December 2004, purchased the idle Balmat assets. The Balmat #4 Mine re-opened in 2006 and operated into 2008. The mine was placed on care and maintenance in August 2008.

From 2006 to 2008, Hudbay mined 855,000 tons grading 7% zinc from the Davis, Mud Pond, Mahler, Fowler, Upper Fowler, and New Fold zones. The Balmat #2, #3, and #4 Mines have produced 33.8 Mt at 8.6% Zn since operations began in 1930. The greater Balmat-Edwards-Pierrepont district has produced more than 43 Mt of 9.4% Zinc during the 76 years of operation by St. Joe Minerals and its predecessor companies. This is based on the formal reserve estimation prepared in 2001 by ZCA.

The existing Balmat mill was constructed in 1971 by St. Joe Minerals and has a nameplate capacity of 5,000 t/d. The mill has processed mineralized material from the Hyatt, Pierrepont, and Balmat Mines. The Balmat #4 shaft is adjacent to the mill and accesses zinc mineralization from the 1300, 1700, 2100, 2500, and 3100 levels. All mine plan tons as summarised in the LOM will be hoisted from the 3100 level of the #4 shaft.

Table 4: The table below summarises historic production totals by region:

*Zinc pounds are theoretical pounds hoisted and not actual mill production totals.

Table 5: The Empire States Mines annual production totals are as below:

Source: ESM 2024

Table 6: Historical Mineral Reserves

A list of the most recent Mineral Reserve estimates is presented in the table below. Hudbay’s Reserve estimates concluded in 2008, with the 2015 reserves prepared by Star Mountain Resources. ESM is not treating these historical estimates as a current Mineral Reserve. The QPs are unaware of the methods, parameters or assumptions used to generate these historic estimates and cannot comment to their accuracy.

Source: SLZ 1985, Hudbay 2005-2009, Star Mountain 2015

ESM continues to believe that the history of exploration successes is likely to have potential for additional discoveries. Many discoveries were made during a century of mining operations. There has been minimal exploration during 2000-2010 period. The district remains highly prospective and ESM is refocussing on exploration concurrent with production.

Long production history with numerous discoveries