07:41 AM EDT, 07/22/2025 (MT Newswires) -- Titan Mining ( TIMCF ) said Tuesday that it closed a US$15.8 million credit agreement with the Export-Import Bank of the United States (EXIM).

The company will use the funds to support current operations and planned expansion at subsidiary Empire State Mines' underground zinc mine in New York.

This transaction marks EXIM's first direct mining investment under its Make More in America Initiative, Titan said.

The facility will be available through Dec. 31, 2026, and has a seven-year repayment term with scheduled repayments principal commencing Dec. 30, 2027.

Titan said the facility has an interest rate of 4.91% per annum under EXIM's Commercial Interest Reference Rate, plus an upfront fee of 5.97%, for an effective interest rate of approximately 7%.

"This financing from EXIM Bank directly supports our operational growth strategy at Empire State Mines," Titan CEO Don Taylor said. "It allows us to continue to invest in critical capital infrastructure and positions ESM for long-term operational success."

Titan's share price jumped nearly 30% to $1.45 on Monday.