07:14 AM EDT, 05/14/2024 (MT Newswires) -- Titan Mining Corporation ( TIMCF ) on Tuesday said it swung to a first quarter loss, but talked up the prospects of its Empire State Mine (ESM), located in New York state.

Titan reported a Q1 loss per basic share of US$(0.02) compared to a profit of $0.01 a year earlier.

In Q1 2024 highlights, Titan said it produced 14.7 million pounds of payable zinc; advanced the exploration of the Kilbourne graphite trend, an extensively drill tested graphite-bearing trend located on permitted lands. It also said drilling totaled 6,870 ft in 19 holes, highlights including 174 ft at 3.75 graphitic carbon. An initial bulk sample was identified and collected in January 2024, the company added.

"In addition to the outstanding safety performance ESM continues to meet or exceed production goals remaining on track to produce an estimated 56-60 million pounds of payable zinc during 2024," President and Chief Executive Don Taylor said. "The management and workforce at ESM have established a firm foundation for both production and safety as we contemplate the Turnpike expansion project and development of the Kilbourne graphite project."