07:19 AM EST, 11/12/2024 (MT Newswires) -- Titan Mining ( TIMCF ) on Tuesday said it swung to a third-quarter loss as revenue plunged.

The company reported a pretax loss of US$4.9 million, or US$0.04 per basic share, compared with a pretax profit of US$0.5 million, or nil per share, last year.

Revenue fell to US$8.27 million, from US$15.5 million.

Zinc production during the quarter contracted 10 million pounds, to 8 million pounds. The company sold 8.2 million pounds of zinc, compared with the 18.3 million pounds in the prior year quarter.

"Despite the setback caused by Tropical Storm Debby, management and staff at the mine were able to make full repairs and stockpile ore during the recovery period while the crusher repairs were being completed," said CEO Don Taylor. "As a result, Titan reiterates its full year production guidance and fully expects Q4 cash costs to offset the higher costs reflected in Q3."

Titan also expects to release an updated Life of Mine Plan for its zinc operations and a maiden resource estimate for its Kilbourne graphite project in New York state n the fourth quarter.