01:53 PM EDT, 03/22/2024 (MT Newswires) -- Titan Mining Corp. ( TIMCF ) earlier Friday reported a fourth-quarter net loss before tax of US$8 million, or US$0.05 per share, wider than a loss of US$4 million, or US$0.03 per share, a year earlier.

The company's shares rose 1.8% on last look on Friday.

Revenue for the quarter ended Dec. 31, 2023, was US$10.9 million, down from US$13.9 million a year earlier.

The company said it produced 13.9 million pounds of payable zinc in the fourth quarter of 2023 and a record 61 million payable pounds of zinc in 2023, a 16% increase over the prior year.

The company also reported the discovery of the Kilbourne graphite trend, an extensively drill-tested graphite-bearing trend located on permitted lands.

Drilling began in December 2023 with eight holes totaling 2,074 feet completed to date with an additional 10,000 feet scheduled for 2024.

Also, the company said an initial bulk sample was identified and collected in January.

Looking ahead, the company plans to advance the exploration of the Kilbourne (graphite) exploration program. Drilling under the phase 1 program with a budgeted 14,000 feet of drilling, of which a total of 5,200 feet has been completed.