Titan Mining subsidiary signs term sheet for proposed graphite facility in Alabama

• Titan Mining (NYSE:TII) subsidiary Empire State Mines signed a term sheet with the U.S. Army for a proposed graphite processing facility in Alabama.
• The project would cover approximately 97 acres at Anniston Army Depot under a proposed initial 50-year lease.
• The facility is expected to initially produce purified micronized graphite before potentially expanding into coated spherical purified graphite.

Titan Mining (NYSE:TII) announced that its subsidiary, Empire State Mines, has signed a term sheet with the U.S. Army for a proposed graphite processing facility at Anniston Army Depot in Alabama.

The framework covers approximately 97 acres and contemplates an initial 50-year lease, along with two 25-year renewal options.

If all options are exercised under a definitive Enhanced Use Lease, the potential tenure could extend to 100 years.

Empire State Mines would finance, construct, own and operate the proposed facility.

The facility is expected to initially produce purified micronized graphite, with plans to subsequently produce coated spherical purified graphite following customer qualification.

The proposed arrangement would also provide the U.S. Army with a right of first offer on certain uncommitted production, subject to a maximum of 10% of annual output.

Under the proposed commercial framework, Empire State Mines would pay fair-market-value base rent, together with applicable participation rent once commercial operations begin.

The term sheet does not constitute a definitive lease.

Completion remains subject to development requirements, financing, regulatory and other applicable approvals, as well as execution of the final Enhanced Use Lease.

Meanwhile, Titan Mining continues work on its Kilbourne feasibility study and customer qualification activities as it advances development of its graphite processing plans.

The proposed facility could give Titan a U.S.-based platform for processing graphite into higher-value products used in applications such as batteries and other advanced manufacturing markets.