Oct. 20, 2025
Germanium Identified
Titan reported significant germanium concentrations at Empire State Mine, with initial sampling showing germanium in existing zinc-processing streams and no new mining required.
Titan discovery release1 / Development Summary
What Changed At Titan
Titan has moved germanium from a sampling result to a defined technical workstream with Teck. The important shift is that the opportunity is not in Titan's saleable zinc concentrate; germanium appears to report to waste streams that can potentially be upgraded and shipped to Trail.
May 12, 2026
Waste-Stream Pathway
In Q1 results, Titan said germanium appears to be associated with mica and gangue materials rather than sulphides, clarifying why the opportunity sits alongside the zinc operation.
Q1 2026 resultsMay 13, 2026
Teck Cooperation Agreement
Titan and Teck agreed to evaluate upgraded ESM process streams as germanium-bearing feedstock for Trail, targeting roughly 13,000 kg/year of contained germanium.
Teck agreement release2 / Executive Summary
Model Findings
The scenario presets now follow the low, mid-range, and high-end recovery stack from the research case table: Conservative, Target, and Optimistic. The live model keeps the stream-level short-ton conversion, so contained germanium calculates to roughly 12,857 kg/year versus Titan's rounded 13,000 kg/year disclosure.
Selected-Case Read
Zero new mining assumed
Short tons converted to metric tonnes
Costs are placeholders
What Has To Go Right
- ESM must concentrate low-grade tailings without losing too much germanium.
- The upgraded stream must meet Trail impurity specifications for arsenic, antimony, fluorine, and other deleterious elements.
- Payability and price floors must survive commercial negotiation and volatile germanium markets.
3 / Interactive Model
Germanium Recovery Pro Forma
The model separates physical recovery from commercial value capture: contained germanium, ESM upgrading, Trail extraction, Teck payability, Titan-side deductions, and valuation translation.
Annual Value Bridge
From contained germanium in waste streams to Titan incremental EBITDA.
Target case
4 / Sensitivity
Price And Recovery Sensitivity
The key economic variables are germanium price and the all-in payable recovery from waste stream to paid germanium value. The table keeps current annual cost assumptions constant.
Sensitivity Matrix
Cells show annual incremental EBITDA after current placeholder deductions.
5 / Methodology
Methodology
This is an illustrative pro forma, not a mine plan, reserve statement, commercial contract forecast, or investment recommendation. It uses public Titan disclosures for stream tonnage, grades, and zinc baseline context, then applies editable recovery, cost, and valuation assumptions.
Mass Balance
Scavenger and pre-float tonnages are disclosed in short tons and converted to metric tonnes before applying grams-per-tonne germanium grades. Payable germanium equals contained germanium multiplied by ESM upgrading recovery, Trail extraction recovery, and commercial payability.
Income Statement
Gross payable value is payable germanium multiplied by the reference germanium price. The $7,200/kg default is a spot-market midpoint, not a long-term realized price. Incremental EBITDA subtracts editable annual Titan-side deductions for upgrading, logistics/compliance, and other commercial costs.
Valuation
Project NPV discounts after-tax free cash flow over the selected project life after initial capex. The fair-value stock estimate adds risked project NPV per share to an editable reference share price after converting USD project value to CAD.
Payability Warning
The model uses contained Ge times ESM upgrading recovery, Trail extraction recovery, and payability. If a future Teck contract quotes one net payability number that already embeds Trail recovery and charges, the model should collapse those terms to avoid double-counting processing losses.
Sources
Source Appendix
Primary sources are preferred for the model inputs. Secondary research is used only for editable ranges where no public contract terms are available.