Titan Mining Corporation announced Sphaleros Development Update. The Sphaleros project is an underground development of several ore bodies in the historic #2 mine which are remnants from previous mining or were identified after the mining ceased. The ore zones targeted for extraction at Sphaleros include Turnpike, Hoist House, Pump House, and Streeter in the near term, while the Company plans to simultaneously develop a ramp down through the #2 orebody.

Surface and underground diamond drilling will continue to add confidence to each zone while development continues. The Company will purchase several pieces of equipment including loaders, trucks, and jumbos for the Sphaleros project. Recently received permits from the State of New York will allow the completion of an overland surface haul road and related surface infrastructure that will be used to transport mineralized material from the Sphaleros development to the existing milling facility.

Titan's current technical report provides a mineral resource estimate for the #2 open pit project of measured and indicated mineral resources of 43.8M contained pounds grading 3.13% zinc and inferred mineral resources of 14.6M contained pounds grading 3.37% zinc. This report also details mineralization beneath the pit shells which was previously unattainable due to open pit permitting restrictions. By developing the new, fully permitted underground operation, the Company intends to mine more mineralized material than from the open pit plan, with lower impacts to the surface and surrounding community, while developing a complete model of the Sphaleros resource from surface to the 2300 level. Mineralization in the Sphaleros project is similar to that now being mined in the #4 mine.

The existing concentrator has sufficient capacity to incorporate the additional throughput. The mineralized material from Sphaleros will be mined underground, hauled to the surface and trucked overland via a new, approximately one mile long, access road to the existing mill facility. The overland road connecting Sphaleros to the mill facility is substantially complete.

Development for the underground portion of the project will begin in second quarter of 2023 with decline development continuing until fourth quarter of 2023 when mineralized material will be transported to the mill. The Company advises that it has not based its production decision for the Sphaleros project on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure.

There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production could have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs could have a material adverse impact on the Company's cash flow and future profitability.

The Company further cautions that no mining study has been completed in respect of the economic feasibility of the Sphaleros project. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the economic and technical viability of the Sphaleros project will be realized.