Titanium Corporation Reports First Quarter Ended March 31, 2020 and Provides Project Update - Seite 3

Research & Development – R&D spending in the current quarter consisted primarily of compensation for technical staff, on-going minerals testing and evaluations, and preliminary post-FEED optimization engineering work.  Project costs were lower by $0.1 million for the three-month period ended March 31, 2020 compared to the same period in 2019 due to the completion of the FEED Project in the first quarter of 2019. Recovery of Project costs was nil for the three-month period ended March 31, 2020 compared to $1.5 million for the three-month period ended March 31, 2019.  The recovery in 2019 related to the collection of FEED contributions from ERA and Canadian Natural for the final FEED Project milestones. Based on the level of R&D, post-FEED activity R&D costs were in line with expectations. 

General & Administrative – G&A expenses for the three-month period ending March 31, 2020 were slightly lower at $0.53 million as compared to $0.55 million for the three-month period ended March 31, 2019.  There was an increase in the quarter in professional fees due to legal costs related to shareholder matters.  This was offset by a decrease investor relations costs as investor relations services were provided on an as-needed basis compared to a fixed retainer in the prior fiscal period. 

Cash Position – The Company’s aggregate cash and short term investment position was $4.2 million as of March 31, 2020. The Company had $2.2 million in interest-bearing cash accounts and a $2.0 million short-term investment with a Schedule I bank in the form of a cashable GIC at March 31, 2020 as compared to $5.1 million at December 31, 2019.  The decrease in cash and short-term investments of $0.9 million is the result of funding the Company’s post-FEED Project activities, general and administrative and public company expenditures. With the costs reduction initiatives and delayed timing of the Project, the Company expects its current cash position will support it through the next 12-month period.

To view the Company’s management discussion and analysis and interim unaudited financial statements for the three month period ended March 31, 2020, please visit our website at www.titaniumcorporation.com or SEDAR at www.sedar.com.

About Titanium Corporation Inc.
Titanium Corporation’s CVW technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Our technology reduces the environmental impact of oil sands froth treatment tailings while economically recovering valuable products that would otherwise be lost. CVW recovers bitumen, solvents, heavy minerals and water from tailings, preventing these commodities from entering tailings ponds and the atmosphere: volatile organic compound and greenhouse gas emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry would be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company’s shares trade on the TSX-V under the symbol “TIC”. For more information please visit the Company’s website at www.titaniumcorporation.com.