Titanium Corporation Reports Fiscal 2015 Third Quarter Results and Update on Progress - Seite 2

Titanium is focused on achieving long-term financial success by taking its innovative CVW™ technologies into commercial production. Until a commercial investment is made, a plant built and operating at an oil sands site has commenced, the Company expects to incur losses. However, with the completion of extensive pilot testing on its CVW™ technology, research & development ("R&D") investment has been substantially reduced as the Company focuses its resources on commercialization.

Net Loss - Net loss for the third quarter ended May 31, 2015 was $0.5 million compared to $0.7 million for the three month period ended May 31, 2014. The reduction in net loss by $0.2 million relates to the completion of the minerals development work concluded in fiscal 2014 and reductions in overhead costs. With the completion of pilot testing and as a development stage company, Titanium's net loss for the period is in line with expectations.

Research & Development ("R&D") - For the three month period ended May 31, 2015, R&D spending was $0.2 million and consisted primarily of compensation for technical staff and rent, equipment storage fees, and patent filing and maintenance fees which was consistent with the corresponding period of 2014. Until a commercial arrangement is reached, R&D expenses in the future quarters will be consistent with the current quarter levels.

General & Administrative ("G&A") - G&A expense was $0.3 for the three month period ended May 31, 2015 as compared to $0.5 million for the three month period ended May 31, 2014 a reduction of $0.2 million as a result of cost reduction programs. To preserve cash and with the uncertainty related to timing of commercial projects, the Company increased the level of equity based compensation plans in lieu of cash compensation for management and directors.

Cash Position - The Company had $1.2 million in cash at May 31, 2015 compared to $2.6 million at August 31, 2014. The decrease in cash of $1.4 million for the six month period ended May 31, 2015 relates to general overhead costs offset by the receipt of a $0.2 million in refundable research tax credits. Currently, the Company is evaluating funding options to ensure adequate capital resources through the commercialization period.