MeritValue

Titan Mining Corp

TIIdata completeness 100%2 fiscal years on file
The thesis, from the filings

Titan Mining Corp earns about 226% on invested capital, but has diluted owners by 100676% over 2 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$64.3M1$74.2M1
Net income$6.72M2−$28,0002
Operating cash flow$14.3M3$12.6M3
Capital expenditure$1.82M4$12.7M4
Free cash flow (derived)$12.5M3,4−$99,0003,4
Total debt$10.1M5$9.11M5
Cash & equivalents$10.2M6$17.5M6
Diluted shares90,91191.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.41
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
−$0.01
Debt you’d be carrying
$0.99

10 shares is a claim on $0.41 of net worth that earned you −$0 and generated −$0.01 of cash last year, against $0.99 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
226% avg · 2y
FY24 226%FY25 —

It earned an average 226% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+100676% shares · 2y

Share count is up 100676% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (Revenue)
  2. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (ProfitLoss)
  3. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (CashFlowsFromUsedInOperatingActivities)
  4. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (Borrowings)
  6. 40-F filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031504 (CashAndCashEquivalents)