Troilus Announces Feasibility Study Results FOR the GOLD-Copper Troilus Project: Outlines a Large Scale, 22-YEAR Open Pit Project IN Tier-One Jurisdiction with USD$884.5 Million NPV5%

TROILUS ANNOUNCES FEASIBILITY STUDY RESULTS FOR THE GOLD-COPPER

TROILUS PROJECT: OUTLINES A LARGE SCALE, 22-YEAR OPEN PIT PROJECT IN

TIER-ONE JURISDICTION WITH USD$884.5 MILLION NPV5%

WEBINAR TO BE HELD TODAY, MAY 14, 2024, AT 4:00PM ET TO DISCUSS RESULTS. REGISTER HERE TO

JOIN.

May 14, 2024, Montreal, Quebec – Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF) (“Troilus” or the

“Company”) reports results from a Feasibility Study (“FS” or the “Study”) completed on the gold-copper

Troilus Project (the “Project”) located in northcentral Quebec, Canada. The Study incorporates an initial

mineral reserve estimate (“MRE”) that supports a long life, large scale, 50,000 tonnes per day (“tpd”)

open-pit mining operation; a project in a tier-one mining jurisdiction that stands out in the Quebec and

Canadian mining landscapes.

Troilus has taken a focused and conservative approach to all costs and inputs to deliver a realistic and

compelling Feasibility Study that we believe maximizes the scope and scale of this mineral asset over the

long term. All amounts are in United States dollars, unless otherwise stated.

2024 FEASIBILITY STUDY HIGHLIGHTS

Large Scale Open-Pit Project

 Open pit mine life of 22 years with the potential for future underground development.

 Life-of-mine (“LOM”) average payable gold production of 244,600 ounces annually, 17.3 million

pounds of copper and 446,700 ounces of silver annually.

 Peak annual payable gold production of 456,100 ounces, 31.8 million pounds of copper and

613,600 ounces of silver in year 7.

 Open pit mine, processing 50,000 tonnes-per-day (“tpd”); a 43% larger scale operation than the

35,000 tpd processing rate contemplated in the Preliminary Economic Assessment (“PEA”) from

2020.

 An economical and energy-efficient process to produce a desirable gold-rich copper concentrate

for sale to smelters, with a cyanide-free gravity concentration circuit to produce doré after Year 1.

 Supported by an initial Mineral Reserve estimate of 380Mt grading 0.59 g/t gold equivalent

(“AuEq”) (0.49 g/t Au, 0.058% Cu and 1.0 g/t Ag) for a contained 7.26Moz AuEq (6.02 Moz Au, 484

Mlbs Cu and 12.2 Moz Ag).1

 LOM total payable gold of 5.4 million ounces, 382 million lbs of copper and 9.9 million ounces of

silver.

1 AuEq was calculated using metal prices of $1,550/oz Au; $3.50/lb Cu and $20.00/oz Ag.

 Average LOM strip ratio of 3.1:1.

Low-Cost Production2

 All-in sustaining cash operating costs (“AISC”) of $1,109/oz.

 Average operating costs of $19.06/t milled ore.

Strong Economic Results

 Base Case after-tax NPV5% of USD$884.5 million and IRR of 14%, reflecting long-term forecast

prices of US$1,975/oz Au, $4.05/lb Cu, $23/oz Ag and $0.74 USD/CAD exchange rate.

 After-tax NPV5% of USD$1.55 billion and IRR of 19.5% at April 2024 average metal prices (Au:

$2,332/oz; Cu: $4.30/lb; Ag: $27.50/oz).

 Cumulative after-tax cashflow of $2.2 billion on base case assumptions; increasing to $3.4 billion

using average metal prices for April 2024.

Attractive Capital Intensity Given Inflationary Environment and Scale of Operation

 Initial development capital of (“CAPEX”) of $1,074 million, including all mine pre-production costs,

net of existing infrastructure.

 Existing and upgraded infrastructure, including powerlines and 50MW substation, all-weather

access roads and tailings facility among other infrastructure, reduce capital requirements for the

project and overall capital intensity.

Exploration Upside:

 Numerous targets ranging from grass roots geochemical anomalies to early-stage drill targets are

actively being explored and advanced, both near mine and regionally, representing significant

future upside potential.

Justin Reid, CEO of Troilus, commented, “The entire Troilus team is proud to present results that clearly

demonstrate the potential for our project to become a major North American copper and gold producer.

The FS outlines a generational-scale asset, with a 22-year mine life and compelling economics, both at

discounted and current metal prices. The project has reasonable CAPEX and capital intensity, including

bottom quartile operating costs among the major Canadian gold mines. With a life-of-mine average

payable gold production of nearly 245,000 ounces annually, more than 17 million pounds of copper and

nearly 447,000 ounces of silver, Troilus stands not only as a strategically significant project that aligns with

the Province of Quebec’s priority on the production of strategic metals but is also positioned to be amongst

the largest scale, lowest cost gold and copper projects across Canada.

In today's challenging market, the value of our existing infrastructure has become even more critical,

reducing the capital intensity required to build project infrastructure and providing ongoing access to low-

cost renewable energy supplied by Hydro-Quebec. The Troilus Project has been designed to minimize the

environmental footprint of the future operation including using a cyanide free process, engaging in

progressive reclamation, making use of the existing tailings facility and minimizing GHG emissions through

reliance on sustainable energy sources.

2 See Non-IFRS Measures at the end of this news release.

The Study provides a strong foundation to continue building and growing the Company. Our geology team

has proven their ability to identify new targets and rapidly add significant ounces, and we believe there is

strong potential to further expand the scale of this project and extend the mine life beyond the 22 years

presented in this Study with further exploration and drilling.

With the FS now complete, Troilus is focused on next steps, namely the finalization of the Environmental

& Social Impact Assessment and ongoing exploration of the geological potential of the 435 km² Troilus

property. We look forward to working with our partners in the Eeyou Istchee James Bay region, including

the Cree Nation of Mistissini, the Cree Nation Government and Grand Council of the Crees, the local

communities of Chibougamau and Chapais, as well as the governments of the Province of Quebec and

Canada, to advance the Troilus Project.”

2024 Feasibility Study Summary

PRODUCTION

Mine Life 22 years

Daily Mill Throughput 50,000 tpd

Annual Mill Throughput 18.3Mt/year

Average Annual Metal Production (Payable) Gold (oz) Copper (Mlbs) Silver (oz)

Years 1-5 256,200 16.1 475,200

Years 6-22 241,200 17.7 438,300

Life of Mine 244,600 17.3 446,700

Proven & Probable Reserves 380 Mt containing 7.26 Moz AuEq

(6.02 Moz Au, 484 Mlbs Cu, 12.2 Moz Ag)

Proven & Probable Average Grades 0.59 g/t AuEq

(0.49 g/t Au, 0.058% Cu, 1.0 g/t Ag)

Strip Ratio 3.1:1

Average LOM Gold/Copper/Silver Recoveries 92.7% / 91.8% / 91.9%

COST METRICS

Initial Capital Expenditure $1,074 million

Sustaining Capital Expenditure $276.6 million

All-in-sustaining-cost (life-of-mine)¹ $1,109/oz

ECONOMIC RESULTS

Base Case (Au: $1,975/oz; Cu: $4.05/lb; Ag: $23/oz)

After-tax NPV @ 5% discount rate $884 million (C$1,208 million)

After-tax IRR 14%

Payback (years) 5.7 years

April 2024 Average (Au: $2,332/oz; Cu: $4.30/lb; Ag: $27.50/oz)

After-tax NPV @ 5% discount rate $1,553 million (C$2,121 million)

After-tax IRR 19.5%

Payback (years) 4.7 years

*Assuming a US$:C$ exchange of $0.74.

¹ See Non-IFRS Measures at the end of this news release.

Project Overview

The Troilus Project is comprised of four main zones of mineralization, which are located on a NE-SW trend

covering approximately seven kilometres. These deposits will be mined using conventional open pit

mining methods over a 22-year period. Ore will be processed in a flotation mill to produce gold-rich copper

concentrate for sale to a smelter, with provision for gravity gold recovery to produce doré after Year 1.

The projected payable gold production averages 256,200 oz per year over the first 5 years, 241,200 oz per

year for the remaining 17 years, for a LOM average of 244,600 oz per year. Copper payable annual

production averages 16.1 million pounds per year for the first five years, 17.7 million pounds per year for

the remaining 17 years and 17.3 million pounds for the life of mine average. Silver payable annual

production is 475,200 oz per year for the first five years, 438,300 oz per year for the remaining 17 years

with a life of mine annual average of 446,700 oz per year. The production profile is shown in Figure 1.

Total payable metal over the 22-year mine life is estimated at 5.4 million ounces of gold, 381.8 million

pounds of copper, and 9.9 million ounces of silver.

Figure 1: Production Profile - Payable Gold, Silver, and Copper

Economic Analysis

The Troilus Project’s estimated Base Case after-tax NPV (5%) is $884 million and IRR is 14%, assuming

metal prices of $1,975 per ounce gold, $4.05 per pound copper, $23 per ounce silver and a USD:CAD

foreign exchange rate of $0.74:1. Payback on initial capital is expected to be achieved in 5.7 years under

the base case scenario.

Assuming April 2024 average gold price of $2,333 per ounce, the after-tax NPV(5%) increases to $1.55

billion and IRR increases to 19.5%, with the payback decreasing to 4.7 years.

Base Case April 2024 Avg.

Gold Price (per oz) $1,975 $2,332

Copper Price (per lb) $4.05 $4.30

Silver Price (per oz) $23.00 $27.50

Pre-Tax NPV (5%) $1,564 MM $2,670 MM

Pre-Tax IRR 18.1% 25.0%

Post-Tax NPV (5%) $884 MM $1,553 MM

Post-Tax IRR (%) 14.0% 19.5%

Post-Tax Payback 5.7 4.7

Table 1: Troilus Project NPV and IRR Sensitivity to Metal Prices

Under the base case scenario, the Project generates cumulative cash flow of $2.2 billion on a post-tax

basis and $3.5 billion on a pre-tax, based on a throughput of 50,000 tpd over 22 years (see Figure 2).

Figure 2: Cumulative After-Tax Free Cash Flow After Repayment of Capital at Base Case and April 2024

Average Metal Prices

Capital Costs

The initial CAPEX for the Troilus Project is $1,075 million, net of existing infrastructure that includes all-

weather access roads, power lines and a 50MW substation, a tailings facility, water treatment plants and

site roads. Sustaining CAPEX over the life of the mine is an additional $276.6 million. A breakdown of the

capital requirements is presented in Table 2.

Table 2: Troilus Project Capital Expenditure Estimates Breakdown (US$)

Capital Costs ($ million)

Mining $258.3

Process Plant $443.0

Infrastructure $100.3

Indirects $173.0

Contingency $89.3

Subtotal – Initial Capital $1,063.9

Environmental $10.7

Total – Initial Capital $1,074.6

Sustaining Capital $209.1

Closure Costs $67.4

Total Sustaining Capital $276.6

*Net of existing infrastructure (access road, power line, substation, tailings facility, water treatment plant,

site roads)

Operating Costs

Total all-in-sustaining costs of $1,109 per ounce. Total operating costs are expected to average $19.06 per

tonne of ore processed. A breakdown of the operating costs is presented in Table 3.

Table 3: Troilus Project Operating Cost Estimates (US$)

Average Life-of-Mine Operating Costs

Mining $11.60/t

Processing $5.64/t

G&A, Trucking, Port, Shipping $1.82/t

Total Operating Cost/Tonne Ore $19.06/t

All-in Sustaining Cost $1,109/oz

Mining

The Study considers a conventional open pit mining operation using a 100% owner-operated equipment

fleet peaking at 41–227 tonne trucks, electric hydraulic shovels, wheel loaders and drills. The mine has

been designed to deliver 18.3 million tonnes per year (50,000 tonnes per day) of mill feed. The FS

contemplates a mine that delivers 379.5 million tonnes with an average head grade of 0.49 g/t Au, 0.058%

Cu, 1.0 g/t Ag.

The process plant is expected to have three months of commissioning in pre-production, followed by nine

months of production ramp-up during the first year of production.

The project will mine four areas: Z87, J Zone, Southwest (SW) Zone and X22. Mining commences in the

Z87 pit area in the pre-production period and will be mined continuously until Year 8. The final phase of

the 87 Zone pit area will be mined from Year 12 until Year 19. The SW Zone pit area starts production in

Year 1 and is mined continuously until completion in Year 9 and will then be used for deposition of tailings

from year 10 to 16. The J Zone pit area starts production in Year 5 and is mined continuously until early

Year 15. The X22 pit will be mined from Year 18 to 21. Waste from the Z87 and X22 open pits will be

backfilled over the SW tails from Year 16 onward. When Z87 pit area is completed in Year 19, waste is also

backfilled into it from the X22 pit area, reducing the overall size of the waste storage facilities.

The average strip ratio for the open pit life of the mine is estimated at 3.1:1. Material movement averages

86 million tonnes (feed and waste) in the first 5 years with the peak at 86 million tonnes in Year 5. The

open pit will provide 379.5 million tonnes of feed to the process plant over the 22-year mine life. Open

pit bench heights of 10 metres will be mined and ore hauled with 227-tonne haul trucks and matching

loading equipment including electric hydraulic shovels. The open pit mining fleet will be leased. Best

practice grade control drilling will be done with reverse circulation drilling and rock sampling on mine

benches prior to blasting. This provides the greatest flexibility for grade control during operations while

maintaining reasonable mine operating costs and production capability.

During the mining operation a stockpile will be maintained adjacent to the primary crushing plant to be

used as supplemental feed as required to meet production targets, weather events, and as mill feed in

the later years of the operation. Waste rock will be hauled to dedicated waste management facilities near

the open pits, backfilled into the 87 Zone pit, placed in lifts over the tails in SW Zone pit, and also used for

lifts of the tailings management facility. Concurrent reclamation of the waste management facilities is

planned.

Metallurgy

The flowsheet, similar to the original Troilus Mill operated by Inmet, has been developed based on

testwork completed at Eriez, FLS/Knelson, Base Met and Kappes Cassidy. The process plant consists of

primary and secondary crushing, HPGR and ball milling, copper/gold flotation with a regrind circuit,

concentrate filtration and tailings thickening and disposal. Copper concentrate, enriched with gold, will

be sent to a smelter for refining. Provision has been made to install gravity gold concentration for the

primary and regrind circuit in Year 1 where gold dorés will be produced. Overall recovery is estimated to

be 92.7% for gold, 91.8% for silver, and 91.9% for copper based on the LOM average head grades.

Figure 3: Troilus Project Process Flowsheet

Location and Infrastructure

The Troilus Gold Project is located in Quebec, Canada, approximately 120 kilometres north of

Chibougamau, where Inmet Mining Corporation operated a large mine/concentrator complex from 1996

to 2010. Access to the mine site from Chibougamau is by the Route du Nord.

The Troilus Project benefits greatly from the upgraded, and substantial infrastructure on site, which

includes:

 Power line and 50MW substation sufficient for project power requirements,

 All-weather access road,

 Tailings facility and water treatment plant,

 Camp facilities,

 Site roads,

 Water supply,

 Septic system.

As part of the design, it is proposed to develop the tailings dyke as a downstream raise constructed

containment from the existing tailings management facility which will limit the overall footprint

disturbance. This structure will have the capacity to accommodate the first 10.5-year life of mine

production and then from years 11-22, the tailings will be disposed subsequently into the mined-out SW

pit, J pit and 87 pit as described in this FS. Waste rock from the mine operation placed along the tailings

facility’s containment dyke will enhance the facility’s stability and safety and will also limit the footprint

disturbance.