Troilus Delivers ON Key Development Milestones IN 2025 and Enters a Pivotal Transition Year IN 2026
TROILUS DELIVERS ON KEY DEVELOPMENT MILESTONES IN 2025 AND ENTERS A PIVOTAL
TRANSITION YEAR IN 2026
January 8, 2026, Montreal, Quebec – Troilus Mining Corp. (TSX: TLG; OTCQX: CHXMF; FRA: CM5)
(“Troilus” or the “Company”), is pleased to provide a review of its key accomplishments in 2025 and
an outlook for 2026, as the Company advances its flagship Troilus copper-gold project (the “Project”)
through critical development milestones and positions it for the next phase of execution, in this open
letter to shareholders from Chief Executive Officer, Justin Reid.
To our valued shareholders and stakeholders ,
As we reflect on 2025, it is clear that the Troilus Team achieved major technical, regulatory,
organizational, and financing milestones required to advance the Project into its next phase of
development , while substantially increasing shareholder value, with the Company’s share price
increasing by approximately 432% over the year. This progress has established a strong foundation as
we enter 2026—a transition year focused on advancing detailed engineering, permitting and
financing in preparation for construction.
Throughout the year, we advanced across all critical development streams in parallel. We completed
basic engineering and transitioned into detailed engineering, submitted our Environmental and
Social Impact Assessment at both the federal and provincial levels, and further improved geological
confidence of mineral resources through targeted drilling. At the same time, we strengthened the
organization with key additions to our leadership and operational teams and continued to modernize
internal systems to support the transition from project development to execution.
Outstanding market performance over the year reflected the impact of this operational delivery and
continued investor confidence in the quality and scale of the Troilus Project. Importantly, this
performance was underpinned by tangible progress on the ground and increasing project readiness,
rather than macro conditions alone.
We were pleased to see Troilus continue to be recognized as a project of strategic importance within
the broader critical minerals ecosystem. Our inclusion as a corporate delegate on the Canadian
government’s critical-minerals trade missions to Germany and to Japan and South Korea reflect
growing global interest in the Project and its alignment with secure, long-term supply-chain
priorities.
Separately, in recognition of the breadth of progress and execution achieved across all aspects of the
Project throughout the year, we were honoured to receive the Québec Mineral Exploration
Association’s Entrepreneur of the Year award in late October (see October 30,2025 press release).
With the key gating items of the development pathway now well advanced, Troilus enters 2026
focused on disciplined execution. The coming year is expected to mark a transition from planning to
early construction readiness, as we continue to advance and de-risk the Project.
2025 Key Accomplishments :
Technical and Project De-Risking
Technical progress remained the primary focus throughout 2025. During the year, Troilus maintained
schedule discipline, completing basic engineering and transition ing into detailed engineering under
the direction of BBA Inc (see January 28, June 10, and October 15, 2025 press releases). Major
engineering deliverables - including process flowsheet definition, capital cost estimation,
procurement planning, and project execution planning - were substantially advanced, with all key
requests for quotations issued and technical and commercial evaluations of major equipment and
construction packages well progressed. This work materially strengthens project definition and
supports construction readiness by underpinning permitting, financing, and advanced exploration .
In parallel, Troilus submitted its Environmental and Social Impact Assessment (“ESIA”) to both
federal and provincial authorities, marking one of the most significant gating items for the Project
(see June 25, 2025 press release). The submission met internal targets, and the review process is well
advanced, with federal approval currently targeted for the second half of 2026 and provincial
approval to follow. Ongoing engagement with regulators , stakeholders and Indigenous rightsholders
continue as part of this process.
The Company also completed approximately 13,300 metres of drilling during the year, most of which
focused on delineating and extending high-grade trends to further improve geological confidence,
upgrading resources to indicated and measured categories (see February 4, May 22, June 17, 2025
press releases) .
Building a Construction -Ready Organization
With key technical milestones achieved, Troilus continued to build the organizational capacity
required for the next phase of development.
Throughout 2025, the Company made several targeted senior appointments across Project
leadership, construction, processing, health and safety, and operational readiness, aligning the
organization with the evolving needs of the Project as it advances toward execution. Several new
members of the operational team have committed to a Chibougamau -based presence, further
supporting local integration and readiness.
Health and safety remained a core priority. Troilus achieved zero lost-time incidents during calendar
2025 and made meaningful progress in implementing a modern health and safety framework aligned
with best practices within the Québec mining sector. Enhanced data collection, proactive risk
analysis, and preventative systems have been put in place, supported by the recent addition of a
dedicated Health and Safety Superintendent. These efforts will continue in 2026 to ensure that
health and safety are a top priority at the Troilus site as we prepare for increased activity and an
influx of new workers.
Internally, Troilus also advanced work to modernize and strengthen its operating systems and
corporate infrastructure. Preparatory work was undertaken to support the implementation of
upgraded enterprise and operational systems in 2026, ensuring scalability, transparency, and
operational discipline as the Company transitions toward construction and operations.
Financing and Commercial Progress
Advancing a generational copper-gold operation producing more than 300,000 gold-equivalent
ounces per year requires a comprehensive and resilient financing strategy. Following the release of
the Troilus Project Feasibility Study in May 2024 (see May 14, 2024 press release), the Company
made it a priority to establish a funding framework capable of supporting construction while
maintaining flexibility through development.
By late 2024, Troilus had secured indicative expressions of interest (“LOIs”) totaling approximately
US$1.3 billion from a group of leading global export credit agencies (“ECAs”), providing the
foundation for a structured project financing process (see November 13, November 19 and
November 21, 2024 press releases).
In March 2025, Troilus mandated a syndicate of global financial institutions, led by Société Générale,
KfW IPEX-Bank, and Export Development Canada, to arrange a senior project debt facility of up to
US$700 million (see March 13, 2025 press release). As project definition advanced and market
conditions improved, the mandate was increased to up to US$1 billion in November 2025 (see
November 19, 2025 press release). Comprehensive technical, financial, and environmental and social
due diligence has been underway since early 2025 and will continue in 2026 to underpin the
finalization of the debt package.
Commercial arrangements progressed in parallel and are integrated into the debt financing
framework. During 2025, Troilus negotiated preliminary indicative long-term offtake terms with
Aurubis AG and Boliden Commercial AB, two of Europe’s leading copper smelters, covering a
significant portion of the Project’s anticipated copper-gold concentrate production and reflecting
strong demand for high-quality, responsibly sourced copper (see June 18, July 10, and August 26,
2025 press releases). In parallel, discussions with potential Canadian smelters are ongoing, with the
expectation that a portion of future concentrate production will be processed domestically to
support local supply chains. These arrangements are expected to be finalized in 2026.
In November 2025, the Company strengthened its balance sheet through a CDN$172.5 million
bought-deal public offering, representing the second-largest common share offering by a Québec-
headquartered company in over a decade and the second-largest TSX issuer financing completed in
2025 (see November 14, 2025 press release). The financing further expanded Troilus’ institutional
shareholder base, including the participation of new major global funds.
Looking ahead, the senior debt facility is expected to form the cornerstone of a fully funded
construction package, complemented by additional financing instruments under evaluation, with the
objective of delivering a balanced and flexible financing solution in 2026.
Looking Ahead
As Troilus enters 2026, we will continue to deliver on all aspects of project development. The year
ahead is expected to be defined by continued advancement of detailed engineering, progress
through permitting with a focus on achieving social acceptance through comprehensive consultations
and collaboration with local stakeholders and Indigenous rightsholders , completion of financing
arrangements, early site works, and the continued build-out of organizational and operational
readiness.
Troilus remains committed to responsible project development, operational excellence, and
alignment with national and international critical- minerals priorities. With a strong foundation in
place, we are focused on delivering long-term value for shareholders, communities and Indigenous
rightsholders as we advance toward construction and production.
We thank our shareholders, partners, and stakeholders for their continued support and engagement.
Your confidence in the Project and the team underpins our commitment to responsible development
and the creation of long-term value.
Sincerely,
Justin Reid
Chief Executive Officer and Director
Troilus Mining Corp.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Nicolas
Guest, P.Geo., Exploration Manager, who is a Qualified Person as defined by NI 43-101. Mr. Guest is an
employee of Troilus and is not independent of the Company under NI 43-101.
About Troilus Mining Corp.
Troilus Mining Corp. is a Canadian development -stage mining company focused on the systematic
advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the
tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the
Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year,
50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.
For more information:
Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains “forward- looking statements” within the meaning of applicable Canadian
securities legislation. Forward- looking statements include, but are not limited to, statements regarding
the impact and timing of engineering progress, the timing of federal and provincial permits, the impact
of the various appointment s on the Company, the timing and impact of the dewatering and ESIA filing,
statements regarding the non-binding nature of the project finance LOI’s and the likelihood that binding
funding commitments will follow on the timeline projected or at all, development plans, opportunity to
expand the scale of the project, the project becoming a cornerstone mining project in Noth America; the
development potential and timetable of the project; the estimation of mineral resources and reserves;
realization of mineral resource and reserve estimates; the timing and amount of estimated future
exploration; costs of future activities; capital and operating expenditures; success of exploration
activities; the anticipated ability of investors to continue benefiting from the Company’s low discovery
costs, technical expertise and support from local communities, the timing and amount of estimated
future exploration; and the anticipated results of the Company’s 202 5 drill program and their possible
impact on the potential size of the mineral resource estimate. Generally, forward-looking statements can
be identified by the use of forward- looking terminology such as “plans”, “expects” or “does not expect”,
“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be
achieved”. Forward-looking statements are made based upon certain assumptions and other important
facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be
materially different from future results, performances or achievements expressed or implied by such
statements. Such statements and information are based on numerous assumptions regarding present
and future business strategies and the environment in which Troilus will operate in the future. Certain
important factors that could cause actual results, performances or achievements to differ materially
from those in the forward- looking statements include, amongst others, currency fluctuations, the global
economic climate, dilution, share price volatility and competition. Forward- looking statements are
subject to known and unknown risks, uncertainties and other important factors that may cause the
actual results, level of activity, performance or achievements of Troilus to be materially different from
those expressed or implied by such forward- looking statements, including but not limited to: there being
no assurance that the exploration program or programs of the Company will result in expanded mineral
resources; risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of
uncertainties inherent to feasibility studies and other mining and economic studies which are based to a
significant extent on various assumptions; variations in gold prices and other metals, exchange rate
fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of
financing for project development; uncertainties and risks with respect to developing mining projects;
general business, economic, competitive, political and social uncertainties; future gold and other metal
prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry,
including without limitation, risks and uncertainties discussed in the Company’s latest Annual
Information Form, its technical reports and other continuous disclosure documents of the Company
available under the Company’s profile at www.sedarplus.ca. Although Troilus has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward-
looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward- looking statements. Troilus does not undertake to update
any forward-looking statements, except in accordance with applicable securities laws.