Troilus Drills 1.10 G/T AuEq over 103 M as Z87 Optimization Program Continues to Strengthen MINE Planning *1.10 G/T AuEq (0.98 G/T Au, 0.54 G/T AG, 0.07 % Cu) over 103 M

TROILUS DRILLS 1.10 G/T AUEQ OVER 103 M AS Z87 OPTIMIZATION PROGRAM CONTINUES TO

STRENGTHEN MINE PLANNING

*1.10 G/T AUEQ (0.98 G/T AU, 0.54 G/T AG, 0.07 % CU) OVER 103 M

July 23, 2026, Montreal, Quebec – Troilus Mining Corp. (“Troilus” or the “Company”) (TSX: TLG; OTCQX:

CHXMF; FSE: CM5), is pleased to announce the third batch of results from the Z87 optimization drill

program, as part of its ongoing 2026 Exploration activities at its Troilus Project located in north-central

Quebec, Canada. The results reported include 10 drill holes totalling 4,230 metres, following the

exploration program outlined in the Company’s March 31, 2026 press release.

The on-going Z87 optimization program is designed to upgrade inferred material and target unsampled

intervals from historic drilling within the hangingwall of the main ore zone. All results returned are within

the Z87 reserve pit, as defined in the Feasibility Study (see May 14, 2024 press release) and support the

Company’s objective of evaluating opportunities to enhance future mine planning, including potential

resource conversion, pit sequencing optimization, strip ratio improvements and early-year mill feed.

Z87 Intercept Highlights (see Figure 1):

 Hole 87-26-484 intersected 1.10 g/t gold equivalent (“AuEQ”) (0. 98 g/t Au, 0.54 g/t Ag, 0.07% Cu)

over 103 m, including 2.10 g/t AuEQ (1.86g/t Au, 0.84 g/t Ag, 0.15 % Cu) over 34 m starting at 442 m

downhole from an area of inferred material within the Z87 reserve pit.

 Hole 87-26-492 intersected 1.98 g/t gold equivalent (“AuEQ”) (1.41 g/t Au, 33.49 g/t Ag, 0.10 % Cu)

over 14 m, including 9.87g/t AuEQ (5.95 g/t Au, 260.80 g/t Ag, 0.37 % Cu) over 1.5m from the Z87

hangingwall starting at 162 m downhole.

 Hole 87-26-512 intersected 0.92 g/t gold equivalent (“AuEQ”) (0.79 g/t Au, 0.94 g/t Ag, 0.07 % Cu)

over 93 m, including 2.30 g/t AuEQ (2.13 g/t Au, 1.34 g/t Ag, 0.10 % Cu) over 21m starting at 494 m

downhole. This intercept expands mineralization beyond limited historic sampling.

Justin Reid, CEO of Troilus, commented, “The drills keep producing phenomenal numbers from the Z87

reserve pit - these latest results continue to validate what we have been seeing throughout our mine plan

optimization program. As drilling progresses, we are consistently intersecting mineralization in areas that

were either historically unsampled or classified as waste within the reserve pit and systematically

optimizing the resource model in the process. These particular results demonstrate that there is more

mineralization to be defined in many areas of the reserve pit and significant high-grade material just

behind existing pit walls. We expect that successfully targeting inferred material and expanding new high-

grade trends in the hangingwall should translate to more tonnage and an improved strip ratio during early

mining phases.”

Z87 was one of two zones previously mined by open pit. Historic drilling within the reserve pit included

numerous unsampled intervals that, for resource estimation purposes, are assigned values equal to half

the laboratory detection limit. These gaps represent the focus of the current optimization program, which

is targeting opportunities to convert waste to potential ore while upgrading inferred material for future

mine plan updates.

All grades are uncut, and true thicknesses are approximately 75% to 90% of drilled length.

*The completed NI 43-101 technical report associated with the Troilus Project FS can be found on SEDAR+ at www.sedarplus.ca

under the Company’s issuer profile or on the Company’s website at www.troilusmining.com

Figure 1. Plan map with the reported drill hole locations from Z87

Figure 2. Cross section showing results for drillhole 87-26-484 and 87-26-588.

Figure 3. Cross section showing results for drillhole 87-26-492 and 87-26-494.

Figure 4. Cross section showing results for drillhole 87-26-512.

Z87 Drilling

Dillholes 87-26-484 was drilled to target inferred material within the Z87 reserve pit. The main zone

returned 103 metres grading 1.10 g/t AuEQ including 2.10 g/t AuEQ over 34 metres, while the haningwall

returned intercepts of 0.38 g/t AuEQ over 20 metres, 0.53 g/t AuEQ over 12.3 metres including 5.90 g/t

AuEQ over 0.8 metres, and 0.41 g/t AuEQ over 43 metres including 1.18 g/t AuEQ over 5 metres from

areas of the block model that do not currently contain significant mineralization. Updated modelling that

includes these new results could positively impact the strip ratio within the Z87 phase 1 pit.

Just beyond the existing pit wall drillhole 87-26-492 encountered 14 metres grading 1.98 g/t AuEQ

including 9.87 g/t AuEQ over 1.5 metres. This intercept shows significantly more high-grade material than

is currently represented in the block model and is a good example of the opportunities that remain for

additional high-grade tonnage within the phase 1 Z87 reserve pit.

Drillhole 87-26-512 was planned to twin historic drillhole KN-657 that was only sampled as it passed

through the primary Z87 ore zone. This hole returned 93 metres grading 0.92 g/t AuEQ, including 2.30 g/t

AuEQ over 21 metres from the main zone of Z87, and also returned 0.86 g/t AuEQ over 13 metres including

1.29 g/t AuEQ over 6 metres and 0.43 g/t AuEQ over 12 metres from the previously unsampled

hangingwall. Assay data from historic hole KN-657 is currently being used in the resource estimation, with

unsampled intervals assigned a value equal to half the laboratory analysis detection limit. This estimation

has resulted in large gaps in the block model, particularly in the hangingwall of the main Z87 ore zone.

Drillholes like 87-26-512 have successfully tested these gaps for additional mineralized material.

To date, Troilus has released 30 drill holes totaling 9,793 metres of the approximately 24,000 metres

allocated to the Z87 pit optimization program, which includes the targeting of inferred and unsampled

material within and around the reserve pit shell.

Table 1. Z87 Drill Results

Hole From (m) To

(m) Interval (m) Au Grade

(g/t)

Cu Grade

(%)

Ag Grade

(g/t)

AuEq Grade

(g/t)

87-26-484 (-50° dip)

29.5 30 0.5 2.79 0.01 0.25 2.80

101 121 20 0.36 0.01 0.49 0.38

161 182 21 0.26 0.01 0.53 0.28

190 193 3 0.38 0.01 0.43 0.39

261.5 273.8 12.3 0.51 0.00 1.04 0.53

incl. 273 273.8 0.8 5.74 0.02 10.20 5.90

375 418 43 0.35 0.04 0.41 0.41

incl. 410 415 5 1.06 0.07 0.82 1.18

424 426 2 0.83 0.01 0.25 0.84

442 545 103 0.98 0.07 0.54 1.10

incl. 463 544 81 1.18 0.09 0.62 1.33

incl. 483 517 34 1.86 0.15 0.84 2.10

incl. 483.65 490 6.35 4.89 0.11 0.90 5.08

incl. 510 514 4 2.06 0.58 2.91 3.01

563 564.7 1.7 0.96 0.42 11.75 1.77

570 578 8 0.24 0.03 0.54 0.29

584 591 7 0.36 0.07 1.51 0.49

597.05 606 8.95 0.59 0.19 2.89 0.92

incl. 601 603 2 1.14 0.57 8.13 2.14

617.4 623 5.6 0.34 0.02 0.31 0.37

87-26-488 (-50° dip)

104 108 4 0.51 0.01 2.40 0.55

163 168 5 0.61 0.00 1.74 0.64

225 234 9 0.22 0.02 0.34 0.25

268 274 6 0.23 0.01 0.25 0.24

287 298 11 0.21 0.01 0.25 0.23

314 334 20 0.27 0.01 0.38 0.29

incl. 328 329 1 3.51 0.00 0.25 3.52

87-26-492 (-50° dip)

162 176 14 1.41 0.10 33.49 1.98

incl. 167.5 169 1.5 5.95 0.37 260.80 9.87

incl. 168 168.5 0.5 7.39 0.39 747.00 17.56

185 188 3 0.41 0.02 0.55 0.44

198 203 5 0.33 0.04 0.77 0.40

319 338.4 19.4 0.24 0.01 0.44 0.25

353 360 7 1.52 0.02 1.59 1.58

incl. 356.4 356.9 0.5 17.40 0.05 9.90 17.60

87-26-494 (-50° dip)

248 255.3 7.3 0.20 0.03 0.64 0.26

275 277.0 2.0 0.57 0.01 0.43 0.59

294 302 8 0.40 0.03 0.69 0.45

380 390 10 0.71 0.00 0.25 0.72

incl. 389 390 1.0 6.18 0.00 0.25 6.19

87-26-495 (-50° dip)

159 162 3 0.50 0.01 0.50 0.53

199 201 2 0.71 0.10 1.95 0.89

258 271 13 0.18 0.04 1.26 0.26

278.5 288 9.5 0.36 0.06 3.48 0.50

305 313 8 0.22 0.03 1.33 0.29

321 366 45 0.38 0.08 0.96 0.53

incl. 326.3 333 6.7 0.72 0.27 2.59 1.17

87-26-496 (-45° dip)

67 76 9 0.17 0.09 0.68 0.32

85 94 9 0.14 0.05 0.32 0.23

145.5 155 9.5 0.29 0.05 1.34 0.38

173 185 12 0.15 0.05 0.58 0.23

196 198 2 0.41 0.08 0.48 0.54

215.65 220.5 4.85 0.51 0.11 2.95 0.71

227 267 40 0.21 0.06 1.32 0.31

87-26-499 (-52° dip)

24 53 29 0.11 0.07 0.43 0.23

107 116 9 0.14 0.08 0.51 0.26

125 126 1 0.99 0.08 0.80 1.13

132 149 17 0.20 0.04 0.64 0.27

168 170 2 0.67 0.25 2.90 1.10

176 204 28 0.16 0.08 0.79 0.30

232 243 11 0.08 0.10 2.08 0.27

264 269 5 0.15 0.09 0.87 0.30

311 364 53 0.75 0.07 1.36 0.88

incl. 340 358 18 1.58 0.11 1.64 1.77

incl. 347 350 3 4.49 0.25 4.10 4.93

incl. 349 350 1 8.55 0.32 5.50 9.13

incl. 357 358 1 6.70 0.18 4.50 7.04

375 408 33 0.60 0.11 2.68 0.80

incl. 375 396 21 0.84 0.12 2.96 1.07

incl. 377 378 1 5.46 0.30 6.90 6.01

428 444 16 0.30 0.01 1.40 0.33

87-26-502 (-50° dip)

95 97 2 0.89 0.19 1.95 1.21

128 137 9 0.11 0.09 1.48 0.28

207 222 15 0.13 0.06 1.40 0.24

87-26-512 (-60° dip)

58 60 2 0.61 0.00 0.25 0.62

65.35 66 0.65 5.44 0.01 4.60 5.52

77 93 16 0.20 0.01 0.25 0.21

110 117 7 0.28 0.01 1.85 0.32

244 250 6 0.19 0.01 0.78 0.21

271 274 3 0.45 0.00 0.25 0.45

303 314 11 0.22 0.00 0.25 0.23

341 345 4 0.29 0.00 0.25 0.30

389 403 14 0.21 0.02 0.35 0.25

413 416 3 0.41 0.00 0.25 0.42

432 445 13 0.78 0.04 0.58 0.86

incl. 435 441 6 1.19 0.06 0.83 1.29

452 464 12 0.38 0.03 0.37 0.43

471 485 14 0.25 0.02 0.31 0.29

494 587 93 0.79 0.07 0.94 0.92

incl. 494 569 75 0.93 0.08 0.95 1.07

incl. 521 542 21 2.13 0.10 1.34 2.30

incl. 522 526 4 6.78 0.06 1.25 6.88

incl. 523 524 1 15.70 0.07 2.00 15.83

incl. 558 563 5 0.69 0.35 3.04 1.28

603 611 8 0.17 0.02 0.35 0.21

617 627 10 0.20 0.03 0.81 0.25

87-26-513 (-58° dip)

25 35 10 0.22 0.02 0.36 0.25

70 78.9 8.9 0.22 0.02 0.75 0.26

268 279.75 11.75 0.37 0.04 3.77 0.48

285 300 15 0.35 0.01 0.65 0.38

393 409 16 0.26 0.01 0.81 0.29

419.3 435 15.7 0.40 0.04 0.65 0.46

* AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade