Troilus Provides Overview of Its 2025 Exploration Program and Initial Results Confirming Mineral Resource Upside Near Pit and Across Property
TROILUS PROVIDES OVERVIEW OF ITS 2025 EXPLORATION PROGRAM AND INITIAL RESULTS
CONFIRMING MINERAL RESOURCE UPSIDE NEAR PIT AND ACROSS PROPERTY
January 22, 2026 – Montréal, Québec – Troilus Mining Corp. (formerly Troilus Gold Corp.) (“Troilus” or
the “Company”; TSX: TLG, OTCQX: CHXMF; FSE: CM5) is pleased to provide an overview of its completed
2025 exploration program at the Troilus copper -gold Project (the “Project”) in north-central Québec, in
addition to providing initial results that demonstrate near -mine growth potential and broader upside
across the Company’s 435 km² land package.
As outlined in the February 4, 2025 press release , the 2025 exploration program was focused on high -
priority targets within and adjacent to the existing mineralized corridor, with a combination of targeted
drilling, advanced geophysics, fieldwork and trenching aimed at delineating near-term mineral resource
expansion and identifying new discovery areas. All grades are uncut and true thicknesses are
approximately 75% to 90% of drilled length.
Highlights of the 2025 Exploration Program:
Record h igh-grade intercepts confirmed in the Reserve Pit area of the Southwest Zone ,
supporting near-term mine plan:
o 2.44 g/t gold equivalent (“AuEq”) (2.03 g/t Au, 2.55 g/t Ag, 0.23 % Cu) over 56 m ,
including 3.28 g/t AuEq (2.74 g/t Au, 3.38 g/t Ag, 0.29 % Cu) over 34m in hole SW-25-
688 (see April 29, 2025, press release).
o 78.38 g/t AuEq (78.21 g/t Au, 5.95 g/t Ag, 0.06 % Cu) over 2 m, including 153.73 g/t
AuEq (153.50 g/t Au, 11.00 g/t Ag, 0.06 % Cu) over 1m in hole SW-25-678 (see June 17,
2025, press release) represented the single best assay from the Southwest zone to date.
o 1.46 g/t AuEq (0.89 g/t Au, 40.99 g/t Ag and 0.03 % Cu) over 13 metres , including 4.39
g/t AuEq (2.77 g/t Au, 127.07 g/t Ag and 0.03 % Cu) over 3 metres , returned in an
extension of existing hole SW-22-617EXT, successfully testing a deeply -plunging
geophysical anomaly.
New mineralized trend “Bear Lake” discovered in the footwall of the Southwest Zone:
o Drilling in this new zone returned 0.85 g/t AuEq (0.81 g/t Au, 0.02 % Cu, 0.18 g/t Ag)
over 6 metres , including 3.65 g/t AuEq (3.62 g/t Au, 0.01 % Cu, 0.00 g/t Ag) over 1
metre, 2.02 g/t AuEq (2.00 g/t Au, 0.00 g/t Ag and 0.01 % Cu) over 1 metre and 0.31 g/t
AuEq (0.27 g/t Au, 0.34 g/t Ag and 0.02 % Cu) over 9 metres (hole BL-25-001; see Figure
2). Mineralization remains open.
Waubimo target confirmed as high-potential multi-element soil anomaly (W, Au, Bi, Mo)
o Versatile time-domain electromagnetic (“VTEM”) and induced polarization (“IP”) surveys
complete, and 3D modelling underway to support planned drilling in 2026 drilling ( see
Figure 1).
Justin Reid, CEO of Troilus, commented, “The 2025 exploration program continued to advance our
geological understanding of the Troilus property. The work completed in the program confirmed
additional high-grade mineralization adjacent to the Southwest pit, outlined a new mineralized trend at
Bear Lake, and returned strong intercepts within areas planned for early mining. We’ve continued to see
opportunities to further refine near-mine targets and evaluate additional prospective zones across the
property, which have been incorporated into this year’s upcoming exploration program. With the
Project moving through key development milestones toward a construction decision, the results from
the 2025 exploration program have reinforced our confidence in the resource base and highlight the
continued upside within the Troilus system.”
Field Program
The Troilus exploration team completed a targeted field program that covered several key areas of its
435km2 land package. The work completed included the collection of 2,887 soil samples, 320 rock grab
and 359 channel samples from newly stripped outcrops. Six trenches were excavated in the footwall of
the Southwest zone, known as the Bear Lake exploration area, to investigate numerous conductive
geophysical trends and their geologic context. Beep mats were used to identify near surface conductive
material and guide trenching efforts.
Channel sampling returned notable results including 3.21 g/t AuEq (2.90 g/t Au, 21.00 g/t Ag and 0.03
% Cu) over 1 meter including 4.57 g/t AuEq (4.25 g/t Au, 22.70 g/t Ag and 0.02% Cu) over 0.5 metres
from Trench-05, which exposed a stratigraphic horizon known to host volcanogenic massive sulfide
(“VMS”) mineralization (Figure 2). The Bear Lake exploration zone is located outside the resource pit
shell as defined in the May 2024 Feasibility Study. Mineralization is hosted within silica-carbonate-
sericite altered and sheared felsic volcanic tuff with sulfides and chert. The trend has little surface
drilling and has delivered high grades where deeper holes were extended to test a deep-plunging
geophysical conductor. These results include 2.1 g/t AuEq over 10 metres from SW-22-616 (see May 4,
2022 press release).
Final results from the soil survey are being received and integrated into the existing dataset. The 2,887
samples collected across the property will infill key gaps in existing coverage and will help guide future
efforts by providing a more complete geochemical layer over the property and allowing for the
identification of mineralization that’s surface expression is hidden under overburden.
Geophysics
The Company completed 2,144 line-kilometres of versatile time-domain electromagnetic (“VTEM”) as
part of this year’s exploration program (Figure 2). The final dataset has been received and 3D modelling
is in progress. Preliminary modelling in the Southwest Block (“SW Block”) yielded 243 modelled
conductive plates over multiple trends within the interpreted southwestern extension of the Bear Lake
geology that includes the Beyan and Cressida targets (Figure 1).
Additionally, 27.85 line-kilometres of induced polarization (“IP”) surveys were completed over the
“Waubimo” soil anomaly, located 4km south of Sumitomo’s Regnault deposit (See Figure 2 and
Kenorland Minerals Ltd. December 16, 2025, press release). The Waubimo anomaly is enriched in
tungsten, molybdenum, bismuth, copper, cobalt, tellurium and gold. Mineralized quartz veins and
breccia boulders from this zone show similar enrichment, highlighting the potential of the zone to host
both gold and critical metals mineralization. The area also hosts several electromagnetic conductors
with coincident nickel-cobalt anomalies over mafic-ultramafic sills known to host platinum group
elements along strike. The Waubimo target was also covered in the VTEM survey. Final modelling of the
data is pending. All new geophysical data will be integrated once complete to support drilling planned
for 2026.
Drilling
A total of 13,320 metres were drilled in 2025, with 11,880 metres focused on delineating and extending
high-grade trends within the Phase 1 reserve pit, which is planned to be mined in years 1 to 5 of the
Feasibility Study mine plan (see June 17, 2025 press release). The remaining 1,440 metres tested various
conductive geophysical anomalies by extending four existing drill holes in the Southwest Zone and
drilling nine in the Bear Lake exploration area, which lies in the zone’s immediate footwall. Drillhole
assay results can be found in Table 1 and on Figure 2.
Four previously drilled holes were re-entered and extended to test a deep-plunging conductive anomaly
that has previously returned 2.1 g/t AuEq over 10 metres in hole SW-22-616 (see May 4, 2022 press
release). Results from the 2025 hole extensions include 1.46 g/t AuEq (0.89 g/t Au, 40.99 g/t Ag and
0.03 % Cu) over 13 metres in hole SW-22-617EXT including 4.39 g/t AuEq (2.77 g/t Au, 127.07 g/t Ag
and 0.03 % Cu) over 3 metres, and 7.40 g/t AuEq (7.39 g/t Au, 0.50 g/t Ag and 0.01 % Cu) over 1
metres in hole SW-21-564EXT. The surface expression of this mineralized zone was exposed in the
trenching completed in this year’s field program (see results above) and remains open to drilling.
Nine new holes were drilled testing various other conductive anomalies in the Bear Lake area, defining a
new mineralized trend. BL-25-001 returned 0.85 g/t AuEq (0.81 g/t Au, 0.02 % Cu, 0.18 g/t Ag) over 6
metres including 3.65 g/t AuEq (3.62 g/t Au, 0.01 % Cu, 0.00 g/t Ag) over 1 metre, 2.02 g/t AuEq (2.00
g/t Au, 0.00 g/t Ag and 0.01 % Cu) over 1 metre and 0.31 g/t AuEq (0.27 g/t Au, 0.34 g/t Ag and 0.02 %
Cu) over 9 metres. Mineralization presents as chlorite-biotite altered mafic volcanics with quartz-
carbonate veining and local bands of massive pyrrhotite. With limited historical drilling of the Bear Lake
area, follow up work is planned to test the trend's continuity and high-grade potential.
Table 1. Drill Results for Southwest Extensions and Bear Lake
Hole
From
(m)
To
(m)
Interval
(m)
Au Grade
(g/t)
Cu Grade
(%)
Ag Grade
(g/t)
AuEq Grade
(g/t)
SW-21-564EXT
710 711 1 7.39 0.01 0.5 7.41
SW-22-617EXT
398 411 13 0.90 0.03 40.99 1.46
Incl. 404 407 3 2.77 0.03 127.07 4.39
SW-23-663EXT
557 558 1 1.29 0.01 0.25 1.32
602 603 1 0.83 0.04 11.40 1.04
BL-25-001
23 29 6 0.81 0.02 0.18 0.85
Incl. 23 24 1 3.62 0.01 0.00 3.65
41 42 1 2.00 0.01 0.00 2.02
65 74 9 0.27 0.02 0.34 0.31
BL-25-005
55 58 3 0.04 0.08 14.33 0.35
84 86 2 0.09 0.04 39.10 0.64
* No significant assays in holes TLG-ZSW20-198EXT, BL-25-002, BL-25-003, BL-25-004, BL-25-006, BL-
25-007, BL-25-008 and BL-25-009.
Figure 1. Troilus Property Map Showing Surveys Conducted Across 435 km² Land Package
Figure 2. Map Showing Drillhole Location and Trenching Highlights
Quality Assurance and Control
During the drill program, one meter assay samples were taken from NQ core and sawed in half. One-half
was sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half was
retained for results, cross checks, and future reference. A strict QA/QC program was applied to all
samples; which included insertion of one certified mineralized standard and one blank sample in each
batch of 25 samples. Every sample was processed with standard crushing to 85% passing 75 microns on
500 g splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were
higher than 3.5 g/t Au, assays were redone with a gravimetric finish. For QA/QC samples, a 50 g fire
assay was done. In addition to gold, ALS laboratory carried out multi-element analysis for ME-ICP61
analysis of 33 elements four acid ICP-AES.
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.
AuEq Disclosure
The formulas used to calculate equivalent values for resources are as follows, for 87 Pit AuEq = Au +
1.5628*Cu +0.0128 *Ag, for J Pit AuEq = Au + 1.5107*Cu +0.0119 *Ag, for SW Pit AuEq = Au + 1.6823*Cu
+0.0124 *Ag, for X22 Pit AuEq = Au + 1.5628*Cu +0.0128 *Ag. AuEq was calculated using metal prices of
$1,850/oz Au; $4.25/lb Cu and $23.00/oz Ag.
About Troilus Mining Corp.
Troilus Mining Corp. is a Canadian development-stage mining company focused on the responsible
advancement of the former gold and copper Troilus Mine towards near-term 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 and forward-looking information (collectively,
“forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking
statements include, without limitation, statements regarding the future business of the Company, its
transition from exploration to development and construction of a critical minerals asset of strategic
importance to Québec and Canada, and the expected metals production and capacity of the Project.
Although the Company believes that such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events. The Company cautions investors
that any forward-looking statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from those in forward-looking statements as a
result of various factors and risks, including, uncertainties with respect to obtaining all regulatory
approvals to complete the name change, uncertainties of the global economy, market fluctuations, the
Company’s inability to (i) obtain any necessary permits, consents or authorizations required for its
activities, (ii) to produce minerals from its properties successfully or profitably, (iii) to continue its
projected growth, and (iv) to raise the necessary capital or to be fully able to implement its business
strategies and other risks identified in its disclosure documents filed at www.sedarplus.ca. This press
release is not, and is not to be construed in any way as, an offer or recommendation to buy or sell
securities in Canada or in the United States.
Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and actual
events, results and/or developments may differ materially from those in the forward-looking statements.
Readers should not place undue reliance on the Company's forward-looking statements. The Company
does not undertake to update any forward-looking statement that may be made from time to time by the
Company or on its behalf, except in accordance with and as required by applicable securities laws.