Troilus Reflects ON a Transformative Year IN 2024 and Looks Ahead to Project Development IN 2025
TROILUS REFLECTS ON A TRANSFORMATIVE YEAR IN 2024 AND LOOKS AHEAD TO PROJECT
DEVELOPMENT IN 2025
January 7, 2025, Montreal, Quebec – Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FRA: CM5R)
(“Troilus” or the “Company”), is pleased to provide a recap of its 2024 milestones and share its
outlook for 2025 as it builds on exploration successes and transitions from resource expansion and
feasibility work to detailed engineering and project development , in this open letter to shareholders
from Chief Executive Officer, Justin Reid.
To our valued shareholders and stakeholders ,
As we reflect on 2024, it is clear this was a defining year for Troilus. The completion of our Feasibility
Study, project financing achievements, and exploration success have solidified Troilus as one of
North America’s leading copper-gold development projects. This transformative period has not only
demonstrated the scale and economic strength of the Troilus Project but also positioned us to
confidently advance through the next steps of development in 2025.
In a year where the junior mining sector continued to face challenges, including limited access to
capital, Troilus set itself apart. Our ability to remain well-financed and receive in-principle support
for over US$1.3 billion from internationally recognized top rated export credit agencies, speaks to
the exceptional quality of the Troilus Project and its strategic importance on the global stage.
The accomplishments of 2024 represent the culmination of years of hard work by our dedicated
team and partners, setting the stage for an exciting new phase as we work towards delivering long-
term value for all stakeholders.
Key developments of 2024 and Next Steps:
Feasibility Study Propels Troilus into the Next Stage of Development
In May 2024, we released the results of a Feasibility Study for the Troilus copper-gold deposit,
reaffirming its position as a large-scale, long-life mining project. The study outlined a 22-year open-
pit operation projected to produce an average of 303,000 gold-equivalent ounces annually.
As we transition into the next phase of development, we strengthened our leadership team with key
appointments, including Andy Fortin as Vice President of Operations and General Manager of the
Troilus Mine. We also welcomed two distinguished new Board members: Chantal Lavoie, our newly
appointed Chairperson, and François Biron, Chair of the Technical Committee . Their depth of
expertise and operational experience will be instrumental in advancing this cornerstone copper-gold
project to production.
On the permitting front, we made significant progress in 2024. Ongoing public consultations with
impacted communities provided valuable insights, which we incorporated into our planning process.
These efforts have been pivotal in advancing the Environmental and Social Impact Assessment
(“ESIA”), which is now in its final stages, and is expected to be submitted in the coming months.
In August 2024, we began dewatering the J4 pit, one of the two formerly mined open pits on the
property. This marked an important milestone that will eventually open new access for drilling and
exploration opportunities, while also laying the groundwork for the next phase of development .
Project financing took center stage in the second half of 2024. By November, Troilus gained global
recognition as a highly financeable copper-gold project, securing letters of interest from leading
export credit agencies in Germany, Finland, Sweden, and Canada totaling US$1.3 billion. This strong
foundation will support a multi-faceted financing strategy as we advance the project.
Continued Exploration Success
While our drilling activities slowed in 2024, we maintained a targeted focus near the main ore
bodies, pursuing both strategic resource expansion and conceptual exploration opportunities. These
efforts culminated in the “West Rim” discovery, announced in September. This exciting find included
high-grade intercepts, such as 1.66 g/t AuEq over 20m in hole WR-24-003, located just 150 metres
from the planned reserve pit (see September 3, 2024, press release). This discovery highlighted the
continued untapped potential of the Troilus deposit to deliver additional value through higher-grade
ounces incorporated early in the mine plan.
Continued Priority on ESG and Environmental Leadership
In 2024, we advanced our commitment to sustainability by exploring alternative energy generation
systems aimed at reducing our dependency on Hydro-Quebec’s grid and minimizing our carbon
footprint. In September 2024, we completed the installation of 500 solar panels and a wind turbine,
marking an important step toward supplementary and backup power generation. Over the next 12
months, we will monitor the data collected from these installations to assess the ideal location and
feasibility of larger scale installations.
In December, a collaborative study conducted with Coalia, the National Research Council of Canada,
Lamont, and Minesite Drainage Assessment Group (MDAG) confirmed a low potential for Acid Rock
Drainage (ARD) at Troilus. The analysis of waste rock and historic data from the previous mining
operation have provided us with a wealth of information to further enhance our sustainable
practices as we design for the future. At Troilus, water quality remains a top priority for us and our
First Nations stakeholders. The key findings from this study indicate that the Troilus rock is not acid
generating and does not require additional treatment, thereby helping to minimize and mitigate the
environmental footprint of the future operation. In addition to the positive environmental outcome,
this has the potential to reduce costs, as the waste rock can be repurposed for infrastructure
projects such as road construction .
What to expect in 2025
Troilus is entering an exciting new phase of development, with parallel initiatives advancing toward
project construction. Key priorities for 2025 include:
▪ Completion of J4 pit dewatering and initiation of Z87 dewatering.
▪ Submission of the ESIA and ongoing monitoring of the approval process.
▪ Continued community consultations and engagement with Cree Nation and Jamesian
communities to support the next phase of Troilus development.
▪ Advancing basic and detailed engineering.
▪ Securing long-lead orders on key equipment for the mine facilities.
▪ Negotiating contracts with mine equipment suppliers.
▪ Proceeding through the due diligence process with export credit agencies.
▪ Launching early-works projects at the site in preparation for larger-scale activities.
▪ Advance drilling at the West Rim discovery to further define its potential, while continuing to
explore resource growth opportunities near the mine site and along the existing mineralized
corridor.
With these initiatives underway, 2025 is set to be a year of execution and momentum as we continue
our journey to becoming a premier North American copper-gold producer.
We sincerely thank our shareholders and all stakeholders for their continued trust and support. Your
belief in our vision and commitment fuels our drive to deliver long-term value and achieve shared
success.
Sincerely,
Justin Reid
Chief Executive Officer and Director
Troilus Gold 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 Gold Corp.
Troilus Gold 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) 407-7123
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 of the appointment on the Company, the timing and impact of the dewatering and ESIA,
statements regarding the non -binding nature of the LOI and the likelihood that binding funding
commitments will follow on the timeline projected or at all, development plans, opportunity to expand
the scale of th e 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 2024 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.