Troilus Reports Updated Technical Report Following Completion of Basic Engineering, Delivering After-Tax US$3.2 Billion NPV5%, 22% IRR, and Cashflow of US$6.9 Billion at Base Case Gold Price of US $3,600/oz Approximately 95,000 engineering hours and market validation of ~90% of pricing underpin AACE
Troilus Reports Updated Technical Report Following Completion of Basic Engineering,
Delivering After-Tax US$3.2 Billion NPV5%, 22% IRR, and Cashflow of US$6.9 Billion at Base
Case Gold Price of US $3,600/oz
Approximately 95,000 engineering hours and market validation of ~90% of pricing underpin AACE Class 3
estimate accuracy across the full Project scope
September 9, 2026, Montreal, Quebec – Troilus Mining Corp. (“Troilus” or the “Company”) (TSX: TLG;
OTCQX: CHXMF; FSE: CM5), is pleased to report the results of an updated NI 43-101 Technical Report (the
“Technical Report”) for the gold-copper Troilus Project located in northcentral Quebec, Canada. Based on
the Company’s completed Basic Engineering program, the Technical Report confirms and improves upon
the strong economic fundamentals established in the May 2024 Feasibility Study (“2024 FS”), while
extending the Project’s mine life, strengthening its gold and copper production profile, and incorporating
a substantially more advanced level of engineering, design and cost definition.
The Technical Report outlines a large-scale, approximately 26-year mine life with an after-tax NPV5% of
$3.2 billion, after-tax IRR of 22% and 3.6-year payback period. Life-of-mine payable production is
estimated at 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver,
reinforcing Troilus’ position as one of Canada’s largest undeveloped gold-copper projects.
Importantly, the updated capital estimate has been developed following completion of Basic Engineering,
representing approximately 95,000 engineering hours and C$21.3 million in engineering fees.
Approximately 90% of the pricing inputs have been validated against current market quotations, including
firm pricing for key equipment. The resulting estimate meets AACE Class 3 accuracy standards (+15%/-
10%) across the full Project scope, providing a substantially more advanced and higher-confidence basis
for project financing, procurement and execution planning.
All dollar values are in United States dollars unless stated otherwise.
Technical Report Highlights
Compelling Economics and Significant Cash Flow Generation
▪ Base case before-tax NPV(5%) of US$5.3 billion and IRR of 27%, based on long-term metal prices of
US$3,600/oz gold, US$5.00/lb copper and US$50.00/oz silver
▪ Approximately US$11.1 billion of cumulative before-tax cash flow over the life of mine
▪ Approximately US$4.2 billion in taxes paid over the life of mine, including Quebec mining tax,
Quebec income tax and Federal income tax
▪ Base case after-tax NPV(5%) of US$3.2 billion, IRR of 22% and 3.6-year payback, based on long-term
metal prices of US$3,600/oz gold, US$5.00/lb copper and US$50.00/oz silver
▪ Approximately US$6.9 billion of cumulative after-tax cash flow over the life of mine
▪ Strong leverage to metal prices: at US$4,500/oz gold, after-tax NPV(5%) increases to approximately
US$4.7 billion, IRR to 28%, with payback reduced to approximately 3.0 years
Large-Scale, Long-Life Gold-Copper Operation
▪ Approximately 26-year mine life based on a conventional open-pit operation and 50,000 tpd
nameplate processing rate
▪ Life-of-mine payable production of 5.63 million ounces of gold, 472 million pounds of copper and
10.88 million ounces of silver
▪ 304,000 payable gold-equivalent ounces of average annual production from 2031–2040, with peak
annual production of approximately 557,000 payable gold-equivalent ounces in 2042
▪ Average annual payable production during the 21-year active mining period of approximately
251,000 ounces of gold, 20.1 million pounds of copper and 466,000 ounces of silver
▪ Life-of-mine strip ratio improves to 2.4:1, compared with 3.1:1 in the 2024 Feasibility Study
Updated Capital and Competitive Cost Profile
▪ Initial capital of approximately US$1.428 billion1, reflecting a substantially more advanced and fully
defined Project design, supported by approximately 95,000 engineering hours, ~90% market-
validated pricing and AACE Class 3 (+15%/-10%) estimate accuracy across the full Project scope.
▪ Life-of-mine operating costs of approximately US$19.21/t milled ore
▪ Life-of-mine AISC of approximately US$1,340 per payable gold ounce, net of copper and silver
credits
Expanded Reserve Base with Further Upside
▪ Mine plan underpinned by a Mineral Reserve estimate of 478 million tonnes grading 0.44 g/t gold,
0.05% copper and 0.92 g/t silver, comprising 6.7 million contained ounces of gold, 568 million
contained pounds of copper and 14.2 million contained ounces of silver
▪ Reserve tonnage increased approximately 26% compared with the 2024 Feasibility Study
▪ Mineral Reserve estimate effective December 31, 2025, excluding drilling results announced during
2026 and preserving potential future resource growth and mine-plan optimization upside
▪ Numerous near-mine and regional targets provide additional opportunities for resource growth
and new discoveries beyond the current mine plan
▪ Ongoing infill and pit optimization drilling targeting inferred material and historically unsampled
intervals
Justin Reid, CEO of Troilus, commented, “The results presented in our updated technical report reinforce
Troilus’ position as one of the most compelling large-scale gold-copper development projects in North
America. The combination of a US$3.2 billion after-tax NPV, 22% IRR, 3.6-year payback and approximately
26-year mine life demonstrates the scale, longevity and economic strength of the Project, particularly
relative to an initial capital requirement of approximately US$1.43 billion. Just as importantly, these results
are now supported by a substantially greater level of engineering and cost definition than at the 2024
Feasibility Study stage. Basic Engineering has been completed across the full Project scope, procurement
has advanced materially, and the vast majority of pricing inputs have been validated against current
1 The initial capital cost estimate of US$1.428 billion includes capitalized operating costs and capitalized revenues
and excludes sunk costs planned to be incurred through Q1 2027.
market quotations. This gives us significantly greater confidence in the Project design, cost basis and
execution strategy as we advance through Detailed Engineering. The Project itself has also improved, with
a longer mine life, a lower strip ratio and approximately 21% higher life-of-mine payable copper production
compared with the 2024 Feasibility Study. With engineering, procurement, permitting and project
financing advancing in parallel, Troilus is moving decisively from study and design toward execution and a
future construction decision.”
Table 1: Gold-Copper Troilus Project Technical Report Summary
Technical Report Summary
Units Values
Base Case Assumptions
Gold Price (Long Term) USD/oz 3,600
Copper Price (Long Term) USD/lb 5
Silver Price (Long Term) USD/oz 50
Exchange Rate CAD:USD 1.37
Discount Rate % 5
Production
Mine Life Years 26
Total Mined and Milled M Tonnes 478.2
Strip Ratio W:O 2.4:1
Daily Mill Throughput tpd 50,000
Annual Mill Throughput M Tonnes/year 18.3
Gold Grade g/t 0.44
Copper Grade (%) 0.05
Silver Grade g/t 0.92
Total Payable Gold Production koz 5,631
Average Annual Payable Gold Production (Yrs 1-21)* koz/year 251
Total Payable Copper Production Mlbs 472
Average annual Payable Copper Production (Yrs 1-21)* Mlbs/year 20.1
Total Payable Silver Production koz 10,880
Average Annual Payable Silver in Gold doré (Yrs 1-21)* koz/year 466
Average Concentrate Production (Yrs 1 - 21)* DMT/year 63,022
Average Gold Grade g/t 79.3
Average Copper Grade (%) 15.5%
Average Silver Grade g/t 248
Operating Costs (LOM)
Open Pit Mine Operating Cost $/t milled 11.25
Process Operating Cost $/t milled 5.55
General and Administration Cost $/t milled 2.40
Royalties (% of NSR) 1.0
Total Operating Costs $/t Mill Feed 19.21
All-in-Sustaining Cost (AISC**) (after metal credits) $/oz 1,340
Capital Costs
Initial Capital Cost*** $M 1,428
Sustaining Capital Cost $M 198
Reclamation and Closure Costs $M 52.4
Financial Analysis Summary
Pre-Tax Cash Flow $M 11,129
Pre-Tax NPV(5%) $M 5,266
Pre-Tax IRR % 27
Pre-Tax Payback Period Years 3.3
After-Tax Cash Flow $M 6,927
After-Tax NPV(5%) $M 3,206
After-Tax IRR % 22
After-Tax Payback Period Years 3.6
* Years 22-26 is production from stockpile with average annual production of 65koz/year gold, 9.4Mlbs/year copper
and 200koz/year of silver.
**All-in sustaining cost per ounce is a non-GAAP ratio. This measure has no standardized meaning under
IFRS Accounting Standards (IFRS) and may not be comparable to similar measures used by other issuers.
Refer to the “Non-GAAP Financial Measures” section of this press release for more information,
including a detailed description of these measures.
*** The initial capital cost estimate of US$1.428 billion includes capitalized operating costs and capitalized revenues
and excludes sunk costs planned to be incurred through Q1 2027.
Technical Report Overview
The Technical Report was prepared in accordance with NI 43-101 for Troilus with contributions from BBA
Inc. (“BBA”), AGP Mining Consultants Inc. (“AGP”) and WSP Canada Inc. (“WSP”), and incorporates the
results of the Company’s completed Basic Engineering program.
The Technical Report outlines a large-scale, conventional open-pit operation processing 50,000 tonnes
per day from the 87, J, X22 and SW deposits. The mine plan is underpinned by 478 million tonnes of Proven
and Probable Mineral Reserves grading 0.44 g/t Au, 0.05% Cu and 0.92 g/t Ag. The 26-year mine life
includes approximately one year of pre-production processing, followed by 21 years of active mine
production and a subsequent period of stockpile rehandle and processing.
Life-of-mine payable production totals approximately 5.63 million ounces of gold, 472 million pounds of
copper and 10.88 million ounces of silver. During the 21-year active mining period, annual payable
production averages approximately 251,000 ounces of gold, 20.1 million pounds of copper and 466,000
ounces of silver. At base case metal prices of US$3,600/oz gold, US$5.00/lb copper and US$50.00/oz silver,
the Project generates an after-tax NPV(5%) of approximately US$3.2 billion, IRR of 22%, cumulative after-
tax cash flow of approximately US$6.9 billion and a 3.6-year payback period.
Processing is based on a conventional flowsheet incorporating crushing, HPGRs, ball milling, gravity
concentration and flotation, producing a gold-rich copper concentrate and gold-silver doré.
Key Project Optimizations and Advancements
The Technical Report incorporates the results of Basic Engineering, expanded metallurgical testwork,
current vendor pricing and more advanced execution planning, resulting in a substantially more
developed Project design than the 2024 Feasibility Study. Key advancements include:
Additional Front-End Processing Capacity and Flexibility: The updated flowsheet incorporates two
parallel 35,000 tpd HPGR units within the 50,000 tpd nameplate processing plant. This will provide
additional front-end processing capacity, along with additional plant availability with two lines, and
operating flexibility to support throughput capacity across variable ore characteristics throughout the
ramp-up period and into commercial production.
Higher-Confidence Comminution and Process Design: Additional metallurgical testwork has identified
higher ore hardness in the SW Zone which will be mined in early years of operation, and this harder ore
has been used as the benchmark to inform processing equipment sizing and the updated grinding design
basis. The resulting configuration is designed to support reliable throughput and reduce ramp-up and
operating risk.
Gold Doré Production from Initial Start-up: The gold room has been advanced into initial construction
rather than deferred as was the case previously. This will enable gravity-recovered gold to be poured as
doré from the outset of operations, supporting earlier cash generation and working capital during ramp-
up.
Refined Infrastructure and Execution Planning: Basic Engineering materially advanced site-wide
electrical, water, tailings and civil design, while integrating engineering and procurement with
construction sequencing, long-lead equipment planning and commissioning readiness. This provides a
more developed basis for Project execution as Troilus advances through Detailed Engineering.
Capital Costs
Updated Capital Estimate Reflects Advanced Engineering and Project Optimization
Initial capital is estimated at US$1.428 billion, reflecting substantially greater project definition achieved
through Basic Engineering, updated market pricing and design enhancements incorporated as the Project
has advanced from feasibility-level engineering toward execution.
Since completion of the 2024 Feasibility Study, approximately 95,000 engineering hours have materially
advanced design definition across the full Project scope. The largest areas of refinement relate to EPCM
requirements, construction labour, concrete and structural steel quantities, owner’s costs and other
indirect costs, all of which are now defined at a significantly greater level of detail than at the 2024
Feasibility Study stage. Approximately 90% of pricing inputs have been validated against current market
quotations, including firm pricing for key equipment, and the resulting capital estimate meets AACE Class
3 accuracy standards (+15%/-10%) across the full Project scope.
The updated estimate also incorporates current mechanical, electrical and civil pricing, together with
design changes intended to improve Project robustness and operating flexibility. These include two 35,000
tpd HPGR units, providing additional front-end processing capacity while maintaining the Project’s 50,000
tpd nameplate throughput; advancement of the gold room into initial construction, enabling doré
production from the outset of operations and supporting early working capital; and updated electrical,
civil and water-management infrastructure.
Together, these changes reflect both a substantially higher level of cost certainty and a more fully
engineered Project than was contemplated at the 2024 Feasibility Study stage.
Table 2. Troilus Project Capital Costs
Description Cost (US$ million)
On-Site and Off-Site Infrastructures 147.7
Energy & Site Power Distribution 18.4
161kV Hydro Quebec Transmission Line Compensation 12.8
Emergency Generators 9.3
Synchronous capacitance power factor correction 24.2
Mining Infrastructures 64.8
Dry Comminution 227.2
Processing Plant 385.7
Tailings & Water Management 87.0
Owner’s Project Costs 84.1
EPCM Services 123.7
Construction Indirects 107.7
Spares parts, freight & Vendor Support 47.9
Contingency* 131.9
Mining 202.9
Sunk Capital Costs (145.2)
Capitalized Operating Costs 78.8
Capitalized Revenue (180.8)
Total Initial Capital** 1,428
Sustaining Capital Costs 198.0
Reclamation and Closure Costs 52.4
*Contingency was estimated at P50
**The initial capital cost estimate of US$1.428 billion includes capitalized operating costs and capitalized
revenues and excludes sunk costs planned to be incurred through Q1 2027.
Operating Costs
Operating costs have been developed at a substantially greater level of definition through Basic
Engineering, using a combination of first principal estimates, project-specific design criteria, metallurgical
testwork, current supplier quotations and Québec labour benchmarks. Mine operating costs are based on
detailed equipment, productivity, fuel and labour assumptions, while process operating costs incorporate
equipment-specific power requirements, testwork-based reagent consumption, supplier pricing and
maintenance requirements.
This more detailed and market-informed approach provides a higher-confidence operating cost basis as
the Project advances through Detailed Engineering. Average life-of-mine operating costs are estimated at
US$19.21 per tonne of mill feed, as summarized in Table 3 below.
Table 3. Troilus Project Operating Costs
Area Units Year 1-5 Year 6-21 LOM (Year 1-26)
Open Pit Mining $/tonne moved 3.20 3.22 3.12
$/t mill feed 15.91 12.49 11.25
Processing $/t mill feed 5.82 5.54 5.55
G&A $/t mill feed 2.98 2.43 2.40
Total Operating Cost $/t mill feed 24.70 20.45 19.21
Table 4. Troilus Production Costs per Payable Gold Ounce (Cash Costs + AISC)
Mine Production
(Years 1–21)
Stockpile Reclaim
(Years 22-26) Life-of-mine
Cash Cost (US$/payable Au oz) $1,282 $1,541 $1,297
AISC (US$/payable Au oz) $1,321 $1,642 $1,340
Operating Margin (US$/payable Au oz) $2,318 $2,059 $2,303
Cash cost per ounce and AISC are a non-GAAP ratios. These measures have no standardized meaning under
IFRS and may not be comparable to similar measures used by other issuers. Refer to the “Non-GAAP
Financial Measures” section of this press release for more information, including a detailed description of
these measures.
Project Economics and Sensitivity
The Technical Report demonstrates strong cash flow generation and robust economic returns across a
range of metal price assumptions. At long-term base case metal price assumptions of US$3,600/oz gold,
US$5.00/lb copper and US$50.00/oz silver, the Project generates an after-tax NPV(5%) of US$3.206 billion,
an after-tax IRR of 22% and a 3.6-year payback period, together with cumulative life-of-mine cash flow of
approximately US$11.1 billion pre-tax and US$6.93 billion after-tax (see Figure 1).
The Project remains highly leveraged to metal prices, with after-tax NPV(5%) increasing to US$3.866
billion at US$4,000/oz gold, US$4.668 billion at US$4,500/oz and US$5.484 billion at US$5,000/oz, based
on the corresponding sensitivity assumptions (see Table 5).
Figure 1: Troilus Project, Cumulative Cash Flows
Table 5. Troilus Project, Economic Sensitivity Analysis
Gold Price (US$/oz) 2,000 2,500 3,000 3,600 4,000 4,500 5,000
After Tax NPV 5% (US$M) 384 1,322 2,190 3,206 3,866 4,668 5,484
After-Tax IRR 7.4% 12.8% 17.2% 22.0% 24.7% 27.9% 30.9%
Payback (years) 9.4 6.3 5.3 3.6 3.3 3.0 2.6
Mineral Resource & Reserves Summary
Mineral Reserve Estimate
The updated Mineral Reserve estimate totals 478 million tonnes of Proven and Probable Mineral Reserves
grading 0.44 g/t gold, 0.05% copper and 0.92 g/t silver, containing approximately 6.7 million ounces of
gold, 568 million pounds of copper and 14.2 million ounces of silver. This compares with 380 million
tonnes in the 2024 Feasibility Study, representing a 26% increase in Reserve tonnage. The updated mine
plan also benefits from a lower life-of-mine strip ratio of 2.4:1, compared with 3.1:1 in the 2024 Feasibility
Study.
The Mineral Reserves are derived from Measured and Indicated Mineral Resources within the 87, J, X22
and SW open pits and have an effective date of December 31, 2025. Accordingly, drilling results
announced during 2026 are not incorporated into the current Reserve estimate and represent potential
future opportunities for resource and reserve growth and mine-plan optimization.