Name of the Project
Troilus gold/copper project.

Location
Central Quebec, Canada, about 170 km north of Chibougamau, in the Frotet-Evans Greenstone Belt.

Project Owner/s
Canadian gold and copper developer Troilus Mining Corp.

Project Description
The project entails redeveloping the former Troilus gold and copper mine as a conventional openpit operation, exploiting the 87, J, X22 and SW deposits. 

The September 2026 technical report outlines a 26-year operation comprising about one year of preproduction processing, 21 years of active mining and five years of stockpile processing.

The mine plan is based on 478-million tonnes of proven and probable reserves grading 0.44 g/t gold, 0.054% copper and 0.92 g/t silver, containing 6.69-million ounces of gold, 568-million pounds of copper and 14.22-million ounces of silver. 

A 50 000 t/d plant will use two-stage crushing, high-pressure grinding rolls, ball milling, gravity concentration and flotation to produce gold-rich copper concentrate and gold-silver doré. 

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.
Several near-mine and regional targets provide additional opportunities for resource growth and new discoveries beyond the current mine plan.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At base-case prices of $3 600/oz gold, $5/lb copper and $50/oz silver, the project has a pretax net present value, at a 5% discount rate, of $5.27-billion and an internal rate of return of 27%. Payback is estimated at 3.3 years.

Capital Expenditure
Initial capital is estimated at $1.43-billion, including capitalised operating costs and revenues, and excluding sunk costs planned through the first quarter of 2027. 

Planned Start/End Date
Subject to approvals and financing, construction is expected to start in 2027. First ore is targeted for September 2029 and commercial production for March 2030. The mine life is estimated at 26 years.

Latest Developments
Troilus has secured the bulk of the debt financing required to build the project.

The company received a credit-approved commitment letter from German development financing institution KfW IPEX-Bank and Société Générale Canada at the end of September to underwrite a total $850-million in debt financing to support the development of the project.

This commitment forms part of a planned total anticipated $1.1-billion debt financing package, which includes a proposed $250-million contribution from Export Development Canada that remains subject to final approvals.

The commitment letter represents a major advancement under the debt financing mandate, moving a substantial portion of the proposed debt package from mandate to credit-approved underwriting commitments.

Notably, the credit-approved commitment letter from KfW and Société Générale provides for a three-year repayment grace period during construction of the project, followed by a sculpted repayment profile over a notional ten-year period, aligned with expected cash flow generation.

The company is now focused on completing the broader financing package to reach a final investment decision and financial close while advancing permitting, detailed engineering and procurement to support construction readiness.

Key Contracts, Suppliers and Consultants
BBA Inc (engineering and procurement lead, capital and operating costs, economic analysis and mineral processing); EBC Inc (construction management); Metso Corporation (first phase of major process equipment); AGP Mining Consultants Inc (geology, mineral resources, mine planning and mineral reserves); WSP Canada Inc (tailings, surface water, hydrogeology, water treatment and openpit slope design).

Contact Details for Project Information
Troilus Mining Corp, tel +1 647 276 0050 or email info@troilusmining.com.