Troilus Gold: Advancing One of North America’s Largest Copper-Gold Assets

Troilus Gold is redeveloping a major gold–copper–silver mine in Quebec’s Plan Nord corridor. With robust economics and long-life production, the project offers leveraged exposure to gold and copper — but also carries the usual development risks.
TroilusGold GoldMining Copper GenerationalMine MiningInvestment TSX QuebecMining FeasibilityStudy
 TroilusGold GoldMining Copper GenerationalMine MiningInvestment TSX QuebecMining FeasibilityStudy

 November 26, 2025

Troilus Gold Corp. is a Montreal-based junior developer working to restart the past-producing Troilus gold–copper–silver mine in north-central Quebec as a long-life open-pit operation. The project offers leveraged exposure to both gold and copper in a tier-one Canadian jurisdiction, while carrying the familiar permitting, capital expenditure, and financing risks of building a large-scale mine.

The Troilus mine previously produced more than 2 million ounces of gold and approximately 70,000 tonnes of copper between 1996 and 2010. Since acquiring the asset in 2017, Troilus Gold has expanded the resource through extensive drilling and advanced engineering, moving steadily toward a construction decision. The current plan envisions a 22-year, 50,000 tonne-per-day open-pit operation, positioning the project as a potential “generational” asset.

On a life-of-mine average basis, Troilus is expected to deliver roughly 244,600 ounces of gold, 17.3 million pounds of copper, and 446,700 ounces of silver annually — translating into about 303,000 gold-equivalent ounces per year. At prevailing metal prices, that profile equates to approximately USD $1.26 billion in annual metal value, underpinning the potential for substantial cumulative free cash flow if the project is successfully financed, constructed, and operated.

Economic studies reinforce the scale of the opportunity. The 2024 Feasibility Study outlined an after-tax NPV (5%) of USD $884.5 million and a double-digit IRR under base-case assumptions, while earlier PEA work demonstrated similarly robust economics. Initial capital requirements are significant, estimated at over USD $1 billion, highlighting the financing challenge typical of junior developers.

·       *  The mine site lies within the Frôtet-Evans Greenstone Belt in Quebec’s Plan Nord corridor, benefiting from existing road access, power infrastructure, and a prior tailings facility. Quebec consistently ranks among the world’s most attractive mining jurisdictions, offering stable regulations, supportive government programs, and competitive tax incentives.

·        * This combination of brownfield infrastructure and strong jurisdictional profile is a core part of the project’s appeal. If successfully built, Troilus would emerge as one of Canada’s largest future gold–copper producers.

Looking ahead, the key upside rests on scale, diversified metal exposure, and jurisdiction. Troilus has the potential to become a top-tier Canadian gold-equivalent producer with meaningful copper by-product credits, aligning well with long-term gold demand and electrification-driven copper markets.

November 19, 2025, Montreal, Quebec – Troilus Gold Corp. announced that it has increased its previously announced debt financing mandate from US$700 million to up to US$1 billion. The financing, led by a syndicate of leading global financial institutions, including Societe Generale, KfW IPEX-Bank, and Export Development Canada (“EDC”) (together the Mandated Lead Arrangers or “MLAs”), will support the development and construction of the copper-gold Troilus Project (the “Project”), located in north-central Québec, Canada.

Counterbalancing the upside are sizeable upfront capex requirements, equity dilution risk from financings, and permitting and execution challenges around a 50,000 tonne-per-day complex. For investors comfortable with higher-risk, higher-torque development stories, Troilus Gold represents a leveraged option on a large Quebec gold–copper system.

More conservative profiles may prefer to track the name rather than establish a core holding until financing, permitting, and early construction milestones are clearly de-risked — though by that stage, the share valuation is likely to be higher, reflecting reduced risk and greater certainty of future cash flows.

SNP

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For information only and not a recommendation to buy or sell shares.

Mining News: www.minestockers.com (Disclosure, The writer is a shareholder of minestockers.com)

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