Troilus Mining Corp

Thanks everyone for listening today. Again, my name’s Marty Rendall. I’m CFO at Troilus. We have a very simple story at Troilus, but it’s a great story. You can see here in the picture, Troilus project is a past producing open pit gold copper operation. It operated in the 2000s, produced about 2 million ounces of gold. We plan to reopen the mine, make it a little bigger and a little better. Usual cautionary statements, I will be making some forward-looking statements.

We’ll look a little bit at the past. This asset was picked up by Troilus almost nine years ago. It had about 2 million ounces at the time. We focused over the last nine years on exploration and been very successful in doing so, and we now have 14.5 million ounces of gold equivalent in inventory. Even though we’ve got all the ounces we need to build our mine, we’re gonna continue with exploration, because the upside is excellent, and we’ve had such great success. Over the last five years to go along with the exploration, we started engineering, permitting, and financing activities, and I’ll get into some of the details on those later.

We are on the verge of construction. We expect to be in construction in 2027, approximately a two-and-a-half year build, and be producing gold and copper at the end of 2029. It is a long mine life bulk tonnage operation, as I said. It is quite large at 50,000 tons per day, produces $3.2 billion after-tax NPV, and you’re looking at about 300,000 ounces per year of gold equivalent.

We’re in the Frotté-Evans Greenstone Belt. Everyone is aware of the Abitibi Greenstone Belt. We’re just a little northeast, in north central Quebec, a great spot to be mining. Again, you can see the pictures of the past operations, a couple of the older open pits, which we are dewatering now. We’ve got power into site. We’ve got a large tailings facility that still has 12 years of capacity, so we can hit the ground running. We’ve got water treatment facilities and roads into site.

We talked about the reserve and the resource. You can see here we’re anticipating having four open pits. We’re deepening three of the open pits that already are existing and going deeper, and then we’re adding a pit to the southwest. We’re gonna do a traditional EPCM approach to the construction. We’ve been working with BBA out of Quebec on the engineering and procurement for the last two years. You can see how the mine will look at the end of the mine life in the picture there. And we also intend to use EBC alongside BBA on the construction management side. We’ll also be putting in a very strong owners team to work alongside BBA and EBC for construction.

Just a couple of weeks ago, we filed an updated technical report. We did have a feasibility study from two years ago, but we’ve put in about 80,000 hours of engineering. We’re done our basic engineering, and so this is the output of that completion of basic engineering. Again, a long mine life at 26 years. We’re looking at all-in sustaining costs of $1,340 an ounce. That’s a result of very low power costs and a very good strip ratio of 2.4 to 1. It’s a pretty quick payback of 3.6 years for a large bulk tonnage operation such as this. And you can see our CapEx is $1.43 billion. These are all in US dollars. You can see our commodity mix on the right-hand side. It is 88% gold, 10% copper, as well as a little bit of silver.

Power is always an important aspect in Quebec and anywhere in the world. We’re happy that a few months ago, Hydro-Québec did give us a power allocation. We will have to upgrade some of the lines, but we currently have a 50-megawatt line into site. We’ll upgrade that to 70 megawatts during construction.

Over the last couple of years, I mentioned we’ve done a lot of engineering. There has been a number of changes worked into that new capital estimate. Two of the important ones are listed here. One thing we noticed was there was a potential bottleneck in the plant. We had envisaged one high-pressure grinding roll for 50,000 tons per day. We thought if there was any challenges with that very large HPGR, it could get in the way of our producing at 300,000 ounces per year. So we have added a little bit of capital and changed to two 35,000 ton per day HPGRs. And that increases the availability and decreases the risk in the front end of the plant and really debottlenecks everything in the plant.

We’ve also moved the gold room forward. Previously, we were trying to save a few dollars on the capital, and so we pushed the gold room out into year two. We’ve now pulled that back in, and it really helps out with the working capital in the early days of construction. Again, it adds a little bit to the capital, but de-risks the cash flows.

It is a fairly traditional circuit. We are gonna produce a doré, gold silver doré. That would be about 30% of the economics will come from that doré. Following that, we’ll produce a single copper concentrate. It’s fairly low-grade copper at about 15%, but very high-grade gold at 80 grams per ton, and 70% of our economics will come from that copper concentrate. The offtake agreements on the bottom are quite important from a financing point of view, and I’ll touch on that a little bit later. We have signed agreements with Aurubis in Germany and Boliden in Finland, Sweden, to send them one-third of our concentrate each. That does leave one-third of our concentrate that is still available. We hope we can keep that in Canada, but we’ll see how that goes.

Here’s our production profile. You can see the gold, copper, silver over the years. It is four different open pits, so we have a couple spike years where we get a little higher grade near the bottoms of a couple of the pits. Operating costs. We’ve done a lot of work on our operating costs. We’ve benchmarked to actual operating mines around us, so we’re confident these are the right numbers. And again, low power, low strip ratio really helps on these all-in sustaining cost per ounce. I mentioned the payback earlier. Again, for a large bulk tonnage operation, a payback period of three to four years is quite good. And just a reminder that we’re using $3,600 gold in our base case financials here.

Financing. I mentioned earlier that our offtake agreements were critical to our financing. And so you’ll see here on the right, we mention EDC, which is Export Development Canada, Euler Hermes, which is a German export credit agency, EKN and Finnvera as well, export credit agencies in Sweden and Finland. All of these organizations have committed significant amount of funds to back our financing. You can see here we’re at $1.3 billion in backing from different export credit agencies. We’re using Soc Gen and KFW out of Germany as the fronting banks or mandated lead arrangers. So they’ll be backed by the export credit agencies.

We did announce just yesterday that Soc Gen and KFW have received their credit committee approvals. So that was a great check mark for us. Their due diligence is complete, including technical and ESG due diligence. And on the debt side, the next important step will be to get Export Credit Agency credit committee approval, and we’re aiming to receive those approvals over the next six to eight weeks in November.

You can see the $1.4 billion initial CapEx on the left. That is a construction estimate. On top of that, there will be other funds required for cost overrun funding and working capital. So with the debt from Soc Gen and KFW anticipated to be approximately $1.2 billion, we do expect to do a small amount of equity and possibly a little bit of subordinated debt on the cost overrun facility or working capital facility and possibly a small royalty or stream. But the debt really breaks the back of this project.

Just if we go back to the financing, and I’ll give you a little bit of an idea on the timing. Again, we mentioned ECA approval in November. We expect legal closing of all of the financing, including stream, equity, debt, by the end of the year. FID will only happen upon our final permits, and our final permits are expected in Q1, let’s go with March to give us a little bit extra time, 2027, so about six months from now.

We filed our ESIA, our impact assessment, about 15 months ago in June 2025. It is a dual process, federal and provincial in Quebec process. The processes are going well. We’ve received our questions from the federal and provincial authorities there. We’ll respond to those very quickly. And again, we expect our final permits, operating permits, and construction permits in March 2027, and that will coincide with our final investment decision, which will also coincide with the official start of construction.

To assist with this, we’ve also been named to a new initiative in Quebec called the Fillon Initiative. There have been four companies chosen to be part of the Fillon Initiative, and it’s early, but we do expect this will assist us in hitting some of those dates on the permitting side and achieving that March 2027 permit. We have had lots of strategic government involvement, including with Germany, and then with Mr. Carney in Canada.

There’s lots going on at site right now in anticipation of starting construction in mid next year. We’re dewatering the pits. We’re doing some roadwork, and we’re planning to do a bulk sample in Q1 next year. 6 million tons, so it’s substantial just to ensure we’re ready to go when we do receive our permit and get started. This is just a bit of a timeline. I think we’ve talked about all of this. Again, we’re aiming for late 2029 for first production and commercial production in 2030.

A little bit of information on our capital structure. We have enough money in the bank to get to mid next year. Again, we plan to be fully financed by the end of this year. But with Canadian $115 million in the bank, there’s lots of good things that we have been doing and will continue to do to de-risk things in anticipation of construction. You can see our analyst coverage and our top institutional holders.

And here’s our team. The top team is our corporate team. It’s more important to focus on the bottom line of gentlemen there. This is really gonna be our owners team that works with BBA to build the mine. Andy Fortin is an important part of that. He’s gonna be the general manager. Andy worked at Inmet when this mine operated back in the 2000s. He was a mill manager. So he’s already started placing a team under him, including a mill manager, HR manager, and others. And you can see that some of the names on the bottom, these gentlemen have a lot of experience building, commissioning and operating mines in Ontario and Canada’s North.

And we’ve all seen this curve, development curve, Lassonde curve, whatever you wanna call it. And we know Artemis has done quite well moving through the Lassonde curve and into operations. They’ve done a great job, and we think there’s potential for us to follow in their paths as we complete financing over the next three months, as we complete permitting over the next six months, and as we enter construction and then operations. And I think I’ll cut it out there. Thank you very much for listening.

Thank you very much. We do have a time for a question, if there’s any questions on the floor. No? I think we’re good. Thank you very much, Rajan.

Thanks very much, Ovais. Thank you. [audience applauding]