Mineral Reserves & Resources

Mineral Reserves and Resources

The Mineral Reserve and Resource Estimates below form the basis on which the 2026 Technical Report was completed for the Troilus Gold-Copper Project, located in northcentral Quebec, Canada. For more information on the updated Mineral Reserve and Resource Estimates, click here.

Mineral Reserves

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 tonne 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 updated Mineral Reserve estimate effective December 31, 2025

2026 Resource & Reserve Pits

Mineral Resource Estimate

The updated open-pit Mineral Resource estimate encompasses the 87, J, X22 and SW zones and has an effective date of December 12, 2025. Measured and Indicated Mineral Resources total 810.2 million tonnes grading 0.39 g/t gold, 0.05% copper and 0.82 g/t silver, containing approximately 10.2 million ounces of gold, 868.5 million pounds of copper and 21.3 million ounces of silver. Inferred Mineral Resources total an additional 182.5 million tonnes grading 0.34 g/t gold, 0.04% copper and 0.72 g/t silver, containing approximately 2.0 million ounces of gold, 177.8 million pounds of copper and 4.2 million ounces of silver. Mineral Resources are inclusive of Mineral Reserves.

Notes Related to the Mineral Reserve and Resource Estimates

Mineral Reserve Estimate:

• This mineral reserve estimate has an effective date of December 31, 2025, and is based on the mineral resource estimate dated December 31, 2025, for Troilus Mining by AGP Mining Consultants Inc. The mineral reserve estimate was completed under the supervision of Gordon Zurowski, P.Eng. of AGP, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final pit designs based on a US$2,100/oz gold price, US$28.00/oz silver price and US$4.00/lb copper price. An exchange rate of 1.37 C$ to 1 US$ has been used to convert between currencies. An NSR cut-off of C$11.84/t was used to define reserves. The mine production cost averaged C$4.62/t mined, processing costs were C$8.55/t ore, G&A was C$2.78/t and sustaining capital of C$ 0.51/t ore placed.
• The metallurgical recoveries varied according to metal head grade and concentrate grades. The average recoveries by metal are 85.7% for gold, 88.7% for copper and 87.5% for silver. Metallurgical recoveries were determined as follows:
• Gold Recovery: 188.21(Au)³-300.37(Au)²+174.63(Au)+51.502 (Gold head grades above 0.25 g/t were capped at a maximum recovery of 88%). Below 0.25 g/t gold head grade the recovery was determined using the gold tail grade (Au Recovery = (head grade – tail grade) / head grade * 100).
• Copper Recovery: -32688(Cu)⁴+17746(Cu)³-3692.7(Cu)²+366.41 (Copper head grades above 0.03% were capped at a maximum recovery of 93%). Below 0.03% copper head grade the recovery was determined using the copper tail grade (Cu Recovery = (head grade – tail grade) / head grade * 100).
• Silver Recovery: 188.21(Ag)³-300.37(Ag)²+174.63(Ag)+51.502 (Silver head grades above 0.25g/t were capped at a maximum recovery of 88%). Below 0.25g/t silver head grade the recovery was determined using the silver tail grade (Ag Recovery = (head grade – tail grade) / head grade * 100). At the time of the reserve estimate the silver recovery had not been finalized. The gold recovery formulae was applied to estimate the silver recovery for reserve estimation purposes.
• Equivalent grade calculations for 87 pit used recoveries of 86.4%, 88.7% and 87.6% for gold, copper, and silver, respectively. Equivalent grade calculations for J pit used recoveries of 85.5%, 88.8% and 87.4% for gold, copper, and silver, respectively. Equivalent grade calculations for X22 pit used recoveries of 85.6%, 88.5% and 87.6% for gold, copper, and silver, respectively. Equivalent grade calculations for SW pit used recoveries of 84.3%, 88.3% and 87.2% for gold, copper, and silver, respectively. The formulas used to calculate equivalent values are as follows: 87 pit AuEq = Au + 1.3409*Cu +0.0135 *Ag, J pit AuEq = Au + 1.3565*Cu +0.0136 *Ag, SW pit AuEq = Au + 1.3681*Cu +0.0138 *Ag, X22 pit AuEq = Au + 1.3504*Cu +0.0136 *Ag.

Mineral Resource Estimate:

• Reported Mineral Resources are inclusive of Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Summation errors may occur due to rounding.
• Open pit mineral resources are reported within constraining economic pit shells. 
• Open pit cut-off 11.33 C$/t NSR.
• Metal prices for the NSR formulas are: US$ 2,415/ oz Au; US$ 4.60/lb Cu, and US$ 32.00/ oz Ag.
• Exchange Rate used to convert from C$ to US$ is 1.37.
• Metal recoveries for the AuEQ formulas are:
  • 87 Zone         85.9% for Au recovery, 87.9% for Cu recovery and 87.6% for Ag recovery
  • J Zone            84.5% for Au recovery, 88.1% for Cu recovery and 86.9% for Ag recovery
  • X22 Zone       85.6% for Au recovery, 86.3% for Cu recovery and 87.0% for Ag recovery
  • SW Zone        82.1% for Au recovery, 87.1% for Cu recovery and 87.1% for Ag recovery
• AuEq equivalents were calculated as follows:
  • 87 Zone         AuEq = Au grade + 1.3365 * Cu grade + 0.0136 * Ag grade
  • J Zone             AuEq = Au grade + 1.3618 * Cu grade + 0.0137 * Ag grade
  • SW Zone        AuEq = Au grade + 1.3856 * Cu grade + 0.0141 * Ag grade
  • X22 Zone       AuEq = Au grade + 1.3168 * Cu grade + 0.0136 * Ag grade
• Capping of grades varied between 0.70 g/t Au and 23.00 g/t Au; between 0.03 %Cu and 0.70 %Cu, and between 0.80 g/t Ag and 29.50 g/t Ag; determined on 5 m composite values.
• The density (excluding overburden and fill) varies between 2.64 g/cm3 and 2.93 g/cm3, depending on lithology.