Technical Report

2026 Technical Report

In September 2026, Troilus published a Technical Report outlining a large-scale, long-life gold-copper mining operation in Québec, Canada. The updated Technical Report incorporates the latest Mineral Resources and Reserves, mine plan, engineering and project design as Troilus continues to advance the Project toward construction.

Read the press release HERE.

Technical Report Highlights

Compelling Economics and Significant Cash Flow Generation

• Base case before-tax NPV(5%) of US$5.3 billion and IRR of 28%, 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

Troilus Project, Cumulative Cash Flows

Troilus Project, Economic Sensitivities

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

Troilus Production Profile for Gold, Copper and Silver

Updated Capital and Competitive Cost Profile

• Initial capital of approximately US$1.428 billion, 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 containing 6.7 million ounces of gold, 568 million pounds of copper and 14.2 million 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

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.

Gold-Copper Troilus Project Technical Report Summary

* 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.