Troilus Gold Corp. reported results from a Feasibility Study (FS or the Study) completed on the gold-copper Troilus Project located in northcentral Quebec, Canada. The Study incorporates an initial mineral reserve estimate (MRE) that supports a long life, large scale, 50,000 tonnes per day (tpd) open-pit mining operation; a project in a tier-one mining jurisdiction that stands out in the Quebec and Canadian mining landscapes.

Troilus has taken a focused and conservative approach to all costs and inputs to deliver a realistic and compelling Feasibility Study that the company believes maximizes the scope and scale of this mineral asset over the long term. All amounts are in United States dollars, unless otherwise stated. 2024 feasibility study highlights: Large Scale Open-Pit Project: Open pit mine life of 22 years with the potential for future underground development.

Life-of-mine (LOM) average payable gold production of 244,600 ounces annually, 17.3 million pounds of copper and 446,700 ounces of silver annually. Peak annual payable gold production of 456,100 ounces, 31.8 million pounds of copper and 613,600 ounces of silver in year 7. Open pit mine, processing 50,000 tonnes-per-day (tpd); a 43% larger scale operation than the 35,000 tpd processing rate contemplated in the Preliminary Economic Assessment (PEA) from 2020. An economical and energy-efficient process to produce a desirable gold-rich copper concentrate for sale to smelters, with a cyanide-free gravity concentration circuit to produce doré after Year 1. Supported by an initial Mineral Reserve estimate of 380Mt grading 0.59 g/t gold equivalent (AuEq) (0.49 g/t Au, 0.058% Cu and 1.0 g/t Ag) for a contained 7.26Moz AuEq (6.02 Moz Au, 484 Mlbs Cu and 12.2 Moz Ag).

LOM total payable gold of 5.4 million ounces, 382 million lbs of copper and 9.9 million ounces of silver. Average LOM strip ratio of 3.1:1. Low-Cost Production: All-in sustaining cash operating costs (AISC) of $1,109/oz. Average operating costs of $19.06/t milled ore.

Strong Economic Results: Base Case after-tax NPV5% of $884.5 million and IRR of 14%, reflecting long-term forecast prices of $1,975/oz Au, $4.05/lb Cu, $23/oz Ag and $0.74 USD/CAD exchange rate. After-tax NPV5% of $1.55 billion and IRR of 19.5% at April 2024 average metal prices (Au: $2,332/oz; Cu: $4.30/lb; Ag: $27.50/oz). Cumulative after-tax cashflow of $2.2 billion on base case assumptions; increasing to $3.4 billion using average metal prices for April 2024.

Attractive Capital Intensity Given Inflationary Environment and Scale of Operation: Initial development capital of (CAPEX) of $1,074 million, including all mine pre-production costs, net of existing infrastructure. Existing and upgraded infrastructure, including powerlines and 50MW substation, all-weather access roads and tailings facility among other infrastructure, reduce capital requirements for the project and overall capital intensity. Exploration Upside: Numerous targets ranging from grass roots geochemical anomalies to early-stage drill targets are actively being explored and advanced, both near mine and regionally, representing significant future upside potential.

Project Overview: The Troilus Project is comprised of four main zones of mineralization, which are located on a NE-SW trend covering approximately seven kilometres. These deposits will be mined using conventional open pit mining methods over a 22-year period. Ore will be processed in a flotation mill to produce gold-rich copper concentrate for sale to a smelter, with provision for gravity gold recovery to produce doré after Year 1. The projected payable gold production averages 256,200 oz per year over the first 5 years, 241,200 oz per year for the remaining 17 years, for a LOM average of 244,600 oz per year.

Copper payable annual production averages 16.1 million pounds per year for the first five years, 17.7 million pounds per year for the remaining 17 years and 17.3 million pounds for the life of mine average. Silver payable annual production is 475,200 oz per year for the first five years, 438,300 oz per year for the remaining 17 years with a life of mine annual average of 446,700 oz per year. Total payable metal over the 22-year mine life is estimated at 5.4 million ounces of gold, 381.8 million pounds of copper, and 9.9 million ounces of silver.

Economic Analysis: The Troilus Project?s estimated Base Case after-tax NPV (5%) is $884 million and IRR is 14%, assuming metal prices of $1,975 per ounce gold, $4.05 per pound copper, $23 per ounce silver and a USD:CAD foreign exchange rate of $0.74:1. Payback on initial capital is expected to be achieved in 5.7 years under the base case scenario. Assuming April 2024 average gold price of $2,333 per ounce, the after-tax NPV (5%) increases to $1.55 billion and IRR increases to 19.5%, with the payback decreasing to 4.7 years. Under the base case scenario, the Project generates cumulative cash flow of $2.2 billion on a post-tax basis and $3.5 billion on a pre-tax, based on a throughput of 50,000 tpd over 22 years.

Capital Costs: The initial CAPEX for the Troilus Project is $1,075 million, net of existing infrastructure that includes all-weather access roads, power lines and a 50MW substation, a tailings facility, water treatment plants and site roads. Sustaining CAPEX over the life of the mine is an additional $276.6 million. Operating Costs: Total all-in-sustaining costs of $1,109 per ounce.

Total operating costs are expected to average $19.06 per tonne of ore processed.