NI 43-101 Feasibility Study: Troilus Gold - Copper Project Québec Canada

Report Date: June 28, 2024

Effective Date: May 14, 2024

Prepared by

AGP Mining Consultants Inc.

#246-132K Commerce Park Drive

Barrie, ON L4N 0Z7 Canada

Qualified Persons:

Paul Daigle, géo.

Marc Rougier, P.Eng.

Ryda Peung, P.Eng.

Willie Hamilton, P..Eng.

Zunedbhai Shaikh, P.Eng.

Laurent Gareau, P.Eng.

Vlad Rojanscki, P.Eng.

Pierre Primeau, P.Eng.

Ann Lamontagne, Eng., Ph.D.

Gordon Zurowski, P. Eng.

Balvinder Singh, P.Eng.

IMPORTANT NOTICE

This technical report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for Troilus Gold Corp. (Troilus) by AGP Mining Consultants Inc. (AGP), also known as the Report Author. The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the Report Authors' services, based on i) information available at the time of preparation of the report, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Troilus subject to the terms and conditions of their contract with the Report Author. Those contracts permit Troilus to file this report as a Technical Report with Canadian Securities Regulatory Authorities pursuant to NI 43-101. Except for the purposes legislated under applicable Canadian provincial, territorial, and federal securities laws, as well as under Toronto Stock Exchange policies, any other use of this report by any third party is at that party's sole risk.

NI 43-101FEASIBILITY STUDY TROILUS GOLD - COPPER PROJECT

QUÉBEC, CANADA

Contents

1 SUMMARY

1-1

1.1

Introduction

1-1

1.2

Location and Ownership

1-1

1.3

Accessibility, Local Resources, Infrastructure and Climate

1-1

1.4

History

1-2

1.5

Geology and Mineralization

1-2

1.6

Deposit

1-3

1.7

Exploration

1-3

1.8

Drilling

1-3

1.9

Sample Preparation, Analyses and Security

1-4

1.10

Data Verification

1-4

1.11

Mineral Processing and Metallurgical Testing

1-4

1.12

Mineral Resources

1-5

1.13

Mineral Reserves Estimates

1-8

1.14

Mining Methods

1-9

1.14.1

Mine Geotechnical and Dewatering

1-9

1.14.2

Open Pit Mining

1-9

1.15

Recovery Methods

1-10

1.16

Project Infrastructure

1-11

1.17

Market Studies and Contracts

1-11

1.18

Environmental, Permitting, and Social Considerations

1-12

1.19

Capital and Operating Costs

1-12

1.19.1

Capital Costs

1-12

1.19.2

Operating Costs

1-13

1.20

Economic Analysis

1-14

1.21

Conclusions

1-15

1.22

Recommendations

1-15

1.22.1

Summary

1-15

1.22.2

Geology

1-16

1.22.3

Geotechnical

1-16

1.22.4

Mining

1-16

1.22.5

Processing

1-16

1.22.6

Infrastructure

1-17

2 INTRODUCTION

..............................................................................................................

2-1

2.1

Issuer and Purpose

2-1

2.2

Qualified Persons

2-1

2.3

Site Visits and Scope of Personal Inspection

2-2

2.3.1

Geology

2-2

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2.3.2

Geotechnical

2-3

2.3.3

Metallurgy and Processing

2-3

2.3.4

Mining

2-3

2.3.5

Infrastructure

2-3

2.3.6

Tailings

2-3

2.3.7

Water Management

2-3

2.3.8

Water Treatment

2-4

2.3.9

Environmental

2-4

2.3.10

Financial/Mining Costs

2-4

2.3.11

Summary of Site Visits

2-4

2.4

Effective Dates

2-4

2.5

Previous Technical Reports

2-5

2.6

Units of Measure

2-5

2.7

Terms of Reference (Abbreviations & Acronyms)

2-7

3 RELIANCE ON OTHER EXPERTS

3-1

3.1

Metallurgical Sample Selection

3-1

3.2

Metallurgical Testwork

3-1

3.3

Equipment Selection

3-2

4 PROPERTY DESCRIPTION AND LOCATION

........................................................................4-1

4.1

Property Location and Description

4-1

4.2

Project Ownership

4-8

4.3

Mineral Tenure - Québec

4-9

4.4

Surface Rights

4-10

4.5

Royalties and Encumbrances

4-10

4.5.1

Royalties

4-10

4.5.2

Encumbrances

4-11

4.6

Permits

................................................................................................................................

4-13

4.7

Environmental Liabilities

4-13

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ..

5-1

5.1

Accessibility

5-1

5.2

Climate

5-1

5.3

Local Resources and Infrastructure

5-1

5.4

Physiography

5-2

5.5

Sufficiency of Surface Rights

5-2

6 HISTORY

6-1

6.1

Exploration and Development (1985 - 2010)

6-1

6.1.1

Ownership History (1985 - 1993)

6-2

6.1.2

Kerr-Addison and Minnova (1985 - 1993)

6-3

6.1.3

Metall and Inmet (1993 - 2005)

6-3

6.2

Historic Production - Troilus Mine (1996 - 2010)

6-4

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7 GEOLOGICAL SETTING AND MINERALIZATION

7-1

7.1

Regional Geology

7-1

7.2

Project Geology

7-5

7.2.1

Deposit Lithologies

7-7

7.3

Structural Geology

7-12

7.3.1

Deformation Phase D1

7-12

7.3.2

Deformation Phase D2

7-13

7.3.3

Late NNE-SSW Brittle Faults

7-14

7.3.4

Fractures

7-14

7.4

Mineralization

7-14

7.4.1

Type 1 - Disseminated Mineralization

7-15

7.4.2

Type 2 - Vein-hosted Mineralization

7-16

7.4.3

Alteration

7-17

7.5

Mineralized Zones

7-18

7.5.1

Z87 Zone

7-19

7.5.2

J Zone

7-20

7.5.3

X22 Zone

7-20

7.5.4

Southwest Zone (SW Zone)

7-21

7.6

Prospects/Exploration Targets

7-24

7.6.1

Allongé and Carcajou

7-24

7.6.2

Beyan and Cressida

7-24

7.6.3

Testard

7-25

7.6.4

Freegold-Bullseye

7-26

7.6.5

Pallador

7-26

8

DEPOSIT TYPES

...............................................................................................................

8-1

8.1

Discussion - Current Genetic Models

8-4

9

EXPLORATION

9-1

9.1

Exploration Review (Pre-2018)

9-1

9.2

Troilus (2018 to Present)

9-1

9.2.1

Troilus Gold Property

9-2

9.2.2

Troilus Frotêt Property

9-4

9.3

Geophysical Surveys

9-12

9.4

Petrology, Mineralogy, and Research Studies

9-14

9.5

Exploration Potential

9-14

10

DRILLING

10-1

10.1

Drilling Summary

10-1

10.2

Drill Methods and Logging (2018 - 2023)

10-5

10.2.1

Downhole Surveys

10-5

10.2.2

Drill Core Logging

10-5

10.2.3

Drill Core Sampling

10-7

10.3

Previous Drill Methods and Logging

10-8

10.3.1

Drill Core Logging

10-8

10.3.2

Drill Core Sampling

10-8

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10.4

Geotechnical and Hydrological Drilling

...............................................................................10-9

10.5

Metallurgical Drilling

10-9

10.6

Summary of Drill Intercepts

10-9

10.6.1

Z87 Zone

10-9

10.6.2

J Zone

10-13

10.6.3

X22 Zone

10-14

10.6.4

SW Zone

10-16

10.7

Exploration Drilling

10-19

10.7.1

Allongé Zone

10-19

10.7.2

Cressida Target

10-20

10.7.3

Testard Target

10-22

10.7.4

Pallador Target

10-24

10.8

AGP Opinion

10-25

11 SAMPLE PREPARATION, ANALYSES, AND SECURITY

.......................................................11-1

11.1

Pre-2018

.............................................................................................................................

11-1

11.1.1

Analytical Laboratories

11-1

11.1.2

Sample Preparation and Analysis

11-1

11.2

Troilus (2018 - 2020)

11-2

11.2.1

Analytical Laboratories

11-2

11.2.2

Sample Preparation and Analysis

11-2

11.3

Density Determinations

11-3

11.3.1

Z87 Zone, J Zone, X22 Zone

11-3

11.3.2

SW Zone (2019-2023)

11-4

11.4

Quality Assurance/Quality Control (QA/QC)

11-5

11.4.1

QA/QC (pre-2018)

11-6

11.4.2

QA/QC (2018-2019)

11-8

11.4.3

QA/QC (2019-2020)

11-11

11.4.4

QA/QC (2021-2022)

11-15

11.4.5

QA/QC (2022-2023)

11-25

11.5

Databases

11-30

11.6

Sample Security

11-30

11.7

Qualified Person Opinion

11-30

12 DATA VERIFICATION

12-1

12.1

Data Verification, All Zones

12-1

12.2

AGP Site Visit

12-1

12.2.1

Logging, Sampling, and Storage Facilities

12-1

12.2.2

Drill Hole Core Storage Area and Facilities

12-3

12.2.3

Drill Hole Collar Locations

12-5

12.2.4

Drill Hole Log and Drill Core Review

12-7

12.2.5

Independent Samples

12-8

12.3

Qualified Person Opinion

12-8

13 MINERAL PROCESSING AND METALLURGICAL TESTING

13-1

13.1 Introduction

13-1

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13.2

Summary of Historical Testing

13-2

13.3

Metallurgical Sample Selection

13-2

13.4

Metallurgical Testwork Overview

13-7

13.5

Comminution Testwork

13-7

13.5.1

JKTech - SMC, Abrasion and Bond Mill Work Index Tests (2021 - 2022)

13-7

13.5.2

Base Met Lab - SMC, Abrasion and Bond Mill Work Index Tests (2023)

13-8

13.5.3

KCA - HPGR Pilot Plant Testwork (2023)

13-8

13.5.4

FLSmidth - High Pressure Grinding Abrasions Testwork (2024)

13-10

13.5.5

Hazen Research Inc. - SMC and Bond Mill Work Index Tests (2023)

13-10

13.5.6

Third Party Review of HPGR Circuit by J-Consultores Ltda. (2023)

13-10

13.6

Gravity Separation

13-13

13.6.1

FLSmidth Gravity Recovery Testwork (2021 - 2022)

13-13

13.6.2

FLSmidth Gravity Recovery Testwork (2023 - 2024)

13-14

13.6.3

Base Metallurgical Laboratory - Intensive Leach Tests on Knelson Concentrates

13-14

13.6.4

Gold Gravity Recovery - FLS Modelling and Data from Historical Troilus Operation ....

13-15

13.7

Flotation Testwork

13-16

13.7.1

Eriez Testwork Results for J, SW and 87 Zone (3,000 kg Samples)

13-22

13.7.2

Eriez Testwork for J, SW1, SW2, and 87 Zone (800 kg Samples)

13-25

13.7.3

Eriez Testwork Results for X22-1 and X22-2 (150 kg Samples)

13-26

13.7.4

Eriez Testwork Results for X22-1 and X22-2 (1,500 kg Samples)

13-27

13.8

Base Metallurgical Laboratories Testwork (2022 and 2024)

13-28

13.8.1

Chemical Content of the Feed Samples (2022)

13-28

13.8.2

Mineral Content of the Feed Samples (2022)

13-29

13.8.3

Mineral Liberation for Feed Samples (2022)

13-30

13.8.4

Mineralogical Analysis for Rougher Scavenger Concentrates (2022)

13-31

13.8.5

Cyanide Leach Test Results - Cleaner Tailings

13-34

13.8.6

Base Met Dewatering Tests (2022)

13-35

13.8.7

Pressure Filtration - Concentrates

13-36

13.8.8

Minor Elements for Concentrates

13-37

13.8.9

Base Met Dewatering Tests (2024)

13-38

13.9

Pocock Solid-Liquid Separation Testwork (2020)

13-40

13.10 Acid Base Accounting (ABA) Testwork

13-40

13.11

Results Interpretation

13-42

13.12

Conclusions and Recommendations

13-42

13.12.1

Conclusions

13-42

13.12.2

Recommendations

13-43

14 MINERAL RESOURCE ESTIMATES

14-1

14.1

Summary

.............................................................................................................................

14-1

14.1.1

Open Pit Resources

14-2

14.2

Underground Resources

14-3

14.3

Database

.............................................................................................................................

14-4

14.4

Lithological Model

14-5

14.4.1

Lithological Model

14-5

14.4.2

Pit Areas

14-6

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14.4.3

Bulk Density

14-8

14.5

Z87 Zone

.............................................................................................................................

14-9

14.5.1

Interpretation

14-9

14.5.2

Exploratory Data Analysis

14-11

14.5.3

Block Model

14-24

14.6

J Zone

14-36

14.6.1

Interpretation

14-36

14.6.2

Exploratory Data Analysis

14-37

14.6.3

Block Model

14-49

14.7

X22 Zone

...........................................................................................................................

14-60

14.7.1

Interpretation

14-60

14.7.2

Exploratory Data Analysis

14-61

14.7.3

Block Model

14-66

14.8

SW Zone

14-73

14.8.1

Interpretation

14-73

14.8.2

Exploratory Data Analysis

14-74

14.8.3

Block Model

14-86

14.9

Mineral Resources

14-94

14.9.1

Mineral Resource Classification

14-94

14.9.2

Metal Equivalent

14-97

14.9.3

Cut-off Grade

14-98

14.9.4

Reasonable Prospects for Eventual Economic Extraction

14-98

14.10

Mineral Resource Statement

14-99

14.11 Factors That May Affect Mineral Resource Estimate

14-101

14.12 Comparison With Previous Estimate

14-102

14.12.1

Mineral Resource Comparison - Z87 Zone

14-102

14.12.2

Mineral Resource Comparison - J Zone

14-102

14.12.3

Mineral Resource Comparison - SW Zone

14-103

15 MINERAL RESERVE ESTIMATES

15-1

15.1

Summary

15-1

15.2

Pit Slopes

15-2

15.3

Economic Pit Shell Development

15-3

15.4

Cut-off

15-5

15.5

Dilution and Mining Recovery

15-5

15.6

Pit Design

15-6

15.7

Mine Schedule

15-7

15.8

Mineral Reserves Statement

15-7

15.9

Factors That May Affect Mineral Reserve Estimate

15-8

16 MINING METHODS

16-1

16.1

Introduction

16-1

16.2

Mining Geotechnical

16-1

16.2.1 Recommended Slope Configurations

16-3

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16.2.2

Future Geotechnical Work

16-7

16.3

Open Pit

..............................................................................................................................

16-7

16.3.1

Geologic Model Importation

16-7

16.3.2

Economic Pit Shell Development

16-9

16.3.3

Dilution

16-14

16.3.4

Pit Design

16-16

16.3.5

Waste Dump Design

16-30

16.3.6

Mine Schedule

16-31

16.3.7

Mine Equipment Selection

16-48

16.3.8

Blasting and Explosives

16-48

16.3.9

Grade Control

16-48

16.3.10

Pit Dewatering

16-49

16.3.11

Pit Slope Monitoring

16-49

16.3.12

Hydrogeology

16-50

17 RECOVERY METHODS

17-1

17.1

Process Design

17-1

17.1.1

Selected Process Flowsheet

17-1

17.1.2

Key Process Design Criteria

17-4

17.2

Crushing Circuit

17-4

17.2.1

Primary Crushing

17-5

17.2.2

Secondary Crushing and Screening

17-5

17.2.3

Stockpile Reclaim and HPGR

17-5

17.3

Grinding Circuit

17-6

17.4

Gravity Concentration Circuits (Future)

17-6

17.5

Rougher and Scavenger Flotation Circuit

17-7

17.6

Regrind Circuit

17-8

17.7

Cleaner Flotation Circuit

17-8

17.8

Gold Room (Future)

17-9

17.9

Concentrate Thickening and Filtration Circuit

17-9

17.10

Tailings Disposal

17-10

17.11

Reagents and Consumables

17-10

17.11.1

Flocculant

17-10

17.11.2

Lime

17-11

17.11.3

Frother

17-11

17.11.4

Collector 1

17-11

17.11.5

Collector 2

17-11

17.11.6

Pyrite Depressant

17-12

17.11.7

Zinc Depressant

17-12

17.11.8

Arsenic Depressant

17-12

17.12

Water Distributions

17-13

17.12.1

Process Water

17-13

17.12.2

Raw Water

17-13

17.12.3

Potable Water

17-13

17.12.4

Fire Water

17-14

17.12.5

TSF Decanted Water

17-14

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17.13

Other Services and Utilities

17-14

17.13.1

Particle Size Analyser

17-14

17.13.2

On-Stream Analyser

17-14

17.13.3

Samplers

17-14

17.13.4

High- and Low-Pressure Air

17-14

17.14

Energy Requirements

17-15

18 PROJECT INFRASTRUCTURE

18-1

18.1

General

...............................................................................................................................

18-1

18.2

Roads and Earthworks

18-4

18.2.1

Site Access Road

18-4

18.2.2

Site Roads

18-4

18.2.3

Earthworks

18-4

18.2.4

Drainage

18-4

18.3

Primary and Secondary Crushing, Crushed Ore Stockpile

18-5

18.4

Reclaim and High-Pressure Grinding

18-7

18.5

Process Plant

18-9

18.6

Site Buildings

18-12

18.6.1

Administration Building

18-12

18.6.2

Metallurgical and Assay Laboratory

18-12

18.7

Mine Services Buildings

18-14

18.7.1

Mine Truck Shop

18-14

18.7.2

Mine Warehouse

18-14

18.7.3

Fuel Management Facility

18-14

18.7.4

Camp

18-14

18.8

Power Supply and Electrical

18-15

18.8.1

Existing Electrical Infrastructure

18-15

18.8.2

Main Substation

18-16

18.8.3

Power Demand

18-16

18.8.4

Process Plant and Ancillary Services Power Supply

18-17

18.8.5

Power Distribution Details - Overhead Line

18-17

18.8.6

Power Distribution Details - Process Plant

18-18

18.8.7

Voltage Selection

18-18

18.8.8

Power Quality

18-19

18.8.9

Construction Power Supply

18-19

18.8.10

Emergency/Standby Power

18-19

18.8.11

Switch Rooms and E-Houses

18-19

18.8.12

Control System and Instrumentation

18-20

18.9

Logistics

.............................................................................................................................

18-20

18.10

Fuel Supply

18-20

18.11

Potable Water

18-21

18.12 Sewage and Solid Waste Management

18-21

18.12.1

Sewage Treatment

18-21

18.12.2

Solid Wastes

18-21

18.13 Plant and Mine Facilities

18-21

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Troilus Gold Corporation published this content on 28 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2024 12:10:24 UTC.