Troilus Gold Corp. (TLG-T) Troilus provides operational update and announces key leadership appointment
Troilus Gold Corp. reported on December 3, 2024, that it has made substantial progress in its dewatering operations of the copper and gold Troilus Project, located in north-central Québec. It also announced appointment of Mr. Andy Fortin as VP of Operations and General Manager of the Troilus Mine, effective immediately, to oversee the transition of the Troilus Project into the development phase and eventual operations.
Operational progress on solid footing: As announced on August 18, 2024, up to 3 140Hp pumps are currently dewatering the J4 pit. Over 2 million cubic metres of water have been pumped out of the formerly mined J4 pit to date at a rate of ~1,500 cubic metres per hour. Troilus has been collaborating with local land users to closely monitor the redirected water and ensure safe environmental integration. Dewatering of the larger Z87 pit is set to commence in 2025 and Troilus is fully permitted to dewater >30 million cubic metres of water.
At the 43,500 ha. Troilus Project in the Fr?tet-Evans Greenstone Belt, a Feasibility Study (FS) was completed in May 2024 indicating a large-scale 22-year, 50ktpd open-pit mining operation with LOM average annual production of 303,000oz. AuEq. (135.4Mlbs copper equivalent (“CuEq”)) on an initial mineral reserve estimate of 380 Mt @ 0.49 g/t Au, 0.058% Cu, 1.0 g/t Ag. The FS positioned Troilus as one of the largest undeveloped copper and gold projects in North America. Following the positive FS, Troilus has made significant strides in advancing its project financing efforts. Recall Troilus had announced on November 13, 19 and 21, 2024, important advancements in its project financing for the development of Troilus. Total export credit agency support now reaches US$1.3B, with US$500M LOI from Euler Hermes Aktiengesellschaft (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-jamesbay-troilus-activity-7263261099586678784--STU?utm_source=share&utm_medium=member_desktop), a US$300M LOI from Finland ECA, Finnvera plc and US$200M the Swedish export credit agency, EKN (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-troilus-copper-activity-7265152123200299008-lc2E?utm_source=share&utm_medium=member_desktop), as well as with Export Development Canada (“EDC”) for up to US$300M. These major milestones in project financing strategy, with the receipt of Letters of Intent (“LOI”) from multiple leading global Export Credit Agencies (“ECA”), demonstrate the strong economic and strategic fundamentals of the Troilus Project and provide a robust foundation for a multi-faceted financing structure.
Finally, the Environmental and Social Impact Assessment (ESIA) for the Troilus Project is progressing diligently. Troilus recently completed the final community consultations with the impacted Jamesian and Cree communities and is now finalizing the remaining sections of the report and aims to submit the ESIA for Troilus to the Québec ministry of environment (Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs - MELCCFP) in early Q1 2025.????
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Appointment of Andy Fortin as VP, Operations and General Manager of Troilus Mine: Mr. Andy Fortin brings over 28 years of experience in mineral processing and project management, including a notable tenure at the Troilus Mine during its 14-year operation by Inmet Mining. Mr. Fortin has served previously as the Process & Surface Operation Manager at Goldcorp’s éléonore Mine and as Process Plant Manager at Agnico Eagle’s Meadowbank Mine, where he was recognized with awards for operational excellence and sustainability initiatives. He holds a bachelor’s degree in metallurgical engineering from Laval University. During his 12-year tenure at the Troilus Mine from 1996-2008, Mr. Fortin held key positions during the project’s construction and operational phases, including Chief Metallurgist and Process & Maintenance Plant Manager. He led initiatives such as the mill expansion from 10,000 to 20,000 tpd and the implementation of an advanced control system to optimize throughput. His familiarity with the Troilus site, combined with expertise in feasibility studies, construction, operational optimization, and metallurgical processes, shall be instrumental as the project advances toward development. Mr. Fortin’s strong operational background includes implementing best practices in health, safety, and environmental stewardship, all of which shall be invaluable as Troilus advances toward development and construction.
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Justin Reid, MBA, M.Sc., ICD.D , CEO of Troilus, stated: “We are very pleased to welcome Andy to the Troilus team as we approach a pivotal stage of development. His extensive experience in mineral processing and project management, along with his strong familiarity with the Troilus site, make him an ideal addition as we prepare for production. Andy has consistently demonstrated a commitment to operational excellence and sustainability, building high-performing teams and optimizing mining operations across diverse projects. We’re confident his leadership will be instrumental in executing our strategy to advance Troilus as a cornerstone copper-gold project in North America”.
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Important Disclosures
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Troilus Gold Corp.?????? ?????????? ??????????
B???????????? The Mining Analyst, in his own account or in a family related account, owns securities in excess of 10,000 shares of the issued and outstanding equity securities of this issuer.
V ??????????? The Mining Analyst has visited material operations of this issuer, namely the Chemin Troilus area in June 2017 and the Regnault Project in August 2021.
R???????????? This issuer has indirectly paid the Mining Analyst.
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Mining Analyst Certification
I, éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.
UPDATE - December 10, 2024:
Troilus announces positive environmental study results, confirms low acidity and natural neutralizing properties of ore zones
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On December 10, 2024, Troilus reported the results of a targeted research program at its Cu-Au Troilus Project in north-central Québec. The studies, a collaboration between Coalia, National Research Council of Canada, Lamont and Minesite Drainage Assessment Group (MDAG), reveal that the main J4, 87, and Southwest Zones at Troilus show minimal potential for Acid Rock Drainage (ARD).? ARD is a chemical process by which certain minerals, when exposed to air and water, can generate acidic water runoff and pose environmental problems. Analysis of over 158,000 rock samples demonstrated that the main gold deposits at Troilus contain a natural composition that neutralizes acidity. This inherent neutralizing ability significantly reduces the likelihood of acidic water runoff, helping to minimize the overall environmental impact. The low-risk ARD assessment supports Troilus’s commitment to environmentally responsible development and strengthens the project’s profile as a sustainable operation. Recall on December 3, 2024, Troilus announced that it had made substantial progress in its dewatering operations at Troilus with >2 million cubic metres of water pumped out of the formerly mined J4 pit (see:? https://www.dhirubhai.net/pulse/troilus-gold-corp-tlg-t-provides-operational-update-key-eric-lemieux-hi9le/?trackingId=EqU5sxWlCKBBrJMEmBDUKA%3D%3D). Troilus has been diligently collaborating with local land users to closely monitor the redirected water and ensure safe environmental integration.
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Validating the low ARD risk at Troilus: Low risk of acidic drainage has been confirmed by comprehensive testing and predictive analysis. Over 89 rock samples and 13 leach column subsamples from the key zones have been evaluated and confirm the presence of minerals capable of counteracting potential acidity. This potential of neutralisation is not only attributable to carbonates but may be provided by other mineral like silicates. These results and predictions are confirmed with the years of data accumulated during the former mine operation (1996 to 2010) and the ensuing years of monitoring post-closure.
The Troilus Project’s natural mineral composition offers a favorable foundation for sustainable development and these findings align with Troilus’s environmental stewardship objectives. ?These findings support Troilus intention to develop a responsible, low-impact mining operation in the Fr?tet-Evans Greenstone Belt. Troilus with recent completion of final community consultations with the Jamesian and Cree communities is set to submit the ESIA for Troilus to the Québec ministry of environment (Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs - MELCCFP) in early Q1 2025.????
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Jacqueline Leroux , VP Environment & Permitting at Troilus stated: “The results from this study conducted in collaboration with the National Research Council of Canada are groundbreaking and provide evidence of the neutralizing characteristics of the rock at Troilus. The waste rock and historic data from the previous mining operation have provided us with a wealth of information that we can use to enhance our sustainable practices as we design for the future. Water quality is of utmost priority to us at Troilus and to our First Nations stakeholders. The key findings from this study indicate that the Troilus rock is not acid generating and does not require additional treatment thereby helping to minimize and mitigate the environmental footprint of the future operation. Besides the positive environmental outcome, this also has the potential to contribute to cost savings for the future operation since we will be able use the waste rock for other infrastructure projects, such as building roads and a liner will not be required for the tailings facility”.
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Troilus reflects on a transformative year in 2024 and looks ahead to project development in 2025
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On January 7, 2025, provided a recap of its 2024 milestones and provide an outlook for 2025. Troilus is set to transition from resource expansion and feasibility work to detailed engineering and project development. The Troilus Gold Project is situated in southern Eeyou Istchee James Bay, NE of the Val-d'Or district of the Abitibi.? It is located ~48km NE of the Route du Nord and encompasses the former Cu-Au Troilus Mine (~2M oz. Au and 0.07Mt Cu produced between 1996 and 2010).
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Feasibility Study Propels Troilus into the Next Stage of Development: In May 2024, Troilus released the results of a Feasibility Study for the Troilus Cu-Au deposit, reaffirming its position as a large-scale, long-life mining project. The study outlined a 22-year open-pit operation projected to produce an average of 303,000oz AuEq annually. Troilus has made significant progress in 2024 on the permitting front with ongoing public consultations with the impacted communities. These consultations provided valuable insights, which were incorporated into Troilus’s planning process. These efforts have been pivotal in advancing the Environmental and Social Impact Assessment (“ESIA”), which is now in its final stages, and is expected to be submitted in the coming months. In August 2024, Troilus commenced dewatering the J4 pit, one of the 2 formerly mined open pits. This marked an important milestone that shall eventually open new access for infill drilling and exploration opportunities, while also laying the groundwork for the next phase of mine development. Troilus has demonstrated continued priority on ESG and Environmental Leadership. In September 2024, Troilus completed the installation of 500 solar panels and a wind turbine, marking an important step toward supplementary and backup power generation. Over the next 12 months, Troilus shall monitor the data collected from these installations to assess the ideal location and feasibility of larger scale installations. At Troilus, water quality remains a top priority. In December, a collaborative study confirmed a low potential for Acid Rock Drainage (ARD) at Troilus as rocks are not acid generating and do not require additional treatment, thereby helping to minimize and mitigate the environmental footprint of the future operation (https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-troilus-copper-activity-7272667405284249600-2MBk?utm_source=share&utm_medium=member_desktop). Finally, project financing took center stage in the second half of 2024. By end of year, Troilus gained global recognition as a highly financeable Cu-Au project, securing letters of interest from leading export credit agencies in Germany, Finland, Sweden, and Canada totaling US$1.3 billion. This strong foundation shall likely support a multi-faceted financing strategy for project advancement.
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Continued Exploration Success: Though drilling activities slowed in 2024, drill work pursued both strategic resource expansion and conceptual exploration opportunities proximal to the main ore bodies, These efforts culminated in the “West Rim” discovery, announced in September (see:? https://www.dhirubhai.net/pulse/troilus-gold-corp-tlg-t-drills-166-gt-aueq-over-20m-west-eric-lemieux-yj2ue/?trackingId=%2BacmcKk%2BRd%2BcR1UtsLloGw%3D%3D). This exciting discovery included high-grade intercepts, such as 1.66 g/t AuEq over 20m in hole WR-24-003, located just 150 m from the planned reserve pit. This discovery highlighted the continued untapped potential of the Troilus deposit to deliver additional value through higher-grade ounces incorporated early in the mine plan. 2025 may see advance drilling at the West Rim discovery to further define its potential. Drilling shall also explore resource growth opportunities near the mine site and along the existing mineralized corridor.
As Troilus transitions into the next phase of development, it has strengthened its leadership team with key appointments, including Andy Fortin as VP of Operations and General Manager of the Troilus Mine; Chantal Lavoie, as newly appointed Chairperson, and Fran?ois Biron, as Chair of the Technical Committee. Their depth of expertise and operational experience shall be instrumental in advancing The Troilus Cu-Au project to production.
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Outlook for 2025: Troilus is entering a new phase of development, with parallel initiatives advancing toward project construction. Key priorities for 2025 include:
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i)????????????? Completion of J4 pit dewatering and initiation of Z87 dewatering;
ii)???????????? Submission of the ESIA and ongoing monitoring of the approval process;
iii)??????????? Continued community consultations and engagement with Cree Nation and Jamesian communities to support the next phase of Troilus development;
iv)??????????? Advancing basic and detailed engineering;
v)???????????? Securing long-lead orders on key equipment for the mine facilities;
vi)??????????? Negotiating contracts with mine equipment suppliers;
vii)?????????? Proceeding through the due diligence process with export credit agencies;
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viii)????????? ?Launching early-works projects at the site in preparation for larger-scale activities.
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With these initiatives underway, 2025 is set to be a year of momentum and execution.
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Justin Reid, Chief Executive Officer, commented: “As we reflect on 2024, it is clear this was a defining year for Troilus. The completion of our Feasibility Study, project financing achievements, and exploration success have solidified Troilus as one of North America’s leading copper-gold development projects. This transformative period has not only demonstrated the scale and economic strength of the Troilus Project but also positioned us to confidently advance through the next steps of development in 2025.
In a year where the junior mining sector continued to face challenges, including limited access to capital, Troilus set itself apart. Our ability to remain well-financed and receive in-principle support for over US$1.3 billion from internationally recognized top rated export credit agencies, speaks to the exceptional quality of the Troilus Project and its strategic importance on the global stage.
The accomplishments of 2024 represent the culmination of years of hard work by our dedicated team and partners, setting the stage for an exciting new phase as we work towards delivering long-term value for all stakeholders”.
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UPDATE - January 26, 2025:
Troilus?strengthens technical leadership team as project development advances at the Au-Cu Troilus Project
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On January 23, 2025, Troilus Gold Corp. reported that it expanded its engineering team with the nomination of 3 key appointments that further strengthen its capabilities to advance the Troilus Project. The Troilus Project is advancing into the development and construction phase and the appointment of i) Mr. Denis Rivard as Executive Vice President, Projects, ii) Mr. Chris Sharpe as Vice President of Technical Services and iii) Mr. Jér?me Girard, as Process Manager for Troilus Project; reinforces the Troilus technical team. Recall, Troilus had reported on December 3, 2024, the nomination of Mr. Andy Fortin as VP of Operations and General Manager of the Troilus Mine to oversee the transition of the Troilus Project into the development phase and eventual operations (https://www.dhirubhai.net/pulse/troilus-gold-corp-tlg-t-provides-operational-update-key-eric-lemieux-hi9le/?trackingId=EqU5sxWlCKBBrJMEmBDUKA%3D%3D). Denis Rivard and Chris Sharpe shall join commencing February 1, 2025 and Jér?me Girard by February 10, 2025. These additions underscore Troilus’ commitment to assembling a best-in-class team to advance one of the largest undeveloped Au-Cu deposits in Canada.??
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Mr. Denis Rivard, P.Eng., has been appointed Executive VP, Projects, where he shall lead the development of the Troilus Project, overseeing the assembly of a professional team to execute detailed engineering, procurement and construction as well as directing all pre-construction activities. Mr. Rivard is a professional engineer with over 35 years of experience leading multi-billion-dollar mining, infrastructure, and processing projects worldwide. His extensive leadership experience includes senior roles at Freeport-McMoRan Copper & Gold Inc., Ausenco, SNC-Lavalin, and WorleyParsons. Most recently, he served as VP of the Réseau Express Métropolitain (“REM”) project at CDPQ Infra, where he oversaw the construction of Montréal’s 65-km autonomous light rail network. He is a member of the Ordre des ingénieurs du Québec (“OIQ”) and holds a bachelor’s degree in mechanical engineering.
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Mr. Chris Sharpe, P.Eng., has been appointed VP of Technical Services. In this role, he shall oversee all technical and engineering aspects of the Troilus Project, liaising closely with operations and project teams to ensure optimal performance, compliance, safety, and cost-efficiency. With over 20 years of experience in mine planning, technical studies, and project management, he has held leadership roles at Centerra Gold Inc. and Minera Alamos where recently, as VP of Project Development, he oversaw long-term open pit mine planning activities of the Santana mine and Cerro de Oro open pit project. He holds a bachelor’s degree in mining engineering from Dalhousie University and is a member of the Association of Professional Engineers of Ontario.
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Mr. Jér?me Girard brings over 25 years of experience in mineral processing, mine operations, and project management. Notably, he has a deep familiarity with the Troilus site, having held several senior roles during the mine’s operation, including Mill Superintendent and Chief Metallurgist. ?He has held key positions at Cambior, Niobec, Goldcorp, Iamgold, and TMAC Resources, where he managed processing facilities, optimized operations, and oversaw the development of mining infrastructure. He holds a bachelor’s degree in Materials and Metallurgical Engineering from Laval University and is a member of both the Ordre des ingénieurs du Québec (“OIQ”) and Professional Engineers Ontario (“PEO”). Mr. Girard shall report to Andy Fortin - VP, Operations and General Manager of the Troilus Mine.
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Mr. Ian Pritchard, ICD.D, who previously held the role of Senior VP, Technical Services for Troilus shall now assume the role of Senior Vice President, Technical Planning. Mr. Pritchard has played an instrumental role in shaping the technical direction of the Troilus Project, most notably leading the delivery of the May 2024 Feasibility Study, which outlined a generational-scale asset capable of supporting a 22-year, 50,000-tpd open-pit mining operation. In his new role, he shall focus on coordinating all technical components of the project, ensuring seamless collaboration between internal teams, external consultants, senior management, and the Board of Directors.
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Justin Reid, MBA, M.Sc., ICD.D , CEO of Troilus, stated: “The addition of Denis, Chris and Jér?me to our leadership team reflects an exciting new chapter for the Troilus Project. With engineering advancing, permitting well underway, and early works planned for this year, we are bringing together the leadership required to ensure the Project is construction-ready. Denis’s extensive track record in managing complex, large-scale projects coupled with Chris’s proven background in mine planning and development and Jér?me’s unique expertise in mineral processing and deep knowledge of the Troilus site will significantly enhance our capabilities. Their leadership will build on Ian’s foundational work, which has helped establish Troilus as one of the largest undeveloped copper-gold projects in Canada. Together, this team will be instrumental in executing our strategy and unlocking the immense value of the Troilus Project as we move toward construction”.
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UPDATE - January 28, 2025:
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Troilus awards detailed design engineering contract to BBA to advance the Troilus Au-Cu Project towards construction
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On January 28, 2025, Troilus Gold Corp. announced that it has awarded BBA Inc. the contract for basic and detailed engineering work for the Troilus Project. Troilus Gold Corp. is a development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. The brownfield Troilus Project is well located in north-central Québec within a large land position of 43,000ha in the Fr?tet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year, 50,000 tpd open-pit mining copper and gold operation.
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On the path to eventual construction: BBA is a leading Canadian engineering consulting firm with over 40 years of experience delivering innovative and sustainable solutions across the mining and natural resources sectors, in particular the development of Canadian Malartic Mine and Detour Lake Mine (https://www.bba.ca/industries/mining-and-metals/mining-and-mineral-processing). Of note, BBA has a longstanding connection to the Troilus site, having contributed to the optimization of the flotation circuit used during its previous operation under Inmet Mining Corp (formerly known as Metall) from 1996 to 2010 (2M oz Au ?and ~70,000t Cu produced).
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BBA’s responsibilities shall include the development of on-site infrastructure, such as mine services buildings, administrative offices, and access roads. It shall also have the mandate of designing an optimized process plant to maximize efficiency, including crushing, grinding, flotation, and gold recovery circuits; as well as preparing detailed technical specifications to facilitate procurement activities. BBAs work shall focus on refining designs, optimizing capital by integrating existing infrastructure, and coordinating with contractors on external elements, including power supply, tailings, and water management systems. The work program is anticipated to commence in early February 2025 and under supervision of Troilus growing technical team. Recall on January 23, 2025, Troilus had disclosed that it has expanded its engineering team with the nomination of 3 key appointments that further strengthen its capabilities to advance the development and construction of the Troilus Project. The nominations of i) Mr. Denis Rivard, Pr. Eng. as Executive VP, Projects, ii) Mr. Chris Sharpe as VP of Technical Services and iii) Mr. Jér?me Girard , as Process Manager as well as the selection of BBA for engineering work are milestones that mark a key advancement on the path to construction for the Troilus Au-Cu Project.
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Justin Reid, MBA, M.Sc., ICD.D , CEO of Troilus Gold, stated: “Partnering with an experienced and trusted expert like BBA underscores our commitment to unlocking the immense value of the Troilus mine. BBA’s proven track record as a leader in designing and delivering some of Canada’s most successful gold mines instills confidence in their ability to drive innovation and operational excellence for the Troilus Project. Their familiarity with the site, dating back to its operation under Inmet, further strengthens their ability to deliver a comprehensive and optimized design. With the recent additions to our engineering team, we are confident that we have assembled the internal and external expertise necessary to ensure the Project is construction-ready”.
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UPDATE - January 29, 2025:
Troilus initiates ESIA submission, marking significant progress toward final permitting
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On January 29, 2025, Troilus reported that it has begun the submission process for its Environmental and Social Impact Assessment (“ESIA”) for the Au-Cu Troilus Project, located in north-central Québec. This marks a critical milestone in the permitting process as the Troilus Project progresses towards mine construction.
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Stakeholder engagement and environmental responsibility: The ESIA represents the culmination of >5 years of work by Troilus, including extensive field studies and collaboration with local Indigenous communities and certain stakeholders. The preparation of the ESIA has been conducted in partnership with leading environmental and engineering firms such as BluMetric and Stantec. Main highlights of these efforts include: i) Public and private consultations with local communities, including the Cree Nation, to ensure alignment with regional priorities and cultural values; ii) Environmental baseline studies conducted to evaluate and mitigate potential impacts on local ecosystems; and iii) Comprehensive social and economic studies to address the long-term benefits of the Au-Cu project for the region.
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Facilitating timely constructive engagement: Because of a more collaborative approach developed by the Cree Nation Government and Impact Assessment Agency of Canada, Troilus has been able to submit sections of its ESIA for review as they are completed, rather than waiting for the entire report to be finalized.? This iterative process has facilitated constructive engagement, with initial feedback and comments from the Agency being incorporated into the Troilus’s final submission. This approach is expected to streamline the final permitting process as early in the process, comments and interrogations are addressed and resolved. This has facilitated constructive engagement to the benefit of all parties.
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Justin Reid, CEO of Troilus Gold, stated: “The initiation of the ESIA submission process is a significant step forward for Troilus as we advance our project toward final permitting and development. The new iterative framework has allowed us to engage directly with regulators and stakeholders, resolving issues early and incorporating their feedback into the final report. This approach not only demonstrates our commitment to transparency and collaboration but also ensures that the final document is as robust and comprehensive as possible. We believe this collaborative approach will help streamline the permitting process and position Troilus for the successful and sustainable advancement of the Project”.
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Important Disclosures
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Troilus Gold Corp.?????? ?????????? ?????????? TLG-T ? ??????????? ??????????? ??????????? ???????????????? ??????
B???????????? The Mining Analyst, in his own account or in a family related account, owns securities in excess of 10,000 shares of the issued and outstanding equity securities of this issuer.
V ??????????? The Mining Analyst has visited material operations of this issuer, namely the Chemin Troilus area in June 2017 and the Regnault Project in August 2021.
R???????????? This issuer has indirectly paid the Mining Analyst.
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Mining Analyst Certification
I, éric Lemieux, Mining Analyst, hereby certify that the comments and opinions expressed in this report accurately reflect my personal views about the subject and the issuer.