Troilus Gold Soars on Path to Production, Eyes 2026 Construction

MONTREAL, QC – January 08, 2026 – Troilus Gold Corp. has capped a landmark year of development with a stunning 432% surge in its share price, signaling immense investor confidence as it transitions into a pivotal 2026. The company is now gearing up for construction readiness at its flagship Troilus copper-gold project in Quebec, having systematically de-risked the asset through major technical, regulatory, and financial achievements.

In an open letter to shareholders, Chief Executive Officer Justin Reid celebrated the firm’s 2025 accomplishments, which have laid a robust foundation for the project's next phase. “This progress has established a strong foundation as we enter 2026—a transition year focused on advancing detailed engineering, permitting and financing in preparation for construction,” Reid stated. The market’s enthusiastic response reflects tangible on-the-ground progress rather than just favorable market conditions, positioning the former producing mine for a large-scale revival.

A Masterclass in De-Risking

Throughout 2025, Troilus executed a disciplined, multi-pronged strategy to advance its project toward shovel-readiness. The company's primary focus was on technical and project de-risking, where it met several critical milestones. A key achievement was the completion of basic engineering and the seamless transition into detailed engineering, managed under the guidance of engineering firm BBA Inc. This advanced stage of planning has solidified crucial elements like the process flowsheet, capital cost estimates, and procurement strategies, materially strengthening the project's definition.

Perhaps the most significant gating item addressed was the submission of the project's comprehensive Environmental and Social Impact Assessment (ESIA). Filed with both federal and provincial authorities in August 2025, the submission met the company's internal targets and moves the project a major step closer to receiving the necessary social license to operate. The regulatory review process is now well underway, with Troilus targeting federal approval in the second half of 2026. This process runs in parallel with continuous engagement with regulators, local communities, and Indigenous rightsholders.

In addition to engineering and permitting, the company bolstered its geological understanding of the vast deposit. A targeted drilling program of approximately 13,300 metres was completed during the year. This drilling focused on delineating high-grade mineralized trends and upgrading a greater portion of the mineral resources into the higher-confidence 'indicated' and 'measured' categories, providing greater certainty for the mine plan outlined in its May 2024 Feasibility Study.

Building a Financial Fortress

The technical advancements of 2025 were matched by equally impressive progress on the financial front, creating a powerful combination that captivated the market. The company’s 432% share price appreciation was underpinned by a series of strategic financing moves designed to fully fund the large-scale operation, which is projected to produce over 300,000 gold-equivalent ounces annually over a 22-year life.

By late 2024, Troilus had already secured indicative expressions of interest totaling approximately US$1.3 billion from a group of leading global export credit agencies (ECAs), providing a solid foundation for its project financing. Building on this momentum, the company mandated a syndicate of top-tier global financial institutions in March 2025, led by Société Générale, KfW IPEX-Bank, and Export Development Canada, to arrange a senior project debt facility. Initially pegged at US$700 million, the mandate was increased to an impressive US$1 billion by November 2025, reflecting enhanced project definition and favorable market sentiment.

Further bolstering its treasury, Troilus completed a C$172.5 million bought-deal public offering in November. The financing was a standout transaction, ranking as the second-largest common share offering by a Quebec-headquartered company in over a decade and the second-largest on the TSX in 2025. This move not only strengthened the balance sheet but also attracted new major global funds, expanding an already robust institutional shareholder base that includes strong regional support from Quebec-based institutions.

Securing a Critical Minerals Powerhouse

Troilus's progress is unfolding against a backdrop of soaring global demand for copper and gold, positioning the project as a strategic asset in the global transition to a green economy. The 2025 bull market for both metals, which saw copper prices rally over 20% and gold prices surge 65% year-over-year in the first quarter, provided powerful tailwinds for the company’s development and financing efforts.

The project’s significance extends beyond market economics into the realm of geopolitical resource security. In 2025, Troilus negotiated preliminary long-term offtake terms with two of Europe’s leading copper smelters, Aurubis AG and Boliden Commercial AB. These agreements, covering a significant portion of the mine's anticipated copper-gold concentrate, reflect strong market demand for high-quality, responsibly sourced copper from a stable, tier-one jurisdiction like Quebec.

This strategic importance was further validated by the Canadian government, which included Troilus as a corporate delegate on critical-minerals trade missions to Germany, Japan, and South Korea. This recognition highlights the project's alignment with national and international priorities for securing long-term, reliable supply chains for minerals essential for electrification and advanced manufacturing. To further support domestic industry, the company is also in discussions with Canadian smelters to process a portion of its future production locally.

Gearing Up for Execution in 2026

With its key technical and financial pillars firmly established, Troilus enters 2026 focused on execution. The year is set to be a transformative period, marking the transition from advanced planning to early construction readiness. Key activities will include the continued advancement of detailed engineering, progressing through the final stages of permitting, and finalizing the comprehensive construction financing package.

In parallel, the company is building the organizational capacity required to execute a project of this scale. Throughout 2025, Troilus made targeted senior appointments in project leadership, construction, processing, and health and safety. This included achieving a record of zero lost-time incidents and implementing a modernized health and safety framework. The company is also strengthening its local presence, with several new operational team members committing to being based in the nearby town of Chibougamau, fostering deeper community integration.

As CEO Justin Reid summarized, the company remains committed to delivering on all fronts. “With a strong foundation in place, we are focused on delivering long-term value for shareholders, communities and Indigenous rightsholders as we advance toward construction and production,” he affirmed. The coming months will be defined by disciplined execution as Troilus prepares to break ground and unlock the value of one of North America's most significant emerging copper-gold mines.