Troilus Mining Secures Key European Partner, Advancing Major Québec Copper-Gold Project

MONTRÉAL, QC – March 17, 2026 – Troilus Mining Corp. has taken a significant step toward production at its flagship Québec project, signing a Memorandum of Understanding (MoU) with European metals giant Boliden Commercial AB for the long-term supply of copper-gold concentrate. The agreement marks a critical milestone in the company’s financing strategy and underscores Canada’s growing importance in securing stable, responsible supply chains for the world’s critical minerals.

The deal establishes a formal framework for Boliden to purchase a significant portion of the future output from the Troilus Project, a large-scale, development-stage mine in north-central Québec. This arrangement not only provides commercial validation for the project but also strengthens Troilus’s position as it negotiates a complex project financing package expected to reach up to US$1 billion.

The European Connection: Securing a Critical Supply Chain

This agreement is the second major offtake deal Troilus has secured with a European smelting powerhouse, following a Memorandum of Agreement with Germany’s Aurubis AG in August 2025. Together, these partnerships with two of Europe’s most established metals processors signal a strategic shift in global mineral flows. European industrial consumers are increasingly focused on “friend-shoring”—sourcing essential raw materials from stable, allied nations to de-risk their supply chains from geopolitical volatility.

Boliden, which operates seven mines and five smelters across Sweden, Finland, Norway, and Ireland, requires a vast and steady supply of concentrate to feed its operations. The company is investing heavily to expand its processing capacity, including a nearly US$500 million upgrade to its Rönnskär copper smelter, making long-term supply security a top priority. The agreement with Troilus helps fulfill this need with concentrate from a reliable, tier-one jurisdiction.

This strategic sourcing aligns with broader European policy, including the EU’s Critical Raw Materials Act, which aims to bolster the continent's access to minerals like copper, essential for the green energy transition. Copper is indispensable for electric vehicles, wind turbines, and grid infrastructure. By locking in a Canadian supply, Boliden ensures its operations can support Europe’s climate goals with responsibly sourced materials.

“Boliden is a highly respected partner with deep expertise in responsibly processing copper concentrates,” commented Justin Reid, CEO of Troilus. “Advancing our relationship to this stage reflects growing commercial confidence in the quality, scale and strategic importance of our Project, and reinforces Québec’s position as a stable, clean-energy jurisdiction for responsible mineral development.”

De-Risking the Path to Production

The dual offtake agreements with Boliden and Aurubis are the commercial bedrock of Troilus's ambitious financing plan. For major mining projects, securing buyers for future production is no longer a final step but a prerequisite for attracting the massive capital required for construction. These MoUs provide lenders with crucial revenue certainty, significantly enhancing the project's bankability.

This commercial validation is fundamental to finalizing a potential senior project debt facility of up to US$1 billion. A syndicate of international financial institutions, including Société Générale and KfW IPEX-Bank, along with Export Development Canada (EDC), is structuring the debt package. The involvement of export credit agencies from Europe and Canada highlights the project's strategic importance to multiple national interests, providing a powerful tailwind for securing the necessary funds.

Advisors at Ocean Partners USA and Auramet International are guiding Troilus through the complex interplay of structuring offtake terms and project debt. The successful execution of these agreements demonstrates a sophisticated risk-mitigation strategy that distributes the project’s output across multiple strong counterparties, a feature highly valued by financial backers in today’s cautious market.

Québec’s Green Advantage

Central to the appeal of the Troilus Project is its location in Québec. The province is consistently ranked as a top-tier mining jurisdiction globally, known for its clear regulatory framework, skilled workforce, and political stability. However, its most significant advantage in the modern era is its vast supply of clean, low-cost hydroelectric power.

This clean energy profile allows Troilus to plan a mining operation with a significantly lower carbon footprint than competitors in jurisdictions reliant on fossil fuels. For ESG-conscious partners like Boliden—which aims to be the “most climate-friendly and respected metal provider in the world”—the ability to process concentrate derived from a clean-energy operation is a major selling point. It allows the final metal product to carry a verifiable “green” premium, meeting the stringent demands of downstream customers and investors.

The partnership reinforces the narrative that Québec is setting a new standard for responsible resource development. By combining its natural mineral wealth with its renewable energy infrastructure, the province is positioning itself as an indispensable hub for the global energy transition.

A Project of Scale and Strategy

The Troilus Project is not a new discovery but the revival and expansion of a former gold and copper mine. A May 2024 Feasibility Study outlined plans for a large-scale open-pit operation with a 22-year lifespan, processing 50,000 tonnes of ore per day. Once operational, it is expected to produce an annual average of approximately 135.4 million pounds of copper equivalent, or 75,000 wet metric tonnes of concentrate containing payable copper, gold, and silver.

This scale positions Troilus to become a cornerstone mining asset in North America. Interestingly, Boliden has a history with the site, having processed some of its concentrate during its original operational life, adding a layer of familiarity and confidence to the new partnership.

The agreements with Boliden and Aurubis represent more than just commercial transactions; they are strategic alignments that validate the project's technical merits and its place within the future of critical minerals. As Troilus moves closer to a final investment decision and the start of construction, these partnerships provide a clear and de-risked path forward, turning a promising development story into a tangible reality.