Slide 1: Responsibly advancing one of North America's largest undeveloped gold-copper deposits
Responsibly advancing one of North America’s largest undeveloped gold-copper deposits towards near-term production. A Generational Scale Asset in Quebec, Canada MARCH 2026 TSX: TLG OTCQX: CHXMF FSE: CM5
Slide 2: Cautionary Language, QP Statements and Legal Disclaimers
CAUTIONARY LANGUAGE, QP STATEMENTS AND LEGAL DISCLAIMERS The mineral reserve estimate disclosed herein has an effective date of January 15, 2024, and is based on the mineral resource estimate dated October 2, and other important facts that, if untrue, could cause the actual results, performances or
Slide 3: We are responsibly advancing the past-producing gold-copper Troilus Project
We are responsibly advancing the past- Au One of the largest undeveloped gold deposits in North America producing gold-copper Largest permitting-stage Cu Troilus Project towards copper project in Quebec *3rd largest undeveloped copper deposit near-term production. 3
Slide 4: Value Proposition: Location, Scale, Near-Term Production
VALUE PROPOSITION: LOCATION, SCALE, NEAR-TERM PRODUCTION Located in one of world’s most Tier 1 Jurisdiction prolific gold mining regions Past-producing mine (1996-2010); Quality Brownfield Site ~US$500M worth of inherited infrastructure 22-year mine life with peak production Robust Feasibility Study
Slide 5: Reviving a Legacy Project in Quebec
REVIVING A LEGACY PROJECT IN QUEBEC 1996-2010 2017-Present Total Production Gold: +2 Moz Copper: ~70,000t | 5
Slide 6: Tier-One Mining Jurisdiction of Quebec, Canada
TIER-ONE MINING JURISDICTION OF QUEBEC, CANADA Premier Mining Jurisdiction Strong Government Backing Infrastructure & Expertise Among world’s friendliest +10% ownership by Quebec Established power, roads & mining jurisdictions government investment arms skilled mining workforce “Route du Nord” (mana
Slide 7: Located in One of the World's Richest Gold Regions
LOCATED IN ONE OF THE WORLD’S RICHEST GOLD REGIONS | 7
Slide 8: 435 km2 Property
435 KM2 PROPERTY J Zone Former Mine Site & Z87 Main Mineral Zones Formerly X22 Mined Pits Southwest CAMP 0 2.5 5km Formerly mined pits J4 pit Z87 pit 0 5 10km | 8
Slide 9: +US$500M of Existing and Upgraded Infrastructure
+US$500M Initial Construction Starter Camp *installed septic OF EXISTING AND UPGRADED INFRASTRUCTURE 50MW Substation Core Storage & Logging Water Treatment Facilities +100 km of powerlines, Permitted Tailings Facility Mining truck ready roads & Associated Infrastructure and river crossings | 9
Slide 10: Growth Since Inception
GROWTH SINCE INCEPTION 2016 ~360,000m Metres drilled since 2018: INHERITED RESOURCE J pit Z87 pit 300m +500% Mineral Resource Growth COPPER EQUIVALENT GOLD EQUIVALENT 0.90 Blbs (Ind.) 0.31 Blbs (Inf.) 2.05 Moz (Ind.) 0.70 Moz (Inf.) CURRENT SIGNIFICANT MINERAL GROWTH AT SURFACE J Zone Z87 Z87S South
Slide 11: Feasibility Study Results (May 2024)
FEASIBILITY STUDY RESULTS (MAY 2024) Base Case Assumptions: Gold: $1,975 /oz - Copper: $4.05/lb - Silver: $23/oz - FX (CAD/USD): 0.74 COPPER GOLD 22 years $1,109/oz 135.4 Mlbs 303,000oz MINE LIFE LOM Avg. AISC AVG ANNUAL CuEq AVG ANNUAL AuEq PRODUCTION LOM PRODUCTION LOM 50ktpd $1.08B 74,900 WMT 536
Slide 12: Base Case Project Economics
BASE CASE PROJECT ECONOMICS BASE CASE (May 2024) CURRENT Gold: $1,975 /oz METAL PRICES Copper: $4.05/lb Silver: $23/oz (Jan. 2026) Exceptional FX (CAD/USD): 0.74 Gold: +$5,000/oz +153% Copper: +$6.00/lb +48% leverage to rising PRE-TAX Silver: +$100.00/oz +334% commodity prices. $1.6B 18% N P V 5% IR
Slide 13: Production Profile: Gold Equivalent
PRODUCTION PROFILE: GOLD EQUIVALENT 314,200oz 300,000oz 303,000oz YEARS 1-5 YEARS 6-22 Avg. LOM 600,000 PEAK PRODUCTION: ~540,000oz 536,370 500,000 465,720 400,000 409,404 399,806 386,833 384,422 358,310 349,822 324,719 300,000 315,809 304,505 286,789 278,161 261,598 249,052 248,148 240,073 229,206
Slide 14: Production Profile by Metal: Au, Cu, Ag
TOTAL METAL PRODUCTION PROFILE BY METAL: Au, Cu, Ag RECOVERED LOM 256,200oz Au 241,200oz Au 244,600oz Au Average Annual 16.1 Mlbs Cu 17.7 Mlbs Cu 17.3 Mlbs Cu Production 475,200oz Ag 438,300oz Ag 446,700oz Ag 6.7 3.0 YEARS 1-5 YEARS 6-22 LOM 700,000 35 Moz Blbs AuEq CuEq 600,000 30 5.4 500,000 25 40
Slide 15: Basic Engineering Complete; Advancing Construction Readiness
BASIC ENGINEERING COMPLETE; ADVANCING CONSTRUCTION READINESS COMPLETED UNDERWAY FULLY INTEGRATED KEY PROJECT FOUNDATION FOR DETAILED ENGINEERING & EPCM TEAM: EXECUTION ESTABLISHED CONSTRUCTION PREPARATION CONTRIBUTIONS: Project Execution Plans Complete: ▪ Construction contracting strategy and packag
Slide 16: Primary & Secondary Crushing, Mills & Flotation, Dry Filter & HPGR
1. Primary & Secondary Crushing 2. 1. 3. 3. Mills & Flotation 2. Dry Filter & HPGR | 16
Slide 17: 3D Model Progress
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Slide 18: Significant Future Copper Production
SIGNIFICANT FUTURE COPPER PRODUCTION Troilus will produce doré bars, as well as a high-quality copper concentrate, which is in very high demand globally. Au Cu Although gold contributes ~85% of project revenues, copper represents GOLD Cu COPPER the largest share of physical metal 5.4Moz 83% 15% 382M
Slide 19: Copper Concentrate
COPPER CONCENTRATE A diversified sales strategy that aligns with provincial and federal critical minerals priorities and strengthen critical mineral supply chains with trusted European allies. Sales strategy targeting diversified global partners ▪ August 2025: MoA signed with Aurubis ▪ July 2025: In
Slide 20: Financing the Troilus Project
FINANCING THE TROILUS PROJECT US$1.3 BILLION IN LOI’S (November 2024) CAPEX UP TO US$300M UP TO US$500M UP TO US$500M US$1.3 B EQUITY (~10%) MANDATED LENDERS FOR UP TO US$1B (November 2025) SUBORDINATED DEBT LEAD ARRANGERS ROYALTY / STREAM (25%-35%) EXPORT CREDIT AGENCIES Equipment SENIOR DEBT Expor
Slide 21: Important Driver of Economic and Social Development
IMPORTANT DRIVER OF ECONOMIC AND SOCIAL DEVELOPMENT PROJECTED TAX REVENUES LONG-TERM EMPLOYMENT & TRAINING IN THE REGION FROM THE TROILUS PROJECT Troilus will be one of the largest employers in OVER A 22-YEAR MINE LIFE Québec’s James Bay region CONSTRUCTION OPERATION For Québec For Canada ~2026-2029
Slide 22: Strategic Government Engagement
Tim Hodgson STRATEGIC GOVERNMENT ENGAGEMENT Minister of Natural Resources Positioned as a Canadian Project of National Interest Berlin, Germany (August 2025): Accompanied Canada’s Prime Minister Mark Carney and Justin Reid CEO, Troilus Toralf Haag CEO, Aurubis Minister of Energy and Natural Resource
Slide 23: Entering the Final Stages of Permitting
ENTERING THE FINAL STAGES OF PERMITTING 2018 Pre-Development Agreement Signed with the Cree Nation 2020 Initiation of environmental baseline studies 2022 Initiation of Federal & Provincial environmental permitting LOW ENVIRONMENTAL RISK PROJECT 2020-2024 ✓ Cyanide-free operation Environmental baseli
Slide 24: 2026 Site Activities
2026 SITE ACTIVITIES ▪ Site infrastructures developments ▪ Camp expansion ▪ Z87 pit dewatering ▪ Dewatering permits received in 2020 ▪ Dewatering initiated in August 2024 (J4 pit now fully de-watered) ▪ Three 140Hp pumps currently operating; +6.3M m3 of water discharged to date ▪ Continuous water mo
Slide 25: Closing in on a Decade of Rapid Development
CLOSING IN ON A DECADE OF RAPID DEVELOPMENT KEY MILESTONES AS WE ADVANCE TO BUILD CANADA’S NEXT COPPER-GOLD MINE 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 DISCOVERY +360,000m drilled from 2018-2025. Mineral Resources grow +500%. WE ARE HERE Troilus becomes one of the largest undeve
Slide 26: Capital Structure & Shareholder Distribution
CAPITAL STRUCTURE & SHAREHOLDER DISTRIBUTION TSX: TLG OTC: CHXMF FRA: CM5 CASH & MARKETABLE SECURITIES SHAREHOLDER DISTRIBUTION ANALYSTS COVERAGE ~C$21.7 million As of FQ4 ending October 31, 2025 ~8% ~64% MANAGEMENT INSTITUTIONAL * Not including the $172.5 M public offering & INSIDERS ATB Cormark cl
Slide 27: Construction-Ready Leadership Team
CONSTRUCTION-READY LEADERSHIP TEAM Justin Reid Marty Rendall Brianna Davies Catherine Stretch Kyle Frank Jacqueline Leroux Daniel Bergeron Caroline Arsenault CEO, Director CFO SVP Legal & SVP Corp. Affairs VP Corporate VP Environment, VP Special VP Corporate Corp. Secretary & Sustainability Developm
Slide 28: Board & Strategic Advisory Strength
BOARD & STRATEGIC ADVISORY STRENGTH DIRECTORS Chantal Lavoie, Eng., P. Eng., ICD.D Chairman of the Board Chantal Lavoie, Eng., P. Eng., ICD.D Nearly 40 years of leadership across mine development, Diane Lai, ICD.D, MBA operations, and corporate strategy. François Biron, B. Sc. A. Former COO: Former
Slide 29: Awards, Recognitions & Responsible Leadership
AWARDS, RECOGNITIONS & RESPONSIBLE LEADERSHIP Third-party recognition and commitments supporting responsible project development 2025 RECOGNITION AWARDS ECOLOGO UN GLOBAL COMPACT First company to One of the first obtain certification junior mining for UL 2723 companies to join Certification the glob
Slide 30: A Strategic Project Positioned for Growth
Tier-1 Jurisdiction Quebec is among the top mining jurisdictions globally. Generational Scale Asset A STRATEGIC 22-year mine life with excellent potential for growth. PROJECT Low-cost Production POSITIONED 1st quartile AISC among major Canadian gold mines. FOR GROWTH Major Upcoming De-Risking Milest
Slide 31: Thank You
THANK YOU Stock symbols : Contact us Follow us: TSX: TLG info@troilusmining.com +1 (647) 276-0050 OTCQX: CHXMF FRA: CM5 | 31
Slide 32: Troilus' History as a Past-Producer
2017 TROILUS’ HISTORY AS A PAST-PRODUCER 2012 Troilus is acquired in Dec. 2017 for: Hostile takeover of Inmet by First Quantum Minerals - $300,000 cash 1950’s - 2.5% NSR THE Initial exploration 2011 2.5% NSR bought TROILUS MINE Failed merger with Lundin Mining back in Nov. 2020 for $20M 1996-2010 14
Slide 33: Proven Ability to Raise Capital & Sustain Financial Strength
PROVEN ABILITY TO RAISE CAPITAL & SUSTAIN FINANCIAL STRENGTH ~C$50M Troilus has a demonstrated Raised through sale of non-core assets: track record of securing funding across market NOV. 2022 cycles, keeping the company ~C$450M SALE OF SELECT CLAIMS TO SAYONA MINING LTD.* well-capitalized since 2018
Slide 34: Committed to the Responsible Development of Our Project
COMMITTED TO THE RESPONSIBLE DEVELOPMENT OF OUR PROJECT Creating value for all our stakeholders while operating in a safe, socially and environmentally responsible manner ESG MILESTONES 2020 2020 2021 2022 2024 2025 Troilus Recipient of the Inaugural ESG implements a EXCELLENCE IN Report troilusgold
Slide 35: Community Engagement & Collaboration
COMMUNITY ENGAGEMENT & COLLABORATION Cree Community members visit Troilus We are proud to contribute to vibrant local communities through partnership and support of activities and events that promote youth, healthy lifestyles, culture, social engagement and education. To learn more, visit www.troilu
Slide 36: Local Procurement & Community Engagement
LOCAL PROCUREMENT & COMMUNITY ENGAGEMENT 2023-2024 Since Inception (2018) Quebec procurement: Quebec procurement: $37 million $135 million (65% of total) (65% of total) Local procurement Local procurement (Chibougamau, Chapais, Mistissini): (Chibougamau, Chapais, Mistissini): $24 million $97 million
Slide 37: Feasibility Study Cont'd
FEASIBILITY STUDY CONT’D | 37
Slide 38: Mine Site Layout
MINE SITE LAYOUT ULTIMATE PIT SIZES AT YEAR 22 | 38
Slide 39: Process Flowsheet & Process Plant
Cyanide-free operation PROCESS FLOWSHEET & PROCESS PLANT Doré Bar Copper Concent rate | 39
Slide 40: CAPEX
CAPEX Initial and Sustaining INITIAL CAPEX SUSTAINING CAPEX $1,074M $276.6M Mining $209.1M S U S T A I N I N G C A P I T A L Process Plant $443M Infrastruture $67.5M C L O S U R E C O S T S Indirects Contingency Environmental $258M BRO W NFIE LD P ROJ ECT A DVANTAGE $100M Value of existing $89M inst
Slide 41: Troilus's Competitive Edge in CAPEX Efficiency
TROILUS’S COMPETITIVE EDGE IN CAPEX EFFICIENCY The Troilus Project stands out for its low capital intensity, with a CAPEX/oz well below the average of comparable development-stage projects in Canada. Total CAPEX/Total AuEq Production (US$/oz) $310/oz Troilus (Troilus) Troilus (Troilus) $216 average
Slide 42: Operating Costs and AISC
OPERATING COSTS Average LOM $11.60 Mining $1,109/oz Au $19.06/t $19/t AISC OPERATING COST/t ORE $5.64 Processing 1st quartile AISC among the major Canadian gold mines* $1.82 $2,000 G&A, Trucking, Port, Shipping $1,800 $1,600 $1,400 Weighted Average AISC: US$1,256/oz Au $1,200 Timmins $1,000 $800 Can
Slide 43: Strip Ratio
STRIP RATIO Ore Au Cu Ag NSR Waste Total Strip 3.1:1 ZONE PHASE (Mt) (g/t) (%) (g/t) (C$/T) (Mt) (Mt) Ratio J ZONE 1 74.4 0.45 0.06 0.91 29.53 153.0 227.4 2.1 2 50.8 0.42 0.058 0.84 27.79 164.7 215.5 3.2 LOM STRIP RATIO TOTAL 125.2 0.44 0.058 0.88 28.82 317.7 442.9 2.5 ZONE 87 0 1.6 0.65 0.04 0.95 4
Slide 44: Geology
GEOLOGY | 44
Slide 45: Resources & Reserves
RESOURCES & RESERVES Highly disseminated RESOURCES RESERVES sub-1g/t gold deposit with a high-grade vein INDICATED INFERRED PROBABLE system associated 508.3Mt 80.5Mt 380Mt with fold and shear 11.21Moz AuEq 1.80Moz AuEq 7.26Moz AuEq patterns. 0.69 g/t AuEq 0.69 g/t AuEq 0.59 g/t AuEq SOUTHWEST (~2M o
Slide 46: Troilus - Main Mineral Zones
TROILUS - MAIN MINERAL ZONES Tholeiitic Basalt Transitional Basalt A Basaltic Andesite J4 Andesite Dacite/Rhyodacite A’ C B Felsic Porphyry X22 Diorite Quartz Diorite Tonalite C’ Z87 Granite B’ D SW D’ TILT derivative overlain. Horizontal section sliced ~125m below surface | 46
Slide 47: Cross Section: J4 (A-A')
CROSS SECTION: J4 (A-A’) J-22-342 Biotized basaltic andesite 40m @ 1.55 g/t AuEq tuff with disseminations (1.48 g/t Au, 0.04 % Cu, 1.29 g/t Ag) and veins containing Py- Po-Cpy Sheared and potassic altered QFP with disseminated Pyrite. | 47
Slide 48: Cross Section: Z87 & X22 (B-B')
CROSS SECTION: Z87 & X22 (B-B’) Biotitized basaltic andesite with 87-23-469 disseminations and veins 72m @ 1.41 g/t AuEq containing Py-Po-Cpy (1.24 g/t Au, 0.10 % Cu, 1.35 g/t Ag) Sericitized, silicified and sheared felsic porphyry dyke with disseminations and veins of Py-Po-Cpy | 48
Slide 49: Cross Sections: X22 (C-C')
CROSS SECTIONS: X22 (C-C’) Biotite and sericite altered sheared tonalite with disseminations and veins of massive Po-Cpy X22-23-071 80m @ 1.80 g/t AuEq (1.32 g/t Au, 0.30 % Cu, 9.99 g/t Ag) | 49
Slide 50: Cross Sections: Southwest (D-D')
CROSS SECTIONS: SOUTHWEST (D-D’) TLG-ZSW20-189 72.85m @ 1.60 g/t AuEq (1.30 g/t Au, 0.10 % Cu, 3.1 g/t Ag) Magnetic mafic volcanic pillow breccia. Albite alteration with disseminated Po-Cpy Highly sheared and sericitized felsic porphyry with disseminations and veins containing Py-Po-Cpy | 50
Slide 51: Summary of 2025 Drilling
Former Mine Site & Main Mineral Zones SUMMARY OF 2025 DRILLING Z87 J Zone X22 Southwest CAMP Southwest Infill + Extensions: 11,880 m Bear Lake Derisking early year of production 0 2 5k . m 5 Bear Lake Target: 1,440 metres 0.25 g/t AuEq over 8m, 0.29 g/t AuEq over 7m, and 0.28 g/t AuEq over 7m- mostl
Slide 52: Multiple Regional Targets to Support Growth Strategy
MULTIPLE REGIONAL TARGETS TO SUPPORT GROWTH STRATEGY 1 ALLONGÉ 110 g/t Au grab sample (2018) 2 BEYAN / CRESSIDA 1 Drill results: Grab Samples: 1.62 g/t Au/ 34m 12 g/t Au 1.23 g/t Au/ 21m 9.7 g/t Au 1.11 g/t Au/ 19.3m 32.5 g/t Ag 1.0 g/t Au/ 44.6m 2 3 TESTARD / BULLSEYE Drilling Results: Grab Samples
Slide 53: Notes Related to AuEq & CuEq Calculations
NOTES RELATED TO AuEq & CuEq CALCULATIONS Open pit cut-off grade is C$9.96/t NSR where the metal equivalents were calculated as follows: • Z87 Zone : AuEq = Au grade + 1.5361 * Cu grade + 0.0133 * Ag grade • J Zone : AuEq = Au grade + 1.4849 * Cu grade + 0.0123 * Ag grade • X22 Zone : AuEq = Au grad
Slide 54: Mineral Reserve
MINERAL RESERVE Gold Copper Silver AuEq CuEq Contained Contained Contained Contained Contained Tonnage CLASS Grade Grade Grade Grade Grade Gold Copper Silver AuEq CuEq (Mt) (g/t Au) (%Cu) (g/t Ag) (g/t AuEq) (%) (Moz) (Mlbs) (Moz) (Moz) (Blbs) Proven - - - - - - - - - - - Probable 380 0.49 0.058 1.0
Slide 55: Mineral Reserve and AuEq & CuEq Disclosure
MINERAL RESERVE AND AuEq & CuEq DISCLOSURE Troilus AuEq Equations by Pit (Reserve) Metal Prices Units Au 1,550 US$/oz Cu 3.5 US$/lb Ag 20 US$/oz Pit Recoveries (%) Value per grade unit AuEq Factors AuEq formulas CuEq Factors CuEq formulas At With At the At With At the With At the At At the 87 95.5%
Slide 56: Notes Related to Regional Exploration Results
NOTES RELATED TO REGIONAL EXPLORATION RESULTS Allongé Results: Pallador/ Rocket Results: See press release dated December 9, 2020, Troilus Expands High Grade Testard Zone with Outcrop Samples up to 80 g/t Gold and 1,060 g/t Silver and Channel Samples up to 19.5 g/t Gold; Beyan Zone Expanded with 12