Troilus Mining Corp · TSX:TLG
Troilus Mining — Investor Presentation (December 2025)
45 slides from Troilus Mining's investor presentation, December 2025
Slide 1: Accelerating one of North America's largest undeveloped gold-copper deposits
Accelerating one of North America’s largest undeveloped gold-copper deposits towards production A Generational Scale Asset in Quebec, Canada DECEMBER 2025 TSX: TLG OTCQX: CHXMF FSE: CM5R
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 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 Troilus is redeveloping a past-producing gold-copper mine in Quebec, Canada. 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: Project Location
PROJECT LOCATION 435 km2 property J Zone Z87 Formerly X22 Mined Pits Southwest Troilus CAMP Au-Cu Project 0 2.5 5km Formerly mined pits J4 pit Z87 pit | 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.) 2023 SIGNIFICANT MINERAL GROWTH AT SURFACE J Zone Z87 Z87S South So
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 (Oct. 8, 2025) Exceptional FX (CAD/USD): 0.74 Gold: +$4,000/oz +103% Copper: +$5.00/lb +24% leverage to rising PRE-TAX Silver: +$50/oz +117% commodity prices. $1.6B 18% N P V 5% IRR
Slide 13: Production Profile: Gold Equivalent
PRODUCTION PROFILE: GOLD EQUIVALENT 314,200oz 300,000oz 303,000oz YEARS 1-5 YEARS 6-22 Avg. LOM 600,000 536,370 500,000 465,720 400,000 409,404 399,806 386,833 384,422 358,310 349,822 324,719 300,000 315,809 304,505 286,789 278,161 261,598 249,052 248,148 240,073 229,206 200,000 218,219 216,386 195,
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: Capex: Initial and Sustaining
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 $89M inst
Slide 16: Troilus's Competitive Edge in Capex Efficiency
TROILUS’S COMPETITIVE EDGE IN CAPEX EFFICIENCY The Troilus Project stands out for its low capital intensity, with a CAPEX/oz well below the average of comparable development-stage projects in Canada. Total CAPEX/Total AuEq Production (US$/oz) $310/oz Troilus (Troilus) Troilus (Troilus) $216 average
Slide 17: Operating Costs
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 18: Mine Site Layout
MINE SITE LAYOUT ULTIMATE PIT SIZES AT YEAR 22 | 18
Slide 19: Process Flowsheet & Process Plant
Cyanide-free operation PROCESS FLOWSHEET & PROCESS PLANT Doré Bar Copper Concent rate | 19
Slide 20: 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 21: Financing the Troilus Project
FINANCING THE TROILUS PROJECT … 2024 2025 2026 2027 2028 2029 DEBT FINANCING EXPECTED TO BE FINALIZED Q1 2026 NOVEMBER 2024 NOVEMBER 2025 $172.5 M BOUGHT DEAL PUBLIC OFFERING US$1.3 BILLION IN LOI’S JUNE - AUGUST 2025 UP TO US$300M AGREEMENT FOR COMMERCIAL OFFTAKE TERMS MARCH 2025 NOVEMBER 2025 MAND
Slide 22: 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 23: Entering the Final Stages of Permitting
ENTERING THE FINAL STAGES OF PERMITTING 2020 Initiation of environmental AMONG THE LARGEST FUTURE baseline studies EXPLOYERS IN THE JAMES BAY REGION 2022 Initiation of Federal and Provincial CONSTRUCTION OPERATION permitting processes 2024 At peak construction, Once in operation, it will Troilus wil
Slide 24: Strategic Government Engagement
Tim Hodgson STRATEGIC GOVERNMENT ENGAGEMENT Minister of Natural Resources Positioned as a Canadian Project of National Interest Berlin, Germany (August 2025) ▪ Actively engaged with all levels of government ▪ Aligned with Quebec and Canada’s Critical Minerals Strategy Justin Reid Toralf Haag CEO, Tr
Slide 25: Dewatering of the Former Pits Underway
DEWATERING OF THE FORMER PITS UNDERWAY ▪ Dewatering permits received in 2020 ▪ Dewatering initiated in August 2024 (J4 pit, followed by Z87) ▪ Three 140Hp pumps currently operating; +6.3M m3 of water discharged to date ▪ Continuous water monitoring JULY 2024 MAR 2025 | 25
Slide 26: 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 +350,000m drilled from 2018-2025. Mineral Resources grow +500%. WE ARE HERE Troilus becomes one of the largest undeve
Slide 27: Capital Structure & Shareholder Distribution
CAPITAL STRUCTURE & SHAREHOLDER DISTRIBUTION TSX: TLG OTC: CHXMF FRA: CM5R CASH & MARKETABLE SECURITIES SHAREHOLDER DISTRIBUTION ANALYSTS COVERAGE ~C$25.1 million As of July 31, 2025 ~8% ~64% MANAGEMENT INSTITUTIONAL * Not including the $172.5 M public offering & INSIDERS Cormark closed on November
Slide 28: Construction-Ready Leadership Team
CONSTRUCTION-READY LEADERSHIP TEAM Justin Reid Susanna Milne Brianna Davies Ian Pritchard Catherine Stretch Kyle Frank Jacqueline Leroux Daniel Bergeron Caroline Arsenault CEO, Director CFO SVP Legal & SVP Technical VP Corp. Affairs VP Exploration VP Environment, VP Special VP Corporate Corp. Secret
Slide 29: 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 30: 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 31: Advancing Low-Carbon Energy Solutions
ADVANCING LOW-CARBON ENERGY SOLUTIONS Environmental stewardship is fundamental to how we operate Existing Hydroelectric Power Infrastructure ▪ 50MW substation at site; upgraded and well-maintained ▪ 107km of 161 kV high tension powerlines maintained by Hydro-Quebec connect to site ▪ Renewable and lo
Slide 32: Positioned for Growth
Tier-1 Jurisdiction Among the top mining jurisdictions globally. Generational Scale Asset 22-year mine life with excellent potential for growth. Low-cost Production POSITIONED 1st quartile AISC among current major Canadian gold mines. FOR GROWTH Major Upcoming De-Risking Milestones Project funding &
Slide 33: Merci
MERCI Stock symbols : Contact us Follow us: TSX: TLG info@troilusmining.com +1 (647) 276-0050 OTCQX: CHXMF FRA: CM5R | 33
Slide 34: 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 35: 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$72.4M SALE OF SELECT CLAIMS TO SAYONA MINING LTD.* well-capitalized since 201
Slide 36: 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 37: 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 $97 million
Slide 38: Longitudinal Section: Resources & Reserves
LONGITUDINAL SECTION: RESOURCES & RESERVES 2023 Resource Pits & 2024 Reserve Pits RESOURCES RESERVES INDICATED INFERRED PROBABLE 508.3Mt 80.5Mt 380Mt 11.21Moz AuEq 1.80Moz AuEq 7.26Moz AuEq 0.69 g/t AuEq 0.69 g/t AuEq 0.59 g/t AuEq SOUTHWEST X22 Z87 J Former Z87 Pit Former J Pit 500m 2018-2023 Drill
Slide 39: Multiple Regional Targets to Support Growth Strategy
MULTIPLE REGIONAL TARGETS TO SUPPORT GROWTH STRATEGY 1 ALLONGÉ 110 g/t Au grab sample (2018) 2 BEYAN / CRESSIDA 1 Drill results: Grab Samples: 1.62 g/t Au/ 34m 12 g/t Au 1.23 g/t Au/ 21m 9.7 g/t Au 1.11 g/t Au/ 19.3m 32.5 g/t Ag 1.0 g/t Au/ 44.6m 2 3 TESTARD / BULLSEYE Drilling Results: Grab Samples
Slide 40: Metallurgical Testwork – Overall Recoveries
METALLURGICAL TESTWORK – OVERALL RECOVERIES Sample Head Assay Final Tails Assay Overall Recoveries (%) 800 kg Composite Gold Copper Silver Au Copper Silver Gold Copper Silver Zone (g/t) (%) (g/t) (g/t) (%) (g/t) Recovery Recovery Recovery J ZONE 0.371 0.059 0.772 0.036 0.004 0.141 92.7% 93.2% 85.9%
Slide 41: Strip Ratio
STRIP RATIO Ore Au Cu Ag NSR Waste Total Strip 3.1:1 ZONE PHASE (Mt) (g/t) (%) (g/t) (C$/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 42: Notes Related to AuEq & CuEq Calculations
NOTES RELATED TO AuEq & CuEq CALCULATIONS Open pit cut-off grade is C$9.96/t NSR where the metal equivalents were calculated as follows: • Z87 Zone : AuEq = Au grade + 1.5361 * Cu grade + 0.0133 * Ag grade • J Zone : AuEq = Au grade + 1.4849 * Cu grade + 0.0123 * Ag grade • X22 Zone : AuEq = Au grad
Slide 43: Mineral Reserve
MINERAL RESERVE Gold Copper Silver AuEq CuEq Contained Contained Contained Contained Contained Tonnage CLASS Grade Grade Grade Grade Grade Gold Copper Silver AuEq CuEq (Mt) (g/t Au) (%Cu) (g/t Ag) (g/t AuEq) (%) (Moz) (Mlbs) (Moz) (Moz) (Blbs) Proven - - - - - - - - - - - Probable 380 0.49 0.058 1.0
Slide 44: Mineral Reserve and AuEq & CuEq Disclosure
MINERAL RESERVE AND AuEq & CuEq DISCLOSURE Troilus AuEq Equations by Pit (Reserve) Metal Prices Units Au 1,550 US$/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 45: 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
Troilus Mining — Investor Presentation (December 2025) on 6ix