Troilus Mining Corp · TSX:TLG
Troilus Mining — Investor Presentation (October 2026)
50 slides from Troilus Mining's investor presentation, October 2026
Slide 1: One of North America's Largest Undeveloped Gold-Copper Projects
One of North America’s Largest Undeveloped Gold-Copper Projects Entering a Defining Stage of Value Creation OCTOBER 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 Reserves and Mineral Resources presented, were prepared in accordance with the CIM Standards and Definitions for Mineral Resources that could cause actual results, performances or achievements to differ materially from those in the
Slide 3: One of Canada's Largest Undeveloped Gold-Copper Projects
26 One of Canada’s YEAR LOM PAYABLE AFTER-TAX NPV5% PRODUCTION Largest Undeveloped MINE LIFE Gold-Copper Projects 50,000 tpd conventional US$ 3.2B 5.6 Moz Au 472 Mlbs Cu 2026 Technical Report supports robust 22% IRR open-pit operation economics, a 26-year mine life and a substantially more advanced
Slide 4: A Decade of Rapid Development
A DECADE OF RAPID DEVELOPMENT Key milestones that have advanced Troilus from discovery to execution readiness 2018-2025 Since 2020 Since 2022 Since 2024 2027-2030 DISCOVERY & SCALE ENGINEERING PERMITTING PROJECT FINANCING CONSTRUCTION & STARTUP ▪ Formation of Troilus (2018) ✓ PEA (2020) ✓ Initiation
Slide 5: Located in One of the World's Richest Gold Regions
LOCATED IN ONE OF THE WORLD’S RICHEST GOLD REGIONS QUEBEC, CANADA | 5
Slide 6: 435 km2 Property
435 KM2 PROPERTY ZJ Former Mine Site & Z87 Main Mineral Zones X22 SW Formerly mined pits J4 pit Z87 pit | 6
Slide 7: Mineral Growth Since Inception
MINERAL GROWTH SINCE INCEPTION Where we started: 2016 (INHERITED RESOURCE) ZJ Z87 ~457,800 metres 300m of drilling supporting mineral resource Where we are: 2026 (2026 TECHNICAL REPORT) 925m M&I INFERRED 12.1Moz AuEq 2.4Moz AuEq | 7 *See disclosure of mineral technical information in the Appendix.
Slide 8: Substantial Existing Infrastructure
SUBSTANTIAL EXISTING INFRASTRUCTURE Troilus benefits from +US$500M of existing and upgraded infrastructure associated with the former mining operation. Camp & Admin Buildings Core Storage & J Pit Z87 Pit Logging Facilities 137 km Hydro-Québec Powerlines Tailings Facility Accommodating first LOCATED
Slide 9: Power Secured for Project Development & Operations
POWER SECURED FOR PROJECT DEVELOPMENT & OPERATIONS Québec Government Highlights Troilus' Strategic Importance for Critical Minerals and Economic Development 70 MW Allocated (June 2026) Reliable, low-cost Designed for Aligned with hydroelectric power responsible mine Canada's critical development min
Slide 10: Technical Report Summary (Sept. 2026)
TECHNICAL REPORT SUMMARY (SEPT. 2026) ~95,000 engineering hours and ~90% market-validated pricing support AACE Class 3 estimate accuracy across the full project scope. $3.2B 22% 3.6 year $1.43B PROJECT REVENUE BY METAL After-Tax NPV5% After-Tax IRR Payback CAPEX* 26-year 50ktpd $1,340/oz 2.4:1 Mine
Slide 11: Key Project Optimizations & Advancements
KEY PROJECT OPTIMIZATIONS & ADVANCEMENTS 2026 Technical Report incorporates completed Basic Engineering, expanded met test work, current vendor pricing and advanced execution planning. Enhanced Front-End De-Risked Comminution Capacity & Flexibility & Process Design ▪ Integrated two parallel ▪ Benchm
Slide 12: Economic Sensitivities
ECONOMIC SENSITIVITIES Strong base-case returns with significant leverage to higher gold prices (All figures in US$ unless stated otherwise) BASE CASE ECONOMICS GOLD PRICE SENSITIVITY BASE CASE SCENARIO $3.2B 22% 3.6 years Gold Price (US$/oz) 2,000 2,500 3,000 3,600 4,000 4,500 5,000 POST-TAX POST-T
Slide 13: Cumulative Cash Flows
CUMULATIVE CASH FLOWS (All figures in US$ unless stated otherwise) BASE CASE ASSUMPTIONS Au: $3,600 /oz | Cu: $5.00/lb | Ag: $50/oz | FX (CAD/USD): 1.37 12,000 US$11.1B 10,000 Cumulative 8,000 Pre-Tax FCF Cash Flow (millions US$) 6,000 4,000 3.6-year payback US$6.93B Cumulative 2,000 After-Tax FCF 3
Slide 14: Resource and Reserve Estimate
RESOURCE AND RESERVE ESTIMATE Large-scale resource base with increased confidence in the early mine plan and further drilling upside not yet incorporated RESOURCES RESERVES M&I INFERRED PROVEN PROBABLE 810.2Mt 182.5Mt 49Mt 429Mt 12.1Moz AuEq 2.4Moz AuEq 0.83Moz AuEq 7.18Moz AuEq 0.46 g/t AuEq 0.41 g
Slide 15: Large-Scale Payable Production Profile
LARGE-SCALE PAYABLE PRODUCTION PROFILE Average annual payable production of approximately 304,000 payable AuEq ounces during the 21-year active mining period 26-year mine life | 50,000 tpd nameplate throughput | 2.4:1 strip ratio AVERAGE ANNUAL PAYABLE PRODUCTION (YEARS 1-21) 251,000 oz Au 466,000 o
Slide 16: High-Demand Copper Production
HIGH-DEMAND COPPER PRODUCTION The Troilus Mine will produce a gold-rich copper concentrate for shipment to smelters and gold-silver doré for refining. Although gold contributes ~88% of project revenues, 63,022 DMT (Dry Metric Tonnes) copper represents the largest AVERAGE COPPER CONCENTRATE PRODUCTIO
Slide 17: Process Flowsheet
PROCESS FLOWSHEET PRIMARY & SECONDARY TERTIARY CRUSHING GRAVITY GRINDING CRUSHING CIRCUITS CIRCUIT CONCENTRATION CIRCUIT Overview ▪ Conventional 50ktpd flowsheet incorporating crushing, HPGR, ball milling, gravity concentration and flotation ▪ Produces a gold-rich copper concentrate for shipment to
Slide 18: Troilus Processing Circuit Renderings
TROILUS PROCESSING CIRCUIT RENDERINGS PRIMARY AND PROCESS PLANT SECONDARY CRUSHER PROCESS PLANT HPGR AND DRY SCREEN | 18
Slide 19: Capital Costs - Engineering Underpins Higher Cost Confidence
CAPITAL COSTS - ENGINEERING UNDERPINS HIGHER COST CONFIDENCE ~95,000 engineering hours, ~90% market-validated pricing and AACE Class 3 estimate accuracy across the full Project scope TOTAL INITIAL CAPITAL (US$) INITIAL CAPEX BREAKDOWN (US$M) MINING $202.9 $1.43B PROCESS PLANT Dry communition, proces
Slide 20: Operating Costs
OPERATING COSTS Active Mining Period (Years 1-26) $1,340/oz Au $19.21/t All-in-sustaining-cost Operating Cost/t Ore $19.21/t PRODUCTION COSTS PER PAYABLE GOLD OUNCE (US$/payable Au oz) OPERATING COST BREAKDOWN Years Years LOM Mine Stockpile Area Units 1-5 6-21 (Year 1-26) Production Reclaim LOM (Yea
Slide 21: Basic Engineering Complete; Advancing Construction Readiness
BASIC ENGINEERING COMPLETE; ADVANCING CONSTRUCTION READINESS BASIC ENGINEERING COMPLETED FULLY INTEGRATED EPCM TEAM: ✓ Project Execution Plans ENGINEERING & PROCUREMENT + CONSTRUCTION MANAGEMENT ✓ Optimized Capital Budget ✓ Project Controls & Scheduling ✓ Commissioning Plan & Operational Readiness D
Slide 22: Financing the Troilus Project
FINANCING THE TROILUS PROJECT INITIAL CAPEX US$1.3 BILLION IN LOI’S (November 2024) UP TO US$300M UP TO US$500M UP TO US$500M $1.43B EQUITY / SUBORDINATED UP TO US$1.2B DEBT FINANCING MANDATE (March 2025) DEBT / ROYALTY / STREAM (35%-45%) SENIOR DEBT Sept. 2026 CREDIT-APPROVAL CREDIT-APPROVED EXPECT
Slide 23: Important Driver of Economic and Social Development
IMPORTANT DRIVER OF ECONOMIC AND SOCIAL DEVELOPMENT PROJECTED TAX REVENUES LONG-TERM EMPLOYMENT & TRAINING IN THE REGION Troilus will be one of the largest employers in Québec’s James Bay region US $4.2B CONSTRUCTION At peak construction, Troilus will create up to OPERATION Once in operation, it wil
Slide 24: 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 25: Troilus Selected for Québec's New Filon Initiative
TROILUS SELECTED FOR QUÉBEC'S NEW FILON INITIATIVE (JULY 2026) One of the first projects selected to receive specialized government support through the provincial permitting process About Filon Benefits to Troilus ▪ Launched by the Government of Québec in June 2026 1 of 4 projects selected ▪ Part of
Slide 26: Strategic Government Engagement
Tim Hodgson STRATEGIC GOVERNMENT ENGAGEMENT Minister of Natural Resources Positioned as a Canadian Project of National Interest GOVERNMENT-LED CRITICAL MINERALS MISSIONS: Justin Reid Toralf Haag Berlin, Germany (August 2025): CEO, Troilus CEO, Aurubis Accompanied Canada’s Prime Minister Mark Carney
Slide 27: H2 2026 Site Activities
H2 2026 SITE ACTIVITIES Focused on site readiness, permitting support and early enabling works Z87 Dewatering Bibou Creek Additional Access Planned Upcoming Characterization Roads Activities ▪ Dewatering activities advancing at the Z87 pit; ▪ Development of an access ▪ Exploration access road Z87 Bu
Slide 28: 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 29: Capital Structure & Shareholder Distribution
CAPITAL STRUCTURE & SHAREHOLDER DISTRIBUTION TSX: TLG OTC: CHXMF FRA: CM5 CASH & MARKETABLE SECURITIES SHAREHOLDER DISTRIBUTION ANALYSTS COVERAGE ~8% ~64% ATB Cormark ~C$115 million MANAGEMENT INSTITUTIONAL Richard Gray & INSIDERS (As of FQ3 ending April 30, 2026) BMO ~554M Brian Quast SHARES OUT. O
Slide 30: 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 31: 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 32: A Strategic Project Entering a Defining Stage
Tier-1 Québec Jurisdiction Located in Québec, with substantial brownfield infrastructure and access to renewable hydroelectric power. A Strategic Project Entering Large-Scale, Long-Life Gold-Copper Project Approximately 26-year mine life, 50,000 tpd nameplate A Defining Stage operation and significa
Slide 33: Thank You
THANK YOU STOCK SYMBOLS: CONTACT US: FOLLOW US: TSX: TLG | OTCQX: CHXMF | FSE: CM5 info@troilusmining.com | +1 (647) 276-0050 | 33
Slide 34: Troilus' History as a Past-Producer
TROILUS’ HISTORY AS A PAST-PRODUCER 2012 2017 Hostile takeover of Inmet by First Quantum Minerals Troilus is acquired 1950’s in Dec. 2017 for: 2011 - $300,000 cash Initial exploration - 2.5% NSR Failed merger with Lundin Mining 2.5% NSR bought back 1996-2010 in Nov. 2020 for $20M Inmet Mining Corp.
Slide 35: 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 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: Exploration Plans in 2026
EXPLORATION PLANS IN 2026 As of September 2026, we have drilled 34,950m of a planned 40,000m program for 2026 Mine Plan Optimization & Near-Pit Growth ▪ Testing unsampled historic intervals within the Z87 hanging wall - 10,000m (completed) ▪ Targeting Inferred material within and around the Z87 rese
Slide 39: July Drill Results
JULY 7 DRILL RESULTS | 39 See 2026 drill results here: https://troilusmining.com/news-and-media/news-releases/
Slide 40: Cross Section Showing Drillhole 87-26-501 & 87-26-487
CROSS SECTION SHOWING DRILLHOLE 87-26-501 & 87-26-487 • Significantly more mineralized material than is in the current block model within the hangingwall. • New high-grade trend associated with same felsic porphyry dyke as 87-26-505. | 40 See 2026 drill results here: https://troilusmining.com/news-a
Slide 41: Cross Section Showing Drillhole 87-26-507 & 87-26-497
CROSS SECTION SHOWING DRILLHOLE 87-26-507 & 87-26-497 • Good example of the impact of unsampled intervals on the current resource. • The zone is significantly wider than is currently represented in the block model. • Additional mineralization in the hangingwall. | 41 See 2026 drill results here: htt
Slide 42: June Drill Results
JUNE 25 DRILL RESULTS | 42 See 2026 drill results here: https://troilusmining.com/news-and-media/news-releases/
Slide 43: Cross Section Showing Drillhole 87-26-505
CROSS SECTION SHOWING DRILLHOLE 87-26-505 • New mineralization right below the pit wall where no mineralization in current block model. • New high-grade trend in the hangingwall associated with felsic porphyry dyke. • 1.37 g/t AuEQ over 28 metres within broader intercept. • This intercepts appears c
Slide 44: June Drill Results
JUNE 16 DRILL RESULTS | 44 See 2026 drill results here: https://troilusmining.com/news-and-media/news-releases/
Slide 45: June Drill Results
JUNE 11 DRILL RESULTS | 45 See 2026 drill results here: https://troilusmining.com/news-and-media/news-releases/
Slide 46: August Drill Results
AUGUST 20 DRILL RESULTS | 46 See 2026 drill results here: https://troilusmining.com/news-and-media/news-releases/
Slide 47: Long Section - Z87 Underground Drill Program Results
LONG SECTION - Z87 UNDERGROUND DRILL PROGRAM RESULTS • TLG-ZJ20-222-EXT26 8.84 g/t AuEq over 4.8 m, including 23.58 g/t AuEq over 1 m and 7.04 g/t AuEq over 2.8 m starting at 859 metres downhole. • TLG-ZJ419-094-EXT26 5.07 g/t AuEq over 5 m, including 7.79 g/t AuEq over 3 m starting at 842 metres do
Slide 48: 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 49: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES MINERAL RESERVE ESTIMATE Contained Metal Reserve Tonnage Au Cu Ag AuEq Au Cu Ag AuEq Class (Mt) (g/t) (%) (g/t) (g/t) (Moz) (Mlb) (Moz) (Moz) Proven 49 0.45 0.048 0.70 0.53 0.71 52 1.10 0.83 Probable 429 0.43 0.055 0.95 0.52 5.98 517 13.12 7.18 Proven and Probable 478
Slide 50: Disclosure of Mineral Technical Information
DISCLOSURE OF MINERAL TECHNICAL INFORMATION The Reported Mineral Resources , with an effective date of December 31, 2025 are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Summation errors may occur due to rounding. Open pi
Troilus Mining — Investor Presentation (October 2026) on 6ix