Troilus Mining Corp · TSX:TLG
Troilus Mining — Investor Presentation (November 2024)
43 slides from Troilus Mining's investor presentation, November 2024
Slide 1: Advancing one of North America's largest undeveloped gold-copper deposits
Advancing one of North America’s largest undeveloped gold-copper deposits in Quebec towards production A generational scale asset in a Tier-1 Jurisdiction NOVEMBER 2024 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: Responsibly advancing the past-producing gold-copper Troilus Project
We are responsibly advancing the past- One of the largest undeveloped gold equivalent deposits in producing gold-copper North America Troilus Project towards Largest permitting-stage production. copper project in Quebec *3rd largest undeveloped copper deposit 3
Slide 4: Value Proposition: A Generational Scale Asset in a Tier-1 Jurisdiction
VALUE PROPOSITION: A Generational Scale Asset in a Tier-1 Jurisdiction. Favourable Feasibility Study: Large Mineral Mining Jurisdiction Generational Scale Asset Resource Quebec ranked #5 11.2 Moz AuEq (Ind.) #5 globally by the Fraser Institute in 2023 22-year 303,000 oz 1.80 Moz (Inf.)*. Among the l
Slide 5: Our Journey from Discovery to Production
OUR JOURNEY FROM DISCOVERY TO PRODUCTION KEY MILESTONES IN A DECADE OF RAPID DEVELOPMENT 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 WE ARE HERE DISCOVERY Indicated Mineral Resources grow 447% from 2.05 Moz to 11.21 Moz AuEq ENGINEERING PEA (2020); FS (2024); Basic and detailed engin
Slide 6: Tier-One Mining Jurisdiction of Quebec, Canada
TIER-ONE MINING JURISDICTION OF QUEBEC, CANADA Strong collaborative efforts Quebec is ranked 5th Established regulatory between Governments and Access to experienced globally on the mining and permitting mining industry to support mining labour, suppliers “Investment Attractiveness framework mineral
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 J Zone Z87 Formerly X22 Mined Pits Southwest Troilus CAMP Au-Cu Project 0 2.5 5km Formerly mined pits J4 pit Z87 pit 0 5 10km
Slide 9: The Troilus Project
F E A S I B I L I T Y ST U DY R E S U LTS THE TROILUS PROJECT One of Canada’s largest future gold-copper operations. A generational scale asset in a Tier-1 jurisdiction. 22 years 536,400oz 303,000oz 6.7Moz MINE LIFE PEAK ANNUAL AVG AVG ANNUAL AuEq TOTAL RECOVERED AuEq PRODUCTION PRODUCTION LOM OUNCE
Slide 10: Feasibility Study Highlights
FEASIBILITY STUDY HIGHLIGHTS *All figures in US$ unless stated otherwise 22 years 303,000 oz 135.4Mlbs ANNUAL PRODUCTION ANNUAL PRODUCTION MINE LIFE Avg. LOM Avg. LOM AuEq CuEq BASE CASE $1.08B Au: $1,975 /oz | Cu: $4.05/lb | Ag: $23/oz PRE-TAX INITIAL CAPEX 5.7-year P A Y B A C K $1.56B 18% N P V 5
Slide 11: Feasibility Study Summary
FEASIBILITY STUDY SUMMARY *All figures in US$ unless stated otherwise $150M FCF 6.7 Moz AuEq 536,400 oz AuEq Avg. Annual LOM @ Base Case Total Recovered LOM Peak Annual Avg. Production PRODUCTION COSTS Average Annual Total Production 303,000oz AuEq Total cost per tonne of ore $19/t Au Average Annual
Slide 12: Production Profile: Gold Equivalent
PRODUCTION PROFILE: GOLD EQUIVALENT 314,200oz 300,000oz 303,000oz 0.59 g/t YEARS 1-5 YEARS 6-22 Avg. LOM Avg. GRADE 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
Slide 13: Total Metal Recovered LOM Production Profile: Au, Cu, Ag
TOTAL METAL PRODUCTION PROFILE: 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 $4.6B AuEq CuEq 600,000 BASE CASE 30 GROSS CASH
Slide 14: Project Positioning - Canada
PROJECT POSITIONING - CANADA 2024 Forecasted Production and AISC of Active Gold-producing Assets 1 EMERGING PRODUCERS Annual Production (Koz) AISC (US$/oz) AISC (US$/oz) Detour Lake 677 Timmins $1,890 Canadian Malartic 604 Troilus $1,109 Meadowbank 432 Casa Berardi $1,875 Meliadine 364 Highlights Tr
Slide 15: Cumulative Free Cash Flow
CUMULATIVE FREE CASH FLOW BASE CASE $150M $2,500,000,000 AVG. ANNUAL FCF $2,000,000,000 B A S E C A S E $2.2B Cumulative $1,500,000,000 After-Tax FCF $1,000,000,000 $500,000,000 $- YRR33 YR 4 YR55 YR YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 $(
Slide 16: Strategic Metal Exposure: Copper
STRATEGIC METAL EXPOSURE: COPPER Total Metal Recovered LOM Cu 74,900 WMT Au COPPER LOM AVERAGE ANNUAL GOLD 382Mlbs COPPER CONCENTRATE 15% 5.4Moz 83% Ag 135.4 Mlbs SILVER AVERAGE LOM CuEq 9.9Moz 2% ANNUAL PRODUCTION | 16 *See AuEq disclosure in the Appendix. CuEq recovered metal assumes a 92% recover
Slide 17: Production Profile: Copper Equivalent
PRODUCTION PROFILE: COPPER EQUIVALENT 137.7Mlbs 134.7Mlbs 135.4Mlbs 0.39% YEARS 1-5 YEARS 6-22 Avg. LOM Avg. GRADE 250,000,000 237,554,053 200,000,000 206,162,344 180,627,507 177,539,235 175,126,418 172,675,380 165,480,897 150,000,000 152,950,806 145,899,215 143,635,955 135,998,628 131,267,036 120,7
Slide 18: 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 $89M inst
Slide 19: Troilus's Competitive Edge in Capex Efficiency
TROILUS’S COMPETITIVE EDGE IN CAPEX EFFICIENCY The Troilus Project stands out for its low capital intensity, with a CAPEX/oz well below the average of comparable development-stage projects in Canada. Total CAPEX/Total AuEq Production (US$/oz) $310/oz Troilus (Troilus) Troilus (Troilus) $216 average
Slide 20: +US$500M of Inherited Value
+US$500M Initial Construction Starter Camp *installed septic OF INHERITED VALUE 50MW Substation Core Storage & Logging Water Treatment Facilities 60 km Power Line, Site Permitted Tailings Facility Roads and River Crossings & Associated Infrastructure | 20
Slide 21: 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 Cana
Slide 22: Mine Site Layout
MINE SITE LAYOUT ULTIMATE PIT SIZES AT YEAR 22 | 22
Slide 23: Process Flowsheet & Process Plant
Cyanide-free operation PROCESS FLOWSHEET & PROCESS PLANT Doré Bar Copper Concent rate | 23
Slide 24: Process Plant - 3D Rendering
PROCESS PLANT - 3D RENDERING STOCKPILE & RECLAIM CONCENTRATE FILTRATION & THICKENING SHIPPING CRUSHING & HPGR GRAVITY & REFINING FLOTATION & REGRIND BALL MILLS | 24
Slide 25: 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 26: 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 27: Mineral Resource Growth
MINERAL RESOURCE GROWTH 11.21 Moz AuEq OP + UG: 2016-2023 Acquisition of Troilus ~322,000m Metres drilled since 2018: 4.71 4.96 Moz AuEq Moz AuEq 3.92 Moz AuEq 3.15 Moz AuEq 2.05 1.76 1.80 Moz AuEq 1.17 Moz AuEq Moz AuEq 0.70 Moz AuEq Moz AuEq Ind. Inf. Ind. Inf. Ind. Inf. Ind. Inf. Ind. Inf. 2016 2
Slide 28: Capital Structure
CAPITAL STRUCTURE TSX: TLG OTCQX: CHXMF FRA: CM5R CASH & MARKETABLE SECURITIES SHAREHOLDER DISTRIBUTION ANALYSTS C$17.1 million As of FQ3 ending April 30, 2024 Cormark Not including the C$28M bought deal Richard Gray financing closed on October 18th, 2024 ~8% MANAGEMENT ~64% & INSIDERS INSTITUTIONAL
Slide 29: Leadership Team in Place to Advance Troilus Mine Restart
LEADERSHIP TEAM IN PLACE TO ADVANCE TROILUS MINE RESTART SENIOR MANAGEMENT BOARD OF DIRECTORS Diane Lai, ICD.D, MBA – Chairperson Seasoned executive and entrepreneur with +20 yrs of global marketing experience François Biron, B. Sc. A. +40 years of experience as a professional mining engineer: Forme
Slide 30: Path to Production
PATH TO PRODUCTION 2024 2025 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ESIA Submission All Permits Received Project Financing Detailed Engineering Early Works Construction Commissioning & Pre-Production | 30
Slide 31: Dewatering of the J4 Pit
DEWATERING OF THE J4 PIT INITIATED AUGUST 2024 Key component for the Responsible process management Stakeholder Engagement redevelopment of the mine ▪ Electricity is generated from renewable ▪ Troilus submitted an EIA to the MELCC ▪ Process is to dewater the J4 pit is hydroelectric sources, maintain
Slide 32: Installation of Alternative Solar and Wind Energy System
INSTALLATION OF SEPTEMBER 2024 ALTERNATIVE SOLAR AND WIND ENERGY SYSTEM INTEGRATION OF SOLAR AND WIND ENERGY ▪ 500 solar panels generating up to 222.5 kWp and a 15 kWp wind turbine ▪ Provides on-site supplemental and backup power for the Troilus site ▪ Designed for rapid deployment and scalability t
Slide 33: 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 2023 Troilus implements a Recipient of the Inaugural ESG Report Sustainable EXCELLENCE IN tro
Slide 34: Sustainable and Community-Backed Project
SUSTAINABLE AND COMMUNITY-BACKED PROJECT SUSTAINABLE SOCIAL LOW-RISK MINING OPERATION ENDORSEMENT JURISDICTION Targeting a carbon-neutral Community & Government Support mining operation First Nations Support ▪ Project in alignment with the Provincial and ▪ Low-cost and sustainable ▪ Long and good st
Slide 35: Positioned for Growth
Feasibility Study supports a long life, 50ktpd open-pit mining operation. A large-scale project in a tier-one mining jurisdiction that stands out in the Quebec and Canadian mining landscapes. Large Scale Open-Pit Project 22-year open pit mine with future underground development LOM avg. annual AuEq
Slide 36: Contact
Justin Reid TSX: TLG CEO & Director (647) 276-0050, x1305 OTCQX: CHXMF justin.reid@troilusgold.com FRA: CM5R Caroline Arsenault VP Corporate Communications (647) 407-7123 Follow us: caroline.arsenault@troilusgold.com | 36
Slide 37: 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 FORMERLY PRODUCING by First Quantum Minerals - $300,000 cash - 2.5% NSR 1950’s MINE Initial exploration 2011 14 Years in Operation Failed merger with Lundin Mining 2.5% NSR bought 1996-2010
Slide 38: Mineral Resource Growth (Indicated Category)
MINERAL RESOURCE GROWTH (INDICATED CATEGORY) 1996-2010 2018 2019 2020 2023 2.05 Moz AuEq * 3.92 Moz AuEq 4.71 Moz AuEq 4.96 Moz AuEq 11.21 Moz AuEq +91% +20% +5% +126% +129% since acquisition +142% since acquisition +446% since acquisition ▪ The Troilus mine ▪ +36,000m of drilling ▪ +36,000m of dril
Slide 39: Mining Sequence
MINING SEQUENCE Southwest pit has 2 Pre-production mining X22 has 2 phases, mined phases, mined starts in Z87. between years 18 to 21. between years 1 to 9. Z87 is comprised of 4 phases, with final phase completed in year 19. J has 2 phases, mined between years 5 to 15. Southwest X22 The northern pi
Slide 40: Metallurgical Testwork - Overall Recoveries
METALLURGICAL TESTWORK – OVERALL RECOVERIES Sample Head Assay Final Tails Assay Overall Recoveries (%) 800 kg Composite Gold Copper Silver Au Copper Silver Gold Copper Silver Zone (g/t) (%) (g/t) (g/t) (%) (g/t) Recovery Recovery Recovery J ZONE 0.371 0.059 0.772 0.036 0.004 0.141 92.7% 93.2% 85.9%
Slide 41: Strip Ratio
STRIP RATIO Ore Au Cu Ag NSR Waste Total Strip 3.1:1 ZONE PHASE (Mt) (g/t) (%) (g/t) (C$/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$9.96/t NSR where the metal equivalents were calculated as follows: • Z87 Zone : AuEq = Au grade + 1.5361 * Cu grade + 0.0133 * Ag grade • J Zone : AuEq = Au grade + 1.4849 * Cu grade + 0.0123 * Ag grade • X22 Zone : AuEq = Au grad
Slide 43: Mineral Reserve and AuEq & CuEq Disclosure
MINERAL RESERVE AND AuEq & CuEq DISCLOSURE Troilus AuEq Equations by Pit (Reserve) Metal Prices Units Au 1,550 US$/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%
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