Troilus Gold (TSX:TLG) - Financing Secured for Near-Term Copper-Gold Producer

Interview with Justin Reid, President & CEO of Troilus Gold Corp.

Our previous interview: https://www.cruxinvestor.com/posts/troilus-gold-tsxtlg-700m-debt-secured-for-quebec-gold-copper-mine-6856

Recording date: 6th May 2025

Troilus Gold stands at the forefront of copper-gold development in Canada, with the company making remarkable strides toward production at its flagship project in Quebec. The company has secured a game-changing $700 million US debt package backed by export credit agencies and led by SOCGEN, KFW, and Export Development Canada. This financing structure, relatively rare for junior miners, leverages Troilus Gold's strategic position as the only near-term copper concentrate producer in Eastern Canada at a time when global smelters face severe supply constraints following the closure of major operations like Cobre Panama.

Recent high-grade drill results have enhanced confidence in the project's first five years of production, with CEO Justin Reid noting that "the higher grade is larger than we thought," providing greater certainty for both lenders and shareholders. The company is progressing through Quebec's permitting process with anticipated approval by mid-2026, targeting construction by early 2027. Significantly, Troilus isn't waiting for final permits, having already begun early works under existing exploration permits to de-risk the timeline and reduce future capital expenditures.

The project benefits from its history as a previously producing mine with 14 years of successful operation, substantially reducing technical risk. This historical performance provides valuable data on metallurgy, processing, and geotechnical aspects that new developments typically lack. The company has assembled an exceptional leadership team, including VP Operations Andy Fortin, who worked at the original Troilus operation and built major Quebec mines including Meadowbank, and construction leader Denis Rivard, who recently completed Montreal's REM rail project on time and on budget.

Troilus Gold has established strong partnerships with the Cree Nation, whose traditional territory hosts the project. With 25% of the current workforce from Cree communities and three major contracts with Cree partners already in place, the company has built a genuine relationship that goes beyond mere consultation. This partnership represents a significant advantage in a time when indigenous relationships are increasingly recognized as essential to successful mine development in Canada.

From a market perspective, Troilus offers investors exposure to both copper and gold – combining industrial demand from electrification trends with monetary hedge characteristics. The company's market capitalization has grown to approximately $250 million, aligning with historical valuations of other major Quebec gold developments at similar stages. With copper fundamentals particularly strong due to global supply constraints and multiple near-term catalysts including offtake agreement finalization and environmental assessment filing, Troilus Gold presents a compelling opportunity for investors seeking exposure to critical minerals in a tier-one jurisdiction with a clear path to production.

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View Troilus Gold's company profile: https://www.cruxinvestor.com/companies/troilus-gold

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