Mr. Justin Reid reports

TROILUS REFLECTS ON A TRANSFORMATIVE YEAR IN 2024 AND LOOKS AHEAD TO PROJECT DEVELOPMENT IN 2025

Troilus Gold Corp. has provided a recap of its 2024 milestones and shared its outlook for 2025 as it builds on exploration successes and transitions from resource expansion and feasibility work to detailed engineering and project development, in this open letter to shareholders from chief executive officer Justin Reid.

To our valued shareholders and stakeholders,

As we reflect on 2024, it is clear this was a defining year for Troilus. The completion of our feasibility study, project financing achievements and exploration success have solidified Troilus as one of North America's leading copper-gold development projects. This transformative period has not only demonstrated the scale and economic strength of the Troilus project but also positioned us to confidently advance through the next steps of development in 2025.

In a year where the junior mining sector continued to face challenges, including limited access to capital, Troilus set itself apart. Our ability to remain well financed and receive in-principle support for over $1.3-billion (U.S.) from internationally recognized top-rated export credit agencies speaks to the exceptional quality of the Troilus project and its strategic importance on the global stage.

The accomplishments of 2024 represent the culmination of years of hard work by our dedicated team and partners, setting the stage for an exciting new phase as we work towards delivering long-term value for all stakeholders.

Key developments of 2024 and next steps

Feasibility study propels Troilus into the next stage of development

In May, 2024, we released the results of a feasibility study for the Troilus copper-gold deposit, reaffirming its position as a large-scale, long-life mining project. The study outlined a 22-year open-pit operation projected to produce an average of 303,000 gold equivalent ounces annually.

As we transition into the next phase of development, we strengthened our leadership team with key appointments, including Andy Fortin as vice-president of operations and general manager of the Troilus mine. We also welcomed two distinguished new board members: Chantal Lavoie, our newly appointed chairperson; and Francois Biron, chair of the technical committee. Their depth of expertise and operational experience will be instrumental in advancing this cornerstone copper-gold project to production.

On the permitting front, we made significant progress in 2024. Continuing public consultations with impacted communities provided valuable insights, which we incorporated into our planning process. These efforts have been pivotal in advancing the environmental and social impact assessment (ESIA), which is now in its final stages and is expected to be submitted in the coming months.

In August, 2024, we began dewatering the J4 pit, one of the two formerly mined open pits on the property. This marked an important milestone that will eventually open new access for drilling and exploration opportunities, while also laying the groundwork for the next phase of development. Project financing took center stage in the second half of 2024. By November, Troilus gained global recognition as a highly financeable copper-gold project, securing letters of interest from leading export credit agencies in Germany, Finland, Sweden and Canada, totalling $1.3-billion (U.S.). This strong foundation will support a multifaceted financing strategy as we advance the project.

Continued exploration success

While our drilling activities slowed in 2024, we maintained a targeted focus near the main ore bodies, pursuing both strategic resource expansion and conceptual exploration opportunities. These efforts culminated in the West Rim discovery, announced in September. This exciting find included high-grade intercepts, such as 1.66 grams per tonne (g/t) gold equivalent (AuEq) over 20 metres (m) in hole WR-24-003, located just 150 m from the planned reserve pit (see Sept. 3, 2024, news release). This discovery highlighted the continued untapped potential of the Troilus deposit to deliver additional value through higher-grade ounces incorporated early in the mine plan.

Continued priority on ESG (environmental, social and governance) and environmental leadership

In 2024, we advanced our commitment to sustainability by exploring alternative energy generation systems aimed at reducing our dependency on Hydro-Quebec's grid and minimizing our carbon footprint. In September, 2024, we completed the installation of 500 solar panels and a wind turbine, marking an important step toward supplementary and backup power generation. Over the next 12 months, we will monitor the data collected from these installations to assess the ideal location and feasibility of larger-scale installations.

In December, a collaborative study conducted with Coalia, the National Research Council of Canada, Lamont and Minesite Drainage Assessment Group (MDAG) confirmed a low potential for acid rock drainage (ARD) at Troilus. The analysis of waste rock and historic data from the previous mining operation has provided us with a wealth of information to further enhance our sustainable practices as we design for the future. At Troilus, water quality remains a top priority for us and our first nations stakeholders. The key findings from this study indicate that the Troilus rock is not acid generating and does not require additional treatment, thereby helping to minimize and mitigate the environmental footprint of the future operation. In addition to the positive environmental outcome, this has the potential to reduce costs, as the waste rock can be repurposed for infrastructure projects such as road construction.

What to expect in 2025

Troilus is entering an exciting new phase of development, with parallel initiatives advancing toward project construction. Key priorities for 2025 include:

• Completion of J4 pit dewatering and initiation of Z87 dewatering;
• Submission of the ESIA and continuing monitoring of the approval process;
• Continued community consultations and engagement with Cree Nation and Jamesian communities to support the next phase of Troilus development;
• Advancing basic and detailed engineering;
• Securing long-lead orders on key equipment for the mine facilities;
• Negotiating contracts with mine equipment suppliers;
• Proceeding through the due diligence process with export credit agencies;
• Launching early-works projects at the site in preparation for larger-scale activities;
• Advance drilling at the West Rim discovery to further define its potential, while continuing to explore resource growth opportunities near the mine site and along the existing mineralized corridor.

With these initiatives under way, 2025 is set to be a year of execution and momentum as we continue our journey to becoming a premier North American copper-gold producer.

We sincerely thank our shareholders and all stakeholders for their continued trust and support. Your belief in our vision and commitment fuels our drive to deliver long-term value and achieve shared success.

Sincerely,

Justin Reid

CEO and director

Troilus Gold

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Nicolas Guest, PGeo, exploration manager, who is a qualified person as defined by National Instrumet 43-101. Mr. Guest is an employee of Troilus and is not independent of the company under NI 43-101.

About Troilus Gold Corp.

Troilus Gold is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus mine toward production. Troilus is located in the Tier 1 mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 square kilometres in the Frotet-Evans greenstone belt. A feasibility study completed in May, 2024, supports a large-scale 22-year, 50,000-tonne-per-day, open-pit mining operation, positioning it as a cornerstone project in North America.

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