Mr. Justin Reid reports

TROILUS MANDATES SYNDICATE OF GLOBAL LENDERS FOR UP TO US$700M PROJECT FINANCING

Troilus Gold Corp. has executed a mandate letter with respect to a non-binding term sheet with a syndicate of leading global financial institutions, including Societe Generale, KfW IPEX-Bank and Export Development Canada (EDC), (together, the mandated lead arrangers, or MLAs), to arrange a structured project debt financing package of up to $700-million (U.S.) for the development and construction of the Troilus gold-copper project, located in northern-central Quebec, Canada.

This syndicate of lenders brings deep expertise in structuring project financing for large-scale mining developments, reinforcing Troilus as a globally recognized, financeable asset. The execution of this mandate letter represents a major milestone in advancing toward a fully financed construction package and follows four previously announced letters of intent (LOIs) from global export credit agencies (ECAs) totalling up to $1.3-billion (U.S.) (see Nov. 13, Nov. 19 and Nov. 21, 2024, press releases). Troilus anticipates that the ECAs previously detailed and other ECAs will provide financing and guarantees in support of companies and offtake arrangements within their domestic economies.

Justin Reid, chief executive officer of Troilus, commented: "Securing this mandate with three globally recognized financial institutions that have expertise in structuring financing solutions for large-scale mining development is a pivotal step in delivering a fully funded construction package for the Troilus project. These institutions bring world-class mining finance expertise, and their participation further validates the project's strong fundamentals and strategic importance. Project due diligence is under way in parallel with continued permitting and detailed engineering; our development schedule is on track as we advance Troilus towards construction."

As part of the next phase in this financing process, detailed technical, financial, and environmental and social due diligence is under way with the MLAs. This due diligence will be instrumental in structuring the definitive project debt package, with financial close targeted for before the end of 2025. Troilus and its advisers continue to advance sizable other non-dilutive components of the project financing as well as negotiate offtake agreements with domestic and foreign smelters and look forward to updating the market in due course.

The company continues to advance key development catalysts, including the final submission of its environmental and social impact assessment (ESIA) and the advancement of basic and detailed engineering by BBA Inc. (see Jan. 28 and Jan. 29, 2025, press releases).

The completion of the financing package, including the debt facility, remains subject to final due diligence, credit approvals, negotiation and execution of definitive financing agreements, and satisfaction of the conditions precedent thereunder. Auramet International Inc. continues to act as project finance adviser and assist with structuring, identifying and engaging potential financing participants. Troilus will provide further updates as the process advances.

Qualified person

The technical information in this press release has been reviewed and approved by Kyle Frank, PGeo, vice-president, exploration, corporate development, who is qualified person as defined by National Instrument 43-101. Mr. Frank 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.

We seek Safe Harbor.