Mr. Justin Reid of Troilus reports

TROILUS BECOMES LARGEST CLAIM HOLDER IN FROTET-EVANS GREENSTONE BELT; EXPANDS LAND POSITION BY MORE THAN 67,000 HECTARES

Troilus Gold Corp. has entered into a definitive agreement with O3 Mining Inc. pursuant to which it has acquired 627 claims to the south and southwest of the existing Troilus project. As consideration for the acquisition of the O3 claims, the company has issued 1.7 million common shares and granted a 2-per-cent net smelter royalty to O3 on the O3 claims. Troilus will have the right to repurchase a 1-per-cent NSR on the O3 claims at any time for $1-million.

The O3 claims cover an area of approximately 334 square kilometres or 33,410 hectares. In addition, Troilus has staked 629 new claims covering an area of approximately 338 square km or 33,790 hectares. Combined with Troilus's existing 16,185-hectare property, this brings the company's total land package to 83,385 hectares or 834 square km, making Troilus the largest mineral claims holder in the highly prospective Frotet-Evans greenstone belt.

Chief executive officer Justin Reid commented: "The acquisition of the O3 claims, plus the newly staked claims, significantly expands Troilus's holdings in the region, with a more-than-five-fold increase in our total land position. This is a non-cash transaction that we believe has the potential to significantly add value to the long-term prospects for the company and shareholders without negatively impacting our balance sheet. We believe that the Southwest zone discovery (see press releases dated Jan. 28, 2020, April 14, 2020, and April 21, 2020) provides further evidence that the Troilus property is part of a large, regional-scale gold system that remains materially underexplored. Over the last 24 months, Troilus has completed more than 80,000 metres of drilling and defined a mineral resources estimate of 4.71 million ounces AuEq indicated and 1.76 million ounces AuEq inferred (see press release dated Nov. 12, 2019). Our exploration team is looking forward to applying our new geological model and furthering our knowledge of the potential mineralization on these new claims with our immediate focus on continuing to follow the Troilus trend to the southwest."

Jose Vizquerra-Benavides, president, CEO and director of O3 Mining, commented: "O3's mining strategy is to maximize our upside for our non-core assets by finding the best partners. Troilus is clearly the exploration and development leader in the Frotet-Evans greenstone belt. By exchanging our mineral claims in the region for shares in Troilus, we have made a strategic decision to be a part of, what we believe to be, an unfolding success story. The Troilus technical team has demonstrated their ability to discover gold over the last couple of years and we look forward to their success in the camp."

Closing of the acquisition remains subject to various closing conditions, including final approval of the Toronto Stock Exchange. The consideration shares are subject to a four-month statutory hold period as well as a 36-month lockup period during which time O3 shall not have the right to sell, dispose of or transfer the share consideration except in accordance with the following schedule: 566,666 consideration shares on April 28, 2021, 566,667 consideration shares on April 28, 2022, and 566,667 consideration shares on April 28, 2023.

Qualified person

The technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, MSc, PGeo, senior project geologist, who is a qualified person as defined by National Instrument 43-101. Mr. Brassard is an employee of Troilus and is not independent of the company under NI 43-101.

About Troilus Gold Corp.

Troilus is a Toronto-based, Quebec-focused, advanced-stage exploration and early-development company focused on the mineral expansion and potential mine restart of the former gold and copper Troilus mine. The 83,385-hectare Troilus property is located within the Frotet-Evans greenstone belt in Quebec, Canada.

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