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In this Fall/Winter 2023 edition of the Troilus CommunityNewsletter, I'm excited to share the journey of the pastmonths. Despite challenges from forest fires in northernQuebec this summer, which closed the Troilus site forseveral weeks, our exploration team finished up the finalholes of more than 200,000m of drilling completed since2020 and our focus has now shifted to engineering andpermitting as the next step towards achieving a restart ofthe Troilus mine. In October, we published an updatedMineral Resource Estimate (“MRE”)—11.21 Moz AuEq (goldequivalent) in the indicated category and 1.80 Moz AuEq, aremarkable 126% increase from 2020. This robustresource forms the foundation for our upcoming Feasibilitystudy, due for completion in early 2024 which will provide adetailed engineering plan and design for the futureoperation. Simultaneously, progress continues on thepermitting process initiated in May 2022. This year, severalconsultations have been held with key communities toensure an open, transparent, and honest relationshipessential for developing the Troilus project collaboratively.Within these pages, discover highlights from our recentendeavours. We invite you to stay connected and followour progress on our website and social media platforms.Thank you for being an integral part of our Troiluscommunity.This document may contain “forward-looking statements” within the meaning of applicable Canadiansecurities legislation which may include, but is not limited to, information with respect to theCorporation’s planned community relations initiatives. Forward-looking statements/information can beidentified by words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of suchwords and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might”or “will” be taken, occur or be achieved. Forward-looking statements/information is based onmanagement’s expectations and reasonable assumptions at the time such statements are made.Forward-looking information involves known and unknown risks, uncertainties and other factors thatmay cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-lookingstatements including: uncertainties of mineral resource estimates; the nature of mineral explorationand mining; variations in ore grade and recovery rates; cost of operations; fluctuations in the sale pricesof products; volatility of gold and copper prices; exploration and development risks; liquidity concernsand future financings; potential revocation or change in permit requirements and project approvals;competition; no guarantee of titles to explore and operate; environmental liabilities and regulatoryrequirements; dependence on key individuals; conflicts of interests; insurance; fluctuation in the marketvalue of Troilus Gold Corp’s shares; rising production costs; equipment material and skilled technicalworkers; volatile current global financial conditions; and currency fluctuations; and other riskspertaining to the mining industry. Forward-looking information contained are made as of the date ofthis document incorporated by reference, and Troilus Gold Corp does not undertake to update anysuch forward-looking information, except in accordance with applicable securities laws. There can be noassurance that forward-looking information will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in such information.We welcome any questions orcomments you may have. Please don't hesitate to contact us at: info@troilusgold.comTroilusCommunityNewsletterA Message From The CEOWELCOME!Who We AreTroilus Gold Corp. is a Canadian-based junior miningcompany focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towardsproduction. From 1996 to 2010, the Troilus Mine produced+2 million ounces of gold and nearly 70,000 tonnes ofcopper. Troilus’ claims cover 435 km² in the top-rated miningjurisdiction of Quebec, Canada, within the Frotêt-EvansGreenstone Belt. Since acquiring the project in 2017,ongoing exploration success has demonstrated thetremendous scale potential of the gold system on theproperty with significant mineral resource growth. Led by anexperienced team with a track record of successful minedevelopment, Troilus is positioned to become a cornerstoneproject in North America.Follow us:www.troilusgold.comQualified PersonThe technical and scientific information in this document hasbeen reviewed and approved by Nicolas Guest, P.Geo., Managerof Exploration, who is a Qualified Person as defined by NI 43-101.Mr. Guest is an employee of Troilus and is not independent of theCompany under NI 43-101.FALL/WINTER 2023 EDITIONCautionary Statements

In August, Samuel Etapp was appointed as the new Community Liaison for theMistissini Cree community. Serving as a critical link between the community andTroilus, Samuel will ensure that community perspectives help shape our project'sdevelopment. We invite Mistissini community members to visit Mr. Etapp at the Troilusoffice to say hello, have a coffee and discuss any concerns or questions. Introducing Samuel Etapp: Community Liaison for MistissiniCommunity InvolvementReducing Food WasteTroilus will continue to collaborate with the Carrefour Communautaire in an initiativeto enhance food support in the community, building on its partnership over the pastfew years. This new initiative’s goal is to amplify resources for the CarrefourCommunautaire to foster community well-being. Over the next few months, acomprehensive plan will be rolled out, beginning with an assessment of keychallenges, followed by a two-day working group to develop a pilot plan incollaboration with various organizations within the community, aiming to make atangible impact on reducing food waste and redistributing a surplus of food to thosein need.Community SupportTroilus is proud to continue our tradition of giving back tothe communities we serve. In recent months, we'veextended our support, donating over C$5,000 to variouslocal organizations and initiatives for the communities ofChibougamau, Chapais and Mistissini, including the MacleanMemorial School, the Association Chasse et Pêche, Noelpour Tout le Monde and Art En Nord and otherorganizations. These contributions demonstrate ourcommitment to fostering positive community impact andsupporting diverse local endeavors.This Fall we welcomed Eeyou Itun for a site visit, highlighting our commitment toresponsible development and sustainable mining practices. The day includedpresentations on environmental monitoring and woodland caribou training byFaunENord, followed by a site tour showcasing our mining infrastructure andenvironmental monitoring efforts. Our guests also had the opportunity toparticipate in hands-on water analysis to better understand some of the workactivities that take place at the Troilus site. Eeyou Itun Cree Site VisitPermitting ProgressThis September, the company announced updates to theTroilus leadership team. Blake Hylands, who has been withTroilus since the very start in 2018, stepped down from his roleas President and has continued to provide part-time supportto the exploration and technical teams until year-end.Jacqueline Leroux, previously Vice President of Environment &Permitting, now oversees all Quebec operations, includingTroilus camp management, logistics, and community relations.Daniel Bergeron, formerly overseeing Quebec Operations, hasbeen appointed Vice President Special Projects, focusing oninfrastructure development and government relations. KyleFrank, formerly the Exploration Manager, was promoted to VicePresident of Exploration, while Nicolas Guest has beenpromoted to Exploration Manager.Having completed drilling for the 2023 Mineral Resource Estimate and theimminent Feasibility Study, the company has strategically shifted its focus to minedevelopment, permitting, and project financing as we continue down the path of apotential restart of the Troilus mine. The engineering team has been workingdiligently to complete the Feasibility Study while the federal and provincialpermitting processes have continued to progress. Future exploration activities willbe focused on enhancing the value of the mine site and regional explorationtargets. The company has remained committed to systematically advancing andde-risking the project and looks forward to achieving more milestones in 2024.In September of this year, Troilus engaged Stantec to complete the Environmental andSocial Impact Assessment. October marked the initiation of Phase 1 of the impactstudy with short surveys distributed to different organizations in local communities.Responses will be collected and addressed in consultations planned for 2024. Othercomponents of the impact study in 2024 will include the continuation of a watermanagement workshop with impacted families, the creation of a working group withChibougamau and Chapais to consider local concerns and gathering traditionalknowledge and experience from the Mistissini community to be incorporated in thestudy.Leadership Transitions2023 Mineral Resource EstimateFall/ Winter 2023 EditionCOMMUNITYCORPORATE UPDATESTROILUS MINE SITECaribou Awareness TrainingIn October, Troilus employees participated in training onCaribou Awareness. The training covered the provincial andfederal status of the animal, its habitat, range, food sources, andcultural importance in addition to providing essential measuresfor encounters in nature. This initiative underscores ourcommitment to sustainability and the protection of local speciesaround the Troilus mine site while recognizing the broaderimportance of the woodland caribou in maintaining the healthand balance of boreal ecosystems.In October 2023, Troilus reported an updated Mineral Resource Estimate of 11.21Moz AuEq* (508.3Mt at 0.69 g/t AuEq) Indicated Resource, and additional InferredMineral Resources of 1.80 Moz AuEq* (80.5Mt at 0.69 g/t AuEq). The 2023 MRE isthe result of 216,502m of drilling since the 2020 estimate and has revealed aremarkable 126% increase in ounces from the previous MRE. Key contributors tothis jump in the size of the mineral resource estimate are the well-definedSouthwest Zone and the newly discovered Zone X22 which runs off the main Z87pit, together accounting for approximately 28% of the AuEq ounces in theIndicated category. Over 99% of the mineral resources in the Indicated categoryare categorized as amenable to “Open Pit” from zones Z87, J, X22, and Southwestwith a breakdown as follows: Z87 with 5.04 Moz (197.1Mt at 0.80g/t AuEq), J Zonewith 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), Southwest Zone with 1.89MozAuEq (98.0Mt at 0.60 g/t AuEq), and Zone X22 with 1.19Moz AuEq (59.2Mt at 0.62g/t AuEq). This updated resource firmly establishes the Troilus Project as one ofthe largest undeveloped gold-copper deposits in North America, providing arobust foundation for the upcoming Feasibility Study expected in Q1 2024.Kyle FrankVP, ExplorationNicolas GuestExploration Manager*Indicated: 508.3 Mt at 0.69 g/t AuEq ; Inferred: 80.5 Mt at 0.69 g/t AuEq. Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with anexchange rate of US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from othermetals. AuEq formulas are calculated as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade+ 0.0119 * Ag grade; X22 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.Navigating through the challenges posed by the forest fires in June 2023 was acollective effort. Prioritizing the safety of our team and recognizing the potentialimpact on surrounding communities, a temporary evacuation of our site wasimplemented. Fortunately, our site remained unscathed, but the fires did result inthe loss of access to the electrical grid, with hydro wires damaged further down theline necessitating the use of backup generators to keep the lights on. Hydro-Quebecworked diligently to restore the connection to the grid, and in November regularpower supply was restored at the site.June 2023 Forest FiresOperational UpdateIn the past few months, we've made progress onthe new Cree Cultural Pavilion at the Troilus Site incollaboration with impacted families and othercommunity members from the Cree Nation ofMistissini. This ongoing project aims to create adedicated space fostering community bonds andcross-cultural understanding among our diversecommunity. The pavilion will serve as a central hubfor meaningful connections and sharedexperiences in a beautiful natural setting. As wecontinue to build, we eagerly anticipate the daywhen this pavilion becomes a vital space forcultural exchange and community engagement.Cree Cultural Pavilion

In August, Samuel Etapp was appointed as the new Community Liaison for theMistissini Cree community. Serving as a critical link between the community andTroilus, Samuel will ensure that community perspectives help shape our project'sdevelopment. We invite Mistissini community members to visit Mr. Etapp at the Troilusoffice to say hello, have a coffee and discuss any concerns or questions. Introducing Samuel Etapp: Community Liaison for MistissiniCommunity InvolvementReducing Food WasteTroilus will continue to collaborate with the Carrefour Communautaire in an initiativeto enhance food support in the community, building on its partnership over the pastfew years. This new initiative’s goal is to amplify resources for the CarrefourCommunautaire to foster community well-being. Over the next few months, acomprehensive plan will be rolled out, beginning with an assessment of keychallenges, followed by a two-day working group to develop a pilot plan incollaboration with various organizations within the community, aiming to make atangible impact on reducing food waste and redistributing a surplus of food to thosein need.Community SupportTroilus is proud to continue our tradition of giving back tothe communities we serve. In recent months, we'veextended our support, donating over C$5,000 to variouslocal organizations and initiatives for the communities ofChibougamau, Chapais and Mistissini, including the MacleanMemorial School, the Association Chasse et Pêche, Noelpour Tout le Monde and Art En Nord and otherorganizations. These contributions demonstrate ourcommitment to fostering positive community impact andsupporting diverse local endeavors.This Fall we welcomed Eeyou Itun for a site visit, highlighting our commitment toresponsible development and sustainable mining practices. The day includedpresentations on environmental monitoring and woodland caribou training byFaunENord, followed by a site tour showcasing our mining infrastructure andenvironmental monitoring efforts. Our guests also had the opportunity toparticipate in hands-on water analysis to better understand some of the workactivities that take place at the Troilus site. Eeyou Itun Cree Site VisitPermitting ProgressThis September, the company announced updates to theTroilus leadership team. Blake Hylands, who has been withTroilus since the very start in 2018, stepped down from his roleas President and has continued to provide part-time supportto the exploration and technical teams until year-end.Jacqueline Leroux, previously Vice President of Environment &Permitting, now oversees all Quebec operations, includingTroilus camp management, logistics, and community relations.Daniel Bergeron, formerly overseeing Quebec Operations, hasbeen appointed Vice President Special Projects, focusing oninfrastructure development and government relations. KyleFrank, formerly the Exploration Manager, was promoted to VicePresident of Exploration, while Nicolas Guest has beenpromoted to Exploration Manager.Having completed drilling for the 2023 Mineral Resource Estimate and theimminent Feasibility Study, the company has strategically shifted its focus to minedevelopment, permitting, and project financing as we continue down the path of apotential restart of the Troilus mine. The engineering team has been workingdiligently to complete the Feasibility Study while the federal and provincialpermitting processes have continued to progress. Future exploration activities willbe focused on enhancing the value of the mine site and regional explorationtargets. The company has remained committed to systematically advancing andde-risking the project and looks forward to achieving more milestones in 2024.In September of this year, Troilus engaged Stantec to complete the Environmental andSocial Impact Assessment. October marked the initiation of Phase 1 of the impactstudy with short surveys distributed to different organizations in local communities.Responses will be collected and addressed in consultations planned for 2024. Othercomponents of the impact study in 2024 will include the continuation of a watermanagement workshop with impacted families, the creation of a working group withChibougamau and Chapais to consider local concerns and gathering traditionalknowledge and experience from the Mistissini community to be incorporated in thestudy.Leadership Transitions2023 Mineral Resource EstimateFall/ Winter 2023 EditionCOMMUNITYCORPORATE UPDATESTROILUS MINE SITECaribou Awareness TrainingIn October, Troilus employees participated in training onCaribou Awareness. The training covered the provincial andfederal status of the animal, its habitat, range, food sources, andcultural importance in addition to providing essential measuresfor encounters in nature. This initiative underscores ourcommitment to sustainability and the protection of local speciesaround the Troilus mine site while recognizing the broaderimportance of the woodland caribou in maintaining the healthand balance of boreal ecosystems.In October 2023, Troilus reported an updated Mineral Resource Estimate of 11.21Moz AuEq* (508.3Mt at 0.69 g/t AuEq) Indicated Resource, and additional InferredMineral Resources of 1.80 Moz AuEq* (80.5Mt at 0.69 g/t AuEq). The 2023 MRE isthe result of 216,502m of drilling since the 2020 estimate and has revealed aremarkable 126% increase in ounces from the previous MRE. Key contributors tothis jump in the size of the mineral resource estimate are the well-definedSouthwest Zone and the newly discovered Zone X22 which runs off the main Z87pit, together accounting for approximately 28% of the AuEq ounces in theIndicated category. Over 99% of the mineral resources in the Indicated categoryare categorized as amenable to “Open Pit” from zones Z87, J, X22, and Southwestwith a breakdown as follows: Z87 with 5.04 Moz (197.1Mt at 0.80g/t AuEq), J Zonewith 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), Southwest Zone with 1.89MozAuEq (98.0Mt at 0.60 g/t AuEq), and Zone X22 with 1.19Moz AuEq (59.2Mt at 0.62g/t AuEq). This updated resource firmly establishes the Troilus Project as one ofthe largest undeveloped gold-copper deposits in North America, providing arobust foundation for the upcoming Feasibility Study expected in Q1 2024.Kyle FrankVP, ExplorationNicolas GuestExploration Manager*Indicated: 508.3 Mt at 0.69 g/t AuEq ; Inferred: 80.5 Mt at 0.69 g/t AuEq. Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with anexchange rate of US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from othermetals. AuEq formulas are calculated as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade+ 0.0119 * Ag grade; X22 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.Navigating through the challenges posed by the forest fires in June 2023 was acollective effort. Prioritizing the safety of our team and recognizing the potentialimpact on surrounding communities, a temporary evacuation of our site wasimplemented. Fortunately, our site remained unscathed, but the fires did result inthe loss of access to the electrical grid, with hydro wires damaged further down theline necessitating the use of backup generators to keep the lights on. Hydro-Quebecworked diligently to restore the connection to the grid, and in November regularpower supply was restored at the site.June 2023 Forest FiresOperational UpdateIn the past few months, we've made progress onthe new Cree Cultural Pavilion at the Troilus Site incollaboration with impacted families and othercommunity members from the Cree Nation ofMistissini. This ongoing project aims to create adedicated space fostering community bonds andcross-cultural understanding among our diversecommunity. The pavilion will serve as a central hubfor meaningful connections and sharedexperiences in a beautiful natural setting. As wecontinue to build, we eagerly anticipate the daywhen this pavilion becomes a vital space forcultural exchange and community engagement.Cree Cultural Pavilion

In August, Samuel Etapp was appointed as the new Community Liaison for theMistissini Cree community. Serving as a critical link between the community andTroilus, Samuel will ensure that community perspectives help shape our project'sdevelopment. We invite Mistissini community members to visit Mr. Etapp at the Troilusoffice to say hello, have a coffee and discuss any concerns or questions. Introducing Samuel Etapp: Community Liaison for MistissiniCommunity InvolvementReducing Food WasteTroilus will continue to collaborate with the Carrefour Communautaire in an initiativeto enhance food support in the community, building on its partnership over the pastfew years. This new initiative’s goal is to amplify resources for the CarrefourCommunautaire to foster community well-being. Over the next few months, acomprehensive plan will be rolled out, beginning with an assessment of keychallenges, followed by a two-day working group to develop a pilot plan incollaboration with various organizations within the community, aiming to make atangible impact on reducing food waste and redistributing a surplus of food to thosein need.Community SupportTroilus is proud to continue our tradition of giving back tothe communities we serve. In recent months, we'veextended our support, donating over C$5,000 to variouslocal organizations and initiatives for the communities ofChibougamau, Chapais and Mistissini, including the MacleanMemorial School, the Association Chasse et Pêche, Noelpour Tout le Monde and Art En Nord and otherorganizations. These contributions demonstrate ourcommitment to fostering positive community impact andsupporting diverse local endeavors.This Fall we welcomed Eeyou Itun for a site visit, highlighting our commitment toresponsible development and sustainable mining practices. The day includedpresentations on environmental monitoring and woodland caribou training byFaunENord, followed by a site tour showcasing our mining infrastructure andenvironmental monitoring efforts. Our guests also had the opportunity toparticipate in hands-on water analysis to better understand some of the workactivities that take place at the Troilus site. Eeyou Itun Cree Site VisitPermitting ProgressThis September, the company announced updates to theTroilus leadership team. Blake Hylands, who has been withTroilus since the very start in 2018, stepped down from his roleas President and has continued to provide part-time supportto the exploration and technical teams until year-end.Jacqueline Leroux, previously Vice President of Environment &Permitting, now oversees all Quebec operations, includingTroilus camp management, logistics, and community relations.Daniel Bergeron, formerly overseeing Quebec Operations, hasbeen appointed Vice President Special Projects, focusing oninfrastructure development and government relations. KyleFrank, formerly the Exploration Manager, was promoted to VicePresident of Exploration, while Nicolas Guest has beenpromoted to Exploration Manager.Having completed drilling for the 2023 Mineral Resource Estimate and theimminent Feasibility Study, the company has strategically shifted its focus to minedevelopment, permitting, and project financing as we continue down the path of apotential restart of the Troilus mine. The engineering team has been workingdiligently to complete the Feasibility Study while the federal and provincialpermitting processes have continued to progress. Future exploration activities willbe focused on enhancing the value of the mine site and regional explorationtargets. The company has remained committed to systematically advancing andde-risking the project and looks forward to achieving more milestones in 2024.In September of this year, Troilus engaged Stantec to complete the Environmental andSocial Impact Assessment. October marked the initiation of Phase 1 of the impactstudy with short surveys distributed to different organizations in local communities.Responses will be collected and addressed in consultations planned for 2024. Othercomponents of the impact study in 2024 will include the continuation of a watermanagement workshop with impacted families, the creation of a working group withChibougamau and Chapais to consider local concerns and gathering traditionalknowledge and experience from the Mistissini community to be incorporated in thestudy.Leadership Transitions2023 Mineral Resource EstimateFall/ Winter 2023 EditionCOMMUNITYCORPORATE UPDATESTROILUS MINE SITECaribou Awareness TrainingIn October, Troilus employees participated in training onCaribou Awareness. The training covered the provincial andfederal status of the animal, its habitat, range, food sources, andcultural importance in addition to providing essential measuresfor encounters in nature. This initiative underscores ourcommitment to sustainability and the protection of local speciesaround the Troilus mine site while recognizing the broaderimportance of the woodland caribou in maintaining the healthand balance of boreal ecosystems.In October 2023, Troilus reported an updated Mineral Resource Estimate of 11.21Moz AuEq* (508.3Mt at 0.69 g/t AuEq) Indicated Resource, and additional InferredMineral Resources of 1.80 Moz AuEq* (80.5Mt at 0.69 g/t AuEq). The 2023 MRE isthe result of 216,502m of drilling since the 2020 estimate and has revealed aremarkable 126% increase in ounces from the previous MRE. Key contributors tothis jump in the size of the mineral resource estimate are the well-definedSouthwest Zone and the newly discovered Zone X22 which runs off the main Z87pit, together accounting for approximately 28% of the AuEq ounces in theIndicated category. Over 99% of the mineral resources in the Indicated categoryare categorized as amenable to “Open Pit” from zones Z87, J, X22, and Southwestwith a breakdown as follows: Z87 with 5.04 Moz (197.1Mt at 0.80g/t AuEq), J Zonewith 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), Southwest Zone with 1.89MozAuEq (98.0Mt at 0.60 g/t AuEq), and Zone X22 with 1.19Moz AuEq (59.2Mt at 0.62g/t AuEq). This updated resource firmly establishes the Troilus Project as one ofthe largest undeveloped gold-copper deposits in North America, providing arobust foundation for the upcoming Feasibility Study expected in Q1 2024.Kyle FrankVP, ExplorationNicolas GuestExploration Manager*Indicated: 508.3 Mt at 0.69 g/t AuEq ; Inferred: 80.5 Mt at 0.69 g/t AuEq. Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with anexchange rate of US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from othermetals. AuEq formulas are calculated as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade+ 0.0119 * Ag grade; X22 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.Navigating through the challenges posed by the forest fires in June 2023 was acollective effort. Prioritizing the safety of our team and recognizing the potentialimpact on surrounding communities, a temporary evacuation of our site wasimplemented. Fortunately, our site remained unscathed, but the fires did result inthe loss of access to the electrical grid, with hydro wires damaged further down theline necessitating the use of backup generators to keep the lights on. Hydro-Quebecworked diligently to restore the connection to the grid, and in November regularpower supply was restored at the site.June 2023 Forest FiresOperational UpdateIn the past few months, we've made progress onthe new Cree Cultural Pavilion at the Troilus Site incollaboration with impacted families and othercommunity members from the Cree Nation ofMistissini. This ongoing project aims to create adedicated space fostering community bonds andcross-cultural understanding among our diversecommunity. The pavilion will serve as a central hubfor meaningful connections and sharedexperiences in a beautiful natural setting. As wecontinue to build, we eagerly anticipate the daywhen this pavilion becomes a vital space forcultural exchange and community engagement.Cree Cultural Pavilion

In this Fall/Winter 2023 edition of the Troilus CommunityNewsletter, I'm excited to share the journey of the pastmonths. Despite challenges from forest fires in northernQuebec this summer, which closed the Troilus site forseveral weeks, our exploration team finished up the finalholes of more than 200,000m of drilling completed since2020 and our focus has now shifted to engineering andpermitting as the next step towards achieving a restart ofthe Troilus mine. In October, we published an updatedMineral Resource Estimate (“MRE”)—11.21 Moz AuEq (goldequivalent) in the indicated category and 1.80 Moz AuEq, aremarkable 126% increase from 2020. This robustresource forms the foundation for our upcoming Feasibilitystudy, due for completion in early 2024 which will provide adetailed engineering plan and design for the futureoperation. Simultaneously, progress continues on thepermitting process initiated in May 2022. This year, severalconsultations have been held with key communities toensure an open, transparent, and honest relationshipessential for developing the Troilus project collaboratively.Within these pages, discover highlights from our recentendeavours. We invite you to stay connected and followour progress on our website and social media platforms.Thank you for being an integral part of our Troiluscommunity.This document may contain “forward-looking statements” within the meaning of applicable Canadiansecurities legislation which may include, but is not limited to, information with respect to theCorporation’s planned community relations initiatives. Forward-looking statements/information can beidentified by words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of suchwords and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might”or “will” be taken, occur or be achieved. Forward-looking statements/information is based onmanagement’s expectations and reasonable assumptions at the time such statements are made.Forward-looking information involves known and unknown risks, uncertainties and other factors thatmay cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-lookingstatements including: uncertainties of mineral resource estimates; the nature of mineral explorationand mining; variations in ore grade and recovery rates; cost of operations; fluctuations in the sale pricesof products; volatility of gold and copper prices; exploration and development risks; liquidity concernsand future financings; potential revocation or change in permit requirements and project approvals;competition; no guarantee of titles to explore and operate; environmental liabilities and regulatoryrequirements; dependence on key individuals; conflicts of interests; insurance; fluctuation in the marketvalue of Troilus Gold Corp’s shares; rising production costs; equipment material and skilled technicalworkers; volatile current global financial conditions; and currency fluctuations; and other riskspertaining to the mining industry. Forward-looking information contained are made as of the date ofthis document incorporated by reference, and Troilus Gold Corp does not undertake to update anysuch forward-looking information, except in accordance with applicable securities laws. There can be noassurance that forward-looking information will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in such information.We welcome any questions orcomments you may have. Please don't hesitate to contact us at: info@troilusgold.comTroilusCommunityNewsletterA Message From The CEOWELCOME!Who We AreTroilus Gold Corp. is a Canadian-based junior miningcompany focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towardsproduction. From 1996 to 2010, the Troilus Mine produced+2 million ounces of gold and nearly 70,000 tonnes ofcopper. Troilus’ claims cover 435 km² in the top-rated miningjurisdiction of Quebec, Canada, within the Frotêt-EvansGreenstone Belt. Since acquiring the project in 2017,ongoing exploration success has demonstrated thetremendous scale potential of the gold system on theproperty with significant mineral resource growth. Led by anexperienced team with a track record of successful minedevelopment, Troilus is positioned to become a cornerstoneproject in North America.Follow us:www.troilusgold.comQualified PersonThe technical and scientific information in this document hasbeen reviewed and approved by Nicolas Guest, P.Geo., Managerof Exploration, who is a Qualified Person as defined by NI 43-101.Mr. Guest is an employee of Troilus and is not independent of theCompany under NI 43-101.FALL/WINTER 2023 EDITIONCautionary Statements

In this Fall/Winter 2023 edition of the Troilus CommunityNewsletter, I'm excited to share the journey of the pastmonths. Despite challenges from forest fires in northernQuebec this summer, which closed the Troilus site forseveral weeks, our exploration team finished up the finalholes of more than 200,000m of drilling completed since2020 and our focus has now shifted to engineering andpermitting as the next step towards achieving a restart ofthe Troilus mine. In October, we published an updatedMineral Resource Estimate (“MRE”)—11.21 Moz AuEq (goldequivalent) in the indicated category and 1.80 Moz AuEq, aremarkable 126% increase from 2020. This robustresource forms the foundation for our upcoming Feasibilitystudy, due for completion in early 2024 which will provide adetailed engineering plan and design for the futureoperation. Simultaneously, progress continues on thepermitting process initiated in May 2022. This year, severalconsultations have been held with key communities toensure an open, transparent, and honest relationshipessential for developing the Troilus project collaboratively.Within these pages, discover highlights from our recentendeavours. We invite you to stay connected and followour progress on our website and social media platforms.Thank you for being an integral part of our Troiluscommunity.This document may contain “forward-looking statements” within the meaning of applicable Canadiansecurities legislation which may include, but is not limited to, information with respect to theCorporation’s planned community relations initiatives. Forward-looking statements/information can beidentified by words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of suchwords and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might”or “will” be taken, occur or be achieved. Forward-looking statements/information is based onmanagement’s expectations and reasonable assumptions at the time such statements are made.Forward-looking information involves known and unknown risks, uncertainties and other factors thatmay cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-lookingstatements including: uncertainties of mineral resource estimates; the nature of mineral explorationand mining; variations in ore grade and recovery rates; cost of operations; fluctuations in the sale pricesof products; volatility of gold and copper prices; exploration and development risks; liquidity concernsand future financings; potential revocation or change in permit requirements and project approvals;competition; no guarantee of titles to explore and operate; environmental liabilities and regulatoryrequirements; dependence on key individuals; conflicts of interests; insurance; fluctuation in the marketvalue of Troilus Gold Corp’s shares; rising production costs; equipment material and skilled technicalworkers; volatile current global financial conditions; and currency fluctuations; and other riskspertaining to the mining industry. Forward-looking information contained are made as of the date ofthis document incorporated by reference, and Troilus Gold Corp does not undertake to update anysuch forward-looking information, except in accordance with applicable securities laws. There can be noassurance that forward-looking information will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in such information.We welcome any questions orcomments you may have. Please don't hesitate to contact us at: info@troilusgold.comTroilusCommunityNewsletterA Message From The CEOWELCOME!Who We AreTroilus Gold Corp. is a Canadian-based junior miningcompany focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towardsproduction. From 1996 to 2010, the Troilus Mine produced+2 million ounces of gold and nearly 70,000 tonnes ofcopper. Troilus’ claims cover 435 km² in the top-rated miningjurisdiction of Quebec, Canada, within the Frotêt-EvansGreenstone Belt. Since acquiring the project in 2017,ongoing exploration success has demonstrated thetremendous scale potential of the gold system on theproperty with significant mineral resource growth. Led by anexperienced team with a track record of successful minedevelopment, Troilus is positioned to become a cornerstoneproject in North America.Follow us:www.troilusgold.comQualified PersonThe technical and scientific information in this document hasbeen reviewed and approved by Nicolas Guest, P.Geo., Managerof Exploration, who is a Qualified Person as defined by NI 43-101.Mr. Guest is an employee of Troilus and is not independent of theCompany under NI 43-101.FALL/WINTER 2023 EDITIONCautionary Statements