Return to flip book view

Accelerating one of North America s largest undeveloped gold copper deposits towards production A Generational Scale Asset in Quebec Canada JANUARY 2026 TSX TLG OTCQX CHXMF FSE CM5

CAUTIONARY LANGUAGE QP STATEMENTS AND LEGAL DISCLAIMERS The mineral reserve estimate disclosed herein has an effective date of January 15 2024 and is based on the mineral resource estimate dated October 2 2023 for Troilus Mining by AGP Mining Consultants Inc The Mineral Reserve estimate was completed under the supervision of Willie Hamilton P Eng of AGP who is a Qualified Person as defined under NI 43 101 Mineral Reserves are stated within the final pit designs based on a US 1 550 oz gold price US 20 00 oz silver price and US 3 50 lb copper price An NSR cut off of C 9 96 t was used to define reserves The life of mine mining cost averaged C 3 99 t mined preliminary processing costs were C 8 02 t ore and G A was C 1 94 t ore placed The metallurgical recoveries were varied according to gold head grade and concentrate grades 87 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively J pit recoveries for equivalent grades were 93 1 89 3 and 88 9 for gold copper and silver respectively X22 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively SW pit recoveries for equivalent grades were 85 7 91 5 and 85 6 for gold copper and silver respectively The formulas used to calculate equivalent values are as follows for 87 Pit AuEq Au 1 5361 Cu 0 0133 Ag for J Pit AuEq Au 1 4849 Cu 0 0123 Ag for SW Pit AuEq Au 1 6535 Cu 0 0129 Ag for X22 Pit AuEq Au 1 5361 Cu 0 0133 Ag Please refer to the identified risks in the Company s Annual Information Form available under the Company s profile at www sedarplus ca for known legal political environmental and other risks that could materially affect the potential development of the mineral resources and mineral reserves The completed NI 43 101 technical report associated with the Troilus Project FS will be available on SEDAR at www sedarplus ca under the Company s issuer profile as well as the Company s website at www troilusgold com within 45 calendar days This presentation reflects the technical information presented in the May 14 2024 press release Nicolas Guest P Geo Exploration Manager at Troilus Mining and Kyle Frank P Geo VP Exploration at Troilus Mining both of whom are Qualified Persons as defined by NI 43 101 have reviewed and approved the written disclosure in this presentation Feasibility Study Consultants The Troilus Project Feasibility Study was prepared and compiled by AGP Mining Consultants Inc AGP and supported by independent consulting firms Lycopodium Limited Lycopodium and WSP Canada Inc WSP in collaboration with Troilus technical team Qualified Persons for the Feasibility Study press release announced on May 14 2024 The FS is prepared by independent representatives of AGP Lycopodium and WSP each of whom are Qualified Person as defined by NI 43 101 Standards of Disclosure for Mineral Each of the QPs are independent of Troilus Mining Corp and have reviewed and confirmed that this news release fairly and accurately reflects in the form and context in which it appears the information contained in the respective sections of the Troilus FS for which they are responsible The affiliation and areas of responsibility for each QP involved in preparing the Troilus FS are provided below AGP QPs Paul Daigle P Geo Mineral Resources estimate Willie Hamilton P Eng Mineral Reserves Mine design and scheduling Gordon Zurowski P Eng Mine Costing and financial analysis Lycopodium QPs Ryda Peung P Eng Metallurgical review process design and operating cost estimate Balvinder Singh P Eng Capital cost estimates Zuned Shaikh P Eng Design and material take off for the process plant related infrastructure WSP QPs Vlad Rojanschi P Eng Design and material takeoff for the surface water management infrastructure hydrogeology and mine site water balance prediction Laurent Gareau P Eng Geotechnical design and material takeoff for the Tailings Storage Facility Pierre Primeau P Eng Design and costs for TSF water treatment for suspended solids removal and selected surface water conveyance pipelines and pumping Marc Rougier P Eng Mine geotechnical aspects of open pits slopes design v Cautionary Note regarding forward looking information This presentation contains forward looking statements within the meaning of applicable Canadian securities legislation Forward looking statements include but are not limited to statements regarding the results of the FS including without limitation various project economics financial and operational parameters such as the timing and amount of future production from the Project expectations with respect to the IRR NPV payback and costs of the Project anticipated mining and processing methods of the Project proposed infrastructures anticipated mine life of the Project expected recoveries and grades timing of future studies including the environmental assessments including the timing of an environmental impact study and development plans opportunity to expand the scale of the project the project becoming a cornerstone mining project in Noth America the development potential and timetable of the project the estimation of mineral resources and reserves realization of mineral resource and reserve estimates the timing and amount of estimated future exploration costs of future activities capital and operating expenditures success of exploration activities the anticipated ability of investors to continue benefiting from the Company s low discovery costs technical expertise and support from local communities the timing and amount of estimated future exploration and the anticipated results of the Company s 2024 drill program and their possible impact on the potential size of the mineral resource estimate Generally forward looking statements can be identified by the use of forward looking terminology such as plans expects or does not expect is expected budget scheduled estimates forecasts intends continue anticipates or does not anticipate or believes or variations of such words and phrases or statements that certain actions events or results may could would will might or will be taken occur or be achieved Forward looking statements are made based upon certain assumptions and other important facts that if untrue could cause the actual results performances or achievements of Troilus to be materially different from future results performances or achievements expressed or implied by such statements Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future Certain important factors that could cause actual results performances or achievements to differ materially from those in the forward looking statements include amongst others currency fluctuations the global economic climate dilution share price volatility and competition Forward looking statements are subject to known and unknown risks uncertainties and other important factors that may cause the actual results level of activity performance or achievements of Troilus to be materially different from those expressed or implied by such forward looking statements including but not limited to there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources risks and uncertainties inherent to mineral resource and reserve estimates the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions variations in gold prices and other metals exchange rate fluctuations variations in cost of supplies and labour receipt of necessary approvals availability of financing for project development uncertainties and risks with respect to developing mining projects general business economic competitive political and social uncertainties future gold and other metal prices accidents labour disputes and shortages environmental and other risks of the mining industry including without limitation risks and uncertainties discussed in the Company s latest Annual Information Form its technical reports and other continuous disclosure documents of the Company available under the Company s profile at www sedarplus ca Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements there may be other factors that cause results not to be as anticipated estimated or intended There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements Accordingly readers should not place undue reliance on forward looking statements Troilus does not undertake to update any forward looking statements except in accordance with applicable securities laws Non IFRS Financial Measures The Company has included certain non IFRS financial measures or ratios in this presentation such as Initial Capital Cost All In Sustaining Cost Sustaining Capital and Capital Intensity which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS As a result these measures may not be comparable to similar measures reported by other corporations Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Non IFRS financial measures used in this news release and common to the gold mining industry are defined below As construction and operation of the Project are at the study stage the Company does not have historical non IFRS financial measures nor historical comparable measures under IFRS and therefore the foregoing prospective non FRS financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS All in Sustaining Costs AISC and AISC per Ounce AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations AISC reported in the FS includes total cash costs sustaining capital expansion capital and closure costs but excludes corporate general and administrative costs and salvage AISC per Ounce is calculated as AISC divided by payable gold ounces and copper silver credits Cautionary Note to U S Investors Concerning Estimates of Mineral Resources Mineral resource estimates have been prepared in accordance with the requirements of Canadian securities laws which differ from the requirements of U S securities laws The terms mineral resource measured mineral resource indicated mineral resource and inferred mineral resource are defined in NI 43 101 and recognized by Canadian securities laws but are not defined terms or recognized under U S securities laws U S investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves Inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category Under Canadian securities laws estimates of inferred mineral resources may not form the basis of feasibility or pre feasibility studies U S investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable Accordingly these mineral resource estimates and related information may not be comparable to similar information made public by U S companies subject to the reporting and disclosure requirements under the U S federal securities laws and the rules and regulations thereunder

We are responsibly advancing the pastproducing gold copper Troilus Project towards production Au One of the largest undeveloped gold deposits in North America Cu Largest permitting stage copper project in Quebec 3rd largest undeveloped copper deposit 3

VALUE PROPOSITION LOCATION SCALE NEAR TERM PRODUCTION Tier 1 Jurisdiction Located in one of world s most prolific gold mining regions Quality Brownfield Site Past producing mine 1996 2010 US 500M worth of inherited infrastructure Robust Feasibility Study 22 year mine life with peak production of 536 400 oz AuEq per year Generational Scale Asset 11 21 Moz AuEq 4 90 Blbs CuEq Indicated 1 80 Moz AuEq 0 79 Blbs CuEq Inferred Proven Leadership Proven ability to capitalize and attract financing Construction ready team in place De risking Milestones Project funding permitting well advanced targeting construction decision in 2026 4 See AuEq disclosure in the Appendix

REVIVING A LEGACY PROJECT IN QUEBEC Troilus is redeveloping a past producing gold copper mine in Quebec Canada 1996 2010 2017 Present Total Production Gold 2 Moz Copper 70 000t 5

TIER ONE MINING JURISDICTION OF QUEBEC CANADA Premier Mining Jurisdiction Strong Government Backing Infrastructure Expertise 10 ownership by Quebec government investment arms Established power roads skilled mining workforce Among world s friendliest mining jurisdictions Chibougamau 170km south of Troilus Route du Nord managed by Quebec Transport Ministry and James Bay Energy Society Chibougamau Val d Or Quebec City Montreal 6

LOCATED IN ONE OF THE WORLD S RICHEST GOLD REGIONS 7

PROJECT LOCATION 435 km2 property J Zone Z87 Formerly Mined Pits X22 Troilus Au Cu Project Southwest CAMP 0 2 5 5km Formerly mined pits Z87 pit J4 pit 8

US 500M Initial Construction Starter Camp installed septic OF EXISTING AND UPGRADED INFRASTRUCTURE 50MW Substation 100 km of powerlines Mining truck ready roads and river crossings Water Treatment Facilities Core Storage Logging Permitted Tailings Facility Associated Infrastructure 9

GROWTH SINCE INCEPTION 360 000m 2016 Metres drilled since 2018 INHERITED RESOURCE J pit Z87 pit 300m 500 Mineral Resource Growth COPPER EQUIVALENT GOLD EQUIVALENT 0 90 Blbs Ind 0 31 Blbs Inf 2 05 Moz Ind 0 70 Moz Inf 2023 SIGNIFICANT MINERAL GROWTH AT SURFACE Z87 J Zone Southwest Z87 pit 800m J pit Z87S South COPPER EQUIVALENT GOLD EQUIVALENT 4 90 Blbs Ind 0 79 Blbs Inf 11 21 Moz Ind 1 80 Moz Inf 10

FEASIBILITY STUDY RESULTS MAY 2024 Base Case Assumptions Gold 1 975 oz Copper 4 05 lb Silver 23 oz FX CAD USD 0 74 COPPER GOLD 22 years 1 109 oz 135 4 Mlbs 303 000oz MINE LIFE LOM Avg AISC AVG ANNUAL CuEq PRODUCTION LOM AVG ANNUAL AuEq PRODUCTION LOM 50ktpd 1 08B 74 900 WMT 536 400oz THROUGHPUT CAPEX AVG ANNUAL COPPER CONCENTRATE PEAK AuEq PRODUCTION YR 7 3 0 Blbs 6 7 Moz PROJECT REVENUE BY METAL Au 83 Cu 15 Ag CuEq Recovered LOM AuEq Recovered LOM 2 11 See Feasibility Study press release dated May 14 2024 All figures in US unless stated otherwise 11

BASE CASE PROJECT ECONOMICS BASE CASE May 2024 Gold 1 975 oz Copper 4 05 lb Silver 23 oz FX CAD USD 0 74 CURRENT METAL PRICES Jan 2026 Gold 4 400 oz 122 Copper 5 86 lb 44 Silver 76 oz 230 PRE TAX 1 6B 18 N P V 5 IRR Exceptional leverage to rising commodity prices AFTER TAX 885M 14 N P V 5 IRR 5 7 years AFTER TAX PAYBACK See Feasibility Study press release dated May 14 2024 All figures in US unless stated otherwise 12

PRODUCTION PROFILE GOLD EQUIVALENT 314 200oz 300 000oz 303 000oz YEARS 1 5 YEARS 6 22 Avg LOM 195 719 YR 16 304 505 261 598 386 833 216 386 YR 15 240 073 218 219 315 809 286 789 384 422 358 310 249 052 278 161 200 000 248 148 229 206 300 000 324 719 349 822 400 000 399 806 465 720 500 000 409 404 536 370 600 000 YR 1 7 161 0 9 913 100 000 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 13 See AuEq disclosure in the Appendix AuEq production assumed a 92 recovery rate for all metals Refer to next slide for breakdown of each individual metal

TOTAL METAL RECOVERED LOM PRODUCTION PROFILE BY METAL Au Cu Ag Average Annual Production 256 200oz Au 16 1 Mlbs Cu 475 200oz Ag 241 200oz Au 17 7 Mlbs Cu 438 300oz Ag 244 600oz Au 17 3 Mlbs Cu 446 700oz Ag YEARS 1 5 YEARS 6 22 LOM 6 7 3 0 Moz Blbs 700 000 35 600 000 30 500 000 25 5 4 400 000 20 Moz GOLD 300 000 15 382 AuEq CuEq Mlbs COPPER 100 000 5 0 YR 1 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 See AuEq disclosure in the Appendix AuEq and CuEq recovered metal assumes a 92 recovery rate for all metals Gold Silver Copper 9 9 Moz SILVER Million Pounds 10 Ounces 200 000 14

CAPEX Initial and Sustaining INITIAL CAPEX SUSTAINING CAPEX 1 074M 276 6M Mining Process Plant 443M Infrastruture 209 1M S U S T A I N I N G C A P I T A L 67 5M C L O S U R E C O S T S Indirects Contingency Environmental 258M BRO W NFIE LD P ROJ ECT A DVANTAGE 100M 11M 89M 173M 500M Value of existing installed and upgraded infrastructure from former Troilus mine 1996 2010 15

TROILUS S COMPETITIVE EDGE IN CAPEX EFFICIENCY The Troilus Project stands out for its low capital intensity with a CAPEX oz well below the average of comparable development stage projects in Canada Total CAPEX Total AuEq Production US oz Troilus Troilus Troilus Troilus 310 oz average 216 224 First Mining Springhole 235 B2 Gold Black River Equinox Greenstone 251 Skeena Eskay Creek 252 293 Calibre Valentine 323 Spanish Mountain Spanish Mountain 337 NexGold Goliath 348 Artemis Blackwater 623 IAMGOLD Cote 0 100 200 300 400 500 600 Source Data provided by Desjardins Securities based on Company filings as at October 1 2024 Capex and production figures sourced from technical reports available at the time of construction and do not reflect subsequently announced capex increases AuEq calculated using Desjardins 2026 metal price assumptions of Au 2 300 oz Cu 5 lb and 29 oz Ag Total capex includes initial expansion and sustaining capex but excludes closure reclamation costs 700 16

OPERATING COSTS 11 60 Average LOM Mining 1 109 oz Au 19 06 t AISC OPERATING COST t ORE 19 t 5 64 Processing 1st quartile AISC among the major Canadian gold mines 1 82 G A Trucking Port Shipping 2 000 1 800 1 600 Weighted Average AISC US 1 256 oz Au 1 400 2023 Paid Gold Ounces in 000s Source Red Cloud Securities Company Reports and S P Capital as of May 7th 2024 Timmins Meadowbank Red Lake Rainy River Dublin Gulch Young Davidson Musselwhite Eleonore Lamaque Porcupine LaRonde Meliadine Island 0 Detour Lake 200 Goldex 400 Macassa 600 Brucejack AISC US oz Au 800 Canadian Malartic 1 000 Hemlo Timmins 1 200 17

MINE SITE LAYOUT ULTIMATE PIT SIZES AT YEAR 22 18

PROCESS FLOWSHEET PROCESS PLANT Cyanide free operation Dor Bar Copper Concent rate 19

SIGNIFICANT FUTURE COPPER PRODUCTION Troilus will produce dor bars as well as a high quality copper concentrate which is in very high demand globally Cu Au Cu GOLD 5 4Moz 30 of gold come out in the gravity circuit as dor bars 15 83 PROJECT REVENUE BY METAL COPPER 382Mlbs Although gold contributes 85 of project revenues copper represents the largest share of physical metal produced Annually Troilus will produce 2 Ag 74 900 WMT Wet Metric Tonnes COPPER CONCENTRATE SILVER 9 9Moz 15 copper 125g gold 240g silver Clean high quality concentrate no deleterious elements high sulfur content each pixel represents 100 tonnes 20

FINANCING THE TROILUS PROJECT 2024 2025 2026 2027 2028 2029 DEBT FINANCING EXPECTED TO BE FINALIZED Q1 2026 NOVEMBER 2025 172 5 M BOUGHT DEAL PUBLIC OFFERING NOVEMBER 2024 US 1 3 BILLION IN LOI S JUNE AUGUST 2025 UP TO US 300M UP TO US 500M UP TO US 500M MARCH 2025 NOVEMBER 2025 MANDATED LENDERS FOR UP TO US 700M MANDATE UPSIZED TO US 1B AGREEMENT FOR COMMERCIAL OFFTAKE TERMS MANDATED LEAD ARRANGERS EXPORT CREDIT AGENCIES 21

COPPER CONCENTRATE A diversified sales strategy that aligns with provincial and federal critical minerals priorities and strengthen critical mineral supply chains with trusted European allies Sales strategy targeting diversified global partners August 2025 MoA signed with Aurubis July 2025 Indicative agreement signed with Boliden Sweden for the long term sale of copper gold concentrate produced at Troilus Negotiations underway with domestic refiner 22

ENTERING THE FINAL STAGES OF PERMITTING 2020 Initiation of environmental baseline studies AMONG THE LARGEST FUTURE EXPLOYERS IN THE JAMES BAY REGION 2022 Initiation of Federal and Provincial permitting processes 2024 Completion of environmental baseline studies and community consultations JUNE 2025 CONSTRUCTION OPERATION At peak construction Troilus will create up to Once in operation it will maintain on average direct jobs direct jobs 1 000 680 ESIA filed at Provincial Federal level Extensive community consultations Past producing mine with positive legacy and regional understanding of mining Studies confirm waste rock is non acid generating reducing long term environmental risks H2 2026 Anticipated provincial and federal permitting decisions 23

Tim Hodgson Minister of Natural Resources STRATEGIC GOVERNMENT ENGAGEMENT Positioned as a Canadian Project of National Interest Berlin Germany August 2025 Actively engaged with all levels of government Aligned with Quebec and Canada s Critical Minerals Strategy Justin Reid CEO Troilus Newly launched Major Projects Office to accelerate projects that are of national interest Toralf Haag CEO Aurubis Katherina Reiche Germany s Federal Minister for Economic Affairs and Energy TROILUS WILL BE A SIGNIFICANT DRIVER OF ECONOMIC AND SOCIAL DEVELOPMENT Caroline Arsenault VP IR Troilus Justin Reid CEO Troilus Tim Hodgson Minister of Natural Resources PROJECTED TAX REVENUES OVER OUR 22 YEAR MINE LIFE For Qu bec For Canada CAD 6 0 billion CAD 2 3 billion US 4 3 billion US 1 7 billion As of Oct 8 2025 4 000 oz gold 5 lb copper 50 oz silver 1 40 exchange rate Laurel Broten CEO Invest in Canada Daniel Bergeron VP Special Projects Troilus Japan Korea Aug 2025 24

DEWATERING OF THE FORMER PITS UNDERWAY Dewatering permits received in 2020 Dewatering initiated in August 2024 J4 pit followed by Z87 Three 140Hp pumps currently operating 6 3M m3 of water discharged to date Continuous water monitoring JULY 2024 MAR 2025 25

CLOSING IN ON A DECADE OF RAPID DEVELOPMENT KEY MILESTONES AS WE ADVANCE TO BUILD CANADA S NEXT COPPER GOLD MINE 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 DISCOVERY WE ARE HERE 350 000m drilled from 2018 2025 Mineral Resources grow 500 Troilus becomes one of the largest undeveloped Copper Gold deposits in North America ENGINEERING PEA 2020 PROJECT ACQUISITION FORMATION OF TROILUS MINING CORP Feasibility Study 2024 Detailed engineering underway by BBA PERMITTING Federal Provincial permitting processes initiated 2022 ESIA filed June 2025 All permits in hand expected by end of 2026 PROJECT FINANCING LOI s totaling 1 3B Nov 2024 700M debt financing mandate Mar 2025 Offtake arrangements with Boliden Aurubis Jun 2025 PRE DEVELOPMENT CONSTRUCTION Pit dewatering Aug 2024 Construction start expected in 2027 START UP Commissioning Preproduction 2028 2029 26

CAPITAL STRUCTURE SHAREHOLDER DISTRIBUTION TSX TLG OTC CHXMF FRA CM5 CASH MARKETABLE SECURITIES C 21 7 million As of October 31 2025 Not including the 172 5 M public offering closed on November 14th 2025 ANALYSTS COVERAGE SHAREHOLDER DISTRIBUTION 8 64 MANAGEMENT INSIDERS INSTITUTIONAL 546M SHARES OUT TSX SHARE PRICE January 7 2026 52 week high low Market Cap 0 28 1 82 920 million CAPITAL STRUCTURE December 2025 Shares Outstanding 546 376 839 RSUs 24 089 465 Warrants 26 796 144 Options Nil Fully Diluted 597 262 448 OF WHICH 12 28 RETAIL OTHER 40 collectively owned by Desjardins Allison Carson ARE QUEBEC BASED TOP INSTITUTIONAL SHAREHOLDERS Cormark Richard Gray Haywood Pierre Vaillancourt Red Cloud Securities Ron Stewart Velocity Trade Capital Paul O Brien 27

CONSTRUCTION READY LEADERSHIP TEAM Justin Reid CEO Director Susanna Milne CFO Brianna Davies SVP Legal Corp Secretary Catherine Stretch VP Corp Affairs Sustainability Arsenault Jacqueline Leroux Caroline Daniel Bergeron Kyle Frank VP Exploration Senior Leaders added in past 6 months to strengthen execution capacity VP Environment Permitting VP VPCorporate Special Communications Projects DETAILED ENGINEERING UNDERWAY Proven experience delivering world class mines Detour Lake Canadian Malartic Strong site familiarity previously led flotation optimization at Troilus Andy Fortin VP Operations General Manager Denis Rivard EVP Projects Chris Sharpe VP Technical Services Julien Roufast VP Commercial Richard Groleau Infrastructure Tailings Project Director 45 person dedicated team at BBA working on Troilus Final flowsheet locked in on schedule Procurement strategy launched Multiple RFPs issued Owner s team EPCM organizational structures finalized 28

BOARD STRATEGIC ADVISORY STRENGTH DIRECTORS Chantal Lavoie Eng P Eng ICD D Diane Lai ICD D MBA Fran ois Biron B Sc A Chantal Lavoie Eng P Eng ICD D Chairman of the Board Nearly 40 years of leadership across mine development operations and corporate strategy Former COO Former COO Former COO CEO Brigitte Berneche CPA CA Hon Pierre Pettigrew p c Thomas Olesinski CPA CMA Justin Reid M Sc MBA Rob Doyle B Bus Sc ICD D Strategic Advisor to CEO and Chairman STRATEGIC ADVISOR Rob Doyle B Bus Sc ICD D Former CFO 18yrs from inception to a multi billion dollar producer Former CFO 29

COMMITTED TO THE RESPONSIBLE DEVELOPMENT OF OUR PROJECT Creating value for all our stakeholders while operating in a safe socially and environmentally responsible manner ESG MILESTONES 2020 2020 2021 Troilus implements a Sustainable Development Policy Recipient of the Inaugural ESG Report 2020 Implementation of the ONYEN ESG Reporting System EXCELLENCE IN SUSTAINABLE DEVELOPMENT AWARD 2022 2024 2025 Installation of alternative solar and wind energy system Troilus becomes a member of AQPER supporting the development and promotion of renewable energy across Qu bec troilusgold com sustainability UN Global Compact presented annually by the Quebec Mineral Exploration Association AEMQ Troilus joins the United Nations Global Compact initiative 2022 2020 2023 Troilus files the ESIA with the Government of Quebec and the Government of Canada ECOLOGO Certification Frst company to obtain certification for UL 2723 Certification Program for Responsible Development for Mineral Exploration Troilus engages Tugliq nergie Co to evaluate and implement solutions to reduce the project s carbon footprint 2025 Troilus Engages Stantec Blue Metric to complete the ESIA

ADVANCING LOW CARBON ENERGY SOLUTIONS Environmental stewardship is fundamental to how we operate Existing Hydroelectric Power Infrastructure 50MW substation at site upgraded and well maintained 107km of 161 kV high tension powerlines maintained by Hydro Quebec connect to site Renewable and low cost hydroelectric power Hybrid Renewable Energy System 500 solar panels producing 222 5 kWp and a 15 kWp wind turbine installed at site Reduces reliance on diesel fuel and provides backup power to support our ongoing activities Provide supplemental and backup power for the Troilus site Member of supporting the development and promotion of renewable energy across Qu bec Supports our goal of reducing GHG emissions and achieving carbon neutrality 31

Tier 1 Jurisdiction Among the top mining jurisdictions globally Generational Scale Asset 22 year mine life with excellent potential for growth POSITIONED FOR GROWTH Low cost Production 1st quartile AISC among current major Canadian gold mines Major Upcoming De Risking Milestones Project funding permitting Construction decision in 2026 Proven Team with a Strong Track Record Construction ready team external consultants in place 32

THANK YOU Stock symbols TSX TLG OTCQX CHXMF Contact us Follow us info troilusmining com 1 647 276 0050 FRA CM5 33

2017 TROILUS HISTORY AS A PAST PRODUCER 1950 s Initial exploration TROILUS MINE 1996 2010 Inmet Mining Corp operated the Troilus mine 14 years in operation 1996 2010 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 18 7Mt 1 16 g t 1983 44Mt 1 45 g t 0 70Moz Gold Price 1982 2 05Moz INFERRED 2018 Troilus Mining Corp begins trading on the TSX During this time Inmet was actively exploring and developing the 6th largest copper mine in the world in Panama 1981 INDICATED 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 1980 Remaining AuEq Resources Upon Closure 1993 Feasibility Study 1986 Initial drilling 10 20ktpd Open Pit Mine Gold 2Moz Copper 70 000t 2 5 NSR bought back in Nov 2020 for 20M 2011 Failed merger with Lundin Mining 1999 THE Troilus is acquired in Dec 2017 for 300 000 cash 2 5 NSR 2012 Hostile takeover of Inmet by First Quantum Minerals

PROVEN ABILITY TO RAISE CAPITAL SUSTAIN FINANCIAL STRENGTH Troilus has a demonstrated track record of securing funding across market cycles keeping the company well capitalized since 2018 C 50M Raised through sale of non core assets C 72 4M Raised through Bought Deals Financings Consistently raised capital through well structured financings earning the trust of institutional and strategic investors Demonstrated a creative diversified financing strategy to advance the project at every stage Backed by long term high quality shareholders validating both the project s scale and its execution readiness NOV 2022 SALE OF SELECT CLAIMS TO SAYONA MINING LTD C 245M Secured since 2018 through a diversified financing approach C 40M worth of Sayona shares C 10M private placement by Sayona C 49M Loan Facility MAY 2025 TROILUS SECURES LOAN AGREEMENT WITH AURAMET FOR UP TO US 35M C 17M Strategic Investments JULY 2021 C 11 5M INVESTMENT BY GOVERNMENT ARMS OF QUEBEC FEB 2025 C 5 8M INVESTMENT BY VANECK C 56 4M Raised through Flow through Financing 35

COMMUNITY ENGAGEMENT COLLABORATION Cree Community members visit Troilus We are proud to contribute to vibrant local communities through partnership and support of activities and events that promote youth healthy lifestyles culture social engagement and education To learn more visit www troilustogether com McLean Memorial School Sponsor Student participate in water analysis tests at Troilus Faunenord Research Program Sponsor Student of the C GEP de Saint F licien visit Troilus Sponsor of the Curling Club of Op miska in Chibougamau 36

LOCAL PROCUREMENT COMMUNITY ENGAGEMENT 2023 2024 Since Inception 2018 Quebec procurement Quebec procurement 65 of total 65 of total 37 million 135 million Local procurement Local procurement 24 million 97 million Chibougamau Chapais Mistissini 42 of total Chibougamau Chapais Mistissini 47 of total Community focused website launched in early 2025 www troilustogether com Yoshtin Cree company now providing all Cree staffing at site and in partnership with Morris Group selected as new camp services provider as of March 2024 Additional existing Cree partnerships 37

LONGITUDINAL SECTION RESOURCES RESERVES 2023 Resource Pits 2024 Reserve Pits RESOURCES RESERVES INDICATED INFERRED PROBABLE 508 3Mt 11 21Moz AuEq 0 69 g t AuEq 80 5Mt 1 80Moz AuEq 0 69 g t AuEq 380Mt 7 26Moz AuEq 0 59 g t AuEq SOUTHWEST X22 Z87 J Former Z87 Pit Former J Pit 500m 2018 2023 Drilling 2023 Resource Pit 2024 Reserve Pit 2023 Mineralization Envelope 38 See AuEq disclosure in the Appendix

MULTIPLE REGIONAL TARGETS TO SUPPORT GROWTH STRATEGY 1 ALLONG 110 g t Au grab sample 2018 2 BEYAN CRESSIDA Drill results 1 62 g t Au 34m 1 23 g t Au 21m 1 11 g t Au 19 3m 1 0 g t Au 44 6m 3 Grab Samples 12 g t Au 9 7 g t Au 32 5 g t Ag 2 TESTARD BULLSEYE Drilling Results 10 14 g t Au 1 8m 4 6 g t Au 7 6m incl 20 2 g t Au 1 2m 6 7 g t Au 3 2m Channel Samples 19 5 g t Au over 0 5m 19 3 g t Au over 0 5m 12 2 g t Au over 1 3m 4 1 Grab Samples Highlights 203 g t Au 2 440 g t Ag 1 020 g t Ag 6 02 Cu 3 4 PALLADOR ROCKET Drill Highlights 4 74g t Au 2 5m incl 19 24 g t Au 0 5m Boulder Grab Samples Up to 102 g t gold 39 See Appendix slide titled Notes related to REGIONAL EXPLORATION RESULTS for references to original filings of regional exploration results

3000 kg Composite 800 kg Composite METALLURGICAL TESTWORK OVERALL RECOVERIES Zone J ZONE SOUTHWEST Z87 ZONE X22 Gold g t 0 371 0 388 0 460 0 324 Sample Head Assay Copper Silver g t 0 059 0 772 0 052 0 762 0 072 0 353 0 024 0 476 Au g t 0 036 0 046 0 030 0 023 Sample Head Assay Zone J ZONE SOUTHWEST Z87 ZONE X22 Gold g t 0 434 0 624 0 590 0 327 Copper 0 059 0 065 0 070 0 069 Final Tails Assay Copper 0 004 0 005 0 007 0 002 Silver g t 0 141 0 138 0 030 0 091 Final Tails Assay Silver g t 0 836 1 123 0 262 1 110 Au g t 0 035 0 078 0 029 0 028 Copper 0 006 0 004 0 003 0 004 Overall Recoveries Gold Copper Silver Recovery Recovery Recovery 92 7 93 2 85 9 90 6 91 3 86 2 94 0 88 1 96 7 94 1 96 2 90 8 Overall Recoveries Silver g t 0 096 0 124 0 022 0 142 Gold Recovery 92 8 84 0 94 0 94 3 Copper Recovery 90 4 93 4 95 1 93 1 Silver Recovery 90 4 87 6 97 8 85 8 Metallurgy Consultants 40

STRIP RATIO 3 1 1 LOM STRIP RATIO ZONE PHASE Ore Mt Au g t Cu Ag g t NSR C T Waste Mt Total Mt Strip Ratio J ZONE 1 74 4 0 45 0 06 0 91 29 53 153 0 227 4 2 1 2 50 8 0 42 0 058 0 84 27 79 164 7 215 5 3 2 125 2 0 44 0 058 0 88 28 82 317 7 442 9 2 5 0 1 6 0 65 0 04 0 95 42 20 8 5 10 1 5 3 1 31 6 0 55 0 062 1 17 37 09 139 3 170 9 4 4 2 69 0 0 58 0 068 1 14 39 38 179 5 248 5 2 6 3 63 9 0 52 0 055 1 08 34 26 272 0 335 9 4 3 166 1 0 55 0 062 1 12 37 00 599 4 765 5 3 6 1 16 5 0 43 0 07 1 61 29 59 56 5 73 0 3 4 2 20 0 0 40 0 047 0 79 25 48 53 1 73 0 2 7 36 4 0 41 0 058 1 16 27 34 109 6 146 0 3 0 1 34 0 0 48 0 05 0 75 29 09 75 1 109 0 2 2 2 17 9 0 52 0 035 0 78 30 67 69 2 87 1 3 9 TOTAL 51 9 0 49 0 045 0 76 29 64 144 3 196 1 2 8 SUMMARY 380 0 49 0 058 1 00 32 37 1 171 1 550 3 1 TOTAL ZONE 87 STRIP RATIO BY ZONE 2 5 J ZONE 3 6 TOTAL ZONE X22 Z87 3 0 X22 TOTAL SOUTHWEST ZONE 3 0 SOUTHWEST 41

NOTES RELATED TO AuEq CuEq CALCULATIONS Open pit cut off grade is C 9 96 t NSR where the metal equivalents were calculated as follows Z87 Zone AuEq Au grade 1 5361 Cu grade 0 0133 Ag grade J Zone AuEq Au grade 1 4849 Cu grade 0 0123 Ag grade X22 Zone AuEq Au grade 1 5361 Cu grade 0 0133 Ag grade SW Zone AuEq Au grade 1 6535 Cu grade 0 0129 Ag grade Metal prices for the AuEq formulas are US 1 550 oz Au 3 50 lb Cu and 20 00 oz Ag Metal recoveries for the AuEq formulas are Z87 Zone 95 5 for Au recovery 94 7 for Cu recovery and 98 2 for Ag recovery J Zone 93 1 for Au recovery 89 3 for Cu recovery and 88 9 for Ag recovery X22 Zone 95 5 for Au recovery 94 7 for Cu recovery and 98 2 for Ag recovery SW Zone 85 7 for Au recovery 91 5 for Cu recovery and 85 6 for Ag recovery 42

MINERAL RESERVE CLASS Tonnage Mt Gold Grade g t Au Copper Grade Cu Silver Grade g t Ag AuEq Grade g t AuEq CuEq Grade Contained Gold Moz Contained Copper Mlbs Contained Silver Moz Contained AuEq Moz Contained CuEq Blbs Proven Probable 380 0 49 0 058 1 00 0 59 0 39 6 02 484 12 15 7 26 3 24 PROBABLE RESERVES BY ZONE ZONE Tonnage Mt Gold Grade g t Au Copper Grade Cu Silver Grade g t Ag AuEq Grade g t AuEq CuEq Grade Contained Gold Moz Contained Copper Mlbs Contained Silver Moz Contained AuEq Moz Contained CuEq Blbs Z87 166 1 0 55 0 062 1 12 0 66 0 43 2 95 225 5 97 3 53 1 58 J Zone 125 2 0 44 0 058 0 88 0 54 0 36 1 76 161 3 56 2 16 1 00 X22 36 4 0 41 0 058 1 16 0 52 0 34 0 48 46 1 35 0 60 0 27 Southwest 51 9 0 49 0 045 0 76 0 58 0 35 0 82 52 1 26 0 96 0 40 Total 380 0 49 0 058 1 00 0 59 0 39 6 02 484 12 15 7 26 3 24 Note This mineral reserve estimate has an effective date of January 15 2024 and is based on the mineral resource estimate dated October 2 2023 for Troilus Mining by AGP Mining Consultants Inc The Mineral Reserve estimate was completed under the supervision of Willie Hamilton P Eng of AGP who is a QP as defined under NI 43 101 Mineral Reserves are stated within the final pit designs based on a US 1 550 oz gold price US 20 00 oz silver price and US 3 50 lb copper price An NSR cut off of C 9 96 t was used to define reserves The life of mine mining cost averaged C 3 99 t mined preliminary processing costs were C 8 02 t ore and G A was C 1 94 t ore placed The metallurgical recoveries were varied according to gold head grade and concentrate grades 87 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively J pit recoveries for equivalent grades were 93 1 89 3 and 88 9 for gold copper and silver respectively X22 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively SW pit recoveries for equivalent grades were 85 7 91 5 and 85 6 for gold copper and silver respectively The formulas used to calculate equivalent values are as follows for 87 Pit AuEq Au 1 5361 Cu 0 0133 Ag for J Pit AuEq Au 1 4849 Cu 0 0123 Ag for SW Pit AuEq Au 1 6535 Cu 0 0129 Ag for X22 Pit AuEq Au 1 5361 Cu 0 0133 Ag Please refer to the identified risks in the Company s Annual Information Form available under the Company s profile at www sedarplus ca for known legal political environmental and other risks that could materially affect the potential development of the mineral resources and mineral reserves 43

MINERAL RESERVE AND AuEq CuEq DISCLOSURE Troilus AuEq Equations by Pit Reserve Metal Au Cu Ag Prices 1 550 3 5 20 Pit At 87 J SW X22 Units US oz US lb US oz Recoveries With At the 95 5 94 7 98 2 93 1 89 3 88 9 85 7 91 5 85 6 95 5 94 7 98 2 Value per grade unit AuEq Factors At With At the With At the 47 59 46 40 42 72 47 59 73 10 68 89 70 64 73 10 0 63 0 57 0 55 0 63 1 5361 1 4849 1 6535 1 5361 0 0133 0 0123 0 0129 0 0133 AuEq formulas AuEq Au 1 5361 Cu 0 0133 Ag AuEq Au 1 4849 Cu 0 0123 Ag AuEq Au 1 6535 Cu 0 0129 Ag AuEq Au 1 5361 Cu 0 0133 Ag CuEq Factors At At the 0 6510 0 6735 0 6048 0 6510 0 0086 0 0083 0 0078 0 0086 CuEq formulas CuEq Cu 0 6510 Au 0 0086 Ag CuEq Cu 0 6735 Au 0 0083 Ag CuEq Cu 0 6048 Au 0 0078 Ag CuEq Cu 0 6510 Au 0 0086 Ag Note The mineral reserve estimate has an effective date of January 15 2024 and is based on the mineral resource estimate dated October 2 2023 for Troilus Mining by AGP Mining Consultants Inc The Mineral Reserve estimate was completed under the supervision of Willie Hamilton P Eng of AGP who is a Qualified Person as defined under NI 43 101 Mineral Reserves are stated within the final pit designs based on a US 1 550 oz gold price US 20 00 oz silver price and US 3 50 lb copper price An NSR cut off of C 9 96 t was used to define reserves The life of mine mining cost averaged C 3 99 t mined preliminary processing costs were C 8 02 t ore and G A was C 1 94 t ore placed The metallurgical recoveries were varied according to gold head grade and concentrate grades 87 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively J pit recoveries for equivalent grades were 93 1 89 3 and 88 9 for gold copper and silver respectively X22 pit recoveries for equivalent grades were 95 5 94 7 and 98 2 for gold copper and silver respectively SW pit recoveries for equivalent grades were 85 7 91 5 and 85 6 for gold copper and silver respectively 44

NOTES RELATED TO REGIONAL EXPLORATION RESULTS Allong Results See press release dated December 9 2020 Troilus Expands High Grade Testard Zone with Outcrop Samples up to 80 g t Gold and 1 060 g t Silver and Channel Samples up to 19 5 g t Gold Beyan Zone Expanded with 12 g t Gold Outcrop Sample Located 600 Metres North of Main Discovery A copy of which is available on SEDAR www sedarplus ca under the Company s issuer profile https troilusgold com news and media news releases troilus expands high grade testard zone with outcrop samples up to80 gt gold and 1060 gt silver and channel samples up to 195 gt beyan zone expanded with 12 gt gold outcrop samplelocated 600 metres north of main discovery Beyan Cressida Results See press release dated April 11 2023 Troilus Drills 10 78 g t Gold Over 7m incl 66 8 g t Gold Over 1m and 1 64 g t Gold Over 16m at the Cressida Target 10 Km Southwest of the Main Resource Gold Zone Confirmed Over 1 3km Strike Length A copy of which is available on SEDAR www sedarplus ca under the Company s issuer profile Pallador Rocket Results Boulder Grab sample up to 102 g t gold See UrbanGold Minerals Minerals Inc press release dated September 2 2020 UrbanGold Announces up to 102 g t Au in Additional Grab Samples at Pallador A copy is available under the company s profile on SEDAR www sedarplus ca under the Company s issuer profile https www sedarplus ca csaparty records document html id 1498be21b4e72b73a5d9d182d3fde0f90324d68bef60afd8acef575a344deb51 Drill highlights 4 74g t Au 2 5m incl 19 24 g t Au 0 5m See UrbanGold Minerals Inc press release dated March 17 2021 UrbanGold Confirms Recent Regnault Discovery Intersecting Gold in Three New Drill Holes A copy is available under the company s profile on SEDAR www sedarplus ca under the Company s issuer profile https www sedarplus ca csaparty records document html id 744a74045b7e8935a59ce7d6f88334bc6a5897f31bff674e0f0ee22c8d98d3a6 https troilusgold com news and media news releases troilus drills 1078 gt gold over 7m incl 668 gt gold over 1m and 164 gtgold over 16m at the cressida target 10 km southwest of the main resource gold zone confirmed over 13km strike length Testard Results Grab Samples See press release dated March 31 2022 Troilus Announces New Discovery At Testard Drills 4 6 G T Gold Over 7 6m Incl 20 2 G T Over 1 2m 6 7 G T Gold Over 3 2m 10km From Main Mine Site A copy of which is available on SEDAR www sedarplus ca under the Company s issuer profile https troilusgold com news and media news releases troilus announces new discovery at testard drills 46 gt gold over 76mincl 202 gt over 12m 67 gt gold over 32m 10km from main mine site Channel Samples See press release dated December 9 2020 Troilus Expands High Grade Testard Zone with Outcrop Samples up to 80 g t Gold and 1 060 g t Silver and Channel Samples up to 19 5 g t Gold Beyan Zone Expanded with 12 g t Gold Outcrop Sample Located 600 Metres North of Main Discovery A copy of which is available on SEDAR www sedarplus ca under the Company s issuer profile https troilusgold com news and media news releases troilus expands high grade testard zone with outcropsamples up to 80 gt gold and 1060 gt silver and channel samples up to 195 gt beyan zone expanded with 12gt gold outcrop sample located 600 metres north of main discovery 45