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2 Sustainability Report Troilus Gold Corp 0 2 3 troilusgold com TSX TLGT rOoiTluCsQGXo lCdHCXoMrpF

Report on Sustainability OVERVIEW About Troilus Gold Corp 1 Message from the CEO 2 Our Approach to Sustainability 3 Commitment to Transparency Best Practices 4 Stakeholder Engagement 5 Governance Ethics 8 Climate Change 11 Health Safety 12 Maintaining a Safe Workplace 13 Hazard and Risk Assessment 13 Maintaining a Healthy Lifestyle 14 Road Safety 15 Environment 16 The Permitting Process 17 Environmental Compliance 18 Water Stewardship 19 Energy Consumption Management 22 GHG Emissions 22 Biodiversity 23 Tailings Management 24 Waste Management 25 People 26 Our People 27 Diversity Inclusion 27 Learning and Development 28 Employee Engagement 29 Community 30 Partnership with the Cree Nation 31 Highlights 31 Community Donations Sponsorships 32 Community Engagement 33

Cautionary Language Legal Disclaimers Except for statements of historical fact relating to Troilus certain information contained herein constitutes forward looking information under Canadian securities legislation Forward looking information includes without limitation statements with respect to the mineral resource and reserve estimates for the Project with respect to the Feasibility Study FS statements regarding results 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 with respect to the timing of future studies including the environmental assessments including the timing of an environmental impact study and development plans the timing and progress of the Federal and Provincial permitting processes the timing and success of detailed engineering in preparation for construction the ability of the Company to secure sufficient project financing the opportunity to expand the scale of the project the project becoming a cornerstone mining project in North 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 success 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 the anticipated results of the Company s 2024 drill program and their possible impact on the potential size of the mineral resource estimate and the likelihood that the Company s sustainability initiatives will be successful and have the intended positive impact on the Company s performance on the timeline projected or at all Generally forwardlooking 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 Additionally there can be no assurance that the sustainability initiatives of the Company will be successful or result in the intended positive impacts on the Company s operations or its performance on the timeline anticipated or at all 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 Forward looking information is provided for the purpose of providing information about management s expectations and plans relating to the future All of the forward looking statements made in this MD A are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada including but not limited to the cautionary statements made in the Risk and Uncertainties section of the Annual Information Form dated October 26 2024 and the Management Information Circular dated October 31 2023 both filed on SEDAR and this MD A 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 These factors are not intended to represent a complete list of the factors that could affect the Company Economic analyses including mineral reserve and mineral resource estimates in technical reports are based on commodity prices costs sales revenue and other assumptions and projections that can change significantly over short periods of time As a result economic information in a technical report can quickly become outdated Troilus disclaims any intention or obligation to update or revise any forward looking information or to explain any material difference between subsequent events and such forward looking information except to the extent required by applicable law and regulations Qualified Person The technical and scientific information in this press release has been reviewed and approved by Nicolas Guest P Geo Exploration Manager who is a Qualified Person as defined by NI 43 101 Mr Guest is an employee of Troilus and is not independent of the Company under NI 43 101

About this Report The 2023 Sustainability Report the Report is Troilus Gold Corp s 4th public report that provides a detailed account of the Company s health safety environmental and social performance from January 1 2023 to December 31 2023 This report underscores Troilus Gold Corp s dedication to transparency in its sustainable development initiatives and responsible mining practices It provides a comprehensive overview of our approach to critical environmental social and governance ESG areas aligning with the United Nations Sustainable Development Goals SDGs and the ECOLOGO Certification for Mineral Exploration In this report Troilus highlights its commitment to sustainability and details how we meet specific UN SDGs in each section This report has been prepared for stakeholders at local regional and global levels and offers insight into the mining industry s sustainability performance The report has been reviewed by the Executive Management Team and the Board of Directors Throughout the report references to Troilus Gold Corp include Troilus the Company as well as we us and our Unless otherwise specified all funds are reported in CAD

About Troilus Gold Corp Troilus Gold Corp is a Canadian development stage mining Company focused on the systematic advancement of the former gold and copper Troilus Mine towards production The Troilus copper gold project is located in the tier one mining jurisdiction of Quebec Canada where it holds a large land position of 435 km in the Fr tet Evans Greenstone Belt A Feasibility Study completed in May 2024 supports a large scale 22 year 50ktpd open pit mining operation positioning it as a cornerstone project in North America HIGHLIGHTS Troilus Gold Chibougamau Val d Or Montreal 11 21 Moz AuEq Indicated Mineral Resources 21 2 M Local Procurement 32 Employees 1 1 80 Moz AuEq Inferred Mineral Resources 43 627 Community Investments 43 Female Workforce

A Message from the CEO Dear Stakeholders I am pleased to introduce Troilus 2023 Sustainability Report At Troilus Gold Corp our commitment is to hold ourselves to the highest standards when it comes to the people who work for us the communities we operate in and the natural environment we are charged with protecting Over the past year our ESG framework has continued to evolve as we prioritize a sustainable mindset throughout the Company that will have a lasting impact for many years to come Although still in the exploration and development phase we look ahead to a time when the mine will be back in production and know that now is the time to make bold and forward thinking decisions that will have far reaching implications for the future sustainable operation of the Troilus mine At Troilus we believe that our objective is not only to deliver returns to shareholders as we advance the development of the Troilus mine but also to build an operation that will have a long lasting positive impact for all of our stakeholders Respect commitment consultation and transparency will create lasting success beyond the life cycle of the Troilus mine Reflecting on 2023 it is important to discuss the profound impact of climate change evidenced by the increased frequency and intensity of forest fires which we experienced firsthand in the summer of 2023 leading to evacuation and a six week shut down of our mine site These experiences make it even more imperative to implement measures that protect the health and safety of our employees communities and our surrounding environment and actively make decisions for the future to deliver a sustainable operation that can evolve and adapt to climate change over the long term We also continued to steadily progress the Federal and Provincial permitting processes with the completion of several successful consultations in the local communities of Chibougamau Mistissini and Chapais a key component to ensuring social acceptability of the future mining operation Our objective is to uphold the legacy of the former Troilus mine operated by Inmet from 1996 to 2010 through the four pillars of our Sustainable Development Policy our people our environment health safety and our local communities This report significantly expands the scope and depth of our sustainability reporting which has evolved over the past four years I invite you to explore our 2023 report to learn about our achievements and the steps we are taking to ensure long lasting positive impacts for all stakeholders Thank you for your interest in our 2023 sustainability report We remain committed to leading the way in ESG implementation as an exploration development stage company focusing on immediate and future measures that will benefit all stakeholders over the long term We welcome your feedback and comments I also want to express my heartfelt gratitude to all Troilus employees whose dedication to our sustainable practices has been crucial to our success this past year Despite these challenges 2023 held important achievements in sustainable development We reinforced our commitment with an updated Sustainable Development Policy which provides the framework to align our project with the highest environmental social and ethical standards C Justin Reid Director CEO 2

Our Approach to Sustainability At Troilus the key to ensuring the responsible development of our project and achieving our sustainable development goals is ensuring sustainability remains our Company s core value We integrate best practices and sustainable innovations to stay at the forefront of environmental social and governance ESG standards The Company aims to implement sustainable practices at all levels of the organization maintain an open approach to monitoring our practices and actively seeks new innovations that have the potential to create positive and lasting impacts for the communities and environments in proximity to our activities To ensure understanding and adherence to sustainable development Troilus has in place a Sustainable Development Policy Troilus sustainable development policy reflects the Company s values with its employees and communities of interest emphasizing honesty transparency and integrity The policy is built on four guiding cornerstones People Environment Health Safety and Communities PEOPLE We aim to maintain a productive and supportive work environment that is based on mutual respect fairness and integrity HEALTH SAFETY We aim to operate a safe and healthy workplace that is injury free and enhances the well being of employees ENVIRONMENT We aim to eliminate minimize and mitigate impacts of our operations on the environment to maintain its viability and diversity COMMUNITIES We aim to contribute to the social and economic development of sustainable communities to ensure a legacy of improvement Additionally Troilus is dedicated to pursuing best practices that go beyond regulatory requirements The Company is an active member of global communities with voluntary standards dedicated to achieving a more sustainable and cleaner future for all In late 2023 Troilus introduced a Supplier Code of Conduct to ensure responsible business practices throughout the supply chain The code addresses potential impacts suppliers may have on the environment health safety human rights and labour in delivery of services to Troilus and ensures that our suppliers adhere to Troilus standards and conduct business with us in an ethical legal and responsible manner 3

Commitment to Transparency Best Practices In August 2020 Troilus became the first mineral exploration Company in Quebec to obtain UL 2723 ECOLOGO Certification for the Responsible Development for Mineral Exploration Companies which requires that Troilus engages in environmental social and economic best practices The standard is administered and maintained by Underwriters Laboratories UL an independent safety testing certification and inspection organization with a trusted name for more than 125 years Troilus has remained compliant with the certification s indicators which has included third party auditing Troilus recognizes the vital role companies play in achieving the United Nations Sustainable Development Goals SDGs In August 2022 Troilus was among the first junior mining companies to join the United Nations Global Compact a global community of over 16 000 companies committed to achieving the SDGs Our voluntary membership in this initiative is a commitment to conduct our business responsibly and align our activities with the Ten Principles in areas of human rights labour environment and anti corruption as well as to contribute meaningfully to a global effort As a member of the United Nations Global Compact Troilus is committed to helping achieve the 17 SDGs The SDGs or Sustainable Development Goals are 17 global objectives set by the United Nations in 2015 aiming to eradicate poverty protect the environment and ensure prosperity for all by 2030 These goals cover a broad spectrum of interconnected issues such as poverty reduction environmental sustainability health education gender equality and economic growth The SDGs provide a framework for governments businesses and civil society to collaborate on addressing critical global challenges promoting a fairer more sustainable and prosperous future for everyone and the planet SDG icons are featured throughout the 2023 Sustainability Report highlighting the Company s contributions to these goals through its various activities For more information on how Troilus integrates the SDGs into its daily operations please visit https troilusgold com sustainability un global compact 4

Stakeholder Engagement Engaging with our key stakeholders remains central to our sustainability commitment We understand the importance of building a comprehensive understanding of their interests concerns and goals as well as building enduring relationships and a framework for communication to ensure social acceptability for the development of the Troilus mine By actively listening and responding to our stakeholders we reinforce our dedication to transparency accountability and continuous improvement INVESTORS ANALYSTS WORKFORCE INDIGENOUS GROUPS SUPPLIERS GOVERNMENT REGULATORS 5 COMMUNITIES

How We Engage Stakeholder Investors and Analysts How We Engage Regular updates site visits and progress reports conferences press releases presentations one on one meetings Workforce Regular meetings training sessions and internal communications Communities Indigenous Groups Suppliers and Contractors Meetings with political leaders and local government officials social media community newsletters ongoing community consultations site visits participation in local events and support for community initiatives Meetings with political leadership and relevant government departments site visits in person meetings community consultations participation in community events quarterly discussions Contract negotiations performance reviews regular communications Government Regulators Ongoing interactions as part of the permitting process compliance meetings 6

Engaging with Local Stakeholders Troilus approach to the responsible development of the Troilus Project includes maintaining transparent two way communication channels with all its stakeholders The Company values feedback and knowledge shared by members of the community many of whom have hands on experience with the previous operation Troilus is committed to actively listening to concerns and complaints ensuring they are treated with respect and handled in a timely manner In addition to its head office in Montreal and corporate office in Toronto Troilus Gold Corp also has offices in Chibougamau and in Mistissini Quebec Canada Both of these offices operate with an open door policy where we maintain a welcoming environment for dialogue and feedback with members of the community who wish to engage with the Troilus team Moreover Troilus employs a Community Liaison Officer based in Mistissini who serves as the connection between the Cree community of Mistissini and the Company ensuring that concerns and inputs from the community are taken into account for the collaborative development of our project and indigenous knowledge is incorporated in the development process 7

Governance and Ethics Troilus is committed to strong governance and believes it is vital to creating long term value for its stakeholders We maintain rigorous Corporate Governance standards and adhere to best practices which strengthen our accountability and enable us to operate ethically and responsibly enhancing our ESG performance The roles and responsibilities of both the Board of Directors and the Executive management team have been defined as well as lines of accountability within Troilus down to the operational level In 2023 Troilus s Board of Directors was comprised of 6 directors of whom 5 are independent The Board of Directors bring together a wealth of diverse skills and experience essential for effective governance The board includes seasoned executives and entrepreneurs with extensive experience in the mining industry global marketing corporate tax and individuals who have held high level government and advisory roles The board also benefits from strong backgrounds in mine management finance and forensic accounting With decades of experience in geology capital markets and the mineral resource sector their collective expertise ensures the strategic direction and long term sustainability of the Company Troilus has a well established set of policies and procedures that form the foundation of our governance approach and guide all activities at Troilus Our commitment to upholding strong corporate ethics is supported by accountability and transparency The policies and procedures are communicated internally through annual employee training sessions to ensure that ethical standards are integrated into all aspects of our business practices 8

Corporate Governance Policies Code of Business Conduct and Ethics Troilus Code of Business Conduct and Ethics outlines the principles of conduct and ethics to be followed by our employees officers and directors Its purpose is to encourage honest and ethical behaviour avoid conflicts of interest ensure accurate and transparent disclosure in reports and communications comply with applicable laws and regulations and promote a culture of accountability and integrity within the Corporation The Code applies to all employees officers directors and consultants working with Troilus and is in accordance with all applicable laws rules and regulations to the highest ethical standards Corporate Disclosure Confidentiality and Insider Trading Policy Troilus maintains a strong Corporate Disclosure Confidentiality and Insider Trading Policy complying with Canadian securities laws and stock exchange regulations We prioritize transparent and timely disclosure preventing selective disclosure of material changes to analysts and investors and strictly enforcing insider trading prohibitions Anti Bribery and Anti Corruption Policies The Anti Bribery and Anti Corruption Policy is a commitment to comply with all antibribery and anti corruption laws in the jurisdictions Troilus operates All directors officers employees and representatives are strictly prohibited from engaging in bribery or corrupt activities in any shape or form The policy provides employees with the tools to recognize and avoid bribery and corruption and monitors compliance through annual reviews and clear consequences for violations Whistleblower Policy The Whistleblower Policy establishes procedures for receiving and handling complaints related to accounting internal controls auditing matters or violations of the Corporation s Code of Business Conduct and Ethics It allows employees to submit concerns anonymously and confidentially The policy prohibits discrimination harassment or retaliation against anyone reporting such complaints or assisting in related investigations or proceedings All employees directors and officers are responsible for maintaining a workplace free from any form of prohibited conduct outlined in the policy and no one has the authority to engage in such behaviour Sustainable Development Policy Troilus Sustainable Development Policy establishes a comprehensive framework for conducting business that aligns with ethical environmental and social responsibilities and contributes to the prosperity of our employees and their families local communities and service providers The policy reflects the Company s values including honesty transparency and integrity To read more please visit our website at www troilusgold com 9

Conflict Minerals and Artisanal Mining Conflict minerals and artisanal mining can often be linked to human rights abuses financing violence and environmental damage and unsafe working conditions respectively Although they are significant concerns that arise within the mining industry they do not impact our current activities since Troilus operates solely in Canada In alignment with our commitment to high standards of governance and ethics all employees have participated in anti corruption training ensuring that our entire workforce adheres to practices led with integrity across all aspects of our business To read more please visit our website at www troilusgold com Troilus Gold Corp is committed to fostering a non discriminatory work environment that respects and upholds the rights of all individuals regardless of gender identity ethnicity or background We believe in the importance of diversity and inclusion and strive to create a workplace where everyone is treated with dignity and respect In line with our commitment to women s rights and Indigenous rights we adhere to the principles set forth in the United Nations Declaration on the Rights of Indigenous Peoples UNDRIP We also support the International Labour Organization s ILO Convention 169 which focuses on Indigenous and Tribal Peoples rights and ensure that our activities and our practices are aligned with the United Nations Guiding Principles on Business and Human Rights 10

Climate Change The effects of climate change continue to present significant challenges to businesses and have impacted regularly scheduled activities at Troilus underscoring the need for organizations to develop strategies to mitigate their environmental impacts and be prepared to adapt to an uncertain future In June 2023 the Eeyou Istchee James Bay region of northern Quebec experienced significant forest fires that affected the Troilus site Following guidance from local authorities activities at the Troilus site were suspended for six weeks and employees were evacuated to ensure their health and safety and minimize exposure to smoke While the Troilus site itself did not experience any damage from the fires connection to the electricity grid was lost due to fire damage to the transmission lines south of the Troilus site Backup diesel generators on site provided the energy needed to resume activities once the evacuation order was lifted but the use of diesel as a primary fuel source increased Scope 1 GHG emissions compared to prior years The forest fires highlighted the importance of our emergency preparedness and the need to ensure the safety of our workers and communities We anticipate that such extreme weather events may become more frequent due to climate change necessitating ongoing vigilance and adaptation in our operational strategies It is our intention at Troilus to design and build a carbon neutral operation for the future In 2022 the Company engaged Tugliq Energy Corp to create a roadmap toward this goal We are actively exploring innovative solutions to ensure preparedness for changing conditions and develop a mix of alternative energy sources to supplement our main sustainable source of electricity from HydroQuebec Access to the hydroelectric grid is a critical component of our energy strategy and we are also exploring alternative energy sources such as wind and solar to supplement the grid supply By adapting to environmental challenges and leveraging innovative solutions we aim to minimize our carbon footprint and contribute positively to global climate goals Our commitment to responsible mining and proactive environmental stewardship ensures that we not only address immediate impacts but also build a sustainable future for our neighbouring communities 11

A Safe Workplace Zero accidents enhanced well being At Troilus the health and safety of our employees communities and stakeholders is a top priority We are dedicated to providing a safe workplace and have implemented best practices to provide a work environment that is injury and fatality free Our goal is to achieve zero accidents in the workplace minimize safety risks and enhance the wellbeing of employees contractors and communities We maintain a strong health and safety culture by emphasizing individual accountability leadership and providing continuous training opportunities 2023 Total Working Hours Total Hours Worked in H1 Total Hours Worked in H2 Total Hours Worked 67 622 47 502 115 124 12

Maintaining a Safe Workplace Each employee completes 22 hours of Health and Safety Training per year All Troilus employees receive comprehensive health and safety induction upon their arrival at site To ensure our employees are prepared for emergencies and safety is kept top of mind employees participate in an annual first responder training and participate in training sessions on specific topics throughout the year which include proper use of PPE safe usage of power tools impact of working in extreme cold or extreme heat Hazard and Risk Assessment Hazard and Risk Management is integral to maintaining a safe work environment Troilus maintains strict safety protocols to ensure the health and safety of its employees service providers and visitors and employs a hierarchy of controls to eliminate hazards and minimize risks The Company utilizes a Health and Safety manual that is updated annually to reflect the latest practices It also includes a detailed emergency evacuation procedure for threats including forest fires extreme weather and severe injury All physical hazards on site are clearly marked and personal and protective equipment PPE is provided to all employees To ensure immediate response to any emergencies a fully qualified nurse is always stationed on site in addition to employees who have received the emergency response and first responder training 13

Maintaining a Healthy Lifestyle At Troilus Gold Corp we maintain a holistic approach to health and safety prioritizing the well being of our employees by encouraging a healthy and active lifestyle The health and wellness of our workforce remain a top priority and we actively monitor our site and offices for potential exposure to hazardous substances We also provide comprehensive support for our employees physical and mental health which can be negatively impacted by the nature of shift work rotation which requires long absences from family and community support To promote an active lifestyle we offer a well equipped fitness facility access to outdoor trails a skating rink and snowshoes available for use in winter months kayaks and bicycles in the summer Informative posters on best hygiene practices are displayed throughout our facilities to further encourage healthy habits Our onsite cafeteria continues to offer a variety of nutritious food choices daily ensuring that our employees have access to balanced meals that support their overall health In 2021 Troilus Gold Corp implemented a comprehensive Drug and Alcohol Policy that applies to all employees and contractors at the Troilus site This policy is designed to provide clear guidelines and ensure the health and safety of everyone By maintaining a drug and alcohol free workplace we reinforce our commitment to a safe and responsible work environment 14

Road Safety Our commitment to safety extends to every aspect of our operations including transportation and travel protocols We reinforce adherence to speed limits throughout our site recognizing that responsible driving is a key factor in preventing accidents and ensuring the well being of our employees Staff travelling along the Route du Nord to get to site are required to maintain radio contact enabling real time communication and assistance in unforeseen circumstances Additionally we prioritize the safety of our employees by discouraging road travel at night This precautionary measure ensures that our staff can avoid potential hazards associated with reduced visibility and heightened risks during nighttime travel 15

Environment Eliminate minimize and mitigate impacts on the environment and maintain its viability and diversity At Troilus we are deeply committed to responsible environmental stewardship prioritizing the minimization and mitigation of our impacts on the surrounding habitat Effective environmental management is essential to our project s success guiding everything from daily on site operations to our broader corporate strategy Our approach focuses on implementing measures to identify assess and address risks and opportunities aiming to reduce greenhouse gas emissions conserve biodiversity and tackle the challenges of climate change We ensure that all employees consultants and contractors are aligned with our environmental commitment Additionally we collaborate closely with local communities integrating their knowledge concerns and priorities into our environmental stewardship of the Troilus property 16

The Permitting Process In 2023 Troilus continued to steadily advance the federal and provincial permitting processes for the Troilus project Public consultations were successfully conducted by in Mistissini Chibougamau and Chapais The insights and feedback gathered from the consultation process are inputs necessary for the Environmental and Social Impact Assessment ESIA ensuring that the voices of First Nations Communities impacted families and other local stakeholders are heard The Environmental and Social Impact Evaluating Committee COMEV the body responsible for reviewing preliminary information provided by mining project proponents in the region lower than the 55th parallel in the James Bay and Northern Quebec Agreement JBNQA provided a thorough assessment of the project description and its potential impacts and provided detailed guidelines for the Project s ESIA Troilus completed baseline studies required for the submission of the ESIA which included comprehensive inventories for various physical components surface water quality bathymetry of lakes flow rates of creeks and rivers underground water quality and flow rates soil and rock both environmental and structural greenhouse gases noise sediments and geochemistry Additionally several technical studies were undertaken to support both the ESIA which included evaluations of tailings disposition methods dyke construction methods climate change scenarios creek diversion scenarios and power line relocation scenarios In September of 2023 Troilus also engaged Stantec and Blue Metric to complete the ESIA which is anticipated to be completed by the end of 2024 17

Environmental Compliance Troilus is dedicated to adhering to all applicable environmental laws and regulations from the Quebec Fauna Ministry MFFP Minist re de la For t de la Faune et des Parcs in addition to standards outlined by third party initiatives including its ECOLOGO Certification and the UNGC s SDGs These include best practices for pre work during and post work inspections to confirm no environmental risks The Troilus team has proactively identified site activities that have the potential to cause environmental impacts and carefully assessed the risks and opportunities each presents Our monitoring efforts cover a broad scope of factors including soil and water quality flora and fauna inventories social assessments and land use and filing of regulatory reports as required 0 instances of non compliance with environmental regulations 18

Responsible Water Stewardship Water stewardship at Troilus is focused on monitoring and maintaining the quality of water resources through regular testing innovative strategies and active engagement with local communities Water scarcity is not an issue for our operations as there is an abundance of fresh surface water and groundwater KEY HIGHLIGHTS Total volume of water reused and recycled 159 00 ML Total Water withdrawn from freshwater sources 169 ML Total water withdrawn 169 ML Total water consumed in areas of high stress 0 19

Water usage and recycling Troilus prioritizes recycling and reuse of water to reduce freshwater withdrawals throughout its operations Water is tested regularly to ensure it meets safety and environmental standards with results reported to provincial regulators Drilling at the Troilus site accounts for most of the Company s water usage Other uses include sanitation drinking and core cutting Importantly water used for drilling is returned to its natural ecosystem upon completion and water used for core cutting is reused further minimizing our freshwater consumption No water is withdrawn from areas of highwater stress Troilus operates in regions with abundant water resources ensuring that its operations do not contribute to water scarcity issues As part of Troilus s long term strategic planning the water management of two formerly mined pits on site is being incorporated into future development These pits have accumulated water over the years from rain and snowmelt and Troilus has been granted a permit to commence dewatering them as part of its exploration activities In 2023 water was moved from the smaller pit J4 to the larger pit Z87 to prevent overflow into the surrounding habitat In 2024 Troilus plans to begin pumping water from the smaller pit treating it in an adjacent water treatment facility and releasing it into a nearby creek This will facilitate exploration at the bottom of the pits once they are empty Eventually both pits will need to be fully dewatered as mineral resources are located beneath and around the existing pits Regular water testing along with extensive planning and consultations with Indigenous land users ensures that the flow temperature and dispersal of water are responsibly managed and will not negatively impact the fish and amphibian populations in surrounding water bodies Troilus s long term water management strategy includes minimizing environmental impacts such as water diversion runoff from waste piles water treatment from the tailing s facility and water recycling Water management is a key concern for Indigenous communities impacted by the mine site and their guidance and input are integral to the design of the future mine 20

Water Monitoring and Community Collaboration Troilus follows best water management practices to maintain healthy water quality and minimize the impacts of water withdrawal on the natural habitat The Company s mitigation strategy has included collaboration with First Nations communities and land users to incorporate traditional knowledge of the land into our water management design and plan Indigenous land users have territorial rights to engage in hunting and fishing on the Troilus property so ensuring these activities are not adversely impacted by our activities is a priority for all stakeholders As a closed mine site Troilus is also responsible for a post closure monitoring program to continuously evaluate the water quality and treat as required at the tailings facility that was used during the former operation The existing tailings facility has been reclaimed and revegetated since the former mine ceased operation in 2010 now blending into the surrounding natural habitat and a favoured watering hole of native birds 21

Energy Consumption and Management Troilus benefits from access to sustainable energy to meet its power consumption requirements and is committed to implementing alternative solutions for optimal energy efficiency Most of the energy consumed at Troilus is derived from renewable hydroelectric power which is delivered to the site via a pre existing 50MW substation connected to the Hydro Quebec utility grid The Company has a proactive energy management strategy and envisions a future operation that will target carbon neutrality through a mix of purchased hydroelectric energy and on site generation of alternative energy from solar and wind KEY HIGHLIGHTS Total energy consumed 22 704 GJ of energy consumed that is renewable 40 23 Non renewable energy consumed 22 704 GJ Greenhouse Gas GHG Emissions SCOPE 1 970 768 t CO2e SCOPE 2 2 537 t CO2e Since it is not yet in production GHG emissions at Troilus remain low but are tracked to better understand the available energy mix and develop plans for a carbon neutral future In 2023 Troilus generated 973 8 tonnes of CO equivalent Scope 1 Emissions Our total Scope 2 emissions remain low at 2 54 tonnes of CO equivalent as the majority of our energy is sourced from renewable hydroelectric power Troilus does not report Scope 3 emissions at this stage as they are currently negligible While emissions of nitrous oxide sulphur oxide and volatile matter remain at zero our reliance on backup diesel power in 2023 doubled our overall GHG footprint compared to prior years This increase was an indirect impact of climate change In the summer of 2023 forest fires raged across Northern Quebec necessitating evacuations from towns and work sites and burning transmission lines across the region Although the forest fires did not reach Troilus our connection to the HydroQuebec grid was lost and we had to rely on diesel powered generators for several months to sustain operations until grid power was restored in November This event emphasized to us the importance of planning for climate change risks such as forest fires and developing a mix of energy supply solutions for the future which will reduce our reliance on the provincial electricity grid and provide an ongoing localized source of sustainable cost effective electricity generation 22

Biodiversity Conservation and protection of the natural ecosystems that exist within and around the Troilus property is a top priority for the Company and its stakeholders Through continuous consultations with First Nations local communities and government officials Troilus has gained a comprehensive understanding of the environmental impacts of past current and future activities and works diligently to minimize and mitigate The Company acknowledges the importance of engaging with stakeholders to conserve biodiversity and integrating their feedback to create a well rounded approach to environmental stewardship Troilus has maintained its commitment to its ECOLOGO certification in 2023 which ensures stringent environmental and biodiversity management practices are maintained with third party validation These practices include pre work inspections to detect any endangered or invasive species maintaining protective buffers around sensitive areas such as waterways and conducting inspections during and after operations to ensure that biodiversity is not adversely affected Troilus seeks to ensure its activities do not impact endangered species large growth trees and other locally important species and to rehabilitate the land once work has been completed Since 2019 we have been actively evaluating animal habitats within our ecosystems mainly focusing on fish habitats and distribution to minimize future project impacts and ensure thoughtful infrastructure planning Our biodiversity management plan complies with provincial regulations including guidelines from the Quebec Ministry of Forests Fauna and Parks MFFP which are integrated into our daily activities Additionally the ECOLOGO certification provides a framework that guides our practices around water natural resource consumption waste generation and environmental impacts throughout the lifecycle stages of exploration appraisal and site development 23

Tailings Management The Troilus site is unique because while it is a project in the exploration development phase it is also a project in the closure phase since the Troilus mine was operated from 1996 to 2010 by Inmet Mining Corporation Facilities at the Troilus site include a fully permitted tailings facility covering 300 hectares which has been in rehabilitation since it was last used in 2010 The tailings facility has been revegetated and returned to a natural state since it was in use but ongoing monitoring and management of the tailings is an ongoing environmental responsibility for the Company Water from the tailings facility is tested daily and treated as required ensuring it meets stringent environmental standards before being reintegrated into the ecosystem The recently released Feasibility Study for the Troilus Project contemplates continued use of the existing tailings facility for the first 13 years of contemplated production The tailings facility will be upgraded to incorporate the latest best practices in tailings design and management to minimize environmental impact and protect local communities and employees during the production years 24

Waste Management At Troilus effective waste management is integral to our commitment to minimizing environmental impact In 2023 Troilus produced less than 1 000 kg of hazardous waste which accounted for 7 8 of the total waste produced on site No spills of hazardous waste were recorded highlighting our dedication to safe handling and containment practices Hazardous waste is stored in specialized containers and recovered by a designated contractor every 3 4 months ensuring proper disposal We maintain separate systems for wastewater disposal and food waste to further minimize landfill contributions 27 42 of our non hazardous waste not including batteries and metals was recycled in 2023 Troilus has a recycling program that eliminates the use of plastic water bottles on site and collected recyclable materials are transported to Chibougamau for processing Our approach emphasizes waste separation and responsible disposal to reduce our environmental footprint Troilus is assessing various options to ensure sufficient waste management capacity These options include partnering with local trench landfills or expanding the existing trench landfill at the Troilus site All potential solutions are being considered with careful environmental planning and collaboration with land users to ensure sustainable waste management practices for years to come Geochemistry and Waste Management In 2023 Minesite Drainage Group MDAG completed a groundbreaking geochemistry study on the waste rock piles at the Troilus site This study assessed the potential for acid rock drainage ARD from waste rock which can pose environmental risks if it is not properly managed The study used Acid Base Accounting ABA methods to predict ARD potential across the four main mineral zones at the Troilus site J4 Z87 Southwest and X22 The results of this groundbreaking study demonstrated there is no significant acid generation that occurs from the waste rocks across the four main mineralized zones and revealed that the waste rock has sufficient neutralization potential as it contains neutralizing minerals such as plagioclase which can mitigate and prevent the generation of acidic conditions This high neutralization potential ensures the stability of the waste rock and reduces the risk of ARD The successful results of this study not only reduce long term environmental risks but also reinforce Troilus s dedication to maintaining high standards in sustainable development This innovative research will play a pivotal role in ensuring that waste rock management continues to align with best practices in environmental protection contributing to the overall responsible development of the Troilus project 25

People Maintain a productive and supportive work environment that is based on mutual respect fairness and integrity Troilus is committed to its employees The company strives to foster and maintain a productive and supportive work environment based on mutual respect fairness and integrity and promote a strong culture of health and safety We believe that recognizing and nurturing the strengths potential and diversity of our workforce is essential to achieving Troilus long term vision We aim to create a workplace that provides meaningful work and encourages employees to reach their fullest potential In alignment with the UN Global Compact Principles of Labour Troilus has committed to protecting human rights and delivering positive outcomes for the communities where we operate The Company cultivates a culture free of any discriminatory conduct We respect workers rights and have no tolerance for forced labour child labour or discrimination on the basis of race ethnicity gender religion national origin age sexual orientation or disability within the workplace We have also adopted a Supplier Code of Conduct that requires our suppliers and contractors to adhere to these policies practices 26

Our People Employment and promotions at Troilus are based on merit and the Company provide fair and competitive compensation We aim to guarantee equal chances for recruitment or advancement to all individuals irrespective of their race ethnicity skin colour nationality gender disability religion sexual orientation or age KEY HIGHLIGHTS 32 Employees 43 Female employees 3 Turnover rate EMPLOYMENT BY AGE GROUP 34 4 50 over 31 3 30 under 30 50 34 3 EMPLOYEE DIVERSITY 43 Female Male 57 Diversity and Inclusion Fostering a diverse and inclusive workplace is a strategic advantage to Troilus Troilus has a workforce that brings together various backgrounds cultures and experiences allowing our team to widen our perspectives and promote innovation for effective decision making Diversity is recognized and valued at all levels of the organization including the Board of Directors and Senior Management where a broad range of skills and expertise are utilized to direct the company strategically In 2023 Troilus achieved over 40 female representation in the total work force and on its senior management team well above the majority of companies within the traditionally male dominated global mining industry Through transparent policies and measurable goals we are dedicated to supporting our employees by providing development opportunities for our employees to excel 27

Learning Development We recognize the importance of fostering education and providing hands on opportunities to shape future leaders within the mining industry The company has continuously upheld its commitment to learning and development which extends not only to our employees and summer interns but also to our neighbouring communities Through various activities and partnerships we aim to support growth and development beyond our direct workforce Troilus provides summer internship opportunities for university students allowing them to gain practical experience for a variety of focuses within the Company and develop essential skills One of Troilus former interns Tavis Enno placed 2nd at the Prospectors and Developers Association of Canada s PDAC 2023 Convention Student Mineral Colloquium for his research on the characteristics of ore fluids and mineralization at the Troilus project an achievement that reflects the value of hands on learning experiences Troilus also engages with regional career fairs and hosts CEGEP students at our site providing them with a firsthand look at various aspects of the mining industry and the opportunities within it These initiatives are designed to showcase the diverse career paths available in mining and encourage local talent to consider this field In addition our learning and development initiatives benefit local communities We have supported activities such as the Rocky Challenge in Chibougamau which provides high school students with exposure to skilled trades and professional training opportunities Our three year research partnership with Western University and Universit de Laval continues to provide MSc and PhD students with opportunities to develop exploration strategies through multidisciplinary research 28

Employee Engagement and Retention We are committed to maintaining a positive work environment where employees feel engaged valued and motivated to grow within the Company In 2023 we maintained a low employee turnover rate of just 3 a testament to our efforts in creating a workplace where employees feel inspired to stay and develop their careers We have fostered a culture that encourages professional development a sense of belonging and growth within Troilus We invest in activities that promote camaraderie well being and job satisfaction through teambuilding events friendly competition and employee recognition programs One of the key events held in 2023 was the Company wide photography contest Behind the Scenes at Troilus where we encouraged employees to showcase their creativity Submissions highlighted four key categories environment work people and community This initiative allowed employees to capture the natural beauty of our surroundings scenes of daily tasks the dynamic individuals who make up the Troilus family and the strong connections we foster within the communities where we operate WINNING PHOTOS OF THE 2023 PHOTOGRAPHY CONTEST 29

Our Community Fostering open honest transparent and respectful partnerships The Troilus property and mine site is located in the Eeyou Istchee James Bay region of northern Quebec We are committed to building strong transparent and respectful relationships with our neighbouring communities including Indigenous peoples who will be impacted by our project Troilus has always taken a proactive approach in its stakeholder engagement strategy in order to communicate openly create mutually beneficial relationships and collaborate on important issues including environmental impacts monitoring and cultural preservation Troilus commitment to transparent dialogue applies to all its stakeholder parties including the communities of Mistissini Chibougamau and Chapais as well as regional and provincial governments 30

Partnership with the Cree Nation In July 2018 Troilus entered into a PreDevelopment Agreement PDA with the Cree Nation of Mistissini the Grand Council of the Crees Eeyou Istchee and the Cree Nation Government This agreement provides the foundation for a mutually beneficial relationship offering opportunities for business ventures employment and collaboration with the Cree community It also supports our environmental and exploration efforts by ensuring ongoing Cree participation in baseline studies and Environmental Impact Assessments EIA The PDA is a crucial step toward the future negotiation of an Impacts and Benefits Agreement IBA with our Cree stakeholders which will further strengthen the partnership and ensure long term collaboration In 2023 Troilus collaborated with impacted families and community members from the Cree Nation of Mistissini to build a Cree Cultural Pavilion at the Troilus site This dedicated space fosters community bonds and cultural understanding and serves as a central hub for connections in a natural setting where traditional knowledge can be shared and celebrated Members of the Troilus team worked with members of the Cree community to select a suitable location come up with a design and source building materials from local suppliers Working together Troilus and Cree community members built a lodge and teepee overlooking a beautiful lake on the Troilus property with more upgrades planned for next year The pavilion symbolizes our ongoing commitment to strengthening relationships with the Cree Nation and supporting cultural preservation within the region COMMUNITY HIGHLIGHTS 21 2 M Local Procurement 3 5M Quebec wages 43 627 Donations Sponsorships 31

Community Involvement Donations Sponsorships In its support of local community activities Troilus is focused on initiatives that promote youth development and education encourage healthy lifestyles and celebrate cultural heritage all contributing to an improved overall well being and strong communities In addition to financial contributions Troilus remains dedicated to supporting communities through in kind donations and participation in community initiatives Troilus in partnership with the SADC de Chibougamau Chapais and the Carrefour Communautaire launched a pilot project to redistribute surplus food from the Troilus site as an innovative approach to improving food security in the community In 2024 a comprehensive plan will be rolled out with participation from newly recruited community organizations aiming to further reduce food waste and redistribute surplus food to those in need Troilus is proud to have become a member of the Quebec Mining Association QMA in 2023 The QMA ensures a strong voice and presence for the mining industry across Quebec to all levels of government elected officials and other stakeholders The association promotes mining and facilitates the exchange of best practices among its members through regular events and networking activities Additionally Troilus has joined the Chapais Chibougamau branch of the Canadian Institute of Mining CIM as a committee member This role supports CIM s mission of informing local communities about future mining projects in the James Bay Eeyou Istchee Territory facilitating social acceptance and maximizing community benefits 32

Community Engagement As part of our commitment to maintaining open and transparent communication with our local stakeholders Troilus has engaged with communities from the early stages of exploration and continues to do so through the development stage Troilus values feedback from its stakeholders and works closely with local leaders to ensure consistent and transparent communication Senior management meets regularly with community leaders to discuss project updates and address any concerns We also produce a biannual newsletter keeping stakeholders informed on the latest developments at the Troilus project site activities and our community involvement Troilus continues to build strong relationships with the Indigenous communities impacted by our project We deeply value the ancestral knowledge and connection to the land held by the Cree Nation This knowledge shared with us in community consultations and topic specific workshops is incorporated into the development of the Troilus project and helps inform the design and plan for the future in a way that is acceptable to all stakeholders In September of 2023 Troilus engaged Stantec and Blue Metric to compile the Environmental and Social Impact Assessment ESIA In October Phase 1 of the impact study began with short surveys distributed to various organizations in local communities which will be essential to the continued consultations planned in 2024 Since initiating the ESIA in 2022 Troilus has continued to meet with stakeholders to ensure their input is reflected in the project s development This comprehensive consultation process allows us to meet the expectations of all stakeholders and government regulators while understanding potential environmental and social impacts Troilus recognizes the positive impacts mining projects can have on the local economy and makes local procurement a priority Selecting local contractors and suppliers helps to build a more robust regional economy which will in turn help local businesses to grow attract new people to the region and contribute to community tax revenues By prioritizing local procurement Troilus not only contributes to the economic growth of the project s neighbouring communities but also helps reduce its carbon footprint which can be associated with transportation logistics During the 2023 calendar year local suppliers accounted for 67 of Troilus total procurement spending Additionally Troilus contributed C 3 6M in wages within Quebec underscoring our approach to sustainable development economic progress and social well being As Troilus looks ahead to its next phase of development we continue to work with community leaders regional governments and local businesses to build local capacity and ensure that Troilus is a strong corporate neighbour and community member 33

TSX TLG OTCQX CHXMF FSE CM5R Staying in Touch Want to hear the latest news and developments at Troilus You can sign up for our email distribution list and updates will be delivered directly to your Inbox To sign up visit our website at www troilusgold com and fill out your name and email address on the Contact page You can also follow us on social media Instagram Twitter LinkedIn Facebook and Youtube If you have any questions about what s happening at Troilus feel free to send us an email info troilusgold com For more information on Sustainable Development at Troilus Catherine Stretch VP Corporate Affairs Sustainability catherine stretch troilusgold com Corporate Headquarters 705 715 Square Victoria Montreal Quebec H2Y 2H7 Chibougamau Office 334 3i me Rue Chibougamau QC G8P 1N5 Toronto Office 36 Lombard Street Floor 4 Toronto ON M5C 2X3 Mistissini Community Relations Office 168 Main Street Mistissini QC G0W 1C0