Troilus Goldfr.troilusgold.com/.../_resources/presentations/corporate-presentatio… · | 2....
Transcript of Troilus Goldfr.troilusgold.com/.../_resources/presentations/corporate-presentatio… · | 2....
Corporate Presentation | Feb. 2021 | TSX: TLG - OTCQB:CHXMF
Scale, Jurisdiction & Long Life in Quebec, Canada
The Troilus Gold ProjectProudly Certified
Since August 2020
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Cautionary Language, QP Statements and Legal Disclaimers
v
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certaintythat the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is nocertainty that the updated Mineral Resource statement will be realized.
The mineral resource estimates contained herein may be subject to legal, political, environmental or other risks thatcould materially affect the potential development of such mineral resources. See the Resources Report filed onSEDAR (or the Technical Report, once filed), for more information with respect to the key assumptions, parameters,methods and risks of determination associated with the foregoing.
The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologicallyto have the economic considerations applied to them that would enable them to be categorized as mineral reserves,and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not havedemonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and theTechnical Report, once filed, for more information with respect to the key assumptions, parameters, methods andrisks of determination associated with the foregoing.
The Troilus project has not been the subject of a current feasibility study and as such there is no certainty that apotential mine will be realized. There is a significant risk that any production from the project will not be profitablewith these risks elevated by the absence of a compliant NI 43 101 feasibility study.
The mineral resource estimate disclosed in this presentation was prepared by Mr. Paul Daigle, géo., Senior AssociateResource Geologist with AGP, and the supporting Technical Report was filed on SEDAR (www.sedar.com) under theCompany’s issuer profile on August ,28, 2020. Mr. Paul Daigle, who is an independent Qualified Person as definedunder NI 43-101, has reviewed and approved the mineral resource estimate disclosed in this press release.
The technical and scientific information in this presentation has been reviewed and approved by Bertrand Brassard,M.Sc., P.Geo., Senior Project Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard has alsoverified the technical data contained in this presentation using industry accepted standards. Mr. Brassard is anemployee of Troilus and is not independent of the Company under NI 43-101.
The PEA was prepared under the direction and supervision of Gord Zurowski, P. Eng Principal Mining Engineer withAGP, and the supporting technical report will be available on SEDAR (www.sedar.com) under the Company’s issuerprofile within 45 calendar days of the press release dated September 1, 2020.
This presentation contains “forward-looking statements” within the meaning of applicable Canadian securitieslegislation. Forward-looking statements include, but are not limited to, the results of the PEA, statements regardingthe impact and implications of the economic statements related to the PEA, such as future projected production,costs, including without limitation, AISC, total cash costs, cash costs per ounce, capital costs and operating costs,statements with respect to Mineral Resource estimates, recovery rates, IRR, NPV, mine life, CAPEX, payback period,sensitivity analysis to gold prices, timing of future studies including the pre-feasibility study, environmentalassessments (including the timing of an environmental impact study) and development plans, the Company’sunderstanding of the project; the development potential and timetable of the project; the potential to extend minelife beyond the period contemplated in the PEA, opportunity to expand the scale of the project, the project becominga cornerstone mining project in Quebec and Canada, the estimation of mineral resources; realization of mineralresource estimates; the timing and amount of estimated future exploration; the anticipated results of the Company’splanned 2020 drill program and their possible impact on the potential size of the mineral resource estimate; costs offuture activities; capital and operating expenditures; success of exploration activities; the anticipated ability ofinvestors to continue benefiting from the Company’s low discovery costs, technical expertise and support from localcommunities; and the anticipated timing of filing the Technical Report. Generally, forward-looking statements can beidentified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “contemplates”, “goal”, “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 causethe 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 basedon numerous assumptions regarding present and future business strategies and the environment in which Troiluswill operate in the future. Certain important factors that could cause actual results, performances or achievementsto differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, theglobal economic climate, dilution, share price volatility and competition. Forward-looking statements are subject toknown and unknown risks, uncertainties and other important factors that may cause the actual results, level ofactivity, performance or achievements of Troilus to be materially different from those expressed or implied by suchforward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on theCompany’s activities (including without limitation on its employees and suppliers) and the economy in general; theimpact of the recovery post COVID 19 pandemic and its impact on gold and other metals; there being no assurancethat the exploration program or programs of the Company will result in expanded mineral resources; risks anduncertainties inherent to mineral resource estimates; the high degree of uncertainties inherent to preliminaryeconomic assessments and other mining and economic studies which are based to a significant extent on variousassumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in cost ofsupplies and labour; receipt of necessary approvals; general business, economic, competitive, political and socialuncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and otherrisks of the mining industry, including without limitation, risks and uncertainties discussed in the latest annualinformation form of the Company, in the Resources Report (and the Technical Report to be filed) and in othercontinuous disclosure documents of the Company available under the Company’s profile at www.sedar.com.Although Troilus has attempted to identify important factors that could cause actual results to differ materially fromthose contained in forward-looking statements, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, asactual 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 anyforward-looking statements, except in accordance with applicable securities laws.
• 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 mineralresource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101 and recognized byCanadian securities laws but are not defined terms or recognized under U.S. securities laws. U.S. investors arecautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineralreserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and greatuncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferredmineral resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “inferredmineral resources” may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not toassume 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 madepublic by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities lawsand the rules and regulations thereunder.
A Gold Development Opportunity
*See mineral resource table in Appendix; 177.3Mt @ 0.87 g/t (Indicated); 116.7Mt @ 0.84 g/t (Inferred)
Tier 1 Mining Jurisdiction:+1,073 km² property in Quebec, Canada
Large Defined Resource:4.96 Moz AuEq (Ind.), plus 3.15 Moz AuEq (Inf.)*
Finding gold for <$5/oz:142% resource growth (Ind.); Several regional discoveries and drilling underway
Brownfield Project:US$350M of inherited infrastructure;Active mining lease & permitted tailings facility
Positive PEA:Shows potential for Troilus to rank among the top gold producing assets in Canada
Strong Management:Proven track-record of creatingshareholder value
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Frotêt-EvansGreenstone Belt
AbitibiGreenstone Belt
Mistissini
Chibougamau
Val-d’OrRouyn-Noranda
Gold MineGold Deposit
Eastmain
Quebec City
PLANNORD
Quebec
Largest mineral claims holder in the belt
History & Formation of Troilus Gold Corp.
1950’s
1986
1996-2010
2017
2018
The Troilus Mine produced +2Moz of gold and ~70,000t of copper
Property was believed tobe fully exploited
Initial Exploration
begins trading on
the TSX
Troilus acquired in December 2017
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Initial Drilling
+100,000 metres drilledDeveloped a new geological modelthat is driving exploration success
Significant mineral resource growth*:4.96 Moz AuEq (Indicated) - 142% growth since acquisition3.15 Moz AuEq (Inferred) - 350% growth since acquisition
Discovery of the Southwest Zone
Significant land position increase:from 16,000 ha (160 km² )to 107,000 ha (1,070 km²)
Several new regional discoveriesadvancing to drill-ready status8km-36km from main mineral corridor
Positive PEA completed in August 2020
Extensive metallurgical test work
Buy-back of a 2.5% royalty on the project:Increases future free cashflow and positively impacts the NPV
Blue-chip shareholder registry
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2018 2020
What have we accomplished in the last 24 months?Troilus has become one of the largest undeveloped gold deposits in North America, with a PEA that shows potential for the Project to rank among the top gold producing assets in Canada.
*177.3Mt @ 0.87 g/t (Indicated), 116.7Mt @ 0.84 g/t (Inferred)
Corporate Overview
TSX: TLG
OTCQB: CHXMF
FRA: CM5R
52-week share price: C$0.42-$1.82
Shares Outstanding: 130.3M
Market Capitalization: ~C$150M
Options: 250,000Warrants: 12,075,000RSU’s: 10,918,327Cash:
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Richard Gray CormarkIan Parkinson Stifel|GMPTom Gallo CanaccordJacques Wortman Laurentian BankPierre Vaillancourt Haywood Jacob Willoughby Red Cloud Securities
Analyst Coverage
~C$22.5 million
Share Ownership*
*To the best of Troilus’ knowledge
Capital Structure & Key Financials
*Based on share price of $1.15 on Jan. 14, 2021
*As at FQ1 ending Oct. 31, 2020
130.3M
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2020 Relative Share Price Performance
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Uncovering a Second Life for Troilusin the ‘Shadow of the Headframe’
Low-Risk Jurisdiction & Excellent Accessibility
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Road access via “Route du Nord”(managed by Quebec Transport Ministry and James Bay Energy Society)
Nearest airport in Chibougamau(~170km south of Troilus)
Quebec, Canada has one of the most favourable mining jurisdictions in the world
Quebec, Canada
Troilus Office in Chibougamau
Former Mine Site & Main Mineral Zones
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+20km Mag Low Geophysics Trend
2020 Mineral Resource (July 2020)4.96 Moz AuEq (Ind.) 177.3Mt @ 0.87 g/t AuEq 3.15 Moz AuEq (Inf.) 116.7Mt @ 0.84 g/t AuEq
Z87 South
Allongé
Southwest
J Zone
Z87
Z87 pitJ4 pit
Z87 pit
J4 pit
Enlarged Area
2.05
3.92
4.71 4.96
0.70
1.17
1.76
3.15
2016 2018 2019 202044.0 121.7 159.1 177.3
1.45 1.00 0.92 0.87
18.7 36.1 52.7 116.7
1.16 1.01 1.04 0.84
Exploration Success
+80,500m of new drilling included in 2020 resource estimate Infill + Exploration drilling underway
| 111. See NI43-101 Technical Report related to this Mineral Resource Estimate dated June 30, 2016 (RPA)2. See NI43-101 Technical Report related to this Mineral Resource Estimate dated January 1, 2019 (RPA)3. See NI43-101 Technical Report related to this Mineral Resource Estimate dated December 20, 2019 (RPA)4. See Appendix and press release dated July 28, 2020 for details and assumptions related to the 2020 mineral resource estimate
+142%Since 2016
+350%Since 2016
Moz AuEq
Moz AuEq
Moz AuEqMoz AuEq
Moz AuEq
Moz AuEq
Moz AuEq
Moz AuEq
Ind. Inf. Ind. Inf. Ind. Inf. Ind. Inf.
Acquisition of Troilus
Finding Gold in the ‘Shadow of the Headframe’ for <$5/oz
IndicatedTonnage (Mt)
AuEq Grade (g/t)
InferredTonnage (Mt)
AuEq Grade (g/t)
ZoneZ87
ZoneZ87 South Zone
Southwest
~500m
ZoneJ Zone
2016
~300m
Z87 pitJ5 pit
200m
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ZoneJ5
ZoneJ4
ZoneZ87 / Z87 South
~500m
Mineral Resource Growth 2016-2020
2019
2020
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2020 PEA Summary & Sensitivities
*All figures reported in US$ unless stated otherwise. US$:C$ exchange of $0.74. $719/oz cash costs and $850/oz AISC are calculated on a pre-tax basis, in line with WGC guidelines, and include copper and silver credits. On a post-tax basis, cash operating costs are $919 and AISC are $1,051 per ounce of gold, not including copper and silver credits. Please see cautionary notes related to the PEA on p.2
246,000 oz AuAvg. Annual Production(first 14 years)
22 yearsMine Life(14 yrs Open Pit)
US$333MCAPEX
US$719/oz AuEqCash Operating Costs$850/oz AuEq AISC
Troilus Shows Potential to Rank Among the Top Gold Mines in Canada
L O W E R C A S E$1,350/oz Au
$713MPre-Tax NPV5%
23.7%Pre-Tax IRR
$419MPost-Tax NPV5%
18.2%Post-Tax IRR
4.4 yearPayback
B A S E C A S E$1,475/oz Au
$971MPre-Tax NPV5%
29.6%Pre-Tax IRR
$576MPost-Tax NPV5%
22.9%Post-Tax IRR
4 yearPayback
C O N S E N S U S$1,750/oz Au
$1,538MPre-Tax NPV5%
41.8%Pre-Tax IRR
$915MPost-Tax NPV5%
32.2%Post-Tax IRR
3 yearPayback
H I G H E R C A S E$1,950/oz Au
$1,951MPre-Tax NPV5%
50.1%Pre-Tax IRR
$1,156MPost-Tax NPV5%
38.3%Post-Tax IRR
2.5 yearPayback
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Poun
ds (C
u)
Oun
ces (
Au/
Ag)
Production Profile – Gold, Silver & Copper
Gold Silver Copper
| 14Please see cautionary notes related to the PEA on p.2
Near-pits Mineral Growth Opportunities
2020 PEA Resource PitsHistorical Drilling (>0.92g/t Au)
220,000 oz AuAvg. Annual Production
(first 5 years)
246,000 oz AuAvg. Annual Production
(first 14 years)
Open Pit Operation (14 yrs, 35k tpd)Transition to Underground (9k tpd)
$623
$760
$795
$835
$850
$975
$1,040
$1,120
$1,200
$1,200
$1,208
$1,225
$1,242
$1,282
$1,350
$1,426
$1,463
$1,650
$2,020
Moose River
Island
Seabee
Canadian Malartic
Troilus
Porcupine
Brucejack
New Afton
Young-Davidson
Young-Davidson
Timmins
Hemlo
Westwood
Meadowbank
Eleonore
Elder-Tagami
Casa Berardi
Rainy River
Musselwhite
Lower Quartile AISC in Canada
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Annual Production of Top Canadian Gold Producers(2020 Guidance; Koz Au) (1)
550
530
345
343
246 245
227
215
210
190
140
135
130
130
115
107
93
92
67
38
Canadian Malartic
Detour Lake
Brucejack
LaRonde
Troilus
Meadowbank
Rainy River
Macassa
Hemlo
Eleonore
Young-Davidson
Island
Lamaque
Hope Bay
Seabee
Moose River
Westwood
Eagle River
New Afton
Black Fox
Troilus CAPEX and AISC vs. Top Canadian Gold Mines
Source: Company disclosures(1)Based on 2020 actuals reported, management guidance if actuals not yet reported; Troilus metrics based on September 2020 PEA(2)Some companies do not provide AISC on an asset level including*All figures reported in US$ unless stated otherwise. US$:C$ exchange of $0.74. $719/oz cash costs and $850/oz AISC are calculated on a pre-tax basis, in line with WGC guidelines, and include copper and silver credits. On a post-tax basis, cash operating costs are $919 and AISC are $1,051 per ounce of gold, not including copper and silver credits. Please see cautionary notes related to the PEA on p.2
AISC of Top CanadianGold Mines(2020 Guidance; US$/oz)(1,2)
Projects located in Quebec
Top Quartile Annual Gold Production
2020 PEA246,000 oz AuAvg. Annual Production, years 1-14
AISC US$850/oz AuEq$719/oz AuEq cash operating costs
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Extensive Inherited & Upgraded InfrastructureApproximately US$350 million of inherited value.
Tailings Facility*with capacity to accommodate
PEA’s LOM production
Water Treatment Facility
50MW Substation Core Storage & Logging
Initial Construction Starter Camp *installed septic
60 km Power Line, Site Roads and River Crossings
Capital Intensity of Adv. North American Gold DevelopersIn
itial
Cap
ex (U
S$M
)
Please see cautionary notes related to the PEA on p.2 | 17
LoM Production (Au Ozs)
Source: Haywood Securities Inc.
Initial CAPEX of US$333 million
Troilus Gold Stands Out
| 18*Adapted from a slide in Integra Resources’ Oct. 2020 corporate presentation (Source: National Bank Financial, S&P Market Intelligence, corporate disclosure Note: Market capitalizations as at July 14, 2020 Note: Equivalencies based on long-term street consensus price forecasts of US$1,517/oz Au and US$18.13/oz Ag 1. Precious metals production includes gold, silver, platinum, and palladium combined)
3,498 Assets
352 Assets
185 Assets
85 Assets
54 Assets
18 Assets
10 Assets
5 Assets
2
All pre-production projects with agold/silver resource estimate, globally…
Remove projects without a valideconomic study since 2015…
Remove projects with less than50% precious metals production…
Remove projects with LOM avg. annualproduction less than 100 koz AuEq…
Remove projects with a mine life less than 10 years…
Remove projects outside Australia, Canada,New Zealand, USA and Western Europe…
Remove projects owned by a producing gold company…
Remove projects with initialcapex of US$500M or greater…
Assets that have the ability to produce+200,000 oz annually for more than 10 years…
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Troilus Mineral Resource Development
Enlarged Area
A
B
| 20*See Appendix and press release dated July 28, 2020 for details and assumptions related to the 2020 mineral resource estimate
Z87 J ZoneAllongéFormer Z87
open pit limitFormer J4
open pit limitZ87 SouthSouthwest Zone
Active Mining Lease
Growth Target
2.5km1k
m
Discovered & Drilled in 2019/2020 8,500m drilled 580,000 oz AuEq (Inferred) Similar geology to Z87 Priority growth target; drilling underway Accessible via road
110 g/t Au grab sample(Dec. 2018)
Main Mineral Corridor - Long Section (facing North West)
Extent of 2018 Mineral Resource
2018-2020 Drilling Since Acquisition
2020 Mineral Resource Envelope
A B
Significant Expansion 2018-2020 +570,000m drilled Open on strike & at depth Infill & expansion drilling underway
Confirmation of down dipping extensions Outside of mineral resource area Within PEA pit
Definition of higher-grade domains within broader disseminated mineralized zones consistent with Zone Z87
Potential to enhance project economics in upcoming PFS Reduced strip ratio Opportunity to increase the production profile
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Southwest Zone – Recent Results
Section N9350 (Hole TLG-ZSW20-200Section N9325 (Hole TLG-ZSW20-203)
~30g/t gold
The Troilus deposit is a broad base ~1g/t gold halo with a secondary highergrade gold system. Now identifiable and predictable throughout the deposit.
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High-Grade Gold Trend
Regional Exploration Success
| 23*See exploration results press releases dated September 30, October 8, October 19 and December 9, 2020 for further details.
New Discovery:Beyan Gold Zone
AllongéJ ZoneZ87
Z87 SouthSouthwest
New Discovery:Goldfield Boulder Zone
Grab Samples:12 g/t Au9.7 g/t Au32.5 g/t Ag2.81 g/t Au2.69 g/t Au
Southwest Zone8,500m drilled = 0.6Moz AuEq (Inf.)2.05 g/t AuEq over 48m46.40 g/t AuEq over 1m10.23 g/t AuEq over 2m
Testard Zone:
Grab Samples:26.2 g/t Au27.8 g/t Ag6.51 g/t Au5.96 g/t Au4.31 g/t Au
Grab Samples:203 g/t Au2,440 g/t Ag4.37% Cu54.2 g/t Au34.9 g/t Au13.55 g/t Au8.44 g/t Au8.25 g/t Au
Channel:19.5 g/t Au over 0.5m12.2 g/t Au over 1.3m5.3 g/t Au over 2.1m
Grab Sample:110 g/t Au
Allongé Zone:
+3,500 chip, grab & channel samples collected on expanded land package sinceJune 2020
Mineral Resource AreaSouthwest
Allongé
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Committed to Sustainable DevelopmentAt Troilus, we are committed to creating value for our shareholders while operating in a safe, socially and environmentally responsible manner, contributing to the prosperity of our employees and our local communities while respecting human rights, cultures, customs and values of those impacted by our activities.
We aim to maintain a productive and supportive work environment that is based on mutual respect, fairness and integrity.
We aim to eliminate, minimize and mitigate impacts of our operations on the environment to maintain its viability and diversity.
We aim to operate a safe and healthy workplace that is injury free and enhances the well-being of employees.
We aim to contribute to the social and economic development of sustainable communities to ensure a legacy of improvement.
People Environment
Health & Safety Communities
ECOLOGO Certification
Troilus proudly became the first company to obtain certification for UL 2723 Certification Program for Responsible Development for Mineral Exploration Companies in August 2020.
The Quebec Mineral Exploration Association (“QMEA”) launched a standard in November 2019 and it was adapted by Underwriters Laboratories, a global certification and inspection organization.
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Troilus is honoured to have been selected as the winner of the “EXCELLENCE IN SUSTAINABLE DEVELOPMENT” award presented annually by the Quebec Mineral Exploration Association (AEMQ).
2020 recipient of AEMQ’s EXCELLENCE IN SUSTAINABLE DEVELOPMENT Award
Excellence in Sustainable Development Award
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Stakeholder Engagement
Signed Pre-Development Agreement (PDA) with the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istche) and the Cree Nation in July 2018¹
Establishes the framework for the on-going and mutually beneficial relationship regarding business and employment opportunities for the Cree
Facilitates continued support for exploration activities and preparation of the ESIA studies Illustrates the completion of the Impacts and Benefits Agreement (IBA) to show the
economic viability of the Troilus Project
(1) See news dated July 17, 2018
At Z87 during the Cree Site tour with council and Chief Thomas Neeposh
Justin Reid, CEO and John Matoush, Mistissini Community Liaison
At Z87 during the Cree Mineral Exploration Board’s student site tour
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Recent Milestones & Path Forward
Recent Milestones
20,000m drill program launched in Sept. 2020Regional Exploration work throughout 2021Complete Environmental/Social Impact AssessmentPre-Feasibility Study & Mineral Resource Update – H2 2021
Path ForwardOngoing exploration news
Updated Mineral Resource Estimate July 2020ECOLOGO Certification for Responsible Development Aug. 2020Environmental Approval for Dewatering of Z87 and J4 Pits Aug. 2020Mineral claims increased from 16,000 ha to +107,000 ha April 2020Completion of Baseline studies (to be included in EIA 2020) 2020Positive Preliminary Economic Assessment Sept. 20202.5% Royalty Buy-Back Nov. 2020
Why Troilus Gold Corp.?
Low-risk jurisdiction; Prolific Mining District
Positive PEA results show potential for Troilus to rank amongthe top gold producing assets in Quebec and in Canada
Troilus is one of the largest undeveloped gold resources in Canada
District scale exploration potential
Proven management team looking to repeat past successes
Strong Balance Sheet & Straightforward Development Plan
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Troilus is on track to become a cornerstone mining project within both the Quebec and Canadian landscape.
Thank YouInvestor ContactCaroline ArsenaultVP Corporate Communications(647) [email protected]
Connect with us: Corporate Headquarters400-36 Lombard StreetToronto, Ontario M5C 2X3
Appendix
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Troilus Gold – Led by a Proven Team
Senior Management Quebec Team
Justin Reid, CEO & Director
Paul R. Pint, President
Denis Arsenault, CFO/SVP Qc.
Blake Hylands, SVP Exploration
Ian Pritchard, SVP Technical Services
Catherine Stretch, VP Corporate Affairs
Brianna Davies, VP Legal & Corporate Secretary
Caroline Arsenault, VP Corp. Communications
Daniel Bergeron, VP Quebec Operations
Jacqueline Leroux, Director of Environment
Bertrand Brassard, Chief Geologist
John Matoush, Community Liaison Mistissini
An accomplished management team with a history of successful mine development and strong shareholder return
| 31
Board of Directors
Diane Lai, ICD.D, MBA - ChairpersonSeasoned executive and entrepreneur with +20 yrs of global marketing experience
Andrew Mark Cheatle, P.Geo. FGS, MBA30 yrs of international mining experience; consulting Geologist; former CEO of PDAC
Jamie Horvat, M.Sc.+20 yrs of experience in asset management, particularly resources and precious metals
Thomas Olesinski, CPA, CMA20 years of finance and management experience; former forensic accountant
Justin Reid, M.Sc., MBAGeologist and capital markets executive with +20 yrs of experience in the mineral resource space
Hon. Pierre Pettigrew, p.c.Former Minister of Foreign Affairs to three Prime Ministers; current Executive Advisor at Deloitte
Dr. John Hadjigeorgiou, PhD, P.Eng, ing, FCIM, ICD.DPierre Lassonde Chair in Mining Engineering at UofT; consultant to many major mining companies
Dr. Eric Lamontagne, Eng.PhD.Former Superintendent of the Troilus mine; GM Greenstone JV (Centerra/Premier)
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QUEBEC
| 33
Favourable Jurisdiction for Mine Permitting & Development
Project ESIA filed Permit Awarded Time for Permit
Lac Bloom (iron mine) Dec 2006 Feb 2008 14 months
Osisko (gold mine) Sept 2009 Sept 2010 12 months
Goldcorp (gold mine) Oct 2009 Oct 2011 24 months
BlackRock (iron and Va) Dec 2011 Dec 2013 24 months
Stornoway Diamond Corp. Dec 2011 Dec 2012 12 months
Mine Arnaud (apatite) Mar 2012 Mar 2015 36 months
Royal Nickel Nov 2012 Nov 2015 36 months
Hydro Quebec (electric line 161 kV) Dec 2012 Apr 2014 16 months
Nemaska Lithium Mar 2013 Sept 2015 30 months
Arianne Phosphate June 2013 Dec 2015 30 months
Waskaganish (aggregates quarry) June 2014 Sept 2015 16 months
Recent Permitting Timelines of Projects Near Troilus
| 33
“Plan Nord”25-year Government plan for natural resources sector development and job creation.
| 34
Annual Grade Profile
-
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
Cop
per P
erce
nt
AuE
q, G
old,
Silv
er (g
pt)
Please see cautionary notes related to the PEA on p.2
AuEq Gold SilverCopper*Ag assays pending for Z87 underground
Conventional Crushing, SAG and Ball Milling, Gravity Gold Recovery, Copper Flotation, Concentrate Thickening and Filtration, Tailings Thickening and Disposal
30% Au recovery from gravity at mill as dore and 60% in concentrate
Metallurgy & Process
90%Gold Recovery
90%Copper Recovery
40%Silver Recovery
2020 PEASite Plan &InfrastructureLayout
| 35
Mineral Resource Summary – All Zones
| 36
Total Open Pit & Underground
Total Open Pit
Total Underground
Tonnes(Mt)
Gold Equiv.
(g/t)
Gold(g/t)
Copper(%)
Silver(g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Indicated 177.30 0.87 0.75 0.08 1.17 4.30 322.60 6.66 4.96Inferred 116.70 0.84 0.73 0.07 1.04 2.76 189.73 3.91 3.15
Indicated 164.20 0.80 0.68 0.08 1.20 3.62 284.69 6.32 4.21Inferred 101.20 0.70 0.60 0.07 1.12 1.95 151.01 3.65 2.27
Indicated 13.10 1.79 1.61 0.13 0.81 0.68 37.91 0.34 0.75Inferred 15.50 1.77 1.62 0.11 0.52 0.81 38.72 0.26 0.88
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;Summation errors may occur due to rounding;Open pit mineral resources are reported within an optimized constraining shells. Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows:Z87 Zone: AuEq = Au grade + 1.2566 * Cu grade + 0.0103 * Ag gradeJ4/J5 Zone: AuEq = Au grade + 1.2979 * Cu grade + 0.0108 * Ag gradeSW Zone: AuEq = Au grade + 1.2768 * Cu grade + 0.0106 * Ag gradeMetal prices for the AuEQ formulas are: $US 1,600/ oz Au; $3.25/lb Cu, and $20.00/ oz Ag; with an exchange rate of US$1.00:CAD$1.30;Metal recoveries for the AuEQ formulas are:Z87 Zone: 83% for Au recovery, 92% for Cu recovery and 76% for Ag recoveryJ4/J5 Zone: 82% for Au recovery, 88% for Cu recovery and 76% for Ag recoverySW Zone: 82.5% for Au recovery, 90% for Cu recovery and 76% for Ag recoveryUnderground cut-off grade is 0.9 AuEQ at Z87 Zone and J4/J5 Zone*See additional disclosures related to the mineral resource calculation in Appendix
Effective date of mineral resource: July 20, 2020
2020 Mineral Resource – Grade Distribution
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Above 0.3 g/t AuEq (open pit) & above 0.9 g/t AuEq (underground)
Total Open Pit and Underground
Indicated 177.3 0.75 0.08 1.17 0.87 4.30 322.60 6.66 4.96Inferred 94.1 0.74 0.07 1.08 0.85 2.25 154.00 3.26 2.57
Tonnes(Mt)
Gold(g/t)
Copper(%)
Silver(g/t)
Gold Equiv.
(g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Classification 0.30 g/t OP and 0.90 g/t UG
Limit of Resource Shell
J5285m
J4
Z87 UG
Z87South 485m
600m
870m from surface
g/t AuEq.0.3 – 0.50.5 – 0.9> 0.9
J4 UG
Z87, Z87 South and J Zone
Open Pit Mineral Resources – By Zone
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Indicated 84.60 0.92 0.79 0.09 1.39 2.15 169.54 3.77 2.50Inferred 32.70 0.70 0.60 0.07 1.50 0.63 49.34 1.57 0.73
Z87 & Z87 South
J Zone (J4 & J5)Indicated 79.60 0.67 0.57 0.07 1.00 1.47 115.16 2.55 1.71Inferred 45.90 0.65 0.55 0.07 0.96 0.82 65.94 1.42 0.96
Southwest ZoneInferred 22.60 0.80 0.70 0.07 0.89 0.51 35.73 0.65 0.58
Tonnes(Mt)
Gold Equiv.
(g/t)
Gold(g/t)
Copper(%)
Silver(g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Total Open Pit – All ZonesIndicated 164.20 0.80 0.68 0.08 1.20 3.62 284.69 6.32 4.21Inferred 101.20 0.70 0.60 0.07 1.12 1.95 151.01 3.65 2.27
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;Summation errors may occur due to rounding;Open pit mineral resources are reported within an optimized constraining shells. Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows:Z87 Zone: AuEq = Au grade + 1.2566 * Cu grade + 0.0103 * Ag gradeJ4/J5 Zone: AuEq = Au grade + 1.2979 * Cu grade + 0.0108 * Ag gradeSW Zone: AuEq = Au grade + 1.2768 * Cu grade + 0.0106 * Ag gradeMetal prices for the AuEQ formulas are: $US 1,600/ oz Au; $3.25/lb Cu, and $20.00/ oz Ag; with an exchange rate of US$1.00:CAD$1.30;Metal recoveries for the AuEQ formulas are:Z87 Zone: 83% for Au recovery, 92% for Cu recovery and 76% for Ag recoveryJ4/J5 Zone: 82% for Au recovery, 88% for Cu recovery and 76% for Ag recoverySW Zone: 82.5% for Au recovery, 90% for Cu recovery and 76% for Ag recoveryUnderground cut-off grade is 0.9 AuEQ at Z87 Zone and J4/J5 Zone*See additional disclosures related to the mineral resource calculation in Appendix
Effective date of mineral resource: July 20, 2020
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Mineral Resource Grade Distribution, Main Zone
Above 0.3 g/t AuEq (open pit)
485m600m
Z87J4J5
285m315m
Z87South
Indicated 164.2 0.68 0.08 1.20 0.80 3.62 284.69 6.32 4.21Inferred 78.6 0.57 0.07 1.19 0.67 1.44 115.28 3.00 1.69
Tonnes(Mt)
Gold(g/t)
Copper(%)
Silver(g/t)
Gold Equiv.
(g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Classification 0.30 g/t OP
Main Zone
Z87, Z87 South and J Zone
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Inferred 22.6 0.70 0.07 0.89 0.80 0.51 35.73 0.65 0.58
Tonnes(Mt)
Gold(g/t)
Copper(%)
Silver(g/t)
Gold Equiv.
(g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Limit of Resource Shell
ZSW 280m
g/t AuEq.0.3 – 0.50.5 – 0.9> 0.9
130m
Mineral Resource Grade Distribution, Southwest Zone
Above 0.3 g/t AuEq (open pit)
AuEq Au Cu Ag Contained Contained Contained Contained(g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver
(Moz) (Moz) (Mlb) (Moz)
Indicated 1.86 1.62 0.15 1.16 1.09 0.95 58.45 0.68Inferred 1.82 1.63 0.12 0.67 0.97 0.87 43.60 0.36
Classification 0.90 g/t UG Z87
Tonnage(Mt)
Total Underground
16.618.3
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2019 Mineral Resource - Underground
870m
Z87
350m
Z87South
Resource Shell
NE SW
Above 0.9 g/t AuEq
Remodeled Z87 Undergound in 2019 with improved geological understanding
Results: Improved grade from 1.5 g/t to 1.86 g/t, tonnage decreases 24% and ounces increase - without drilling!
Same exercise currently being applied to the rest of the deposit
J Zone Open Pit - Sensitivities & Assumptions
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J Zone Open Pit ResourcesCut-off AuEq (g/t)
Tonnes (Mt)
Gold Equiv.(g/t)
Gold (g/t)
Copper (%)
Silver (g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Indicated 2.0 1.4 2.64 2.48 0.12 1.28 112,000 3,684,000 58,000 119,0001.5 3.1 2.13 2.00 0.09 1.22 198,000 6,465,000 122,000 212,0001.0 9.7 1.49 1.37 0.08 1.21 427,000 17,281,000 378,000 464,0000.9 13.0 1.35 1.24 0.08 1.20 515,000 22,264,000 501,000 563,0000.8 17.6 1.22 1.11 0.08 1.19 627,000 29,564,000 677,000 690,0000.7 24.6 1.08 0.98 0.07 1.18 770,000 40,060,000 933,000 856,0000.6 34.9 0.95 0.85 0.07 1.15 953,000 54,892,000 1,289,000 1,071,0000.5 48.3 0.84 0.74 0.07 1.11 1,150,000 73,729,000 1,721,000 1,308,0000.4 65.0 0.74 0.64 0.07 1.05 1,341,000 96,515,000 2,198,000 1,547,0000.3 79.6 0.67 0.57 0.07 1.00 1,469,000 115,157,000 2,554,000 1,714,0000.2 84.9 0.64 0.55 0.06 0.97 1,502,000 120,759,000 2,655,000 1,759,0000.1 85.7 0.64 0.55 0.06 0.97 1,505,000 121,259,000 2,666,000 1,763,000
Inferred 2.0 0.4 2.44 2.36 0.04 1.55 29,000 377,000 19,000 30,0001.5 1.3 1.91 1.81 0.07 1.39 78,000 1,938,000 60,000 82,0001.0 5.2 1.37 1.26 0.07 1.28 209,000 8,022,000 212,000 227,0000.9 7.2 1.25 1.14 0.07 1.24 264,000 11,140,000 286,000 288,0000.8 10.1 1.13 1.03 0,07 1.21 333,000 15,726,000 391,000 367,0000.7 14.2 1.02 0.92 0.07 1.16 419,000 21,590,000 531,000 466,0000.6 19.6 0.92 0.82 0.07 1.11 516,000 29,271,000 699,000 579,0000.5 27.2 0.81 0.72 0.07 1.07 626,000 40,545,000 939,000 713,0000.4 37.4 0.71 0.62 0.07 1.01 743,000 54,888,000 1,221,000 860,0000.3 45.9 0.65 0.55 0.07 0.96 816,000 65,939,000 1,423,000 956,0000.2 49.2 0.62 0.53 0.06 0.94 836,000 69,954,000 1,488,000 985,0000.1 49.7 0.62 0.52 0.06 0.94 838,000 70,194,000 1,494,000 987,000
Z87/Z87 South, Open Pit - Sensitivities & Assumptions
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Indicated 2.0 6.9 2.67 2.34 0.24 2.58 521,000 36,954,000 573,000 594,0001.5 13.1 2.22 1.94 0.21 2.32 818,000 60,926,000 982,000 940,0001.0 24.3 1.77 1.54 0.17 2.00 1,203,000 88,874,000 1,566,000 1,382,0000.9 27.8 1.66 1.45 0.16 1.92 1,294,000 95,121,000 1,720,000 1,486,0000.8 32.7 1.54 1.34 0.14 1.83 1,410,000 103,258,000 1,920,000 1,619,0000.7 39.1 1.41 1.23 0.13 1.73 1,543,000 113,505,000 2,173,000 1,774,0000.6 48.4 1.26 1.10 0.12 1.62 1,709,000 127,092,000 2,527,000 1,968,0000.5 60.7 1.12 0.97 0.11 1.53 1,890,000 143,283,000 2,980,000 2,183,0000.4 73.8 1.00 0.86 0.10 1.45 2,047,000 158,973,000 3,439,000 2,374,0000.3 84.6 0.92 0.79 0.09 1.39 2,147,000 169,537,000 3,769,000 2,497,0000.2 88.3 0.89 0.76 0.09 1.36 2,172,000 172,433,000 3,868,000 2,528,0000.1 88.8 0.89 0.76 0.09 1.36 2,174,000 172,663,000 3,878,000 2,530,000
Inferred 2.0 0.9 2.61 2.34 0.19 3.11 65,000 3,595,000 87,000 73,0001.5 1.7 2.16 1.91 0.18 2.72 104,000 6,620,000 149,000 118,0001.0 4.1 1.59 1.41 0.13 2.17 188,000 11,759,000 290,000 212,0000.9 5.5 1.43 1.27 0.11 1.97 223,000 13,477,000 346,000 251,0000.8 7.6 1.27 1.13 0.10 1.81 277,000 16,206,000 443,000 311,0000.7 10.6 1.12 0.99 0.09 1.70 339,000 20,469,000 579,000 382,0000.6 15.3 0.98 0.86 0.08 1.64 421,000 27,072,000 805,000 479,0000.5 21.1 0.86 0.74 0.08 1.59 506,000 35,506,000 1,076,000 582,0000.4 27.5 0.76 0.66 0.07 1.52 580,000 43,626,000 1,342,000 674,0000.3 32.7 0.70 0.60 0.07 1.50 627,000 49,340,000 1,574,000 733,0000.2 34.3 0.68 0.58 0.07 1.47 637,000 50,669,000 1,619,000 746,0000.1 34.6 0.67 0.57 0.07 1.46 638,000 50,876,000 1,625,000 748,000
Z87 & Z87 South Open Pit ResourcesCut-off AuEq (g/t)
Tonnes (Mt)
Gold Equiv.(g/t)
Gold (g/t)
Copper (%)
Silver (g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
Underground - Sensitivities & Assumptions
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Z87&Z87 South
Indicated 2.0 3.4 2.96 2.72 0.19 1.06 299,000 14,065,000 117,000 326,0001.5 6.6 2.37 2.15 0.16 1.03 455,000 23,578,000 219,000 501,0001.0 12.2 1.85 1.67 0.13 0.83 656,000 36,304,000 328,000 726,0000.9 13.1 1.79 1.61 0.13 0.81 680,000 37,904,000 340,000 753,0000.8 13.7 1.75 1.58 0.13 0.79 694,000 38,827,000 348,000 768,0000.7 14.0 1.72 1.55 0.13 0.79 701,000 39,350,000 355,000 777,000
Inferred 2.0 4.0 3.32 3.14 0.14 0.24 407,000 12,194,000 32,000 430,0001.5 6.0 2.79 2.62 0.13 0.43 505,000 17,021,000 82,000 537,0001.0 10.8 2.07 1.92 0.12 0.42 668,000 28,403,000 148,000 722,0000.9 13.5 1.85 1.70 0.12 0.37 740,000 34,479,000 162,000 804,0000.8 14.0 1.81 1.66 0.12 0.37 751,000 35,587,000 165,000 818,0000.7 14.2 1.80 1.65 0.11 0.36 754,000 35,850,000 166,000 821,000
Cut-off AuEq (g/t)
Tonnes (Mt)
Gold Equiv.(g/t)
Gold (g/t)
Copper (%)
Silver (g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
J Zone
Indicated 2.0 0.000 0.00 0.00 0.00 0.00 -- -- -- --1.5 0.001 1.53 1.42 0.08 0.56 30 1,000 10 301.0 0.002 1.35 1.26 0.06 0.52 80 3,000 30 900.9 0.007 1.07 1.03 0.03 0.47 240 5,000 110 2500.8 0.010 1.01 0.96 0.03 0.56 310 8,000 180 3300.7 0.029 0.83 0.77 0.04 0.64 720 25,000 600 770
Inferred 2.0 0.0 2.42 2.27 0.09 2.65 3,000 86,000 4,000 3,0001.5 0.2 1.81 1.62 0.13 1.88 13,000 684,000 15,000 14,0001.0 1.5 1.30 1.15 0.10 1.56 54,000 3,244,000 73,000 61,0000.9 2.0 1.21 1.06 0.10 1.55 67,000 4,237,000 97,000 76,0000.8 2.6 1.12 0.99 0.09 1.43 82,000 5,128,000 119,000 93,0000.7 3.6 1.01 0.89 0.08 1.34 103,000 6,566,000 156,000 118,000
Cut-off AuEq (g/t)
Tonnes (Mt)
Gold Equiv.(g/t)
Gold (g/t)
Copper (%)
Silver (g/t)
ContainedGold(Moz)
ContainedCopper
(Mlb)
Contained Silver (Moz)
Contained AuEq(Moz)
2020 Mineral Resource - Additional Disclosures
| 45
The resource constraining shells were generated with:Metal Prices of Gold $US 1600/oz, Copper $US 3.25/lb, Silver $US 20/oz
Mining Costs: J Zone and 87 Zone base cost $Cdn 1.71/t moved, SW Zone base cost $Cdn 1.66/t moved Incremental cost $Cdn 0.03/t waste moved, $Cdn 0.02/t feed moved
Process and G&A Costs:$Cdn 8.44/t processed
Wall slopes:Varied between 49.5 to 60 degrees depending on pit area and slope sector
Metal Recoveries: Gold: 90% all zones except in lower grade (Au<1/2 g/t) portions of SW zone = 88%Copper: 90% all zones except in higher grade (Cu%>0.13%) portions of SW zone = 92%Silver: all zones 40%
Effective date of mineral resource: July 20, 2020