Troilus Mining (TLG) investor relations material

Project overview and development timeline

• One of North America's largest undeveloped gold-copper projects, advancing through detailed engineering, permitting, and financing with a 26-year mine life and robust economics supported by the 2026 Technical Report.

• Over 95,000 engineering hours completed, with basic engineering finalized and detailed engineering underway; major equipment procurement and construction readiness activities progressing.

• Project milestones include over 400,000m drilled, feasibility study in 2024, ESIA filed in 2025, and construction start anticipated in 2027 with first production targeted for 2029/2030.

Economic highlights and sensitivities

• After-tax NPV (5%) of $3.2B, IRR of 22%, and a 3.6-year payback at base case prices; pre-tax NPV (5%) of $5.3B and IRR of 27%.

• All-in sustaining cost (AISC) of $1,340/oz Au, with operating costs of $19.21/t ore.

• Cumulative after-tax free cash flow projected at $6.93B over the life of mine.

• Project economics show strong leverage to higher gold prices, with NPV and IRR increasing significantly at higher price scenarios.

Resource, reserve, and production profile

• Measured & indicated resources of 12.1Moz AuEq and inferred resources of 2.4Moz AuEq; proven and probable reserves total 8.01Moz AuEq.

• Average annual payable production of 304,000 AuEq oz during the 21-year active mining period, with 5.6Moz Au, 472Mlbs Cu, and 10.9Moz Ag LOM production.

• Gold accounts for 88% of project revenue, with copper as the largest share of physical metal produced.