MONTREAL, Jan. 08, 2026 — Leads & Copy — Troilus Mining Corp. has released a review of its 2025 accomplishments and its outlook for 2026, as it progresses its Troilus copper-gold project. CEO Justin Reid addressed shareholders in an open letter, highlighting key advancements and future strategies.
According to the release, the Troilus Team achieved significant milestones in 2025, including technical, regulatory, organizational, and financial advancements, increasing the company’s share price by approximately 432%. These achievements have set the stage for 2026, which will focus on detailed engineering, permitting, and financing in preparation for construction.
Throughout 2025, the company progressed across critical development streams, completed basic engineering, and transitioned into detailed engineering. It also submitted its Environmental and Social Impact Assessment at the federal and provincial levels and improved geological confidence of mineral resources through targeted drilling. The organization was strengthened with key additions to leadership and operational teams, and internal systems were modernized to support the transition from project development to execution.
Troilus’ inclusion as a corporate delegate on the Canadian government’s critical-minerals trade missions to Germany, Japan, and South Korea reflects global interest in the Project and its alignment with secure, long-term supply-chain priorities.
The Québec Mineral Exploration Association recognized the breadth of progress and execution achieved across all aspects of the Project by awarding Troilus the Entrepreneur of the Year award in late October.
Technical progress remained a primary focus in 2025, with the completion of basic engineering and transition into detailed engineering under the direction of BBA Inc. Major engineering deliverables, including process flowsheet definition, capital cost estimation, procurement planning, and project execution planning, were substantially advanced. All key requests for quotations were issued, and technical and commercial evaluations of major equipment and construction packages were well progressed.
The Environmental and Social Impact Assessment was submitted to both federal and provincial authorities, marking a significant milestone for the Project. The review process is well advanced, with federal approval targeted for the second half of 2026 and provincial approval to follow. Ongoing engagement with regulators, stakeholders, and Indigenous rightsholders continues as part of this process.
Approximately 13,300 meters of drilling was completed during the year, focusing on delineating and extending high-grade trends to further improve geological confidence and upgrading resources to indicated and measured categories.
Throughout 2025, the Company made several targeted senior appointments across Project leadership, construction, processing, health and safety, and operational readiness. Several new members of the operational team have committed to a Chibougamau-based presence, further supporting local integration and readiness.
Troilus achieved zero lost-time incidents during calendar 2025 and made progress in implementing a modern health and safety framework aligned with best practices within the Québec mining sector. Enhanced data collection, proactive risk analysis, and preventative systems have been put in place.
Preparatory work was undertaken to support the implementation of upgraded enterprise and operational systems in 2026, ensuring scalability, transparency, and operational discipline as the Company transitions toward construction and operations.
Following the release of the Troilus Project Feasibility Study in May 2024, the Company prioritized establishing a funding framework capable of supporting construction while maintaining flexibility through development.
By late 2024, Troilus had secured indicative expressions of interest totaling approximately US$1.3 billion from a group of leading global export credit agencies, providing the foundation for a structured project financing process.
In March 2025, Troilus mandated a syndicate of global financial institutions, led by Société Générale, KfW IPEX-Bank, and Export Development Canada, to arrange a senior project debt facility of up to US$700 million. As project definition advanced and market conditions improved, the mandate was increased to up to US$1 billion in November 2025. Comprehensive technical, financial, and environmental and social due diligence has been underway since early 2025 and will continue in 2026 to underpin the finalization of the debt package.
During 2025, Troilus negotiated preliminary indicative long-term offtake terms with Aurubis AG and Boliden Commercial AB, two of Europe’s leading copper smelters, covering a significant portion of the Project’s anticipated copper-gold concentrate production. Discussions with potential Canadian smelters are ongoing, with the expectation that a portion of future concentrate production will be processed domestically to support local supply chains. These arrangements are expected to be finalized in 2026.
In November 2025, the Company strengthened its balance sheet through a CDN$172.5 million bought-deal public offering. The financing further expanded Troilus’ institutional shareholder base, including the participation of new major global funds.
The senior debt facility is expected to form the cornerstone of a fully funded construction package, complemented by additional financing instruments under evaluation.
In 2026, Troilus will continue to deliver on all aspects of project development, including detailed engineering, permitting, financing arrangements, early site works, and the continued build-out of organizational and operational readiness.
Troilus remains committed to responsible project development, operational excellence, and alignment with national and international critical-minerals priorities. With a strong foundation in place, the company is focused on delivering long-term value for shareholders, communities and Indigenous rightsholders as it advances toward construction and production.
Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusmining.com
Source: Troilus Mining Corp.
