Troilus Gold Corp. reported results from a Feasibility Study (FS or the Study) completed on the gold-copper Troilus Project located in northcentral Quebec, Canada. Mining: The Study considers a conventional open pit mining operation using a 100% owner-operated equipment fleet peaking at 41?227 tonne trucks, electric hydraulic shovels, wheel loaders and drills.

The mine has been designed to deliver 18.3 million tonnes per year (50,000 tonnes per day) of mill feed. The FS contemplates a mine that delivers 379.5 million tonnes with an average head grade of 0.49 g/t Au, 0.058% Cu, 1.0 g/t Ag. The process plant is expected to have three months of commissioning in pre-production, followed by nine months of production ramp-up during the first year of production.

The project will mine four areas: Z87, J Zone, Southwest (SW) Zone and X22. Mining commences in the Z87 pit area in the pre-production period and will be mined continuously until Year 8. The final phase of the 87 Zone pit area will be mined from Year 12 until Year 19. The SW Zone pit area starts production in Year 1 and is mined continuously until completion in Year 9 and will then be used for deposition of tailings from year 10 to 16.

The J Zone pit area starts production in Year 5 and is mined continuously until early Year 15. The X22 pit will be mined from Year 18 to 21. Waste from the Z87 and X22 open pits will be backfilled over the SW tails from Year 16 onward.

When Z87 pit area is completed in Year 19, waste is also backfilled into it from the X22 pit area, reducing the overall size of the waste storage facilities. The average strip ratio for the open pit life of the mine is estimated at 3.1:1. Material movement averages 86 million tonnes (feed and waste) in the first 5 years with the peak at 86 million tonnes in Year 5. The open pit will provide 379.5 million tonnes of feed to the process plant over the 22-year mine life. Open pit bench heights of 10 metres will be mined and ore hauled with 227-tonne haul trucks and matching loading equipment including electric hydraulic shovels.

The open pit mining fleet will be leased. Best practice grade control drilling will be done with reverse circulation drilling and rock sampling on mine benches prior to blasting. This provides the greatest flexibility for grade control during operations while maintaining reasonable mine operating costs and production capability.

During the mining operation a stockpile will be maintained adjacent to the primary crushing plant to be used as supplemental feed as required to meet production targets, weather events, and as mill feed in the later years of the operation. Waste rock will be hauled to dedicated waste management facilities near the open pits, backfilled into the 87 Zone pit, placed in lifts over the tails in SW Zone pit, and also used for lifts of the tailings management facility. Concurrent reclamation of the waste management facilities is planned.

Metallurgy: The flowsheet, similar to the original Troilus Mill operated by Inmet, has been developed based on testwork completed at Eriez, FLS/Knelson, Base Met and Kappes Cassidy. The process plant consists of primary and secondary crushing, HPGR and ball milling, copper/gold flotation with a regrind circuit, concentrate filtration and tailings thickening and disposal. Copper concentrate, enriched with gold, will be sent to a smelter for refining.

Provision has been made to install gravity gold concentration for the primary and regrind circuit in Year 1 where gold dorés will be produced. Overall recovery is estimated to be 92.7% for gold, 91.8% for silver, and 91.9% for copper based on the LOM average head grades. Mineral Reserve Estimate: The FS is based on an inaugural Proven and Probable Mineral Reserve estimate totaling 380 million tonnes, grading 0.59g/t AuEq (0.49 g/t Au, 0.058 % Cu and 1.0 g/t Ag) and containing 7.26 million ounces of gold equivalent (6.02 Moz Au, 484 Mlb Cu and 12.15 Moz Ag), reflecting the successful conversion of Indicated and Inferred Mineral Resources.

Exploration Upside: The Troilus Project is held within a large exploration land package totaling 435 km² within the prospective Frôtet-Evans Greenstone Belt. Numerous targets ranging from grass roots geochemical anomalies to early-stage drill targets are actively being explored and advanced by the Company, both near mine and regionally. In late 2022, the X22 Zone was discovered along an oblique structural trend immediately adjacent to the previously mined Z87 pit, and now hosts 1.19M ounces AuEq Indicated mineral resources, highlighting the prospectivity and continued opportunity for discovery at both the mine site and within the belt.

X22 remains open, particularly at depth, and has previously not been drill tested below 250 metres from surface. A 25,000m drill program is underway, largely focused across the Gap Zone between Z87 and the SW zones, and at depth at the X22 Zone. Using multiple layers of geoscientific data and the latest understanding of the deposit genetics, a spectrum of targets were developed that range from strategic resource expansion to those more conceptual in nature.

Next Steps: The Company will be focused on the following activities over the next 24 months: Completion and submission of the Environmental and Social Impact Assessment (ESIA) by the end of 2024. Progressing the Federal and Provincial permitting processes, which were initiated in May 2022, and obtaining all final permits to commence construction. Initiate detailed engineering in preparation for construction.

Project Financing: The Company has engaged Auramet International Inc. (Auramet) as Financial Advisor in conjunction with project financing for the Troilus Project. Ongoing exploration both near the mine and regionally.