Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive update on all the derisking work going into the basic and detailed engineering, permitting, near-mine and regional exploration, and raising the capital stack on a project of scale at the Gold-Copper Troilus Project located in northcentral Quebec, Canada.
Project Execution Progress Highlights
- Basic Engineering completed, and Detailed Engineering advancing across all major disciplines.
- Integrated EPCM structure formalized with BBA Consultants, in partnership with EBC Inc. for construction management integration.
- Expanded geotechnical and metallurgical validation programs underway to enhance design certainty.
- Early contractor engagement and independent third-party technical review advancing across key process and design areas.
- Expanded, construction-ready leadership team in place, with contractor and supplier engagement progressing in parallel.
- Site readiness accelerating through continued pit dewatering, camp expansion to 200 personnel, and infrastructure upgrades aligned with development planning.
Geotechnical Program
A comprehensive geotechnical investigation program has been underway since Fall 2025 and will continue through Spring 2026. Drilling and site characterization across key plant and infrastructure areas are refining foundation design parameters and earthworks planning, directly strengthening schedule and cost certainty.
Metallurgical and Process Optimization
Additional metallurgical and process testwork has been undertaken to further validate plant design assumptions, including ore hardness characterization and recovery performance. This work supports equipment sizing confirmation, operational ramp-up planning, and long-term plant reliability.
We note that at present there are already 13 million gold equivalent ounces in all categories in place at the deposit; but that the 22 year projected mine life and robust economics are presently only factored on roughly half of these resources. There are currently 7 million ounces in reserves, which are the ounces that the economics and engineering is based upon; but clearly there are plenty of resources not yet factored in that will allow the project to either grow to a larger throughput, or they will further extend the mine life.
The potential for large future copper production, in concert with the gold and silver, has been integral in building out the capital stack with ECAs and MCAs, getting offtake agreements in place, and in bringing in key investors into the most recent capital raise.
- On March 17, 2026, Troilus Mining Corp. announced that it has signed a Memorandum of Understanding (“MOU”)with Boliden Commercial AB, a leading European base and precious metals mining and processing company, for the long-term offtake of copper-gold concentrate from the Company’s Troilus Project.
- Justin mentions that their team has high confidence that other components for cost overrun facilities, and the potential of a strategic equity holder, or royalty or stream are coming together into the capital stock and the final combination will be presented to the market later this year.
Switching over to the permitting progress, on June 25th the Company announced that it had officially filed the Environmental and Social Impact Assessment (“ESIA”) with both the Government of Québec and the Government of Canada. The submission of the ESIA marked a major milestone in the development of the Troilus Project, representing the culmination of over five years of comprehensive baseline studies, robust technical evaluations, and meaningful engagement with Indigenous and local communities. Permitting should time out with remaining economic studies and engineering for a construction decision later in 2026.
Wrapping up we discussed the 40,000 meters that will be focused on near-mine resource growth, high-grade target definition, and regional exploration across its 435 km² land package. Drilling is progressing on a combination of mine-plan optimization targets and previously identified regional opportunities generated during the 2025 field program.
If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Troilus Gold at the time of this recording, and may choose to buy or sell shares at any time.
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