Prime Minister of Canada supports “one project, one review” approval process
Official Leader of the Opposition names Troilus as project of interest to accelerate resource development
MONTREAL, April 08, 2025 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FRA: CM5R) (“Troilus” or the “Company”), is encouraged by the increased national attention on the importance of mining and critical minerals development. Recent policy proposals from both the Liberal Party of Canada (“LPC”) and the Conservative Party of Canada (“CPC”) reflect a bipartisan consensus on the need to streamline permitting and enable the timely advancement of strategic projects that support Canada’s energy transition, economic growth, and global competitiveness.
Notably, the Copper-Gold Troilus Project (“the Project”) was recently identified as one of ten key natural resource developments of interest in a CPC proposal to simplify and accelerate permitting and development. This recognition follows similar indications of support for a more efficient regulatory framework from the LPC who has publicly endorsed a “one project, one review” permitting system.
As the largest copper project currently at the permitting stage in Quebec, and one of the largest undeveloped copper-gold deposits in Canada, Troilus represents a significant opportunity to contribute to the country’s economy and critical mineral objectives. A 2024 Feasibility Study outlined a 22-year mine life with an average annual production of 135.4 million copper-equivalent pounds or 303,000 gold-equivalent ounces (see press release dated May 14, 2024). At base case metal prices of US$1,975 gold, US$4.05/lb copper, US$23/oz silver, and an exchange rate of 1.35, the Troilus Project is expected to generate CAD$1.23 billion in tax contributions to Quebec and CAD$584 million to the Government of Canada over its mine life. The scale and quality of the Project have attracted strong international institutional interest, including a US$700 million project financing mandate signed in March 2025 with a syndicate of global financial institutions (see press release dated March 13, 2025).
Justin Reid, CEO of Troilus, commented, “The growing dialogue at the federal level, on both sides of the floor, around streamlining permitting for major projects is an encouraging development for Canada’s resource sector. We’re pleased to see Troilus is recognized among the country’s most strategic developments. As one of the largest development-stage assets in the country, Troilus has the potential to support national critical mineral priorities while generating long-term value and meaningful fiscal contributions. A clearer and more efficient regulatory pathway will help unlock that value sooner, for all Canadians.”
With final submission of its Environmental and Social Impact Assessment (“ESIA”) expected in Q2 2025, Troilus remains committed to advancing the Project in close collaboration with Indigenous partners, local communities, and government stakeholders at all levels. The Company welcomes continued discussions on regulatory modernization and looks forward to doing its part to responsibly advance one of Canada’s most important gold and copper projects.
Qualified Person
The technical information in this press release has been reviewed and approved by Kyle Frank, P.Geo., Vice President Exploration, Corporate Development, who is Qualified Person as defined by NI 43-101. Mr. Frank is an employee of Troilus and is not independent of the Company under NI 43-101.
About Troilus Gold Corp.
Troilus Gold Corp. is a Canadian development-stage mining company focused on the systematic advancement of the former gold and copper Troilus Mine towards production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.
Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact the potential permit streamlining on the Company and the likelihood that a proposal to accelerate the process will be realized on the timeline contemplated or at all, the timing and impact of the dewatering and ESIA, the likelihood that binding funding commitments will follow on the timeline projected or at all, development plans, opportunity to expand the scale of the project, the project becoming a cornerstone mining project in Noth America; the development potential and timetable of the project; the estimation of mineral resources and reserves; realization of mineral resource and reserve estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefiting from the Company’s low discovery costs, technical expertise and support from local communities, the timing and amount of estimated future exploration and their possible impact on the potential size of the mineral resource estimate. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “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 cause the 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 based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of financing for project development; uncertainties and risks with respect to developing mining projects; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Company’s latest Annual Information Form, its technical reports and other continuous disclosure documents of the Company available under the Company’s profile at www.sedarplus.ca. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual 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 any forward-looking statements, except in accordance with applicable securities laws.
