Troilus Gold
Financials:
Primary tickers: TSX:TLG, OTCQX:CHXMF, FRA:CM5R
Stage of development: Exploration, Development
Primary minerals: Gold, Copper
Project to promote: Troilus Project
Project location: Quebec, Canada
Website: www.troilusgold.com
Corporate presentation: Click here
Corporate video: Click here
Troilus Gold Corp. is a Canadian junior mining company focused on the systematic advancement and de-risking of the past-producing gold and copper Troilus Project towards production. Troilus holds a land position of 435km² in the top-rated mining jurisdiction of Quebec, Canada, within the prospective Frôtet-Evans Greenstone Belt. Since the Company launched in 2018, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property. In October 2023, the Company delivered a mineral resource estimate of 11.21 Moz AuEq in the Indicated category and 1.80 Moz AuEq in the Inferred category. This represents an impressive 447% increase in AuEq ounces since Troilus was formed in 2018, and firmly positions the project among North America’s largest undeveloped gold-copper deposits. The Company has a clear roadmap towards a production scenario with the goal of delivering long-term value to its shareholders. In early 2022, the Company initiated the Federal and Provincial permitting processes for the project, and a Feasibility Study is underway and expected to be complete in early 2024.
Led by an experienced team with a track record of successful mine development, Troilus is positioned to become a cornerstone project in North America.
Cash: CAD$20M
Debt: NIL
Major shareholders:
Investment Arm of Quebec Govt – ~10%
Franklin – ~6%
Ruffer – ~2.5%
Sprott – ~2.5%
Maple Leaf Funds – ~2.5%
Management Ownership – ~8%
Map of Projects
Management Profile
Justin Reid – CEO/Director
Mr. Reid is a geologist and capital markets executive with over 20 years of experience focused exclusively in the mineral resource space. Mr. Reid started his career as a geologist with Saskatchewan Geological Survey and Cominco Global Exploration after which he became a partner and senior mining analyst at Sprott/Cormark Securities in Toronto. He was then named Executive General Manager at Paladin Energy, where he was responsible for leading all merger and acquisition, corporate and market related activities. He is the former Managing Director Global Mining Sales at National Bank Financial, where he directed the firm’s sales and trading in the mining sector. Most recently, he acted as President and Director of Sulliden Gold Corporation, until its acquisition by Rio Alto Mining in 2014 and was Managing Director at Aguia Resources Ltd. from 2015 to 2019. He holds a B.Sc from the University of Regina, a M.Sc from the University of Toronto and an MBA from the Kellogg School of Management at Northwestern University.
What is your rationale for taking part in 121 Mining Investment?
Seeking to broaden our investor base in new territory
What recent news would you like to highlight to investors attending?
Troilus Reports Updated Mineral Resource Estimate of 11.21Moz AuEq Indicated; 126% Increase From 2020 Estimate, With an Additional 1.80Moz Inferred
Key Highlights:
– Total Indicated Mineral Resources of 11.21 Moz AuEq (508.3 Mt at 0.69 g/t AuEq), representing an increase of 126% in ounces and a 187% increase in tonnes compared to the 2020 MRE.
– Additional Inferred Mineral Resources of 1.80 Moz AuEq (80.5 Mt at 0.69 g/t AuEq)
– Over 99% of the mineral resources in the Indicated category are classified as amenable to “Open Pit” from zones Z87, J, X22, and Southwest, which will form the basis of the Feasibility Study anticipated for completion in early 2024.
– Significant definition at the Southwest Zone and the new discovery of Zone X22 were major new contributors to the open pit MRE, accounting for approximately 28% of the AuEq ounces in the Indicated category. The breakdown by zone is as follows:
o Z87: 5.04Moz (197.1Mt at 0.80g/t AuEq), accounting for approximately 45% of open pit Indicated mineral resources.
o J Zone: 2.98 Moz AuEq (151.9Mt at 0.61g/t AuEq), contributing 27% to the open pit Indicated mineral resources.
o Southwest Zone: 1.89Moz AuEq (98.0Mt at 0.60 g/t AuEq), accounting for nearly 17% of the open pit mineral resources in the Indicated category. A significant increase compared to the 583,000 oz AuEq (22.6 Mt at 0.80 g/t AuEq) Inferred ounces in the 2020 MRE.
o Zone X22: Discovered in late 2022, and with only 23,256 metres drilled, this zone contributed 1.19Moz AuEq (59.2Mt at 0.62 g/t AuEq) or 11% of total open pit Indicated mineral resources.
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Continue to systematically derisk the asset by advancing Engineering studies and the permitting process toward a mine restart.
6 Months:
Completion of a Definitive Feasibility Study, and advancing permitting process.
12 Months:
Company could begin to obtain permits.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Inflationary environment: Increasing costs to build the mine, however past-producing site with ~US$350 million worth of infrastructure helps to mitigate this risk.
Permitting timeline: Unexpected delays are always a risk for development-stage mining companies, however we are lucky to be in an established mining jurisdiction with a well defined and predictable permitting process.
What do you think makes your company such a compelling investment?
Significantly undervalued (13 million ounce resource), with near-term catalysts triggering high re-rate potential, including a Feasibility Study expected Q1 2024, and Mineral Reserve Estimate. Experienced team with extensive capital markets and mine development/construction experience.
What are the top 3 key investor takeaways?
Top-ranked mining jurisdiction; Quebec, Canada ranks #6 globally by the Fraser Institute.
Resource has grown from 2.8 to 13 million ounces equivalent since 2018, with further growth expected.
Successful former 14yr gold/copper mine (1996-2010) provides “Proof of Concept”
Feasibility Study underway and anticipated early Q1 2024.