T he T r oilus Gold Pr oje c t T L G A Ne w L ife for the - - PowerPoint PPT Presentation

SLIDE 1

T SX:

T L G

OT CQB:

CHXMF T he T r

• ilus Gold Pr
• je c t

A Ne w L ife for the F

• r

me r T r

• ilus Gold Mine

Co rpo ra te Pre se nta tio n – Aug ust 2020

SLIDE 2

| 2

Cautionar y L anguage & L e gal Disc laime r s

v

S tate me nts and c e rtain info rmatio n c o ntaine d in this pre se ntatio n a nd any do c ume nts inc o rpo rate d by re fe re nc e ma y c o nstitute “fo rward-lo o king state me nts” within the me aning o f applic able Canadian se c uritie s le gislatio n whic h ma y inc lude , but is no t limite d to , info r matio n with re spe c t to the Co rpo ratio n’s e xpe c te d pro duc tio n fro m, and furthe r po te ntial o f, the Co rpo ratio n’s pro pe rtie s; the Co rpo ratio n’s ability to raise additio nal funds; the future pric e o f mine rals, partic ular ly g o ld and c o ppe r; the e stimatio n o f mine ral re so urc e s; c o nc lusio ns o f e c o no mic e valuatio n; the re alizatio n o f mine ral re se rve e stimate s; the timing and amo unt o f e stimate d future pro duc tio n; c o sts o f pro duc tio n; c apital e xpe nditure s; suc c e ss o f e xplo ratio n a c tivitie s; mining o r pro c e ssing issue s; c urre nc y e xc ha ng e rate s; g o ve rnme nt re g ulatio n o f mining o pe ratio ns; a nd e nviro nme ntal r

• isks. Ofte n, but no t always, fo rward-

lo o king state me nts/ info rmatio n c a n be ide ntifie d by the use o f wo rds suc h a s “ plans”, “ e xpe c ts”, “is e xpe c te d”, “ budg e t”, “ sc he dule d”, “ e stimate s”, “fo re c asts”, “inte nds”, “ antic ipate s”, o r “ be lie ve s” o r variatio ns (inc luding ne g ative variatio ns) o f suc h wo rds a nd phra se s, o r state me nts that c e r tain a c tio ns, e ve nts o r re sults “ may”, “ c o uld”, “ wo uld”, “ mig ht” o r “ will” be take n, o c c ur o r be a c hie ve d. F

• rward-

lo o king state me nts/ info rmatio n is base d o n ma na g e me nt’s e xpe c tatio ns a nd re aso na ble assumptio ns at the time suc h state me nts are made . E stimate s re g arding the antic ipate d timing , amo unt and c o st

• f e xplo ratio n and de ve lo pme nt ac tivitie s are base d o n a ssumptio ns unde rlying mine ral re se rve and

mine ral re so urc e e stimate s and the re alizatio n o f suc h e stimate s are se t o ut he re in. Capital and

• pe rating c o st e stimate s are b ase d o n e xte nsive re se arc h o f the Co rpo ratio n, purc hase o rde rs plac e d

by the Co rpo ratio n to date , re c e nt e stimate s o f c o nstruc tio n a nd mining c o sts and o the r fac to rs that are se t o ut he re in. F

• rward-lo o king info rmatio n invo lve s kno wn a nd unkno wn risks, unc e rtaintie s a nd
• the rfac to rs that may c a use the ac tual re sults, pe rfo rmanc e o r a c hie ve me nts o f the Co mpany a nd/o r

its subsidiar ie s to be mate r ially diffe re nt fro m any future re sults, pe rfo rmanc e

• r ac hie ve me nts

e xpre sse d o r implie d by the fo rward-lo o king state me nts. S uc h fa c to rs inc lude : unc e rtaintie s o f mine ral re so urc e e stimate s; the nature o f mine ral e xplo ratio n a nd mining ; variatio ns in o re g rade a nd re c o ve ry rate s; c o st o f o pe ratio ns; fluc tuatio ns in the sale pr ic e s o f pro duc ts; vo latility o f g o ld and c o ppe r pric e s; e xplo ratio n a nd de ve lo pme nt r isks; liquidity c o nc e rns a nd future fina nc ing s; risks a sso c iate d with

• pe ratio ns in fo re ig n jur

isdic tio ns; po te ntial re vo c atio n o r c hang e in pe rmit re quire me nts a nd pro je c t app ro vals; c o mpe titio n; no g uara nte e o f title s to e xplo re and o pe rate ; e nviro nme ntal liabilitie s and re g ulato ry re quire me nts; de pe nde nc e o n ke y individuals; c o nflic ts o f inte re sts; insuranc e ; fluc tuatio n in marke t value o f T ro ilus G o ld Co rp’s share s; rising pro duc tio n c o sts; e quipme nt mate r ial and skille d te c hnic al wo rke rs; vo latile c urre nt glo bal financ ial c o nditio ns; a nd c urre nc y fluc tuatio ns; and o the r risks pe rtaining to the mining industry. Altho ug h T ro ilus G o ld Co rp has atte mpte d to ide ntify impo r tant fac to rs that c o uld c ause a c tual ac tio ns, e ve nts o r re sults to diffe r mate r ially fro m tho se de sc ribe d in fo rward-lo o king state me nts, the re may be o the r fac to rs that c a use a c tio ns, e ve nts o r re sults to diffe r fro m tho se antic ipate d, e stimate d o r inte nde d. F

• rwa rd-lo o king state me nts are subje c t to kno wn a nd

unkno wn risks, unc e rtaintie s and o the r impo r tant fac to rs that may c ause the a c tual re sults, le ve l o f ac tivity, pe rfo rmanc e o r a c hie ve me nts o f T ro ilus to be mate r ially diffe re nt fro m tho se e xpre sse d o r implie d by suc h fo rward-lo o king state me nts, inc luding b ut no t limite d to : the impac t the COVID 19 pa nde mic may have o n the Co mpany’ s ac tivitie s and the e c o no my in g e ne ral; the impac t o f the re c o ve ry po st COVID 19 pa nde mic a nd its impac t o n g o ld and o the r me tals; the re be ing no assura nc e that the e xplo ratio n pro g ram will re sult in e xpande d mine ral re so urc e s; risks and unc e rtaintie s inhe re nt to mine ral re so urc e e stimate s; re c e ipt o f ne c e ssary ap pro vals; g e ne ral busine ss, e c o no mic , c o mpe titive , po litic al and so c ial unc e rtaintie s; future g o ld and

• the r me tal pr

ic e s; ac c ide nts, labo ur dispute s a nd sho rtag e s; e nviro nme ntal and

• the r risks o f the

mining industry, inc luding witho ut limitatio n, r isks and unc e rtaintie s disc usse d in the late st annual info rmatio n fo rm o f the Co mpany, in the T e c hnic al Re po r t to be file d and in o the r c o ntinuo us disc lo sure do c ume nts o f the Co mpany available unde r the Co mpany’s p ro file at www.se da r.c o m. F

• rward-lo o king info rmatio n

c o ntaine d he re in o r inc o rpo rate d by re fe re nc e a re made as o f the date o f this pre se ntatio n o r as o f the date o f the do c ume nts inc o rpo rate d by re fe re nc e , as the c ase m ay be , and T ro ilus G o ld Co rp do e s no t unde rtake to update any suc h fo rward-lo o king info rmatio n, e xc e pt in ac c o rd anc e with applic able se c uritie s laws. T he re c an be no a ssura nc e that fo rward-lo o king info rmatio n will pro ve to be ac c urate , as a c tual re sults and future e ve nts c o uld diffe r mate r ially fro m tho se antic ipate d in suc h info rmatio n. Ac c o rdingly, re ade rs a re c a utio ne d no t to plac e und ue re lianc e o n fo rward-lo o king info rmatio n. T he fo rwa rd-lo o king info rmatio n c o ntaine d o r inc o rpo rate d by re fe re nc e in this do c ume nt is pre se nte d fo r the purpo se o f assisting share ho lde rs in unde rstanding the fina nc ial po sitio n, strate gic prio r itie s and o bje c tive s o f the Co rpo ratio n fo r the pe r io ds re fe re nc e d a nd suc h info r matio n may no t be appro priate fo ro the rpurpo se s. T he T ro ilus pro je c t has no t be e n the subje c t o f a c urre nt fe asibility study and as suc h the re is no c e rtainty that a po te ntial mine will be re alize d. T he re is a sig nific ant r isk that a ny p ro duc tio n fro m the pro je c t will no t be pro fitable with the se r isks e le vate d by the abse nc e o f a c o mpliant NI43 101 fe asibility study. Mine ral Re so urc e s that are no t Mine ral Re se rve s do no t have de mo nstrate d e c o no mic viability; the e stimate o f Mine ral Re so urc e s in the update d Mine ral Re so urc e state me nt may be mate r ially affe c te d by e nviro nme ntal, pe rmitting, le g al, title , taxatio n, so c io -po litic al, marke ting, o r o the r re le vant issue s. T he re is no c e rtainty that the Indic ate d Mine ral Re so urc e s will be c o nve rte d to the Pro bable Mine ral Re se rve c ate g o ry, and the re is no c e rtainty that the update d Mine ral Re so urc e state me nt will be re alize d. T he 2020 mine ral re so urc e e stimate disc lo se d in this pre se ntatio n wa s p re p are d b y Mr. Pa ul Daigle , g é o ., S e nio r Asso c iate Re so urc e G e o lo gist with AG P, and the suppo rting T e c hnic al Re po r t will be available o n S EDAR (www.se da r.c o m) unde r the Co mpany’s issue r pro file within 45 c ale ndar da ys. Mr. Pa ul Daigle , who is an inde pe nde nt Q ualifie d Pe rso n as de fine d unde r NI 43-101, ha s re vie we d and appro ve d the mine ralre so urc e e stimate disc lo se d in thispre ss re le ase . T he te c hnic al and sc ie ntific info r matio n in this pre se ntatio n ha s be e n re vie we d and appro ve d by Be r trand Brassa rd, M.Sc ., P.G e o ., S e nio rPro je c t G e o lo gist, who is a Q ualifie d Pe rso n a s de fine d by NI43-

• 101. Mr. Bra ssard ha s also ve rifie d the te c hnic al data c o ntaine d in this pre se ntatio n using industry

ac c e pte d standa rds. Mr. Brassard is an e mplo ye e o f T ro ilus a nd is no t inde pe nde nt o f the Co mpany unde r NI43-101. T he Mine ral Re so urc e e stimate s c o ntaine d he re in may be subje c t to le g al, po litic al, e nviro nme ntal o r

• the r risks that c o uld mate r

ially affe c t the po te ntial de ve lo pme nt o f suc h Mine ral Re so urc e s. S e e the T e c hnic al Re po rt fo r mo re info rmatio n with re spe c t to the ke y assumptio ns, parame te rs, me tho ds and risks o f de te rminatio n asso c iate d with the fo re g o ing . Cautio nary no te to U.S . inve sto rs c o nc e rning e stimate so f Mine ralRe so urc e s: T he se e stimate s have be e n pre p are d in ac c o rd a nc e with the re quire me nts o f Canadian se c uritie s laws, whic h diffe rfro m the re quire me nts o f U.S . se c uritie s laws. T he te rms “mine ral re so urc e ”, “ me asure d mine ral re so urc e ”, “indic ate d mine ral re so urc e ” a nd “ infe rre d mine ral re so urc e ” are de fine d in NI 43- 101 and re c o g nize d by C a nadian se c uritie s laws b ut are no t de fine d te r ms o r re c o g nize d unde r U.S . se c uritie s laws. U.S . inve sto rs are c a utio ne d no t to assume that a ny p art o r all o f mine ral de po sits in the se c ate g o r ie s will e ve r be upg rade d to mine ral re se rve s. “ Infe rre d mine ral re so urc e s” have a g re at amo unt o f unc e rtainty as to the ir e xiste nc e , and g re at unc e rtainty as to the ir e c o no mic and le g al fe asibility. I t c anno t be assume d that all o r any pa rt o f an “infe rre d mine r al re so urc e ” will e ve r be upg rade d to a hig he r c ate g o ry. Unde r Ca nadian se c uritie s laws, e stimate s o f “infe rre d mine ral re so urc e s” ma y no t fo rm the basis o f fe asibility o r pre -fe asibility studie s. U.S . inve sto rs are c autio ne d no t to assume that all o r a ny p art o f an infe rre d mine ral re so urc e e xists o r is e c o no mic ally o r le g ally mine able . Ac c o rdingly, the se mine ral re so urc e e stimate s and re late d info rmatio n may no t be c o mparable to similar info rmatio n made public by U.S . c o mpa nie s subje c t to the re po r ting and disc lo sure re quire me nts unde r the U.S . fe de ralse c uritie slaws and the rule s and re g ulatio ns the re unde r.

SLIDE 3

T r

• ilus Gold Cor
• p. - An Intr
• duc tion

*Se e mine ra l re so urc e ta b le o n slide XX

T he n:

• F
• rme r g o ld a nd

c o p p e r o p e n-p it mine (1996-2010)

• K

no wn mine ra l re se rve s we re mine d (+2Mo z o f g o ld a nd ~70,000t o f c o p p e r)

• Pro p e rty wa s b e lie ve d

to b e fully e xp lo ite d

T wo ye a rs o f e xplo ra tio n suc c e ss g ro ws T ro ilus into o ne o f the la rg e st unde ve lo pe d g o ld de po sits in No rth Ame ric a

| 3

*Se e mine ra l re so urc e ta b le in Ap p e nd ix

Now:

• T

ro ilus wa s a c q uire d in 2017 with a mine ra l re so urc e

• f 2.05 Mo z AuE

q (I nd .) a nd 0.7 Mo z AuE q (I nf.)

• Ro b ust ne w g e o lo g ic a l a p p ro a c h a nd +80,500

me tre s d rille d sinc e a c q uisitio n ha s le d to sig nific a nt lo w-c o st g o ld g ro wth

• Curre nt mine ral re sourc e e stimate of 4.96Moz AuE

q Indic ate d (177 Mt; a ve ra g e g ra de o f 0.87 g /

t AuEq ) and 3.15

Moz AuE q Infe rre d (116.7 Mt; a ve ra g e g ra de o f 0.84 g /

t AuEq )

• L

a nd p a c ka g e inc re a se d fro m 16,000 ha to 107,326 ha in 2020, ma king T ro ilus the la rg e st c la ims ho ld e r in the hig hly p ro sp e c tive F rô te t-E va ns Gre e nsto ne Be lt.

SLIDE 4

2020 2019 2018 2017

| 4

Mine r al Gr

• wth Sinc e Ac quisition

+36,000m o f drilling sig nific a ntly impro ve s g e o lo g ic a l unde rsta nding , fo c us shifte d to a n

• pe n-pit

de ve lo pme nt sc e na rio a nd e xpa nding ne a r- surfa c e mine ra liza tio n. Ac q uisitio n c o st; $300k c a sh a nd sliding sc a le NSR, $1M spe nt o n te c hnic a l studie s. T ro ilus la unc he s with $23.5M to 20 g lo b a l Institutio ns with a pre -mo ne y va lua tio n o f C$42M.

F

• rme r

T roilus Mine

T he T ro ilus mine pro duc e d +2Mo z Au a nd ~70,000t o f Cu fro m a c o nve ntio na l

• pe n-pit mine

1996- 2010

~90% * inc re ase in mine ral re sourc e s Inhe rite d Re sourc e 129% * inc re ase in mine ral re sourc e s sinc e ac quisition

+36,000m o f drilling re sulte d in a me a ning ful e xte nsio n

• f mine ra liza tio n

a lo ng strike a nd do wn dip. Hig h g ra de g o ld tre nds ide ntifie d thro ug ho ut e ntire

• re b o dy.

142% * inc re ase in mine ral re sourc e s sinc e ac quisition

* I ndic a te d c a te g o ry

+8,500m o f drilling . Ne w g e o lo g ic a l a ppro a c h le a ds to the disc o ve ry o f the So uthwe st g o ld zo ne . 583,000 o unc e s AuE q a dde d to Infe rre d c a te g o ry.

SLIDE 5

Capital Str uc tur e & Analyst Cove r age

T SX:

T L G

OT CQB:

CHXMF

F RA:

CM5R

52-we e k sha re p ric e :

C$0.42-$1.60

Ba sic Sha re s Outsta nd ing :

~115M

Ma rke t Ca p ita liza tio n:

~C$170M

Op tio ns:

250,000

Wa rra nts: 26,105,000 RSU’ s:

3,136,660

Ca sh:

~C$11.1M*

*As a t April 30, 2020. No t inc lud ing ~$25 millio n ra ise d in June 2020.

T ight c apital str uc tur e Str

• ng c ash position Inc r

e asing visibility

  

| 5

Ric ha rd Gra y Co rmark T yro n Bre yte nb a c h Stife l|GMP T

• m Ga llo

Canac c o rd Ja c q ue s Wo rtma n L aure ntian Bank Pie rre Va illa nc o urt Haywo o d Philip K e r PI F inanc ial Stua rt Mc Do ug a ll Mac kie Re se arc h Ja c o b Willo ug hb y Re d Clo ud Se c uritie s

Analyst Cove r age

SLIDE 6

Confidence in Troilus’ future demonstrated by growing insider ownership

| 6

*As a t Ma rc h 2020

Sha r e holde r Distr ibution

~10%

T r

• ilus Inside r

Owne r ship:

Ca isse de Dé po t Ma ple L e a f F unds Spro tt Asse t Mg mt

Str

• ng Institutional & Inside r

Owne r ship

Re ta il Ca na c c o rd Chib o ug a ma u Drilling Go ld 2000 Qc . Institutio na l (SIDE X, ARX, F T Q, JBIB)

Strong Que be c Owne rship

Institutional & Cor por ate

(Apo g e e , Do n Smith, Middle fie ld, Ma c ke nzie , AGF , Go o dma n, Dunde e , Sun Va lle y, De lb ro o k, O3 Mining Inc ., a mo ng o the rs.) Ruffe r

SLIDE 7

| 7

A Str

• ng F
• undation for

Value Cr e ation

F

• rme r o pe ra ting g o ld

mine with a c tive mining le a se in Que b e c , Ca na da . Indic a te d mine ra l re so urc e s ha ve g ro wn 142% a nd Infe rre d 350% sinc e a c q uisitio n. Ro a ds, po we r, ta iling s, e tc , inhe rite d fro m fo rme r mine . Po sitive impa c t fo r pro je c t e c o no mic s. T ro ilus is the la rg e st mine ra l c la ims ho lde r in the hig hly pro spe c tive F rô te t-E va ns Gre e nsto ne Be lt T ra c k-re c o rd o f suc c e ssful pro je c t de ve lo pme nt a nd va lue g e ne ra tio n. Stro ng sha re ho lde r b a se ; suppo rtive c o mmunity, Go ve rnme nt a nd F irst Na tio ns.

L OW RISK JURISDICT ION



L ARGE & GROWING GOL D DE POSIT MAJOR INF RAST RUCT URE IN PL ACE

 

DIST RICT WIDE GROWT H POT E NT IAL E XPE RIE NCE D L E ADE RSHIP T E AM ST RONG ST AKE HOL DE R SUPPORT

  

SLIDE 8

Ca na da is o ne o f the la rg e st a nd mo st fa vo ura b le mining na tio ns in the wo rld

| 8 | 8

L

• w- Risk Jur

isdic tion: Que be c , Canada

SLIDE 9

QUE BE C

| 9

F a vour a ble Jur isdic tion for Mine Pe r mitting & De ve lopme nt

Pr

• je c t

E SIA file d Pe r mit Awar de d T ime for Pe r mit

L a c Blo o m (iro n mine ) De c 2006 F e b 2008 14 mo nths Osisko (g o ld mine ) Se pt 2009 Se pt 2010 12 mo nths Go ldc o rp (g o ld mine ) Oc t 2009 Oc t 2011 24 mo nths Bla c kRo c k (iro n a nd Va ) De c 2011 De c 2013 24 mo nths Sto rno wa y Dia mo nd Co rp. De c 2011 De c 2012 12 mo nths Mine Arna ud (a pa tite ) Ma r 2012 Ma r 2015 36 mo nths Ro ya l Nic ke l No v 2012 No v 2015 36 mo nths Hydro Que b e c (e le c tric line 161 kV) De c 2012 Apr 2014 16 mo nths Ne ma ska L ithium Ma r 2013 Se pt 2015 30 mo nths Aria nne Pho spha te June 2013 De c 2015 30 mo nths Wa ska g a nish (a g g re g a te s q ua rry) June 2014 Se pt 2015 16 mo nths

Re c e nt Pe r mitting T ime line s of Pr

• je c ts Ne a r

T r

• ilus

| 9

“Pla n Nor d”

25-ye ar Gove rnme nt plan for natural re sourc e s se c tor de ve lopme nt and job c re ation.

SLIDE 10

| 10

F r

• tê t E

vans Gr e e nstone Be lt

L

• ng - te rm

distric t- wide pote ntia l.

T ro ilus is the la rg e st mine ra l c la ims ho lde r in the F ro tê t-E va ns Gre e nsto ne Be lt, whic h re ma ins sig nific a ntly unde re xplo re d c o mpa re d to the Ab itib i.

SLIDE 11

L and Position Signific antly E xpande d in 2020

| 11 | 11

T ro ilus is no w the la rg e st mine ra l c la ims ho ld e r in the F rô te t-E va ns Gre e nsto ne Be lt

*Se e p re ss re le a se d a te d Ap ril 28, 2020 fo r furthe r d e ta il.

+91,000 ha a c quir e d in 2020

SLIDE 12

T r

• ilus Pr
• je c t - L
• c ation & Ac c e ssibility

| 12

Road ac c e ss via “Route du Nord”

(ma na g e d b y Que b e c T ra nspo rt Ministry a nd Ja me s Ba y E ne rg y So c ie ty)

Ne are st airport in Chibougamau

(~170km so uth o f T ro ilus)

SLIDE 13

Z87 pit J4 pit

500m

T he T r

• ilus Gold Mine (1996- 2010)

| 13

Z87 pit J4 pit

 Ac tive Mining L

e a se

Ma inta ine d fro m pro duc tio n e ra

 Pe r

mitte d T a iling s F a c ility

Curre ntly re c la ime d a nd re ve g e ta te d

 +85km of Powe r

L ine s

Ma inta ine d b y Hydro -Que b e c

 +40km of Roa ds

a nd rive r c ro ssing s

Ad va nta g e s o f a F

• rme r Mine Site

SLIDE 14

| 14

E xisting infra struc ture is e xpe c te d to po sitive ly impa c t e c o no mic s a nd time line o f the pro je c t*

*Ple a se re fe r to the c a utio na ry la ng ua g e o n slide 2 re la te d to the c o mp le tio n o f a F e a sib ility S tudy

E xte nsive Inhe r ite d Infr astr uc tur e

SLIDE 15

F

• r

me r Mine Site & Mine r al Zone s

| 15

+20km Mag L

• w Ge ophysic s T

re nd 2020 Mine ral Re sourc e (July 2020)

Indic a te d: 4.96 Mo z AuE q @ 0.87 g / t Infe rre d: 3.15 Mo z AuE q @ 0.84 g / t

Z87 South Allongé Southwe st Z87 J Zone Z87 pit J4 pit

SLIDE 16

Mine r al Re sour c e Gr

• wth 2016- 2020

| 16 Indic ate d 121.7 Mt 1.00 g / t 3.92 Mo z Infe r r e d 36.1 Mt 1.01 g / t 1.17 Mo z Indic ate d 44.0 Mt 1.45 g / t 2.05 Mo z Infe r r e d 18.7 Mt 1.16 g / t 0.7 Mo z Indic ate d 159.1 Mt 0.92 g / t 4.71 Mo z Infe r r e d 52.7 Mt 1.04 g / t

• 1. 76 Mo z
• Sinc e a c quisition in 2017, Indic a te d mine r

a l r e sour c e s ha ve g r

• wn 142% a nd Infe r

r e d mine r a l r e sour c e s ha ve g r

• wn 350%

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500

2016 2018 2019 2020

0.7

Mo z AuEq

2.05

Mo z AuEq

1.17

Mo z AuEq

3.92

Mo z AuEq

1.76

Mo z AuEq

4.71

Mo z AuEq

3.15

Moz AuE q

4.96

Moz AuE q

2016 Inhe rite d Mine ral Re sourc e s¹ 2018 T

• tal Mine ral Re sourc e s²

2019 T

• tal Mine ral Re sourc e s³

Indic ate d

177.3 Mt 0.87 g / t 4.96 Mo z

Infe r r e d

116.7 Mt 0.84 g / t 3.15 Mo z

Ope n Pit & Unde rground

T

• nne s

Gr ade AuE q Containe d AuE q

2020 T

• tal Mine ral Re sourc e s⁴

2016¹ 2018² 2019³

1. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt June 30, 2016 (RPA) 2. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt Ja nua ry 1, 2019 (RPA) 3. Se e T e c hnic a lRe p o rt o n the T ro ilus Go ld -Co p p e rPro je c t Mine ra lRe so urc e Estim a te , NI43-101 Re p o rt De c e m b e r20, 2019 (RPA) 4. Se e 2020 Mine ra l Re so urc e ta b le o n slid e 22 a nd a d d itio na l d isc lo sure s o n slid e 49

2020⁴

SLIDE 17

Zo ne

Z87

Zo ne

Z87 South

Zo ne

Southwe st

OPE N OPE N OPE N OPE N

~500m

Zo ne

J Zone

2016

~300m Z87 pit J5 pit

200m

2020

| 17

Signific ant Mine r al Re sour c e Gr

• wth

2019

Zo ne

J5

Zo ne

J4

Zo ne

Z87 / Z87 South ~500m

1. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt June 30, 2016 (RPA) 2. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt Ja nua ry 1, 2019 (RPA) 3. Se e T e c hnic a lRe p o rt o n the T ro ilus Go ld -Co p p e rPro je c t Mine ra lRe so urc e Estim a te , NI43-101 Re p o rt De c e m b e r20, 2019 (RPA) 4. Se e 2020 Mine ra l Re so urc e ta b le o n slid e 22 a nd a d d itio na l d isc lo sure s o n slid e 49

SLIDE 18

| 18

Global “Disc ove r y De fic it”

| 18

Be ne fiting c o mpa nie s tha t a re suc c e ssfully inve sting in e xplo ra tio n

Cha rt So urc e : SNL , GF MS, Pa ra dig m Ca pital Inc .

T roilus is finding g old for <$5/ oz AuE q

Ave rage Global Gold E quivale nt Disc ove ry Costs: 1990-2001: $14/ oz 2002-2009: $34/ oz 2010-2017: $174/ oz

SLIDE 19

Mine r al Re sour c e Zone s

| 19

Z87 pit J4 pit

Z87 pit J4 pit *Se e 2020 Mine ra l Re so urc e ta b le o n slid e 22

SLIDE 20

| 20 Exte nt o f 2018 Mine ra l Re so urc e 2020 Mine ra l Re so urc e Enve lo p e

Z87 J Zone Allongé

F

• rme r Z

87

• pe n pit limit

F

• rme r J4
• pe n pit limit

Z87 South Southwe st

2018/ 2019 Drill Ho le T ra c e s

New Gold Zone Disc over y in 2020:

+1km mine ra lize d tre nd c o nfirme d to date ; 580,000 o z AuE q (I nfe rre d) adde d to Mine ral Re so urc e with o nly 8,500m drille d. Ac tive Mining L e a se

Gr

• wth

T ar get

2019/ 2020 Ne w Drilling Inc lude d in Mine ra l Re so urc e Up d a te

2.5km 1km

2018- 2020 Dr illing & Shor t- te r m Gr

• wth T

ar ge ts

L

• ng itudinalSe c tio n (fac ing e ast)

Signific ant E xpansion 2018-2020

Be lo w and o n strike with fo rme r o pe n pits:

SLIDE 21

Ope n Pit Gr

• wth by Zone

| 21 500 1000 1500 2000 2500 3000 2016 2018 2019 2020 200 400 600 800 1000 1200 2016 2018 2019 2020

Indic a te d

Op e n Pit Mine ra l Re so urc e s, All Zo ne s

2018² 2019³ 2016¹ 2020⁴ 2018² 2019³ 2016¹ 2020⁴

Z 87 & Z 87 So uth J Z

• ne s

So uthwe st Z

• ne

Z 87 & Z 87 So uth J Z

• ne s

Z 87 & Z 87 So uth J Z

• ne s

Z 87 & Z 87 So uth J Z

• ne s

Z 87 & Z 87 So uth J Z

• ne s

Z 87 & Z 87 So uth J Z

• ne s

So uthwe st Z

• ne

Z 87 & Z 87 So uth J Z

• ne s

So uthwe st Z

• ne

Z 87 & Z 87 So uth J Z

• ne s

So uthwe st Z

• ne

Infe rre d

Op e n Pit Mine ra l Re so urc e s, All Zo ne s

1. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt June 30, 2016 (RPA) 2. Se e T e c hnic a l Re p o rt o n the T ro ilus Go ld -Co p p e r Mine Mine ra l Re so urc e Estima te , NI43-101 Re p o rt Ja nua ry 1, 2019 (RPA) 3. Se e T e c hnic a lRe p o rt o n the T ro ilus Go ld -Co p p e rPro je c t Mine ra lRe so urc e Estim a te , NI43-101 Re p o rt De c e m b e r20, 2019 (RPA) 4. Se e 2020 Mine ra l Re so urc e ta b le o n slid e 22 a nd a d d itio na l d isc lo sure s o n slid e 49

SLIDE 22

Mine r al Re sour c e Summar y – All Zone s

| 22

T

• tal Ope n Pit

& Unde r gr

• und

T

• tal Ope n Pit

T

• tal Unde r

gr

• und

T

• nne s

(Mt)

Gold E quiv.

(g / t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

Indic ate d

177.30 0.87 0.75 0.08 1.17 4.30 322.60 6.66 4.96

Infe rre d

116.70 0.84 0.73 0.07 1.04 2.76 189.73 3.91 3.15

Indic ate d

164.20 0.80 0.68 0.08 1.20 3.62 284.69 6.32 4.21

Infe rre d

101.20 0.70 0.60 0.07 1.12 1.95 151.01 3.65 2.27

Indic ate d

13.10 1.79 1.61 0.13 0.81 0.68 37.91 0.34 0.75

Infe rre d

15.50 1.77 1.62 0.11 0.52 0.81 38.72 0.26 0.88

Mine ral Re so urc e s tha t a re no t Mine ral Re se rve s d o no t ha ve d e mo nstra te d e c o no mic via b ility; Summa tio n e rro rs ma y o c c ur d ue to ro und ing ; Op e n p it mine ra l re so urc e s a re re p o rte d within a n o p timize d c o nstra ining she lls. Op e n p it c ut-o ff g ra d e is 0.3 g p t AuEQ whe re the me ta l e q uiva le nts we re c a lc ula te d a s fo llo ws: Z87 Zo ne : AuEq = Au g ra d e + 1.2566 * Cu g ra d e + 0.0103 * Ag g ra d e J4/ J5 Zo ne : AuEq = Au g ra d e + 1.2979 * Cu g ra d e + 0.0108 * Ag g ra d e SW Zo ne : AuEq = Au g ra d e + 1.2768 * Cu g ra d e + 0.0106 * Ag g ra d e Me ta l p ric e s fo r the AuEQ fo rmula s a re : $US 1,600/ o z Au; $3.25/ lb Cu, a nd $20.00/ o z Ag ; with a n e xc ha ng e ra te o f US$1.00:CAD$1.30; Me ta l re c o ve rie s fo r the AuEQ fo rmula s a re : Z87 Zo ne : 83% fo r Au re c o ve ry, 92% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry J4/ J5 Zo ne : 82% fo r Au re c o ve ry, 88% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry SW Zo ne : 82.5% fo r Au re c o ve ry, 90% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry Und e rg ro und c ut-o ff g ra d e is 0.9 AuEQ a t Z87 Zo ne a nd J4/ J5 Zo ne *Se e a d d itio nal d isc lo sure s re la te d to the mine ra l re so urc e c a lc ula tio n in Ap p e nd ix

SLIDE 23

2020 Mine r al Re sour c e – Gr ade Distr ibution

| 23

Above 0.3 g/ t AuE q (ope n pit) & above 0.9 g/ t AuE q (unde r gr

• und)

T

• tal Ope n Pit and Unde r

g r

• und

Indic ate d

177.3 0.75 0.08 1.17 0.87 4.30 322.60 6.66 4.96

Infe r r e d

94.1 0.74 0.07 1.08 0.85 2.25 154.00 3.26 2.57 T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz) Classific ation 0.30 g/ t OP and 0.90 g/ t UG

Limit of Resource Shell

J5 285m J4 Z87 UG Z87 South 485m 600m 870m fro m surfa c e

g/t AuEq.

0.3 – 0.5 0.5 – 0.9 > 0.9

J4 UG

Z87, Z87 South a nd J Zone

SLIDE 24

Ope n Pit Mine r al Re sour c e s – By Zone

| 24 Indic ate d

84.60 0.92 0.79 0.09 1.39 2.15 169.54 3.77 2.50

Infe rre d

32.70 0.70 0.60 0.07 1.50 0.63 49.34 1.57 0.73

Z87 & Z87 South J Zone (J4 & J5)

Indic ate d

79.60 0.67 0.57 0.07 1.00 1.47 115.16 2.55 1.71

Infe rre d

45.90 0.65 0.55 0.07 0.96 0.82 65.94 1.42 0.96

Southwe st Zone

Infe rre d

22.60 0.80 0.70 0.07 0.89 0.51 35.73 0.65 0.58

T

• nne s

(Mt)

Gold E quiv.

(g / t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

T

• tal Ope n Pit – All Zone s

Indic ate d 164.20 0.80 0.68 0.08 1.20 3.62 284.69 6.32 4.21 Infe rre d 101.20 0.70 0.60 0.07 1.12 1.95 151.01 3.65 2.27

Mine ral Re so urc e s tha t a re no t Mine ral Re se rve s d o no t ha ve d e mo nstra te d e c o no mic via b ility; Summa tio n e rro rs ma y o c c ur d ue to ro und ing ; Op e n p it mine ra l re so urc e s a re re p o rte d within a n o p timize d c o nstra ining she lls. Op e n p it c ut-o ff g ra d e is 0.3 g p t AuEQ whe re the me ta l e q uiva le nts we re c a lc ula te d a s fo llo ws: Z87 Zo ne : AuEq = Au g ra d e + 1.2566 * Cu g ra d e + 0.0103 * Ag g ra d e J4/ J5 Zo ne : AuEq = Au g ra d e + 1.2979 * Cu g ra d e + 0.0108 * Ag g ra d e SW Zo ne : AuEq = Au g ra d e + 1.2768 * Cu g ra d e + 0.0106 * Ag g ra d e Me ta l p ric e s fo r the AuEQ fo rmula s a re : $US 1,600/ o z Au; $3.25/ lb Cu, a nd $20.00/ o z Ag ; with a n e xc ha ng e ra te o f US$1.00:CAD$1.30; Me ta l re c o ve rie s fo r the AuEQ fo rmula s a re : Z87 Zo ne : 83% fo r Au re c o ve ry, 92% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry J4/ J5 Zo ne : 82% fo r Au re c o ve ry, 88% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry SW Zo ne : 82.5% fo r Au re c o ve ry, 90% fo r Cu re c o ve ry a nd 76% fo r Ag re c o ve ry Und e rg ro und c ut-o ff g ra d e is 0.9 AuEQ a t Z87 Zo ne a nd J4/ J5 Zo ne *Se e a d d itio nal d isc lo sure s re la te d to the mine ra l re so urc e c a lc ula tio n in the Ap p e nd ix

SLIDE 25

| 25

Mine r al Re sour c e Gr ade Distr ibution, Main Zone

Above 0.3 g/ t AuE q (ope n pit)

485m 600m

Z87 J4 J5

285m 315m

Z87 South

Indic ate d

164.2 0.68 0.08 1.20 0.80 3.62 284.69 6.32 4.21

Infe r r e d

78.6 0.57 0.07 1.19 0.67 1.44 115.28 3.00 1.69 T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz) Classific ation 0.30 g/ t OP

Main Zone

Z87, Z87 South a nd J Zone

SLIDE 26

| 26

Infe r r e d

22.6 0.70 0.07 0.89 0.80 0.51 35.73 0.65 0.58

T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz)

Limit of Resource Shell

ZSW

280m

g/t AuEq.

0.3 – 0.5 0.5 – 0.9 > 0.9

130m

Mine r al Re sour c e Gr ade Distr ibution, Southwe st Zone

Above 0.3 g/ t AuE q (ope n pit)

SLIDE 27

| 27

Above 0.6 g/ t AuE q (ope n pit)

Indic ate d

83.3 0.99 0.10 1.42 1.13 2.66 181.98 3.82 3.04

Infe r r e d

34.9 0.84 0.07 1.34 0.94 0.94 56.34 1.50 1.06 T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz) Classific ation 0.60 g/ t OP

485m 600m

Z87 J4 J5

285m 315m

Z87 South

Mine r al Re sour c e Gr ade Distr ibution, Main Zone

Z87, Z87 South a nd J Zone

SLIDE 28

| 28

Infe r r e d

12.0 0.97 0.09 1.12 1.10 0.37 25.08 0.44 0.43

T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz)

Limit of Resource Shell

ZSW

280m 130m

Mine r al Re sour c e Gr ade Distr ibution, Southwe st Zone

Above 0.6 g/ t AuE q (ope n pit)

SLIDE 29

| 29

Above 0.9 g/ t AuE q (ope n pit)

Indic ate d

40.7 1.38 0.13 1.70 1.56 1.81 117.39 2.22 2.05

Infe r r e d

12.6 1.20 0.09 1.56 1.33 0.49 24.62 0.63 0.54 T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz) Classific ation 0.90 g/ t OP

485m 600m

Z87 J4 J5

285m 315m

Z87 South

Mine r al Re sour c e Gr ade Distr ibution, Main Zone

Z87, Z87 South a nd J Zone

SLIDE 30

| 30

Infe r r e d

5.9 1.30 0.14 1.49 1.49 0.25 17.61 0.28 0.28

T

• nne s

(Mt)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Gold E quiv.

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Contained AuE q

(Moz)

Limit of Resource Shell

ZSW

280m 130m

Above 0.9 g/ t AuE q (ope n pit)

Mine r al Re sour c e Gr ade Distr ibution, Southwe st Zone

SLIDE 31

Ne w Gold Zone at Sur fac e in Southwe st Zone

| 31

• ~2.5km fr
• m ma in mine r

a l zone s a nd a c c e ssible via e xisting r

• a d
• 8,500 me tr

e s dr ille d in la te 2019/ e a r ly 2020, ide ntifie d size a ble ne w g old zone a t sur fa c e

• Southwe st Zone c ontr

ibute s 583,000oz AuE q Infe r r e d to 2020 mine r a l r e sour c e

(22.6 Mt, a vg . g ra de o f 0.80 g / t AuE q )

• Simila r

g e olog y to ma in zone , Z87

SLIDE 32

Southwe st Zone Dr illing 2019/ 2020

| 32

* F

• r c o mp le te re sults, p le a se se e p re ss re le a se s da te d Ja nua ry 28, 2020, Ap ril 14, 2020 a nd Ma y 14, 2020

8,500m drille d c o ntrib ute s 583,000 o unc e s AuE q to Infe rre d mine ra l re so urc e s

Southwest

SLIDE 33

One of the be st hole s e ve r dr ille d on the pr

• pe r

ty:

Southwe st Zone Dr ill Re sults (April 2020)

| 33

* F

• r c o mp le te re sults, p le a se se e p re ss re le a se s da te d Ap ril 21, 2020
• 1.56 g/ t AuE

q ove r 73m, inc l. 2.05 g/ t AuE q ove r 48m; 1.23 g/ t AuE q

• ve r 6m from surfac e ;

0.98 g/ t AuE q ove r 13m inc l. 1.9g/ t AuE q ove r 3m and 2.17 g/ t AuE q

• ve r 2.2m

(T L G-Z SW20-189)

• 1.02 g/ t AuE

q

• ve r 15m ne ar surfac e

(T L G-Z SW20-185)

SLIDE 34

AuEq Au Cu Ag Contained Contained Contained Contained (g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver (Moz) (Moz) (Mlb) (Moz) Indicated 1.86 1.62 0.15 1.16 1.09 0.95 58.45 0.68 Inferred 1.82 1.63 0.12 0.67 0.97 0.87 43.60 0.36 Classification 0.90 g/t UG Z87 Tonnage (Mt) Total Underground 16.6 18.3

| 34

2019 Mine r al Re sour c e - Unde r gr

• und

870m

Z87

350m

Z87 South

Resource Shell

NE SW

Above 0.9 g/ t AuE q

• Re mode le d Z87 Unde r

gound in 2019 with impr

• ve d ge ologic al unde r

standing

• Re sults: Impr
• ve d gr

ade fr

• m 1.5 g/ t to 1.86 g/ t, tonnage de c r

e ase s 24% and

• unc e s inc r

e ase - without dr illing!

• Same e xe r

c ise c ur r e ntly be ing applie d to the r e st of the de posit

SLIDE 35

~30g/ t gold

T he T ro ilus de po sit is a b ro a d b a se ~1g / t g o ld ha lo with a se c o nda ry hig he rg ra de g o ld syste m. No w ide ntifiable a nd pre dic ta ble thro ug ho ut the de po sit.

| 35

High- Gr ade Gold T r e nd

SLIDE 36

E xplor ation Pote ntial - 2020 and Be yond

| 36

Ma in mine ra lize d zo ne s re ma ins unde r e xplo re d Surve ying unde rwa y; c hip/ g ra b/ c ha nne l sa mple s b e ing c o lle c te d a nd se nt to la b

SLIDE 37

| 37

Committe d to Sustainable De ve lopme nt

At T ro ilus, we a re c o mmitte d to c re a ting va lue fo r o ur sha re ho ld e rs while

• pe ra ting in a sa fe , so c ia lly a nd e nviro nme nta lly re spo nsib le ma nne r,

c o ntrib uting to the pro spe rity o f o ur e mplo ye e s a nd o ur lo c a l c o mmunitie s while re spe c ting huma n rig hts, c ulture s, c usto ms a nd va lue s o f tho se impa c te d b y o ur a c tivitie s.

We a im to ma inta in a pro duc tive a nd suppo rtive wo rk e nviro nme nt tha t is b a se d o n mutua l re spe c t, fa irne ss a nd inte g rity. We a im to e limina te , minimize a nd mitig a te impa c ts o f o ur o pe ra tio ns o n the e nviro nme nt to ma inta in its via b ility a nd dive rsity. We a im to o pe ra te a sa fe a nd he a lthy wo rkpla c e tha t is injury fre e a nd e nha nc e s the we ll-b e ing o f e mplo ye e s. We a im to c o ntrib ute to the so c ia l a nd e c o no mic de ve lo pme nt o f susta ina b le c o mmunitie s to e nsure a le g a c y o f impro ve me nt.

Pe ople E nvir

• nme nt

He alth & Safe ty Communitie s

SLIDE 38

| 38

Stake holde r E ngage me nt

Sig ne d Pr e -De ve lopme nt Ag r e e me nt (PDA) with the Cr e e Na tion of Mistissini, the Gr a nd Counc il of the Cr e e s (E e you Istc he ) a nd the Cr e e Na tion in July 2018¹

• E

sta b lishe s the fra me wo rk fo r the o n-g o ing a nd mutua lly b e ne fic ia l re la tio nship re g a rding b usine ss a nd e mplo yme nt o ppo rtunitie s fo r the Cre e

• F

a c ilita te s c o ntinue d suppo rt fo r e xplo ra tio n a c tivitie s a nd pre pa ra tio n o f the E SIA studie s

• Illustra te s the c o mple tio n o f the Impa c ts a nd Be ne fits Ag re e me nt (IBA) to sho w the

e c o no mic via b ility o f the T ro ilus Pro je c t

(1) Se e ne ws d a te d July 17, 2018 At Z87 d uring the Cre e Site to ur with c o unc il a nd Chie f T ho ma s Ne e p o sh Justin Re id , CEO a nd Jo hn Ma to ush, Mistissini Co mmunity L ia iso n At Z87 d uring the Cre e Mine ra l Exp lo ra tio n Bo a rd ’ s stud e nt site to ur

SLIDE 39

| 39

T r

• ilus De ve lopme nt Plan 2020

Up d a te d Mine ra l Re so urc e E stima te - July 2020 Ac q uisitio n o f c la ims fro m 03 Mining I nc . (Osisko ) Sub missio n o f a p p lic a tio n fo r p it d e wa te ring p e rmit Ba se line stud ie s (to b e inc lude d in EI

A 2020)

Ne w Go ld Zo ne id e ntifie d in So uthwe st Zo ne E COL OGO Ce rtific a tio n fo r Re sp o nsib le De ve lo p me nt - Aug 2020

Re c e nt Mile stone s

Drilling & Re g io na l E xp lo ra tio n wo rk T hro ug ho ut 2020 Pe rmit fo r Pit De wa te ring Q3 2020 T ra d e -o ff stud ie s fo r mining , me ta llurg y a nd ta iling s d e p o sitio n Q3 2020 Pre limina ry E c o no mic Asse ssme nt Q3 2020

Pla nne d Upc oming Ca ta lysts

SLIDE 40

| 40

T r

• ilus Gold – L

e d by a Pr

• ve n T

e am

Senior Management Quebec Team

Justin Re id, CE

O & Dire c to r

Paul R. Pint, Pre side nt De nis Arse nault, CF

O/SVP Qc .

Blake Hylands, SVP E

xplo ratio n

Ian Pritc hard, SVP T

e c hnic al Se rvic e s

Cathe rine Stre tc h, VP Co rpo rate Affairs Brianna Davie s, VP L

e g al & Co rpo rate Se c re tary

Caroline Arse nault, VP Co rp. Co mmunic atio ns Danie l Be rge ron, VP Que b e c Ope ra tio ns Jac que line L e roux, Dire c to r o f E

nviro nme nt

Be rtrand Brassard, Se nio r Pro je c t Ge o lo g ist John Matoush, Co mmunity L

ia iso n Mistissini

An a c c o mp lishe d ma na g e me nt te a m with a histo ry o f suc c e ssful mine d e ve lo p me nt a nd stro ng sha re ho ld e r re turn

| 40

SLIDE 41

Boar d of Dir e c tor s

Dia ne L a i, ICD.D, MBA - Chairpe rso n

Se a so ne d e xe c utive a nd e ntre pre ne ur with +20 yrs o f g lo b a l ma rke ting e xpe rie nc e

Andr e w Ma r k Che a tle , P.Ge o . F

GS, MBA 30 yrs o f inte rna tio na l mining e xpe rie nc e ; c o nsulting Ge o lo g ist; fo rme r CE O o f PDAC

Ja mie Hor va t, M.Sc .

+20 yrs o f e xpe rie nc e in a sse t ma na g e me nt, pa rtic ula rly re so urc e s a nd pre c io us me ta ls

T homa s Ole sinski, CPA, CMA

20 ye a rs o f fina nc e a nd ma na g e me nt e xpe rie nc e ; fo rme r fo re nsic a c c o unta nt

Justin Re id, M.Sc ., MBA

Ge o lo g ist a nd c a pita l ma rke ts e xe c utive with +20 yrs o f e xpe rie nc e in the mine ra l re so urc e spa c e

• Hon. Pie r

r e Pe ttig r e w, p.c .

F

• rme r Ministe r o f F
• re ig n Affa irs to thre e Prime Ministe rs; c urre nt E

xe c utive Adviso r a t De lo itte

Dr . John Ha djig e or g iou, PhD, P.E

ng , ing , F CI M, I CD.D Pie rre L a sso nde Cha ir in Mining E ng ine e ring a t Uo fT ; c o nsulta nt to ma ny ma jo r mining c o mpa nie s

Dr . E r ic L a monta gne , E

ng .PhD. F

• rme r Supe rinte nde nt o f the T

ro ilus mine ; GM Gre e nsto ne JV (Ce nte rra / Pre mie r)

| 41

SLIDE 42

| 42

Re star t Unde r way Post- COVID 19 Shutdown

Str

• ng Ba la nc e She e t
• $25 millio n b o ug ht de a l c lo se d June 23, 2020 a nd $12.8 millio n priva te

pla c e me nt c lo se d Fe b rua ry 28, 2020

• Ample c a sh re se rve s to fund o pe ra tio ns a nd ke y de live ra ble s thro ug h 2021

Re sta r t of Ope r a tions a t Site

• Gra dua l re o pe ning a t site b e g a n in Ma y with prio rity o n pro te c ting the he a lth

a nd sa fe ty o f e mplo ye e s a nd lo c a l c o mmunitie s

• Wo rk fo c use d o n a c tivitie s tha t a re ke y to de ve lo pme nt pa th a nd c a n b e

a c hie ve d with minimal sta ff to limit pe rso na l inte ra c tio ns

• Ong o ing c o mmunic a tio ns a nd info rma tio n sha ring with lo c a l c o mmunitie s,

g o ve rnme nt a nd o the r mining o pe ra tio ns in the re g io n

T e c hnic a l De live r a ble s On T r a c k for 2020

• Drill re sults fro m So uthwe st Zo ne a re b e ing inc o rpo ra te d into a n upda te d

mine ral re so urc e s e stima te ta rg e te d fo r H2 2020

• E

ng ine e ring te a m c o mpiling da ta , te sts a nd de sig n wo rk fo r Pre liminary E c o no mic Asse ssme nt ta rg e te d fo r H2 2020

• Fie ld e xplo ra tio n o n 67,000 he c ta re s o f ne w c la ims to the So uth a nd Allo ng é to

the No rth pla nne d fo r Summe r 2020

• I

de ntific a tio n o f ne w drill ta rg e ts a nd infill drilling ta rg e te d fo r se c o nd ha lf 2020

SLIDE 43

T r

• ilus Gold Cor
• p. – Ke y T

ake aways

We ll Positione d for L

• ng T

e r m Gr

• wth

T ro ilus is the la rg e st la nd ho ld e r in a hig hly p ro sp e c tive g o ld b e lt

L

• w- r

isk jur isdic tion; Pr

• lific Mining Distr

ic t

F

• rme r o p e ra ting g o ld mine with a c tive mining le a se in Que b e c , Ca na d a

Sig nific a nt Infr a str uc tur e in Pla c e

E xp e c te d to ha ve a p o sitive imp a c t o n p ro je c t e c o no mic s a nd time line

L a r g e a nd Gr

• wing Gold Mine r

a l Re sour c e s

Ro b ust g e o lo g ic a l a p p ro a c h is d e live ring sig nific a nt lo w-c o st g o ld g ro wth

Pr

• ve n Ma na g e me nt

T e a m with a lo ng histo ry o f wo rking to g e the r, lo o king to re p e a t p a st suc c e sse s

Str

• ng Ba la nc e She e t

Stra ig htfo rwa rd d e ve lo p me nt p la n to wa rd s a p o te ntia l mine re sta rt

| 43

SLIDE 44

T hank You

Cor por ate He adquar te r s

400-36 L

• mb a rd Stre e t

T

• ro nto , Onta rio M5C 2X3

Inve stor Contac t

Paul Pint, Pre side nt

+1 (416) 602-1050 p a ul.p int@ tro ilusg o ld.c o m

SLIDE 45

SLIDE 46

J Zone Ope n Pit - Se nsitivitie s & Assumptions

| 46

J Zone Ope n Pit Re sour c e s

Cut- off AuE q

(g/ t)

T

• nne s

(Mt)

Gold E quiv.

(g/ t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

Indic ate d

2.0 1.4 2.64 2.48 0.12 1.28 112,000 3,684,000 58,000 119,000 1.5 3.1 2.13 2.00 0.09 1.22 198,000 6,465,000 122,000 212,000 1.0 9.7 1.49 1.37 0.08 1.21 427,000 17,281,000 378,000 464,000

0.9 13.0 1.35 1.24 0.08 1.20 515,000 22,264,000 501,000 563,000

0.8 17.6 1.22 1.11 0.08 1.19 627,000 29,564,000 677,000 690,000 0.7 24.6 1.08 0.98 0.07 1.18 770,000 40,060,000 933,000 856,000

0.6 34.9 0.95 0.85 0.07 1.15 953,000 54,892,000 1,289,000 1,071,000

0.5 48.3 0.84 0.74 0.07 1.11 1,150,000 73,729,000 1,721,000 1,308,000 0.4 65.0 0.74 0.64 0.07 1.05 1,341,000 96,515,000 2,198,000 1,547,000

0.3 79.6 0.67 0.57 0.07 1.00 1,469,000 115,157,000 2,554,000 1,714,000

0.2 84.9 0.64 0.55 0.06 0.97 1,502,000 120,759,000 2,655,000 1,759,000 0.1 85.7 0.64 0.55 0.06 0.97 1,505,000 121,259,000 2,666,000 1,763,000

Infe r r e d

2.0 0.4 2.44 2.36 0.04 1.55 29,000 377,000 19,000 30,000 1.5 1.3 1.91 1.81 0.07 1.39 78,000 1,938,000 60,000 82,000 1.0 5.2 1.37 1.26 0.07 1.28 209,000 8,022,000 212,000 227,000

0.9 7.2 1.25 1.14 0.07 1.24 264,000 11,140,000 286,000 288,000

0.8 10.1 1.13 1.03 0,07 1.21 333,000 15,726,000 391,000 367,000 0.7 14.2 1.02 0.92 0.07 1.16 419,000 21,590,000 531,000 466,000

0.6 19.6 0.92 0.82 0.07 1.11 516,000 29,271,000 699,000 579,000

0.5 27.2 0.81 0.72 0.07 1.07 626,000 40,545,000 939,000 713,000 0.4 37.4 0.71 0.62 0.07 1.01 743,000 54,888,000 1,221,000 860,000

0.3 45.9 0.65 0.55 0.07 0.96 816,000 65,939,000 1,423,000 956,000

0.2 49.2 0.62 0.53 0.06 0.94 836,000 69,954,000 1,488,000 985,000 0.1 49.7 0.62 0.52 0.06 0.94 838,000 70,194,000 1,494,000 987,000

SLIDE 47

Z87/ Z87 South, Ope n Pit - Se nsitivitie s & Assumptions

| 47

Indic ate d

2.0 6.9 2.67 2.34 0.24 2.58 521,000 36,954,000 573,000 594,000 1.5 13.1 2.22 1.94 0.21 2.32 818,000 60,926,000 982,000 940,000 1.0 24.3 1.77 1.54 0.17 2.00 1,203,000 88,874,000 1,566,000 1,382,000

0.9 27.8 1.66 1.45 0.16 1.92 1,294,000 95,121,000 1,720,000 1,486,000

0.8 32.7 1.54 1.34 0.14 1.83 1,410,000 103,258,000 1,920,000 1,619,000 0.7 39.1 1.41 1.23 0.13 1.73 1,543,000 113,505,000 2,173,000 1,774,000

0.6 48.4 1.26 1.10 0.12 1.62 1,709,000 127,092,000 2,527,000 1,968,000

0.5 60.7 1.12 0.97 0.11 1.53 1,890,000 143,283,000 2,980,000 2,183,000 0.4 73.8 1.00 0.86 0.10 1.45 2,047,000 158,973,000 3,439,000 2,374,000

0.3 84.6 0.92 0.79 0.09 1.39 2,147,000 169,537,000 3,769,000 2,497,000

0.2 88.3 0.89 0.76 0.09 1.36 2,172,000 172,433,000 3,868,000 2,528,000 0.1 88.8 0.89 0.76 0.09 1.36 2,174,000 172,663,000 3,878,000 2,530,000

Infe r r e d

2.0 0.9 2.61 2.34 0.19 3.11 65,000 3,595,000 87,000 73,000 1.5 1.7 2.16 1.91 0.18 2.72 104,000 6,620,000 149,000 118,000 1.0 4.1 1.59 1.41 0.13 2.17 188,000 11,759,000 290,000 212,000

0.9 5.5 1.43 1.27 0.11 1.97 223,000 13,477,000 346,000 251,000

0.8 7.6 1.27 1.13 0.10 1.81 277,000 16,206,000 443,000 311,000 0.7 10.6 1.12 0.99 0.09 1.70 339,000 20,469,000 579,000 382,000

0.6 15.3 0.98 0.86 0.08 1.64 421,000 27,072,000 805,000 479,000

0.5 21.1 0.86 0.74 0.08 1.59 506,000 35,506,000 1,076,000 582,000 0.4 27.5 0.76 0.66 0.07 1.52 580,000 43,626,000 1,342,000 674,000

0.3 32.7 0.70 0.60 0.07 1.50 627,000 49,340,000 1,574,000 733,000

0.2 34.3 0.68 0.58 0.07 1.47 637,000 50,669,000 1,619,000 746,000 0.1 34.6 0.67 0.57 0.07 1.46 638,000 50,876,000 1,625,000 748,000

Z87 & Z87 South Ope n Pit Re sour c e s

Cut- off AuE q

(g/ t)

T

• nne s

(Mt)

Gold E quiv.

(g/ t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

SLIDE 48

Unde r gr

• und - Se nsitivitie s & Assumptions

| 48

Z87&Z87 South

Indic ate d

2.0 3.4 2.96 2.72 0.19 1.06 299,000 14,065,000 117,000 326,000

1.5 6.6 2.37 2.15 0.16 1.03 455,000 23,578,000 219,000 501,000

1.0 12.2 1.85 1.67 0.13 0.83 656,000 36,304,000 328,000 726,000

0.9 13.1 1.79 1.61 0.13 0.81 680,000 37,904,000 340,000 753,000

0.8 13.7 1.75 1.58 0.13 0.79 694,000 38,827,000 348,000 768,000 0.7 14.0 1.72 1.55 0.13 0.79 701,000 39,350,000 355,000 777,000

Infe r r e d

2.0 4.0 3.32 3.14 0.14 0.24 407,000 12,194,000 32,000 430,000

1.5 6.0 2.79 2.62 0.13 0.43 505,000 17,021,000 82,000 537,000

1.0 10.8 2.07 1.92 0.12 0.42 668,000 28,403,000 148,000 722,000

0.9 13.5 1.85 1.70 0.12 0.37 740,000 34,479,000 162,000 804,000

0.8 14.0 1.81 1.66 0.12 0.37 751,000 35,587,000 165,000 818,000 0.7 14.2 1.80 1.65 0.11 0.36 754,000 35,850,000 166,000 821,000

Cut- off AuE q

(g/ t)

T

• nne s

(Mt)

Gold E quiv.

(g/ t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

J Zone

Indic ate d

2.0 0.000 0.00 0.00 0.00 0.00

• 1.5

0.001 1.53 1.42 0.08 0.56 30 1,000 10 30

1.0 0.002 1.35 1.26 0.06 0.52 80 3,000 30 90

0.9 0.007 1.07 1.03 0.03 0.47 240 5,000 110 250

0.8 0.010 1.01 0.96 0.03 0.56 310 8,000 180 330 0.7 0.029 0.83 0.77 0.04 0.64 720 25,000 600 770

Infe r r e d

2.0 0.0 2.42 2.27 0.09 2.65 3,000 86,000 4,000 3,000

1.5 0.2 1.81 1.62 0.13 1.88 13,000 684,000 15,000 14,000

1.0 1.5 1.30 1.15 0.10 1.56 54,000 3,244,000 73,000 61,000

0.9 2.0 1.21 1.06 0.10 1.55 67,000 4,237,000 97,000 76,000

0.8 2.6 1.12 0.99 0.09 1.43 82,000 5,128,000 119,000 93,000 0.7 3.6 1.01 0.89 0.08 1.34 103,000 6,566,000 156,000 118,000

Cut- off AuE q

(g/ t)

T

• nne s

(Mt)

Gold E quiv.

(g/ t)

Gold

(g/ t)

Coppe r

(% )

Silve r

(g/ t)

Containe d Gold

(Moz)

Containe d Coppe r

(Mlb)

Containe d Silve r

(Moz)

Containe d AuE q

(Moz)

SLIDE 49

2020 Mine r al Re sour c e - Additional Disc losur e s

| 49

The resource constraining shells were generated with: Metal Prices: Gold $US 1600/oz, Copper $US 3.25/lb, Silver $US 20/oz Mining Costs: J Zone and 87 Zone base cost $Cdn 1.71/t moved, SW Zone base cost $Cdn 1.66/t moved Incremental cost $Cdn 0.03/t waste moved, $Cdn 0.02/t feed moved Process and G&A Costs: $Cdn 8.44/t processed Wall slopes: varied between 49.5 to 60 degrees depending on pit area and slope sector Metal Recoveries: Gold: 90% all zones except in lower grade (Au<1/2 g/t) portions of SW zone = 88% Copper: 90% all zones except in higher grade (Cu%>0.13%) portions of SW zone = 92% Silver: all zones 40%