T he T roilus Gold Proje c t TLG LG A Ne w L ife for the F - - PowerPoint PPT Presentation

TSX SX:

TLG LG

OTCQB: QB:

CH CHXMF MF T he T roilus Gold Proje c t

A Ne w L ife for the F

• rme r T

roilus Gold Mine

Co rpo ra te Pre se nta tio n - April 2020

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Cautionary Language & Legal Disclaimers

v

State me nts and c e r tain info rmatio n c o ntaine d in this pre se ntatio n and any do c ume nts inc o rpo rate d b y re fe re nc e may 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 g islatio n whic h ma y inc lude , b ut is no t limite d to , info rmatio 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 rp o ratio n’ s ab ility to raise additio nal funds; the future pric e o f mine rals, par tic ularly 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 p ro duc tio n; c apital e xpe nditure s; suc c e ss o f e xplo ratio n ac tivitie s; mining

• r pro c e ssing

issue s; c urre nc y e xc hang e rate s; g o ve rnme nt re g ulatio n o f mining

• pe ratio ns;

and e nviro nme ntal risks. Ofte n, b ut no t always, fo rward-lo o king state me nts/ info rmatio n c an b e ide ntifie d b y the use o f wo rds suc h as “plans”, “e xpe c ts”, “is e xpe c te d”, “b udg e t”, “sc he dule d”, “e stimate s”, “fo re c asts”, “inte nds”, “antic ipate s”,

• r

“b e lie ve s” o r va riatio ns (inc luding ne g ative variatio ns) o f suc h wo rds a nd phrase s, o r state me nts that c e rtain ac tio ns, e ve nts o r re sults “ma y”, “c o uld”, “wo uld”, “mig ht” o r “ will” b e take n, o c c ur

• r b e

ac hie ve d. Fo rwa rd-lo o king state me nts/ info rmatio n is b ase d

• n

manag e me nt’ s e xpe c tatio ns and re aso nable assumptio ns at the time suc h state me nts are made . E stimate s re g arding the antic ipate d timing , a mo unt and c o st o f e xplo ratio n and de ve lo pme nt ac tivitie s are b ase d o n assumptio 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 o pe rating c o st e stimate s are b ase d

• n e xte nsive re se arc h o f the Co rpo ratio n, purc hase o rde rs plac e d b y 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

• rwa rd-lo o king info rmatio n invo lve s kno wn and unkno wn risks, unc e rtaintie s and o the r fac to rs

that may c ause the ac tual re sults, pe rfo rmanc e o r ac hie ve me nts o f the Co mpany and/

• r its

sub sidiarie s to b e mate rially diffe r e nt fro m any future re sults, pe rfo rmanc e o r ac hie ve me nts e xpre sse d o r implie d b y the fo rward-lo o king state me nts. Suc h fac 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 and mining ; va riatio ns in o re g rade and re c o ve ry rate s; c o st o f o pe ratio ns; fluc tuatio ns in the sale pric e s o f p ro duc ts; vo latility o f g o ld and c o ppe r pric e s; e xplo ratio n and de ve lo pme nt risks; liq uidity c o nc e rns and future financ ing s; risks asso c iate d with o pe ratio ns in fo re ig n jurisdic tio ns; po te ntial re vo c atio n o r c hang e in pe rmit re q uire me nts and pro je c t appro vals; c o mpe titio n; no g ua rante 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 q uire 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 Go ld Co rp’ s share s; rising pro duc tio n c o sts; e q uipme nt mate rial and skille d te c hnic al wo rke rs; vo latile c urre nt g lo b al financ ial c o nditio ns; and c urre nc y fluc tuatio ns; and o the r risks pe rtaining to the mining industry. Altho ug h T ro ilus Go ld Co rp has atte mpte d to ide ntify impo rtant fac to rs that c o uld c ause ac tual ac tio ns, e ve nts o r re sults to diffe r mate rially fro m tho se de sc rib e d in fo rwa rd- lo o king state me nts, the re may b e o the r fac to rs that c ause ac 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. Fo rward-lo o king info rmatio n c o ntaine d he re in

• r inc o rpo rate d b y re fe re nc e are 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 b y re fe re nc e , as the c ase may b e , and T ro ilus Go 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 rdanc e with applic able se c uritie s laws. T he re c an b e no assuranc e that fo rward-lo o king info rmatio n will pro ve to b e ac c urate , as ac tual re sults and future e ve nts c o uld diffe r mate rially fro m tho se antic ipate d in suc h info rmatio n. Ac c o rding ly, re ade rs are c autio ne d no t to plac e undue re lianc e

• n

fo rwa rd-lo o king info rmatio n. T he fo rwa rd-lo o king info rmatio n c o ntaine d

• r

inc o rpo rate d b y re fe re nc e in this do c ume nt is pre se nte d fo r the purpo se

• f

assisting share ho lde rs in unde rstanding the financ ial po sitio n, strate g ic prio ritie s and o b je c tive s o f the Co rpo ratio n fo r the pe rio ds re fe re nc e d and suc h info rmatio n may no t b e appro priate fo r o the r purpo se s. T he T ro ilus pro je c t has no t b e e n the sub je c t o f a c urre nt fe asib ility study and as suc h the re is no c e r tainty that a po te ntial mine will b e re alize d. T he re is a sig nific ant risk that any pro duc tio n fro m the pro je c t will no t b e pro fitable with the se risks e le vate d b y the ab se nc e o f a c o mpliant NI43 101 fe asib ility 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 viab ility; the e stimate

• f Mine ral Re so urc e s in the

update d Mine ral Re so urc e state me nt may b e mate rially affe c te d b y e nviro nme ntal, pe rmitting , le g al, title , taxatio n, so c io -po litic al, marke ting ,

• r o the r re le vant issue s. T

he re is no c e rtainty that the I ndic ate d Mine ral Re so urc e s will be c o nve rte d to the Pro b able 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 b e re alize d. *T he update d mine ral re so urc e e stimate in this pre se ntatio n was c o mple te d in ac c o rdanc e with the “CI M”(2014) De finitio n Standar ds inc o rpo rate d b y re fe re nc e in NI 43-101 b y Ro sc o e Po stle and Asso c iate s (“RPA”) and has b e e n re vie we d inte rnally b y the Co mpany. T he full te c hnic al re po rt in re spe c t o f the update d mine ral re so urc e e stimate (the “T e c hnic al Re po rt”) is date d De c e mb e r 20, 2019 and file d o n SE DAR (www.se dar.c o m) De c e mb e r 23, 2019 unde r the Co mpany’ s issue r pro file . T he mine ral re so urc e e stimate wa s pre pare d b y Mr. L uke E vans, E xe c utive Vic e Pre side nt, Ge o lo g y and Re so urc e E stimatio n, Princ ipal Ge o lo g ist at RPA.

• Mr. Evans is an inde pe nde nt

Qualifie d Pe rso n as de fine d unde r the Natio nal I nstrume nt (NI ) 43-101 and has appro ve d the sc ie ntific and te c hnic al disc lo sure he re in. T he te c hnic al and sc ie ntific info rmatio n in this pre se ntatio n has b e e n re vie we d and appro ve d b y Be rtrand Brassard, M.Sc ., P.Ge o ., Se nio r Pro je c t Ge o lo g ist, who is a Qualifie d Pe rso n as de fine d b y NI 43-101. Mr. Brassard has 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 standards. Mr. Brassard is an e mplo ye e o f T ro ilus and 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 b e sub je c t to le g al, po litic al, e nviro nme ntal o r o the r risks that c o uld mate rially affe c t the po te ntial de ve lo pme nt o f suc h Mine ral Re so urc e s. Se 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 s o f Mine ral Re so urc e s: T he se e stimate s have b e e n pre pare d in ac c o rdanc e with the re q uire me nts o f Canadian se c uritie s laws, whic h diffe r fro m the re q uire 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 ” and “infe rre d mine ral re so urc e ” are de fine d in NI 43-101 and re c o g nize d b y Canadian se c uritie s laws b ut are no t de fine d te rms o r re c o g nize d unde r U.S. se c uritie s laws. U.S. inve sto rs a re c autio ne d no t to assume that any part o r all o f mine ral de po sits in the se c ate g o rie s will e ve r b e upg rade d to mine ral re se rve s. “ I nfe 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 b e assume d that all o r any part o f an “ infe rre d mine ral re so urc e ” will e ve r b e upg rade d to a hig he r c ate g o ry. Unde r Canadian 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 b asis o f fe asib ility o r pre -fe asibility studie s. U.S. inve sto rs a re c autio ne d no t to assume that all o r any part 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 rding ly, the se mine ral re so urc e e stimate s and re late d info rmatio n may no t b e c o mparable to similar info rmatio n made public b y U.S. c o mpanie s sub je c t to the re po rting and disc lo sure re q uire me nts unde r the U.S. fe de ralse c uritie s laws and the rule s and re g ulatio ns the re unde r.

Troilus Gold Corp. – An Introduction

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

T he n:

• F
• rme r Au & Cu o pe n-

pit 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 ppe r)

• Pro pe rty wa s b e lie ve d

to b e fully e xplo 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

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*Se e mine ra l re so urc e ta b le o n slide 35

Now:

• T

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

• f 2.05 Mo z AuE

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

• +80,500 me tre s drille d in 2 ye a rs
• Re sour

c e e stimate gr

• ws ~129% to

4.71 Moz AuE q (Ind.) and 1.76 Moz AuE q (Inf.)*

• De po sit re ma ins o pe n a lo ng strike a nd a t de pth
• Only 6 kms o f a 20 km ma g lo w g e o physic s

tre nd ha ve b e e n drille d

• Se ve ra l mine ra l g ro wth ta rg e ts o utline d ne a r the

e xisting de po sit

The Troilus Gold Mine (1996-2010)

Ove r 2 millio n o unc e s o f g o ld a nd a ppro x. 70,000 to nne s o f c o ppe r pro duc e d fro m the Z87 a nd J Zo ne s

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Z87 pit J4 pit

Capital Structure & Analyst Coverage

T SX:

T L G

OT CQB:

CHXMF

F RA:

CM5R

52-we e k sha re pric e :

C$0.42- $1.02

Ba sic Sha re s Outsta nding :

~88M

Ma rke t Ca pita liza tio n:

~C$70M

Optio ns/ Wa rra nts:

250k / 14M

Ca sh:

~C$8.3M*

*As a t De c . 31, 2019. No t inc luding ~$12.8M ra ise d in F e b rua ry, 2020

T ig ht c a pita l struc ture Strong c a sh position Inc re a sing 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 Rya n Wa lke r E c he lo n Analyst Cove r age

Confidence in Troilus’ future demonstrated by growing insider ownership

| 6

*As a t Ma rc h 2020

Shar e holde r Distr ibution

~10%

T r

• ilus Inside r

Owne r ship:

Ca isse d e Dé po t Ma ple L e a f F und s Spro tt Asse t Mg mt

Strong Institutional & Insider Ownership

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

Str

• ng

Que be c Owne r ship

Institutio na l (Apo g e e , Do n Smith, Mid d le fie ld, AGF )

$9.4 $5.4 $4.2 $4.2 $3.7 $4.9 $5.0 $3.7 $1.8 $1.3 $0.4 $0.4 $0.4 $0.1 $0.1 $0.1 $0.2 $0.2 $0.3 $0.2

$0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YT D E q uity Ra ise d (C$Bn)

Ne w I ssue s (e x F T ) F lo w-T hro ug h

| 7

Equity Financing Activity: 2010-2019

So urc e : Stifle GMP / F PInfo rma rt, fina nc ing s with to ta l pro c e e ds g re a te r tha n C$1.5M

L

• we st in

20 ye ar s

E quity Raise d Sinc e 2010 T r

• ilus has r

e maine d we ll- financ e d de spite mining e quity r aise s be ing at a 20- ye ar low.

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A Strong Foundation for Value Creation

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 . Go ld re so urc e s (Ind.) g ro w ~129% sinc e 2017. E xplo ra tio n wo rk c urre ntly unde rwa y. 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. Only 6km o f a 20km tre nd

• n the pro pe rty ha s b e e n

sig nific a ntly drille d. Distric t-wide po te ntia l. 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 ld e r b a se ; suppo rtive c o mmunity, Go ve rnme nt a nd F irst Na tio ns.

LOW RISK JURISDICTION



LARGE & GROWING GOLD DEPOSIT

ALL MAJOR INFRASTRUCTURE IN PLACE

 

BLUE SKY GROWTH POTENTIAL

EXPERIENCED LEADERSHIP TEAM

STRONG STAKEHOLDER SUPPORT

  

QUE BE C

| 9

Low-Risk Jurisdiction: Quebec, Canada

F a vo ura b le Jurisdic tio n fo r Mine Pe rmitting & De ve lo pme 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 ld c 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 Hyd ro 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 ar

T r

• ilus

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“Plan Nor d”

25- ye ar Gove r nme nt plan for natur al r e sour c e s se c tor de ve lopme nt and job c r e ation.

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Frotêt Evans Greenstone Belt

L

• ng- te r

m distr ic t-wide pote ntial.

T he F ro tê t-E va ns Gre e nsto ne Be lt re ma ins sig nific a ntly unde re xplo re d c o mpa re d to the Ab itib i.

Troilus Project - Location & Accessibility

| 11

Road ac c e ss via “Route du Nor d”

(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 ar e st air por t in Chibougamau

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

Troilus Land Position

Z87 South Z87 J Zone +20km mag low ge ophysic s tr e nd 2019 Mine r al Re sour c e

Ind ic a te d : 4.71 Mo z AuE q @ 0.92 g / t Infe rre d : 1.76 Mo z AuE q @ 1.04 g / t

Re sour c e Gr

• wth E

xplor ation T ar ge ts Allongé

| 12

5 km

Southwe st

16,000 he c tar e s

Ma in Ac c e ss Roa d

5 km

Troilus – Extensive Inherited Infrastructure

| 13

16,000 ha pr

• pe r

ty (160km 2)

E xte nsive ne two rk o f we ll-mainta ine d a c c e ss ro a ds

Ac tive Mining L e ase

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

Z87 and J4 pits Z87 Ramp to Unde r gr

• und

450m de c line 2 3 4 5 6 7 1 8

F

• r

me r mill site 50MW Substation, Main offic e , Cor e logging fac ility, Cor e stor age 60- pe r son c amp

(c o mple te d in 2018 & e xte nde d in 2019)

F

• r

me r mine c amp Pe r mitte d tailings fac ility

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

Ope r ating wate r tr e atme nt fac ility

9

Z87 Pit J4 Pit

+85 km ope r ating powe r line maintaine d by Hydr

• -Que be c

4 5 6 7 8 9

+40 km ne twor k of we ll-maintaine d r

• ads

500m

3 2 1

| 14

E xisting infr astr uc tur e is e xpe c te d to tr anslate to a mate r ial r e duc tion in CAPE X and r e duc e d time to pr

• duc tion*

*Ple ase re fe r to the c autio nary lang uag e o n slide 2 re late d to the c o mple tio n o f a fe asib ility study.

2019 Mineral Resources

| 15 T

• tal

Mine r al Re sour c e s³ T

• nne s

Gr ade Gold E quivale nt Containe d Gold E quivale nt 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

‘ 000 o unc e s g o ld e q uiva le nt

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

2016¹ 2018² 2019³ 0.7 Mo z

AuE q

2.05 Mo z

AuE q

1.17 Mo z

AuE q

3.92 Mo z

AuE q

1.76 Moz

AuE q

4.71 Moz

AuE q

1. Se e T e c hnic a l Re po rt o n the T ro ilus Go ld -Co ppe r Mine Mine ra l Re so urc e Estima te , NI 43-101 Re po rt June 30, 2016 (RPA) 2. Se e T e c hnic a l Re po rt o n the T ro ilus Go ld -Co ppe r Mine Mine ra l Re so urc e Estima te , NI 43-101 Re po rt Ja nua ry 1, 2019 (RPA) 3. Se e Mine ra l Re so urc e T a b le Slid e 39, a nd / o r T e c hnic a l Re po rt o n the T ro ilus Go ld -Co ppe r Pro je c t Mine ra l Re so urc e Estima te , NI 43-101 Re po rt De c e mb e r 20, 2019 (RPA)

• +80,500 me tre s drille d

in 24 months

• Indic a te d mine ra l

re sourc e g rows 129% to 4.71 Moz AuE q

• Hig h- g ra de tre nd

ide ntifie d

• Se ve ra l g rowth ta rg e ts
• utline d a dja c e nt to

re sourc e a re a a nd a long 20km tre nd

2019 Mineral Resource (facing NE)

| 16

Zo ne

J5

Zo ne

J4

Zo ne

Z87 / Z87 South

200 Meters

OPE N OPE N OPE N OPE N

Mineral Resource Growth: 2016-2019

| 17

Zo ne

J5

Zo ne

J4

Zo ne

Z87 / Z87 South

OPE N OPE N OPE N OPE N

2016 2019

200Meters 200Meters

~300m ~500m

Z87 pit J5 pit

2018/ 2019- E xplor ation Suc c e ss On Str ike & Down Dip

| 18

Ac tive Mining L e a se

Z87 J Zone Allongé

F

• rme r Z

87

• pe n pit limit

F

• rme r J4
• pe n pit limit

2018/ 2019 drill ho le tra c e 2020 drill ho le tra c e E xte nt o f 2018 Mine ra l Re so urc e (I ndic a te d & I nfe rre d) E xte nt o f 2019 Mine ra l Re so urc e (I ndic a te d & I nfe rre d)

L

• ngitudinal Se c tion (fa c ing e a st)
• Disc ove r

y of Z87 South and Southwe st Zone s

• Mine r

al boundar ie s signific antly e xte nde d to the We st and SW

• High- gr

ade gold tr e nd ide ntifie d

Southwe st Z87 South

Limit of Resource Shell

J5 J4 Z87 UG Z87 South 495m 525m 870m fro m surfa c e

g/t AuEq.

0.3 – 0.5 0.5 – 0.9 > 0.9

2019 Mineral Resource – Grade Distribution

| 19

Above 0.3 g / t AuE q (ope n pit) & a bove 0.9 g / t AuE q (unde rg round)

T

• ta l Ope n Pit a nd Unde r

g r

• und

Indic a te d 159.06 0.92 0.78 0.09 1.19 3.97 301.15 6.07 4.71 Infe rre d 52.74 1.04 0.90 0.08 1.01 1.53 94.89 1.71 1.76

T

• nne s

(Mt)

Gold E quiv.

(g / t)

Gold

(g / t)

Coppe r

(% )

Silve r

(g / t)

Conta ine d Gold

(Moz)

Conta ine d Coppe r

(Mlb)

Conta ine d Silve r

(Moz)

Conta ine d AuE q

(Moz)

Cla ssific a tion 0.30 g / t OP a nd 0.90 g / t UG

NE SW

Se e Mine ra l Re so urc e T a b le Slide 35

495m 525m

Z87 J4 J5

230m 180m

Z87 South

| 20

2019 Mineral Resource Open Pit

Above 0.6 g/ t AuE q

NE SW

g/t Aueq.

0.3 – 0.5 0.5 – 0.9 > 0.9

AuEq Au Cu Ag Contained Contained Contained Contained (g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver (Moz) (Moz) (Mlb) (Moz) Indicated 1.11 0.95 0.10 1.40 2.63 2.25 156.07 3.32 Inferred 0.92 0.80 0.07 1.31 0.51 0.44 26.18 0.73 Classification 0.60 g/t OP Tonnage (Mt) Total Open Pit 73.7 17.3

Se e Mine ra l Re so urc e T a b le Slide 35

| 21

2019 Mineral Resource Open Pit

Above 0.9 g/ t AuE q

495m 525m

Z87 J4 J5

230m 180m

Z87 South

NE SW

g/t Aueq.

0.3 – 0.5 0.5 – 0.9 > 0.9

AuEq Au Cu Ag Contained Contained Contained Contained (g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver (Moz) (Moz) (Mlb) (Moz) Indicated 1.54 1.33 0.12 1.65 1.73 1.50 96.35 1.86 Inferred 1.28 1.14 0.08 1.50 0.24 0.22 10.09 0.28 Total Open Pit 35.1 5.9 Classification 0.90 g/t OP Tonnage (Mt)

Se e Mine ra l Re so urc e T a b le Slide 35

High-Grade Gold Trend

| 22

~30g/ t gold

Re se ar c h pr

• gr

am initiate d in May 2019 with We ste r n/ L aval Unive r sitie s to study gold on the pr

• pe r

ty and at a r e gional sc ale .

T ro ilus c o ntrib ute s $750k o ve r 3 ye a rs, re c e ive s 36% b a c k fro m ta x inc e ntive s with the po ssib ility

• f NSE

RC & g ra nts ma tc hing funding 4:1. T ro ilus’ ne t spe nd is $480k fo r $3M wo rth o f wo rk.

Section N14250

* F

• r a summa ry o f c o mple te re sults, ple a se se e pre ss re le a se da te d Ma y 7, 2019

| 23

J Zone - Typical Section

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

| 24

2019 Mineral Resource - Underground

870m

Z87

350m

Z87 South

Resource Shell

NE SW

Above 0.9 g / t AuE q

• Re mode le d Z87 Unde rg ound in 2019 with improve d g e olog ic a l unde rsta nding
• Re sults: Improve d g ra de from 1.5 g / t to 1.86 g / t, tonna g e de c re a se s 24% a nd
• unc e s inc re a se - without drilling !
• Sa me e xe rc ise c urre ntly be ing a pplie d to the re st of the de posit

495m

870m fro m Surfa c e

Z87 UG

Z87 South

Z87 South Expansion

OPE N OPE N

• Z87 South mine r

alization has br

• ade ne d ove r

600m along str ike and ove r 350m down dip

• Re mains OPE

N

Quartz-chlorite sulfide-rich veinlets in a sericitized and silicified felsic dike Py-Po-Sph layers parallel to the volcanic bedding.

| 25

Southwest Zone – New Gold Zone, at Surface

Z87 South Z87 J Zone

+20km mag low ge ophysic s tr e nd

2019 Re sour c e

Ind .: 4.71 Mo z AuE q Inf.: 1.76 Mo z AuE q

Re sour c e Gr

• wth

E xplor ation T ar ge ts

Allong é

5 km

Southwe st Zone

| 26

• Southwe st Zone

loc ate d 3.5 km fr

• m

mine r al r e sour c e ar e a (a c c e ssib le via

e xisting ro a d)

• 8,500 me tr

e s of dr illing sinc e De c e mbe r 2019

• All te n dr

ill hole s inte r se c te d gold

• High-gr

ade inte r se c tions, at sur fac e , inc l.: 2.26 g/ t AuE q

• ve r

24 me tr e s

• Similar

ge ology to Z87

Southwest Zone – Resource Growth Target

| 27

* F

• r c o mple te re sults, ple a se se e pre ss re le a se s da te d Ja nua ry 28, 2020 a nd April 14, 2020

Southwest Zone

| 28

Ne w Re sults 2020:

• 2.26 g/ t AuE

q ove r 24m, inc l. 2.87 g/ t AuE q/ 17m

(T L G-Z SW19-177)

• 1.02 g/ t AuE

q ove r 31.7m, inc l. 2.31 g/ t AuE q/ 7m

(T L G-Z SW19-173)

• 1.40 g/ t AuE

q ove r 17m, inc l. 6.87 g/ t AuE q/ 1m, 3.67 g/ t AuE q/ 2m and 1.97 g/ t AuE q/ 2m 2.51 g/ t AuE q ove r 5m, inc l. 10.78 g/ t AuE q/ 1m

(T L G-Z SW19-175)

• 1.65 g/ t AuE

q ove r 33m, inc l. 2.32 g/ t AuE q/ 8m and 3.83 g/ t AuE q/ 7m

(T L G-Z SW20-184)

* F

• r c o mple te re sults, ple a se se e pre ss re le a se s da te d Ja nua ry 28, 2020 a nd April 14, 2020

High grade Au-Cu mineralization hosted in magnetite-rich, silicified breccia in hole TLG-ZSW20-184. Gold is hosted in chalcopyrite-pyrite stockwork fracturing. Local sulfide concentration along foliation plan. Biotite-rich.

Southwest Zone

| 29

* For complete results, please see press release dated January 28, 2020

| 30

Troilus Development Plan 2020

Upda te d Mine ra l Re so urc e E stima te - No v 2019 Ac q uisitio n o f c la ims fro m 03 Mining I nc . (Osisko ) Sub missio n o f a pplic a tio n fo r pit de wa te ring pe rmit Ba se line studie s (to b e inc lude d in E

I A 2020)

Re c e ntly Comple te d

Drilling & Re g io na l E xplo ra tio n wo rk T hro ug ho ut 2020 Pe rmit fo r Pit De wa te ring H1 2020 Pre limina ry E c o no mic Asse ssme nt H2 2020* T ra de -o ff studie s fo r mining pro c e ss, me ta llurg ic a l te st wo rk, ta iling s de po sitio n H1 2020

Upc oming Catalysts

*Re sults fro m o ng o ing drilling c o uld impa c t the timing o f the study

| 31

Troilus Gold – Led by a Proven Team

Senior Management Quebec Team

Justin Re id, CE

O & Dire c to r

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

O/SVP Qc .

Blake Hylands, SVP E

xplo ratio n

Ian Pr itc har d, SVP T

e c hnic al Se rvic e s

Cathe r ine Str e tc h, VP Co rpo rate Affairs Br ianna Davie s, Co rpo rate Se c re tary Car

• line Ar

se nault, VP Co rp. Co mmunic atio ns Danie l Be r ge r

• n, VP Que b e c Ope ra tio ns

Jac que line L e r

• ux, Dire c to r o f E

nviro nme nt

Be r tr and Br assar d, 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 mplishe d ma na g e me nt te a m with a histo ry o f suc c e ssful mine de ve lo pme nt a nd stro ng sha re ho lde r re turn

| 31

Board of Directors

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 Ad viso 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 nd e 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 g ne , E

ng .PhD. F

• rme r Supe rinte nd e nt o f the T

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

| 32

T ha nk 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

Paul Pint

Pre side nt +1 (416) 602-1050 | pa ul.pint@ tro ilusg o ld.c o m

| 34

Stakeholder Engagement

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 da te d July 17, 2018 At Z87 during the Cre e Site to ur with c o unc il a nd Chie f T ho ma s Ne e po sh Justin Re id, CE O a nd Jo hn Ma to ush, Mistissini Co mmunity L ia iso n At Z87 during the Cre e Mine ra l E xplo ra tio n Bo a rd’ s stude nt site to ur

Mineral Resource Summary – All Zones

| 35 Indic a te d

159.06 0.92 0.78 0.09 1.19 3.97 301.15 6.07 4.71

Infe r r e d

52.74 1.04 0.90 0.08 1.01 1.53 94.89 1.71 1.76

T

• ta l Ope n Pit

& Unde rg round T

• ta l Ope n Pit

Indic a te d

140.78 0.80 0.67 0.08 1.19 3.02 242.70 5.39 3.61

Infe r r e d

36.17 0.67 0.56 0.06 1.17 0.66 51.30 1.36 0.78

T

• ta l Unde rg round

Indic a te d

18.28 1.86 1.62 0.15 1.16 0.95 58.45 0.68 1.09

Infe r r e d

16.57 1.82 1.63 0.12 0.67 0.87 43.60 0.36 0.97

No te s: 1. CI M (2014) d e finitio ns we re fo llo we d fo r e stima te d mine ra l re so urc e s. 2. Op e n p it mine ra l re so urc e s we re e stima te d a t a c ut-o ff g ra d e o f 0.3 g / t AuE q a nd we re c o nstra ine d b y a whittle p it she ll. Und e rg ro und Mine ra l Re so urc e s we re e stima te d a t a c ut-o ff g ra d e o f 0.9 g / t AuE q . 3. Mine ra l re so urc e s we re e stima te d using lo ng -te rm me ta l p ric e s o f US$1,400 p e r o unc e g o ld , US$3.25 p e r p o und c o p p e r, a nd US$20 p e r o unc e o f silve r; a nd a n e xc ha ng e ra te o f US$1.00 = C$1.25. 4. Hig h g ra d e c a p p e d va lue s va ry fro m 2 g / t Au to 14 g / t Au a nd 1 g / t Ag to 9 g / t Ag b a se d o n mine ra lize d le ns 5. 87 Zo ne g o ld e q uiva le nt wa s c a lc ula te d with fo rmula AuE q = Au g ra d e + 1.546 * Cu g ra d e + 0.01 * Ag g ra d e , a nd J Zo ne (J4-J5) g o ld e q uiva le nt wa s c a lc ula te d with fo rmula AuE q = Au g ra d e + 1.47 * Cu g ra d e + 0.013 * Ag g ra d e 6. A re c o ve ry o f 83% fo r g o ld , 92% fo r c o p p e r, a nd 76% fo r silve r wa s use d a t Z87; a re c o ve ry o f 82% fo r g o ld , 88% fo r c o p p e r, a nd 76% fo r silve r wa s use d a t J Zo ne (J4-J5). 7. Bulk d e nsity va rie s fro m 2.77 g / c m³ to 2.86 g / c m³ 8. Numb e rs ma y no t a d d d ue to ro und ing

T

• nne s

(Mt)

Gold E quiv.

(g/ t)

Gold

(g / t)

Coppe r

(% )

Silve r

(g / t)

Conta ine d Gold

(Moz)

Conta ine d Coppe r

(Mlb)

Conta ine d Silve r

(Moz)

Conta ine d AuE q

(Moz)

Mineral Resource - Sensitivities & Assumptions

| 36

Z87 Unde r gr

• und Re sour

c e s

Indic a te d 1.5 10,246 2.35 2.06 0.18 1.46 679,879 40,274,125 480,931 775,491 0.9 18,280 1.86 1.62 0.15 1.16 951,784 58,451,029 684,115 1,090,410 Infe rre d 1.5 7,420 2.68 2.46 0.14 0.82 586,765 22,619,395 196,672 639,730 0.9 16,570 1.82 1.63 0.12 0.67 869,921 43,596,562 356,444 971,779

Cut- off AuE q

(g / t)

T

• nne s

(Mt)

Gold E quiv.

(g / t)

Gold

(g / t)

Coppe r

(% )

Silve r

(g / t)

Conta ine d Gold

(Moz)

Conta ine d Coppe r

(Mlb)

Conta ine d Silve r

(Moz)

Conta ine d AuE q

(Moz)

Indic a te d 0.9 21,921 1.64 1.39 0.15 1.90 980,261 73,231,135 1,335,624 1,158,726 0.6 38,359 1.25 1.05 0.12 1.62 1,299,270 99,681,479 1,993,647 1,543,950 0.3 63,830 0.94 0.78 0.09 1.41 1,597,627 130,579,022 2,890,372 1,920,936 Infe rre d 0.9 2,081 1.82 1.18 1.18 0.09 78,901 3,919,591 122,007 88,958 0.6 6,795 1.54 0.80 0.80 0.07 173,934 9,819,156 336,701 199,439 0.3 12,616 1.48 0.59 0.59 0.06 241,089 17,105,241 600,877 285,664

Z87 Ope n Pit

Indic a te d 0.9 13,208 1.35 1.22 0.08 1.23 518,888 23,123,290 522,786 575,255 0.6 35,376 0.96 0.84 0.07 1.16 951,435 56,389,546 1,321,898 1,089,507 0.3 76,950 0.68 0.57 0.07 1.01 1,421,031 112,120,476 2,496,200 1,693,844 Infe rre d 0.9 3,789 1.25 1.12 0.07 1.32 136,778 6,169,761 161,154 152,099 0.6 10,489 0.92 0.80 0.07 1.17 268,903 16,364,549 393,459 309,100 0.3 23,549 0.66 0.55 0.07 1.00 414,461 34,192,710 754,347 497,569

J Zone Ope n Pit

*Se e mine ra l re so urc e ta b le slide 35

| 37

Gold M&A Activity: 2018-2019

No te : Me rg e rs o f E q ua ls (MOE ’ s) ha ve b e e n le ft o ut o f the a ve ra g e pre mium c a lc ula tio ns So urc e : Stifle GMP / F a c tSe t, Blo o mb e rg , c o mpa ny disc lo sure , a va ila b le e q uity re se a rc h

T

• ta l

Ave ra g e

Ac quir

• r

T ar ge t Mkt Value (US$mm) Spot Pr e mia

(% )

P / NAV

(ra tio)

E V / MI&I

(US$/ oz Au)

Pr imar y Re gion Countr y

Pr

• duc e r

s / Pr

• duc ing Asse ts

E vo lutio n Re d L a ke $375 n/ a 0.88x $54 No rth Ame ric a Ca na da K irkla nd L a ke De to ur Go ld $3,707 23.8% 1.09x $168 No rth Ame ric a Ca na da Ca lib re Mining E l L imo n a nd L a L ib e rta d $100 n/ a 0.58x $40 No rth Ame ric a Nic a ra g ua

• St. Ba rb a ra

Atla ntic Go ld $536 40.5% 1.21x $272 No rth Ame ric a Ca na da Ne wmo nt Go ldc o rp $10,004 18.3% 1.15x $124 No rth Ame ric a Ca na da , Me xic o E q uino x Go ld Me sq uite $158 n/ a 0.53x $65 No rth Ame ric a USA No rthe rn Sta r Po g o $260 n/ a n/ a $63 No rth Ame ric a USA Bo nte rra Me ta no r $55 28.0% n/ a $43 No rth Ame ric a Ca na da He c la Mining K lo nde x Mine s $507 88.2% 1.21x $96 No rth Ame ric a USA, Ca na da

T

• ta l / Ave ra g e North

Ame ric a $15,703 39.8% 0.95x $103 T

• ta l Re st of World

$10,578

De ve lope r s / De ve lopme nt Asse ts Osisko Go ld Ro ya ltie s Ba rke rville $174 26.2% 0.59x $32 No rth Ame ric a Ca na da Asc o t Re so urc e s I DM Mining $29 42.9% 0.52x $34 No rth Ame ric a Ca na da Ame ric a s Silve r Pe rshing $57 39.4% n/ a $73 No rth Ame ric a USA Co e ur Mining No rthe rn E mpire $80 17.9% 0.86x $100 No rth Ame ric a USA

T

• ta l / Ave ra g e North

Ame ric a $340 31.6% 0.66x $60 T

• ta l Re st of World

$1,940

Troilus Property Geology

| 38

Main Mine r alize d Zone s:

Z87, J Zo ne (J4, J5), & Z87 So uth

Pr

• ximal

Mine r al E xte nsion Zone s:

Allo ng e

Southwe st Zone Mine r al E xte nsion

T hank You