TLG:TSX; CHXMF:OTC; CM5R:FRA

Troilus Gold Corp.

Troilus Gold Corp. is a Canadian based junior mining company focused on the systematic advancement and de-risking of the past-producing gold and copper Troilus Project towards production. . Troilus is located in the top rated mining jurisdiction of Quebec, Canada, where it holds a strategic land position of 1,420 km² in the Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with a 142% increase to estimated Indicated mineral resources and a 350% increase to estimated Inferred resources. The Company is advancing engineering studies following the completion of a robust Preliminary Economic Assessment (“PEA”) in 2020, which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.

TLG:TSX CHXMF:OTC CM5R:FRA

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Expert Comments:

Brandon Gaspar, Sprott Equity Research

(7/12/22)

"Today's positive Z87 zone metallurgical results from Troilus Gold Corp. conclude the large 3 kg pilot-scale test program, with results across all deposits in line with or above the preliminary economic assessment (PEA). . .the iterative additions are now stacking up ahead of the prefeasibility study, with key deltas over the 2020 PEA being simply more ounces, higher recovery, higher grades from a larger starter pit and lower life-of-mine strip."

Company Reports 'Excellent Metallurgical Results' at Quebec Gold Project
(7/1/22)

Brandon Gaspar, Sprott Equity Research

(6/29/22)

"Troilus Gold Corp.'s Southwest has seen about 100 km of drilling since the 2020 mineral resource estimate and a doubling of strike, so we expect to see a lift in the upcoming mineral resource update with the subsequent prefeasibility study to sort out the economic implications. . .we think booking about 1 g/t Au eq at a lower strip versus 0.6 g/t in the preliminary economic assessment's years one to three should materially impact the net present value, if only for a few years."

Gwen Preston, The Maven Letter

(6/29/22)

"If mineralization does continue through Troilus Gold Corp.'s Gap zone (and it looks it might), that would provide major potential to grow this asset; the company is off to a great start with these numbers. They aren't splashy but Troilus doesn't generate a lot of splashy numbers and they don't have to be splashy to add up in the context of this project, with great infrastructure, a very large resource already established and regional potential."

Jacques Wortman, Laurentian Bank Securities

(6/29/22)

"Assay results from five holes from Troilus Gold Corp.'s phase two Gap zone drill program show continuity of mineralized units found in Z87 and the Southwest zone. . .today's results are early stage but encouraging and support the company's thesis that mineralized units in the Z87 and Southwest zones extend into the Gap Zone. . .we have long believed that the Gap zone has significant potential."

Brandon Gaspar, Sprott Equity Research

(6/28/22)

"Troilus Gold Corp.'s metallurgical results from Southwest are positive given the recoveries achieved are in line with the preliminary economic assessment and SCPe 90% for Au-Cu. More relevant here is that the Southwest deposit is new/unmined historically (discovered in late 2019), so today's results being in line with past test work on the existing mineral resource estimate is a solid win and good 'sense check' ahead of the prefeasibility study."

Ian Parkinson, Stifel

(6/28/22)

"Troilus Gold Corp. came out this morning with excellent metallurgical results from testing done on its Southwest zone; results show copper recovery of 93.5%, gold recovery of 88.3%, and silver recovery of 89.4%. Today's results are an important step towards the prefeasibility study we expect to see in mid-2022."

More Positive Drill Results From Mining Co.

(6/9/22)

Troilus Finds High-Grade Gold Beyond Southwest Zone Pit Shell

(4/26/22)

One Quebec-based junior is breathing life into an old gold camp and is poised for a re-rating in the coming months as it calculates a new resource estimate as part of its prefeasibility study — slated for mid-2022.

New Target at Mining Asset Returns High-Grade Gold, Silver

(3/31/22)

2022 to Be Transformative Year for Gold Copper Mining Co.

(3/17/22)

More Expert Comments

Paul O'Brien, Velocity Trade Capital (5/25/22) "Troilus Gold Corp. announced it has submitted the initial project description for Troilus federally with the Impact Assessment Agency of Canada and provincially with Ministère de l’Environnement et de la Lutte Contre les Changements Climatiques. This is an important first step in the permitting process and necessary in the environmental and social impact assessments approval process that is required to advance a mining project towards construction and production."

	Brock Salier, Sprott Equity Research (5/4/22) "Troilus Gold Corp.'s Southwest zone infill/expansion drilling highlights 112 pierce points (from 21 holes), with an average of 5m at 1.2 g/t Au eq for hits inside the pit, well above preliminary economic assessment inventory of 0.7 g/t and continues to point to a higher grade starter pit. . .today's stepouts extended mineralization +300m below the existing pit shell and +100m to the west and averaged 3.8m at 1.3 g/t overall, albeit slightly narrower, but higher grade."

Stifel GMP (4/21/22) "Troilus Gold Corp.'s recent drilling has been focused on the Gap zone, a previously untested area between the Southwest and the Main Z87 zones. This target area is 2.5 km long and is bookended by two large resources; the potential to 'connect the dots' between Main and Southwest is very high."

	Brock Salier, Sprott Equity Research (4/20/22) "We see two key takeaways from today’s drilling by Troilus Gold Corp.: First, the Southwest system clearly continues north (now 900m outside the preliminary economic assessment pit); whilst many of the hits today are deep in places, it is great to see 15m at 3.1 g/t Au eq right at surface here. Second, the 7m at 4 g/t Au eq sits alone in the middle of a 2 km 'gap zone' between deposits, which suggests plenty of runway for growth."

	Gwen Preston, The Maven Letter (4/6/22) "The system at Testard proved to be much larger than Troilus Gold Corp. thought, with highlights from [initial] drilling including 4.6 g/t over 7.6m, including 20.2 g/t over 1.2m. . .it's not just the grades and the widths here. The company is confident is has defined a second, large-scale structural zone on the property that may mirror the deposit-hosting zone at Troilus."

	Brock Salier, Sprott Equity Research (3/31/22) "Results from a maiden six holes on Troilus Gold Corp.'s Testard target, 10 km from the core 8 Moz resource, hit eight intervals including 7.6m at 4.6 g/t Au from 259m and 3.2m at 6.7 g/t from 25m. . .not only is the headline 7.6m at 4.6 g/t encouraging in its own right, the scale potential is evidenced by its location about 400m from 200–2,440 g/t Au surface samples, and lies on an entirely new structural trend."

Jacques Wortman, Laurentian Bank Securities (3/31/22) "Troilus Gold Corp. announced encouraging assay results from initial drilling at the Testard target, located 10 km south of the former mine site. . .these strong initial results also highlight the district scale potential of the underexplored Frotet-Evans greenstone belt."

	Brock Salier, Sprott Equity Research (3/17/22) "Troilus Gold Corp. is a drill bit story, backstopped by existing endowment, so price drivers are more ounces and rerating to definite feasibility study/mergers and acquisitions/build. As such, we initiate coverage with a Buy rating."

	Gwen Preston, The Maven Letter (2/9/22) "The Troilus Gold Corp. story has felt slow but the company has done good work that has improved the project significantly. The preliminary feasibility study will come out mid-2022 and will outline a bigger mine with significantly stronger economics. . .regional exploration, happening out of the limelight, is showing potential for high-grade discoveries nearby; such a discovery could add splash in 2022."

	Peter Krauth, Gold Resource Investor (2/2/22) "Troilus Gold Corp. reported more assays on the Southwest zone in advance of a new resource estimate and prefeasibility study for H1/22. . .these are very nice gold equivalent grades over decent intervals, and help confirm extensions to the ore body. All this points to a nicely growing resource."

Peter Krauth, Gold Resource Investor (12/16/21) "2022 will be a big year for Troilus Gold Corp. with an inaugural reserve and prefeasibility study in H1. . .a feasibility study will follow from prefeasibility, and a construction decision is to be made by 2022E."

Peter Krauth, Gold Resource Investor (11/3/21) "Troilus Gold Corp.'s recent and upcoming months of drilling could have a significant impact on total deposit size; Troilus just keeps growing and improving. The market is not catching on. . .yet; the company's shares are on sale and attractive to accumulate on weakness."

Peter Krauth, Gold Resource Investor (10/6/21) "Troilus Gold Corp. reported that new results from the Troilus gold project's J zone confirm and expand a parallel zone of mineralization on the western side of the main ore body by up to 50m downdip. . .highlights include 2.1 g/t Au eq over 31m, including 4.4 g/t Au eq over 12m and 27.05 g/t Au eq over 1m."

	Gwen Preston, The Maven Letter (9/22/21) "Troilus Gold Corp.'s latest batch of assays has extended the J zone by as much as 50m downdip and returned highlight intervals of 4.2 g/t Au eq over 5m and 14.7 g/t Au eq over 1m. In addition, hole 244 from this batch cut 12m of 4.4 g/t Au eq, an intersection that should help the company push more of this section of the J zone from the Inferred into the Indicated category."

	Peter Krauth, Gold Resource Investor (9/16/21) "In the gold and silver space right now, I consider all holdings attractive as they have suffered from seasonal weakness. In my view, Troilus Gold Corp. is among the most undervalued."

	Gwen Preston, The Maven Letter (8/25/21) "Troilus Gold Corp.'s preliminary economic assessment captured value; the pending prefeasibility study will be much better (scale, strip). Also, the company is testing regionally for additional discoveries."

	Peter Krauth, Gold Resource Investor (8/16/21) "Troilus Gold Corp. is attractive as it has suffered seasonal weakness. The company is one of the most undervalued in my gold resource portfolio. It is headed by an experienced team advancing a large, quality project towards production."

Jacques Wortman, Laurentian Bank Securities (7/16/21) "Troilus Gold Corp. has closed a nonbrokered private placement for proceeds of about $11.15M. . .we view this investment as important as it further aligns the government of Quebec with the Troilus project; follows extensive technical, financial and social due diligence; and represents a derisking milestone as Investissement Quebec and other Quebec-based institutional shareholders are defining and establishing project financing options as part of the process."

	Peter Krauth, Gold Resource Investor (7/15/21) "Many of Troilus Gold Corp.'s latest intercepts are beyond the preliminary economic assessment pit shell, with multiple hits of 2–4 g/t gold equivalent over 1–20m intervals. This shows ongoing strong potential to grow the deposit. . .the company is advancing nicely and looks quite oversold, looking worthy of accumulating at current levels."

Timothy Lee, Red Cloud Securities (7/8/21) "Results for eight holes at Troilus Gold Corp.'s Troilus project were reported. The best result came from hole ZJ21-241, which returned 1.57 g/t Au eq over 31m, including 4.72 g/t Au eq over 7m and 22.51 g/t Au eq over 1m within 150m from surface. Importantly, this hole has further expanded the western extension [of the J zone], which has grown from 700m to 850m along strike since the last batch of drill results."

	Gwen Preston, The Maven Letter (7/7/21) "Drilling continues to flesh out the newly discovered parallel zone on the west side of the J zone at Troilus Gold Corp.'s eponymously named Troilus project. The latest assays have extended this potential new area of the deposit by 150m to the northeast for a total current strike length of 850m. . .the most notable intervals from this batch came from hole 241, which cut 1.6 g/t Au eq over 31m that included 4.7 g/t Au eq over 7m and 22.5 g/t Au eq over 1m."

	Peter Krauth, Gold Resource Investor (6/15/21) "Troilus Gold Corp. has been firing on all cylinders; it upgraded its shares to the OTCQX Best Market, the top tier of the OTC markets. Latest drill results show great continuity in the J zone and expand the strike length of the new Parallel zone by 250% from 200m to 700m."

Timothy Lee, Red Cloud Securities (6/10/21) "Highlights from Troilus Gold Corp.'s new parallel zone include 1.43 g/t Au eq over 19.3m in hole ZJ21-231 and 1.48 g/t Au eq over 11m in hole ZJ21-230. These holes extend the new zone from 200m to 700m in strike length; this will likely add significant ounces to the resource, and most of the new mineralization is also within the proposed pit boundary from the 2020 preliminary economic assessment."

	Gwen Preston, The Maven Letter (6/9/21) "Troilus Gold Corp. made news on a couple of fronts this week, releasing more impressive assays from the J zone and announcing a $35M bought-deal financing. The latest drilling has managed to expand the new western zone at J from 200m to 700m; hole 231 led that western expansion, hitting 19.3m of 1.4 g/t gold equivalent within 100m of surface."

	Peter Krauth, Gold Resource Investor (6/2/21) "Troilus Gold Corp. reported it has closed the acquisition of UrbanGold Minerals. . .UrbanGold adds 35,100 ha of land adjacent to Troilus' existing 107,300 ha property, making the company the largest mineral claims holder in the region. Drill ready targets throughout the consolidated land package offer even more growth potential to the scale of the Troilus asset."

Jacques Wortman, Laurentian Bank Securities (6/1/21) "Troilus Gold Corp. announced this morning the appointment of Richard Harrisson to the newly created role of chief operating officer. . .Harrisson has 20+ years of mining industry experience in the areas of operations, mine engineering and construction. Most recently, he served as a director of project evaluations at Canadian Malartic."

	Gwen Preston, The Maven Letter (5/19/21) "Between Troilus Gold Corp. deferring pre-strip and pit pushback costs in favor of mining the low strip and now-large Southwest deposit to start, not having to pay the royalty to First Quantum, eliminating the underground, steepening the pit walls and optimizing the scale, I think the prefeasibility study will be significantly better than the preliminary economic assessment. I don't know if the market has realized this yet. . .I think the main reason TLG has advanced so many lines of work with the potential to create a PFS that is notably better than the PEA is because the Troilus team is focused on building this mine."

	Pierre Vaillancourt, Haywood Securities (5/13/21) "Newly reported drill results from Troilus Gold Corp.'s J zone have identified new extensions of mineralization within and outside of the pit shell proposed in the preliminary economic assessment (PEA) and help to validate the scale potential of the gold system on the property. . .the identification of a western extension of the J zone, traced over 200m in strike, previously modeled as waste within the PEA pit shell, has the potential to make a substantial addition to the Troilus resource."

	Gwen Preston, The Maven Letter (5/12/21) "Troilus Gold Corp.'s drilling on the Troilus project J zone deposit has expanded the potential mineralization there by 50m beyond previous drilling; hole 226 hit a parallel zone of mineralization defined by 68m of 1.1 g/t gold equivalent (Au eq), including 10m of 1.7 g/t Au eq and 3m of 2.2 g/t Au eq. Hole 225 was drilled through and well below the preliminary economic assessment pit outline and included a 1 g/t Au eq interval over 34m within the pit shell and 2.1 g/t Au eq below the pit shell."

Timothy Lee, Red Cloud Securities (5/12/21) "Troilus Gold Corp. reported the results from seven holes at its Troilus project targeting the J zone area. In addition to extending the zone at depth, below the past producing pit, the holes encountered new parallel areas of mineralization to the northwest of the main zone."

Ian Parkinson, Stifel (5/12/21) "Troilus Gold Corp.'s drilling at Troilus has transformed what was previously classified as waste in the 2020 preliminary economic assessment pit volume to resource grade rock (1.10 g/t Au eq over 68m, from 93m depth, inside the PEA pit shell). This means likely more ounces in the same volume, lower overall strip and more ounces close to surface and close to the mill; in addition, defining an additional gold bearing unit higher up in the stratigraphy changes the geologic picture and opens more ground for possible discovery."

	Pierre Vaillancourt, Haywood Securities (4/8/21) "Troilus Gold Corp. reported assay results for an additional five drill holes from the Southwest zone on its Troilus gold project; gold mineralization has been extended by 40% along strike to the northeast by an additional +400m to 1.5 km, toward the limits of Z87 South, an area now identified as the Gap zone. The Southwest zone demonstrates higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the Z87 zone."

	Gwen Preston, The Maven Letter (3/24/21) "In a move that will increase its Troilus project's already large land position, Troilus Gold Corp. is buying UrbanGold Minerals in an all-share deal valued at $19M. . .the deal bolsters Troilus Gold's takeout potential; the scale of its district opportunity just increased significantly."

Jacques Wortman, Laurentian Bank Securities (3/23/21) "Troilus Gold Corp. has announced this morning that it has entered into a definitive agreement to acquire UrbanGold Minerals by way of a three-cornered amalgamation. The key driver associated with this transaction is a 33% increase in landholding on the highly prospective Frotet-Evans greenstone belt, including the significant land position to the southwest of the key northeast-southwest trend that hosts the past-producing pits (Z87 and J zone), the Southwest zone and, potentially, the Beyan prospect."

	Pierre Vaillancourt, Haywood Securities (3/23/21) "Troilus Gold Corp.'s acquisition of UrbanGold complements the existing land position at Troilus and establishes the company as a major area play in the Frotet-Evans greenstone belt in the Chibougamau camp. . .we expect the addition of the UrbanGold property will add to the potential of the Southwest zone, ultimately expanding the resource."

Ian Parkinson, Stifel (3/23/21) "Troilus Gold Corp. intends to buy UrbanGold in an all share deal valuing UrbanGold at CA$19M. . .following the deal the company is now the largest mineral claims holder within the Frotet-Evans greenstone belt; UrbanGold adds 35,100 ha to Troilus Gold's existing 107,300 ha. Most important, the ground is along strike of the newly discovered Southwest zone."

	Gwen Preston, The Maven Letter (3/17/21) "The latest round of assays from the Southwest zone at Troilus Gold Corp.'s Troilus project extended the strike by 25%. The Southwest zone is essentially a stack of mineralized lenses; the central lens, called Main, is now 1 km long (up from 825m) while the two lenses of the parallel West zone are now 100m longer."

Ian Parkinson, Stifel (3/16/21) "Troilus Gold Corp. was out on Tuesday morning with more drill results, effectively increasing the Southwest zone strike by 25% and more than doubling the width of the mineralized package. While grades are in line with the current Inferred resource grade, they showcase the growing near surface scalability of the Southwest zone significantly beyond what is currently defined."

	Gwen Preston, The Maven Letter (2/24/21) "Troilus Gold Corp. released another batch of results from the Southwest zone this morning. The highlight holes featured decent widths of mineable stuff that extended the mineralization outside the preliminary economic assessment pit shell at Southwest. . .the upshot here is that this target is showing signs of growing into a large resource in its own right."

	Peter Krauth, Gold Resource Investor (2/16/21) "Troilus Gold Corp. recently reported new drilling assay from its Troilus gold project. . .highlights include new higher grade zones that extend known mineralization at least 100m below the preliminary economic assessment pit with 1.2 g/t Au eq over 16m, 6.66 g/t Au eq over 3m."

	Gwen Preston, The Maven Letter (2/10/21) "The factors I initially liked about Troilus Gold Corp. remain solidly in place. In fact, the resource has grown notably since I bought, the team published a good preliminary economic assessment and exploration upside is bigger, as the company is now working to expand known zones (like the Southwest zone) and find new zones on the ground it added, based on its new theory of what controls the gold."

Jacob Willoughby, Red Cloud Securities (2/10/21) "Troilus Gold Corp. provided new assay results from the 2020 fall-winter drilling campaign at its 100%-owned Troilus gold project. . .the three drill holes reported from the Southwest zone have identified new extensions of mineralization at depth, confirmed the continuity of mineralization within the proposed preliminary economic assessment pit area and are expected to expand the current 8.1 Moz Au eq Indicated and Inferred resource base."

Ian Parkinson, Stifel (2/9/21) "The drill results Troilus Gold Corp. released today from the Southwest zone will widen the pit without increasing the strip, effectively increasing ounces per vertical meter and pushing out the underground portion of the preliminary economic assessment (PEA). . .fine tuning of the geotechnical assumptions from the PEA could also improve the pit economics through lower strip and allow the pit to reach for deeper mineralization economically."

Jacques Wortman, Laurentian Bank Securities (2/9/21) "Troilus Gold Corp. announced assay results from three drill holes from the fall-winter 2020 drill program at the Southwest zone. Consistent with last month's drilling, today's results demonstrate good continuity of gold mineralization, both within and outside the preliminary economic assessment pit shell; we believe the zone will grow and will play a more prominent role in the prefeasibility study."

	Peter Krauth, Gold Resource Investor (1/15/21) "The gold price assumption for Troilus Gold Corp.'s preliminary economic assessment for Troilus was a conservative $1,475/oz, and yet, as I write, gold is at $1,850/oz. A sensitivity analysis with gold at $1,950, which I think is quite realistic today, produces a pre-tax project value of $1.95B, with an internal rate of return of 50.1%. . .the project, near current gold prices is worth almost eight times as much as the company's current market cap!"

	Gwen Preston, The Maven Letter (1/13/21) "Troilus Gold Corp. released the first assays from its current drilling program on the resource-hosting zones at Troilus. . .Taken together, these holes raise hope that TLG can continue to grow the 580,000-oz. Au-eq. resource it has already outlined on the Southwest zone. It's an area that just adds to the overall resource at Troilus (4.96 million Au-eq. oz. indicated and 3.15 million Au-eq. oz. inferred). This is a project that's well on its way to producing again and, at some point, its location in uber-safe Quebec argues for a takeout at higher prices."

Jacques Wortman, Laurentian Bank Securities (1/12/21) "Troilus Gold Corp. announced assay results from two drill holes from the fall/winter 2020 drill program at the Southwest zone. . .the new drill results demonstrate good continuity of gold mineralization and grade. The Southwest zone is a priority target, and we continue to believe that it has the potential to further improve already robust project economics."

	Pierre Vaillancourt, Haywood Securities (1/12/21) "Troilus Gold Corp. announced initial results from its fall-winter 2020 drill campaign at its Troilus property. The two drill holes reported show infill and extension of gold mineralization beyond the preliminary economic assessment whittle pit published in 2020 in the Southwest zone. . .the drill results demonstrate promising potential for the Southwest zone to become the center of gravity for the Troilus deposit."

Tom Gallo, Canaccord Genuity (1/4/21) "Toward 2020E Troilus Gold Corp. reported results from its regional exploration program and completed the buyback of a 2.5% net smelter returns royalty in conjunction with a CA$22.1M bought deal which closed on Dec. 12, 2020. . .the company remains inexpensive in our view, trading at 0.20x P/NAV(5%), compared to covered peers at 0.69x."

	Gwen Preston, The Maven Letter (12/23/20) "Troilus Gold Corp. stock did nicely in 2020, COVID challenges notwithstanding. I can see it gaining again nicely with gold in H1/21 as a standout advanced project in a great jurisdiction and that is also reporting strong exploration results from new nearby targets; takeout action would layer on top of that."

Gwen Preston, The Maven Letter (12/15/20) "Troilus Gold Corp.'s regional program in 2020 certainly didn't lack splash. . .highlights from sampling at Testard included gold grades up to 82 g/t and silver grades up to 1,060 g/t. . .at Beyan, the new Alex showing returned up to 12 g/t gold. Better still, the Southwest zone that's part of the resource-hosting portion of Troilus appears to connect up to Beyan, based on recent soil sampling."

Jacob Willoughby, Red Cloud Securities (12/10/20) "Rock and channel samples across Troilus Gold Corp.'s recently discovered Testard and Beyan zones continue to return high-grade gold assays and have expanded the mineral footprint of both zones. . .in the wake of these new discoveries, the company has initiated soil sampling, airborne magnetic and induced polarization surveys at select areas across the property to support future drill target definition."

Clive Maund, CliveMaund.com (12/3/20) "We are looking at Troilus Gold Corp. this morning because it appears to be on the verge of breaking out into a significant new uptrend, especially as it traded on the highest upside volume for over two months yesterday, which is a clue that it is about to break out. The company is rated a Strong Buy here."

Jacob Willoughby, Red Cloud Securities (12/2/20) "Troilus Gold Corp. announced the closing of a previously announced bought-deal offering for gross proceeds of CA$22.1M; we view this financing positively and have adjusted our target accordingly to reflect the increase in shares and cash. In conjunction with the financing, the company has bought back a sliding 2.5% net smelter returns royalty on the Troilus mine for CA$20M."

Clive Maund, CliveMaund.com (11/22/20) "This looks like a great entry point for Troilus Gold Corp., which has been in a corrective phase since its peak at the start of September. This correction, which has taken the form of a bullish falling wedge, has more than fully unwound its earlier overbought condition and has brought it back into a zone of strong support. . .so there is considered to be a high probability that it will begin a major new upleg from about here."

	Gwen Preston, The Maven Letter (11/11/20) "There was a 2.5% net smelter returns (NSR) royalty hanging over the Troilus project that Troilus Gold Corp. has now agreed to buy back; holder First Quantum Minerals is selling that NSR back to the company for $20M. And while Troilus Gold will make that payment out of its cash account, it has also announced a two-tranche financing that will cover the cost."

Gwen Preston, The Maven Letter (10/22/20) "The highlight sample from Troilus Gold Corp.'s Testard was bonanza grade for sure, returning 203 g/t gold, 2,440 g/t silver and 4.4% copper. Other samples of note included 52.5 g/t gold, 34.9 g/t gold, 13.6 g/t gold and 8.4 g/t gold. . .the addition of Testard to the other recent targets the company has identified through this program demonstrate the district-scale potential here."

Jacob Willoughby, Red Cloud Securities (10/20/20) "Troilus Gold Corp. announced additional results from its regional exploration program at its 100%-owned Troilus gold project near Chibougamau, Quebec, including the highest gold grades recovered to date from the Frôtet-Evans greenstone belt. . .assay results from outcrop samples at the newly defined Testard target returned 203 g/t Au, 2,440 g/t Ag and 4.37% Cu."

	Gwen Preston, The Maven Letter (10/14/20) "Troilus Gold Corp. announced some good samples from what it's dubbing the Goldfield zone, an area of gold-bearing boulders and outcrop some 28 km southwest of Beyan and fully 36 km away from the main mineralized zones on the property. . .think of these new targets as lottery tickets to go with the established value provided by the project's more than 8 Moz gold equivalent."

Clive Maund, CliveMaund.com (10/9/20) "Troilus Gold Corp.'s overall trend is up, as shown by the bullish alignment of moving averages with the 200-day rising steadily. This being so, the substantial reaction back from early September that has resulted in its becoming oversold at an important support level not very far above its 200-day moving average is viewed as normal and as an opportunity to pick the stock up at a good price before it starts higher again."

Jacob Willoughby, Red Cloud Securities (10/1/20) "Troilus Gold Corp. announced initial results from its regional exploration program on its 100%-owned Troilus gold project near Chibougamau, Quebec, which led to the discovery of the brand new Beyan gold zone, 8 km southwest of its recently discovered Southwest zone. The results look great so far, with high-grade samples spanning at least 225m in strike."

	Gwen Preston, The Maven Letter (9/30/20) "The large property position Troilus Gold Corp. controls around its flagship project has yielded a new target via sampling. Surface exploration returned samples up to 9.7 g/t gold and 32.5 g/t silver over 225m of strike within the newly identified Beyan gold zone, which lies 8 km southwest of the Southwest zone."

Gwen Preston, The Maven Letter (9/23/20) "With the recent preliminary economic assessment on its Troilus project under its belt, Troilus Gold Corp. is embarking on a new infill and expansion drill program. The 20,000m effort will seek to upgrade the current resource (4.96 Moz gold equivalent Indicated and 3.15 Moz gold equivalent Inferred) and expand it by focusing on growing the 500m of strike it has outlined on the Southwest zone."

Gwen Preston, The Maven Letter (9/3/20) "I think Troilus Gold Corp.'s Troilus project will attract some kind of a buyout before this bull market is done. . .I don't know when it will happen, but I think the company is in a sweet spot in that it offers exploration upside alongside an advanced asset that will be attractive to the generalist money moving into the gold space."

	Philip Ker, PI Financial (9/2/20) "Troilus Gold Corp. announced a preliminary economic assessment (PEA) completed on its wholly owned Troilus gold project. . .under the combined open pit and underground scenario, the company estimates annual average production of 246 Koz Au eq over the first 14 years including peak production greater than 300 Koz Au eq in year five. . .in total, the PEA demonstrates a robust net present value of $574M (5%) and an after-tax internal rate of return of 22.9% based on a $1,475/oz gold price."

	Pierre Vaillancourt, Haywood Securities (9/2/20) "The preliminary economic assessment (PEA) on Troilus Gold Corp.'s Troilus deposit demonstrates a mine plan with positive economics. . .the PEA on its gold-copper project is for a 35 Ktpd open-pit operation over 14 years, transitioning to a 9 Ktpd underground operation for eight years. . .we are increasing our target."

Richard Gray, Cormark Securities (9/1/20) "Given the greater resource at Troilus Gold Corp.'s Troilus project (8.11 Moz Au eq) and the exceptional exploration upside on the 107,000 ha property, we believe this preliminary economic assessment is only a snapshot of the current value of the asset and that there is excellent potential for the mine life to ultimately extend beyond the projected 22 years. The project is quickly emerging as one of the larger and more strategic assets in Canada given the size and valuation."

Jacques Wortman, Laurentian Bank Securities (9/1/20) "Troilus Gold Corp.'s preliminary economic assessment proposes that the Troilus project will produce payable gold of 3.8 Moz, payable copper of 265 Mlb and payable silver of 1.5 Moz over a 22-year mine life; both open-pit and underground operations are proposed in the study. Assuming a positive eventual production decision, financing and construction are completed and commercial production achieved, the company has the potential to be Quebec's third largest gold producer behind Malartic and La Ronde."

Tom Gallo, Canaccord Genuity (8/31/20) "Troilus Gold Corp.'s preliminary economic assessment outlines a project reasonably in line with our estimates. . .in a rising gold price environment and with further derisking, including additional drilling and technical studies, the Troilus project could be a potential mergers and acquisitions target."

Experts Following This Company

	Peter Krauth, Pres – Gold Resource Investor
Paul O'Brien, Analyst – Velocity Trade Capital
Ian Parkinson – Stifel
	Gwen Preston, Founder – Resource Maven
	Brock Salier – Sprott Equity Research
Jacques Wortman, Mining Analyst – Laurentian Bank Securities

Company News

8/17/2022 – Troilus Drills 101m @ 1.27 g/t AuEq, Incl. 3.31 g/t AuEq Over 20m, and 65m @ 1.58 g/t AuEq, Incl. 22m @ 3.26 g/t AuEq, Extends High-Grade Mineralization +200m to the North and South of the Formerly Active Z87 Pit; Provides Pre-Feasibility Study Update

7/12/2022 – Troilus Reports Metallurgical Recoveries of 95.5% Gold, 95.9% Copper and 92.8% Silver From Zone Z87 Pilot Plant Test Program

6/29/2022 – Troilus Drills 1.73 g/t AuEq Over 6 Metres and 1.04 g/t AuEq Over 13m in The Gap Zone; Demonstrates New Mineral Continuity Beyond Main Zone Ore Bodies

6/28/2022 – Troilus Reports 94% Copper Recovery and 88.3% Gold Recovery From the Southwest Zone Pilot Plant Test Program

5/25/2022 – Troilus Kicks Off Environmental Permitting Process With Filing of Initial Project Notice

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	8.1 Moz AuEq (Indicated + Inferred) Resource in top-rated mining jurisdiction of Quebec, Canada
	Brownfield Site with ~US$350M worth of inherited infrastructure; Strong Balance Sheet ($30.4M as of Jan 31, 2022)
	Pre-Feasibility Study and Updated Mineral Resource Estimate in mid-2022

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