Troilus Announces $150 Million Bought Deal Public Offering

On November 5, 2025, Troilus Gold announced a C$150 million bought deal public offering of approximately 116.3 million common shares at a price of C$1.29 per share. The proceeds are intended for ongoing pre-development activities at the Troilus Copper-Gold project, debt repayment, and general corporate purposes.

Concurrent with the financing, the company provided a significant project update, confirming it has secured US$1.3 billion in indicative financial support from global Export Credit Agencies (ECAs), established a US$700 million debt financing package, and agreed to long-term offtake agreements with major smelters Aurubis AG and Boliden AB. The company also noted that its Environmental and Social Impact Assessment (ESIA) was filed in June 2025 and that basic engineering is over 85% complete, keeping it on track for a 2026 construction decision.

The announcement of a C$150 million bought deal financing is a material and overwhelmingly positive event for Troilus Gold, despite the dilutive nature of the offering. This financing is the critical equity component required to unlock the much larger debt and ECA financing facilities, effectively removing the primary funding overhang and clearing the path toward a construction decision.

• Positive De-risking: Securing this level of equity is a major vote of confidence from the underwriters (Desjardins, Cormark, Haywood) and the market. It provides the capital necessary for all remaining pre-development work, including final permitting, detailed engineering, and early works preparation. The confirmation of US$1.3 billion in ECA support, a US$700 million debt package, and binding offtakes with Tier-1 partners significantly de-risks the project from a financial and commercial standpoint.

• Dilution and Pricing: The offering is priced at C$1.29 per share, a 13.4% discount to the last closing price of C$1.49 before the trading halt. This is a typical discount for a financing of this size. The issuance of 116.3 million new shares represents approximately 23% dilution to existing shareholders (based on ~500M post-financing shares outstanding). While significant, this dilution is a necessary trade-off to advance a project of this scale toward production. The financing price of C$1.29 will now likely form a strong new support level for the stock.

• Progression of Milestones: Reviewing the historical news flow shows a systematic and successful execution of the company's strategy over the past year. Starting with securing ECA letters of intent in late 2024, Troilus has consistently delivered on key milestones: strengthening the management team, advancing engineering, submitting the ESIA, securing offtakes, and now, raising the required equity. This track record builds confidence in management's ability to execute the final steps toward construction.

The financing allows for the repayment of higher-cost debt, such as the US$35 million loan facility from Auramet announced in May 2025, which carried a 1% monthly interest rate. This improves the balance sheet and reduces financing costs leading into the main project financing.

Overall, this news transforms Troilus from a developer seeking funding to a fully-funded developer on a clear trajectory to becoming a major Canadian copper-gold producer. The certainty provided by this financing far outweighs the negative impact of the dilution.

Troilus Gold Corp. is a Canadian-based mining company focused on the advancement of its 100%-owned Troilus Gold-Copper Project, located in the Frôtet-Evans Greenstone Belt of Quebec, Canada. The project is a past-producing mine that operated from 1996 to 2010. Troilus is re-developing it as a large-scale, long-life open-pit operation. A May 2024 Feasibility Study outlined a 22-year mine life with significant annual production of gold and copper, positioning it as one of North America's largest undeveloped copper-gold deposits.