Troilus signs Boliden MoU for concentrate offtake

Executive Summary

• Troilus Mining Corp. signed a Memorandum of Understanding (MoU) with Boliden Commercial AB for the long-term offtake of copper-gold concentrate from its Troilus project in Quebec.
• This agreement formalizes indicative terms previously announced in July 2025 and complements a prior memorandum of agreement with Aurubis AG signed in August 2025.
• The offtake agreements are a key component of the company's broader financing strategy, running parallel to a senior project debt facility of up to $1 billion (U.S.).

Key Details

• Counterparty: Boliden Commercial AB, a leading European base and precious metals mining and processing company operating seven mines and five smelters across Sweden, Finland, Norway, Ireland, and Portugal.
• Agreement Type: Memorandum of Understanding (MoU) for long-term offtake of copper-gold concentrate.
• Project Location: Troilus project, north-central Quebec, Canada.
• Strategic Context: The MoU advances indicative commercial terms from July 10, 2025, to a more formal stage, establishing a framework for future concentrate deliveries.
• Related Agreements: Follows an MoA with Aurubis AG (signed August 2025), securing long-term relationships with two major European smelting groups.
• Financing Alignment: These commercial milestones support the company's senior project debt facility of up to $1 billion (U.S.), supported by a syndicate of international financial institutions and export credit agencies (referenced in a Nov. 19, 2025 release).
• Production Metrics (from May 2024 Feasibility Study):
  • Annual average production: ~135.4 million pounds of copper equivalent.
  • Concentrate volume: 75,000 wet metric tonnes (WMT).
  • Contents: Payable copper, gold, and silver.
• Advisors:
  • Ocean Partners USA Inc.: Independent third-party adviser on concentrate offtake strategy.
  • Auramet International Inc.: Project finance adviser.

Notable Quotes

• Justin Reid, CEO: "Boliden is a highly respected partner with deep expertise in responsibly processing copper concentrates. Advancing our relationship to this stage reflects growing commercial confidence in the quality, scale and strategic importance of our project, and reinforces Quebec's position as a stable, clean-energy jurisdiction for responsible mineral development. Alongside our agreement with Aurubis, this MoU further underpins our concentrate marketing strategy and aligns with the structures project financing process currently under way."