Troilus Provides a Recap of 2023 Accomplishments & an Outlook for 2024

MONTREAL, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FRA: CM5R) (“Troilus” or the “Company”), is pleased to provide a review of its key accomplishments in 2023 as well as an outlook for 2024 in this open letter to shareholders from Chief Executive Officer and Director, Justin Reid.

To our valued shareholders and stakeholders,

As we close another year, it is with pride that I look back on the significant accomplishments Troilus has made in 2023. Despite a turbulent year in the junior mining sector, compounded by the unforeseen challenges of the devastating forest fires in Quebec, our steadfast focus and commitment significantly enhanced the Troilus Project, establishing it as one of the largest undeveloped gold-copper deposits in North America. As a founder and significant shareholder of the Company, I share the sentiment of aspiring for greater returns and am excited about the potential that 2024 holds. This year will see major de-risking milestones that promise to solidify Troilus as a frontrunner among development-stage mining companies, positioning the Company and our valued shareholders for success.

Key developments of 2023:

• Successful Exploration and Expansion: Building on our 2022 drilling success, we continued to focus on the definition and expansion of Zone X22. Our efforts here were instrumental in significantly contributing to the growth of our October 2023 Mineral Resource Estimate (“MRE”).

• Significant Mineral Resource Growth: The 2023 MRE showcased a substantial increase compared to our 2020 estimate – the Indicated category growing 126% in ounces and 127% in tonnes, with nearly all Inferred Resources from the 2020 MRE transitioning to the Indicated category.

• World-Class Project Scale: The Troilus gold-copper deposit now hosts one of the largest undeveloped gold resources in North America, with a gold equivalent mineral resource of 11.21 Moz* in the Indicated category and 1.80 Moz AuEq* in the Inferred category.

• Large Copper Resource: Copper represents a meaningful proportion of the Troilus deposit with a total of 729.5 million pounds grading 0.07% in the Indicated category.

• Permitting and Community Engagement: We've made steady progress with Federal and Provincial permitting processes, conducting successful ongoing public consultations with impacted communities and progressing the completion of our Environmental and Social Impact Assessment (“ESIA”).

^{*Indicated: 508.3 Mt at 0.69 g/t AuEq; Inferred: 80.5 Mt at 0.69 g/t AuEq. Cut off grades are based on $US 1,850/ oz Au; $4.25/lb Cu, and $23.00/ oz Ag; with an exchange rate of US$1.00: CAD$1.30. Recoveries varied with an average of 90% Gold, 92.5 % Silver and 91.8% copper without considering revenues from other metals. AuEq formulas are calculated as follows: Z87 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128 * Ag grade; J Zone : AuEq = Au grade + 1.5107 * Cu grade + 0.0119 * Ag grade; X22 Zone : AuEq = Au grade + 1.5628 * Cu grade + 0.0128* Ag grade; SW Zone : AuEq = Au grade + 1.6823 * Cu grade + 0.0124 * Ag grade.}