Troilus Closes Strategic Sale of Non-Core Mike Lake Properties in Yukon to Prospector Metals; Retains ~20% Ownership Interest

MONTREAL, March 05, 2024 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG; OTCQX: CHXMF; FSE: CM5R) (“Troilus” or the “Company”) announces it has closed its previously announced strategic divestiture of its non-core Mike Lake properties (“Mike Lake” or “Mike Lake Project”) in Yukon, Canada, to Prospector Metals Corp. (“Prospector Metals”)(see News release dated January 2, 2024). This transaction streamlines Troilus’ portfolio of properties, allowing it to focus entirely on the development of its flagship Troilus Gold Project in Quebec, while maintaining a stake in the potential success of Mike Lake under Prospector Metal’s experienced leadership.

Pursuant to the agreement dated December 29, 2023, Prospector Metals has acquired the Mike Lake Project from Troilus for share consideration equal to 19.9% of Prospector Metals, in addition to a milestone payment, as detailed below. Prospector Metals has issued to Troilus 9,222,164 post-consolidation common shares* (“Prospector Shares”) at a deemed price of $0.11 per Prospector Share, under the terms of the agreement.

Troilus will file an updated early warning report in connection with the closing of the acquisition of the Prospector Shares. The Prospector Shares are listed for trading on the TSX Venture Exchange. Prior to the closing of this transaction, Troilus did not own any Prospector Metals shares.

Troilus advises that the securities have been acquired for investments purposes. Troilus may, depending on the market and other conditions, increase or decrease its beneficial ownership of Prospector Metals’ securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

This disclosure is provided pursuant to Multilateral Instrument 62-104, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be available on SEDAR+ under Prospector Metals’ issuer profile at www.sedarplus.ca and may be obtained upon request from Troilus by contacting Troilus at the contact information below. Prospector Metals’ head office is located at Suite 1012 – 1030 West Georgia St., Vancouver, BC V6E 2Y3, Tel: [phone], email: [e-mail]. Troilus’ head office is located at 715 Square Victoria, Suite 705, Montreal, QC H2Y 2H7.