Troilus Gold
Troilus Mining Corporation is a Canadian development-stage mining company advancing the former Troilus gold-copper mine in Quebec toward a 22-year, 50,000 tpd open-pit restart targeting average annual production of 303,000 oz AuEq.
- Company typePublic
- Founded2018
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Troilus Gold does
Troilus Mining Corporation (TSX: TLG; OTCQX: CHXMF; FRA: CM5), formerly Troilus Gold Corp., is a Canadian development-stage mining company headquartered in Montreal that is advancing the former Troilus gold-copper mine toward a mine restart in north-central Quebec. The company controls a 435 km² land position in the Frôtet-Evans Greenstone Belt and is currently a single-project entity. A May 2024 Feasibility Study supports a 22-year, 50,000 tonne-per-day open-pit operation with projected life-of-mine average annual production of 303,000 oz gold equivalent (244,600 oz Au, 17.3 million lbs Cu, 446,700 oz Ag), Probable Mineral Reserves of 7.26 Moz AuEq (380 Mt at 0.59 g/t AuEq), and additional Indicated resources of 11.21 Moz AuEq and Inferred resources of 1.80 Moz AuEq (October 2023 MRE). The economics benchmark at US$884.5 million after-tax NPV5%, a 14% IRR, a 5.7-year payback, and $1,109/oz all-in sustaining cash operating cost at base-case metal prices of $1,975/oz Au, $4.05/lb Cu, and $23/oz Ag.
The asset is a brownfield redevelopment of a mine that previously operated from 1996 to 2010 under Inmet Mining, and approximately US$500 million of existing infrastructure is being repurposed, including a 50 MW substation, a permitted tailings facility, all-weather access roads, and water treatment systems. A 70 MW Hydro-Québec hydroelectric power allocation (formal June 2026) underpins energy supply, and an Environmental and Social Impact Assessment was filed in June 2025 with federal and Quebec provincial authorities, with a permitting decision targeted by year-end 2026. Initial development CAPEX is estimated at US$1.074 billion. Detailed engineering is being executed by BBA Inc., with basic engineering exceeding 85% completion by October 2025.
Commercially, Troilus is pre-revenue and will monetize through copper-gold concentrate and gold doré sales once in production. Long-term offtake Memoranda of Agreement have been signed with European copper smelters Aurubis AG (Germany, August 2025) and Boliden Commercial AB (Sweden, March 2026), covering a significant portion of the project's approximately 75,000 wet metric tonnes of annual concentrate output. Project financing is being assembled from a syndicate of export credit agencies (Export Development Canada, Finnvera Finland, EKN Sweden) and commercial lenders (Société Générale, KfW IPEX-Bank) under a mandate of up to US$1 billion, supplemented by a US$35 million Auramet International loan facility (May 2025) and a C$172.5 million bought deal public offering (November 2025). The institutional shareholder base is anchored by major global resource funds (~60%) and Quebec-based funds (~10%). Headquarters are in Montreal with additional offices in Toronto, Quebec City, Chibougamau, and Mistissini.
Troilus Gold firmographics
Firmographics- Name
- Troilus Gold
- Legal name
- Troilus Mining Corporation
- Website
- https://troilusgold.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Troilus Mining Corporation is a Canadian development-stage mining company advancing the former Troilus gold-copper mine in Quebec toward a 22-year, 50,000 tpd open-pit restart targeting average annual production of 303,000 oz AuEq.
- Ownership category
- akta.pro rank
Troilus Gold industry classification
Industry- Product category
- Copper-Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222), Support Activities for Metal Mining (213114)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Silver Mining (IMAKAEAB)
- akta.pro secondary industry
- Surface Mine Development & Pre-Strip (Earthworks, Overburden Removal, Haul Roads) (IMAKAOAD)
Keywords
Where Troilus Gold is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
Troilus Gold business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Copper-Gold Concentrate Sales: Production and sale of copper-gold concentrate to smelters (Aurubis AG, Boliden Commercial AB), with approximately 75,000 wet metric tonnes annually. Provision for gravity gold recovery to produce doré after Year 1.
- Gold and Silver Production: Average annual production of 244,600 oz gold, 17.3 million lbs copper, and 446,700 oz silver over 22-year mine life. Peak annual production of 456,100 oz gold in Year 7.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Troilus Gold product offering
Product offeringCore offering
Troilus is a development-stage copper-gold mining company advancing the former Troilus mine in north-central Quebec toward a mine restart. Its core offering is a 22-year, 50,000 tonnes-per-day open-pit mining operation projected to produce on average 244,600 oz gold, 17.3 million lbs copper, and 446,700 oz silver per year, with copper-gold concentrate (~75,000 WMT annually) sold under offtake agreements to European smelters and gravity gold doré produced after Year 1.
Product overview
Troilus Mining Corporation is a Canadian development-stage mining company operating as a single-project entity focused on advancing the Troilus copper-gold project in Quebec, Canada. The company does not offer a multi-module software platform; its sole product offering is the Troilus Project itself—a brownfield redevelopment of the former Troilus mine, transitioning from exploration through development toward production. The project encompasses mineral reserves and resources across four main zones (Z87, J Zone, Southwest Zone, and X22), supported by existing infrastructure including a 50MW substation, permitted tailings facility, and all-weather access roads.
Differentiator
Problem solved
Functional benefit
Products and services
- Troilus Project The Troilus Project is a development-stage copper-gold mining operation located in north-central Quebec, Canada, representing the brownfield redevelopment of the former Troilus gold and copper mine (1996-2010). It is supported by a May 2024 Feasibility Study outlining a 22-year mine life at 50,000 tonnes per day processing capacity, with projected average annual production of 303,000 oz AuEq (244,600 oz Au, 17.3 Mlbs Cu, 446,700 oz Ag). The project encompasses four main mineralized zones (Z87, J Zone, Southwest, and X22) and leverages existing brownfield infrastructure including a 50MW substation, permitted tailings facility, and all-weather access roads.
Quantifiable outcome
- US$884.5M after-tax NPV5% at base case metal prices
- +4 more outcomes
Companies that use Troilus Gold
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Troilus Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Troilus Gold partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Hydro-Québec / MEIEcoreQuebec government entities providing 70 MW hydroelectric power allocation for mine construction and operations. Formal announcement June 8, 2026. Major de-risking milestone ensuring sufficient low-carbon hydroelectric power for project.
- Boliden Commercial ABcoreSwedish mining and smelting company. Signed MoU for long-term offtake of copper-gold concentrate, advancing indicative commercial terms announced July 2025. Together with Aurubis agreement, secures relationships with two of Europe's leading smelting groups.
- Delta Resources LimitedminorOption agreement granting Troilus right to acquire 100% interest in Delta's Delta-2 mineral claims in Quebec for up to C$8.25M. Initial C$1.0M payment received; Delta retains 1.0% NSR royalty.
- BBA Inc.coreEngineering consultancy. Awarded detailed design engineering contract January 2025. Basic engineering exceeded 85% completion by October 2025. Leading detailed engineering advancing toward construction.
- Aurubis AGcoreGerman copper refiner and global leader in copper production. Signed Memorandum of Agreement for long-term copper-gold concentrate offtake at Berlin Critical Minerals Mission in August 2025. Earlier MoU signed August 2025. Offtake covers significant portion of project's anticipated 75,000 WMT annual concentrate output.
Scale indicators18 records
Recent moves8 records
Expansion highlights7 records
Troilus Gold competitors and assessment
Company assessmentDirect peers
- New Gold Inc. Toronto-based intermediate gold-copper producer operating Rainy River (Ontario) and New Afton (BC). Comparable as a Canadian gold-copper miner of similar size with copper-gold concentrate by-product revenue and significant capex / mine-life extension challenges.
- Osisko Mining Inc. Toronto-listed Quebec gold developer advancing the Windfall project in the Abitibi greenstone belt. Comparable as a single-project Quebec gold developer at a similar stage of feasibility, permitting, and project financing, with comparable institutional shareholder base and infrastructure considerations.
- Wesdome Gold Mines Ltd. Toronto-listed Canadian gold producer with the Eagle River and Kiena mines in Ontario and Quebec. Comparable as a Canadian-focused gold miner of similar mid-tier scale, with project development, permitting, and underground/open-pit production experience.
- Probe Gold Inc. Quebec-focused gold developer advancing the Novador project in the Abitibi region. Comparable as a Canadian gold developer with a single advanced-stage Quebec project progressing through feasibility and permitting, in a similar jurisdiction to Troilus.
- Orla Mining Ltd. Canadian-listed gold developer-producer with the Camino Rojo mine in Mexico and the Musselwhite acquisition. Comparable as a single-asset-focused gold developer that has transitioned into production, with similar open-pit project economics and capex / financing profile.
- IAMGOLD Corporation: Toronto-based mid-tier gold producer with the Côté Lake open-pit project in Ontario and Essakane in Burkina Faso. Comparable as a Canadian-listed gold developer transitioning into a major producer with similar project financing, open-pit scale, and infrastructure-heavy construction profiles.
- First Quantum Minerals Ltd. Canadian-listed global copper-gold producer with major operations in Zambia, Panama, and Spain. Comparable as a large-scale open-pit copper miner producing copper-gold concentrate, providing relevant benchmarking for concentrate offtakes, smelter relationships, and copper project financing.
- Equinox Gold Corp. Vancouver-based gold producer with multiple operating mines across the Americas and a project pipeline including the Greenstone joint venture. Comparable as a mid-tier gold company that has built scale through development and acquisitions, providing a relevant comp for Troilus's growth trajectory.
- Hudbay Minerals Inc. Toronto-listed copper-gold miner with producing operations and development projects in Manitoba, Peru, and Arizona. Comparable as a mid-tier Canadian copper-gold company that combines open-pit copper concentrate production with gold/silver by-products, similar to Troilus's Cu-Au-Ag concentrate strategy.
Broad incumbents
- Agnico Eagle Mines Limited: Senior Canadian gold producer headquartered in Toronto with multiple Quebec operations (LaRonde, Canadian Malartic, Detour Lake). Comparable as a Quebec-anchored gold miner and a logical long-term acquirer of advanced-stage Quebec gold-copper assets like Troilus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Troilus Gold social profiles
Digital presenceTroilus Gold compliance and trust
Trust signalCompliance1 record
Troilus Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Troilus Gold leadership team
Management profileNumber of profiles
Profiles7 records
Troilus Gold funding detail
Funding detailFunding overview
Funding rounds17 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Troilus Gold M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Troilus Gold
What does Troilus Gold do?
Troilus is a development-stage copper-gold mining company advancing the former Troilus mine in north-central Quebec toward a mine restart. Its core offering is a 22-year, 50,000 tonnes-per-day open-pit mining operation projected to produce on average 244,600 oz gold, 17.3 million lbs copper, and 446,700 oz silver per year, with copper-gold concentrate (~75,000 WMT annually) sold under offtake agreements to European smelters and gravity gold doré produced after Year 1.
Is Troilus Gold a public or private company?
Troilus Gold is a public company. It is classified as public and is currently operating.
When was Troilus Gold founded?
Troilus Gold was founded in 2018. It employs 11 to 50 people.
Where is Troilus Gold based?
Troilus Gold is headquartered in Toronto, Canada, in the North America region.
How does Troilus Gold make money?
Two revenue lines are on record. Copper-Gold Concentrate Sales are the primary driver. The others are gold and Silver Production.
Who are Troilus Gold's main competitors?
Direct peers on record are New Gold Inc., Osisko Mining Inc., Wesdome Gold Mines Ltd., Probe Gold Inc., Orla Mining Ltd., IAMGOLD Corporation, First Quantum Minerals Ltd., Equinox Gold Corp. and Hudbay Minerals Inc.. Agnico Eagle Mines Limited is listed as a broad incumbent.
Does Troilus Gold have an API?
No public API is recorded for Troilus Gold.
What industry is Troilus Gold in?
Troilus Gold's product category is Copper-Gold Mining. Its primary akta.pro industry code is IMAKAEAB, Silver Mining, with a secondary code of IMAKAOAD, Surface Mine Development & Pre-Strip (Earthworks, Overburden Removal, Haul Roads). Its NAICS code is 21222 and its SIC code is 1040.