Troilus Mining Corp. has released an updated NI 43-101 technical report for the Troilus project in north-central Québec, revising its economic model and expanding mineral reserves following a basic engineering program.

The study outlines an after-tax net present value (discounted at 5%) of US$3.2 billion and an after-tax internal rate of return of 22% over a 26-year mine life, using base case prices of US$3,600 per ounce gold, US$5.00 per pound copper, and US$50.00 per ounce silver. Life-of-mine payable production is estimated at 5.63 million ounces of gold, 472 million pounds of copper, and 10.88 million ounces of silver.

“The results presented in our updated technical report reinforce Troilus’ position as one of the most compelling large-scale gold-copper development projects in North America. The combination of a US$3.2 billion after-tax NPV, 22% IRR, 3.6-year payback and approximately 26-year mine life demonstrates the scale, longevity and economic strength of the Project, particularly relative to an initial capital requirement of approximately US$1.43 billion.”

— Justin Reid, CEO of Troilus

The mineral reserve estimate comprises 478 million tonnes grading 0.44 grams per tonne gold, 0.05% copper, and 0.92 grams per tonne silver, a 26% tonnage increase over the May 2024 feasibility study. The updated mine plan features a life-of-mine strip ratio of 2.4:1, down from 3.1:1, while payable copper production is roughly 21% higher.

Initial capital costs are estimated at US$1.428 billion, reflecting an AACE Class 3 accuracy standard achieved through 95,000 engineering hours and market-validated pricing on about 90% of inputs.

The project benefits from infrastructure at the past-producing site, which yielded over 2 million ounces of gold and 70,000 tonnes of copper between 1996 and 2010. Troilus also secured a 70-megawatt hydroelectric power allocation in June 2026, and received the Filon fast-track designation from Québec’s Ministry of Natural Resources and Forests in July 2026.

Subject to approvals and financing, Troilus anticipates beginning construction in 2027, targeting first ore in September 2029.

Read the full announcement: Troilus Reports Updated Technical Report Following Completion of Basic Engineering, Delivering After-Tax US$3.2 Billion NPV5%, 22% IRR, and Cashflow of US$6.9 Billion at Base Case Gold Price of US $3,600/oz