Troilus Mining Corp. has secured a non-binding Letter of Interest from Finnvera plc, Finland's official export credit agency, providing potential financing support of up to approximately US$132 million for equipment procurement at the Troilus Project in north-central Québec.

The proposed arrangement relates to an estimated US$155 million export transaction involving processing equipment and services from Finland-based Metso Corporation. Under the contemplated structure, Finnvera may support financing of up to 85% of the value of eligible imported goods and services. Any resulting debt facility would be provided by an eligible commercial bank backed by the export credit agency, adding another potential source of competitive long-term capital as the project advances toward construction readiness.

The development complements the company's broader financing initiatives. Troilus is currently advancing a senior secured project financing mandate of up to US$1.2 billion with Société Générale, KfW IPEX-Bank and Export Development Canada as Mandated Lead Arrangers, alongside participation from other Canadian and European export credit agencies including Finnvera.

“The Finnvera LOI adds a positive dimension to the Metso procurement and represents an important advancement in our broader project financing strategy. The potential for up to approximately US$132 million in export credit support provides another attractive financing avenue as we continue advancing Troilus toward construction. Finnvera is already participating in our broader project financing process, and we are very pleased to see the potential scope of that relationship expand alongside our advancing procurement program. This demonstrates how our procurement and financing strategies are increasingly working together and further strengthens the diversified international financing framework we are building for Troilus.”

— Justin Reid, CEO and Director

The non-binding Letter of Interest remains subject to customary due diligence and final approvals. The initiative follows the recent selection of Metso for the first phase of major process equipment procurement, which encompasses crushers, feeders, screens, High Pressure Grinding Rolls and ball mills. Technical workshops are already underway to integrate the equipment supplier into the detailed engineering program for the development asset.

A Feasibility Study completed in May 2024 supports a 22-year, 50,000 tonnes per day open-pit mining operation at the Troilus Project, which covers a 435 km² land position in Quebec's Frôtet-Evans Greenstone Belt.

Read the full announcement: Troilus Announces Finnvera LOI for Up to Approximately US$132 Million in Potential Export Credit Support Related to Metso Equipment Procurement