The Conversation (0)
Troilus Mining Corp. (TSX: TLG,OTC:CHXMF; OTCQX: CHXMF; FSE: CM5) ("Troilus" or the "Company") is pleased to announce that it recently welcomed representatives from the Government of Québec to the Troilus Copper-Gold Project in north-central Québec for the official announcement of the allocation of 70 megawatts ("MW") of hydroelectric power to the Project (see June 2, 2026 press release).
The announcement, held at the Troilus Project site on June 8, 2026, was made by Bernard Drainville, Minister of Economy, Innovation and Energy ("MEIE"), and Kateri Champagne Jourdain, Minister of Natural Resources and Forests ("MRNF"), alongside Denis Lamothe, Member of the National Assembly for Ungava. The event also brought together representatives from Hydro-Québec, members of the Cree community, regional stakeholders, municipal representatives including Nichèle Compartino, Mayor of Chibougamau, and members of the media (see Figure 1).
During the announcement, Minister Drainville and Minister Champagne Jourdain highlighted the role of projects such as Troilus in supporting Québec's critical minerals strategy, regional economic development priorities, and long-term energy transition objectives at a time of growing global demand for copper. Mr. Lamothe also spoke to the importance of the Project for Northern Québec and recognized Troilus' ongoing commitment to creating long-term opportunities for regional workers, businesses, and communities.
Justin Reid, CEO of Troilus, commented, "It was a pleasure to welcome Minister Drainville, Minister Champagne Jourdain, Mr. Lamothe, representatives from Hydro-Québec, our Cree partners, regional stakeholders, and members of the media to the Troilus Project for this important announcement. We would also like to congratulate Hydro-Québec and the Government of Québec on yesterday's announcement regarding the development of new training infrastructure in Chibougamau, which further reflects the long-term commitment being made toward economic development, workforce development, and sustainable growth in Northern Québec.
Access to reliable, low-carbon hydroelectric power is fundamental to the responsible development of large-scale mining projects in Northern Québec, and the allocation of 70 MW marks a significant step forward as we continue advancing permitting, engineering, financing, and overall project readiness activities. As one of Québec's largest copper-gold development projects, Troilus has the potential to become an important long-term contributor to the province's economy and critical minerals strategy. We look forward to continuing to build on the strong partnerships that have helped bring the Project to this stage."
The allocation of 70 MW of clean hydroelectric power supports the future construction and operation of the Troilus Project, which is expected to create approximately 1,000 jobs during construction and approximately 680 long-term jobs during operations in the Eeyou Istchee James Bay region. At current mine plan levels, the Project is also expected to generate significant long-term economic benefits and tax revenues for Québec over its multi-decade operating life.
Figure 1. From left Caroline Arsenault, Troilus' Vice President of Corporate Communications, Daniel Bergeron, Troilus' Vice President of Special Projects, Kateri Champagne Jourdain, Minister of Natural Resources and Forests of Québec, Justin Reid, CEO of Troilus, Denis Lamothe, Member of the National Assembly for Ungava and Bernard Drainville, Minister of Economy, Innovation and Energy of Québec.
Advancement of Project Financing and Technical Due Diligence Activities
The official announcement follows a period of significant activity at the Troilus Project as the Company continues advancing multiple development workstreams in parallel.
In recent weeks, Troilus hosted representatives from international financial institutions and export credit agencies from Canada, Germany, Finland, Denmark, Sweden, France, and the United States at the Project site as part of ongoing technical, environmental, operational, and project financing due diligence activities associated with the Company's previously announced US$1.2 billion debt financing mandate.
The site visits included reviews of ongoing engineering, infrastructure, environmental, permitting, and development readiness activities, and represent an important component of the Project evaluation process as Troilus advances toward a fully funded construction decision.
Troilus continues to make progress across financing, permitting, engineering, and overall project readiness initiatives as it advances toward construction.
About Troilus Mining Corp.
Troilus Mining Corp. is a Canadian development-stage mining company focused on the responsible advancement of the former gold and copper Troilus Mine towards near-term production. Troilus is located in the tier-one mining jurisdiction of Quebec, Canada, where it holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt. A Feasibility Study completed in May 2024 supports a large-scale 22-year, 50ktpd open-pit mining operation, positioning it as a cornerstone project in North America.
For more information:
Caroline Arsenault
VP Corporate Communications
+1 (647) 276-0050
info@troilusmining.com
Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding, the impact of the power allocation on the Company and its emission reduction objectives and its sufficiency to support development as planned. the strategic importance of the Troilus Project and the likelihood that it will deliver meaningful economic benefits, including employment, in Northern Québec on the estimated timeline and quantity, or at all. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "continue", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties inherent to mineral resource and reserve estimates; the high degree of uncertainties inherent to feasibility studies and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; availability of financing for project development; uncertainties and risks with respect to developing mining projects; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Company's latest Annual Information Form, its technical reports and other continuous disclosure documents of the Company available under the Company's profile at www.sedarplus.ca. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b3179b4-cba2-4a57-be3f-b8784f03eeff
