CONDENSED INTERIM FINANCIAL STATEMENTS

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# Financials

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## Content

# Financials
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
CONDENSED INTERIM FINANCIAL STATEMENTS
For the three and six months ended January 31, 2026 and 2025
(expressed in Canadian dollars)
(unaudited)
TROILUS MINING CORP.
(formerly Troilus Gold Corp.)
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed
interim financial statements, they must be accompanied by a notice indicating that the interim financial statements have not
been reviewed by an auditor.
The accompanying unaudited condensed interim financial statements of the Company have been prepared by and are the
responsibility of the Company’s management.
The Company’s independent auditor has not performed a review of these condensed interim financial statements in accordance
with standards established by CPA Canada for a review of interim financial statements by an entity’s auditor.
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
Condensed Interim Statements of Financial Position
(Unaudited)
(Expressed in Canadian dollars)
January 31, July 31,
As at 2026 2025
Notes
ASSETS
Current assets
Cash and cash equivalents 5 $ 132,956,530 $ 25,081,981
Short term bank investments 5 20,000,000 -
Tax credit receivable 18 4,187,005 4,979,353
Amounts receivable 6 1,248,754 1,712,756
Investments 7 2,187,396 989,760
Prepaid expenses 1,404,057 1,214,502
Total current assets 161,983,742 33,978,352
Deposits 9 2,070,000 2,070,000
Tax credit receivable 18 1,059,332 -
Investment in associate 8 - 793,058
Reclamation deposits 10 844,595 844,595
Property and equipment 11 6,930,886 6,778,678
TOTAL ASSETS $ 172,888,555 $ 44,464,683
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 7,351,609 $ 8,493,204
Short-term loan 13 - 19,739,890
Current portion of lease liabilities 12 622,635 812,210
Flow-through share premium liability 14 483,047 -
Current portion of reclamation provision 10 238,524 175,271
Total current liabilities 8,695,815 29,220,575
Long-term portion of lease liabilities 12 1,101,906 891,261
Reclamation provision 10 1,964,774 2,052,685
Total liabilities 11,762,495 32,164,521
SHAREHOLDERS' EQUITY
Share capital 14 422,285,026 246,795,874
Share purchase warrant reserve 15 2,969,202 3,808,994
Share-based payment reserve 16 5,323,076 1,513,038
Accumulated deficit (269,451,244) (239,817,744)
Total shareholders' equity 161,126,060 12,300,162
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 172,888,555 $ 44,464,683
Nature of operations 1
Commitments and contingencies 23
Subsequent events 24
Approved on behalf of the Board of Directors:
“Tom Olesinski” “Justin Reid”
Director Director
-- see accompanying notes to the financial statements --
3
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
Condensed Interim Statements of Operations and Comprehensive Loss
(Unaudited)
(Expressed in Canadian dollars)
Three months ended Six months ended
January 31, January 31,
2026 2025 2026 2025
Expenses Note
Exploration and evaluation expenses 18 $ 13,238,741 $ 5,206,181 $ 26,084,113 $ 9,282,492
Reclamation estimate 10 (22,306) (26,384) 11,092 (73,760)
General and administrative expenses 19 4,877,850 2,483,107 7,898,219 3,838,203
Share-based payments 16 2,514,722 812,967 4,083,806 1,047,179
Total expenses before other items (20,609,007) (8,475,871) (38,077,230) (14,094,114)
Other income/(expenses)
Camp rental income 27,003 6,900 90,416 124,974
Interest income 656,817 190,747 934,823 328,052
Interest on lease liabilities 12 (54,169) (64,743) (110,823) (132,626)
Interest on short-term loan 13 (101,008) - (751,430) -
Accretion of short-term loan 13 (73,864) - (507,964) -
(Loss) on extinguishment of short-term loan 13 (1,064,088) - (1,064,088) -
Flow-through share premium recovery 14 276,393 506,419 276,393 729,001
Accretion of reclamation provision 10 (23,115) (22,681) (42,554) (45,929)
Gain on sale of mineral claims 7 - - - 337,500
Realized gain on sale of investment 8 5,779,405 13,758 8,766,920 13,758
Unrealized gain on investments 7 410,069 449,638 1,096,193 776,081
(Loss) from investment in associate 8 - (67,703) (130,996) (202,927)
Other gains/(losses) 20 21,794 (56,918) (114,844) (87,181)
Net (loss) and comprehensive (loss) for the period $ (14,753,770) $ (7,520,454) $ (29,635,184) $ (12,253,411)
Net (loss) per share
Basic and diluted $ (0.03) $ (0.02) $ (0.06) $ (0.04)
Weighted average common shares outstanding
Basic and diluted 466,025,635 363,827,336 463,011,298 330,776,287
-- see accompanying notes to the financial statements --
4
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
Condensed Interim Statements of Cash Flows
(Unaudited)
(Expressed in Canadian dollars)
Six months ended
January 31,
Notes 2026 2025
CASH FLOWS FROM:
Operating activities
Net (loss) for the period $ (29,635,184) $ (12,253,411)
Items not involving cash
Share-based payments 16 4,083,806 1,047,179
Payments related to tax withholdings on share-based compensation 16 - (297,625)
Gain on disposal of asset 11 (64,447) -
Depreciation 11 710,023 660,255
Value of shares received on sale of mineral claims 7 - (337,500)
Flow-through share premium recovery 14 (276,393) (729,001)
Reclamation estimate adjustment 10 11,092 (73,760)
Reclamation costs incurred 10 (78,304) (48,443)
Realized and unrealized (gains)/losses on investment 8 (9,863,113) (789,839)
Loss from investment in associate 8 130,996 202,927
Extinguishment of short-term loan 13 1,064,088 -
Foreign exchange on short-term loan 13 340,439 -
Accrued interest on short-term loan 13 751,430 -
Accretion of short-term loan 13 507,964 -
Accretion of reclamation estimate 10 42,554 45,929
(32,275,049) (12,573,289)
Net change in non-cash working capital items:
Amounts receivable and prepaid expenses 274,447 250,242
Tax credit receivable (266,984) 1,054,448
Accounts payable and accrued liabilities (1,141,595) (1,985,917)
(1,134,132) (681,227)
Cash flows used in operating activities (33,409,181) (13,254,516)
Financing activities
Financing proceeds 14 178,500,956 28,506,000
Share issue costs 14 (9,426,875) (2,186,557)
Repayment of short-term loan 13 (22,403,810) -
Exercise of warrants 14 6,062,635 -
Lease payments 12 (385,081) (324,566)
Cash flows provided by financing activities 152,347,825 25,994,877
Investing activities
Property and equipment 11 (391,634) (821,522)
Acquisition of investment 7 (101,443) (350,000)
Short-term bank investments 5 (20,000,000) -
Proceeds from sale of assets held for sale 8 9,428,982 104,480
(11,064,095) (1,067,042)
Net change in cash and cash equivalents 107,874,549 11,673,319
Cash and cash equivalents, beginning of the period 25,081,981 6,863,619
Cash and cash equivalents, end of the period $ 132,956,530 $ 18,536,938
CASH AND CASH EQUIVALENTS CONSIST OF:
Cash $ 117,876,530 $ 18,456,938
Cash equivalents 15,080,000 80,000
$ 132,956,530 $ 18,536,938
SUPPLEMENTARY INFORMATION
Property and equipment leases 11,12 $ 493,153 $ 894,096
-- see accompanying notes to the financial statements --
5
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
Condensed Interim Statements of Changes in Shareholders' Equity
(Unaudited)
(Expressed in Canadian dollars)
Share
purchase Share-based Total
Number of warrant payment Accumulated Shareholders'
Note Shares Share Capital reserve reserve Deficit equity
Balance as at July 31, 2024 285,201,796 $ 210,885,750 $ 506,110 $ 4,655,116 $ (200,457,198) $ 15,589,778
Private placement 851,785 477,000 - - - 477,000
Cost of issue - (32,872) - - - (32,872)
Unit financing 76,650,000 28,029,000 - - - 28,029,000
Value of warrants on unit financing - (2,298,221) 2,298,221 - - -
Cost of issue - (2,153,686) - - - (2,153,686)
Flow-through share premium - (1,727,786) - - - (1,727,786)
Exercise of warrants 3,621,145 2,034,934 - (2,332,559) - (297,625)
Value of share-based compensation - - - 1,047,179 - 1,047,179
Net loss for the period - - - - (12,253,411) (12,253,411)
Balance as at January 31, 2025 366,324,726 $ 235,214,119 $ 2,804,331 $ 3,369,736 $ (212,710,609) $ 28,677,577
Balance as at July 31, 2025 396,539,677 $ 246,795,874 $ 3,808,994 $ 1,513,038 $ (239,817,744) $ 12,300,162
Bought deal public offering 14 133,722,000 172,501,380 - - - 172,501,380
Cost of issue 14 - (9,390,581) - - - (9,390,581)
Flow-through private placement 14 3,797,200 5,999,576 - - - 5,999,576
Cost of issue 14 - (36,294) - - - (36,294)
Flow-through share premium 14 - (759,440) - - - (759,440)
Exercise of warrants 14 12,602,962 6,062,635 - - - 6,062,635
Allocation of value of exercised warrants 15 - 838,108 (838,108) - - -
Expiry of warrants 15 - - (1,684) - 1,684 -
Share-based payments 16 318,335 273,768 - (273,768) - -
Value of share-based compensation 16 - - - 4,083,806 - 4,083,806
Net loss for the period - - - - (29,635,184) (29,635,184)
Balance as at January 31, 2026 546,980,174 $ 422,285,026 $ 2,969,202 $ 5,323,076 $ (269,451,244) $ 161,126,060
-- see accompanying notes to the financial statements --
6
TROILUS MINING CORP. (formerly Troilus Gold Corp.)
Notes to the Condensed Interim Financial Statements
For the three and six months ended January 31, 2026 and 2025
(Unaudited)
(Expressed in Canadian dollars)
1. NATURE OF OPERATIONS
Troilus Mining Corp. (formerly Troilus Gold Corp.) (the “Company”) was continued under the laws of Ontario,
Canada. On December 4, 2025, the Company received shareholder approval for the name change from Troilus Gold
Corp. to Troilus Mining Corp. to better reflect the Company’s expectations with respect to the full scope of future
metals production, and to align with the Company’s transition from exploration to development and construction
of a critical minerals asset to Quebec and Canada.
The Company owns a 100% interest in a past-producing gold mine located near Chibougamau, within the Frotêt-
Evans Greenstone Belt in Quebec (the “Troilus Copper Gold Project”). The Company acquired additional mineral
claims adjacent to the Troilus project through various transactions, including the acquisition of UrbanGold Minerals
Inc. (“UrbanGold”). Collectively, these properties are referred to as the “Troilus Mining property”. The principal
business of the Company is the exploration and development of the Troilus Mining property. The Company’s head
office is located in Montreal at 715 Square Victoria, Suite 705, Montreal, Quebec, H2Y 2H7. The Company’s
registered office is located at 36 Lombard Street, 4th Floor, Toronto, Ontario, M5C 2X3. The Company’s shares trade
on the Toronto Stock Exchange (“TSX”) under the symbol “TLG” as well as on the OTCQX under the symbol “CHXMF”
and on the Frankfurt Stock Exchange under the symbol “CM5R”. All dollar amounts are Canadian dollars unless
otherwise noted.
Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in
which it has an interest, in accordance with industry standards for the current stage of operations of such
properties, these procedures do not guarantee the Company's title. Property title may be subject to government
licensing requirements or regulations, social licensing requirements, unregistered prior agreements, unregistered
claims, aboriginal claims, and non-compliance with regulatory, environmental and social requirements. The
Company’s assets may also be subject to increases in taxes and royalties, renegotiation of contracts, and political
uncertainty.
The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that
current exploration programs and pre-development plans will result in profitable mining operations. The Company's
continued existence is dependent upon the preservation of its interests in the underlying properties, the
achievement of prof

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