MD&A

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# MD&A

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## Content

# MD&A
TROILUS GOLD CORP.
MANAGEMENT’S DISCUSSION AND ANALYSIS
October 31, 2025 and 2024
Management’s Discussion and Analysis
For the three months ended October 31, 2025 and 2024
The following Management’s Discussion and Analysis (“MD&A”) relates to the financial condition and
results of operations of Troilus Gold Corp. (“we”, “our”, “us”, “Troilus”, “Troilus Gold” or the “Company”)
for the three months ended October 31, 2025 and should be read in conjunction with the Company’s
condensed interim financial statements for the three months ended October 31, 2025, as well as the
Company’s audited annual consolidated financial statements and MD&A for the year ended July 31, 2025.
The financial statements and related notes of Troilus have been prepared in accordance with International
Financial Reporting Standards (“IFRS”). Certain Non-IFRS measures are discussed in this MD&A and are
clearly disclosed as such. Additional information, including our press releases, has been filed electronically
on SEDAR+ and is available online under the Company’s profile at www.sedarplus.ca and on our website
at www.troilusgold.com.
This MD&A reports our activities through December 4, 2025 unless otherwise indicated. References to
the 1st quarter of 2026 or Q1-2026, and the 1st quarter of 2025 or Q1-2025 mean the three months ended
October 31, 2025 and 2024 respectively. Unless otherwise noted, all references to currency in this MD&A
refer to Canadian dollars.
Kyle Frank, P.Geo, VP of Exploration for Troilus, is the in-house Qualified Person under National
Instrument 43-101 and has reviewed and approved the scientific and technical information in this MD&A.
Mr. Frank is an employee of Troilus and is therefore not considered to be independent under National
Instrument 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Troilus, certain information contained herein
constitutes forward-looking information under Canadian securities legislation. Forward-looking
information includes, without limitation, statements with respect to: the mineral resource and reserve
estimates for the Project; with respect to the Feasibility Study (“FS”), statements regarding results
including, without limitation various project economics, financial and operational parameters such as the
timing and amount of future production from the Project, expectations with respect to the IRR, NPV,
payback and costs of the Project, anticipated mining and processing methods of the Project, proposed
infrastructures, anticipated mine life of the Project, expected recoveries and grades; with respect to the
timing of future studies including the environmental assessments (including the timing of an
environmental impact study) and development plans, the timing and progress of the Federal and
Provincial permitting processes, the timing and success of detailed engineering in preparation for
construction, the ability of the Company to secure sufficient project financing, the opportunity to expand
the scale of the project, the project becoming a cornerstone mining project in North America; the
development potential and timetable of the project; the estimation of mineral resources and reserves;
realization of mineral resource and reserve estimates; the timing, success and amount of estimated future
exploration; costs of future activities; capital and operating expenditures; success of exploration activities;
the anticipated ability of investors to continue benefiting from the Company’s low discovery costs,
technical expertise and support from local communities, the timing and amount of estimated future
exploration; and the anticipated results of the Company’s 2025 drill program and their possible impact on
the potential size of the mineral resource estimate. Generally, forward-looking statements can be
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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: there being no assurance that the
exploration program or programs of the Company will result in expanded mineral resources; 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. 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.
Forward-looking information is provided for the purpose of providing information about management’s
expectations and plans relating to the future. All of the forward-looking statements made in this MD&A
are qualified by these cautionary statements and those made in our other filings with the securities
regulators of Canada including, but not limited to, the cautionary statements made in the ‘‘Risk and
Uncertainties’’ section of the Annual Information Form dated October 20, 2025 and the Management
Information Circular dated October 20, 2025 (both filed on SEDAR+) and this MD&A. 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. These factors are not intended to represent a complete list of
the factors that could affect the Company. Economic analyses (including mineral reserve and mineral
resource estimates) in technical reports are based on commodity prices, costs, sales, revenue and other
assumptions and projections that can change significantly over short periods of time. As a result, economic
information in a technical report can quickly become outdated. Troilus disclaims any intention or
obligation to update or revise any forward-looking information or to explain any material difference
between subsequent events and such forward-looking information, except to the extent required by
applicable law and regulations.
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TROILUS GOLD PROPERTY
The Troilus Gold property is located northeast of the Val-d’Or mining district, within the Frotêt-Evans
Greenstone Belt in Quebec, Canada. The Company holds a strategic land position of 435 km2 and includes
the former Troilus mine.
From 1997 to 2010 Inmet Mining Company ("Inmet") operated the Troilus mine, which produced in excess
of 2,000,000 ounces of gold and 70,000 tonnes of copper. Inmet commissioned the Troilus mill in 1996
and achieved commercial production in April 1997 at a rate of 10,000 tonnes per day with recoveries of
83.3% gold and 89.1% copper and a concentrate grade of 19% copper, eventually reaching a production
milestone of 20,000 tonnes per day in 2006. First Quantum Minerals Ltd. (“First Quantum”) acquired the
Troilus Gold property through its acquisition of Inmet in 2013.
The Troilus Gold property was acquired in various transactions. The first consisted of the acquisition from
First Quantum of 81 mineral claims and one surveyed mining lease that collectively covered approximately
4,700 hectares and included the former Troilus Mine. The second transaction consisted of the acquisition
from Emgold Mining Corporation (“Emgold”) of 209 mineral claims that covers approximately 11,300
hectares. The next transaction consisted of the acquisition of 3 mining claims from O3 Mining Inc. (“O3”)
that fall within the boundaries of the northern block of the Troilus Gold property and cover approximately
160 hectares. The Company had also acquired 627 claims from O3 representing approximately 33,000
hectares. The Company had acquired 91 claims from Globex Mining Enterprises Inc. (“Globex”) and 21
claims from Canadian Mining House (“CMH”). In addition, the Company had staked 956 claims covering
an area of approximately 52,000 hectares.
In May 2021, the Company acquired 100% of the issued and outstanding shares of UrbanGold Minerals
Inc. (“UrbanGold”), which added over 35,000 hectares to the Company’s current land package. Included
in the land package acquired are claims subject to a 50-50 Joint Venture. In October 2021, the Company
effected a statutory amalgamation with UrbanGold.
In November 2022, the Company completed the sale of 1,824 claims representing an area of
approximately 985 square kilometres to a subsidiary of Sayona Mining Limited (“Sayona”). In March 2023,
an additional 3 claims were sold to a publicly traded company. In August 2024, the Company closed an
agreement to sell 105 non-core mining claims to Comet Lithium Corporation. The transferred claims do
not include any of the claims on which the Company has a current National Instrument 43-101 gold and
copper resource estimate, nor do they include ground where the majority of recent exploration activities
were undertaken by the Company.
The Company’s head office is in Montreal, Quebec, while the Company’s registered office is in Toronto,
Ontario. The Company also has a local office in the city of Chibougamau, Quebec and an information
center in the Cree Nation town of Mistissini.
ACCOMPLISHMENTS AND OUTLOOK
The Company has:
• Raised approximately $407.6 million in equity to date since the start of operations with a strong
institutional shareholder base, including $6.0 million in gross proceeds from a flow-through
private placement in October 2025 and gross proceeds of $172.5 million from a bought deal public
offering completed on November 14, 2025, subsequent to the end of the quarter. To complete
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this bought deal offering, the Company drew from its short form base shelf prospectus filed on
April 30, 2025 which allows the Company to offer and issue, from time to time over a 25-month
period, up to an aggregate of $400 million in common shares, warrants, subscription receipts,
units, unse

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