Troilus Gold Corp. provided an update on its current activities and upcoming milestones. While the junior mining market has proved tumultuous for some time, the company remains in a good position with one of the larger permitting-stage gold/copper deposits in Canada.

Recognizing Troilus? favorable standing, the company has proactively taken the decision to implement cost-cutting measures by carefully evaluating operational efficiencies and identifying non-essential expenditures. This decision will allow for the efficient allocation of capital resources, ensure sustained financial resilience and agility, and bolster the company?s long-term competitive edge.

The exploration team has completed the last of the drilling this month, to be included in an updated mineral resource estimate (MRE) expected for completion at the end of the third quarter 2023. This slightly extended timing is a result of the prolonged duration of the forest fires in Quebec this summer which halted exploration activities for six weeks. With the completion of the remaining drill program, the company will focus on mine development, permitting and project financing.

Future exploration activities will proceed with a focused, detailed approach, to continue increasing the value of the mine site and surrounding regional targets. The company?s engineering team has continued to work diligently toward the completion of a Feasibility Study, anticipated for completion at the end of the 2023 calendar year or within the first weeks of 2024, aligning with the updated timing of the MRE. The Federal and Provincial permitting processes continue to progress.

Most recently, as part of the planning phase in the Impact Assessment process, the Impact Assessment Agency of Canada and the Cree Nation Government conducted public consultations with the communities of Chibougamau, Mistissini and Chapais, inviting the public and Indigenous groups to review and provide feedback on the draft Tailored Impact Statement Guidelines and draft Public Participation Plan of the Troilus Project for the Federal Impact Assessment; additional consultations will take place in the coming months. Moreover, the Company recently engaged Stantec to complete its Environmental and Social Impact Assessment (?ESIA?), anticipated for completion before the end of the 2024 calendar year, which will be supported by the comprehensive baseline studies already gathered at Troilus over the last few years and will outline the responsible development of the Troilus project. The company has remained committed to the systematic advancement and de-risking of the Troilus project, supporting its overall strategy and primary goal of creating shareholder value.

Since the inception of Troilus in 2018, major milestones have consistently been reached to enhance the quality of the asset, demonstrating its scale potential, economic potential, and underscoring a compelling opportunity for long-term value creation. Troilus looks forward to delivering on further major catalysts in the coming months, aligned with its development plan towards a producing asset.