a new life for the troilus gold project · of $915 million based on gold price of $1,750/oz...

Scale, Jurisdiction & Long Life.PEA Ranks Troilus Among Top Gold Assets in Canada

Corporate Presentation | January 2021 | TSX: TLG | OTCQB:CHXMF

| 2

Cautionary Language, QP Statements and Legal Disclaimers

v

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certaintythat the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is nocertainty that the updated Mineral Resource statement will be realized.

The mineral resource estimates contained herein may be subject to legal, political, environmental or other risks thatcould materially affect the potential development of such mineral resources. See the Resources Report filed onSEDAR (or the Technical Report, once filed), for more information with respect to the key assumptions, parameters,methods and risks of determination associated with the foregoing.

The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologicallyto have the economic considerations applied to them that would enable them to be categorized as mineral reserves,and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not havedemonstrated economic viability. The PEA is subject to a number of risks and uncertainties. See below and theTechnical Report, once filed, for more information with respect to the key assumptions, parameters, methods andrisks of determination associated with the foregoing.

The Troilus project has not been the subject of a current feasibility study and as such there is no certainty that apotential mine will be realized. There is a significant risk that any production from the project will not be profitablewith these risks elevated by the absence of a compliant NI 43 101 feasibility study.

The mineral resource estimate disclosed in this presentation was prepared by Mr. Paul Daigle, géo., Senior AssociateResource Geologist with AGP, and the supporting Technical Report was filed on SEDAR (www.sedar.com) under theCompany’s issuer profile on August ,28, 2020. Mr. Paul Daigle, who is an independent Qualified Person as definedunder NI 43-101, has reviewed and approved the mineral resource estimate disclosed in this press release.

The technical and scientific information in this presentation has been reviewed and approved by Bertrand Brassard,M.Sc., P.Geo., Senior Project Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard has alsoverified the technical data contained in this presentation using industry accepted standards. Mr. Brassard is anemployee of Troilus and is not independent of the Company under NI 43-101.

The PEA was prepared under the direction and supervision of Gord Zurowski, P. Eng Principal Mining Engineer withAGP, and the supporting technical report will be available on SEDAR (www.sedar.com) under the Company’s issuerprofile within 45 calendar days of the press release dated September 1, 2020.

This presentation contains “forward-looking statements” within the meaning of applicable Canadian securitieslegislation. Forward-looking statements include, but are not limited to, the results of the PEA, statements regardingthe impact and implications of the economic statements related to the PEA, such as future projected production,costs, including without limitation, AISC, total cash costs, cash costs per ounce, capital costs and operating costs,statements with respect to Mineral Resource estimates, recovery rates, IRR, NPV, mine life, CAPEX, payback period,sensitivity analysis to gold prices, timing of future studies including the pre-feasibility study, environmentalassessments (including the timing of an environmental impact study) and development plans, the Company’sunderstanding of the project; the development potential and timetable of the project; the potential to extend minelife beyond the period contemplated in the PEA, opportunity to expand the scale of the project, the project becominga cornerstone mining project in Quebec and Canada, the estimation of mineral resources; realization of mineralresource estimates; the timing and amount of estimated future exploration; the anticipated results of the Company’splanned 2020 drill program and their possible impact on the potential size of the mineral resource estimate; costs offuture activities; capital and operating expenditures; success of exploration activities; the anticipated ability ofinvestors to continue benefiting from the Company’s low discovery costs, technical expertise and support from localcommunities; and the anticipated timing of filing the Technical Report. Generally, forward-looking statements can beidentified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”,

“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “contemplates”, “goal”, “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 causethe 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 basedon numerous assumptions regarding present and future business strategies and the environment in which Troiluswill operate in the future. Certain important factors that could cause actual results, performances or achievementsto differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, theglobal economic climate, dilution, share price volatility and competition. Forward-looking statements are subject toknown and unknown risks, uncertainties and other important factors that may cause the actual results, level ofactivity, performance or achievements of Troilus to be materially different from those expressed or implied by suchforward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on theCompany’s activities (including without limitation on its employees and suppliers) and the economy in general; theimpact of the recovery post COVID 19 pandemic and its impact on gold and other metals; there being no assurancethat the exploration program or programs of the Company will result in expanded mineral resources; risks anduncertainties inherent to mineral resource estimates; the high degree of uncertainties inherent to preliminaryeconomic assessments and other mining and economic studies which are based to a significant extent on variousassumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in cost ofsupplies and labour; receipt of necessary approvals; general business, economic, competitive, political and socialuncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and otherrisks of the mining industry, including without limitation, risks and uncertainties discussed in the latest annualinformation form of the Company, in the Resources Report (and the Technical Report to be filed) and in othercontinuous disclosure documents of the Company available under the Company’s profile at www.sedar.com.Although Troilus has attempted to identify important factors that could cause actual results to differ materially fromthose contained in forward-looking statements, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, asactual 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 anyforward-looking statements, except in accordance with applicable securities laws.

• Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources

• Mineral resource estimates have been prepared in accordance with the requirements of Canadian securities laws,which differ from the requirements of U.S. securities laws. The terms “mineral resource”, “measured mineralresource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101 and recognized byCanadian securities laws but are not defined terms or recognized under U.S. securities laws. U.S. investors arecautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineralreserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and greatuncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferredmineral resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “inferredmineral resources” may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not toassume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly,these mineral resource estimates and related information may not be comparable to similar information madepublic by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities lawsand the rules and regulations thereunder.

Troilus Gold Corp. - An Introduction

Then: Former gold and

copper open-pit mine (1996-2010)

Known mineral reserves were mined(+2Moz of gold and ~70,000t of copper)

Property was believed to be fully exploited

Two years of exploration success grows Troilus into one of the largest undeveloped gold deposits in North America, with a PEA that shows potential for the Project to rank among the top gold producing assets in Canada.

| 3*See mineral resource table in Appendix

Now: +80,500m drilled in two years; Indicated mineral

resource grows 142% to 4.96 Moz AuEq, plus 3.15 Moz AuEq Inferred*

Land position increased from 16,000 ha to 107,000 ha.

Positive PEA completed in Sept. 2020, working towards a Pre-Feasibility Study in 2021.

Drilling and regional exploration underway; several new discoveries outlined between 8 to 36km from mineral resource zones.

Quebec, Canada: One of the world’s top mining jurisdictions

Positive PEA show potential for Troilus to rank among thetop gold producing assets in Quebec and in Canada

One of the largest undeveloped gold resources in Canada

Significant exploration potential, locally and district-wide

Proven management team looking to repeat past successes

Strong balance sheet and straightforward development plan

| 4

Troilus Gold Project – Highlights

Capital Structure, Analyst Coverage & Share Ownership

TSX: TLG

OTCQB: CHXMF

FRA: CM5R

52-week share price: C$0.42-$1.82

Shares Outstanding: ~130M

Market Capitalization: ~C$161M*Based on share price of $1.24 on Dec. 31, 2020

Options: 250,000Warrants: 12,075,000RSU’s: 10,918,327

Cash:

| 5

Richard Gray CormarkIan Parkinson Stifel|GMPTom Gallo CanaccordJacques Wortman Laurentian BankPierre Vaillancourt Haywood Philip Ker PI FinancialJacob Willoughby Red Cloud Securities

Analyst Coverage

~C$30 million*As at last reported quarter ending July 31, 2020

Share Ownership*

*To the best of Troilus’ knowledge

Capital Structure

| 6

Frotêt-Evans Greenstone BeltTroilus is the largest mineral claims holder in the highly prospective Frotêt-Evans Greenstone Belt, which remains significantly underexplored compared to the Abitibi.

Low-Risk Jurisdiction & Excellent Accessibility

| 7

Road access via “Route du Nord”(managed by Quebec Transport Ministry and James Bay Energy Society)

Nearest airport in Chibougamau(~170km south of Troilus)

Quebec, Canada has one of the most favourable mining jurisdictions in the world

Quebec, Canada

Troilus Office in Chibougamau

Former Mine Site & Main Mineral Zones

| 8

+20km Mag Low Geophysics Trend

2020 Mineral Resource (July 2020)Indicated: 4.96 Moz AuEq @ 0.87 g/t Inferred: 3.15 Moz AuEq @ 0.84 g/t

Z87 South

Allongé

Southwest

Z87J Zone

Z87 pitJ4 pit

Mineral Resource Growth 2016-2020

| 9

Indicated 121.7 Mt 1.00 g/t 3.92 MozInferred 36.1 Mt 1.01 g/t 1.17 Moz


Indicated 159.1 Mt 0.92 g/t 4.71 MozInferred 52.7 Mt 1.04 g/t 1. 76 Moz

80,500m drilled since Troilus’ inception in 2017 Robust new geological approach delivers gold ounces for <$5/oz

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

2016 2018 2019 2020

0.7Moz AuEq

2.05Moz AuEq

1.17Moz AuEq

3.92Moz AuEq

1.76Moz AuEq

4.71Moz AuEq

3.15Moz AuEq

4.96Moz AuEq

2016 Inherited Mineral Resources¹

2018 Total Mineral Resources²

2019 Total Mineral Resources³


Open Pit & Underground

Tonnes Grade AuEq Contained AuEq

2020 Total Mineral Resources⁴

1. See Technical Report on the Troilus Gold-Copper Mine Mineral Resource Estimate, NI43-101 Report June 30, 2016 (RPA)2. See Technical Report on the Troilus Gold-Copper Mine Mineral Resource Estimate, NI43-101 Report January 1, 2019 (RPA)3. See Technical Report on the Troilus Gold-Copper Project Mineral Resource Estimate, NI43-101 Report December 20, 2019 (RPA)4. See Appendix and press release dated July 28, 2020 for details and assumptions related to the 2020 mineral resource estimate

+142%Since 2016

+350%Since 2016

ZoneZ87

ZoneZ87 South Zone

Southwest

~500m

ZoneJ Zone

2016

~300m

Z87 pitJ5 pit

200m

2020

| 10

2019 ZoneJ5

ZoneJ4

ZoneZ87 / Z87 South

~500m

Mineral Resource Growth 2016-2020

| 11

2020 PEA Summary & Sensitivities

*All figures reported in US$ unless stated otherwise. US$:C$ exchange of $0.74. Please see cautionary notes related to the PEA on p.2

246,000 oz AuAvg. Annual Production(first 14 years)

22 yearsMine Life(14yr OP + UG)

US$333MCAPEX

US$919/oz AuCash Operating Costs$1,051/oz Au AISC

Troilus Shows Potential to Rank Among the Top Gold Mines in Canada

L O W E R C A S E$1,350/oz Au

$713MPre-Tax NPV5%

23.7%Pre-Tax IRR

$419MPost-Tax NPV5%

18.2%Post-Tax IRR

4.4 yearPayback

B A S E C A S E$1,475/oz Au

$971MPre-Tax NPV5%

29.6%Pre-Tax IRR

$576MPost-Tax NPV5%

22.9%Post-Tax IRR

4 yearPayback

C O N S E N S U S$1,750/oz Au

$1,538MPre-Tax NPV5%

41.8%Pre-Tax IRR

$915MPost-Tax NPV5%

32.2%Post-Tax IRR

3 yearPayback

H I G H E R C A S E$1,950/oz Au

$1,951MPre-Tax NPV5%

50.1%Pre-Tax IRR

$1,156MPost-Tax NPV5%

38.3%Post-Tax IRR

2.5 yearPayback

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Poun

ds (C

u)

Oun

ces (

Au/

Ag)

Production Profile – Gold, Silver & Copper

Gold Silver Copper

| 12Please see cautionary notes related to the PEA on p.2

Near-pits Mineral Growth Opportunities

2020 PEA Resource PitsHistorical Drilling (>0.92g/t Au)

220,000 oz AuAvg. Annual Production

(first 5 years)

246,000 oz AuAvg. Annual Production

(first 14 years)

Open Pit Operation (14 yrs, 35k tpd)Transition to Underground (9k tpd)

Troilus Gold Stands Out

| 13*Adapted from a slide in Integra Resources’ Oct. 2020 corporate presentation (Source: National Bank Financial, S&P Market Intelligence, corporate disclosure Note: Market capitalizations as at July 14, 2020 Note: Equivalencies based on long-term street consensus price forecasts of US$1,517/oz Au and US$18.13/oz Ag 1. Precious metals production includes gold, silver, platinum, and palladium combined)

3,498 Assets

352 Assets

185 Assets

85 Assets

54 Assets

18 Assets

10 Assets

5 Assets

2

All pre-production projects with agold/silver resource estimate, globally…

Remove projects without a valideconomic study since 2015…

Remove projects with less than50% precious metals production…

Remove projects with LOM avg. annualproduction less than 100 koz AuEq…

Remove projects with a mine life less than 10 years…

Remove projects outside Australia, Canada,New Zealand, USA and Western Europe…

Remove projects owned by a producing gold company…

Remove projects with initialcapex of US$500M or greater…

Assets that have the ability to produce+200,000 oz annually for more than 10 years…

| 14

Annual Production of Top Canadian Gold Producers(2020 Guidance; Koz Au) (1)

550

530

345

343

246 245

227

215

210

190

140

135

130

130

115

107

93

92

67

38

Canadian Malartic

Detour Lake

Brucejack

LaRonde

Troilus

Meadowbank

Rainy River

Macassa

Hemlo

Eleonore

Young-Davidson

Island

Lamaque

Hope Bay

Seabee

Moose River

Westwood

Eagle River

New Afton

Black Fox

Troilus CAPEX and AISC vs. Top Canadian Gold Mines

Source: Laurentian Bank/Company disclosures; Some companies do not provide AISC on an asset level including: LaRonde, Detour Lake, Lamaque, Hope Bay, Seabee, Moose River, Eagle River and Macassa. Troilus metrics based on September 2020 PEA: average annual gold production (steady-state years 1-14) and AISC. *Please see cautionary notes related to the PEA on p.2

Projects located in Quebec

$1,650

$1,350

$1,282

$1,242

$1,225

$1,200

$1,200

$1,080

$1,051

$1,040

$835

$760

Rainy River

Eleonore

Meadowbank

Westwood

Hemlo

Young-Davidson

Black Fox

New Afton

Troilus

Brucejack

CanadianMalartic

Island

AISC of Top CanadianGold Mines(2020 Guidance; US$/oz)(1,2)

Lower Quartile AISC in Canada

Projects located in Quebec

AISC US$1,051/oz Au$919/oz cash operating costs

Top Quartile Annual Gold Production

2020 PEA246,000 oz AuAvg. Annual Production, years 1-14

| 15

Extensive Inherited & Upgraded InfrastructureApproximately US$350 million of inherited value.

Tailings Facility*with capacity to accommodate

PEA’s LOM production

Water Treatment Facility

50MW Substation Core Storage & Logging

Initial Construction Starter Camp *installed septic

60 km Power Line, Site Roads and River Crossings

Capital Intensity of Adv. North American Gold DevelopersIn

itial

Cap

ex (U

S$M

)

Please see cautionary notes related to the PEA on p.2 | 16

LoM Production (Au Ozs)

Source: Haywood Securities Inc.

Initial CAPEX of US$333 million

| 17

Extent of 2018 Mineral Resource

2020 Mineral Resource Envelope

Z87J ZoneAllongé Former Z87

open pit limitFormer J4

open pit limit

Z87 SouthSouthwest

2018/2019 Drill Hole Traces

New Gold Zone Discovery in 2020:

+1km mineralized trendconfirmed to date;

580,000 oz AuEq (Inferred) added to Mineral Resource

with only 8,500m drilled.

Active Mining Lease

GrowthTarget

2019/2020 New Drilling Included in Mineral Resource Update

2.5km

1km

2018-2020 Drilling & Short-term Growth TargetsLongitudinal Section (facing east)

Significant Expansion 2018-2020Below and on strike with

former open pits:

*See Appendix and press release dated July 28, 2020 for details and assumptions related to the 2020 mineral resource estimate

New Gold Zone at Surface in Southwest Zone

| 18

~2.5km from main mineral zones and accessible via existing road

8,500 metres drilled in late 2019/early 2020, identified sizeable new gold zone at surface

Southwest Zone contributes 583,000oz AuEq Inferred to 2020 mineral resource(22.6 Mt, avg. grade of 0.80 g/t AuEq)

Similar geology to main zone, Z87

Drilling currently underway

*See Appendix and press release dated July 28, 2020 for details and assumptions related to the 2020 mineral resource estimate

~30g/t gold

The Troilus deposit is a broad base ~1g/t gold halo with a secondary highergrade gold system. Now identifiable and predictable throughout the deposit.

| 19

High-Grade Gold Trend

2020 Regional Exploration Program

| 20

Surveying underway;+3,500 chip, grab & channel samples collected sinceJune 2020 New Discovery:

Beyan Gold Zone

AllongéJ ZoneZ87

Z87 SouthSouthwest

New Discovery:Goldfield Boulder Zone

Grab Samples:12 g/t Au9.7 g/t Au32.5 g/t Ag2.81 g/t Au2.69 g/t Au

Recent Results

Southwest Discovery (‘19/’20)8,500m drilled, 0.6Moz AuEq (Inf.)

Testard Zone:

Grab Samples:26.2 g/t Au27.8 g/t Ag6.51 g/t Au5.96 g/t Au4.31 g/t Au

Grab Samples:203 g/t Au2,440 g/t Ag4.37% Cu54.2 g/t Au34.9 g/t Au13.55 g/t Au8.44 g/t Au8.25 g/t Au

Channel:19.5 g/t Au over 0.5m12.2 g/t Au over 1.3m5.3 g/t Au over 2.1m

*See exploration results press releases dated September 30, October 8, October 19 and December 9, 2020 for further details.

| 21

Committed to Sustainable DevelopmentAt Troilus, we are committed to creating value for our shareholders while operating in a safe, socially and environmentally responsible manner, contributing to the prosperity of our employees and our local communities while respecting human rights, cultures, customs and values of those impacted by our activities.

We aim to maintain a productive and supportive work environment that is based on mutual respect, fairness and integrity.

We aim to eliminate, minimize and mitigate impacts of our operations on the environment to maintain its viability and diversity.

We aim to operate a safe and healthy workplace that is injury free and enhances the well-being of employees.

We aim to contribute to the social and economic development of sustainable communities to ensure a legacy of improvement.

People Environment

Health & Safety Communities

ECOLOGO Certification

Troilus proudly became the first company to obtain certification for UL 2723 Certification Program for Responsible Development for Mineral Exploration Companies in August 2020.

The Quebec Mineral Exploration Association (“QMEA”) launched a standard in November 2019 and it was adapted by Underwriters Laboratories, a global certification and inspection organization.

| 22

Troilus is honoured to have been selected as the winner of the “EXCELLENCE IN SUSTAINABLE DEVELOPMENT” award presented annually by the Quebec Mineral Exploration Association (AEMQ).

2020 recipient of AEMQ’s EXCELLENCE IN SUSTAINABLE DEVELOPMENT Award

Excellence in Sustainable Development Award

| 23

Stakeholder Engagement

Signed Pre-Development Agreement (PDA) with the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istche) and the Cree Nation in July 2018¹

Establishes the framework for the on-going and mutually beneficial relationship regarding business and employment opportunities for the Cree

Facilitates continued support for exploration activities and preparation of the ESIA studies Illustrates the completion of the Impacts and Benefits Agreement (IBA) to show the

economic viability of the Troilus Project

(1) See news dated July 17, 2018

At Z87 during the Cree Site tour with council and Chief Thomas Neeposh

Justin Reid, CEO and John Matoush, Mistissini Community Liaison

At Z87 during the Cree Mineral Exploration Board’s student site tour

| 24

Recent Milestones & Path Forward

Recent Milestones

20,000m drill program launched in Sept. 2020Regional Exploration work throughout 2021Advancement of Environmental/Social Impact AssessmentPre-Feasibility Study - 2021

Path ForwardOngoing exploration news

Updated Mineral Resource Estimate July 2020ECOLOGO Certification for Responsible Development Aug. 2020Environmental Approval for Dewatering of Z87 and J4 Pits Aug. 2020Mineral claims increased from 16,000 ha to +107,000 ha April 2020Completion of Baseline studies (to be included in EIA 2020) 2020Positive Preliminary Economic Assessment Sept. 20202.5% Royalty Buy-Back Nov. 2020

Why Troilus Gold Corp.?

Low-risk jurisdiction; Prolific Mining District

Positive PEA results show potential for Troilus to rank amongthe top gold producing assets in Quebec and in Canada

Troilus is one of the largest undeveloped gold resources in Canada

District scale exploration potential

Proven management team looking to repeat past successes

Strong Balance Sheet & Straightforward Development Plan

| 25

Troilus is on track to become a cornerstone mining project within both the Quebec and Canadian landscape.

Thank YouInvestor ContactCaroline ArsenaultVP Corporate Communications(647) [email protected]

Connect with us: Corporate Headquarters400-36 Lombard StreetToronto, Ontario M5C 2X3

mailto:[email protected]

Appendix

| 28

Troilus Gold – Led by a Proven Team

Senior Management Quebec Team

Justin Reid, CEO & Director

Paul R. Pint, President

Denis Arsenault, CFO/SVP Qc.

Blake Hylands, SVP Exploration

Ian Pritchard, SVP Technical Services

Catherine Stretch, VP Corporate Affairs

Brianna Davies, VP Legal & Corporate Secretary

Caroline Arsenault, VP Corp. Communications

Daniel Bergeron, VP Quebec Operations

Jacqueline Leroux, Director of Environment

Bertrand Brassard, Chief Geologist

John Matoush, Community Liaison Mistissini

An accomplished management team with a history of successful mine development and strong shareholder return

| 28

Board of Directors

Diane Lai, ICD.D, MBA - ChairpersonSeasoned executive and entrepreneur with +20 yrs of global marketing experience

Andrew Mark Cheatle, P.Geo. FGS, MBA30 yrs of international mining experience; consulting Geologist; former CEO of PDAC

Jamie Horvat, M.Sc.+20 yrs of experience in asset management, particularly resources and precious metals

Thomas Olesinski, CPA, CMA20 years of finance and management experience; former forensic accountant

Justin Reid, M.Sc., MBAGeologist and capital markets executive with +20 yrs of experience in the mineral resource space

Hon. Pierre Pettigrew, p.c.Former Minister of Foreign Affairs to three Prime Ministers; current Executive Advisor at Deloitte

Dr. John Hadjigeorgiou, PhD, P.Eng, ing, FCIM, ICD.DPierre Lassonde Chair in Mining Engineering at UofT; consultant to many major mining companies

Dr. Eric Lamontagne, Eng.PhD.Former Superintendent of the Troilus mine; GM Greenstone JV (Centerra/Premier)

| 29

QUEBEC

| 30

Favourable Jurisdiction for Mine Permitting & Development

Project ESIA filed Permit Awarded Time for Permit

Lac Bloom (iron mine) Dec 2006 Feb 2008 14 months

Osisko (gold mine) Sept 2009 Sept 2010 12 months

Goldcorp (gold mine) Oct 2009 Oct 2011 24 months

BlackRock (iron and Va) Dec 2011 Dec 2013 24 months

Stornoway Diamond Corp. Dec 2011 Dec 2012 12 months

Mine Arnaud (apatite) Mar 2012 Mar 2015 36 months

Royal Nickel Nov 2012 Nov 2015 36 months

Hydro Quebec (electric line 161 kV) Dec 2012 Apr 2014 16 months

Nemaska Lithium Mar 2013 Sept 2015 30 months

Arianne Phosphate June 2013 Dec 2015 30 months

Waskaganish (aggregates quarry) June 2014 Sept 2015 16 months

Recent Permitting Timelines of Projects Near Troilus

| 30

“Plan Nord”25-year Government plan for natural resources sector development and job creation.

| 31

Annual Grade Profile

-

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Cop

per P

erce

nt

AuE

q, G

old,

Silv

er (g

pt)

Please see cautionary notes related to the PEA on p.2

AuEq Gold SilverCopper*Ag assays pending for Z87 underground

Conventional Crushing, SAG and Ball Milling, Gravity Gold Recovery, Copper Flotation, Concentrate Thickening and Filtration, Tailings Thickening and Disposal

30% Au recovery from gravity at mill as dore and 60% in concentrate

Metallurgy & Process

90%Gold Recovery

90%Copper Recovery

40%Silver Recovery

2020 PEASite Plan &InfrastructureLayout

| 32

Mineral Resource Summary – All Zones

| 33

Total Open Pit & Underground

Total Open Pit

Total Underground

Tonnes(Mt)

Gold Equiv.

(g/t)

Gold(g/t)

Copper(%)

Silver(g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)

Contained Silver (Moz)

Contained AuEq(Moz)

Indicated 177.30 0.87 0.75 0.08 1.17 4.30 322.60 6.66 4.96Inferred 116.70 0.84 0.73 0.07 1.04 2.76 189.73 3.91 3.15



Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;Summation errors may occur due to rounding;Open pit mineral resources are reported within an optimized constraining shells. Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows:Z87 Zone: AuEq = Au grade + 1.2566 * Cu grade + 0.0103 * Ag gradeJ4/J5 Zone: AuEq = Au grade + 1.2979 * Cu grade + 0.0108 * Ag gradeSW Zone: AuEq = Au grade + 1.2768 * Cu grade + 0.0106 * Ag gradeMetal prices for the AuEQ formulas are: $US 1,600/ oz Au; $3.25/lb Cu, and $20.00/ oz Ag; with an exchange rate of US$1.00:CAD$1.30;Metal recoveries for the AuEQ formulas are:Z87 Zone: 83% for Au recovery, 92% for Cu recovery and 76% for Ag recoveryJ4/J5 Zone: 82% for Au recovery, 88% for Cu recovery and 76% for Ag recoverySW Zone: 82.5% for Au recovery, 90% for Cu recovery and 76% for Ag recoveryUnderground cut-off grade is 0.9 AuEQ at Z87 Zone and J4/J5 Zone*See additional disclosures related to the mineral resource calculation in Appendix

Effective date of mineral resource: July 20, 2020

2020 Mineral Resource – Grade Distribution

| 34

Above 0.3 g/t AuEq (open pit) & above 0.9 g/t AuEq (underground)

Total Open Pit and Underground


Tonnes(Mt)

Gold(g/t)

Copper(%)

Silver(g/t)

Gold Equiv.

(g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Classification 0.30 g/t OP and 0.90 g/t UG

Limit of Resource Shell

J5285m

J4

Z87 UG

Z87South 485m

600m

870m from surface

g/t AuEq.0.3 – 0.50.5 – 0.9> 0.9

J4 UG

Z87, Z87 South and J Zone

Open Pit Mineral Resources – By Zone

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Z87 & Z87 South

J Zone (J4 & J5)Indicated 79.60 0.67 0.57 0.07 1.00 1.47 115.16 2.55 1.71Inferred 45.90 0.65 0.55 0.07 0.96 0.82 65.94 1.42 0.96

Southwest ZoneInferred 22.60 0.80 0.70 0.07 0.89 0.51 35.73 0.65 0.58

Tonnes(Mt)

Gold Equiv.

(g/t)

Gold(g/t)

Copper(%)

Silver(g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Total Open Pit – All ZonesIndicated 164.20 0.80 0.68 0.08 1.20 3.62 284.69 6.32 4.21Inferred 101.20 0.70 0.60 0.07 1.12 1.95 151.01 3.65 2.27

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;Summation errors may occur due to rounding;Open pit mineral resources are reported within an optimized constraining shells. Open pit cut-off grade is 0.3 gpt AuEQ where the metal equivalents were calculated as follows:Z87 Zone: AuEq = Au grade + 1.2566 * Cu grade + 0.0103 * Ag gradeJ4/J5 Zone: AuEq = Au grade + 1.2979 * Cu grade + 0.0108 * Ag gradeSW Zone: AuEq = Au grade + 1.2768 * Cu grade + 0.0106 * Ag gradeMetal prices for the AuEQ formulas are: $US 1,600/ oz Au; $3.25/lb Cu, and $20.00/ oz Ag; with an exchange rate of US$1.00:CAD$1.30;Metal recoveries for the AuEQ formulas are:Z87 Zone: 83% for Au recovery, 92% for Cu recovery and 76% for Ag recoveryJ4/J5 Zone: 82% for Au recovery, 88% for Cu recovery and 76% for Ag recoverySW Zone: 82.5% for Au recovery, 90% for Cu recovery and 76% for Ag recoveryUnderground cut-off grade is 0.9 AuEQ at Z87 Zone and J4/J5 Zone*See additional disclosures related to the mineral resource calculation in Appendix


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Mineral Resource Grade Distribution, Main Zone

Above 0.3 g/t AuEq (open pit)

485m600m

Z87J4J5

285m315m

Z87South


Tonnes(Mt)

Gold(g/t)

Copper(%)

Silver(g/t)

Gold Equiv.

(g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Classification 0.30 g/t OP

Main Zone

Z87, Z87 South and J Zone

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Inferred 22.6 0.70 0.07 0.89 0.80 0.51 35.73 0.65 0.58

Tonnes(Mt)

Gold(g/t)

Copper(%)

Silver(g/t)

Gold Equiv.

(g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Limit of Resource Shell

ZSW 280m

g/t AuEq.0.3 – 0.50.5 – 0.9> 0.9

130m

Mineral Resource Grade Distribution, Southwest Zone

Above 0.3 g/t AuEq (open pit)

AuEq Au Cu Ag Contained Contained Contained Contained(g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver

(Moz) (Moz) (Mlb) (Moz)

Indicated 1.86 1.62 0.15 1.16 1.09 0.95 58.45 0.68Inferred 1.82 1.63 0.12 0.67 0.97 0.87 43.60 0.36

Classification 0.90 g/t UG Z87

Tonnage(Mt)

Total Underground

16.618.3

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2019 Mineral Resource - Underground

870m

Z87

350m

Z87South

Resource Shell

NE SW

Above 0.9 g/t AuEq

Remodeled Z87 Undergound in 2019 with improved geological understanding

Results: Improved grade from 1.5 g/t to 1.86 g/t, tonnage decreases 24% and ounces increase - without drilling!

Same exercise currently being applied to the rest of the deposit

J Zone Open Pit - Sensitivities & Assumptions

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J Zone Open Pit ResourcesCut-off AuEq (g/t)

Tonnes (Mt)

Gold Equiv.(g/t)

Gold (g/t)

Copper (%)

Silver (g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Indicated 2.0 1.4 2.64 2.48 0.12 1.28 112,000 3,684,000 58,000 119,0001.5 3.1 2.13 2.00 0.09 1.22 198,000 6,465,000 122,000 212,0001.0 9.7 1.49 1.37 0.08 1.21 427,000 17,281,000 378,000 464,0000.9 13.0 1.35 1.24 0.08 1.20 515,000 22,264,000 501,000 563,0000.8 17.6 1.22 1.11 0.08 1.19 627,000 29,564,000 677,000 690,0000.7 24.6 1.08 0.98 0.07 1.18 770,000 40,060,000 933,000 856,0000.6 34.9 0.95 0.85 0.07 1.15 953,000 54,892,000 1,289,000 1,071,0000.5 48.3 0.84 0.74 0.07 1.11 1,150,000 73,729,000 1,721,000 1,308,0000.4 65.0 0.74 0.64 0.07 1.05 1,341,000 96,515,000 2,198,000 1,547,0000.3 79.6 0.67 0.57 0.07 1.00 1,469,000 115,157,000 2,554,000 1,714,0000.2 84.9 0.64 0.55 0.06 0.97 1,502,000 120,759,000 2,655,000 1,759,0000.1 85.7 0.64 0.55 0.06 0.97 1,505,000 121,259,000 2,666,000 1,763,000

Inferred 2.0 0.4 2.44 2.36 0.04 1.55 29,000 377,000 19,000 30,0001.5 1.3 1.91 1.81 0.07 1.39 78,000 1,938,000 60,000 82,0001.0 5.2 1.37 1.26 0.07 1.28 209,000 8,022,000 212,000 227,0000.9 7.2 1.25 1.14 0.07 1.24 264,000 11,140,000 286,000 288,0000.8 10.1 1.13 1.03 0,07 1.21 333,000 15,726,000 391,000 367,0000.7 14.2 1.02 0.92 0.07 1.16 419,000 21,590,000 531,000 466,0000.6 19.6 0.92 0.82 0.07 1.11 516,000 29,271,000 699,000 579,0000.5 27.2 0.81 0.72 0.07 1.07 626,000 40,545,000 939,000 713,0000.4 37.4 0.71 0.62 0.07 1.01 743,000 54,888,000 1,221,000 860,0000.3 45.9 0.65 0.55 0.07 0.96 816,000 65,939,000 1,423,000 956,0000.2 49.2 0.62 0.53 0.06 0.94 836,000 69,954,000 1,488,000 985,0000.1 49.7 0.62 0.52 0.06 0.94 838,000 70,194,000 1,494,000 987,000

Z87/Z87 South, Open Pit - Sensitivities & Assumptions

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Indicated 2.0 6.9 2.67 2.34 0.24 2.58 521,000 36,954,000 573,000 594,0001.5 13.1 2.22 1.94 0.21 2.32 818,000 60,926,000 982,000 940,0001.0 24.3 1.77 1.54 0.17 2.00 1,203,000 88,874,000 1,566,000 1,382,0000.9 27.8 1.66 1.45 0.16 1.92 1,294,000 95,121,000 1,720,000 1,486,0000.8 32.7 1.54 1.34 0.14 1.83 1,410,000 103,258,000 1,920,000 1,619,0000.7 39.1 1.41 1.23 0.13 1.73 1,543,000 113,505,000 2,173,000 1,774,0000.6 48.4 1.26 1.10 0.12 1.62 1,709,000 127,092,000 2,527,000 1,968,0000.5 60.7 1.12 0.97 0.11 1.53 1,890,000 143,283,000 2,980,000 2,183,0000.4 73.8 1.00 0.86 0.10 1.45 2,047,000 158,973,000 3,439,000 2,374,0000.3 84.6 0.92 0.79 0.09 1.39 2,147,000 169,537,000 3,769,000 2,497,0000.2 88.3 0.89 0.76 0.09 1.36 2,172,000 172,433,000 3,868,000 2,528,0000.1 88.8 0.89 0.76 0.09 1.36 2,174,000 172,663,000 3,878,000 2,530,000

Inferred 2.0 0.9 2.61 2.34 0.19 3.11 65,000 3,595,000 87,000 73,0001.5 1.7 2.16 1.91 0.18 2.72 104,000 6,620,000 149,000 118,0001.0 4.1 1.59 1.41 0.13 2.17 188,000 11,759,000 290,000 212,0000.9 5.5 1.43 1.27 0.11 1.97 223,000 13,477,000 346,000 251,0000.8 7.6 1.27 1.13 0.10 1.81 277,000 16,206,000 443,000 311,0000.7 10.6 1.12 0.99 0.09 1.70 339,000 20,469,000 579,000 382,0000.6 15.3 0.98 0.86 0.08 1.64 421,000 27,072,000 805,000 479,0000.5 21.1 0.86 0.74 0.08 1.59 506,000 35,506,000 1,076,000 582,0000.4 27.5 0.76 0.66 0.07 1.52 580,000 43,626,000 1,342,000 674,0000.3 32.7 0.70 0.60 0.07 1.50 627,000 49,340,000 1,574,000 733,0000.2 34.3 0.68 0.58 0.07 1.47 637,000 50,669,000 1,619,000 746,0000.1 34.6 0.67 0.57 0.07 1.46 638,000 50,876,000 1,625,000 748,000

Z87 & Z87 South Open Pit ResourcesCut-off AuEq (g/t)

Tonnes (Mt)

Gold Equiv.(g/t)

Gold (g/t)

Copper (%)

Silver (g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

Underground - Sensitivities & Assumptions

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Z87&Z87 South

Indicated 2.0 3.4 2.96 2.72 0.19 1.06 299,000 14,065,000 117,000 326,0001.5 6.6 2.37 2.15 0.16 1.03 455,000 23,578,000 219,000 501,0001.0 12.2 1.85 1.67 0.13 0.83 656,000 36,304,000 328,000 726,0000.9 13.1 1.79 1.61 0.13 0.81 680,000 37,904,000 340,000 753,0000.8 13.7 1.75 1.58 0.13 0.79 694,000 38,827,000 348,000 768,0000.7 14.0 1.72 1.55 0.13 0.79 701,000 39,350,000 355,000 777,000

Inferred 2.0 4.0 3.32 3.14 0.14 0.24 407,000 12,194,000 32,000 430,0001.5 6.0 2.79 2.62 0.13 0.43 505,000 17,021,000 82,000 537,0001.0 10.8 2.07 1.92 0.12 0.42 668,000 28,403,000 148,000 722,0000.9 13.5 1.85 1.70 0.12 0.37 740,000 34,479,000 162,000 804,0000.8 14.0 1.81 1.66 0.12 0.37 751,000 35,587,000 165,000 818,0000.7 14.2 1.80 1.65 0.11 0.36 754,000 35,850,000 166,000 821,000

Cut-off AuEq (g/t)

Tonnes (Mt)

Gold Equiv.(g/t)

Gold (g/t)

Copper (%)

Silver (g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

J Zone

Indicated 2.0 0.000 0.00 0.00 0.00 0.00 -- -- -- --1.5 0.001 1.53 1.42 0.08 0.56 30 1,000 10 301.0 0.002 1.35 1.26 0.06 0.52 80 3,000 30 900.9 0.007 1.07 1.03 0.03 0.47 240 5,000 110 2500.8 0.010 1.01 0.96 0.03 0.56 310 8,000 180 3300.7 0.029 0.83 0.77 0.04 0.64 720 25,000 600 770

Inferred 2.0 0.0 2.42 2.27 0.09 2.65 3,000 86,000 4,000 3,0001.5 0.2 1.81 1.62 0.13 1.88 13,000 684,000 15,000 14,0001.0 1.5 1.30 1.15 0.10 1.56 54,000 3,244,000 73,000 61,0000.9 2.0 1.21 1.06 0.10 1.55 67,000 4,237,000 97,000 76,0000.8 2.6 1.12 0.99 0.09 1.43 82,000 5,128,000 119,000 93,0000.7 3.6 1.01 0.89 0.08 1.34 103,000 6,566,000 156,000 118,000

Cut-off AuEq (g/t)

Tonnes (Mt)

Gold Equiv.(g/t)

Gold (g/t)

Copper (%)

Silver (g/t)

ContainedGold(Moz)

ContainedCopper

(Mlb)


Contained AuEq(Moz)

2020 Mineral Resource - Additional Disclosures

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The resource constraining shells were generated with:Metal Prices of Gold $US 1600/oz, Copper $US 3.25/lb, Silver $US 20/oz

Mining Costs: J Zone and 87 Zone base cost $Cdn 1.71/t moved, SW Zone base cost $Cdn 1.66/t moved Incremental cost $Cdn 0.03/t waste moved, $Cdn 0.02/t feed moved

Process and G&A Costs:$Cdn 8.44/t processed

Wall slopes:Varied between 49.5 to 60 degrees depending on pit area and slope sector

Metal Recoveries: Gold: 90% all zones except in lower grade (Au<1/2 g/t) portions of SW zone = 88%Copper: 90% all zones except in higher grade (Cu%>0.13%) portions of SW zone = 92%Silver: all zones 40%


a new life for the troilus gold project · of $915 million based on gold price of $1,750/oz...

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