TLG:TSX; CHXMF:OTCQB

Troilus Gold Corp.

The Troilus Gold Project: A New Life for the Former Troilus Gold Mine - Troilus is an advanced stage exploration and early-development company focused on the mineral expansion and mine re-start of the former gold and copper Troilus mine. The 84,600 hectare Troilus property is located within the Frotêt-Evans Greenstone Belt in Quebec, Canada. The Troilus mineral resource estimate of 4.71 million ounces of gold equivalent Indicated and 1.76 million ounces of gold equivalent Inferred, has grown 129% since 2017 making Troilus one of the largest undeveloped gold deposits in North America.

TLG:TSX CHXMF:OTCQB

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Expert Comments:

Explorer's Shares Expected to 'Materially Rerate' in H2/20
(7/2/20)

Recent drill results from Troilus Gold's Quebec project are analyzed in a Red Cloud Securities report.

Mining Junior 'Well Positioned Among Exploration Peers'
(6/29/20)

Recent results from Troilus Gold's drilling of its Southwest zone are discussed in a Haywood report.

Explorer Drills 'High-Grade Hits' in Quebec
(6/26/20)

A Laurentian Bank Securities report notes Troilus Gold's new drill results from the final holes of its latest drill campaign demonstrate expansion potential.

Analyst Says Company Could Be a 'Breakout Explorer Name in 2020'
(6/25/20)

A Cormark Securities report highlights that recent exploration by Troilus Gold yields one of the best holes ever drilled on the property.

Using New Structural Model, Company Uncovers High-Grade Gold in Quebec
(6/24/20)

Troilus Gold's most recent drill results at its past-producing Quebec project are discussed in a Stifel GMP report.

David Erfle, JuniorMinerJunky

(6/3/20)

"Developer/explorer Troilus Gold Corp., on our watchlist, announced a CA$15M bought deal finance on Tuesday, which was immediately upsized to CA$22M the same day; the biggest order in the finance was taken by the Quebec government, along with 33 separate institutions and CA$6M of retail, while having a CA$55M book. This news has presented a lower risk buying opportunity as the company will now be cashed up into 2022."

Gwen Preston, The Maven Letter

(6/3/20)

"Troilus Gold Corp. announced a bought-deal financing yesterday that was quickly upsized from $15M to $22M. . .with this deal, the company has lots of cash now to power ahead, over $30M in the bank. . .cash will not slow this story down in any way!"

Gwen Preston, The Maven Letter

(5/27/20)

"Troilus Gold Corp.'s Southwest zone continues to deliver intriguing results for Troilus. . .between the 11 holes reported from this most recent program and the seven holes the company drilled in Q4/19, Troilus has gone 18 for 18 in terms of hitting significant mineralization at shallow depths on the Southwest zone which remains open along strike and at depth."

Tyron Breytenbach, Stifel

(5/15/20)

"Troilus Gold Corp.'s drilling at Troilus continues to show that the Southwest zone has a brittle, high-grade component within the broader bulk volume. A new structural model has increased the frequency of the hits. . .all drill holes reported successfully intersected the targeted system and demonstrated geology similar to the main resource area, Z87."

Jacob Willoughby, Red Cloud Mining Capital

(5/15/20)

"To date, Troilus Gold Corp.'s drilling in the Southwest zone has returned a weighted average grade of 1.05 g/t Au eq (unchanged) over an average 11.5m (was 11.9m), an 11% improvement over the resource grade. We believe the Southwest zone should 1) improve the average grade and 2) expand the resource; the company anticipates releasing an updated resource estimate that incorporates the Southwest zone in Q2/20."

Pierre Vaillancourt, Haywood Securities

(5/14/20)

"Troilus Gold Corp. is well positioned among exploration peers with a strong balance sheet, a growing resource and pending economic studies. We look for the company to develop the Southwest zone into an open-pittable target that could complement the existing resource or possibly become a starter pit."

More Expert Comments

Jacques Wortman, Laurentian Bank Securities (5/14/20) "Troilus Gold Corp. announced assay results from six more drill holes from the phase 2 program at the Southwest zone. . .the key takeaways from today's results are: 1) the presence and importance of high-grade gold (both at the Southwest zone but also in the vicinity of the past-producing pits and elsewhere on the Troilus property) and 2) continued confidence in the company's geological model."

Jacob Willoughby, Red Cloud Securities (5/8/20) "We are launching coverage of Troilus Gold Corp. with a Buy rating and a target of CA$1.80/share, a 61% return to the current share price. The company is an extremely undervalued gold explorer/developer with a sizeable 6.3 Moz Au eq at the past producing about 130 Koz/year Troilus gold project in Quebec with a consolidated 840 sq km land package, an active mining lease and most facilities already on site. We believe there are several catalysts coming that make this a great stock pick."

Keith Schaefer, Investing Whisperer (4/30/20) "I was first attracted to Troilus Gold Corp. a month ago as it is a former producer, has CA$500M in infrastructure in place, is in Quebec (nationalist buyside groups can put this into production), has $20M in cash, has less than 100M shares out, its EVERY round of drilling added MILLIONS of ounces and it has a crazy cheap valuation. Clear room for a 10bagger if this market plays out."

Jacob Willoughby, Red Cloud Securities (4/29/20) "Troilus Gold Corp. announced that it has entered into a noncash transaction with O3 Mining to acquire 627 claims to the south and southwest of its 100%-owned Troilus property. . .additionally, the company announced that it has staked 629 new claims in the area, which brings its total land package to 83,385 ha, or 834 sq km. This ground locks up a huge portion of this vastly underexplored greenstone belt especially around the newly discovered Southwest zone."

Tom Gallo, Canaccord Genuity (4/24/20) "Troilus Gold Corp. recently discovered a new zone at its Troilus gold project, the Southwest zone, which has encountered drill results above 2 g/t at significant widths. . .the sheer strike length of the system from the J zones to the Southwest zone (about 4.5k m) could have positive implications for a potential future large operation, especially in a high gold price environment. In our view, payback to capex could be achieved quickly by targeting higher grade mineralization at Southwest."

Richard Gray, Cormark Securities (4/22/20) "Troilus Gold Corp. released results from a further two holes of a 17-hole, 6,000m drill program from the Southwest zone at its 100%-owned Troilus property. . .a highlight intercept is TLG-ZSW20-189: 2.05 g/t Au eq over 48m within a larger intercept of 1.56 g/t Au eq over 73m. This is one of the best holes ever drilled on the property, and we note that this wide intercept is of a grade that is more than two times the average resource grade of 0.95 g/t Au eq."

	Gwen Preston, The Maven Letter (4/22/20) "Troilus Gold Corp. reported a fantastic result from its recent drilling on the Southwest zone at Troilus; the 73m of 1.6 g/t Au eq that hole 189 cut included a 48m interval grading 2.1 g/t Au eq, a 6m interval grading 0.98 g/t Au eq and a 2.2m interval grading 2.2 g/t Au eq. . .hole 189 is an eye popper for sure. It's not only a great hole for this zone, it's a great hole for the project as a whole."

Jacob Willoughby, Red Cloud Securities (4/22/20) "Troilus Gold Corp. reported drill results from two holes at its Troilus property, one of which returned the best result to date of 1.56 g/t Au eq over 73m from a 193.2m depth (TLG-ZSW20-189). . .the results confirm that the Southwest zone is a +1 km mineralized trend that remains open along trend and at depth."

	Philip Ker, PI Financial (4/22/20) "Given the ongoing disconnect of value ascribed to Troilus Gold Corp. for its in situ resources and combined with advancements of the project, we are now incorporating an assumed open-pit mining scenario to our valuation. The newly envisioned open-pit operation considers the exploration success realized through resource expansion across the Troilus project since initiating coverage."

	Gwen Preston, The Maven Letter (4/19/20) "Troilus Gold Corp.'s Southwest zone at Troilus is really turning into something good. It's essentially at surface, and the grades are as good or better than the known mineralization; having another zone with good or better grades at surface (1) helps economics and (2) adds optionality to the mine plan."

Jacob Willoughby, Red Cloud Securities (4/15/20) "Troilus Gold Corp. announced results from three drill holes from its 6,000m drill program at its 100%-owned Troilus property. . .highlight intercepts included 1.65 g/t Au eq over 33m from about 75m depth (TLG-ZSW20-184) and 3.83 g/t Au eq over 7m from 101m depth (TLG-ZSW20-184). . .these new intercepts are starting to show that the Southwest zone could contain higher grade material than the existing resource, which has an overall Indicated and Inferred grade of 0.95 g/t Au eq."

Tom Gallo, Canaccord Genuity (4/14/20) "TLG's Troilus property remains prospective and could demonstrate resource scalability through additional drilling. A future operation scenario will likely exhibit considerable gold price leverage and thus in a rising gold price environment has key strategic value."

	Gwen Preston, The Maven Letter (2/19/20) "Troilus Gold Corp. announced a private placement last week that was initially designed to raise up to $10M in three flowthrough tranches plus a regular common share offering. Within hours, the company upsized the common share offering from 6.92M shares to 11.27M shares because of heavy demand. . .I am sticking with my stance that Troilus Gold will be an outperformer in the gold space this year."

Gwen Preston, The Maven Letter (1/29/20) "Based on the latest drill results from Troilus Gold Corp.'s eponymously named flagship project, the Southwest zone could help grow the project's already impressive resource. . .with much of the needed infrastructure already in place, the company has an excellent shot to put the Troilus project back into production. The recent assays from a seven hole, 2,500m program on the Southwest zone suggest more ounces may be on the way."

Jacob Willoughby, Red Cloud Securities (1/29/20) "We expect Troilus Gold Corp. to materially rerate over the next six to 12 months as the company demonstrates organic resource expansion potential along strike from the J zone and Z87 resource areas, given previous operators (Inmet Mining Corp.) did little to no near mine exploration. . .the discovery of this new Southwest zone announced yesterday shines a light on the more than 20 km of untested ground along strike that Troilus Gold has yet to drill."

	Philip Ker, PI Financial (1/28/20) "Troilus Gold Corp. announced results from 2,500m of drilling completed in the Southwest zone at its 100%-owned Troilus property. . .all of the seven holes reported today intersected gold mineralization, including high-grade intersections along with geological characteristics analogous to that of Z87. Highlights from the zone include 2.87 g/t Au eq over 17m within a broader section of 2.26 g/t Au eq over 24m."

	Gwen Preston, The Maven Letter (1/22/20) "Troilus Gold Corp. stepped just outside the old pits at the Troilus project and hit gold, it stepped along strike and hit gold; it now has 3.6 Moz gold in open-pittable resources averaging roughly 0.6 g/t gold, with a bit of copper and silver. The grade might sound low, but lower grades can work just fine if location and infrastructure are easy, and that is most certainly the case at Troilus."

Jared Shilson, PearTree Securities (11/22/19) "Troilus Gold Corp. has released an increased mineral resource estimate for its wholly-owned Troilus gold project. . .the updated mineral resource estimate now contains an estimated total Indicated resource of 159.1 Mt grading 0.78 g/t gold, 0.09% copper and 1.19 g/t silver for contained metal of 3.97 Moz gold, 301.15 Mlb copper and 6.07 Moz silver. In addition, the company has estimated a total Inferred resource of 52.7 Mt grading 0.90 g/t gold, 0.08% copper and 1.01 g/t silver for contained metal of 1.53 Moz gold, 94.89 Mlb copper and 1.71 Moz silver."

	Philip Ker, PI Financial (11/13/19) "The positive growth to Troilus Gold Corp.'s resource at its Troilus gold project demonstrates a roughly 4 Moz improvement in just 20 months since acquiring the project; furthermore, with multimillion-ounce potential and a mine plan with optionality to target higher grade ore in the upfront years of its mine life, the Troilus gold project is quickly emerging as a leading development project in a favorable jurisdiction, which can leverage about $100M of site infrastructure. Considering the significant resource growth beyond our estimates, we are raising our target price."

Philip Ker, PI Financial (9/10/19) "Today's positive results of Troilus Gold Corp. demonstrate a significant extension of known mineralized boundaries within the J4 zone at the Troilus gold project, by about 300m downdip (now about 450m below surface) and extending from the northeast to the southwest in the J4 zone, beyond the formerly mined J4 pit. . .with the 2019 drilling program concluded, results delivered thus far from the J zone have demonstrated an increase in grade and width of mineralization across the deposit as well as expanding the geological knowledge of the mineralized system."

Philip Ker, PI Financial (8/19/19) "Troilus Gold Corp. announced the discovery of a new gold mineralized area within the Z87 South trend, which extends over 300m southwest of the main Z87 at its Troilus gold project. . .the mineralization at Z87 South is located directly adjacent to the past producing Z87 open pit and appears to have similar characteristics. . .the company believes Z87 South exhibits similar pinch and swell characteristics to that of the main ore zones of Z87 and J."

	Ryan Walker, Echelon Wealth Partners (8/8/19) "Troilus Gold Corp. has reported positive assay results from nine drill holes sunk as part of an ongoing 40,000m exploration 2019 drill program at the 100%-owned Troilus gold-copper project. . .the company notes that the latest results significantly extend the boundaries of known J4 zone mineralization to the northeast (200m) and southwest (400m below the pit), well beyond the formerly mined J4 pit. And, as such, they augur well for an updated resource estimate planned for H2/19."

	Philip Ker, PI Financial (8/8/19) "Troilus Gold Corp. announced drill results from the J zone as part of the 2019 drilling program at the company's flagship Troilus gold project. . .incorporating today's positive drill results, the known mineralization boundaries to the northeast of the J4 zone have been extended downdip by about 225m and vertically by about 200m beyond the previously outlined limits. The mineralization boundaries to the southwest of the J4 zone have been extended by 400m below the pit."

	Pierre Vaillancourt, Haywood Securities (7/4/19) "We have updated our mine model of Troilus Gold Corp.'s Troilus deposit following our site visit. Based on potential resources from the J zones, the economics of an open-pit mine for Troilus are positive. . .at our long-term gold price of $1,400/oz, our model generates an after-tax net present value at an 8% discount (NPV8%) of CA$194M, an NPV10% of $154M and an internal rate of return of 23%."

Experts Following This Company

Tyron Breytenbach, Analyst – Cormark Securities
David Erfle – JuniorMinerJunky
Richard Gray, Analyst – Cormark Securities
	Philip Ker, Mining Analyst – PI Financial
	Gwen Preston, Founder – Resource Maven
Jared Shilson, Senior Research Associate, Mining – PearTree Securities
	Pierre Vaillancourt, Vice President and Senior Mining Analyst – Haywood Securities
	Ryan Walker, Analyst – Echelon Wealth Partners
Jacob Willoughby, VP Research – Red Cloud Securities
Jacques Wortman, Mining Analyst – Laurentian Bank Securities

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	One of the largest undeveloped Gold deposits in North America
	Strong Balance Sheet, Low risk jurisdiction, major infrastructure in place, blue sky growth potential
	Strong Institutional & Insider ownership, Experienced leadership team, Finding gold for <$5/oz AUEq vs.$174/oz average global

catalyst Calendar

Q2 2020	Recent deal closing ($25 million bought deal due to close later this month)
Q2 2020	New mineral resource estimate (late June/early July)
Q3 2020	PEA (late August)
Q3 2020	Permit approval for pit dewatering (summer)