TLG:TSX; CHXMF:OTCQX

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.

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Expert Comments:

Timothy Lee, Red Cloud Securities

(6/10/21)

"Highlights from Troilus Gold Corp.'s new parallel zone include 1.43 g/t Au eq over 19.3m in hole ZJ21-231 and 1.48 g/t Au eq over 11m in hole ZJ21-230. These holes extend the new zone from 200m to 700m in strike length; this will likely add significant ounces to the resource, and most of the new mineralization is also within the proposed pit boundary from the 2020 preliminary economic assessment."

Explorer 'Bolsters Its Operational and Technical Expertise'
(6/9/21)

The background and responsibilities of a recently appointed Troilus Gold executive are described in a Laurentian Bank Securities report.

Gwen Preston, The Maven Letter

(6/9/21)

"Troilus Gold Corp. made news on a couple of fronts this week, releasing more impressive assays from the J zone and announcing a $35M bought-deal financing. The latest drilling has managed to expand the new western zone at J from 200m to 700m; hole 231 led that western expansion, hitting 19.3m of 1.4 g/t gold equivalent within 100m of surface."

Jacques Wortman, Laurentian Bank Securities

(6/1/21)

"Troilus Gold Corp. announced this morning the appointment of Richard Harrisson to the newly created role of chief operating officer. . .Harrisson has 20+ years of mining industry experience in the areas of operations, mine engineering and construction. Most recently, he served as a director of project evaluations at Canadian Malartic."

Drilling Results at Quebec Project 'Quite Positive for Project Economics'
(5/21/21)

The latest drill results from Troilus Gold's Troilus property are discussed in a Red Cloud exploration update report.

Explorer Discovers That 'Waste' Is Resource-Grade Rock
(5/20/21)

In a Stifel report, Troilus Gold's latest drill results are interpreted and shown to have positive implications.

Gwen Preston, The Maven Letter

(5/19/21)

"Between Troilus Gold Corp. deferring pre-strip and pit pushback costs in favor of mining the low strip and now-large Southwest deposit to start, not having to pay the royalty to First Quantum, eliminating the underground, steepening the pit walls and optimizing the scale, I think the prefeasibility study will be significantly better than the preliminary economic assessment. I don't know if the market has realized this yet. . .I think the main reason TLG has advanced so many lines of work with the potential to create a PFS that is notably better than the PEA is because the Troilus team is focused on building this mine."

Analyst: Zone Extension 'Has the Potential to Make a Substantial Addition to the Resource'
(5/18/21)

Troilus Gold's latest drill results, from the J zone, are discussed in a Haywood Securities report.

Troilus Gold Completes Acquisition of UrbanGold
(5/18/21)

The acquisition is completed one day after UrbanGold shareholders give their approval.

Pierre Vaillancourt, Haywood Securities

(5/13/21)

"Newly reported drill results from Troilus Gold Corp.'s J zone have identified new extensions of mineralization within and outside of the pit shell proposed in the preliminary economic assessment (PEA) and help to validate the scale potential of the gold system on the property. . .the identification of a western extension of the J zone, traced over 200m in strike, previously modeled as waste within the PEA pit shell, has the potential to make a substantial addition to the Troilus resource."

Gwen Preston, The Maven Letter

(5/12/21)

"Troilus Gold Corp.'s drilling on the Troilus project J zone deposit has expanded the potential mineralization there by 50m beyond previous drilling; hole 226 hit a parallel zone of mineralization defined by 68m of 1.1 g/t gold equivalent (Au eq), including 10m of 1.7 g/t Au eq and 3m of 2.2 g/t Au eq. Hole 225 was drilled through and well below the preliminary economic assessment pit outline and included a 1 g/t Au eq interval over 34m within the pit shell and 2.1 g/t Au eq below the pit shell."

With Acquisition, Explorer 'Consolidates Property as a Major Area Play'

(3/29/21)

The transaction and the implications for Troilus Gold are discussed in a Haywood Securities report.

Acquisition to Boost Explorer's Holdings 33% for 'Impressive Total Land Position' in Quebec

(3/25/21)

Troilus Gold's acquisition of UrbanGold and how the addition of its property in the Frôtet-Evans Greenstone Belt benefits the explorer are addressed in a Laurentian Bank Securities report.

Company Further Expands Gold Zone at Quebec Property

(2/26/21)

Troilus Gold's new Southwest zone drill results outline a mineralized system that "dwarfs the pit shell proposed in the preliminary economic assessment."

Explorer's 'Positive Drill Results Expected to Expand' the SW Resource

(2/16/21)

Troilus Gold's newest findings at its Troilus project's Southwest zone are discussed in a Red Cloud Securities report.

Analyst: Zone 'Continues to Demonstrate Good Continuity and Potential to Grow'

(2/12/21)

Recent drill results from the Southwest zone at Troilus Gold's Troilus project are discussed in a Laurentian Bank Securities report.

Canadian Explorer 'Building Low Risk Open Pit Ounces That Count'

(2/11/21)

Troilus Gold's latest results from the Southwest zone are discussed in a Stifel GMP report.

Three New Mineralized Zones Discovered at Quebec Asset

(1/14/21)

Troilus Gold's exploration work at its Troilus project in 2020 is reviewed in a Canaccord Genuity report.

Explorer Finds 'Significant Extensions of Gold Mineralization' at High-Grade Zone in Quebec

(1/13/21)

Troilus Gold reported it intersected 1.95 g/t gold equivalent over 20 meters including 2.73 g/t gold equivalent over 9 meters at the recently discovered Southwest Zone at its Troilus Gold project.

More Expert Comments

Timothy Lee, Red Cloud Securities (5/12/21) "Troilus Gold Corp. reported the results from seven holes at its Troilus project targeting the J zone area. In addition to extending the zone at depth, below the past producing pit, the holes encountered new parallel areas of mineralization to the northwest of the main zone."

Ian Parkinson, Stifel (5/12/21) "Troilus Gold Corp.'s drilling at Troilus has transformed what was previously classified as waste in the 2020 preliminary economic assessment pit volume to resource grade rock (1.10 g/t Au eq over 68m, from 93m depth, inside the PEA pit shell). This means likely more ounces in the same volume, lower overall strip and more ounces close to surface and close to the mill; in addition, defining an additional gold bearing unit higher up in the stratigraphy changes the geologic picture and opens more ground for possible discovery."

	Pierre Vaillancourt, Haywood Securities (4/8/21) "Troilus Gold Corp. reported assay results for an additional five drill holes from the Southwest zone on its Troilus gold project; gold mineralization has been extended by 40% along strike to the northeast by an additional +400m to 1.5 km, toward the limits of Z87 South, an area now identified as the Gap zone. The Southwest zone demonstrates higher grade gold intercepts within a much broader disseminated mineralized zone, consistent with the Z87 zone."

	Gwen Preston, The Maven Letter (3/24/21) "In a move that will increase its Troilus project's already large land position, Troilus Gold Corp. is buying UrbanGold Minerals in an all-share deal valued at $19M. . .the deal bolsters Troilus Gold's takeout potential; the scale of its district opportunity just increased significantly."

Jacques Wortman, Laurentian Bank Securities (3/23/21) "Troilus Gold Corp. has announced this morning that it has entered into a definitive agreement to acquire UrbanGold Minerals by way of a three-cornered amalgamation. The key driver associated with this transaction is a 33% increase in landholding on the highly prospective Frotet-Evans greenstone belt, including the significant land position to the southwest of the key northeast-southwest trend that hosts the past-producing pits (Z87 and J zone), the Southwest zone and, potentially, the Beyan prospect."

	Pierre Vaillancourt, Haywood Securities (3/23/21) "Troilus Gold Corp.'s acquisition of UrbanGold complements the existing land position at Troilus and establishes the company as a major area play in the Frotet-Evans greenstone belt in the Chibougamau camp. . .we expect the addition of the UrbanGold property will add to the potential of the Southwest zone, ultimately expanding the resource."

Ian Parkinson, Stifel (3/23/21) "Troilus Gold Corp. intends to buy UrbanGold in an all share deal valuing UrbanGold at CA$19M. . .following the deal the company is now the largest mineral claims holder within the Frotet-Evans greenstone belt; UrbanGold adds 35,100 ha to Troilus Gold's existing 107,300 ha. Most important, the ground is along strike of the newly discovered Southwest zone."

	Gwen Preston, The Maven Letter (3/17/21) "The latest round of assays from the Southwest zone at Troilus Gold Corp.'s Troilus project extended the strike by 25%. The Southwest zone is essentially a stack of mineralized lenses; the central lens, called Main, is now 1 km long (up from 825m) while the two lenses of the parallel West zone are now 100m longer."

Ian Parkinson, Stifel (3/16/21) "Troilus Gold Corp. was out on Tuesday morning with more drill results, effectively increasing the Southwest zone strike by 25% and more than doubling the width of the mineralized package. While grades are in line with the current Inferred resource grade, they showcase the growing near surface scalability of the Southwest zone significantly beyond what is currently defined."

	Gwen Preston, The Maven Letter (2/24/21) "Troilus Gold Corp. released another batch of results from the Southwest zone this morning. The highlight holes featured decent widths of mineable stuff that extended the mineralization outside the preliminary economic assessment pit shell at Southwest. . .the upshot here is that this target is showing signs of growing into a large resource in its own right."

	Peter Krauth, Gold Resource Investor (2/16/21) "Troilus Gold Corp. recently reported new drilling assay from its Troilus gold project. . .highlights include new higher grade zones that extend known mineralization at least 100m below the preliminary economic assessment pit with 1.2 g/t Au eq over 16m, 6.66 g/t Au eq over 3m."

	Gwen Preston, The Maven Letter (2/10/21) "The factors I initially liked about Troilus Gold Corp. remain solidly in place. In fact, the resource has grown notably since I bought, the team published a good preliminary economic assessment and exploration upside is bigger, as the company is now working to expand known zones (like the Southwest zone) and find new zones on the ground it added, based on its new theory of what controls the gold."

Jacob Willoughby, Red Cloud Securities (2/10/21) "Troilus Gold Corp. provided new assay results from the 2020 fall-winter drilling campaign at its 100%-owned Troilus gold project. . .the three drill holes reported from the Southwest zone have identified new extensions of mineralization at depth, confirmed the continuity of mineralization within the proposed preliminary economic assessment pit area and are expected to expand the current 8.1 Moz Au eq Indicated and Inferred resource base."

Ian Parkinson, Stifel (2/9/21) "The drill results Troilus Gold Corp. released today from the Southwest zone will widen the pit without increasing the strip, effectively increasing ounces per vertical meter and pushing out the underground portion of the preliminary economic assessment (PEA). . .fine tuning of the geotechnical assumptions from the PEA could also improve the pit economics through lower strip and allow the pit to reach for deeper mineralization economically."

Jacques Wortman, Laurentian Bank Securities (2/9/21) "Troilus Gold Corp. announced assay results from three drill holes from the fall-winter 2020 drill program at the Southwest zone. Consistent with last month's drilling, today's results demonstrate good continuity of gold mineralization, both within and outside the preliminary economic assessment pit shell; we believe the zone will grow and will play a more prominent role in the prefeasibility study."

	Peter Krauth, Gold Resource Investor (1/15/21) "The gold price assumption for Troilus Gold Corp.'s preliminary economic assessment for Troilus was a conservative $1,475/oz, and yet, as I write, gold is at $1,850/oz. A sensitivity analysis with gold at $1,950, which I think is quite realistic today, produces a pre-tax project value of $1.95B, with an internal rate of return of 50.1%. . .the project, near current gold prices is worth almost eight times as much as the company's current market cap!"

	Gwen Preston, The Maven Letter (1/13/21) "Troilus Gold Corp. released the first assays from its current drilling program on the resource-hosting zones at Troilus. . .Taken together, these holes raise hope that TLG can continue to grow the 580,000-oz. Au-eq. resource it has already outlined on the Southwest zone. It's an area that just adds to the overall resource at Troilus (4.96 million Au-eq. oz. indicated and 3.15 million Au-eq. oz. inferred). This is a project that's well on its way to producing again and, at some point, its location in uber-safe Quebec argues for a takeout at higher prices."

Jacques Wortman, Laurentian Bank Securities (1/12/21) "Troilus Gold Corp. announced assay results from two drill holes from the fall/winter 2020 drill program at the Southwest zone. . .the new drill results demonstrate good continuity of gold mineralization and grade. The Southwest zone is a priority target, and we continue to believe that it has the potential to further improve already robust project economics."

	Pierre Vaillancourt, Haywood Securities (1/12/21) "Troilus Gold Corp. announced initial results from its fall-winter 2020 drill campaign at its Troilus property. The two drill holes reported show infill and extension of gold mineralization beyond the preliminary economic assessment whittle pit published in 2020 in the Southwest zone. . .the drill results demonstrate promising potential for the Southwest zone to become the center of gravity for the Troilus deposit."

Tom Gallo, Canaccord Genuity (1/4/21) "Toward 2020E Troilus Gold Corp. reported results from its regional exploration program and completed the buyback of a 2.5% net smelter returns royalty in conjunction with a CA$22.1M bought deal which closed on Dec. 12, 2020. . .the company remains inexpensive in our view, trading at 0.20x P/NAV(5%), compared to covered peers at 0.69x."

	Gwen Preston, The Maven Letter (12/23/20) "Troilus Gold Corp. stock did nicely in 2020, COVID challenges notwithstanding. I can see it gaining again nicely with gold in H1/21 as a standout advanced project in a great jurisdiction and that is also reporting strong exploration results from new nearby targets; takeout action would layer on top of that."

Gwen Preston, The Maven Letter (12/15/20) "Troilus Gold Corp.'s regional program in 2020 certainly didn't lack splash. . .highlights from sampling at Testard included gold grades up to 82 g/t and silver grades up to 1,060 g/t. . .at Beyan, the new Alex showing returned up to 12 g/t gold. Better still, the Southwest zone that's part of the resource-hosting portion of Troilus appears to connect up to Beyan, based on recent soil sampling."

Jacob Willoughby, Red Cloud Securities (12/10/20) "Rock and channel samples across Troilus Gold Corp.'s recently discovered Testard and Beyan zones continue to return high-grade gold assays and have expanded the mineral footprint of both zones. . .in the wake of these new discoveries, the company has initiated soil sampling, airborne magnetic and induced polarization surveys at select areas across the property to support future drill target definition."

Clive Maund, CliveMaund.com (12/3/20) "We are looking at Troilus Gold Corp. this morning because it appears to be on the verge of breaking out into a significant new uptrend, especially as it traded on the highest upside volume for over two months yesterday, which is a clue that it is about to break out. The company is rated a Strong Buy here."

Jacob Willoughby, Red Cloud Securities (12/2/20) "Troilus Gold Corp. announced the closing of a previously announced bought-deal offering for gross proceeds of CA$22.1M; we view this financing positively and have adjusted our target accordingly to reflect the increase in shares and cash. In conjunction with the financing, the company has bought back a sliding 2.5% net smelter returns royalty on the Troilus mine for CA$20M."

Clive Maund, CliveMaund.com (11/22/20) "This looks like a great entry point for Troilus Gold Corp., which has been in a corrective phase since its peak at the start of September. This correction, which has taken the form of a bullish falling wedge, has more than fully unwound its earlier overbought condition and has brought it back into a zone of strong support. . .so there is considered to be a high probability that it will begin a major new upleg from about here."

	Gwen Preston, The Maven Letter (11/11/20) "There was a 2.5% net smelter returns (NSR) royalty hanging over the Troilus project that Troilus Gold Corp. has now agreed to buy back; holder First Quantum Minerals is selling that NSR back to the company for $20M. And while Troilus Gold will make that payment out of its cash account, it has also announced a two-tranche financing that will cover the cost."

Gwen Preston, The Maven Letter (10/22/20) "The highlight sample from Troilus Gold Corp.'s Testard was bonanza grade for sure, returning 203 g/t gold, 2,440 g/t silver and 4.4% copper. Other samples of note included 52.5 g/t gold, 34.9 g/t gold, 13.6 g/t gold and 8.4 g/t gold. . .the addition of Testard to the other recent targets the company has identified through this program demonstrate the district-scale potential here."

Jacob Willoughby, Red Cloud Securities (10/20/20) "Troilus Gold Corp. announced additional results from its regional exploration program at its 100%-owned Troilus gold project near Chibougamau, Quebec, including the highest gold grades recovered to date from the Frôtet-Evans greenstone belt. . .assay results from outcrop samples at the newly defined Testard target returned 203 g/t Au, 2,440 g/t Ag and 4.37% Cu."

	Gwen Preston, The Maven Letter (10/14/20) "Troilus Gold Corp. announced some good samples from what it's dubbing the Goldfield zone, an area of gold-bearing boulders and outcrop some 28 km southwest of Beyan and fully 36 km away from the main mineralized zones on the property. . .think of these new targets as lottery tickets to go with the established value provided by the project's more than 8 Moz gold equivalent."

Clive Maund, CliveMaund.com (10/9/20) "Troilus Gold Corp.'s overall trend is up, as shown by the bullish alignment of moving averages with the 200-day rising steadily. This being so, the substantial reaction back from early September that has resulted in its becoming oversold at an important support level not very far above its 200-day moving average is viewed as normal and as an opportunity to pick the stock up at a good price before it starts higher again."

Jacob Willoughby, Red Cloud Securities (10/1/20) "Troilus Gold Corp. announced initial results from its regional exploration program on its 100%-owned Troilus gold project near Chibougamau, Quebec, which led to the discovery of the brand new Beyan gold zone, 8 km southwest of its recently discovered Southwest zone. The results look great so far, with high-grade samples spanning at least 225m in strike."

	Gwen Preston, The Maven Letter (9/30/20) "The large property position Troilus Gold Corp. controls around its flagship project has yielded a new target via sampling. Surface exploration returned samples up to 9.7 g/t gold and 32.5 g/t silver over 225m of strike within the newly identified Beyan gold zone, which lies 8 km southwest of the Southwest zone."

Gwen Preston, The Maven Letter (9/23/20) "With the recent preliminary economic assessment on its Troilus project under its belt, Troilus Gold Corp. is embarking on a new infill and expansion drill program. The 20,000m effort will seek to upgrade the current resource (4.96 Moz gold equivalent Indicated and 3.15 Moz gold equivalent Inferred) and expand it by focusing on growing the 500m of strike it has outlined on the Southwest zone."

Gwen Preston, The Maven Letter (9/3/20) "I think Troilus Gold Corp.'s Troilus project will attract some kind of a buyout before this bull market is done. . .I don't know when it will happen, but I think the company is in a sweet spot in that it offers exploration upside alongside an advanced asset that will be attractive to the generalist money moving into the gold space."

	Philip Ker, PI Financial (9/2/20) "Troilus Gold Corp. announced a preliminary economic assessment (PEA) completed on its wholly owned Troilus gold project. . .under the combined open pit and underground scenario, the company estimates annual average production of 246 Koz Au eq over the first 14 years including peak production greater than 300 Koz Au eq in year five. . .in total, the PEA demonstrates a robust net present value of $574M (5%) and an after-tax internal rate of return of 22.9% based on a $1,475/oz gold price."

	Pierre Vaillancourt, Haywood Securities (9/2/20) "The preliminary economic assessment (PEA) on Troilus Gold Corp.'s Troilus deposit demonstrates a mine plan with positive economics. . .the PEA on its gold-copper project is for a 35 Ktpd open-pit operation over 14 years, transitioning to a 9 Ktpd underground operation for eight years. . .we are increasing our target."

Richard Gray, Cormark Securities (9/1/20) "Given the greater resource at Troilus Gold Corp.'s Troilus project (8.11 Moz Au eq) and the exceptional exploration upside on the 107,000 ha property, we believe this preliminary economic assessment is only a snapshot of the current value of the asset and that there is excellent potential for the mine life to ultimately extend beyond the projected 22 years. The project is quickly emerging as one of the larger and more strategic assets in Canada given the size and valuation."

Jacques Wortman, Laurentian Bank Securities (9/1/20) "Troilus Gold Corp.'s preliminary economic assessment proposes that the Troilus project will produce payable gold of 3.8 Moz, payable copper of 265 Mlb and payable silver of 1.5 Moz over a 22-year mine life; both open-pit and underground operations are proposed in the study. Assuming a positive eventual production decision, financing and construction are completed and commercial production achieved, the company has the potential to be Quebec's third largest gold producer behind Malartic and La Ronde."

Tom Gallo, Canaccord Genuity (8/31/20) "Troilus Gold Corp.'s preliminary economic assessment outlines a project reasonably in line with our estimates. . .in a rising gold price environment and with further derisking, including additional drilling and technical studies, the Troilus project could be a potential mergers and acquisitions target."

	Gwen Preston, The Maven Letter (8/12/20) "The preliminary economic assessment coming for Troilus Gold Corp.'s Troilus project is a big event, with a rerating likely; the ongoing exploration continues to provide blue sky. Drill results should come out consistently (monthly?), with potential for high grade and new zones at any point."

Gwen Preston, The Maven Letter (7/29/20) "We got that revised resource estimate on Troilus Gold Corp.'s Troilus project this week, which included a maiden estimate for the newly outlined Southwest zone. . .importantly, most of the new ounces are open pittable, so not only has the company grown the resource dramatically, it has also defined ounces that are more attractive and likely economic than the underground resource that the project used to offer."

Tom Gallo, Canaccord Genuity (7/29/20) "Troilus Gold Corp.'s resource update continues to demonstrate open-pit growth potential and highlights the exploration potential that remains on the large land package with the addition of the recently discovered Southwest zone. . .in a rising gold price environment, this operation becomes more attractive, and with a growing resource base the company could climb toward the top of the mergers and acquisitions pipeline should it continue to derisk through further drilling and technical study."

Richard Gray, Cormark Securities (7/29/20) "Troilus Gold Corp. provided an updated resource estimate that showed a 25% increase in the overall resource to 8.11 Moz Au eq (from 6.47 Moz Au eq in the November 2019 resource). . .further drilling across the ever-expanding property is poised to grow the resource towards the 10 Moz level."

	Pierre Vaillancourt, Haywood Securities (7/29/20) "The overall resource at Troilus Gold Corp.'s Troilus project increased by 25%, but the key addition was from the Southwest zone, which we believe could become the focus of the deposit. . .we are encouraged by the resource update and especially the initial open-pit resource at the Southwest zone, which we believe will continue to grow and enhance the economics of the Troilus project."

Jacques Wortman, Laurentian Bank Securities (7/29/20) "Troilus Gold Corp.announced a new resource estimate for the Troilus project after market close yesterday and subsequently conducted a technical session. The total open-pit and underground tons increased materially. . .as expected, the key drivers were a higher gold price assumption and the inclusion of the new Southwest zone. . .a preliminary economic assessment is targeted for completion in late September."

	Philip Ker, PI Financial (7/29/20) "Troilus Gold Corp. announced an updated resource estimate for its wholly owned Troilus gold project. . .the ongoing resource growth and remaining upside from the new Southwest zone pave the way for future growth and the foundation of a near-term project preliminary economic assessment."

	Derek Macpherson, Red Cloud Securities (7/29/20) "Troilus Gold Corp. released an updated resource estimate with Indicated and Inferred resources of 8.11 Moz contained Au eq, a 26% increase over the 2019 resource estimate. . .the open-pit resources grew from about 68% of the total resources in 2019 to about 80% in 2020. We view this positively."

Tyron Breytenbach, Stifel (7/29/20) "The total inventory at Troilus Gold Corp.'s Troilus project tops 8 Moz Au eq; the total resource increased to 8.11 Moz Au eq (from 6.47 Moz). The Indicated resource increased to 4.96 Moz Au eq (average grade of 0.87 g/t Au eq) and the Inferred resource increased to 3.15 Moz Au eq (average grade of 0.84 g/t Au eq)."

	Gwen Preston, The Maven Letter (7/23/20) "In addition to exploring the claim package it began acquiring in April (and then expanded this week), Troilus Gold Corp. also plans to explore the Lac Allonge region north of the mine site and, once the preliminary economic assessment is completed on Troilus, to conduct a follow-on 20,000m drill program to expand and upgrade the project's key targets."

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."

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
Richard Gray, Analyst – Cormark Securities
	Philip Ker, Mining Analyst – PI Financial
	Peter Krauth, Pres – Gold Resource Investor
	Derek Macpherson, VP Mining Analysis – Red Cloud Securities
Clive Maund – CliveMaund.com
Ian Parkinson – Stifel
	Gwen Preston, Founder – Resource Maven
	Pierre Vaillancourt, Vice President and Senior Mining Analyst – Haywood Securities
Jacob Willoughby, VP Research – Red Cloud Securities
Jacques Wortman, Mining Analyst – Laurentian Bank Securities

Company News

6/9/2021 – REPEAT - Troilus Intersects 1.51 g/t AuEq Over 19m, Incl. 2.28 g/t AuEq Over 8 Metres in J Zone; Expands Strike Length of New Parallel Zone by 250% from 200m to 700m

6/7/2021 – Troilus Upgrades to OTCQX Best Market; Top Tier of the OTC Markets

6/1/2021 – Troilus Appoints Industry Veteran Richard Harrisson as Chief Operating Officer to Lead the Troilus Gold and Copper Project Redevelopment

5/18/2021 – Troilus Completes Acquisition of UrbanGold Minerals

5/17/2021 – UrbanGold Minerals' Shareholders Overwhelmingly Approve Troilus Gold's Acquisition of UrbanGold Minerals

5/12/2021 – Troilus Expands Western Footprint of J Zone; Intersects 2.12 g/t AuEq Over 13 Metres and 1.10 g/t AuEq Over 68 Meters Within 200 Metres of Surface

4/8/2021 – Troilus Expands Southwest Zone Strike Length by 40% to 1.5 km; Extends Gold Mineralization 450 Metres Below PEA Pit

3/23/2021 – Troilus to Acquire UrbanGold Minerals in All-Share Transaction

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)

Troilus Gold Corp. Content

Jan 2021 Corporate Presentation & Q4 Fact Sheet

Troilus Gold – New Corporate Video Feb 11, 2021

2020 Year in Review & Outlook for 2021 - A message from the CEO

The Gold Report

Troilus Gold Corp.

Expert Comments:

Timothy Lee, Red Cloud Securities

Explorer 'Bolsters Its Operational and Technical Expertise' (6/9/21)

Gwen Preston, The Maven Letter

Jacques Wortman, Laurentian Bank Securities

Drilling Results at Quebec Project 'Quite Positive for Project Economics' (5/21/21)

Explorer Discovers That 'Waste' Is Resource-Grade Rock (5/20/21)

Gwen Preston, The Maven Letter

Analyst: Zone Extension 'Has the Potential to Make a Substantial Addition to the Resource' (5/18/21)

Troilus Gold Completes Acquisition of UrbanGold (5/18/21)

Pierre Vaillancourt, Haywood Securities

Gwen Preston, The Maven Letter

With Acquisition, Explorer 'Consolidates Property as a Major Area Play'

Acquisition to Boost Explorer's Holdings 33% for 'Impressive Total Land Position' in Quebec

Company Further Expands Gold Zone at Quebec Property

Explorer's 'Positive Drill Results Expected to Expand' the SW Resource

Analyst: Zone 'Continues to Demonstrate Good Continuity and Potential to Grow'

Canadian Explorer 'Building Low Risk Open Pit Ounces That Count'

Three New Mineralized Zones Discovered at Quebec Asset

Explorer Finds 'Significant Extensions of Gold Mineralization' at High-Grade Zone in Quebec

More Expert Comments

Timothy Lee, Red Cloud Securities

Ian Parkinson, Stifel

Pierre Vaillancourt, Haywood Securities

Gwen Preston, The Maven Letter

Jacques Wortman, Laurentian Bank Securities

Pierre Vaillancourt, Haywood Securities

Ian Parkinson, Stifel

Gwen Preston, The Maven Letter

Ian Parkinson, Stifel

Gwen Preston, The Maven Letter

Peter Krauth, Gold Resource Investor

Gwen Preston, The Maven Letter

Jacob Willoughby, Red Cloud Securities

Ian Parkinson, Stifel

Jacques Wortman, Laurentian Bank Securities

Peter Krauth, Gold Resource Investor

Gwen Preston, The Maven Letter

Jacques Wortman, Laurentian Bank Securities

Pierre Vaillancourt, Haywood Securities

Tom Gallo, Canaccord Genuity

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Jacob Willoughby, Red Cloud Securities

Clive Maund, CliveMaund.com

Jacob Willoughby, Red Cloud Securities

Clive Maund, CliveMaund.com

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Jacob Willoughby, Red Cloud Securities

Gwen Preston, The Maven Letter

Clive Maund, CliveMaund.com

Jacob Willoughby, Red Cloud Securities

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Philip Ker, PI Financial

Pierre Vaillancourt, Haywood Securities

Richard Gray, Cormark Securities

Jacques Wortman, Laurentian Bank Securities

Tom Gallo, Canaccord Genuity

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Tom Gallo, Canaccord Genuity

Richard Gray, Cormark Securities

Pierre Vaillancourt, Haywood Securities

Jacques Wortman, Laurentian Bank Securities

Philip Ker, PI Financial

Derek Macpherson, Red Cloud Securities

Tyron Breytenbach, Stifel

Gwen Preston, The Maven Letter

David Erfle, JuniorMinerJunky

Gwen Preston, The Maven Letter

Gwen Preston, The Maven Letter

Tyron Breytenbach, Stifel

Jacob Willoughby, Red Cloud Mining Capital

Pierre Vaillancourt, Haywood Securities

Jacques Wortman, Laurentian Bank Securities

Explorer 'Bolsters Its Operational and Technical Expertise'
(6/9/21)

Drilling Results at Quebec Project 'Quite Positive for Project Economics'
(5/21/21)

Explorer Discovers That 'Waste' Is Resource-Grade Rock
(5/20/21)

Analyst: Zone Extension 'Has the Potential to Make a Substantial Addition to the Resource'
(5/18/21)

Troilus Gold Completes Acquisition of UrbanGold
(5/18/21)