Troilus triples value to $3.2B, closes in on funding
The miner's namesake copper-gold project carries a 22% after-tax IRR, a 3.6-year payback period and a 26-year operating life.
Troilus Mining's Quebec, Canada copper-gold project has seen its estimated value more than triple to $3.2 billion, according to a new study. The report, which builds on the project's May 2024 feasibility study, cites detailed engineering, a larger reserve, and higher metal-price assumptions. The mine now boasts a 22% after-tax internal rate of return (IRR), a 3.6-year payback period, and a 26-year operating life, with base-case economics suggesting gold at $3,600 per ounce, copper at $5 per pound, and silver at $50 per ounce.
Analyst Allison Carson notes the "significantly derisked baseline" for the company ahead of development. Financing completion by year-end and permitting in Q1 2025 are key catalysts. Construction is slated to begin next year, with first ore production expected in September 2029 and commercial operations starting in March 2030. The updated report also highlights an increase in reserves, with 478 million tonnes grading 0.44 grams gold, 0.05% copper, and 0.92 grams silver per ton.
The company anticipates payable production of 5.63 million ounces gold, 472 million pounds copper, and 10.88 million ounces silver over the mine's life.
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