Troilus unveils Quebec copper-gold offtake MOU with Boliden
Troilus Mining Corp. [TLG-TSX, CHXMF-OTCQB] has signed a memorandum of understanding (MOU) with Boliden Commercial AB for the long-term offtake of copper-gold concentrate from the company’s Troilus project in north central Quebec. Boliden is a leading European base and precious metals mining and processing company. It operates seven mines and five smelters across Sweden, Finland, Norway, Ireland and Portugal.
The MOU advances the indicative commercial offtake terms previously announced in July, 2025 to a more formal stage and establishes a framework for future concentrate deliveries. The agreement follows an MOU signed with Aurubis AG in August 2025, and aims to establish commercial terms for significant portions of the project’s anticipated concentrate production and forms a key component of Troilus’ broader financing strategy. These commercial milestones are advancing in parallel with the company’s senior project debt facility of up to US$1.0 billion, supported by a syndicate of international financial institutions and export credit agencies announced in November , 2025.
Troilus shares rose 1.2% or $0.02 to $1.65 in early trading Tuesday. The shares trade in a 52-week range of $2.33 and 39 cents.
Troilus is a Quebec-focused exploration and early-stage development company. It is aiming for a mineral expansion and potential restart of the former gold and copper Troilus mine near Chiibougamau, Que. The company announced the results of a feasibility study in May, 2024.
It said the study incorporates an initial reserve estimate that supports a long life, large scale 50,000 tonnes per day open pit mining operation. The initial development capital estimate of over $1.07 billion, includes mine pre-production costs, net of existing infrastructure.
The Troilus property is located northeast of the Val d’Or district, within the Frotet-Evans Greenstone Belt in Quebec. From 1997 to 2010, Inmet Mining Corp operated the Troilus project as an open-pit mine, producing an annual average of 135.4 million pounds of copper equivalent or 75,000 tonnes of concentrate containing payable copper, gold and silver.
After mining was completed in April 2009, the mill ceased to operate and the camp was subsequently sold and dismantled. Inmet was acquired by First Quantum Minerals Ltd. (FM-TSX) in 2013.
The feasibility study envisages an open pit mine life of 22 years with the potential for underground development. Life of mine average annual payable gold production is forecast to be 244,600 ounces of gold, 17.3 million pounds of copper and 445,700 ounces of silver.
The all-in-sustaining cash operating cost is estimated at US$1,109 per ounce.
The feasibility study is supported by an initial mineral reserve estimate of 380 million tonnes of grade 0.59 g/t gold equivalent (AuEq) (0.49 g/t gold, 0.058% copper, and 1.0 g/t silver), containing 7.26 million ounces of AuEq (6.02 million ounces of gold, 484 million pounds of copper and 12.2 million ounces of silver.