Troilus Mining has substantially increased the estimated value of its flagship copper-gold project in Quebec, Canada, following completion of an updated technical report based on detailed engineering work and expanded mineral reserves. The project now carries an after-tax net present value of $3.2 billion, a 22% after-tax internal rate of return, a 3.6-year payback period and a 26-year operating life, according to a company statement issued on September 9, 2026. The base-case economics reflect long-term commodity price assumptions of $3,600 per oz. for gold, $5 per lb. for copper and $50 per oz. for silver.
This represents a significant improvement from the previous May 2024 feasibility study, which outlined an after-tax net present value of $884.5 million and a 14% internal rate of return. The updated technical report incorporates approximately 95,000 hours of engineering work, providing what analysts describe as a significantly derisked baseline for the company as it advances toward development. The company now estimates initial capital requirements at approximately $1.43 billion.
Life-of-mine operating costs are estimated at $19.21 per tonne of ore processed, while all-in sustaining costs are approximately $1,340 per oz. of payable gold, calculated net of copper and silver credits. Troilus expects construction to commence in 2027, with first ore targeted for September 2029 and commercial production anticipated in March 2030. The updated mine plan is based on 478 million tonnes of reserves grading 0.44 gram gold per tonne, 0.05% copper and 0.92 gram silver per tonne.
This represents reserve tonnage approximately 26% larger than in the 2024 feasibility study. Payable production over the mine's life is projected to reach 5.63 million oz. gold, 472 million lb. copper and 10.88 million oz. silver. Average annual payable production during the active mining period is estimated at approximately 251,000 oz. gold, 20.1 million lb. copper and 466,000 oz. silver.
The Troilus project is located approximately 120 kilometers north of Chibougamau in north-central Quebec on the site of a former mining operation that produced roughly 2 million oz. of gold and almost 70,000 tonnes of copper between 1996 and 2010. Troilus Mining acquired the asset in 2017. Existing infrastructure at the location includes all-weather roads, a 50-megawatt substation, more than 60 kilometers of high-voltage power lines, a permitted tailings facility and water-treatment infrastructure.
CEO Justin Reid stated that the results reinforce Troilus' position as one of the most compelling large-scale gold-copper development projects in North America. The company is finalizing project financing documentation with export credit agencies and expects to deliver credit committee approval and permitting updates in the coming weeks. Project financing completion is targeted for December 31, 2026, with permitting expected in the first quarter of 2027.
On the trading day following the announcement, Troilus shares rose 1.3% to C$2.36, valuing the company at approximately C$1.3 billion (US$951 million). The stock has traded between 95¢ and C$2.47 over the preceding twelve-month period. Source: Troilus Mining company statement, September 9, 2026; Mining.com
Source: mining.com