Troilus Mining Corporation
Troilus Mining (renamed from Troilus Gold Corp. in December 2025) is advancing the past-producing Troilus gold-copper property in Quebec toward a large-scale, 22-year open-pit operation. A Feasibility Study was completed in 2024 and an ESIA was submitted in mid-2025, with a construction decision anticipated in 2026.
Notable vs. Peers
- Financials score of 7/10 is stronger than the peer average of 5.3/10.
Lifecycle Milestones
Construction Milestones
0 of 5 reached- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not yet determined: mill.
Jurisdiction (40%)9/10
Quebec: Fraser PPI 2025 is 79.39 of 100 (rank 23 of 68), which maps to 9 on this site's scale. Quebec, Canada — tier-one mining jurisdiction with a supportive regulatory framework.
Infrastructure (40%)8.6/10
Confirmed road access, confirmed grid power, and a confirmed tailings facility at Troilus Gold-Copper Project, Quebec, Canada; existing mill not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Eleonore (Dhilmar Eleonore LP), 219 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Eleonore (Dhilmar Eleonore LP), 219 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:10/10
Stage: Permitting
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Geologist and capital markets executive with 20+ years focused exclusively on the mineral resource space, including time as a mining analyst at Sprott/Cormark Securities.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Troilus's largest shareholder is Equinox Partners Investment Management, a New York value manager whose portfolio is concentrated in precious metals and resource names, at about 15%. Alongside it the register carries Quebec institutional money -- Investissement Quebec, the Caisse de depot and Fonds de solidarite FTQ, which came in through a strategic investment in 2021 -- plus Franklin Templeton and VanEck, and the C$172.5 million bought deal in November 2025 brought in further global funds. The one caveat worth stating: the 15% figure is from April 2024, and the company has raised a lot of money since, so the position has very likely been diluted.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Troilus Mining is advancing the past-producing Troilus gold-copper property in Quebec toward a large open-pit operation and was selected in July 2026 for the Government of Quebec's Filon accelerated permitting stream. The resource effective 31 December 2025 contains 10,200,000 oz of gold in measured and indicated resources, along with 868.5 million lb of copper and 21.3 Moz of silver, plus 2,000,000 oz of gold inferred. The updated technical report released on 9 September 2026, after basic engineering, shows an after-tax NPV5% of US$3.2B and a 22% IRR at US$3,600/oz gold and US$5.00/lb copper, with initial capital of US$1.61B, a 26-year mine life and an all-in sustaining cost of about US$1,340 per payable ounce net of copper and silver credits. An environmental and social impact assessment was submitted in mid-2025.
Q2 FY2026 MD&A: the company's Auramet short-term loan (US$15M drawn) plus accrued interest, totaling US$15,938,965, was fully repaid on November 14, 2025 -- before this quarter's January 31, 2026 balance sheet date. The proposed US$1.0-1.2B project debt-financing package with Societe Generale/KfW IPEX-Bank/EDC remains an unclosed, non-binding mandate ('due diligence is ongoing'). Non-current financial liabilities on the quarterly summary table (~$14.8M) are stated to 'represent the long-term portion of lease liabilities' only.