Development-stage mining company Troilus Gold has increased its previously announced bought-deal offering to C$28 million.
The revised offering will now consist of 51.15 million units priced at C$0.35 each, alongside 10.9 million traditional flow-through shares at C$0.405 per share, and 8.6 million Quebec flow-through shares at C$0.42 each.
Initially, Troilus aimed to raise C$22 million to finance exploration and development activities at its namesake project in Quebec. A feasibility study conducted in May 2024 for the Troilus project, which was previously operational, supports a large-scale, 50,000 tons per day open-pit mining operation. The primary mineral targeted for extraction will be gold, with an estimated 5.4 million ounces projected over a 22-year mine life. Additionally, Troilus stands out as Quebec's largest permitting-stage copper project and the third-largest undeveloped copper project in the province, with an anticipated annual copper production of 17.3 million pounds, totaling 381.8 million pounds over the expected 22-year lifespan.
Furthermore, Troilus has boosted the renewable energy capacity at its mining site through the installation of an alternative solar and wind energy generation system, developed in collaboration with Montreal-based Tugliq Energie.
This new system features 500 solar panels capable of generating up to 222.5 kWp, a wind turbine with a capacity of 15 kWp, and a fully integrated containerized control room. The electricity produced from these solar and wind sources will complement the existing renewable energy supplied to the Troilus site via the Hydro-Quebec grid, providing a backup energy source in case of any disruptions to the grid connection.
“Troilus is already supported by a 50 MW substation linked to the Hydro-Quebec grid, which provides sustainable renewable energy through dedicated transmission lines spanning 107 km. As we prepare for the potential resumption of operations at the Troilus mine, we aim to explore a diverse mix of sustainable energy solutions to augment hydroelectric power. This new installation with Tugliq not only offers an on-site supplementary and backup electricity source but will also furnish valuable data for developing a reliable, sustainable, and cost-effective energy mix as we strive for a carbon-neutral future at Troilus,” stated CEO Justin Reid.
Tugliq delivered the plug-and-play system to Troilus earlier this month in three containers. With assistance from workers from the Cree Nation of Mistissini and a supervisor from Tugliq, site staff installed anchors for the solar panels, erected the wind turbine, and connected the system to the Troilus camp. The modular design is optimized for harsh climates, enabling rapid deployment and scalability to accommodate future energy requirements.
Troilus and Tugliq have set up wind monitoring devices at the site to collect data on wind frequency and intensity over the next year. This information will assist Troilus in identifying suitable locations for potential wind farm development. Preliminary surveys indicate that areas surrounding the Troilus mine could generate sufficient wind power not only to significantly meet Troilus' future energy demands but also to supply the Hydro-Quebec grid.
Commentaires