Troilus Gold Corporation

2023 Troilus ESG Report

Published on July 16, 2024

Troilus is a feasibility-stage Canadian mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. The 435 km² Troilus property is located in the top-rated mining jurisdiction of Quebec, Canada, within the prospective Frôtet-Evans Greenstone Belt.

Disclaimer and Forward Looking Statements

Company Profile

Organizational Profile

Name

Troilus Gold Corporation

Describe nature of activities, brands, products and services

Troilus Gold Corp. is a Canadian development-
stage mining company dedicated to the
systematic advancement of the former Troilus
gold and copper mine towards a mine-restart.
Located in the tier-one mining jurisdiction of
Quebec, Canada, Troilus holds a large land
position of 435 km² within the Frôtet-Evans
Greenstone Belt. A Feasibility Study completed
in May 2024 supports a generational scale 22-
year, 50ktpd open-pit mining operation,
projecting average annual production of
303,000 oz of gold equivalent (or 135.4 million
lbs of copper equivalent)*. The Troilus Project
ranks among Canada’s largest undeveloped
gold-copper assets .

Link to Corporate Website

https://www.troilusgold.com/

Industry Classification

NAICS:
21222 Gold and silver ore mining

Market Capitalization

$0-$100Million USD

Type of Operations

Exclusively non-producing operations

Company Headquarters

Montreal, Canada

ESG Accountability

Role and Name of highest authority within company for Environment, Social and Governance strategy, programs and performance

Catherine Stretch, VP Corporate Affairs

Catherine Stretch, VP of Corporate Affairs is
tasked with overseeing ESG practices and
reports directly to the CEO. Ms. Stretch
informs the ESG Committee on ESG issues
pertaining to the company on a quarterly basis;
in turn, the ESG Committee reports to the
Board of Directors.

GRI Reporting Requirements

Choose the statement as to how the organization has aligned their reporting utilizing GRI Standards

The organization has reported with reference
to the GRI Standards for the period defined
below

IFRS Sustainability Disclosure Standards Reporting Requirements

Choose the statement of compliance

The organization has not fully complied with all
IFRS Sustainability Disclosure Standards

ESG Reporting Period

Unless otherwise noted, all data contained in this report covers the following period

From

2023-01-01

2023-12-31

External Assurance

Describe your company's policy and practice for seeking external assurance, including whether and how the highest governance body and senior executives are involved

The Company self reports on its ESG activities
and does not currently have external
validation. Data is collected by senior
management for compilation into the annual
ESG Scorecard and Annual Sustainability
Report which are approved by the Board of
Directors and published on the Company's
website. The Company does have the
ECOLOGO certification from the Quebec
Mineral Exploration Association which requires
a third-party audit every three years.

Has the report been externally assured

Financial Reporting Period

Does the financial reporting period align with the sustainability reporting period (eg. calendar vs fiscal)

Specify the reporting period for its financial reporting

From

2023-07-31

2024-07-31

If financial reporting period does not align with the period for its sustainability reporting, explain the reason for this

The financial reporting period for Troilus does
not follow the calendar year. However, Troilus
reports on Sustainability on the calendar year
as such the majority of our regulatory reporting
on environment and social issues follows the
calendar year.

Geographic Scope of Report

Unless otherwise noted, the data in this report covers sustainability matters related to the following locations of operations

Canada

Identify notable exclusions of the geographical and/or business scope of the report, and reference of any existing or planned reports that do or will address these (e.g., assets recently divested or acquired, non-managed joint ventures, specific exploration activities, recently closed sites, etc.)

None

Reporting Practice

Provide the full contact details (name, title, address, email and/or phone number) for an individual responsible to address questions regarding the report or its contents

Catherine Stretch, VP Corporate Affairs
catherine.stretch@troilusgold.com

Currency

Unless otherwise noted, all financial figures referenced in this report are in the following currency

CAD

Membership of Associations

List of the industry associations, other membership associations, and national or international advocacy organizations in which the organisation participates in a significant role, as well as any economic, environmental, and social charters, principles, or other programmes that the organisation subscribes to or supports, such as the United Nations Global Compact (UNGC), etc.

UN Global Compact
ECOLOGO
AEMQ

Scale of the Organization

Describe how the organization defines its "Operation"

Troilus has a single operation which is an
exploration and development site in Northern
Quebec which was formerly an operating mine
(1996-2010). Activities at the site are focused
on exploration and development and there is no
production. Occupancy at site ranges from 25-
65 people who are housed in a temporary camp
facility. The camp is connected to the
hydroelectric grid. The camp is accessible by
road. Troilus has offices in Toronto, Montreal,
Chibougamau and a community liaison office in
Mistissini.

Report the total number of operations

Report the quantity of products or services provided during the reporting period and provide description (e.g. number of units produced, amount of primary commodity produced, number of services provided, etc.)

No production

Fragile and Conflict-Affected Situations

Identify all of the entity's countries of operations that align with the World Bank's list of "Fragile and Conflict-Affected Situations"

None

Mineral Resource Types in Scope

Which of the following mineral resource types are covered by this report

• Inferred
• Indicated

Mineral Reserve Types in Scope

Which of the following mineral reserve types are covered by this report

None

Strategy

Link to company's statements of: Purpose, Vision, Mission and Values; Sustainability/ESG strategy (URL)

https://troilusgold.
com/sustainability/overview/

Provide a statement from the highest governance body or most senior executive of the organization (i.e., CEO, chair, or equivalent senior position) about the relevance of sustainable development to the organization and its strategy for contributing to sustainable development. (CEO's message for this report)

Please see the attached statement from our
CEO.

Sustainability at Troilus Gold Corp.

Statement from the CEO

Justin Reid, CEO

Material Topics

Governance of Material Topics

Describe the process followed to determine the organization's material topics, including:

How did the organization identify the material topics

• Economic impact assessment
• Environmental impact assessment
• Social impact assessment
• Civil society organizations

How did the organization prioritize the impacts based on their significance

As an exploration & development stage project
in Northern Quebec, we have prioritized
environment (current footprint, permitting and
future planning for mine restart), engagement
with First Nations and local communities, GHG
emission (planning for a future carbon neutral
operation), health & safety, local procurement,
infrastructure, diversity and governance.

Specify the stakeholders and experts whose views have informed the process of determining its material topics and provide details

• Employees and other workers
• Governments
• Local communities
• Shareholders and other capital providers

List the organization's material topics

• Anti-corruption
• Biodiversity
• Child Labor
• Communications
• Compliance
• Diversity and Equal Opportunity
• Emergency Preparedness
• Emissions
• Employment
• Energy
• Environmental Assessment
• Equal Remuneration for Women and Men
• Forced or Compulsory Labor
• Freedom of Association and Collective
Bargaining
• Indigenous Rights
• Indirect Economic Impacts
• Labor Practices
• Local Communities
• Non-discrimination
• Occupational Health and Safety
• Overall environmental
• Permitting
• Procurement Practices
• Training and Education
• Water

List the organization's non-material topics

• Economic Performance
• Market Presence
• Materials
• Effluents and Waste
• Products and Services
• Transport
• Supplier
• Environmental Grievances
• Labor/Management Relations
• Supplier Assessment for Labor Practices
• Grievance Mechanisms
• Human Rights Investment
• Security Practices
• Supplier Human Rights Assessment
• Human Rights Grievance Mechanisms
• Public Policy
• Anti-competitive Behavior
• Supplier Assessment for Impacts on Society
• Grievance Mechanisms for Impacts on
Society
• Artisanal and Small-scale mining
• Resettlement
• Closure Planning
• Customer Health and Safety
• Product and Service Labeling
• Marketing
• Customer Privacy
• Materials Stewardship

Provide reasons for considering such topics not material, provide details

Not applicable

Troilus is not in production, has no revenues, no
customers, no waste generated, no
suppliers. Operating in northern Canada,
concerns such as artisanal mining, child labour,
forced labour, human rights abuses are not an
issue and are strictly governed by Canadian
law. At Troilus our focus is on the health and
safety of our employees at site, engagement
with local communities, environmental
permitting and planning for a sustainable future
mine site.

Report changes to the list of material topics compared to the previous reporting period

No changes this reporting period.

For the top 5 material topics, the reporting organization shall report the following information:

Topic #1

Water

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Since Troilus is at the development stage,
understanding and addressing potential future
impacts regarding water is a top
priority. Troilus has actively engaged with
stakeholders to ensure that design and
engineering decisions for the future mine site
address concerns regarding the surrounding
watershed. Indigenous stakeholders consider
water a priority issue and have been consulted
for their input, knowledge and advice on
ensuring water quality in the future and a site
layout that respects the local environment.

Where the impacts occur

The impacts occur at the Troilus site in
northern Quebec.

Topic #2

Environmental Assessment

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Troilus is currently in the midst of the
Environmental and Social Impact Assessment
which will be submitted to the provincial and
federal governments for consideration. Once
the ESIA is approved the permits will be
granted to move forward with construction and
eventual production. As such, Environmental
Assessment is a key area of focus for the
Company and successful completion will result
in a license to operate - environmentally and
socially.

Where the impacts occur

Northern Quebec, Canada

Topic #3

Permitting

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Troilus is currently completing the ESIA for the
project. Acceptance of the ESIA will result in
permits being granted to move forward with
the mine development so Permitting is a
primary focus for the Company right now.

Where the impacts occur

Northern Quebec, Canada

Topic #4

Indigenous Rights

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

The Troilus site is located on Category 3
indigenous lands. Indigenous people have
certain rights and responsibilities. Troilus
works closely with the local indigenous
population, enjoys a good relationship and
consults often with local indigenous
families. Securing social acceptance from the
local indigenous population is key to the
ongoing development of the Troilus mine.

Where the impacts occur

Northern Quebec, Canada

Topic #5

Local Communities

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Troilus is located in a remote region (175 km by
gravel road to the closest town). Local
communities are and will be an integral part of
the Company's success providing labour and
supplies and the Company will become a
significant employer, potentially changing the
local populations. As such, the Company
engages in ongoing engagement with local
communities and is committed to being a long
term corporate neighbour that contributes to
the livelihoods and well being of local
communities.

Where the impacts occur

Northern Quebec, Canada

Supply Chain

Provide a description of the organization’s supply chain, including the types of suppliers (e.g., equipment, consumables, logistics, brokers, contractors, wholesalers, etc.)

Troilus is not in production, does not generate
any revenue, or sell any goods or services. The
majority of the Company's suppliers provide
services to support the Company's activities
around mineral exploration and development
which includes exploration & drilling activity in
the field and support for the operation of a 65
bed camp, engineering consultancy work, and
corporate services such as communications and
investor relations. Physical goods are supplied
to support the work activity at the mining site -
such as food, vehicles, and fuel.

Total estimated number of suppliers throughout its supply chain and in each tier (e.g., first tier, second tier)

Estimated number of first tier suppliers

Estimated number of second tier suppliers

Estimated number of third tier suppliers

The types of activities related to the organization’s products and services carried out by its suppliers (e.g., manufacturing, providing consulting services)

• Consultancy Services
• Food and hospitality
• IT Services
• Mobile Equipment

The Company does not have any products or
services. It is an exploration and development
stage mining company. There is no revenue and
no production or goods or services. "Suppliers"
provide goods and services to the Company to
support the operation of a 65 person
exploration camp in Northern Quebec (fuel,
vehicles, food, kitchen & janitorial
services). The Company also uses the services
of external technical consultants to develop the
design & engineering of the future mine site,
compile the ESIA, assist with communications
and investor relations.

What is the nature of its business relationships with its suppliers

• Contractual
• Non-contractual
• Project-based
• Short-term

The sector-specific characteristics of its supply chain

Labour-intensive

The estimated monetary value of payments made to all suppliers ($Millions)

31.200

The geographic location of its suppliers

• Canada
• United States of America

Environment

Climate Change - Stewardship

Strategy

Have climate-related risks and opportunities influenced your organization’s strategy and/or financial planning

Yes

Since Troilus is still at the development stage,
we view planning for climate-risk as an
opportunity. Troilus has access to low cost,
sustainable hydroelectric power and we are
incorporating increased utilization of this
energy source into our mine design and
planning to minimize the carbon footprint of
the future mining operation as much as
possible.

In 2023, operations at the Troilus site had to be
suspended for 7 weeks due to the impacts of
forest fires in northern Quebec. Although
there was no damage at the Troilus site, access
to the electrical grid was compromised and
smoke from fires in the region made it unsafe to
continue work. It is anticipated that forest fires
will continue to occur and have the potential to
impact future operations.

Does your organization have a process for identifying, assessing, and responding to climate-related risks and opportunities

Yes

As Troilus is still in the exploration and
development stage, climate-related risks and
opportunities are not significant. The
Company's focus with regard to climate-related
risks and opportunities is to design a future
mining operation that takes these into
account. The Company believes that decisions
it makes now regarding the design of the mine
site can have a significant impact on the
operation's climate impact.

Risk Assessments

Have you identified any inherent climate-related risks with the potential to have a substantive financial or strategic impact on your business

Yes

Risk 1 - Provide details of the most material (financial or strategic) climate-related risks to your operations:

Where in the value chain does the risk driver occur

Direct operations

Risk classification

Acute Physical - Increased likelihood and
severity of wildfires

Time horizon of risk

Long-term

Likelihood of impact

Likely

Magnitude of impact

Unknown

The financial implications of the risk before action is taken ($ Millions)

Explain your financial estimates of impact

The Troilus mine site is located in northern
Quebec. With rising global temperatures,
summer wildfires have become an increasing
risk and are expected to happen from time to
time although the frequency is unpredictable
and will depend on weather patterns.
At the Company's current state of
development, wildfires could cause a
temporary shutdown of operations to ensure
the health and safety of staff. As Troilus does
not have any production as yet, there would be
no impact on revenues but this could be a
factor in the future.

Primary potential financial impact

Increased indirect (operating) costs

The methods used to manage the risk

Other, please specify

This risk is managed through engagement with
regional authorities and local communities and
practicing emergency preparedness.

If the reporting organization does not have a system in place to calculate the financial implications or costs, or to make revenue projections, please report its plans and timeline to develop the necessary systems to do so

Temporary suspension of activities at
site. Financial cost would be minimal since the
company is not yet in production and does not
generate revenue. The cost is the delay of work
in advancing to relevant technical milestones
since drilling and exploration cannot take place
when there is a risk from wildfires.

Opportunity Assessments

Have you identified any climate-related opportunities with the potential to have a substantive financial or strategic impact on your business

Yes

Opportunity 1 - Provide details of the most material (financial or strategic) climate-related opportunities to your operations:

Where in the value chain does the opportunity driver occur

Direct operations

Opportunity type and classification

Energy source: Use of new technologies

Opportunity time horizon

Long-term

Opportunity likelihood

Very likely

Magnitude of impact

Medium

Explain your financial estimates of impact

The mineral deposit at the Troilus mine
includes copper, a strategic metal necessary for
the energy transition. Estimated revenue will
depend on copper pricing at the time of
production. During its previous operation from
1996 to 2010, the Troilus mine produced
70,000 tonnes of copper. Over the projected 22
year mine life, Troilus expects to produce 17.3
million lbs of copper annually.

Primary potential financial impact driver

Increased revenues resulting from increased
demand for products and services

The methods used to manage the opportunity

Not Applicable

The costs of actions taken to manage the opportunity ($ Millions)

If the reporting organization does not have a system in place to calculate the financial implications or costs, or to make revenue projections, it shall report its plans and timeline to develop the necessary systems to do so

The mineral resource at the Troilus site is gold
and copper. Copper is considered a key mineral
in the drive to develop renewable energy
technologies. As the energy transition
continues to unfold, new sources of copper
supply are expected to become increasingly
valued. The current mineral resource estimate
indicates that once in production the Troilus
mine would be the biggest copper producer in
Quebec and one of the biggest in
Canada. Engineering and design for the future
mine operation is currently underway which
will include maximizing copper extraction.

Greenhouse Gas Emissions

Scope 1

Disclose the entity's absolute gross greenhouse gas (GHGs) emissions generated during the reporting period, expressed as metric tonnes of CO2 equivalent (tonne CO₂-e)

Fuel related (CH₄) (tonne)

0.038

Fuel related (N₂O) (tonne)

0.007

Carbon dioxide (CO₂) (tonne CO₂-e)

970.768

Methane (CH₄) (tonne CO₂-e)

0.950

Nitrous oxide (N₂O) (tonne CO₂-e)

2.086

Hydrofluorocarbon-23 (CHF₃) (tonne CO₂-e)

0.000

Hydrofluorocarbon-32 (CH₂F₂) (tonne CO₂-e)

0.000

Sulphur hexafluoride (SF₆) (tonne CO₂-e)

0.000

Nitrogen trifluoride (NF₃) (tonne CO₂-e)

0.000

Perfluoro methane (CF₄) (tonne CO₂-e)

0.000

Perfluoro ethane (C₂F₆) (tonne CO₂-e)

0.000

Perfluoro butane (C₄F₁₀) (tonne CO₂-e)

0.000

Perfluoro hexane (C₆F₁₄) (tonne CO₂-e)

0.000

The total amount of gross global Scope 1 GHG emissions (CO₂-e) (tonne)

973.804

The percentage of its gross global Scope 1 GHG emissions that are covered under an emissions-limiting regulation or program that is intended to directly limit or reduce emissions, such as cap-and-trade schemes, carbon tax/fee systems, and other emissions control (e.g., command-and-control approach) and permit-based mechanisms

100.0000%

Discuss any change in its Scope 1 emissions from the previous reporting period, including whether the change was due to emissions reductions, divestment, acquisition, mergers, changes in output, and/or changes in calculation methodology (i.e. any changes the entity made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes, if any)

GHG emissions more than doubled in 2023, a
direct impact of the forest fires that occurred in
Northern Quebec during the summer. Typically
Troilus gets the majority of its energy from the
electrical grid which is derived from
hydroelectric sources. Forest fires throughout
the region during the summer months caused
major damage to the hydroelectric lines and
grid electricity was cut off until the lines were
finally repaired in November. As a result,
Troilus had to rely on back up generators for
power and heating at site, which run on diesel.

In the case that current reporting of GHG emissions to the CDP or other entity (e.g., a national regulatory disclosure program) differs in terms of the scope and consolidation approach used, describe the differences and provide those reported emissions.

Troilus does not report GHG emissions to any
external entities at this time.

The entity may discuss the calculation methodology for its emissions disclosure, such as if data are from continuous emissions monitoring systems (CEMS), engineering calculations, or mass balance calculations

Not applicable

The entity may, where relevant, provide a breakdown of its emissions per resource produced or business unit

Emissions reported are all generated at the
Troilus site.

Discuss short-term, medium-term and long-term strategy or plan to manage its Scope 1 greenhouse gas (GHG) emissions

The majority of energy used to operate the
Troilus site comes from renewable sources
(hydroelectricity in Northern Quebec). Troilus
currently generates Scope 1 GHG emissions
from the use of gasoline used for vehicle
transport, diesel used in generators and drilling
at site, and propane used for heating the camp
facilities.

As it plans for a production restart, Troilus is
working on plans to develop alternative
sources of sustainable energy (wind) to
supplement the grid electricity.

Please discuss reduction emissions target(s) (if any) for Scope 1 in your company, and analyse the performance against the target(s)

None at present. Will be developed in future
once the Company is in production. GHG
emissions are currently negligible.

If relevant, what is the scope of the emission reduction target (e.g., the percentage of total emissions the target is applicable to)

The Company does not currently have an
emission reduction target. GHG emissions are
currently negligible given the stage of
development.

Scope 2

If company specific calculations are not available, disclose the gross location-based energy indirect (Scope 2) global greenhouse gas (GHG) emissions to the atmosphere (tonne CO₂-e):

Does the company purchase externally supplied energy (grid electricity)

Yes

Report the total electricity purchased from external suppliers for the reporting year in gigajoules (GJ)

9,134.000

In what jurisdiction is the source of energy (utility) located

Canada

Conversion factor (see Guidance):

0.001

Total amount of Scope 2 GHG emissions from purchased electricity (CO₂-e) (tonne)

2.537

Does the company purchase externally supplied heat

Does the company purchase externally supplied steam

Does the company purchase externally supplied cooling

The total amount of gross global Scope 2 GHG emissions (CO₂-e) (tonne)

2.537

Total amount of Scope 2 GHG emissions (CO₂-e) that are covered under emissions-limiting regulations (tonne) for the jurisdiction in which the company is working.

2.537

Percentage of its gross global Scope 2 GHG emissions that are covered under an emissions-limiting regulation or program that is intended to directly limit or reduce emissions, i.e., cap-and-trade schemes, carbon tax/fee systems, and other emissions control (e.g., command-and-control approach) and permit-based mechanisms

100.0000%

Discuss long-term and short-term strategy or plan to manage Scope 2 emissions, emissions reduction targets, and an analysis of performance against those targets

The Company is connected to the Hydro-
Quebec grid whose electricity is derived from
renewable sources. Once in production, Scope
2 emissions are expected to increase but since
all Scope 2 emissions are derived from hydro
the impact is expected to be minimal.

Please discuss reduction emissions target(s) for Scope 2 (if any) in your company, and analyse the performance against the target(s)

The Company does not currently have
reduction emission targets for Scope
2. Currently all Scope 2 is derived from hydro-
electric sources.

Scope 3

Is the Organization disclosing gross "other indirect" global Scope 3 greenhouse gas (GHG) emissions to the atmosphere of the seven GHGs covered under the Kyoto Protocol (tonne CO₂-e)? These emissions are not included in Scope 2 and occur outside of the organization including both upstream and downstream emissions, e.g., transporting fuel to market, or transporting fuel to the plant or site to create your product, or transporting your product to market

Air Emissions

Report emissions of air pollutants that are released into the atmosphere

Emissions of carbon monoxide, reported as CO (tonne)

0.000

Emissions of oxides of nitrogen (NOx), reported as NOx (tonne)

0.000

Emissions of oxides of sulphur (SOx), reported as SOx (tonne)

0.000

Emissions of Particulate Matter 10 micrometres or less in diameter (PM₁₀), reported as PM₁₀ (tonne)

0.000

Emissions of lead and lead compounds, reported as Pb (tonne)

0.000

Emissions of mercury and mercury compounds, reported as Hg (tonne)

0.000

Emissions of non-methane Volatile Organic Compounds (VOCs) (tonne)

0.000

Energy

Energy Consumption

Total energy consumption within the organization

22,704.000

Report the energy owned and controlled by the organization consumed in gigajoules for the following

22,704.000

Electricity purchased/generated for consumption (gigajoules, GJ)

9,134.000

Heating purchased/generated for consumption (gigajoules, GJ)

0.000

Cooling purchased/generated for consumption (gigajoules, GJ)

0.000

Steam purchased/generated for consumption (gigajoules, GJ)

0.000

Non-renewable fuel consumed (gigajoules, GJ)

13,570.000

Renewable fuel consumed (gigajoules, GJ)

0.000

Report energy owned and controlled by the organization sold in gigajoules and report the totals for each

0.000

Electricity sold (gigajoules, GJ)

0.000

Heating sold (gigajoules, GJ)

0.000

Cooling sold (gigajoules, GJ)

0.000

Steam sold (gigajoules, GJ)

0.000

Report the standards, methodologies, assumptions, conversion factors and/or calculation tools used

Electricity purchased was calculated from
invoices from the hydroelectric utility. Non-
renewable fuel consumption was calculated by
adding up all fuel purchases - gas, diesel,
propane, fuel oil - and converting to GJ.

Energy Management

Total energy consumed in aggregate, in gigajoules (GJ) (hydrocarbons and electricity) including the fuel types used (e.g., biomass, hydro-electric power or bioenergy)

22,704.000

Percentage energy consumed that was supplied by grid electricity

40.2308%

Percentage of energy consumed that is renewable energy (does not include purchased grid-mix)

40.2308%

Typically, the majority of energy consumed at
Troilus is derived from hydro-electric
sources. Unfortunately in 2023, massive forest
fires across the region necessitated closing the
exploration camp for 7 weeks during the
summer due to evacuation and air quality
risks. Once a return to site was permitted, the
Company had to rely on backup diesel
generators to provide electricity to the camp
because the transmission lines throughout the
region suffered extensive damage throughout
the region. The lines took months to repair so
Troilus was able to return to hydroelectric
power in November of 2023. Barring similar
circumstances (a hot dry summer and more
forest fires), Troilus anticipates the amount of
energy consumed from renewable sources will
be significantly higher and in keeping with prior
years.

Water Management - Stewardship

Quality and Quantity Dependency

Rate the importance (current and future) of freshwater quality and quantity to the success of your business

Direct use importance rating

Not very important

The Troilus site has an abundance of
freshwater available for current and future
operations. As such, freshwater quality and
quantity are not considered important factors
to the success of the business.

Indirect use importance rating

Not very important

Rate the importance (current and future) of sufficient quantity of recycled, brackish and/or produced water for the success of your business

Direct use importance rating

Not important at all

Indirect use importance rating

Not important at all

Risk Assessments

Does your organization undertake a water-related risk assessment

Yes, water-related risks are assessed

Have you identified any inherent water-related risks with the potential to have a substantive financial or strategic impact on operations

Opportunity Assessments

Have you identified any water-related opportunities with the potential to have a substantive financial or strategic impact on your business

Water scarcity or supply is not an issue for
Troilus. However, ensuring the highest
standards of water management is a top
priority. Troilus is located in a remote area of
northern Quebec. The location of the mine site
is on traditional indigenous lands that are used
by indigenous families for hunting and
fishing. The area also hosts flora and
fauna. Troilus works closely in consultation
with indigenous families to ensure that any
future mining operations will not adversely
impact water quality in the region.

Responsibility

Provide the highest management-level position(s) or committee(s) with responsibility for water-related issues

Sustainability Committee

Policy

Does your organization have a documented water policy

No, but we plan to develop one within the next
2 years

Reporting

Frequency of reporting to the board on water-related issues

Quarterly

Incentives

Do you provide incentives to C-suite employees or board members for the management of water-related issues

No, not currently but we plan to introduce
them in the next two years

Strategy

Are water-related issues integrated into any aspects of your long-term strategic business plan

Yes, water-related issues are integrated

If water-related issues are integrated into any aspects of your long-term strategic business plan, please describe further

The two formerly mined pits at site are full of
water from years of rain accumulation and
snow melt. Troilus has been granted a permit
to commence dewatering of the pits as part of
its exploration activities. To date, water has
only been moved from the smaller pit (which
was threatening to overflow) to the larger pit.
In 2024, the Company plans to begin removing
water from the smaller pit, treating it and
releasing it into the environment. This will
facilitate exploration at the bottom of the pits
once they are empty. In the future, the pits will
need to be entirely dewatered as the mineral
resources are found beneath and around the
existing pits. Troilus tests the water in the pits
regularly and has done extensive planning and
consultations regarding the flow and dispersal
of the water to be removed from the pits,
including with the indigenous land users.

As part of its long term strategic planning,
water management issues are being considered
and incorporated into the design of the future
mine to minimize environmental impacts
including diversion of water, run off from waste
pails, treatment of water from the tailings
facility, and recycling of water. Water
management is a major issue of focus for the
indigenous peoples impacted by the mine site
so their guidance and input is being
incorporated into the design.

If water-related issues are integrated into any aspects of your long-term strategic business plan, identify the associated long-term time horizon

21-30 years

Water

Reuse and recycle

Total volume of water that has been used in an operational task and is recovered and used again in an operational task, either without treatment (reuse) or with treatment (recycle) (megalitres)

159.000

Water Management

Disclose the amount of freshwater water that was consumed in its operations (in thousands of cubic meters)

169.000

Analyse and list all operations for water risks and identify activities that withdraw and consume water in locations with High (40–80%) or Extremely High (>80%) Baseline Water Stress as classified by the World Resources Institute’s (WRI) Water Risk Atlas tool, Aqueduct

Troilus has no areas of High or Extremely High
Baseline Water Stress.
Water is consumed for drilling, industrial use in
the core shack and for sanitation at camp (65
people).

Disclose the freshwater withdrawn in locations with High or Extremely High Baseline Water Stress as a percentage of the total water withdrawn

0.0000%

Disclose water withdrawn in locations with High or Extremely High Baseline Water Stress (in thousands of cubic meters)

0.000

Disclose freshwater consumed in locations with High or Extremely High Baseline Water Stress as a percentage of the total water consumed

0.0000%

Total water consumed in locations with high or extremely high baseline water stress (in thousands of cubic meters)

0.000

Was your organization subject to any fines, enforcement orders, and/or other penalties for water-related regulatory violations

Total number of incidents of non-compliance associated with water quality permits, standards, and regulations, including violations of a technology-based standard and exceedances of quality-based standards (note: only those that resulted in a formal enforcement action(s))

Violations - continuous discharges, limitations, standards, and prohibitions that are generally expressed as maximum daily, weekly average, and monthly average (regardless of their measurement methodology or frequency)

Violations - non-continuous discharges and limitations that are generally expressed in terms of frequency, total mass, maximum rate of discharge, and mass or concentration of specified pollutants (regardless of their measurement methodology or frequency)

Violations - other, please specify

Water and Effluents

Water Withdrawal by Segment

Total water withdrawn by segment, in megalitres (ML)

169.000

Surface water (total in ML)

169.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

169.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Groundwater (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Seawater (total in ML)

0.000

Produced water (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Third-party water (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Report on the total water withdrawal from all areas with water stress in megalitres (ML), and a breakdown of this total by the following sources

0.000

Surface water (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Groundwater (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Seawater (total in ML)

0.000

Produced water (total in ML)

0.000

Freshwater (≤1,000 mg/L Total Dissolved Solids or TDS)

0.000

Other water (>1,000 mg/L Total Dissolved Solids or TDS)

0.000

Third-party water, in megalitres (ML), and a breakdown of this total by the withdrawal sources

0.000

Surface water source

Not applicable

Surface water

0.000

Groundwater source

Not applicable

Groundwater

0.000

Seawater source

Seawater

0.000

Produced water source

Not applicable

Produced water

0.000

Waste Management

Tailings Storage Facilities Management

Does your company manage Tailings Storage Facilities

Yes

Provide an inventory of all tailings storage facilities (TSFs)

TSF #1: (1) Facility name

Troilus Mine

Permitted Tailings Facility

TSF #1: (2) Location

Canada

TSF #1: (3) Ownership status

Wholly owned

TSF #1: (4) Operational status

Closed

TSF #1: (5) Construction method

Upstream

The existing tailings facility used for the mine
during its previous operation was Upstream
construction. A future operation envisions a
Centerline construction.

TSF #1: (8) Consequence classification

Low

TSF #1: (10) Material findings

TSF #1: (11) Mitigation measures

The tailings facility has been closed since the
previous operation closed in 2010. The area
has been revegetated. Water from the tailings
is monitored and treated as required before
release into the natural environment.

TSF #1: (12) Site-specific EPRP

Yes

Disclose the approach to the development of Emergency Preparedness and Response Plans (EPRPs)

Troilus is a closed mine site but also in the
exploration and development stage pending a
potential restart of the mine. Camp facilities
typically house 25-65 occupants who are
engaged in exploration and development
activities. Troilus maintains an Emergency
Preparedness Response Plan to ensure the
health and safety of employees and external
contractors at site.

Disclose the company's approach to engagement concerning Emergency Preparedness and Response Plans (EPRPs) at tailings storage facilities, including the preparedness of local stakeholders

The Company meets regularly with the local
stakeholders to review the closure status of the
tailings facility. Staff at site are trained on
emergency preparedness and response.

Innovation

Spending on Research, Development, and Technologies for waste management compliance and improvement ($Millions)

1481176

Describe nature of spending on Research, Development and Technologies for waste management compliance and improvement

In 2023, Troilus had expenditures for the
design of the future tailings facility that will be
used once the mine is restarted. The focus of
the expenditures has been to develop a tailings
facility that will be safe, long-lasting, and have a
minimal environmental footprint. Troilus also
had research expenditures for programs to
better understand and manage future waste
rock. These studies will have an impact on
water quality in the future.

Biodiversity

Management Plan

Describe the environmental and biodiversity management plan(s) implemented at active sites

In addition to complying with conditions of
permits granted by provincial regulators for
drilling and other activities, Troilus complies
with the policies and procedures around
environmental and biodiversity management
prescribed by the ECOLOGO certification. This
includes practices such as pre-work inspection
to confirm the presence of any endangered or
invasive species before work begins,
maintaining set distances from any waterways
or sensitive areas, inspections during and after
work to confirm no environmental risks,
etcetera.

Ecologo Policies and Procedures

1.1 Lifecycle stages to which the plan(s) apply

• Exploration and appraisal
• Site development

1.2 The topics addressed by the plan(s)

• Discharges to water
• Ecological and biodiversity impacts
• Natural resource consumption
• Waste generation

1.3 The underlying references for its plan(s), including whether they are codes, guidelines, standards, or regulations; whether they were developed by the entity, an industry organization, a third-party organization (e.g., a non-governmental organization, a governmental agency, or some combination of these groups)

The Quebec Fauna Ministry (MFFP - Ministère
de la Forêt, de la Faune et des Parcs) issues
guidelines and conditions in the permits they
approve that are incorporated into operating
activities.

In addition, Troilus complies with the policies
and procedures defined by ECOLOGO.

ECOLOGO® Certified products, services and
packaging are certified for reduced
environmental impact. ECOLOGO
Certifications are voluntary, multi-attribute,
life cycle-based environmental certifications
that indicate a product has undergone rigorous
scientific testing, exhaustive auditing or both,
to prove its compliance with stringent, third-
party, environmental performance standards.

Impacts

Does access to the site involve traversing a protected area

The Troilus site is located in a “Reserve
Faunique”, that allows permitting for
commercial tree cutting, quarries and mines.

Do any of the entities concessions share a watershed with a protected area

Provide context and description of site access involving traversing protected areas, and/or watersheds shared with a protected area. Include reference to measures in place to assure access, any proactive programs to support the biodiversity of the protected area, and any formal complaints or compliance issues and related steps to resolve

The Troilus site can easily be reached by road
from the towns of Chibougamau, Chapais and
Mistissini.

There is direct road access to the site and no
protected areas or protected watersheds are
traversed.

Access to the Troilus Gold Project

Percentage of proved reserves in sites with protected conservation status or in areas of endangered species habitat

Does Not Apply

Percentage of probable reserves in sites with protected conservation status or in areas of endangered species habitat

Does Not Apply

Social

Scale of the Organization

Direct Employee Information

Total number of full-time employees

Full-time - Male

Full-time - Female

Full-time - Non-binary

Total number of part-time employees

Part-time - Male

Part-time - Female

Part-time - Non-binary

Total number of permanent employees (full-time & part-time)

Permanent employees - Male

Permanent employees - Female

Permanent employees -Non-binary

Total number of temporary employees

Total number of direct employees (includes full-time, part-time, temporary; exclude workers who are not employees)

Direct employees - Male

Direct employees - Female

Direct employees - Non-binary

Direct employees - Gender not disclosed

Out of the total direct employees, what is the number of non-guaranteed hours direct employees

Non-guaranteed hours - Male

Non-guaranteed hours - Female

Non-guaranteed hours - Non-binary

Non-guaranteed hours - Gender not disclosed

Describe the methodologies and assumptions used to compile the data

We have included all fulltime/parttime
employees as of 2023 year end. As a small
organization this only requires a simple
headcount.

Are the numbers reported in head count, full-time equivalent (FTE), or using another methodology

FTE

Are the numbers reported at the end of the reporting period, as an average across the reporting period, or using another methodology

End of the period

Provide contextual information necessary to understand the direct employment information provided

All fulltime employees are salary, 1 part time
employee is salary and 1 part time is hourly.

Describe significant fluctuations, if any, in the number of direct employees during the reporting period and between reporting periods

The number of employees did not fluctuate
significantly during the year.

Workers Who are Not Employees

Total number of workers who are not employees - Male (full-time, part-time)

Full-time - Male

Part-time - Male

Total number of workers who are not employees - Female (full-time, part-time)

Full-time - Female

Part-time - Female

Total number of workers who are not employees - Non-Binary (full-time, part-time)

Full-time - Non-binary

Part-time - Non-binary

Total number of workers who are not employees - Gender not disclosed (full-time, part-time)

Describe the most common types of workers who are not employees and their contractual relationship with the organization

The Company uses workers who are not
employees through a local staffing agency to
perform certain tasks at site. These workers
are full-time hourly. The Company also uses an
external firm to provide contract law clerk
services. These services are a part-time
monthly contract.

The type of work they perform

The workers are typically engaged in tasks at
site including core shack and environmental
technicians.

Describe the methodologies and assumptions used to compile the information about workers who are not employees.

The scale of the organization is small so the
information is compiled by a simple head count
at year end. The number of workers who are
not employees may fluctuate during the year
depending on the level of activity at the project
site (currently this would entail drilling &
exploration)

Is the number of workers who are not employees reported in head count, full-time equivalent (FTE), or using another methodology

FTE

Is the number of workers who are not employees reported at the end of the reporting period, as an average across the reporting period, or using another methodology

End of period

Describe significant fluctuations, if any, in the number of workers who are not employees during the reporting period and between reporting periods

The number of workers may fluctuate during
the year depending on the level of drilling and
exploration activity. The site is closed for two
weeks at Christmas and there are no workers
present during that time.

Total Workforce

Female workforce as percentage of total employed workforce

37.2093%

Male workforce as percentage of total employed workforce

62.7907%

Non-binary workforce as percentage of total employed workforce

0.0000%

Workers who are not employees (contractors) as percentage of total employed workforce

25.5814%

Employment

Turnover & Gender Breakdown

Female direct employees

Total number of turnover (the number of females that left during the period)

Rate of turnover, females

0.0000%

Male direct employees

Total number of turnover (the number of males that left during the period)

Rate of turnover, males

5.4054%

Non-binary direct employees

Total number of turnover (the number non-binary that left during the period)

Rate of turnover, non-binary

Does Not Apply

Gender not disclosed employees

Total number of turnover (the number of "gender not disclosed" direct employees" that left during the period)

Rate of turnover, "gender not disclosed"

Does Not Apply

Report the total number and rate of turnover for all Direct Employees

Total number of turnover (the number that left during the period)

Rate of turnover - direct employees

3.0769%

Turnover & Age Breakdown

Direct Employees aged 30 years old and under

Total number of turnover (the number that left during the period)

As percent of total direct employees

31.2500%

Rate of turnover

0.0000%

Direct Employees aged between 30 and 50 years old

Total number of turnover (the number that left during the period)

As percent of total direct employees

34.3750%

Rate of turnover

8.6957%

Direct Employees over 50 years old

Total number of turnover (the number that left during the period)

As percent of total direct employees

34.3750%

Rate of turnover

0.0000%

Identify types of employees captured in the turnover rate calculations

All employees on the payroll

Average age of direct employees

Diversity and Equal Opportunity

Diversity of Governance Bodies

Report the percentage of the diversity categories for the highest governance body and the total workforce per employee type

Board of Directors

Total Board of Directors

Percent Male

66.6667%

Percent Female

33.3333%

Percent Non-Binary

0.0000%

Percent Gender not disclosed

0.0000%

Percent under 30 years of age

0.0000%

Percent between 30 and 50 years of age

0.0000%

Percent over 50 years of age

100.0000%

Percent minority or vulnerable group individuals in the "Board of Directors" category

16.6667%

Diversity of Direct Employees

Senior Management

Total Senior Managers

Percent Male

60.0000%

Percent Female

40.0000%

Percent Non-Binary

0.0000%

Percent of gender not disclosed

0.0000%

Percent under 30 years of age

0.0000%