Troilus launches C$150m bought deal
Troilus Gold has announced a C$150-million bought deal public offering, marking a significant step in advancing its namesake copper/gold project in northern Québec toward a construction decision.
Under the agreement with Desjardins Capital Markets, Cormark Securities, and Haywood Securities, the underwriters will purchase 116.28-million common shares at C$1.29 each, with an option to acquire up to an additional 15% to cover over-allotments.
The net proceeds will fund ongoing predevelopment work, repay debt, and provide working capital and general corporate funds, the company said.
Troilus has made strong financing progress this year, securing $1.3-billion in indicative support from global export credit agencies, establishing a mandated $700-million debt package led by international lenders, and agreeing to indicative offtake terms with European smelters Aurubis and Boliden.
In parallel, the company filed its Environmental and Social Impact Assessment in June 2025 with provincial and federal regulators after more than five years of environmental studies and consultation with local and Indigenous communities.
Basic engineering, led by BBA of Montréal, is now more than 85% complete, positioning Troilus to move into detailed execution ahead of a targeted 2026 construction decision.
Troilus continues to assess potential streaming and vendor-backed financing options, with final due diligence on its debt financing expected to conclude in early 2026.
The offering is expected to close around November 14, 2025, subject to customary approvals, including from the TSX.
The former Troilus mine produced more than two-million ounces of gold and 70 000 t of copper between 1996 and 2010.
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