Troilus Gold, a Canadian development-stage mining company, has furthered its project financing strategy by securing two new letters of intent (LOIs).
The official Export Credit Agency of Finland, Finnvera, has expressed its intent to provide up to $300m (€284.69m), while the Swedish Export Credit Agency (EKN) has committed approximately $200m (SKr2.2bn).
These funds are earmarked to support the development of the Troilus copper and gold project.
Following a recent $500m LOI with Euler Hermes, these further LOIs highlight the company's strategic initiatives to secure a solid financing package for the development of the Troilus project.
Located in the favourable mining jurisdiction of Quebec, Canada, the project boasts a significant land holding of 435km² in the Frôtet-Evans Greenstone Belt.
The Troilus Project's advancement is a key focus for Troilus Gold as it works towards finalising its financing strategy.
The company aims to propel the former Troilus gold and copper mine back into production.
A feasibility study completed in May 2024 has laid the groundwork for a substantial 22-year, 50,000-tonnes-per-day open-pit mining operation.
Troilus Gold CEO Justin Reid said: “With the addition of $500m in LOIs from Finnvera and EKN, we have now received in-principle support representing a significant percentage of the project’s total capex.
“This further demonstrates the strength and strategic importance of the Troilus Project on an international scale. The partnerships with the Finnish, Swedish and German export credit agencies underscore the strength of the project's fundamentals and the confidence these global institutions have in Troilus.
“As we progress towards securing a fully funded construction package, we are confident in our approach and proud to see Troilus recognised as a critical North American copper-gold asset in the global supply chain.”
