TSX-listed Troilus Mining Corp has reported that it achieved major technical, regulatory, organisational and financing milestones required to advance the company’s flagship Troilus copper/gold project, in Canada, into its next phase of development, while substantially increasing shareholder value, with the company’s share price increasing by about 432% over the year in 2025.

In an open letter to shareholders, CEO Justin Reid expresses that this progress has established a strong foundation as the company enters 2026, which he describes as a transition year focused on advancing detailed engineering, permitting and financing in preparation for construction.

Throughout the year, Reid points out that the company advanced across all critical development streams in parallel.

He notes that Troilus completed basic engineering and transitioned into detailed engineering, submitted its environmental- and social-impact assessment at both the federal and provincial levels, and further improved geological confidence of mineral resources through targeted drilling.

At the same time, he says, the company strengthened the organisation with key additions to its leadership and operational teams and continued to modernise internal systems to support the transition from project development to execution.

“Outstanding market performance over the year reflected the impact of this operational delivery and continued investor confidence in the quality and scale of the Troilus project.

“Importantly, this performance was underpinned by tangible progress on the ground and increasing project readiness, rather than macro conditions alone,” he expresses.

“We were pleased to see Troilus continue to be recognized as a project of strategic importance within the broader critical minerals ecosystem.

“Our inclusion as a corporate delegate on the Canadian government’s critical minerals trade missions to Germany and to Japan and South Korea reflect growing global interest in the Project and its alignment with secure, long-term supply chain priorities”.

Reid says that, with key gating items of the development pathway now well advanced, Troilus enters 2026 focused on disciplined execution.

“The coming year is expected to mark a transition from planning to early construction readiness, as we continue to advance and derisk the project.”

Reid also outlines the company’s completion of about 13 300 m of targeted drilling to improve geological confidence and advance mineral resources, as well as the company’s continued build-out of a construction-ready organisation, including senior operational appointments and strengthened health and safety systems.

He also highlights the advancement of a structured project financing framework, supported by about $1.3-billion in indicative expressions of interest from export credit agencies and a mandated senior debt facility, which was upsized from $700-million to $1-billion.

Reid notes that comprehensive technical, financial and environmental and social due diligence has been under way since early 2025 and will continue in 2026 to underpin the finalisation of the debt package.

Moreover, Reid notes the agreement of indicative commercial offtake terms with Aurubis and Boliden, noting that, in parallel, discussions with potential Canadian smelters are ongoing, with the expectation that a portion of future concentrate production will be processed domestically to support local supply chains.

Reid says these arrangements are expected to be finalised in 2026.

Reid also highlights the completion of a C$172.5-million bought-deal equity financing in November 2025, expanding the company’s institutional shareholder base.

Reid says that, going forward, the company will continue to deliver on all aspects of project development.

“The year ahead is expected to be defined by continued advancement of detailed engineering, progress through permitting with a focus on achieving social acceptance through comprehensive consultations and collaboration with local stakeholders and Indigenous rightsholders, completion of financing arrangements, early site works, and the continued build-out of organisational and operational readiness.

“Troilus remains committed to responsible project development, operational excellence, and alignment with national and international critical-minerals priorities.

“With a strong foundation in place, we are focused on delivering long-term value for shareholders, communities and Indigenous rightsholders as we advance toward construction and production.

“We thank our shareholders, partners and stakeholders for their continued support and engagement. Your confidence in the project and the team underpins our commitment to responsible development and the creation of long-term value,” he says.