Troilus Gold has reached indicative commercial offtake terms with Boliden Commercial for the sale of copper-gold concentrate from the Troilus project in Quebec, Canada.
The Troilus project, according to the May 2024 feasibility study, is set to produce an average of 135.4 million pounds of copper equivalent annually. This translates to 75,000 wet metric tonnes (WMT) of concentrate that contains payable copper, gold, and silver.
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The indicative terms of the offtake include concentrate quality specifications, precious metals payabilities, treatment and refining charges, and penalties for deleterious elements.
Metallurgical testing and historical data suggest that the concentrate will meet the required standards without penalties.
The agreement with Boliden follows a similar agreement with Aurubis, a Germany-based provider of non-ferrous metals, and underscores the project’s role in the European critical minerals supply chain.
Troilus Gold CEO Justin Reid stated: “We are proud to welcome one of Europe’s most respected mining and smelting companies as an offtake partner, renewing a long-standing relationship that began during Troilus’ past-producing years, when Boliden processed some of the site’s original concentrate. We are pleased to align with key players in Europe’s critical minerals ecosystem and believe these recent offtake agreements reinforce our technical credibility and the high quality of the product we intend to deliver.
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By GlobalData“With the recent filing of our environmental and social impact assessment and these offtake milestones, we are advancing across regulatory, technical and commercial fronts toward a construction decision. We look forward to building a long-term partnership with Boliden and are proud to align with organisations that share our values around responsible sourcing and long-term collaboration.”
The final binding offtake agreements with Boliden and Aurubis are anticipated to coincide with the completion of a comprehensive $700m debt financing package announced in March 2025.
This financial support is being organised by Société Générale, KfW IPEX-Bank, and Export Development Canada, with expected backing from European export credit agencies.
Troilus Gold’s debt financing efforts are supported by Auramet International and Ocean Partners USA, which are advising on the structuring and negotiation of the offtake strategy.
The company is progressing towards a construction decision for the project.
