Troilus Mining has received a credit-approved commitment letter for $850m (C$1.21bn) in debt underwriting from KfW IPEX-Bank and Société Générale.
The funding is intended to support the development of the company’s Troilus Gold-Copper Project in Québec, Canada.
This commitment is part of a planned total debt financing package that is set to reach $1.1bn.
The remaining portion is expected from Export Development Canada, which has proposed a $250m contribution subject to its final internal approval process.
According to Troilus, the commitment letter represents a significant development in its previously announced debt financing mandate.
The letter moves a large proportion of the financing from the mandate stage to credit-approved commitments. The approval was granted following due diligence by the lenders, covering technical, environmental, social and financial factors.
The debt commitments from KfW IPEX-Bank and Société Générale are structured as senior secured project finance facilities.
These are subject to a series of conditions including completion of the full $1.1bn facility, necessary regulatory approvals, agreement of definitive documentation, approval by export credit agencies and the fulfilment of other standard conditions.
Troilus CEO Justin Reid said: “These credit approvals represent one of the most significant financing milestones in Troilus’ development to date.
“The underwriting commitments from KfW IPEX-Bank and Société Générale reflect the depth of work undertaken to establish the project’s technical and economic foundations and advance our execution plan.
“With $850m in credit-approved commitments, we have taken a substantial step toward assembling the funding required to build Troilus.”
The financing envisages support from European export credit agencies, with interest rates and terms in line with similar international project finance deals.
The proposed structure offers a cost-effective funding arrangement featuring a repayment grace period of up to three years during construction and a ten-year amortisation period tailored to expected project cash flows.
Final terms will be announced following the completion of definitive agreements.
Troilus and its advisor Auramet International are now working towards finalising the facility agreements and completing the financing package.
The company is also engaged with European export credit agencies regarding the remaining components required for financial close and a final investment decision.
In March 2026, Troilus signed a long-term offtake arrangement for copper-gold concentrate with Boliden Commercial through a memorandum of understanding.
