Core Viewpoint - Troilus Gold Corp. has secured a loan agreement with Auramet International for up to US$35 million to support its near-term development activities, enhancing financial flexibility and reducing capital costs [1][2]. Loan Agreement Details - The loan agreement provides a principal amount of up to US$35 million (~CDN$49 million) to support final permitting, early works preparation, and project financing [1]. - The loan has an initial term of one year and is structured to be drawn down in tranches, with an initial tranche of US$15 million already advanced [2][3]. - The remaining US$20 million will be available for drawdown starting 90 days after the initial advance, subject to certain conditions [2]. Financial Terms - The loan bears a monthly interest rate of 1.0% on the outstanding balance and is secured by a negative pledge on the company's assets [3]. - Troilus has the option to prepay the loan without penalty and may extend the maturity for an additional six months at a higher interest rate of 1.25% per month [3]. Warrants Issuance - In consideration of the first tranche, the lender received 5,000,000 warrants exercisable at an exercise price of $0.60 per share [4]. - An additional 5,000,000 warrants will be issued upon the drawdown of the second tranche, with the exercise price set at a 10% premium to the 5-day VWAP prior to issuance [4]. Company Background - Troilus Gold Corp. is a Canadian development-stage mining company focused on advancing the former Troilus Mine towards production, located in Quebec [6]. - The company holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt and has a feasibility study supporting a 22-year, 50ktpd open-pit mining operation [6]. Auramet International - Auramet is a major player in the precious metals industry with over US$25 billion in annual revenues and provides a full range of services [5]. - The company acts as Troilus's senior advisor on project financing initiatives, bringing extensive industry expertise [5].

Core Viewpoint - The company is on track with project development and has experienced strong tailwinds in Q1 2025, despite external challenges [1][19]. Project Development and Financing - The company aims to complete construction of the Northern Pipeline by the end of 2026 and the Southern Pipeline by the end of 2027, with an aggressive schedule in place [2]. - Key objectives in Q1 included establishing new companies for project development and securing a lead project investor to raise capital and fund construction [3]. - A $20 million equity raise was closed in Q1 to cover capital costs and development expenses, ensuring the company remains on schedule [9]. Strategic Decisions and Market Positioning - The company secured a deal to purchase 180 miles of steel pipe from the Keystone XL project, which is not subject to the 25% tariffs on imported steel announced by President Trump, thus mitigating project cost risks [4]. - The company delayed permit applications until the new administration was in place, anticipating a more efficient review process under the Trump Administration, which is expected to provide a tailwind for project development [5]. - The company locked in linear generation technology that qualifies for a 50% Investment Tax Credit (ITC) on approximately $120 million in expected costs, which is crucial for securing project investors [6]. Joint Powers Authority and Municipal Financing - The Victor Valley Wastewater Reclamation Authority voted to form a Joint Powers Authority (JPA) to support municipal financing for the project, allowing access to municipal debt for construction financing [11]. ATEC Operations and Market Growth - ATEC completed delivery on the 60MGD Central Utah treatment project and opened a new building to double its production capacity, indicating growth in operations [12]. - The groundwater remediation market in the U.S. is projected to grow at a CAGR of 8.4% to $163.4 billion by 2027, with ATEC's opportunities in various stages of project development increasing significantly in Q1 [13]. Cadiz Ranch Developments - The company is building out wellfield infrastructure at Cadiz Ranch and assisting in the permit process for a hydrogen production facility, with interest from other developers for additional facilities [17][18].

Financial Data and Key Metrics Changes - The company reported a significant increase in contract bookings, rising 90% quarter-over-quarter to $660 million from $350 million [21][44] - Recognized revenue for 2024 was just over $46 million, slightly below the lower end of guidance due to a transitional year for project starts [24][48] - Gross margins improved year-over-year from approximately 5% to 13.5%, although still below the expected range of 15% to 20% [25][50] - Adjusted EBITDA for 2024 improved modestly to a loss of $57.9 million, within the guidance range of a loss between $45 million and $60 million [52] Business Line Data and Key Metrics Changes - The company is focusing on energy storage systems and has begun to operate energy infrastructure assets to capture more reliable revenue streams [8][12] - The backlog of projects in Australia and the United States is a key driver of future revenue, with significant growth in contract bookings [22][44] - The company has invested $59 million into energy storage assets, which are expected to generate higher margins in the long term [48][54] Market Data and Key Metrics Changes - The main regional drivers for growth were identified in Australia and the United States, particularly with utilities and independent power producers [23][44] - The company has a total of 2.6 gigawatt hours in projects in Australia, with significant contracts awarded and under construction [44] Company Strategy and Development Direction - The company is executing a build, own, and operate strategy, focusing on creating a portfolio of large megawatt projects to ensure consistent revenue generation [31][56] - The energy infrastructure strategy aims to minimize merchant risk while maximizing revenue potential through government-backed offtake agreements [34][42] - The company is adapting its resource allocation to focus on promising projects while optimizing costs in non-core areas [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of adapting to market changes and the need for cost-effective energy storage solutions [30][41] - The company expects a significant uptick in recognized revenue in 2025 due to a large contracted backlog and ongoing project execution [36][41] - Management acknowledged challenges related to declining lithium-ion prices but remains confident in achieving margin expansion in 2025 [40][102] Other Important Information - The company is in the process of finalizing project financing for the Calistoga Resiliency Center and expects to close a funding commitment in April 2025 [27][54] - The company maintains significant bonding capacity in excess of $1 billion to facilitate additional growth projects [55] Q&A Session Summary Question: What are the gating factors to hitting operational targets for Calistoga? - Management indicated that the project is in commissioning and expects to energize the system within 30 to 60 days, with financing committed [62][64] Question: What mitigating steps are being taken regarding tariff impacts? - Management noted that while tariffs have delayed some project decisions, there is a push to complete deliveries before larger tariffs kick in, and the company benefits from projects in Australia that are not affected by US tariffs [70][72] Question: Can you provide an update on the Snyder project? - Management confirmed that the gravity demonstration systems are complete and being used to host customers, with no near-term CapEx planned for 2025 [90][92] Question: What is the expectation for project financing for Cross Trails? - Management is actively in the market for financing and is optimistic about securing a counterparty in the coming months [96] Question: Is licensing royalties included in the revenue guidance? - Management stated that licensing royalties are not included in the revenue guidance, as they have historically contributed a de minimis amount [99] Question: Will margin likely be higher for 2025 due to declining lithium-ion prices? - Management expects margin expansion in 2025 due to improved supply chain management and pricing strategies [102]