11:39 AM EDT, 05/14/2024 (MT Newswires) -- Troilus Gold ( CHXMF ) shares fell 15% after the company on Tuesday reported the results of a feasibility study for its namesake copper-gold project in Quebec.

Initial capital expenditure for the a mining project at the property is pegged at US$1.07 billion.

The study outlined an after-tax net present value of US$884.5 million in the base case using a 5% discount rate, with a 14% internal rate of return and a 5.7-year payback period.

Annual production was estimated at 244,600 ounces of gold, 17.3 million pounds of copper and 446,700 ounces of silver over a 22-year mine life.

"The study provides a strong foundation to continue building and growing the company," chief executive Justin Reid said. "Our geology team has proven their ability to identify new targets and rapidly add significant ounces, and we believe there is strong potential to further expand the scale of this project and extend the mine life beyond the 22 years presented in this study with further exploration and drilling."

After completing the study, Troilus said it is now focused on finalizing an environmental and social impact assessment on the project as well as ongoing exploration of the property.

Troilus shares were last seen last seen down C$0.15 to C$0.56 on the Toronto Stock Exchange.

Price: 0.56, Change: -0.10, Percent Change: -15.15