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A startup version of Freeport-McMoRan, focused on developing new copper and critical metal mines for the energy transition.

Imagine a future ExxonMobil, but for massive, undeveloped copper and critical metal deposits instead of oil fields, currently in the engineering and construction phase.

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• Copper Concentrates: A concentrated form of copper ore, targeted for future production and used extensively in electrical and industrial applications.
• Zinc Concentrates: A concentrated form of zinc ore, targeted for future production and primarily used for galvanizing and alloys.
• Lead Concentrates: A concentrated form of lead ore, targeted for future production and used mainly in batteries and industrial applications.
• Silver: A precious metal expected to be recovered as a byproduct from the copper, zinc, and lead concentrates.
• Gold: A precious metal expected to be recovered as a byproduct from the copper, zinc, and lead concentrates.

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Trilogy Metals (TMQ) is a mineral exploration and development company. Its primary assets are held through Ambler Metals LLC, a 50/50 joint venture with South32 Limited (ASX: S32).

As an exploration and development company, Trilogy Metals is not currently in commercial production and therefore does not have "major customers" for the sale of metals or mineral concentrates. The company's focus is on advancing its projects (the Arctic copper-zinc-lead-gold-silver project and the Bornite copper project in Alaska) through feasibility studies, permitting, and potential mine construction.

If and when these projects reach the production phase, the joint venture would typically sell mineral concentrates to global smelters and refiners, who would then process them into refined metals. However, this stage has not yet been reached.

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Tony Giardini, President & Chief Executive Officer

Tony Giardini has served as the President and Chief Executive Officer of Trilogy Metals since June 2020. He was previously the President of Ivanhoe Mines Ltd. from May 2019 to March 2020 and held the role of Executive Vice President and Chief Financial Officer at Kinross Gold Corporation from December 2012 to April 2019. Before that, he was the Chief Financial Officer of Ivanhoe Mines Ltd. (now Turquoise Hill Resources) from May 2006 to April 2012, where he was involved in overseeing the development of the Oyu Tolgoi project. Mr. Giardini also spent over a decade with Placer Dome Inc. as Vice President and Treasurer. Prior to joining Placer Dome Inc., he worked for 12 years with the accounting firm KPMG. He has extensive experience in joint ventures and large capital projects. Mr. Giardini has been a director of Trilogy Metals since 2012.

Elaine M. Sanders, Chief Financial Officer & Corporate Secretary

Elaine Sanders is the Chief Financial Officer and Corporate Secretary of Trilogy Metals. She brings over 25 years of experience in audit, finance, and accounting across both public and private companies. Her experience includes involvement in numerous financings and acquisitions, and she has successfully listed companies on both the TSX and NYSE American exchanges. Mrs. Sanders was previously the Chief Financial Officer at Capstone Mining from January 2012 to December 2012.

Richard Gosse, Vice President, Exploration

Richard Gosse is a highly experienced exploration geologist with 35 years in the field, including 15 years at the Vice President level. He previously served as the Senior Vice President Exploration at Dundee Precious Metals Inc. Before his time at Dundee, Mr. Gosse was the Vice President Exploration at Ivanhoe Mines Ltd. (now Turquoise Hill Resources Ltd.), where he was instrumental in leading exploration efforts for the world-class Oyu Tolgoi copper-gold project.

James Gowans, Director

James Gowans is currently an independent director of Trilogy Metals and previously served as the Interim President and Chief Executive Officer. He was the President, CEO, and a director of Arizona Mining Inc. from January 2016 until its acquisition by South32 Limited in August 2018. Mr. Gowans has held senior executive positions in the mining industry, including senior advisor to the chair of the board, co-president, and executive vice president and COO at Barrick Gold Corporation. He also served as managing director of the Debswana Diamond Company in Botswana. His career includes executive roles at DeBeers SA, DeBeers Canada Inc., PT Inco in Indonesia, and Placer Dome Ltd., where he was also a former vice president, human resources. Mr. Gowans has significant experience in Alaska, having overseen a feasibility study, design, and construction of the Red Dog Mine for Cominco Limited, and subsequently operating it for three years.

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Trilogy Metals (TMQ), an exploration-stage company focused on its Upper Kobuk Mineral Projects in Alaska, faces several significant business risks. The most prominent risks are related to the permitting and development of crucial infrastructure, securing adequate funding, and the inherent volatility of commodity prices.

1. Permitting and Regulatory Risks, particularly for the Ambler Access Road: The advancement of Trilogy Metals' projects, especially the Arctic and Bornite deposits, is heavily reliant on the construction of the proposed 211-mile Ambler Access Road. This road is essential for connecting the remote project site to existing infrastructure. However, the road project has been subject to considerable regulatory hurdles, lawsuits, and persistent environmental opposition. While a permit approval was issued, it still requires further regulatory clearances and faces ongoing legal challenges, which could lead to significant delays and impede the realization of project value.

2. Funding and Capital Raising Risks: As a pre-production company with no operating revenue, Trilogy Metals consistently incurs net losses, making it dependent on its cash reserves and ability to raise capital. The development of the Ambler Mining District projects, including the substantial infrastructure costs for the Ambler Access Road, necessitates significant capital expenditures that are not yet fully funded. While the company has secured some strategic investments, the ongoing need for substantial future financing presents a risk of shareholder dilution.

3. Commodity Price Volatility: The economic viability and overall valuation of Trilogy Metals' mineral projects are directly influenced by the fluctuating market prices of commodities such as copper, zinc, lead, gold, and silver. Significant declines in these metal prices could negatively impact the project's net present value (NPV) and, consequently, the company's stock performance.

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The emerging threat of insurmountable regulatory and Indigenous opposition to the Ambler Access Project (AAP) road. This road is critical for the economic development of Trilogy Metals' Upper Kobuk Mineral Projects. The Biden administration's decision to pause the Supplemental Environmental Impact Statement (SEIS) process for the AAP and conduct additional analysis under ANILCA Section 1018 highlights this growing risk, indicating potential for indefinite delays or even cancellation, which would undermine the viability of the company's core assets.

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Trilogy Metals Inc. is a mineral exploration and development company primarily focused on high-grade deposits of copper, zinc, lead, gold, silver, and cobalt in Alaska's Ambler Mining District. The addressable markets for their main products are as follows:

• Copper: The global copper market size was estimated at USD 241.88 billion in 2024.
• Zinc: The global zinc market size was valued at USD 27.2 billion in 2024.
• Lead: The global lead market was valued at USD 23.34 billion in 2024.
• Gold: The global gold market size was valued at USD 291.68 billion in 2024.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024.
• Cobalt: The global cobalt market size was estimated at USD 16.96 billion in 2024.

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1. Advancement of the Upper Kobuk Mineral Projects (UKMP) towards Production: The cornerstone of Trilogy Metals' future revenue potential lies in the successful development and eventual production from its principal assets within the UKMP, particularly the Arctic and Bornite projects.
   • The Arctic Project, a high-grade copper-zinc-lead-silver-gold deposit, had an updated Feasibility Study (FS) in February 2023 outlining a potential 13-year mine life and projecting significant annual payable metal production once operational. This project requires two years of preproduction before mining operations can begin.
   • The Bornite Project, a high-grade copper-cobalt deposit, received positive Preliminary Economic Assessment (PEA) results in January 2025. This study describes the technical and economic viability of an underground mining operation that could extend the overall mine life of the UKMP to over 30 years by utilizing infrastructure from the Arctic Project after its depletion.
2. Development and Permitting of the Ambler Access Project (Ambler Road): The construction of the proposed 211-mile Ambler Access Project is critical infrastructure that would enable the advancement of exploration and development across the entire Ambler Mining District. The U.S. government has demonstrated a strategic interest in the road's development, with Trilogy Metals announcing presidential approval of permits for the project in October 2025.
3. Strategic Partnerships and Increased Funding: Trilogy Metals' ability to advance its projects is significantly bolstered by its strategic partnership with South32 and recent investment from the U.S. government.
   • South32 is an equal 50/50 joint venture partner in Ambler Metals LLC, which operates the UKMP, providing both financial support and technical expertise. In October 2025, South32 committed to reinvest approximately US$17.8 million into Ambler Metals to further support exploration and development.
   • In October 2025, the U.S. federal government made a strategic investment to advance the UKMP, which included the Department of War acquiring an approximate 10% equity stake in Trilogy Metals. This partnership signals a governmental commitment to developing critical mineral resources in Alaska for national security and clean energy technologies. Additionally, in November 2025, Trilogy Metals initiated an at-the-market (ATM) equity distribution agreement to raise up to $200 million for ongoing UKMP development and general corporate purposes.
4. Favorable Commodity Prices: While Trilogy Metals is currently a pre-revenue company, the ultimate profitability and thus future revenue generation from its Arctic and Bornite projects will be heavily influenced by the market prices of the metals they aim to produce, including copper, zinc, cobalt, gold, and silver. Strong or rising prices for these critical minerals will enhance the economic viability of the projects, facilitate financing, and drive future revenue once production commences. The Bornite PEA, for example, utilized a long-term copper price of $4.20/lb.

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Share Issuance

• In April 2023, Trilogy Metals completed a private placement, issuing 5,854,545 common shares for net proceeds of $3.1 million.
• On November 7, 2025, Trilogy Metals entered into an at-the-market (ATM) equity distribution agreement, authorizing the distribution of up to US$200,000,000 of common shares, with anticipated proceeds for the continued development of the Upper Kobuk Mineral Projects (UKMP) and general corporate purposes.
• In October 2025, the U.S. Department of War announced an intent to invest approximately $17.8 million in Trilogy Metals for 8,215,570 units, each unit comprising one common share and 3/4 of a 10-year warrant, which would result in the DOW holding approximately 10% of Trilogy Metals.

Inbound Investments

• In February 2020, Trilogy Metals formed a 50/50 joint venture, Ambler Metals LLC, with South32 Limited, recognizing a $176 million gain from the contribution of its mineral property assets to the joint venture.
• Ambler Metals LLC was initially established with $145 million to fund the advancement of the Upper Kobuk Mineral Projects.
• In October 2025, the U.S. Department of War announced plans to invest approximately $35.6 million in the development of critical mineral resources at the UKMP, with $17.8 million going directly to Trilogy Metals and another $17.8 million to South32 for Trilogy shares, all of which will be reinvested into Ambler Metals.

Capital Expenditures

• Ambler Metals LLC, the joint venture operating company, approved a budget of $9.2 million for advancing the UKMP and $1.0 million for the Ambler Access Project for fiscal 2023.
• For fiscal 2024, Ambler Metals' approved budget is $5.5 million for the UKMP and $2.5 million for the Ambler Access Project, focusing on external and community affairs, maintaining mineral claims, and physical asset maintenance.
• Trilogy Metals anticipates spending approximately $8.0 million for its share of Ambler Metals LLC's planned expenditures in 2025.