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Here are 1-2 brief analogies for Trilogy Metals:

• Like an early-stage ExxonMobil, but focused on discovering and developing major copper and cobalt deposits for the future green economy, rather than oil and gas.
• Think of it as the 'R&D' division for future raw materials, similar to how a large pharmaceutical company like Pfizer invests in developing the next generation of critical medicines.

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• Copper: A base metal targeted for potential extraction from the company's carbonate-hosted deposits.
• Cobalt: A critical metal co-occurring with copper in the company's Bornite deposit.
• Polymetallic Minerals: A range of metals, such as zinc, lead, gold, and silver, found within the volcanogenic massive sulfide deposits at the Arctic project.

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Trilogy Metals Inc. (TMQ) is described as a "base metals exploration company" that "explores for and develops mineral properties." This indicates that the company is currently focused on identifying and developing mineral deposits (copper, cobalt, polymetallic volcanogenic massive sulfide deposits) rather than actively mining and selling base metals.

Therefore, Trilogy Metals Inc. does not currently have major customers in the traditional sense of companies or individuals purchasing its products (i.e., mined metals). As an exploration and development company, its primary activities involve resource definition and project advancement, typically leading to potential future partnerships, joint ventures, or outright sale of the developed projects once they are ready for production.

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Tony Giardini, President and Chief Executive Officer

Tony Giardini was appointed President and Chief Executive Officer of Trilogy Metals in June 2020. Prior to joining Trilogy Metals, he served as President of Ivanhoe Mines Ltd. from May 2019 to March 2020. He also held the position of Executive Vice President and Chief Financial Officer of Kinross Gold Corporation from December 2012 to April 2019. From May 2006 to April 2012, Mr. Giardini was Chief Financial Officer of Ivanhoe Mines Ltd. (now Turquoise Hill Resources Ltd.), where he was involved in overseeing the development of the Oyu Tolgoi project. He spent over a decade with Placer Dome Inc. as Vice President and Treasurer. Mr. Giardini began his career at KPMG, where he worked for 12 years.

Elaine M. Sanders, Chief Financial Officer & Corporate Secretary

Elaine Sanders is the Chief Financial Officer and Corporate Secretary of Trilogy Metals. She possesses 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, as well as listing companies on the TSX and NYSE American exchanges. Mrs. Sanders is responsible for financial reporting, compliance, and corporate governance for the company. She began her tenure with the group at NovaGold, the predecessor to Trilogy Metals.

Richard Gosse, Vice President, Exploration

Richard Gosse is an exploration geologist with 35 years of experience, including 15 years at the Vice President level. Before joining Trilogy Metals, he was the Senior Vice President Exploration at Dundee Precious Metals Inc., where he was responsible for exploration strategy and oversight aimed at replacing mine reserves in Bulgaria and Armenia. Previously, Mr. Gosse served as Vice President Exploration at Ivanhoe Mines Ltd., leading exploration efforts at the Oyu Tolgoi copper-gold project in Mongolia.

Matthew Keevil, Vice President of Investor Relations & Business Development

Matthew Keevil brings over 20 years of experience in capital markets, investor relations, and corporate affairs in the global mining sector, encompassing both public and private companies. Prior to joining Trilogy, Mr. Keevil was the Director of Investor Relations and Corporate Communications at Ivanhoe Mines from 2020 to 2026, where he contributed to strategic messaging, regulatory disclosures, and investor engagement. His earlier career involved leadership and analytical roles at ATAC Resources, Teck Resources, and Cross Lake Minerals.

Olav Langelaar, Vice President, Corporate Development

Olav Langelaar has more than 30 years of experience in Canadian capital markets and international mining, with a background spanning investment banking, corporate development, and operations. He spent two decades as an investment banker with firms such as Dundee Goodman Merchant Partners, Primary Capital, and Dundee Securities. Mr. Langelaar has also held senior management positions for 14 years with Ospraie Gold, Amerigo Resources, and Placer Dome. His early career included operational experience as an engineer with companies like Cameco, Cominco (now Teck), and Agrium (now Nutrien). Prior to Trilogy Metals, he was the Vice President, Corporate Development at Gladiator Metals.

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The key risks to Trilogy Metals Inc. (TMQ) are primarily associated with its status as a mineral exploration and development company, operating in a sensitive environmental and regulatory landscape in Alaska.

1. Permitting and Regulatory Delays, Especially Concerning the Ambler Access Road

   A predominant risk for Trilogy Metals is the successful acquisition of various permits and navigating potential regulatory delays, particularly related to the Ambler Access Road. This road is critical for providing access to the company's mineral deposits at the Arctic and Bornite projects in the Ambler Mining District of Northwest Alaska. Regulatory hurdles, including environmental impact assessments and the need for mining permits, are pivotal for the commencement of mining operations. While there has been federal support for the Ambler Access Project, environmental opposition and legal challenges from environmental and tribal groups remain a significant concern, which could delay or even block the road's development.

2. Financing and Capital Needs (Pre-Revenue Status and Dilution Risk)

   As a pre-revenue company, Trilogy Metals is reliant on external funding to finance its ongoing exploration and development activities. The company has reported recurring losses, and a significant portion of its valuation is tied to the future potential of its projects rather than current profitability. The need for continuous capital raises, potentially through equity facilities, introduces the risk of shareholder dilution if the company cannot attract outside capital on favorable terms.

3. Environmental and Social Opposition/Impacts

   Mining projects in remote and ecologically sensitive regions of Alaska face substantial environmental scrutiny and opposition from conservation organizations and Indigenous communities. Concerns include potential harm to wildlife, such as the Western Arctic Caribou Herd, impacts on salmon populations, degradation of water quality, and broader environmental disturbances. This opposition can translate into legal challenges, public protests, and increased pressure on regulatory bodies, potentially leading to further permitting delays and increased operational costs.

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Trilogy Metals Inc. is an exploration company focused on copper, cobalt, zinc, lead, gold, and silver deposits in Northwest Alaska. The main addressable markets for its primary products, copper and cobalt, are as follows:

• Copper:
  • The global copper market was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030.
  • The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030, with a CAGR of 6.0% from 2025 to 2030.
• Cobalt:
  • The global cobalt market size was estimated at USD 16.96 billion in 2024 and is projected to reach USD 25.91 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030.
  • The U.S. cobalt market size was estimated at approximately USD 888.5 million in 2024 and is anticipated to reach USD 1,288.2 million by 2035, exhibiting a CAGR of 3.43% from 2025 to 2035.

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For Trilogy Metals Inc. (TMQ), an exploration company focused on its Upper Kobuk Mineral Projects (UKMP) in Northwest Alaska, future revenue growth over the next 2-3 years will primarily be driven by key project development milestones and strategic support aimed at transitioning from exploration to production. While currently pre-revenue, these drivers lay the foundation for future mineral sales.

1. Advancement and Permitting of the Arctic Project: A significant driver of future revenue growth is the continued advancement and successful permitting of the high-grade Arctic copper-silver-zinc-lead-gold deposit. Trilogy Metals and its joint venture partner, Ambler Metals, are targeting mine permit submissions for the Arctic Project in 2026, potentially leveraging federal expedited programs such as FAST-41. The Arctic deposit has a completed feasibility study outlining a 13-year mine life and substantial probable mineral reserves.

2. Development and Completion of the Ambler Access Project (Ambler Road): The construction and operation of the Ambler Access Road, a proposed 211-mile industrial road, is deemed critical infrastructure for unlocking the economic potential of both the Arctic and Bornite deposits. The reinstatement of federal right-of-way permits for the Ambler Road in October 2025, alongside ongoing planning by the Alaska Industrial Development and Export Authority (AIDEA), significantly de-risks project access and is essential for future mining operations that would generate revenue.

3. U.S. Federal Strategic Investment and Support: The U.S. federal government's strategic investment commitment to the Upper Kobuk Mineral Projects, including a $17.8 million investment in October 2025, underscores the national security importance of these critical minerals to domestic supply chains. This governmental backing, which also involves efforts to streamline regulatory processes and open lands for mineral development, accelerates permitting and overall project advancement, thereby facilitating the path to revenue generation.

4. Future Development of the Bornite Project: While the Arctic Project is the primary near-term focus, the Bornite carbonate-hosted copper-cobalt deposit represents a significant longer-term growth driver. A Preliminary Economic Assessment (PEA) in January 2025 outlined a potential 17-year mine life for Bornite, with the ability to extend the total district mine activity to over 30 years. The approved 2026 budget for Ambler Metals includes preparing the Bornite camp for ongoing exploration and multi-year use, positioning it for future development and eventual revenue contribution.

5. Growing Demand for Critical Minerals: The increasing global demand for critical minerals, particularly copper (driven by artificial intelligence, data centers, and electrification), zinc, and cobalt, provides a strong macro-economic tailwind for Trilogy Metals. The U.S. government's focus on securing domestic supplies of these minerals, which are vital for defense systems and advanced technologies, further enhances the strategic importance and potential market for Trilogy's future production.

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Share Issuance

• Trilogy Metals entered into an at-the-market (ATM) equity distribution agreement, effective November 7, 2025, to sell up to US$200,000,000 of common shares, with proceeds designated for the continued development of the Upper Kobuk Mineral Projects and general corporate purposes.
• In October 2025, the company generated approximately $25 million in gross proceeds through an ATM program by issuing 3,513,495 common shares at an average price of $7.12 per share.
• On April 25, 2023, Trilogy Metals completed a non-brokered private placement, issuing 5,854,545 Common Shares at $0.55 per share, resulting in gross proceeds of $3.2 million and net proceeds of $3.1 million.

Inbound Investments

• The U.S. Department of War (DOW) committed a conditional strategic investment of approximately $17.8 million in Trilogy Metals in October 2025, acquiring 8,215,570 units at $2.17 per unit, with each unit including one common share and ¾ of a 10-year warrant. This investment is part of a larger $35.6 million commitment by the DOW to advance the Upper Kobuk Mineral Projects (UKMP) through the Ambler Metals joint venture, resulting in the DOW holding approximately a 10% equity stake in Trilogy Metals.

Capital Expenditures

• For fiscal year 2026, the Ambler Metals joint venture (50/50 with South32) approved a $35 million budget, with Trilogy's share being $17.5 million, to focus on re-staffing, initiating mine permitting for the Arctic Project, and advancing technical work, including geotechnical and condemnation drilling.
• In the first nine months of fiscal year 2025 (ended August 31, 2025), Ambler Metals incurred approximately $3.8 million in expenditures for ongoing programs, including salaries, engineering, professional fees, and project support. Trilogy's share of this amounted to $2.2 million.
• The 2022 program and budget for the Upper Kobuk Mineral Projects was approximately $28.5 million, fully funded by Ambler Metals. Additionally, a budget of up to $30.8 million was approved for the Ambler Access Project, shared equally by AIDEA and Ambler Metals.