Core Viewpoint - Trilogy Metals Inc. has filed a National Instrument 43-101 technical report for the Bornite Project, indicating progress in the development of this copper project in Alaska [1][2] Group 1: Project Overview - The Bornite Project is located in the Ambler Mining District of Northwestern Alaska and is held by Ambler Metals LLC, a joint venture equally owned by Trilogy Metals and South32 Limited [2][5] - The Preliminary Economic Assessment (PEA) for the Bornite Project was prepared on a 100% ownership basis, with Trilogy's share being 50% [2][3] - The PEA results were announced on January 15, 2025, and there are no material differences from those disclosed in the company's previous news release [2] Group 2: Technical Reports - Trilogy Metals engaged independent consultants to prepare the PEA under National Instrument 43-101 standards [3] - The company will also file a S-K 1300 technical report summary with the U.S. Securities and Exchange Commission [1][3] Group 3: Company Background - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects [5] - The Ambler Mining District is known for its rich copper-dominant deposits, including polymetallic volcanogenic massive sulphide (VMS) deposits [5] - The company's vision is to develop the Ambler Mining District into a premier North American copper producer while respecting local communities [5]

Core Viewpoint - Trilogy Metals Inc. announced positive results from its Preliminary Economic Assessment (PEA) for the Bornite copper project, indicating strong economic viability and potential for extended mining operations in the Ambler Mining District of Northwestern Alaska [1][4][17]. Summary by Relevant Sections Project Overview - The Bornite Project is a joint venture between Trilogy Metals and South32, with Trilogy holding a 50% interest [1][27]. - The PEA outlines a 6,000 tonne-per-day underground mining operation with a projected mine life of 17 years [4][18]. Economic Viability - The PEA forecasts total payable production of 1.9 billion pounds of copper over the mine life [8][17]. - The base case scenario assumes a long-term copper price of $4.20 per pound [4]. - Pre-tax Net Present Value (NPV) at an 8% discount rate is estimated at $552 million, with an Internal Rate of Return (IRR) of 23.6% [8][9]. Financial Metrics - Initial capital expenditure is projected at $503.8 million, with sustaining capital of $363.1 million, leading to total capital expenditures of $866.9 million [9][19]. - After-tax NPV is estimated at $394 million, with an after-tax IRR of 20% [8][9]. Operating Costs - Total operating costs are estimated at $98.91 per tonne milled, which includes mining, processing, and general administrative costs [7][9]. - Cash cost is projected at $2.76 per pound of payable copper, with an all-in cost of $3.35 per pound [9]. Mineral Resources - The PEA includes inferred mineral resources totaling 208.9 million tonnes with an average grade of 1.42% copper, containing approximately 6,527 million pounds of copper [10][11]. - The South Reef area contains higher-grade mineralized zones that may be amenable to underground mining [11][13]. Future Potential - The study suggests the possibility of extending mining activities at the Upper Kobuk Mineral Projects (UKMP) to over 30 years based on existing resources [5][17]. - The PEA does not account for potential synergies from the closure of the Arctic Project, which could be significant [17]. Technical Contributors - The PEA was prepared by independent consultants, including Wood Canada Limited and Ausenco Engineering Canada ULC, ensuring compliance with National Instrument 43-101 standards [16][22].

Core Viewpoint - Trilogy Metals Inc. is set to release the results of the Preliminary Economic Assessment for the Bornite copper project on January 15, 2025, and will hold an investor webinar to discuss these results [1]. Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50 percent interest in Ambler Metals LLC, which owns 100 percent of the Upper Kobuk Mineral Projects in northwestern Alaska [3]. - The Upper Kobuk Mineral Projects are located in the Ambler Mining District, known for its rich copper-dominant deposits, including world-class polymetallic volcanogenic massive sulphide deposits containing copper, zinc, lead, gold, and silver [3]. - The company is focused on two main deposits: the Arctic VMS deposit and the Bornite carbonate replacement deposit, within a land package of approximately 190,929 hectares [3]. - Trilogy Metals has an agreement with NANA Regional Corporation, Inc. to facilitate exploration and potential development in cooperation with local communities [3]. - The company's vision is to develop the Ambler Mining District into a leading North American copper producer while respecting local subsistence livelihoods [3].

Financial Performance - For the three-month period ended August 31, 2024, Trilogy Metals reported a net loss of $1.6 million, a decrease from a net loss of $4.1 million for the same period in 2023, primarily due to reduced share losses from Ambler Metals[5] - For the nine-month period ended August 31, 2024, the net loss was $7.0 million, down from $11.9 million in the same period in 2023, attributed to lower share losses, professional fees, and salaries[6] Cash and Budget Management - As of August 31, 2024, Trilogy Metals had cash and cash equivalents of $25.7 million, with $25.0 million received from Ambler Metals as a return of excess cash[8] - The company has a 2024 fiscal year cash budget of $2.8 million, with $1.9 million spent on operating activities during the nine-month period, compared to a budgeted $2.1 million[7] - Ambler Metals had $9.8 million in cash and cash equivalents and $8.7 million in working capital as of August 31, 2024, sufficient to fund its fiscal year's budget[9] Expenditures and Expenses - Ambler Metals approved a fiscal year budget of $5.5 million for external affairs and asset maintenance, with actual expenditures of $3.5 million during the nine months ended August 31, 2024, against a budget of $4.5 million[2] - General and administrative expenses for the three months ended August 31, 2024, were $293,000, compared to $278,000 for the same period in 2023[4] - Professional fees for the nine-month period ended August 31, 2024, were $530,000, down from $897,000 in the same period in 2023[4] Strategic Initiatives - The company continues to implement cash preservation strategies, including deferring director fees and compensating senior management in shares to reduce cash expenditures[8] - Ambler Metals funded $1.4 million to the Alaska Industrial Development and Export Authority for the Ambler Access Project, compared to a budget of $1.9 million[3]

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended August 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 1-35447 TRILOGY METALS INC. (Exact Name of Registrant as Specified in Its Charter) British Columbia 98-1006991 (State or Ot ...

VANCOUVER, BC, Oct. 8, 2024 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals", "Trilogy" or "the Company") announces its financial results for the third quarter ended August 31, 2024. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and Analysis which will be available on the Company's website at www.trilogymetals.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Al ...

Trust | Respect | Integrity Richard Gosse, P.Geo., Vice President Exploration for Trilogy Metals, is a Qualified Person as defined under National Instrument 43-101 – Standard of Disclosure for Mineral Projects. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein. Tony Giardini President & Chief Executive Officer Cautionary Note Regarding Forward-Looking Statements Trust | Respect | Integrity X / NYSE American News Release July 10, 2024 - Vancouv ...

| --- | --- | |----------------------------------------------------------------------------------------------------------|-------| | | | | PART I - FINANCIAL INFORMATION | Page | | Item 1. Financial Statements | | | Item 2. Management's Discussion and Analysis of Financial Condition and Results of | | | Operations | 15 | | Item 3. Quantitative and Qualitative Disclosures about Market Risk | 22 | | Item 4. Controls and Procedures | 23 | | PART II - OTHER INFORMATION | 23 | | Item 1. Legal Proceedings | 23 | ...

Corporate Activities The Board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 million to support external and community affairs, to maintain the State of Alaska mineral claims in good standing and for the maintenance of physical assets. During the six-month period ended May 31, 2024, Ambler Metals expended $2.4 million on salaries and wages, professional fees, engineering, project support costs and mineral property expenses, excluding AAP costs, compared with the budget of $2.6 million. A ...

VANCOUVER, BC, May 23, 2024 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMO) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") is pleased to announce the detailed voting results on the items of business considered at its Annual Meeting of Shareholders ("Meeting") held in Vancouver on Wednesday, May 22, 2024. All proposals were approved and the nominees listed in the management proxy circular for the meeting were all elected as directors. A total of 98,964,326 or 61.79% of the Company's issued and outsta ...