TSX / NYSE American Symbol: TMQ News Release Trilogy Metals Reports Second Quarter Fiscal 2025 Financial Results and Provides Updated Cash Position July 10, 2025 – Vancouver, British Columbia – Trilogy Metals Inc. (TSX / NYSE American: TMQ) ("Trilogy", "Trilogy Metals" or the "Company") announces its financial results for the second quarter ended May 31, 2025. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and A ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited interim financial statements show a slight asset decrease and a higher net loss compared to the prior year [Condensed Interim Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to $131.0 million, primarily due to the company's share of loss from its Ambler Metals LLC investment Condensed Balance Sheet Data (in thousands of US dollars) | | May 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $24,616 | $25,834 | | Investment in Ambler Metals LLC | $106,152 | $107,497 | | **Total Assets** | **$130,983** | **$133,697** | | **Liabilities & Equity** | | | | Total Liabilities | $967 | $903 | | Total Shareholders' Equity | $130,016 | $132,794 | | **Total Liabilities and Shareholders' Equity** | **$130,983** | **$133,697** | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) The net loss increased for both the three and six-month periods, driven by higher professional fees and equity investment losses Statement of Loss Highlights (in thousands of US dollars) | | Three Months Ended May 31 | Six Months Ended May 31 | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Total expenses | $1,666 | $1,218 | $4,898 | $4,038 | | Share of loss on equity investment | $764 | $602 | $1,345 | $1,395 | | **Loss and comprehensive loss** | **($2,177)** | **($1,759)** | **($5,800)** | **($5,360)** | | Basic and diluted loss per share | ($0.01) | ($0.01) | ($0.04) | ($0.03) | [Condensed Interim Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operations was $1.4 million, and the cash balance decreased by $1.2 million to $24.6 million for the six-month period Cash Flow Summary (in thousands of US dollars) | | Six Months Ended May 31, 2025 | Six Months Ended May 31, 2024 | | :--- | :--- | :--- | | Cash flows used in operating activities | ($1,425) | ($1,069) | | Cash flows from financing activities | $202 | $— | | Cash flows from investing activities | $— | $12,500 | | **Change in cash** | **($1,223)** | **$11,431** | | **Cash – end of the period** | **$24,616** | **$14,022** | [Notes to the Condensed Interim Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) Notes detail the company's 50/50 joint venture, share capital activities, a new Base Shelf Prospectus, and stock-based compensation - The company's primary business is mineral exploration through its **50% equity investment** in Ambler Metals LLC, which holds the UKMP in Alaska[15](index=15&type=chunk)[26](index=26&type=chunk) - The investment in Ambler Metals is accounted for using the equity method, with a carrying value of **$106.2 million** as of May 31, 2025[27](index=27&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company established a Base Shelf Prospectus to issue up to **US$50 million** in securities and an At-The-Market (ATM) program to sell up to **US$25 million** of common shares[38](index=38&type=chunk)[39](index=39&type=chunk) Stock Option Activity (Six months ended May 31, 2025) | | Number of options | Weighted average exercise price (CDN$) | | :--- | :--- | :--- | | Balance – beginning of the year | 13,630,234 | $1.77 | | Granted | 2,125,000 | $1.52 | | Exercised | (350,000) | $0.82 | | Expired | (3,390,000) | $2.75 | | **Balance – end of the period** | **12,015,234** | **$1.48** | [Management's Discussion and Analysis (MD&A)](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased net losses due to financing-related costs, while maintaining a sufficient cash position for the next year [Corporate and Project Activities](index=20&type=section&id=Corporate%20and%20project%20activities) Key activities include filing a US$50 million Base Shelf Prospectus and announcing positive results from the Bornite PEA - A Base Shelf Prospectus was made effective on April 14, 2025, allowing for the issuance of up to **US$50 million** in securities[72](index=72&type=chunk) - An At-The-Market (ATM) equity program was established to sell up to **US$25 million** in common shares for UKMP development and corporate purposes[73](index=73&type=chunk)[74](index=74&type=chunk) - The Bornite PEA shows a 17-year mine life with an after-tax **NPV8% of $394.0 million** and an **IRR of 20.0%**[75](index=75&type=chunk)[79](index=79&type=chunk) - The Ambler Metals JV approved a **$5.8 million** budget for 2025 activities, plus a supplemental **$0.6 million** for the Ambler Access Project[77](index=77&type=chunk)[78](index=78&type=chunk) [Summary of Results](index=23&type=section&id=Summary%20of%20results) Net loss increased in Q2 and the first six months, primarily due to higher professional and regulatory fees for new financing programs Comparison of Selected Expenses (in thousands of US dollars) | | Three months ended May 31 | Six months ended May 31 | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Professional fees | $612 | $192 | $1,059 | $392 | | Share of loss on equity investment | $764 | $602 | $1,345 | $1,395 | | **Comprehensive loss** | **($2,177)** | **($1,759)** | **($5,800)** | **($5,360)** | - The increase in comprehensive loss was mainly driven by **higher regulatory and legal fees** for the Company's Base Shelf Prospectus and ATM Program[82](index=82&type=chunk)[83](index=83&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20capital%20resources) The company holds $24.6 million in cash, sufficient for the next 12 months, with access to further capital via established financing programs - The company has **$24.6 million in cash** and cash equivalents and working capital of **$23.8 million** as of May 31, 2025[85](index=85&type=chunk) - Management believes the current cash position is sufficient for the next 12 months, supported by the **US$50 million** Base Shelf Prospectus and **US$25 million** ATM Program[86](index=86&type=chunk)[87](index=87&type=chunk) - During the six-month period, the company used **$1.4 million** in operating activities, primarily for corporate salaries and professional fees[84](index=84&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable to the company for this reporting period - The company has stated that quantitative and qualitative disclosures about market risk are **not applicable**[97](index=97&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were **effective** as of May 31, 2025[98](index=98&type=chunk) - **No material changes** in internal controls over financial reporting occurred during the quarter[100](index=100&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material current, pending, or threatened litigation - The company reports that it is **not a party to any material litigation** and is not aware of any pending or threatened litigation[102](index=102&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.Risk%20Factors) A new risk factor concerning U.S. international trade policies has been added since the last annual report - A new risk factor has been added regarding potential changes in **U.S. laws and policies on international trade**, which could adversely impact the company[104](index=104&type=chunk)[105](index=105&type=chunk) [Other Information](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The report confirms no unregistered sales of equity securities or new director and officer trading arrangements - There were **no unregistered sales of equity securities** or use of proceeds during the period[106](index=106&type=chunk) - **No director or officer** adopted or terminated any Rule 10b5-1 trading arrangement during the quarter[108](index=108&type=chunk)

Core Viewpoint - Trilogy Metals Inc. reported its financial results for the second quarter ended May 31, 2025, highlighting a net loss and ongoing corporate activities, including the establishment of a Base Shelf Prospectus and an ATM Program for future capital raising [1][5][12]. Financial Results - For the three-month period ended May 31, 2025, the company reported a net loss of $2.2 million, an increase from a net loss of $1.8 million for the same period in 2024, primarily due to higher regulatory expenses and legal fees [8][9]. - For the six-month period ended May 31, 2025, the net loss was $5.8 million, compared to $5.4 million for the same period in 2024, driven by increased regulatory expenses and legal fees [9]. Corporate Activities - The Annual General Meeting (AGM) was held on May 13, 2025, where all nominated directors were elected with over 94% of votes in favor [2]. - The company established a Base Shelf Prospectus allowing for the future issuance of up to $50 million in securities and an ATM Program for selling up to $25 million in common shares [3][4]. Liquidity and Capital Resources - As of May 31, 2025, the company had cash on hand of $24.6 million and working capital of $23.8 million, sufficient to fund its approved fiscal 2025 cash budget of $3.1 million [11][12]. - The company utilized $1.4 million for operating activities during the six-month period, mainly for corporate salaries and professional fees [10]. Shareholder Engagement - The shareholders voted in favor of continuing the company's Restricted Share Unit Plan and Deferred Share Unit Plan during the AGM [2]. Exploration and Development - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects in Alaska, focusing on copper-dominant mineral exploration [15][16].

Core Viewpoint - Trilogy Metals Inc. has initiated an at-the-market equity program allowing the distribution of up to US$25 million in common shares to fund the development of its Upper Kobuk Mineral Projects and for general corporate purposes [2][3]. Group 1: Equity Distribution Agreement - The company has entered into a distribution agreement with BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation for the ATM program [1]. - The Offered Shares will be sold at the prevailing market price at the time of sale, with no obligation for the company to sell any shares [2][3]. - The agreement will terminate either on May 14, 2027, or when the total gross sales reach US$25 million [3]. Group 2: Agents and Marketplaces - The U.S. Agents are restricted to selling shares only in the United States and cannot solicit offers in Canada, while Canadian Agents will operate solely in Canada [4]. - The ATM program is being conducted under a prospectus supplement filed with Canadian and U.S. securities commissions [5]. Group 3: Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in Alaska, known for its rich copper-dominant deposits [8][9]. - The company aims to develop the Ambler Mining District into a leading North American copper producer while respecting local communities [9].

Core Points - Trilogy Metals Inc. held its Annual Meeting of Shareholders on May 13, 2025, in Vancouver, where all proposals were approved and nominees were elected as directors [1][2] - A total of 122,296,116 shares, representing 74.50% of the issued and outstanding shares eligible to vote, were represented at the meeting [1] Proposal Summaries - **Proposal 1: Election of Directors** - Tony Giardini received 99,486,993 votes (99.63% for) - James Gowans received 99,046,528 votes (99.19% for) - William Hayden received 99,277,655 votes (99.42% for) - William Hensley received 99,285,059 votes (99.43% for) - Gregory Lang received 94,042,296 votes (94.18% for) - Janice Stairs received 99,432,506 votes (99.58% for) - Diana Walters received 99,436,555 votes (99.58% for) [3] - **Proposal 2: Appointment of the Auditor** - 122,110,200 votes (99.85% for) were cast in favor of the appointment, with 183,915 votes (0.15% withheld) [4] - **Proposal 3: Approval of Restricted Share Unit Plan** - 97,738,217 votes (97.88% for) were in favor, with 1,734,107 votes (1.74% against) and 380,383 votes (0.38% abstaining) [5] - **Proposal 4: Approval of Deferred Share Unit Plan** - 97,718,577 votes (97.86% for) were in favor, with 1,749,193 votes (1.75% against) and 384,936 votes (0.39% abstaining) [6] - **Proposal 5: Approval of Executive Compensation** - 98,002,630 votes (98.15% for) were in favor, with 1,439,181 votes (1.44% against) and 410,896 votes (0.41% abstaining) [7] Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50% interest in Ambler Metals LLC, which holds a 100% interest in the Upper Kobuk Mineral Projects in Northwestern Alaska [8] - 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 [9] - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local subsistence livelihoods [9]

Core Points - Trilogy Metals Inc. has filed a final short form base shelf prospectus and a corresponding shelf registration statement allowing for the future issuance of up to US$50,000,000 in various securities [1][2] - The base shelf prospectus will be valid for a 25-month period in Canada, while the US shelf registration statement is effective for three years [1] - The intention behind these filings is to enable the company to access capital more quickly as market opportunities arise [2] Securities Offering - The securities covered by the base shelf prospectus will be offered solely through a prospectus and accompanying prospectus supplement [3] - Copies of the base shelf prospectus and shelf registration statement are available on SEDAR+ and EDGAR, and can also be obtained by contacting the company's Corporate Secretary [3]

[First Quarter Fiscal 2025 Financial Results and Corporate Update](index=1&type=section&id=First%20Quarter%20Fiscal%202025%20Financial%20Results%20and%20Corporate%20Update) [Q1 Fiscal 2025 Financial Performance](index=1&type=section&id=Q1%20Fiscal%202025%20Financial%20Performance) Trilogy Metals reported a net loss of $3.6 million for Q1 2025, consistent with the prior year, as total expenses decreased to $2.8 million | Selected Financial Data (in thousands USD) | Q1 2025 (ended Feb 28) | Q1 2024 (ended Feb 29) | | :--- | :--- | :--- | | General and administrative | $415 | $343 | | Professional fees | $200 | $447 | | Salaries | $191 | $207 | | Salaries and directors expense – stock-based compensation | $1,999 | $2,230 | | **Total expenses** | **$2,820** | **$3,232** | | Share of loss on equity investment | $793 | $581 | | **Comprehensive loss for the period** | **($3,601)** | **($3,623)** | | **Basic and diluted loss per common share** | **($0.02)** | **($0.02)** | - The net loss for Q1 2025 was **$3.6 million**, which is comparable to the net loss in Q1 2024[6](index=6&type=chunk) - Key changes include decreased professional fees and reduced share of losses from Ambler Metals LLC, offset by increased consulting and legal fees for the Bornite PEA and Base Shelf Prospectus filing[6](index=6&type=chunk) [Corporate and Project Activities](index=2&type=section&id=Corporate%20and%20Project%20Activities) The company announced positive Bornite PEA results, significant regulatory support for the Ambler Access Project, and set fiscal 2025 budgets [Bornite PEA](index=2&type=section&id=Bornite%20PEA) The Preliminary Economic Assessment for the Bornite copper project outlines a viable 6,000 tonne-per-day underground mining operation with a 17-year mine life - The Preliminary Economic Assessment (PEA) for the Bornite copper project outlines a viable **6,000 tonne-per-day** underground mining operation with a **17-year mine life**[7](index=7&type=chunk) | Bornite PEA Economic Highlights | Value | | :--- | :--- | | Mine Life Copper Production | 1.9 billion pounds | | Pre-tax NPV (8%) | $552.0 million | | Pre-tax IRR | 23.6% | | After-tax NPV (8%) | $394.0 million | | After-tax IRR | 20.0% | [Fiscal 2025 Budgets](index=2&type=section&id=Fiscal%202025%20Budgets) Trilogy Metals and Ambler Metals LLC approved fiscal year 2025 budgets of $3.1 million and $5.8 million respectively, with Q1 expenditures largely within targets - Trilogy Metals has a fiscal year 2025 cash budget of **$3.1 million**, with **$0.8 million** used in Q1 operating activities against a **$1.0 million** budget[8](index=8&type=chunk) - The Ambler Metals LLC joint venture approved a fiscal year 2025 budget of **$5.8 million**, expending **$1.2 million** in Q1, slightly over its **$1.0 million** budget[9](index=9&type=chunk) [Ambler Access Project Developments](index=2&type=section&id=Ambler%20Access%20Project%20Developments) Recent executive orders have reinstated and expedited the Ambler Road right-of-way permit process, aiming to increase American mineral production - On **January 20, 2025**, an executive order reinstated the **2020 approval** for the Ambler Road right-of-way permit, placing a moratorium on rejection-related activities[10](index=10&type=chunk)[11](index=11&type=chunk) - On **March 20, 2025**, a further executive order was signed to increase American mineral production by directing federal agencies to expedite project approvals[13](index=13&type=chunk) - The Department of Interior and Bureau of Land Management are expediting permitting and revoking public land withdrawals to advance the Ambler Road, actions commended by Alaskan political leaders[13](index=13&type=chunk)[14](index=14&type=chunk) [Liquidity and Capital Resources](index=3&type=section&id=Liquidity%20and%20Capital%20Resources) Trilogy Metals and Ambler Metals LLC maintain strong liquidity, with $25.2 million and $6.5 million in cash respectively, sufficient to fund fiscal 2025 budgets | Entity | Cash and Cash Equivalents (million USD) | Working Capital (million USD) | Fiscal 2025 Budget (million USD) | | :--- | :--- | :--- | :--- | | Trilogy Metals Inc. | $25.2 | $24.6 | $3.1 | | Ambler Metals LLC | $6.5 | $6.4 | $5.8 | - During Q1 2025, Trilogy expended **$0.7 million** on operating activities, primarily for professional fees related to the Bornite PEA, regulatory fees, and corporate salaries[15](index=15&type=chunk) [Company Overview and Disclosures](index=3&type=section&id=Company%20Overview%20and%20Disclosures) Trilogy Metals, a 50% owner of Ambler Metals LLC, controls the Upper Kobuk Mineral Projects in Alaska, a significant copper-dominant district, with technical disclosures reviewed by a Qualified Person - Trilogy Metals holds a **50% interest** in Ambler Metals LLC, a joint venture with South32, which owns **100%** of the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska[19](index=19&type=chunk) - The UKMP, located in the Ambler Mining District, hosts VMS deposits (copper, zinc, lead, gold, silver) and carbonate replacement deposits (high-grade copper, cobalt), with exploration focused on the Arctic and Bornite deposits[19](index=19&type=chunk)[20](index=20&type=chunk) - Richard Gosse, P.Geo., is the designated Qualified Person who reviewed and approved the technical disclosure in the news release[18](index=18&type=chunk) - The press release contains forward-looking statements regarding executive orders, project merits, and cash sufficiency, which are subject to various risks and uncertainties[22](index=22&type=chunk)

Financial Performance - For the quarter ended February 28, 2025, Trilogy Metals reported a comprehensive loss of $3.6 million, consistent with the loss of $3.6 million for the same period in 2024[80]. - The company reported a basic and diluted loss per common share of $0.02 for both the three-month periods ended February 28, 2025, and February 29, 2024[79]. Cash and Working Capital - The company had $25.2 million in cash and cash equivalents and a working capital of $24.6 million as of February 28, 2025, sufficient to fund the approved fiscal 2025 budget of $3.1 million[82]. - Ambler Metals, the joint venture with South32, had $6.5 million in cash and cash equivalents and $6.4 million in working capital, adequate to support its approved budget of $5.8 million for the fiscal year[83]. - Trilogy's 2025 fiscal year cash budget totals $3.1 million, with $0.8 million used in operating activities during the three-month period ended February 28, 2025[76]. - Ambler Metals approved a budget of $5.8 million for 2025, with expenditures of $1.2 million in the first quarter, exceeding the budgeted $1.0 million[77]. Project Development - The Bornite Preliminary Economic Assessment indicated a potential production of 1.9 billion pounds of copper over a 17-year mine life, with a pre-tax NPV at 8% of $552 million and an IRR of 23.6%[78]. - Trilogy Metals is focused on the exploration and development of mineral properties in the Ambler mining district, with significant projects including the Arctic and Bornite projects[73]. Expenses and Fees - Professional fees increased by $0.2 million in Q1 2025 due to consulting and legal fees related to the Bornite PEA and the Base Shelf Prospectus filing[80]. - General and administrative expenses decreased to $343,000 in Q1 2025 from $415,000 in Q1 2024[79]. Shareholder Information - As of April 2, 2025, Trilogy Metals Inc. had 164,216,410 common shares issued and outstanding, with 14,085,234 stock options and a weighted-average exercise price of CDN$1.63[85]. - The company holds 3,443,888 Deferred Share Units (DSUs) and 1,798,338 Restricted Share Units (RSUs) outstanding as of April 2, 2025[85]. - Upon the exercise of all convertible securities, Trilogy Metals would be required to issue an aggregate of 19,328,319 common shares[85]. Accounting and Disclosure - The FASB issued ASU 2023-07, effective for the fiscal year ended November 30, 2025, which expands segment disclosures, requiring significant segment expenses to be disclosed[87]. - ASU 2023-09, effective for the fiscal year ended November 30, 2026, enhances income tax disclosures, improving transparency and decision usefulness[88]. - The company assesses the possibility of impairment in its equity method investment in Ambler Metals, which is a non-publicly traded equity investment[90]. - Significant judgments are made in assessing the recoverability of the investment in Ambler Metals, which may lead to impairment charges if the underlying assets are not recoverable[90]. - Trilogy Metals must make estimates and judgments regarding income tax expense, deferred tax assets, and liabilities for unrecognized tax benefits[91]. - Compensation expense for stock options is determined using the Black-Scholes option pricing model, which requires input estimation that can significantly impact the recorded expense[93]. - Additional information regarding the company is available on SEDAR+ and EDGAR, including the annual report for the fiscal year ended November 30, 2024[94].

Financial Results - For the first quarter ended February 28, 2025, the company reported a comprehensive loss of $3.6 million, consistent with the loss of $3.6 million for the same period in 2024 [3] - Total expenses for the quarter were $3.2 million, an increase from $2.8 million in the previous year, primarily due to higher professional fees [3] - Basic and diluted loss per common share remained at $(0.02) for both periods [3] Corporate and Project Activities - The company announced positive results from the Preliminary Economic Assessment (PEA) for the Bornite copper project, indicating a potential underground mining operation with a capacity of 6,000 tonnes per day and a mine life of 17 years [4] - The Bornite PEA estimates a pre-tax net present value (NPV) of $552 million and an internal rate of return (IRR) of 23.6% [5] - The company has a fiscal year 2025 cash budget of $3.1 million, with $0.8 million used in operating activities during the first quarter [5][6] Ambler Metals LLC - Ambler Metals LLC has a 2025 fiscal year budget of $5.8 million, with expenditures of $1.2 million in the first quarter for various operational costs [7] - The company is involved in the Ambler Mining District, which is known for its rich copper deposits and is supported by a joint venture with South32 [16] Regulatory Developments - Recent executive orders signed by President Trump aim to expedite resource development in Alaska, including the reinstatement of permits for the Ambler Road project [8][9] - The Department of Interior has initiated actions to facilitate the permitting process for mineral production projects, which is expected to benefit the Ambler Road project [10][11] Liquidity and Capital Resources - As of February 28, 2025, the company had $25.2 million in cash and cash equivalents, sufficient to fund its approved budget for the fiscal year [13] - Ambler Metals had $6.5 million in cash and equivalents, adequate to support its budget of $5.8 million for the year [14]

Core Points - Trilogy Metals Inc. will hold its 2025 Annual General Meeting (AGM) on May 13, 2025, at 10:00 am Pacific Time in Vancouver, British Columbia [1] - All current directors will stand for re-election, and shareholders will vote on the approval of unallocated entitlements under the Restricted Share Unit Plan and Deferred Share Unit Plan [2] - Shareholders as of the record date of March 17, 2025, are eligible to vote, and the 2025 Management Information Circular has been filed and is available to the public [3][5] Company Overview - Trilogy Metals Inc. is a metal exploration and development company with a 50% interest in Ambler Metals LLC, which holds a 100% interest in the Upper Kobuk Mineral Projects in northwestern Alaska [7] - The Ambler Mining District is known for its rich copper-dominant deposits, including world-class polymetallic volcanogenic massive sulphide (VMS) deposits containing copper, zinc, lead, gold, and silver [7] - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local subsistence livelihoods [7]