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 ...

Financial Performance - For the three-month period ended February 29, 2024, Trilogy Metals reported a net loss of $3.6 million, a decrease from a net loss of $5.1 million for the same period in 2023, representing a 29.4% improvement[5]. - Total expenses for the first quarter of 2024 were $2.82 million, down from $3.61 million in the same quarter of 2023, indicating a reduction of 21.7%[5]. Cash and Working Capital - As of February 29, 2024, Trilogy Metals had cash and cash equivalents of $2.0 million and working capital of $1.7 million, reflecting ongoing cash preservation strategies[11]. - Ambler Metals LLC, in which Trilogy holds a 50% interest, had cash and cash equivalents of $61.3 million and working capital of $61.1 million as of February 29, 2024, sufficient to fund its fiscal year's budget[12][13]. Budget and Expenditures - The Board of Ambler Metals approved a 2024 fiscal year budget of $5.5 million to support external and community affairs and maintain mineral claims[7]. - The Ambler Access Project has a budget of $2.5 million for 2024, with $0.4 million expended in the first quarter against a budget of $0.6 million[8]. - Trilogy Metals expended $0.6 million on operating activities during the first quarter, primarily on professional fees and regulatory filings[10]. Future Funding Needs - The Company anticipates needing to raise additional funds in the future to support operations, with potential sources including equity financing and debt financing[14]. Environmental Impact Statement - The final Supplemental Environmental Impact Statement (SEIS) is now expected to be published in the second quarter of 2024, delayed from earlier expectations[9]. Cost Reduction Measures - The Company’s management is taking measures to reduce cash expenditures, including accepting compensation in deferred share units and shares[11].

Financial Performance - For the quarter ended February 29, 2024, Trilogy Metals reported a net loss of $3.6 million, a decrease from a net loss of $5.1 million for the same period in 2023, representing a 29.3% improvement [82]. - Comprehensive loss for the period was $3.6 million compared to $5.1 million in the previous year, primarily due to reduced share of loss from Ambler Metals and lower stock-based compensation [82]. - The company’s share of loss on equity investment was $793,000 for the quarter, down from $1.5 million in the same quarter last year, indicating improved financial performance [82]. - General and administrative expenses for the quarter were $415,000, slightly up from $408,000 in the previous year [82]. - Professional fees decreased significantly to $200,000 from $570,000 year-over-year, reflecting cost management efforts [82]. Budget and Expenditures - The company’s cash budget for the fiscal year 2024 totals $2.8 million, with cash expenditures of $0.8 million for the quarter, remaining on budget [77]. - Ambler Metals LLC approved a fiscal year 2024 budget of $5.5 million, with actual expenditures of $1.2 million for the quarter, slightly below the budgeted $1.4 million [78]. - The Ambler Access Project has a budget of $2.5 million for fiscal year 2024, with $0.4 million spent in the quarter against a budget of $0.6 million [79]. - The company expended $0.6 million on operating activities during the three-month period ending February 29, 2024, primarily on professional fees and regulatory filings [83]. Cash Position and Future Funding - As of February 29, 2024, the company had cash and cash equivalents of $2.0 million and working capital of $1.7 million [84]. - Ambler Metals, funded with $61.3 million in cash and cash equivalents, is well-positioned to advance the UKMP and the Ambler Access Project without requiring additional funding from Trilogy until current cash is expended [85]. - Future cash requirements may vary, and the company will need to raise additional funds, likely through equity financing, to support operations and administration expenses [86]. Operational Developments - Trilogy Metals has signed a new office lease starting July 1, 2024, for four years, indicating ongoing operational stability [77]. - The company anticipates the final Supplemental Environmental Impact Statement (SEIS) for the Ambler Access Project to be published in the second quarter of 2024 [80]. Management and Strategic Decisions - The company is implementing cash preservation strategies, including reductions in marketing and office expenses, and management is taking a portion of their salaries in shares [84]. - Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals, which requires significant judgment [93]. - The company faces substantial doubt about its ability to continue as a going concern due to uncertainties in obtaining future financing [88]. Shareholder Information - As of April 3, 2024, the company had 160,166,788 common shares issued and outstanding, along with 14,354,400 stock options at a weighted-average exercise price of CDN$1.79 [90]. - The company has no material off-balance sheet arrangements [89]. - There are no new accounting pronouncements affecting the company [91].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended November 30, 2023 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 Other Ju ...

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, 2023 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 ...

Financial Performance - For the three-month period ended May 31, 2023, the company reported a net loss of $2.8 million, a decrease from a net loss of $4.1 million in the same period of 2022, representing a 31.9% improvement[84] - For the six-month period ended May 31, 2023, the company reported a net loss of $7.9 million, compared to a net loss of $9.1 million for the same period in 2022, reflecting a 13.2% reduction in losses[85] - The company's share of loss on equity investment decreased to $1.6 million for the three-month period ended May 31, 2023, down from $2.5 million in the same period of 2022, indicating improved performance from Ambler Metals[84] - Salaries and stock-based compensation expenses decreased, contributing to the overall reduction in comprehensive loss[84] Cash and Working Capital - The company had $4.2 million in cash and working capital of $3.5 million as of May 31, 2023, with ongoing cash preservation strategies in place[87] - Ambler Metals, which funds all project-related costs, had $72.8 million in cash and $71.8 million in working capital as of May 31, 2023, sufficient to cover the current fiscal year's budget for the UKMP and the Ambler Access Project[88] - The Board of Directors agreed to take all fees in Deferred Share Units (DSUs) to preserve cash, and senior management is also taking a portion of their salaries in shares[87] Project Development - The budget for the Ambler Access Project is set at $24.6 million, with $12.3 million approved for the 2023 field season work[79] - Trilogy Metals' Upper Kobuk Mineral Projects are part of a 50/50 joint venture with South32, focusing on the Arctic and Bornite projects[75] - The United States Bureau of Land Management anticipates publishing a draft Supplemental Environmental Impact Statement in Q3 2023 and a final SEIS in Q1 2024[78] - The company is focused on exploration and development in the Ambler mining district, Alaska, through its subsidiary, NovaCopper US Inc.[75] Risks and Challenges - The company has faced risks related to the COVID-19 pandemic and its impact on operations[65] - The company has a history of losses and expects future losses as it continues its exploration activities[67] - The company is dependent on third-party approvals for the development of its mineral properties, which may not be received in a timely manner[64] Shareholder Information - Trilogy Metals reported a gross proceeds of $3.2 million from a non-brokered private placement of 5,854,545 common shares at a price of $0.55 per share[82] - As of July 14, 2023, the company had 155,559,334 common shares issued and outstanding, along with 13,049,400 stock options outstanding[90] - The company completed its Annual General Meeting on May 17, 2023, with all nominated directors receiving over 97% of the votes cast[83] Operating Expenses - The company expended $1.5 million on operating activities during the six-month period ending May 31, 2023, primarily on corporate salaries and professional fees[86] - There are no material off-balance sheet arrangements reported by the company[89]

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 Commission File Number: 1-35447 TRILOGY METALS INC. (Exact Name of Registrant as Specified in Its Charter) British Columbia 98-1006991 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) Canada V7Y 1G5 (Address of Principal Executive Offices) (Zip Code) (604) 638-8088 (Regi ...

Mineral Reserves and Resources - As of November 30, 2022, the Arctic Project has probable mineral reserves of 23.35 million tonnes with an average grade of 2.11% Cu, 0.56% Pb, 2.90% Zn, 0.42 g/t Au, and 31.8 g/t Ag[143]. - The book value of the company's investment in the Upper Kobuk Mineral Projects is $142.8 million as of November 30, 2022[144]. - The mineral resource estimate includes 35.7 million tonnes of indicated resources with an average copper grade of 2.98% and a contained copper content of 2,347 million pounds[243]. - The inferred mineral resource estimate is 4.5 million tonnes with an average copper grade of 1.92% and a contained copper content of 189 million pounds[243]. - As of November 30, 2022, the Mineral Reserve estimate includes 46.7 million tonnes with an average grade of 2.11% Cu, 0.56% Pb, 2.90% Zn, 0.42 g/t Au, and 31.8 g/t Ag[259]. - Trilogy Metals holds a 50% attributable interest in the reported Mineral Reserves and Resources[259][260]. Project Economics - The project demonstrates a pre-tax net present value (NPV) of $1,500 million at an 8% discount rate, with an internal rate of return (IRR) of 25.8% and a payback period of 2.9 years[319]. - The estimated cash flow forecast over the life of the mine is $3,942.6 million undiscounted pre-tax cash flow[320]. - The average life-of-mine (LOM) operating cost is estimated to be $59.83 per tonne milled, with mining and processing costs accounting for 37.6% and 37.8% of total operating costs respectively[311][314]. - The total estimated initial capital cost for the Arctic Project is $1,177 million, with a total project cost of $1,291.2 million including sustaining and closure costs[308][309]. - The project has an initial capital cost of $1,177 million, sustaining capital costs of $114 million, and closure costs of $428 million, leading to a pre-tax IRR of 25.8% and an NPV of $1,500 million at an 8% discount rate[339]. - The project has a payback period of 2.9 years pre-tax and 3.1 years post-tax, with a post-tax IRR of 22.8% and an NPV of $1,108 million[339]. Mining and Processing - The project is amenable to open pit extraction methods, with reasonable prospects for economic extraction established[237]. - The Arctic Project is designed as a conventional truck-shovel operation with a processing rate of 10 kt/d[262]. - The processing plant is designed for a capacity of 10,000 t/d, operating at an overall availability of 92%[267]. - The average lead concentrate grade for the Avg Talc composite could be improved with optimized separation conditions, indicating potential for enhanced recovery[228]. - The project will require a combination of existing and proposed access roads, including the AAP road to connect to the Dalton Highway[277]. - The mine requires approximately two years of pre-strip operations before actual production can commence[337]. Metallurgical Testing and Recovery - The average Bond ball mill work index (BWi) was reported at 8.82 kWh/t, indicating the materials are considered soft or very soft for grinding requirements[216]. - The 2012-2015 metallurgical test results indicated that the samples responded well to the flotation flowsheet tested[214]. - Copper recoveries to the bulk copper-lead concentrates ranged from 89% to 93%, with grades between 24% to 28%[216]. - Lead recovery to the bulk copper-lead concentrates was approximately 92% to 94%, containing 9% to 13% lead[216]. - Zinc recovery was reported at 84.2% from Composite Zone 1 & 2, 93.0% from Composite Zone 3, and 90.5% from Composite Zone 5, with average zinc grades higher than 55%[216]. - Gold recoveries to the bulk copper-lead concentrates ranged from 65% to 80%, while silver recoveries ranged from 80% to 86%[216]. - The metallurgical recovery projections for the life-of-mine (LOM) are 92% for copper, 77% for lead, 88% for zinc, 63% for gold, and 56% for silver[239]. Environmental and Community Impact - The project is expected to create significant employment opportunities for local residents during exploration, construction, and operation phases[300]. - The company aims to support education, job training, and economic growth for local communities throughout the project's life[303]. - The water treatment plant is designed to treat all parameters in the predicted site wastewater to meet the state's Water Quality Standards for Subarctic Creek[288]. - A cyanide removal process demonstrated a 99% removal efficiency, supporting low cyanide concentrations in tailings pond solutions[222]. Exploration and Geological Information - Exploration activities targeting VMS style mineralization in the Ambler Sequence have been conducted from 2004 to the present, with significant work completed between 2004 and 2007[187]. - The Ambler Mining District is characterized by a 110 km strike length of VMS-like stratabound mineralization[173]. - The Arctic deposit mineralization occurs within eight modelled zones, extending to a depth of approximately 250 m below the surface[179]. - The mineralization predominantly consists of coarse-grained sulphides, including chalcopyrite, sphalerite, and galena[181]. - The Arctic deposit has strong similarities to deposits found in the Finlayson Lake VMS district, Yukon, and the Bathurst district, New Brunswick[186]. Infrastructure and Access - The Arctic Project is located in a geographically isolated area with no current road access, approximately 270 km from Kotzebue[151]. - Primary access to the Arctic Project is by air, with four gravel airstrips capable of accommodating charter fixed wing aircraft[153]. - The Arctic access road must be constructed to at least a pioneer road condition to facilitate the delivery and operation of mine fleet and support facilities[338].

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, 2022 OR British Columbia 98-1006991 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) Canada V7Y 1G5 (Address of Principal Executive Offices) (Zip Code) (604) 638-8088 (Registrant's Telephone Number, Including Area Code) ☐ TRANSIT ...

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 May 31, 2022 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 Other ...