Corporate Activities - The Board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 million for external and community affairs, maintaining mineral claims, and physical asset maintenance [2] - For the six-month period ended May 31, 2024, Ambler Metals expended $2.4 million on various operational costs, slightly below the budget of $2.6 million [2] Financial Performance - For the six-month period ended May 31, 2024, the company reported a net loss of $5.4 million, an improvement from a net loss of $7.9 million for the same period in 2023, primarily due to reduced losses from Ambler Metals and lower professional fees [5] - The company had cash and cash equivalents of $14.0 million and working capital of $13.6 million as of May 31, 2024, with a strong cash position maintained through various cost-saving strategies [6] - For the three-month period ended May 31, 2024, the company reported a net loss of $1.8 million compared to a net loss of $2.8 million for the same quarter in 2023, attributed to decreased general and administrative expenses and reduced share of losses from Ambler Metals [17] Joint Venture and Cash Management - Ambler Metals, a joint venture with South32, returned $25 million to its owners in June 2024, maintaining a minimum cash balance of $10 million for operational flexibility [14] - The company has been actively investing excess cash in low-risk, short-term deposits to earn interest income [14] Ambler Access Project (AAP) - The Final Supplemental Environmental Impact Statement for the AAP identified "No Action" as the preferred alternative, leading to the denial of AIDEA's application for a Right-Of-Way grant [24][25] - Ambler Metals funded $1.1 million to AIDEA in support of the AAP during the six-month period ended May 31, 2024, compared to a budget of $1.3 million [23] Shareholder Actions - The Annual General Meeting of Shareholders held on May 22, 2024, resulted in the election of all nominated directors and the approval of a new Fixed Deferred Share Unit Plan to preserve cash compensation for non-employee directors [22]

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 ...

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, 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 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, 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 ...