Trilogy Metals (TMQ) investor relations material

Strategic positioning and project overview

• Holds a 50% interest in the Upper Kobuk Mineral Projects (UKMP) in Alaska, a district-scale land package with significant copper, zinc, lead, gold, silver, cobalt, and germanium resources.

• Arctic Project is one of the highest-grade copper VMS deposits globally, with a 5.16% copper equivalent grade and a 13-year mine life; Bornite Project adds further copper and cobalt resources, potentially extending district mine life to over 30 years.

• Joint venture with South32 and strong partnerships with NANA and the Alaska Industrial Development and Export Authority (AIDEA) support project advancement.

• U.S. government holds a ~9% equity interest, and the company is well-funded with $49 million in cash and no debt.

Project economics and resource details

• Arctic Project feasibility study (2023) shows a pre-tax NPV of $1.5B and 25.8% IRR at $3.65/lb copper; spot prices significantly increase project value.

• Bornite Project preliminary economic assessment (2025) indicates a pre-tax NPV of $552M and 23.6% IRR at $4.20/lb copper.

• Arctic's probable reserves: 46.7 Mt @ 2.11% Cu, 2.9% Zn, 0.56% Pb, 0.42 g/t Au, 31.8 g/t Ag; Bornite inferred resources: 208.9 Mt @ 1.42% Cu.

• Arctic produces three high-quality concentrates (copper, zinc, precious metals) with low penalty metals and high recoveries.

• Capital intensity for Arctic is ~$10,600/t, among the lowest globally for new copper projects.

Permitting, infrastructure, and government support

• Arctic Project is in the FAST-41 federal permitting program; all major state permits are in place, with the 404 Wetlands Permit as the key federal approval.

• Ambler Access Project (211-mile industrial road) received federal right-of-way permits in October 2025, reinstated by presidential decision, streamlining logistics and reducing regulatory complexity.

• AIDEA is advancing road design and construction, with fieldwork underway and state land ownership simplifying future approvals.

• Project Vault, a $12B U.S. initiative, aims to establish a domestic stockpile of critical minerals, highlighting national strategic importance.