Trilogy Metals (TMQ) investor relations material

Strategic positioning and critical minerals

• Holds a district-scale land package in Alaska with six critical minerals: copper, zinc, lead, gold, silver, and cobalt, plus germanium at Bornite.

• Arctic Project is among the highest-grade copper deposits globally, averaging about 5% copper equivalent.

• Bornite Project adds significant cobalt and germanium potential, extending mine life to over 30 years.

• U.S. government signed a binding letter of intent to invest $35.6M for ~10% interest.

• Ambler Access Project federal permits reinstated in October 2025, supporting infrastructure and supply chain security.

Project resources and economics

• Arctic Project: 46.7 Mt probable reserves at 2.11% Cu, 2.9% Zn, 0.56% Pb, 0.42 g/t Au, 31.8 g/t Ag.

• Arctic feasibility: 13-year mine life, $1.5B pre-tax NPV, 25.8% IRR at $3.65/lb Cu; after-tax payback in 3.1 years.

• Bornite PEA: 17-year mine life, $552M pre-tax NPV, 23.6% IRR at $4.20/lb Cu; inferred copper resource of 6.53B lbs.

• Both projects are part of a 50/50 JV with South32 Limited.

• Arctic produces three high-quality concentrates with strong recoveries and minimal penalty metals.

Exploration and district potential

• Ambler Mining District is underexplored compared to global VMS belts, with significant upside.

• Multiple prospects and historical resources identified, including Smucker, Horse Creek, and Sunshine.

• Over 197,000 meters drilled since 1957, but large areas remain untested.

• Numerous electromagnetic anomalies identified for future exploration.