Slide 1: 2025 Bornite PEA Results
TSX TMQ | NYSE TMQ HIGH GRADE SAFE JURISDICTION SOLID PARTNERS 2025 Bornite PEA Results | January 15, 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation includes certain "forward-looking information” and "forward-looking statements” (collectively "forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities L
Slide 3: Technical Information and Cautionary Statements
TECHNICAL INFORMATION AND CAUTIONARY STATEMENTS TECHNICAL REPORT AND QUALIFIED PERSONS The document referenced below provide supporting technical information for the Arctic project referenced throughout this presentation. Project Qualified Person(s) Most Recent Disclosure ARCTIC Kevin Murray, P.Eng,
Slide 4: Today's presenters
Tony Giardini, CEO – Corporate Update Today’s presenters Bob Jacko, Engineering – Mining and Processing from Elaine Sanders, CFO – Financial Results Trilogy Metals Richard Gosse, VP Exp – Mineral Resources and Exploration Potential TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 4
Slide 5: Corporate Update
CORPORATE UPDATE Tony Giardini TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 5
Slide 6: The Ambler Mining District Is More Than a High-Grade Copper District
THE AMBLER MINING DISTRICT IS MORE THAN A HIGH-GRADE COPPER DISTRICT It is a Source of Essential Minerals Listed on the U.S. Critical Minerals List COBALT ZINC COPPER Used in electric motors, GERMANIUM batteries of electric Used in semiconductor vehicles Used in electric vehicle batteries chips Used
Slide 7: Ambler Mining District
AMBLER MINING DISTRICT Located in Northwest Alaska Long History of Mining Ambler Mining District 211 Miles Proposed Ambler 250 Access Road Miles 345 Miles TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 7
Slide 8: Ambler Mining District
AMBLER MINING DISTRICT1 COPPER ZINC GOLD SILVER billion pounds billion pounds million ounces million ounces ARCTIC 2.35 3.22 0.675 52.0 (INDICATED) ARCTIC 0.19 0.29 0.062 5.0 (INFERRED) BORNITE 6.51 (INFERRED) with Zinc and Precious Metals Rule of Law Jurisdiction 50/50 Ambler Mining District with F
Slide 9: Joint Venture Partnership with South32
JOINT VENTURE PARTNERSHIP with South32 South32 Limited Exercised its Option to Form a Joint Venture with Trilogy Ambler Metals LLC formation 50% ~$145 million 50% Upper Kobuk Mineral Projects South32 is a global diversified metals and mining company with a market capitalization of ~$15 billion AUD I
Slide 10: Ambler Access Road Project Timeline
AMBLER ACCESS ROAD PROJECT TIMELINE JAN 2021 FEB 2021 FEB 2022 MAY 2022 SEPT 2022 OCT 2023 APR 2024 JUN 2024 AIDEA Ambler United States DOI motion for USBLM Draft SEIS Final SEIS USBLM received Metals Department of remand granted published a filed by filed by recommended right-of-way entered into a
Slide 11: Trilogy Share Price Performance
TRILOGY SHARE PRICE PERFORMANCE PERFORMANCE SINCE START OF AMBLER ACCESS ROAD PROJECT Share Price (US$) Copper Price (US$/lb) (Indexed) $4.00 Jan-21: Feb-22: AIDEA received right-of-way for the Ambler United States Department of the Interior (DOI) filed a Access Road Project from US Bureau of motion
Slide 12: Purpose of the Bornite PEA Study
PURPOSE OF THE BORNITE PEA STUDY Arctic + Bornite = 30 Years of Mine Activity • We believe that exploration will ultimately expand the VMS belt and the use of mill infrastructure at Arctic, but the Bornite PEA study shows that existing resources extend mining to 30 years COMBINED ARCTIC BORNITE MINE
Slide 13: Mining and Processing
MINING AND PROCESSING Bob Jacko TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 13
Slide 14: Main Engineering Firms
MAIN ENGINEERING FIRMS Technical Study Prepared by Independent Consultants Familiar with the Upper Kobuk Mineral Projects ➢ Mining and associated capital and operating costs ➢ Surface infrastructure and associated capital costs ➢ Geology and mineral resource estimate ➢ Financial model ➢ Final report
Slide 15: Key Engineering Points
KEY ENGINEERING POINTS ✓ Bornite PEA mine life is 17 years and may be extended with additional exploration ✓ Underground long hole mining at 6,000 tpd ✓ Processing at 10,000 tpd; run mill for 2 weeks and shutdown for 1 week ✓ Bornite located in close proximity to Arctic - approximately 25km southwes
Slide 16: Surface Plan
SURFACE PLAN P S TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 16
Slide 17: Mining
MINING - South Reef production only - Typical long hole mine design Primary Vent Raise Portal Elevation 262RL - 6,000 tpd production - 36.9 million tonnes at 2.61% copper with a cutoff grade of 1.6% - Twin declines from surface Grade Shell - Conveyor will move South Reef Production at 2.0% Cu minera
Slide 18: Mill Production
MILL PRODUCTION Copper Grade 2.61% BORNITE 2025 PEA Mill Feed Total Tonnes Mined (‘000 t) 41,367 Total Tonnes to Mill (‘000 t) 36,895 Total Waste Tonnes Mined (‘000 t) 4,473 LOM (years) 17 Ave. Mill production throughput (‘000 t/year) 2,200 Recoveries Copper Recovery (%) 90.9 Concentrate Tonnage Cop
Slide 19: Capital & Closure Costs
CAPITAL & CLOSURE COSTS BORNITE 2025 PEA Capital Expenditure Initial Capital ($ million) 503.8 Sustaining Capital ($ million) 363.1 Total Capex ($ million) 866.9 Mine Closure & Reclamation ($ million) 81.2 TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 19
Slide 20: Operating Costs
OPERATING COSTS BORNITE 2025 PEA $ million $/t milled Operating Costs Mining 1,573.9 42.66 Processing 915.8 24.82 G&A (incl. insurance, road tolls & 1,159.8 31.44 maintenance) Total LOM Operating Costs 3,649.4 98.91 TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 20
Slide 21: Key Environmental Points
KEY ENVIRONMENTAL POINTS ✓ No separate tailings facility at Bornite ✓ Bornite site will be completely reclaimed … complete site closure ✓ No long-term water treatment or environmental concerns at Bornite ✓ Minimal surface disturbance in the region ✓ Minimal footprint at Bornite ✓ Potential reduction
Slide 22: Financial Results
FINANCIAL RESULTS Elaine Sanders TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 22
Slide 23: Financial Results
FINANCIAL RESULTS BORNITE 2025 PEA Metal Price Copper ($/lb) 4.20 Financial Summary Pre-Tax Cashflow ($ million) 1,582.2 Pre-Tax NPV8% ($ million) 552.0 Pre-Tax IRR 23.6% Post-Tax Cashflow ($ million) 1,219.0 Post-Tax NPV8% ($ million) 394.0 Post-Tax IRR 20.0% Payback period in years (pre-tax/post-t
Slide 24: Bornite PEA Financial Results Sensitivities
BORNITE PEA FINANCIAL RESULTS Sensitivities BORNITE 2025 PEA 1 Copper Price ($//b) $4.00 $4.20 $4.25 $4.50 $4.75 $5.00 Pre-Tax NPV8% ($ million) 381.5 552.0 594.6 807.8 1,021.0 1,234.1 Pre-Tax IRR (%) 19.2 23.6 24.6 29.8 34.9 39.8 Post-Tax NPV8% ($ million) 259.4 394.0 427.5 593.6 755.4 912.4 Post-T
Slide 25: Arctic PFS – Tax Impacts
Arctic PFS – Tax ImpactsTAX IMPACTS Effective tax rate of ~35% • Total LOM taxes $363.3M (~23% of cashflows) • State of Alaska mining license taxes $37.4M • State of Alaska income taxes $107.3M • Federal income taxes $218.6M • Assumptions for the study • Federal Tax rate at a flat rate of 21% • Alas
Slide 26: Mineral Resources & Exploration Potential
MINERAL RESOURCES & EXPLORATION POTENTIAL Richard Gosse TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 26
Slide 27: Mineral Resources for the Bornite Deposit
MINERAL RESOURCES For the Bornite Deposit Average Contained Cut-off Tonnes Grade Metal Class Type/Area (Cu %) (Mt) Cu (%) Cu (Mlb) Inferred In-Pit 0.50 170.4 1.15 4,303 Outside-Pit South Reef 1.45 27.5 2.78 1,687 Outside-Pit Ruby Zone 1.79 10.4 2.28 521 Underground Development 0.70 0.7 0.98 16 Total
Slide 28: Mineral Resources – South Reef Amenable to Underground Mining
MINERAL RESOURCES Portions of South Reef Mineral Resource Amenable to Underground Mining Average Contained Cut-off Tonnes Grade Metal Class Type/Area (Cu %) (Mt) Cu (%) Cu (Mlb) Inferred In-Pit South Reef1 1.45 14.2 2.80 876 Outside-Pit South Reef2 1.45 27.5 2.78 1,687 Total South Reef 41.7 2.79 2,5
Slide 29: Mineral Resources – Oblique View of Bornite
MINERAL RESOURCES Oblique view of Bornite – looking NE In-Pit (including In-Pit North South Reef) 170.4 Mt at 1.15% Cu Outside-Pit Ruby Zone 10.4 Mt at 2.28% Cu In-Pit South Reef 14.2 Mt at 2.80% Cu Total South Reef Outside-Pit South Reef 41.7 Mt at 2.79% Cu 27.5 Mt at 2.78% Cu TRUST | RESPECT | INT
Slide 30: Trust | Respect | Integrity
TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 30
Slide 31: Upper Kobuk Mineral Projects – Relatively Underexplored
UPPER KOBUK MINERAL PROJECTS – RELATIVELY UNDEREXPLORED 197,342 Meters Drilled Since 1957 TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 31
Slide 32: Reserves at the Arctic Project
RESERVES AT THE ARCTIC PROJECT Probable Mineral Reserves PROBABLE1 MINERAL RESERVES Arctic 46,700,000 tonnes Resource @ ~3.7% Cu Eq. Outline Average Grades: 2.11% Cu 2.90% Zn 0.56% Pb 0.42 g/t Au 31.8 g/t Ag 1. See the Arctic Report (referenced on Slide 3) and the resource and reserve tables in Appe
Slide 33: Upper Kobuk Mineral Projects JV Area
UPPER KOBUK MINERAL PROJECTS JV AREA Total Land Package of 190,929 Ha (471,796 Acres) TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 33
Slide 34: Q&A
You are welcome to submit questions by clicking the Q&A icon on the left-hand side of Q&A the screen. You will see the option to “write a question” and submit your question in writing. TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 34
Slide 35: Corporate Office
TRUST | RESPECT | INTEGRITY Corporate Office Suite 901 – 510 Burrard Street Vancouver, British Columbia, V6C 3A8 Canada 1.604.638.8088 NYSE American, TSX: TMQ www.trilogymetals.com TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 35
Slide 36: Appendix
APPENDIX TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 36
Slide 37: Share Capitalization
SHARE CAPITALIZATION Solid, Supportive Shareholder Base WELL FUNDED BALANCE SHEET TSX, NYSE | TMQ Cash ~US$25.7 Million1 Issued and Outstanding 160.6 M2 No Debt Options 14.3 M2 JV Cash ~US$9.8 Million Fully Diluted 180.7 M2 (TMQ’s Interest ~US$4.9 MAJOR SHAREHOLDERS3 Million)1 Electrum Group ~20.2%
Slide 38: Mineral Resource Summary Table Under Regulation S-K 1300
MINERAL RESOURCE SUMMARY TABLE AS OF NOVEMBER 30, 2023 UNDER REGULATION S-K 1300 Average Grade Contained Metal Content Project Resource Tonnage Cu Pb Zn Au Ag Cu Pb Zn Au Ag Alaska Category (Mt) (%) (%) (%) (g/t) (g/t) (Mlb) (Mlb) (Mlb) (koz) (Moz) Arctic – 50% Attributable Inferred 2.25 1.92 0.70 2
Slide 39: Mineral Reserve Estimate for the Arctic Project
MINERAL RESERVE ESTIMATE AS OF NOVEMBER 30, 2023 FOR THE ARCTIC PROJECT, ALASKA USA UNDER REGULATION S-K 1300 Tonnage Average Grade Classification Mt Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t) Probable Mineral Reserves – 50% 23.35 2.11 0.56 2.90 0.42 31.8 Attributable Interest Notes: 1. Mineral Reserves
Slide 40: Ambler Mining District – Ambler Access Project
AMBLER MINING DISTRICT Ambler Access Project TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 40
Slide 41: NEPA Road Permitting Process (EIS)
NEPA ROAD PERMITTING PROCESS (EIS) Bureau of Land Management AIDEA is the proponent (BLM) was the lead agency for road permitting TRUST | RESPECT | INTEGRITY TSX, NYSE | TMQ 41