Trilogy Metals Inc. · TSX:TMQ
Trilogy Metals — Investor Presentation (September 2026)
51 slides from Trilogy Metals's investor presentation, September 2026
Slide 1: Powering a Resilient America with Critical Minerals
CORPORATE PRESENTATION | SEPTEMBER 2026 Powering a Resilient America with Critical Minerals NYSE & TSX TMQ
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes certain "forward-looking information” and "forward-looking statements” expectation of future losses; uncertainties relating to the assumptions underlying our resource estimates, such (collectively "forward-looking statements”) within the meaning
Slide 3: Technical Information and Cautionary Statements
Technical Information and Cautionary Statements Technical Report and Qualified Persons PROJECT QUALIFIED PERSON(S) MOST RECENT DISCLOSURE ARCTIC Kevin Murray, P.Eng., Process Engineering Manager, Ausenco Engineering Canada Inc. Arctic Project, NI 43-101 Technical Report on Feasibility Study, Ambler
Slide 4: Copper. Made in America.
Copper. Made in America. Why Invest in Trilogy Metals U.S. domestic source of six critical minerals from Alaska Arctic Volcanogenic Massive Sulphide (VMS) Project is one of the highest-grade copper deposits in the world with an estimated average grade of about 5% copper equivalent – being permitted
Slide 5: Ambler Mining District
MINERAL-RICH Ambler Mining District COPPER ZINC GOLD SILVER billion pounds billion pounds million ounces million ounces High-Grade Copper with Zinc and Precious Metals ARCTIC (Indicated) 2.35 3.22 0.675 52.0 50/50 Joint Venture ARCTIC (Inferred) 0.19 0.29 0.062 5.0 with South32 Limited BORNITE (Infe
Slide 6: More than a High-Grade Copper District
THE AMBLER MINING DISTRICT More than a High-Grade Copper District The Ambler Mining District is a Source of Six Critical Minerals Identified by the U.S. Geological Survey (USGS) COPPER ZINC LEAD Used in power grid infrastructure, Used in galvanizing steel, solar and Used in batteries, ammunition and
Slide 7: Total Land Package of 90,929 Ha (471,796 Acres)
UPPER KOBUK MINERAL PROJECTS JV AREA Total Land Package of 190,929 Ha (471,796 Acres) 7
Slide 8: Arctic Project Indicated Mineral Resources
Arctic Project Indicated Mineral Resources Indicated Mineral Resources1 35.7 million tonnes Arctic Resource Outline @ 5.16% AVERAGE GRADES Cu Zn Pb 2.98% 4.09% 0.79% Au Ag 0.59g/t 45.2 g/t 1. Represents the Indicated Mineral Resources on a 100% basis, of which Trilogy has a 50% attributed interest.
Slide 9: More than High-Grade Copper
ARCTIC More than High-Grade Copper Mineral Resources for the Arctic Deposit1 CLASS INDICATED INFERRED MASS (Mt) 35.70 4.50 Cu (%) 2.98 1.92 Pb (%) 0.79 0.70 AVERAGE Zn (%) 4.09 2.93 GRADE Au (g/t) 0.59 0.43 Ag (g/t) 45.20 35.60 Arctic Resource Block Model Cu (Mlb) 2,347 189 1. As of November 30, 202
Slide 10: Small Footprint Mine Site – Looking Northeast
ARCTIC PROJECT GENERAL CONCEPT PLAN Small Footprint Mine Site – Looking Northeast Conceptual Drawing 10
Slide 11: Arctic Feasibility Study: Inputs and Economic Results
ARCTIC FEASIBILITY STUDY Inputs and Economic Results BASE CASE SPOT METAL PRICES FEASIBILITY INPUTS AND ECONOMIC RESULTS1 METAL PRICES (September 9, 2026) Mine Life 13 Years 13 Years Mill Capacity 10,000 tpd 10,000 tpd Strip Ratio (Waste/Ore) 7.3:1 7.3:1 149M lbs Cu 149M lbs Cu 173M lbs Zn 173M lbs
Slide 12: 3 Separate High-Quality Concentrates
ARCTIC PRODUCING QUALITY CONCENTRATES 3 Separate High-Quality Concentrates Anticipated Percentage of Revenue2 Higher Metal Prices Lift the Precious-Metal Share COPPER CONCENTRATE 1 ZINC CONCENTRATE 1 PRECIOUS METAL CONCENTRATE 1 2023 Arctic FS (Base Case) 92.1% recovery 88.5% recovery 61.3% Pb recov
Slide 13: Requires Federal, State and Borough Approvals
MINE PERMITTING Requires Federal, State and Borough Approvals 404 Wetlands Permit from the U.S. Army Corps of Engineers is the only significant federal permit required All other significant permits issued by the State of Alaska: • Waste Management Permit • Air Quality Permit • Dam Operating Permit •
Slide 14: NEPA Mine Permitting Process (EIS)
ENVIRONMENTAL IMPACT STATEMENT NEPA Mine Permitting Process (EIS) EXPLORATION & Mine permitting underway 1 ENVIRONMENTAL Baseline STUDIES Data 404 Permit Application Arctic Project is in the FAST-41 federal permitting program Gathering USACE 3 years Army Corps of Engineers (USACE) is the lead agency
Slide 15: Bornite PEA: Inputs and Economic Results
BORNITE PEA Inputs and Economic Results PRELIMINARY ECONOMIC ASSESSMENT BASE CASE SPOT METAL PRICE (PEA) INPUTS AND ECONOMIC RESULTS1 METAL PRICE (September 9, 2026) Mine Life 17 Years 17 Years Bornite Could Extend Average Annual Production 109M lbs Cu 109M lbs Cu Mine Activity for the Initial Capit
Slide 16: Testing Northern Extension
BORNITE Testing Northern Extension Mineral Resources for the Bornite Deposit1 CUT-OFF TONNES AVERAGE GRADE CONTAINED METAL CLASS TYPE/AREA Cu (%) (Mt) Cu (%) Cu (Mlb) In-Pit 0.50 170.40 1.15 4,303 Inferred Copper Resource INFERRED Outside-Pit South Reef 1.45 27.50 2.78 1,687 ~ 3 million Outside-Pit
Slide 17: Bornite Mineral Resources
OBLIQUE VIEW OF BORNITE – LOOKING NE Bornite Mineral Resources In-Pit (including In-Pit SOUTH REEF) 170.4 Mt at 1.15% Cu Outside-Pit RUBY ZONE In-Pit 10.4 Mt at 2.28% Cu SOUTH REEF 14.2 Mt at 2.80% Cu TOTAL SOUTH REEF 41.7 Mt at 2.79% Cu Outside-Pit SOUTH REEF 27.5 Mt at 2.78% Cu 17
Slide 18: Next Steps at Bornite to Unlock Strong Copper Optionality
BORNITE Next Steps at Bornite Prospects at Bornite Project to Unlock Strong Copper Optionality 01 Testing high-grade targets at South Reef area 02 Infilling existing high-grade zones 03 Defining & drilling targets at Cosmos Hills area, including the historical Pardner Hill resource N 04 Follow-up on
Slide 19: Multi-Billion Pound Copper VMS Districts of the World
COMPARISON OF THE AMBLER VMS BELT WITH OTHER KNOWN BELTS Multi-Billion Pound Copper VMS Districts of the World FLIN FLON 1 HOKUROKU DISTRICT 1 NORANDA 1 106 Mt, 5.7 B lbs Cu 122 Mt, 4.7 B lbs Cu 262 Mt, 8.5 B lbs Cu 90 years of mine production 120 years of mine production 85 years of mine production
Slide 20: Ambler Belt is Significantly Underdrilled
COMPARISON OF THE AMBLER VMS BELT WITH OTHER KNOWN BELTS Ambler Belt is Significantly Underdrilled AMBLER BELT, ALASKA BATHURST, CANADA FLIN FLON, CANADA Drilling from 1966 to 2026 Drilling from 1950 to 2020 Drilling from 1916 to 2011 NORANDA, CANADA SNOW LAKE, CANADA Drilling from 1935 to 2020 Dril
Slide 21: Pearls on a String
DISTRICT EXPLORATION Pearls on a String HISTORICAL RESOURCES2 A Qualified Person has not done sufficient work to classify the above historical estimates (Smucker, Horse Creek, Sunshine, Shungnak and BT) as current mineral resources or mineral reserves. Trilogy is not treating these historical estima
Slide 22: Numerous Electromagnetic Anomalies
UPPER KOBUK MINERAL PROJECTS Numerous Electromagnetic Anomalies LEGEND VTEM Survey - Tau 2019 Explored Deposits Selected Prospects VTEM Anomaly Picks 1st Priority 2nd Priority 22
Slide 23: VMS Belt vs Cosmos Hills Meters Drilled
UPPER KOBUK MINERAL PROJECTS – RELATIVELY UNDEREXPLORED VMS Belt vs Cosmos Hills Meters Drilled 197,342 Meters Drilled Since 1957 23
Slide 24: 100 km VMS Belt — Multiple Discovery Opportunities
DISTRICT EXPLORATION UPSIDE 100 km VMS Belt — Multiple Discovery Opportunities 471,796-Acre Land Package | 3 Major Deposits + 30 Prospects | Dozens of Untested Targets Along the Ambler Schist Belt District Exploration Strategy 100 km 30+ 10 VMS Belt Strike Known VMS Drill-Tested Near-Arctic Satellit
Slide 25: Copper Equivalent Grade vs. Size
UKMP IN CONTEXT Copper Equivalent Grade vs. Size On a copper equivalent basis, Arctic’s 5.16% grade is unmatched at any meaningful scale. UKMP Combined (Arctic & Bornite) at 2.53% with 3.66 Mt Cu is the only project in the high-grade + meaningful-scale quadrant — peers cluster below 1% . Grade (%) v
Slide 26: Arctic vs. Peer Copper Projects
CAPITAL INTENSITY Arctic vs. Peer Copper Projects Arctic’s capital intensity of ~$10,600/t ranks in the lowest quartile Industry trend: Capital intensity for new copper mines has risen ~65% globally. High grade drives lower processing costs and smaller plant since 2020 (BHP/Wood Mackenzie). Arctic’s
Slide 27: Arctic’s Advantage
POLYMETALLIC VALUE Arctic’s Advantage Why Copper-Only Grade Understates Arctic’s Value | Byproduct Credit Analysis 5.16% Arctic Grade Incl. Zn, Pb, Au, Ag 68% Byproduct Uplift Over Cu-Only Grade Uplift Zn + Pb + Au + Ag contribute ~68% additional value Highest among all open-pit comparable projects
Slide 28: The Grade Premium Investment Thesis
The Grade Premium Investment Thesis 12× vs. Porphyry Average ~10× vs. ASCU (Hudbay acq.) 9× vs. Americas Dev. Avg. 5.16% (spot) vs. 0.42% Cu peer avg 5.16% (spot) vs. 0.52% Cu Cactus 5.16% (spot) vs. 0.57% avg. peer VMS ≠ Porphyry Operating Cost Moat Arctic is a VMS deposit — the same geology that p
Slide 29: Copper Grade Comparison — Development Projects in the Americas
Copper Grade Comparison —Development Projects in the Americas Project Company Deposit Type Stage Cu Grade (Spot) Hudbay (ASCU acq. closed Cactus / Parks-Salyer (AZ) Porphyry PFS 0.52% Cu M&I ~0.52% Jun 2026) Los Azules (Argentina) McEwen Copper Porphyry (heap leach) Feasibility 0.45% Cu P&P ~0.45% S
Slide 30: Contained Copper — Top Comparable Projects
CONTAINED COPPER BENCHMARKING Contained Copper — Top 17 Comparable Projects Contained Cu (Mt) | Excludes Super-Major Deposits (>8 Mt Cu) Antler 0.3 McIlvenna Bay* 0.8 Marimaca 0.8 Green Bay 1.4 Escalones 1.6 Hushamu 1.6 Copperwood 1.7 Costa Fuego 2.0 Santo Domingo 2.2 Copper Creek 2.2 White Pine N.
Slide 31: Copper Equivalent Grade — Polymetallic Value
COPPER EQUIVALENT BENCHMARKING Copper Equivalent Grade — Polymetallic Value Copper World 0.55 Galore Creek 0.78 White Pine N. 1.15 Copperwood 1.42 San Nicolas 2.10 UKMP Combined 2.53 Green Bay 2.95 Black Butte* 3.10 McIlvenna Bay 3.20 Antler 3.80 Arctic (UKMP) Arctic 5.16 0 1 2 3 4 5 6 Source: S&P G
Slide 32: Strong Partnerships to Advance the Ambler Mining District
STRONG PARTNERSHIPS To Advance the Ambler Mining District in Alaska South32 contributed US$145 million Joint Venture for its 50% interest in Ambler Metals Partnership with South32 Trilogy contributed the UKMP assets into Ambler Metals Local Native Agreement/Business Relationship Partnership with NAN
Slide 33: President Trump Approves Ambler Access Project
OCTOBER 2025 President Trump Approves Ambler Access Project Federal Right-of-Way Permits Issued for the Road to the UKMP Unleashing Alaska’s Extraordinary This appeal is great news for Alaska, for jobs for our workers, for Resource Potential American national security, for reducing our country’s cri
Slide 34: Advancing the Ambler Access Project
THE ROAD TO THE UKMP Advancing the Ambler Access Project Presidential decision Federal right-of-way Field season begins along 1.4M acres transferred grants Ambler Road permits permits executed the corridor to the State of Alaska ANILCA Section 1106 appeal by AIDEA AIDEA executes ROW permits with Geo
Slide 35: Critical Corridors: Red Dog Road and the Dalton Highway
CASE STUDIES Critical Corridors: The Role of the Red Dog Road and the Dalton Highway in Alaska’s Resource Economy RED DOG ROAD DALTON HIGHWAY Part of the Delong Mountain Originally known as Transportation System (DMTS) North Slope Haul Road Purpose Purpose Support the development of the Red Dog Mine
Slide 36: Upcoming Progress
KEY CATALYSTS Upcoming Progress Progress updates on Arctic Project permitting 2026 field season work to support final investment decision for Arctic District-wide exploration at Upper Kobuk Mineral Projects Progress updates on Ambler Access Project (Ambler Road) Anticipated 2027 field season budget
Slide 37: Trilogy Stock Performance on NYSE American
HISTORICAL STOCK CHART Trilogy Stock Performance on NYSE American JANUARY 2022 – SEPTEMBER 2026 OCT 23, 2025 OCT 6, 2025 Right-of-Way permits received for Ambler Road U.S. government announces MAY 15, 2026 investment in Arctic Project Trilogy and accepted into JUNE 28, 2024 JAN 13, 2025 President FA
Slide 38: Share Capitalization
SOLID, SUPPORTIVE SHAREHOLDER BASE Share Capitalization NYSE, TSX | TMQ1 Issued and Outstanding 181.3 M Well Funded Balance Sheet Options 9.8 M Cash ~US$49 Million1 Fully Diluted 195.4 M No Debt Major Shareholders2 Market Cap ~US$584 Million1 Electrum Group U.S. Department of War South32 Limited ~9.
Slide 39: TAIKUU!
NYSE & TSX TMQ TAIKUU!
Slide 40: Appendix
>» APPENDIX
Slide 41: Management Team
OUR Management Team TONY GIARDINI ELAINE SANDERS RICHARD GOSSE PRESIDENT, CEO & CFO & CORPORATE VP, EXPLORATION DIRECTOR OF THE BOARD SECRETARY Experience: Experience: Experience: Kinross Gold Placer Dome NovaGold Alexco Ivanhoe Dundee Precious Ivanhoe Mines KPMG Resources Resource Mines Metals Form
Slide 42: Management Team cont’d
OUR Management Team cont’d OLAV LANGELAAR MATTHEW KEEVIL VP, CORPORATE VP, INVESTOR RELATIONS & DEVELOPMENT BUSINESS DEVELOPMENT Experience: Experience: Dundee Securities Placer Dome Ivanhoe Mines ATAC Resources Cameco Gladiator Metals Teck Resources Cross Lake Minerals More than 30 years of experie
Slide 43: Board of Directors
OUR Board of Directors JANICE STAIRS JIM GOWANS WILLIAM HAYDEN CHAIR DIRECTOR DIRECTOR Experience: Experience: Experience: Namibia Critical Metals Etruscan Resources Arizona Mining Placer Dome Ivanhoe Mines Sunward Resources Endeavour Mining McInnes Cooper Barrick Gold Cominco GoviEx Uranium DeBeers
Slide 44: Board of Directors cont’d
OUR Board of Directors cont’d WILLIAM HENSLEY GREGORY A. LANG DIANA WALTERS DIRECTOR DIRECTOR DIRECTOR Experience: Experience: Experience: University of Alaska Alaska Permanent Fund NovaGold Resources Amichel LLC Liberty Mutual Credit Suisse NANA Regional Alaska Railroad Barrick Gold Liberty Metals
Slide 45: Ambler Project
AMBLER MINING DISTRICT Ambler Project 45
Slide 46: Mineral Resource Summary
ARCTIC & BORNITE, ALASKA Mineral Resource Summary (As of November 30, 2025, Under Regulation S-K 1300) AVERAGE GRADE CONTAINED METAL CONTENT RESOURCE TONNAGE Cu Pb Zn Au Ag Cu Pb Zn Au Ag CATEGORY (Mt) (%) (%) (%) (g/t) (g/t) (Mlb) (Mlb) (Mlb) (koz) (Moz) ARCTIC – 50% ATTRIBUTABLE INTEREST Inferred
Slide 47: Mineral Reserve Estimate
ARCTIC PROJECT, ALASKA Mineral Reserve Estimate (As of November 30, 2025, Under Regulation S-K 1300) AVERAGE GRADE CLASSIFICATION TONNAGE Cu Pb Zn Au Ag (Mt) (%) (%) (%) (g/t) (g/t) ARCTIC – 50% ATTRIBUTABLE INTEREST Probable Mineral Reserves 23.35 2.11 0.56 2.90 0.42 31.80 NOTES: 6. Costs applied t
Slide 48: Arctic Mine: Alaska Economic Impact Summary
STATEWIDE ECONOMIC IMPACT Arctic Mine: Alaska Economic Impact Summary McKinley Research Group Independent Analysis | Based on 2023 Arctic FS | IMPLAN 2022 Data CONSTRUCTION PHASE (3 YEARS) OPERATIONS PHASE (13-YEAR MINE LIFE) Direct Annual Avg. Workforce Direct Annual Jobs 500 Peak workforce of 650
Slide 49: Northwest Arctic Borough & NANA Revenue Impact
REGIONAL & NANA BENEFITS Northwest Arctic Borough (NWAB) & NANA Revenue Impact Arctic Mine Contributions to the Regional Economy, NANA Regional Corporation, Inc. (NANA), and Alaska State Revenue NWAB EMPLOYMENT NANA REVENUE STREAMS STATE REVENUE NANA Shareholders $31.3M CONSTRUCTION ~230 Employed An
Slide 50: Cost-of-Living Savings for Northwest Arctic Communities
AMBLER ROAD: COMMUNITY BENEFITS Cost-of-Living Savings for Northwest Arctic Communities Estimated Annual Transportation Cost Savings for Communities of Ambler, Kobuk, Shungnak, Alatna, and Allakaket $ million 4 Total Annual Savings 3.5 Fuel Food Other Goods $3.44M Gravel spur scenario (Scenario 3) 3
Slide 51: Corporate and U.S. Office Contact
NYSE & TSX TMQ CORPORATE OFFICE U.S. OFFICE 510 Burrard Street, Suite 901 1031 Fourth Avenue, Suite 600 info@trilogymetals.com Vancouver, BC, Canada V6C 3A8 Anchorage, Alaska 99501 www.trilogymetals.com Phone: +1 (604) 638-8088
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