Trilogy Metals Inc. · TSX:TMQ
Trilogy Metals — Investor Presentation (October 2025)
36 slides from Trilogy Metals's investor presentation, October 2025
Slide 1: Powering a Resilient America with Critical Minerals
CORPORATE PRESENTATION OCTOBER 2025 Powering a Resilient America with Critical Minerals NYSE & TSX TMQ 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes certain "forward-looking information” and "forward-looking statements” mineability, marketability and operating and capital costs; uncertainty related to inferred mineral resources; (collectively "forward-looking statements”) within the meaning o
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, Ausenco Engineering Canada ULC Arctic NI 43-101 Technical Report on Feasibility Study with an effective Piers Wendlandt, P.E., Princip
Slide 4: Addressing U.S. Supply Urgency: Why Invest in Trilogy Metals
CRITICAL MINERALS Addressing U.S. Supply Urgency Why Invest in Trilogy Metals Long-standing, marquee shareholders with significant holdings U.S. domestic source of critical minerals from Alaska Arctic Volcanogenic Massive Sulphide (VMS) Project is one of the highest-grade copper deposits in the worl
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 Critical President Trump signed the Executive Orders: Minerals Identified by U.S. Geological Survey Unleashing American Energy (EO 14154) and Declaring a National Energy Emergency (EO 14159),
Slide 7: Total Land Package of 190,929 Ha (471,796 Acres)
UPPER KOBUK MINERAL PROJECTS JV AREA Total Land Package of 190,929 Ha (471,796 Acres) 7
Slide 8: Arctic Probable Mineral Reserves
RESERVES AT THE ARCTIC PROJECT Arctic Probable Mineral Reserves Probable Mineral Reserves1 46,700,000 tonnes Arctic Resource Outline @ ~3.7% Cu Eq AVERAGE GRADES Cu Zn Pb 2.11% 2.9% 0.56% Au Ag 0.42g/t 31.8 g/t 1. Represents the Probable Mineral Reserves on a 100% basis, of which Trilogy has a 50% a
Slide 9: Small Footprint Mine Site – Looking Northeast
ARCTIC PROJECT GENERAL CONCEPT PLAN Small Footprint Mine Site – Looking Northeast Conceptual Drawing 9
Slide 10: 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 (October 6, 2025) 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 Zn
Slide 11: 3 Separate High-Quality Concentrates
ARCTIC PRODUCING QUALITY CONCENTRATES 3 Separate High-Quality Concentrates COPPER CONCENTRATE 1 ZINC CONCENTRATE 1 PRECIOUS METAL CONCENTRATE 1 Anticipated 92.1% recovery 88.5% recovery 61.3% Pb recovery Percentage 30.33% concentrate grade 53.73% concentrate 53.95% Pb concentrate grade of Revenue gr
Slide 12: Profitability Index, After-Tax IRR and After-Tax NPV Benchmarking
ARCTIC BOASTS ECONOMIC METRICS Profitability Index, After-Tax IRR and After-Tax NPV Benchmarking (Vicuña Corp) LEGEND After-Tax IRR (%) Feasibility PEA Pre-Feasibility Acquired Bubble size denotes after-tax NPV (US$bn) $1.0 $2.0 $3.0 After-Tax IRR Chart by RBC Capital Markets Data source: Wood Macke
Slide 13: Requires Federal, State and Borough Approvals
NO FEDERAL LANDS – EASIER TO PERMIT 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 • Da
Slide 14: NEPA Mine Permitting Process (EIS)
ENVIRONMENTAL IMPACT STATEMENT NEPA Mine Permitting Process (EIS) Mine permitting is expected as next step Exploration & Baseline Data 404 Permit Application Environmental Studies Gathering USACE Army Corp of Engineers (USACE) is expected to be the lead agency 3 years 1 year 1 Final EIS Public Recor
Slide 15: More than High-Grade Copper
ARCTIC More than High-Grade Copper Mineral Resources for the Arctic Deposit1 AVERAGE GRADE MATERIAL CONTENT MASS Cu Pb Zn Au Ag Cu Pb Zn Au Ag CLASS (Mt) (%) (%) (%) (g/t) (g/t) (Mlb) (Mlb) (Mlb) (koz) (Moz) INDICATED 35.70 2.98 0.79 4.09 0.59 45.20 2,347 621 3,216 675 52 INFERRED 4.50 1.92 0.70 2.9
Slide 16: 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 (October 6, 2025) Mine Life 17 Years 17 Years Bornite Could Extend Average Annual Production 109M lbs Cu 109M lbs Cu Mine Activity for the Initial Capital
Slide 17: 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 6.527 billion Outside-Pi
Slide 18: 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 18
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 Canada HOKUROKU DISTRICT 1 Japan NORANDA 1 Canada 106 Mt, 5.7 B lbs Cu 122 Mt, 4.7 B lbs Cu 262 Mt, 8.5 B lbs Cu 75 years of mine production 85 years of mine production AMBLER 2
Slide 20: 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 21: 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 21
Slide 22: Mineral Resources Compared to Peers
TRILOGY Mineral Resources Compared to Peers LEGEND Measured & Indicated Resources (bn lb Cu Eq.) Inferred Resources (bn lb Cu Eq.) Resource Grade (% Cu Eq.) Chart by BMO Capital Markets1 1. Peer group data as per company filings. Following long-term prices used to calculate Cu Eq - Au: US$1,650/oz,
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: To Advance the Ambler Mining District in Alaska
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 25: President Trump Signed Executive Order to Advance Ambler Access Project
JANUARY 2025 President Trump Signed Executive Order to Advance Ambler Access Project Executive Order 14153: President Trump’s sweeping executive order, and the work we will Unleashing Alaska’s Extraordinary do with his administration over the next four years, will put Alaskans back in the driver’s s
Slide 26: Upcoming Progress
KEY CATALYSTS Upcoming Progress Commencement Budget for 2026 of permitting of drilling campaign Arctic Project Department of Defense Agreement on funding of Bornite Project road tolling to advance domestic cobalt supply chain 26
Slide 27: Share Capitalization
SOLID, SUPPORTIVE SHAREHOLDER BASE Share Capitalization TSX, NYSE | TMQ1 Issued and Outstanding 164.3 M Well Funded Balance Sheet Options 11.7 M Cash ~US$23.4 Million1 Fully Diluted 181.0 M No Debt Major Shareholders2 Market Cap ~US$356 Million3 Electrum Group South32 Limited Paulson & Co. ~19.8% ~1
Slide 28: TAIKUU!
TAIKUU! 28
Slide 29: Appendix
>» APPENDIX
Slide 30: Management Team
OUR Management Team TONY GIARDINI ELAINE SANDERS RICHARD GOSSE PRESIDENT, CEO AND CFO AND 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
Slide 31: 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 32: 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 33: Ambler Access Project
AMBLER MINING DISTRICT Ambler Access Project 33
Slide 34: Mineral Resource Summary
ARCTIC & BORNITE, ALASKA Mineral Resource Summary (As of November 30, 2024, 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 35: Mineral Reserve Estimate
ARCTIC PROJECT, ALASKA Mineral Reserve Estimate (As of November 30, 2024, 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 36: Corporate Office and U.S. Office
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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