Slide 1: Powering a Resilient America with Critical Minerals
CORPORATE PRESENTATION | Q2 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: Why Invest in Trilogy Metals
CRITICAL MINERALS Addressing U.S. Supply Urgency 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 equiv
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 President Trump has signed the following Executive Orders: The Ambler Mining District is a Source of Critical Unleashing American Energy (EO 14154) and Minerals Identified by U.S. Geological Survey (USGS) Declaring a National Energy E
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 (June 2, 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 Zn Av
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: 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 13: NEPA Mine Permitting Process (EIS)
ENVIRONMENTAL IMPACT STATEMENT NEPA Mine Permitting Process (EIS) Mine permitting underway Exploration & Baseline Data 404 Permit Environmental Studies Gathering Application Arctic Project is in the FAST-41 federal permitting program USACE 3 years Army Corp of Engineers (USACE) is the lead agency 1
Slide 14: 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 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 (June 2, 2026) Mine Life 17 Years 17 Years Bornite Could Extend Average Annual Production 109M lbs Cu 109M lbs Cu Mine Activity for the Initial Capital Co
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 6.527 billion Outside-Pi
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: 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 19: 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 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: 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 22
Slide 23: 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 24: Copper Equivalent Grade vs. Size
UKMP IN CONTEXT Copper Equivalent Grade vs. Size On a copper equivalent basis, Arctic’s 5.6% grade is unmatched at any meaningful scale. UKMP Combined (Arctic & Bornite) at 2.53% CuEq with 3.66 Mt Cu is the only project in the high-grade + meaningful-scale quadrant — peers cluster below 1% CuEq. CuE
Slide 25: Arctic vs. Peer Copper Projects
CAPITAL INTENSITY Arctic vs. Peer Copper Projects Arctic’s capital intensity of ~$10,600/t CuEq 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). Arc
Slide 26: Arctic’s CuEq Advantage
POLYMETALLIC VALUE Arctic’s CuEq Advantage Why Copper-Only Grade Understates UKMP Value | Byproduct Credit Analysis 5.16% Arctic CuEq Grade Incl. Zn, Pb, Au, Ag 68% Byproduct Uplift Over Cu-Only Grade CuEq Uplift Zn + Pb + Au + Ag contribute ~68% additional value Highest CuEq among all open-pit comp
Slide 27: The Grade Premium Investment Thesis
The Grade Premium Investment Thesis 12× vs. Porphyry Average ~10×vs. ASCU (Hudbay acq.) 9× vs. Americas Dev. Avg. CuEq 5.16% CuEq (spot) vs. 0.42% Cu peer avg 5.16% CuEq (spot) vs. 0.52% Cu Cactus 5.16% CuEq (spot) vs. 0.57% avg. peer CuEq VMS ≠ Porphyry Operating Cost Moat Arctic is a VMS deposit —
Slide 28: Copper Grade Comparison — Development Projects in the Americas
Copper Grade Comparison —Development Projects in the Americas Project Company Deposit Type Stage Cu Grade CuEq (Spot) Hudbay (ASCU acq. Cactus / Parks-Salyer (AZ) Porphyry PFS 0.52% Cu M&I ~0.52% pending) Los Azules (Argentina) McEwen Copper Porphyry (heap leach) Feasibility 0.45% Cu P&P ~0.45% Sant
Slide 29: 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 30: 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) 5.25 0 1 2 3 4 5 6 Source: S&P Global M
Slide 31: 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 32: 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 33: Critical Corridors: Red Dog Road and 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 34: Upcoming Progress
KEY CATALYSTS Upcoming Progress Progress District-wide updates on exploration at Arctic Project Upper Kobuk permitting Mineral Projects 2026 field season Progress updates work to support final on Ambler investment decision Project for Arctic (Ambler Road) 34
Slide 35: Trilogy Stock Performance on NYSE American
HISTORICAL STOCK CHART Trilogy Stock Performance on NYSE American JANUARY 2022 – JUNE 2026 OCT 6, 2025 OCT 23, 2025 U.S. government Right-of-Way permits received for Ambler Road announces investment in APR 21, 2026 Trilogy and Arctic Project permitting commenced President Trump’s MAY 15, 2026 decisi
Slide 36: Share Capitalization
SOLID, SUPPORTIVE SHAREHOLDER BASE Share Capitalization NYSE, TSX | TMQ1 Issued and Outstanding 172.5 M Well Funded Balance Sheet Options 9.9 M Cash ~US$47.8 Million1 Fully Diluted 187.0 M No Debt Major Shareholders2 Market Cap ~US$837 Million3 Electrum Group Tidal Investments (Amplify ETF) South32
Slide 37: Taikuu!
TAIKUU! 37
Slide 38: Appendix
>» APPENDIX
Slide 39: 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 40: 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 41: 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 42: 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 43: Ambler Project
AMBLER MINING DISTRICT Ambler Project 43
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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