Trilogy Metals Inc. · TSX:TMQ
Trilogy Metals — Investor Presentation (January 2026)
39 slides from Trilogy Metals's investor presentation, Jan 21, 2026
Slide 1: Powering a Resilient America with Critical Minerals
CORPORATE PRESENTATION JANUARY 2026 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 Binding Letter of Intent signed in October 2025 for U.S. Department of War to invest $35.6M for 10% interest in Trilogy U.S. domestic source of six critical min
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 signed the 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 Emergency (EO 1
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 (January 14, 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 Z
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
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) 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 (January 14, 2026) Mine Life 17 Years 17 Years Bornite Could Extend Average Annual Production 109M lbs Cu 109M lbs Cu Mine Activity for the Initial Capita
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 Approves Ambler Access Project
OCTOBER 2025 President Trump Approves Ambler Access Project Federal Right-of-Way Permits Issued 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 critical mineral dependence
Slide 26: 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 27: Upcoming Progress
KEY CATALYSTS Upcoming Progress Commencement Exploration of permitting of activities at Arctic Project Arctic and Bornite Progress updates on Ambler Access Project (Ambler Road) 27
Slide 28: Trilogy Stock Performance on NYSE American
HISTORICAL STOCK CHART Trilogy Stock Performance on NYSE American JAN 2022 – JAN 2026 OCT 23, 2025 Right-of-Way permits received for Ambler Access Road OCT 6, 2025 U.S. government JUNE 28, 2024 JAN 13, 2025 investment in Bureau of Land Preliminary Trilogy and Management, under the Economic President
Slide 29: Share Capitalization
SOLID, SUPPORTIVE SHAREHOLDER BASE Share Capitalization TSX, NYSE | TMQ1 Issued and Outstanding 171.1 M Well Funded Balance Sheet Options 8.4 M Cash ~US$50.0 Million1 Fully Diluted 183.1 M No Debt Major Shareholders2 Market Cap ~US$960 Million3 Electrum Group South32 Limited Paulson & Co. ~18.3% ~10
Slide 30: TAIKUU!
TAIKUU! 30
Slide 31: Appendix
> APPENDIX
Slide 32: 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 33: 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 34: 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 35: 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 36: Ambler Access Project
AMBLER MINING DISTRICT Ambler Access Project 36
Slide 37: 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 38: 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 39: 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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