Trilogy Metals (TMQ) Corporate presentation summary

Strategic positioning and critical minerals

• Holds a district-scale land package in Alaska with six critical minerals: copper, zinc, lead, gold, silver, and cobalt.

• Arctic Project is among the highest-grade copper deposits globally, averaging about 5% copper equivalent.

• Bornite Project adds cobalt and germanium, enhancing strategic value.

• Signed a binding LOI with the U.S. government for a $35.6M investment for ~10% interest.

• 50/50 joint venture with South32 Limited, leveraging strong partnerships.

Project resources and economics

• Arctic Project feasibility study (Feb 2023): 46.7 Mt at 2.11% Cu, 2.9% Zn, 0.56% Pb, 0.42 g/t Au, 31.8 g/t Ag.

• Arctic pre-tax NPV $1.5B, IRR 25.8% at $3.65/lb Cu; after-tax NPV $1.1B, IRR 22.8%.

• Bornite PEA (Jan 2025): 6.53B lbs inferred copper, pre-tax NPV $552M, IRR 23.6% at $4.20/lb Cu.

• Combined UKMP district could support over 30 years of mine life.

• Arctic's capital intensity of ~$10,600/t CuEq is in the lowest quartile globally.

Production, costs, and concentrate quality

• Arctic mine life: 13 years, 10,000 tpd mill, 7.3:1 strip ratio.

• Average annual production: 149M lbs Cu, 173M lbs Zn, 26M lbs Pb, 2.8M oz Ag, 32,500 oz Au.

• Cash costs net of byproduct credits: $0.72/lb Cu; all-in cost: $1.61/lb Cu.

• Produces three high-quality concentrates with strong recoveries and minimal penalty metals.

• Byproduct credits (Zn, Pb, Au, Ag) uplift value by ~78% over copper-only grade.