Trilogy Metals (TMQ) Corporate presentation summary

Strategic positioning and project overview

• Holds a 50% interest in the Upper Kobuk Mineral Projects (UKMP) JV, including the high-grade Arctic and Bornite deposits in Alaska, a major U.S. source of six critical minerals.

• Arctic Project is among the world's highest-grade copper deposits, with a 5% copper equivalent grade and significant zinc, lead, gold, and silver byproducts.

• Bornite Project adds substantial copper and cobalt resources, with potential to extend district mine life beyond 30 years.

• District-scale land package (471,796 acres) with over 30 prospects and significant exploration upside.

• Signed a binding LOI in October 2025 for a $35.6M U.S. government investment for ~10% interest.

Project economics and resource details

• Arctic Feasibility Study (2023): 46.7 Mt probable reserves at 2.11% Cu, 2.9% Zn, 0.56% Pb, 0.42 g/t Au, 31.8 g/t Ag.

• Arctic base case: $1.5B pre-tax NPV, 25.8% IRR at $3.65/lb Cu; after-tax NPV $1.1B, 22.8% IRR, 3.1-year payback.

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

• Arctic produces three high-quality concentrates with strong recoveries and low penalty metals.

• Arctic's capital intensity (~$10,600/t CuEq) and C1 cash costs ($0.72/lb Cu net of byproducts) are in the lowest quartile globally.

Permitting, infrastructure, and partnerships

• Arctic Project is in the FAST-41 federal permitting program; permitting underway with US Army Corps of Engineers as lead agency.

• Ambler Access Road federal right-of-way permits reinstated in October 2025, unlocking critical infrastructure for project development.

• Strong partnerships: 50/50 JV with South32, local partnership with NANA, and infrastructure support from Alaska Industrial Development and Export Authority.

• Well-funded with $47.8M cash, no debt, and a market cap of ~$837M as of June 2026.

• Major institutional shareholders include Electrum Group, Tidal Investments, and South32, with management holding meaningful equity.