Trilogy Metals (TMQ) Registration filing summary

Company overview and business model

• Focuses on exploration and development of the Upper Kobuk Mineral Projects in Alaska, including the Arctic and Bornite projects, through a 50% interest in Ambler Metals LLC, a joint venture with South32 Limited.

• Principal business is advancing high-grade polymetallic and copper-cobalt deposits via technical, engineering, and feasibility studies to support future production decisions.

• Incorporated in British Columbia, with subsidiaries in the US for project operations and early-stage exploration.

Financial performance and metrics

• Reported negative operating cash flow for the year ended November 30, 2024, and anticipates continued negative cash flow until commercial production is achieved.

• Financial statements are prepared in accordance with US GAAP and audited by PricewaterhouseCoopers LLP.

Use of proceeds and capital allocation

• Net proceeds from securities offerings will be used at management's discretion, with specific allocations detailed in future prospectus supplements.

• May allocate working capital to fund negative operating cash flow until production commences.