Mr. Tony Giardini reports

TRILOGY METALS ENTERS INTO AT-THE-MARKET EQUITY DISTRIBUTION AGREEMENT

Trilogy Metals Inc. has entered into an equity distribution agreement, effective as of Nov. 7, 2025, with Cantor Fitzgerald & Co. and BMO Capital Markets Corp., as lead agents, and Canaccord Genuity LLC, National Bank of Canada Financial Inc. and Raymond James (USA) Ltd. for an at-the-market (ATM) equity program.

The distribution agreement will allow the company to distribute up to $200-million (U.S.) of common shares of the company under the ATM program. The offered shares will be issued by the company to the public from time to time, through the agents, at the company's discretion. The offered shares sold under the ATM program, if any, will be sold at the prevailing market price at the time of sale. The company is not obligated to sell any offered shares under the distribution agreement. The volume and timing of distributions under the ATM program, if any, will be determined at the company's sole discretion. If sales are made under the ATM program, the net proceeds of any such sales are anticipated to be used for continued development of the Upper Kobuk mineral projects (UKMP) in Alaska and for general corporate purposes.

Under the distribution agreement, sales of offered shares will be made by the lead agents through any method that is deemed to be an at-the-market offering as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, on the NYSE American LLC, or as otherwise agreed between the lead agents and the company. No sales of Trilogy's offered shares will be made in Canada, to anyone known by the sales agent to be a resident of Canada or over or through the facilities of the Toronto Stock Exchange, or any other exchange or market in Canada. The agents are not registered as investment dealers in any Canadian jurisdiction and, accordingly, will only sell offered shares on marketplaces in the United States, and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any offered shares in Canada. Unless earlier terminated by the company or the agents as permitted therein, the distribution agreement will terminate upon the earlier of: (i) Oct. 31, 2028; and (ii) the date that the aggregate gross sales proceeds of the offered shares sold under the ATM program reaches the aggregate amount of $200-million (U.S.).

The ATM program is being made pursuant to a prospectus supplement dated Nov. 7, 2025, to the company's U.S. automatic shelf registration statement on Form S-3 filed Oct. 31, 2025. The prospectus supplement relating to the ATM program has been filed with the United States Securities and Exchange Commission (SEC), and is available on EDGAR.

The prospectus supplement filed today adds to, updates or otherwise changes information contained in the accompanying prospectus contained in the company's automatic shelf registration statement on Form S-3 (file No. 333-291209) filed by Trilogy with the SEC on Oct. 31, 2025. Prospective investors should read the prospectus in that registration statement and the prospectus supplement (including the documents incorporated by reference therein) for more complete information about the company and the ATM program, including the risks associated with investing in the company. Copies of the prospectus supplement and related prospectus may be obtained from Cantor Fitzgerald & Co., attention: capital markets, 110 East 59th St. (sixth floor), New York, N.Y., 10022, by e-mail at prospectus@cantor.com, and from BMO Capital Markets Corp., attention: equity syndicate department, 151 W. 42nd St. (32nd floor), New York, N.Y., 10036, by e-mail at bmoprospectus@bmo.com. You may also obtain these documents free of charge when they are available by visiting EDGAR.

About Trilogy Metals Inc.

Trilogy Metals is a metal exploration and development company that holds a 50-per-cent interest in Ambler Metals LLC, which has a 100-per-cent interest in the UKMP in northwestern Alaska. On Dec. 19, 2019, South32 Ltd., a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler mining district, which is one of the richest and most prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide (VMS) deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits, which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler mining district -- the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corp. Inc., an Alaska native corporation that provides a framework for the exploration and potential development of the Ambler mining district in co-operation with local communities. Trilogy's vision is to develop the Ambler mining district into a premier North American copper producer while protecting and respecting subsistence livelihoods.

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