Trilogy Metals Inc (TMQ) Ordinary Shares NPV

Trilogy Metals Inc. is a metal exploration and development company. The Company holds a 50 % interest in Ambler Metals LLC, which has a 100 % interest in the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska. It hosts poly metallic volcanogenic massive sulfide (VMS) deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits. The two projects are the feasibility-stage Arctic copper-zinc-lead-gold-silver volcanogenic massive sulfide (“VMS”) project and the Bornite copper-cobalt carbonate replacement project. Both properties are located within a land package that spans approximately 190,929 hectares. The Arctic deposit is a poly metallic VMS deposit located over 470 km north-west of the City of Fairbanks, Alaska. The Bornite deposit is a carbonate hosted copper-cobalt deposit located near Kobuk, Alaska, and is approximately 25 km south-west of its Arctic Project.