An anonymous director reports

TRILOGY METALS ANNOUNCES US$25 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES

Trilogy Metals Inc. has entered into an underwriting agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada Corp., acting as sole lead underwriter and book-running manager, and including Cormark Securities Inc., BMO Capital Markets and Roth Capital Partners LLC, under which the underwriters have agreed to buy on a bought deal, underwritten basis 21,551,724 common shares of the company at a price of $1.16 (U.S.) per offered share for aggregate gross proceeds of approximately $25-million (U.S.).

Pursuant to the terms of an underwriting agreement among the company and the underwriters, the company has granted the underwriters an option, exercisable at the offering price at any time prior to 5 p.m. Toronto time on the day that is the 30th day following the closing date of the offering, to purchase up to an additional 15 per cent of the base offered shares offered in the offering solely to cover overallotments, if any, and for market stabilization purposes. The offering is expected to close on or about April 20, 2018, subject to receipt of customary Toronto Stock Exchange and NYSE (New York Stock Exchange) American approvals.

The company intends to use the net proceeds of the offering: (i) to advance the Arctic project to feasibility and permitting; (ii) for exploration in the Ambler mining district; and (iii) for general corporate purposes.

The company intends to file a final prospectus supplement in both Canada and the United States to its Canadian short-form base-shelf prospectus dated Nov. 21, 2017, and its U.S. shelf registration statement on Form S-3 that was declared effective on Nov. 21, 2017. Before investing, you should read the supplement and the risk factors set out therein and the Canadian base prospectus, as well as the registration statement and other documents the company has filed with the U.S. Securities and Exchange Commission and the Canadian securities regulators for more complete information about the company and the offering. Copies of the supplement and the underwriting agreement will be, and the Canadian base prospectus and the registration statement are, available at no charge by visiting the company's profiles on SEDAR or EDGAR, as applicable. Alternatively, investors may ask the underwriters or the company to send them the supplement, when available, the Canadian base prospectus and/or the base prospectus contained in the registration statement by contacting Cantor Fitzgerald Canada, attention: equity capital markets, 181 University Ave., Suite 1500, Toronto, Ont., M5H 3M7, e-mail: ecmcanada@cantor.com, or Cantor Fitzgerald & Co., attention: equity capital markets, 499 Park Ave., sixth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

About Trilogy Metals Inc.

Trilogy Metals is a metal exploration company focused on exploring and developing the Ambler mining district located in northwestern Alaska. It is one of the richest and most prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. Exploration efforts have been focused on two deposits in the Ambler mining district: the Arctic VMS (volcanogenic massive sulphide) deposit and the bornite carbonate replacement deposit. The company has an agreement with Nana Regional Corp. Inc., a regional Alaska native corporation that provides a framework for the exploration and potential development of the Ambler mining district in co-operation with local communities.

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