Mr. Tony Giardini reports

TRILOGY METALS PROVIDES UPDATE ON PRESIDENT TRUMP'S EXECUTIVE ORDERS AND ACTIONS BY DEPARTMENT OF INTERIOR AIMED AT ADVANCING THE AMBLER ACCESS PROJECT IN ALASKA

Trilogy Metals Inc. has provided an update on the Ambler Access project -- the proposed 211-mile, industrial-use-only road from the Upper Kobuk mineral projects to the Dalton Highway that would enable the advancement of exploration and development at the Ambler mining district in northwestern Alaska, home to some of the world's richest known copper-dominant polymetallic deposits.

On Jan. 20, 2025, United States President Donald Trump signed a comprehensive executive order titled "Unleashing Alaska's Extraordinary Resource Potential," instructing agency heads across the federal government to revoke, rescind or revise regulations that are inconsistent with resource development in Alaska, including those issued by former president Joe Biden when he was in office.

It places a moratorium on all activities related to the rejection of a right-of-way permit to build the Ambler road and directs the reinstatement of the prior Trump Administration's 2020 approval of the right-of-way permit to build the Ambler road.

The order was broadly welcomed by Alaska's political leaders, including senators Dan Sullivan and Lisa Murkowski, and Representative Nick Begich.

Department of Interior Secretary Doug Burgum subsequently signed a series of secretarial orders, echoing the executive orders signed by Mr. Trump. Mr. Burgum's Order 3422 on Feb. 3, 2025, also titled "Unleashing Alaska's Extraordinary Resource Potential," directs the submission of an action plan to him that includes "steps to expedite the permitting and leasing of energy and natural resource projects in Alaska (including the rights-of-way and easements for roads that enable this development to occur)."

On March 20, 2025, Mr. Trump signed an executive order titled "Immediate Measures to Increase American Mineral Production," which underscores the importance of securing a stable and predictable domestic supply of critical minerals (including copper and gold) that are essential for the nation's defence, technology and infrastructure, and to reduce the reliance on foreign imports. The order directs federal agencies to expedite approvals for mineral production projects.

Also on March 20, 2025, Mr. Burgum announced that the Bureau of Land Management will work toward partial revocation of public land withdrawals to convey these lands to the state of Alaska. This action is expected to help advance the Ambler road.

Mr. Burgum's announcement was commended by Mr. Sullivan, Ms. Murkowski and Mr. Begich in a joint statement on March 20, 2025.

Tony Giardini, president and chief executive officer of Trilogy Metals, commented: "Recent actions taken by President Donald Trump and Interior Secretary Doug Burgum signal a positive path forward for the Ambler road. This transportation corridor is crucial not only for providing access to the minerals that are vital to U.S. national security and prosperity, but also for much-needed economic growth and job creation in Alaska. Trilogy Metals is committed to working with all stakeholders on progressing the road, to unlock the vast natural resource potential of the Ambler mining district."

Resolution in support of the Ambler road passed by Alaskan Tribal Council

On March 11, 2025, the Kobuk Tribal Council, on behalf of the community of Kobuk -- one of the communities located close to the proposed Ambler road -- passed a resolution in support of the road. The tribal council acknowledges that the road could provide local jobs and economic benefits to the community while safeguarding a traditional subsistence lifestyle.

"We have been studying this project since it was announced. The conversations about subsistence, the cost of living and jobs for our youth are important to us as we look to the future of the region as Red Dog winds down and our people need work to remain in our villages," said Henry Horner, president of the Kobuk Tribal Council, in the March 21, 2025, announcement of the resolution by the Alaska Industrial Development and Export Authority (AIDEA).

The full resolution and announcement are available on AIDEA's website.

About Trilogy Metals Inc.

Trilogy Metals is a metals exploration and development company holding a 50-per-cent interest in Ambler Metals LLC, which has a 100-per-cent interest in the Upper Kobuk mineral projects in northwestern Alaska. On Dec. 19, 2019, South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The Upper Kobuk mineral projects are 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 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.

We seek Safe Harbor.