Mr. Tony Giardini reports

TRILOGY METALS PROVIDES UPDATE ON THE ISSUANCE OF FEDERAL RIGHT-OF-WAY PERMITS FOR THE AMBLER ACCESS PROJECT IN ALASKA

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

Trilogy is pleased to announce that the Alaska Industrial Development and Export Authority (AIDEA) has executed the right-of-way permits for the Ambler Access Road with the U.S. Army Corps of Engineers, the National Park Service and the Bureau of Land Management (BLM), formally re-establishing the federal authorizations required to advance the road project.

The issuance of these permits follows the Oct. 6, 2025, presidential decision under Section 1106 of the Alaska National Interest Lands Conservation Act (ANILCA) directing federal agencies to reissue the authorizations necessary for construction and operation of the Ambler Access Road. The executed permits restore the 50-year right-of-way across federally managed lands originally granted in 2020.

Now with the federal right-of-way permits in effect, AIDEA plans to proceed with road planning activities including updating detailed engineering plans, programs and budgets for next year.

Tony Giardini, president and chief executive officer of Trilogy Metals, commented: "The execution of these federal permits marks a pivotal milestone for the Ambler Road and the State of Alaska. We commend the leadership of AIDEA and the federal government in moving this strategic project forward. The road will provide access to a mining district that has the potential to strengthen the United States' ability to secure domestic supplies of copper and other critical minerals essential to national defence, energy infrastructure, advanced manufacturing and the rapid growth of AI data centres. The Ambler mining district is ready to play a vital role in supporting America's strategic and technological leadership."

About Trilogy Metals Inc.

Trilogy Metals is a metal exploration and development company which holds 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 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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