Mr. Tony Giardini reports

TRILOGY METALS STRENGTHENS STRATEGIC ADVISORY AND LEADERSHIP CAPABILITIES FOLLOWING US FEDERAL INVESTMENT TO ADVANCE ALASKA PROJECTS

Trilogy Metals Inc. has expanded its advisory and leadership teams following its Oct. 6, 2025, announcement of an investment by the U.S. federal government to advance exploration and development of the Upper Kobuk mineral projects (UKMP) in northwestern Alaska. The Upper Kobuk mineral projects are held by Ambler Metals -- the company's 50/50 joint venture with South32 Ltd.

With mine permitting and project activity expected to accelerate at Ambler Metals, Trilogy is augmenting its management team to strengthen oversight of the joint venture. This move coincides with South32's increased commitment of personnel to the joint venture, underscoring the importance of rapidly advancing the UKMP. Further to Trilogy's Dec. 17, 2025, news release announcing the 2026 program and budget for Ambler Metals, Ambler Metals has also begun recruiting key management roles to drive project execution.

Tony Giardini, president and chief executive officer of Trilogy Metals, commented: "We are pleased to welcome Egizio Bianchini as strategic adviser. His distinguished career -- including leadership roles at investment banks Stifel GMP and BMO Capital Markets, his tenure as executive vice-chairman of Ivanhoe Mines, and decades of experience advising and financing mining companies globally -- brings an exceptional breadth of insight and perspective to Trilogy. His long-standing relationships across the global mining industry, deep industry knowledge and proven ability to guide companies through transformative transactions will be an important asset to us.

"Additionally, the management appointments of Olav Langelaar, Matthew Keevil and Kimberly Lim mark a strategic step forward for our company. Their combined expertise across capital markets, mining operations, investor relations and corporate communications will be instrumental as we advance our corporate development pipeline, deepen engagement with stakeholders, and deliver long-term value for our shareholders and communities.

"I look forward to working closely with our expanded team as we progress towards closing the U.S. government's investment in Trilogy and advancing the UKMP as a key domestic source of critical minerals."

More information on the Trilogy management team is available on the company's website, which will soon feature a refreshed design and provide enhanced access to corporate updates and investor information.

Egizio Bianchini has been engaged as strategic adviser. He most recently served as vice-chairman, managing director and head of mining investment banking at Stifel GMP, where he led the firm's mining investment banking business. Mr. Bianchini was previously executive vice-chairman of Ivanhoe Mines and spent 29 years at BMO Capital Markets, a member of Canada-based BMO Financial Group, including serving as vice-chairman and co-head of the global metals and mining group from 2011 to 2018. With more than 40 years of experience in metals and mining financial services, Mr. Bianchini has a proven record advising mining companies globally and leading the structuring and execution of initial public offerings and other capital-raising transactions.

He holds a master of business administration from the University of British Columbia and a bachelor of science in geology from the University of Toronto.

Olav Langelaar has been appointed vice-president, corporate development. He has more than 30 years of experience in Canadian capital markets and international mining, spanning investment banking, corporate development and operations. He spent 20 years as an investment banker with Dundee Goodman Merchant Partners, Primary Capital and Dundee Securities. This capital markets experience is complemented by 14 years in senior management roles with Ospraie Gold, Amerigo Resources and Placer Dome as well as earlier operational experience as an engineer with Cameco, Cominco (now Teck) and Agrium (now Nutrien). Prior to joining Trilogy, he served as vice-president, corporate development, at Gladiator Metals.

Mr. Langelaar holds a bachelor of science (honours) in mechanical engineering from the University of Waterloo and a master of business administration from the Ivey School of Business at the University of Western Ontario. He is a member of Engineers and Geoscientists of British Columbia and serves as managing director of Mincap Merchant Partners.

Matthew Keevil has been appointed vice-president, investor relations and business development. He brings more than 20 years of experience in capital markets, investor relations and corporate affairs across both public and private companies in the global mining sector. Prior to joining Trilogy, Mr. Keevil served as director of investor relations and corporate communications at Ivanhoe Mines from 2020 to 2026. In this role, he worked closely with senior leadership to shape strategic messaging, oversee regulatory disclosures and lead investor engagement during a period of exceptional corporate expansion and project advancement.

Mr. Keevil's earlier career includes leadership and analytical roles with Atac Resources, Teck Resources and Cross Lake Minerals, where he contributed to financial analysis, investor engagement and corporate development initiatives.

He holds a bachelor of arts (honours) in economics and political studies from Queen's University and a master of arts in strategic communication from Royal Roads University.

Kimberly Lim has been appointed director, corporate communications. Ms. Lim is a communications and investor relations professional with more than 15 years of experience supporting and advising natural resources, technology and agricultural technology companies. Prior to joining Trilogy, she served as a communications consultant providing expertise in capital markets communications, corporate positioning, crisis management, stakeholder engagement, and integrated messaging across investors, media, employees and communities.

Ms. Lim previously held senior in-house roles, including vice-president of investor relations and corporate communications at Cubicfarm Systems as well as senior communications leadership positions across the Ivanhoe group, supporting global mining and advanced technology businesses. Ms. Lim holds a bachelor of arts in psychology and economics from the University of British Columbia.

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, 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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