Mr. Tony Giardini reports

TRILOGY METALS ANNOUNCES COMPLETION OF 2026 FIELD PROGRAM AT THE UPPER KOBUK MINERAL PROJECTS, APPOINTMENT OF DAVID THOMAS AS SENIOR VICE PRESIDENT, PROJECT DEVELOPMENT OF AMBLER METALS

Trilogy Metals Inc. has successfully completed the 2026 summer field program at the Upper Kobuk mineral projects (UKMP) in northwestern Alaska's Ambler mining district, with all priority objectives for the season achieved.

Highlights:

• 2026 field program completed with all 42 planned geotechnical, hydrogeological, condemnation and exploration holes drilled over approximately 5,200 metres;
• Target assessments and advanced mapping completed for district-wide exploration drilling along 100-kilometre volcanogenic massive sulphide (VMS) belt;
• David Thomas appointed senior vice-president of project development of Ambler Metals LLC to lead engineering and development of the Arctic project.

The UKMP asset portfolio, which encompasses approximately 190,929 hectares and hosts both the high-grade Arctic polymetallic deposit and the Bornite copper-cobalt deposit, is being advanced by Ambler Metals. Ambler Metals is a 50/50 joint venture operating company equally owned by Trilogy and South32 Ltd. Arctic is one of the highest-grade, undeveloped open-pittable copper deposits in the world, with an estimated average grade of approximately 5 per cent copper equivalent, bolstered by material precious metals byproduct credits.

Tony Giardini, president and chief executive officer of Trilogy, commented: "Delivering the full scope of this season's work safely, with every priority objective met, is a credit to the Ambler Metals team. This summer's program gives our engineers the geotechnical and hydrogeological data they need to finalize Arctic's mine design and infrastructure placement, and it strengthens the technical record supporting our permit applications. We anticipate 2027 being a significant step up in activity: exploration and development drilling at Bornite and along the VMS [volcanogenic massive sulphide] belt, continued engineering at Arctic, and a draft environmental impact statement targeted for October, 2027. With Dave Thomas now leading project development, the joint venture is positioning Arctic for a potential construction decision following a record of decision, targeted for September, 2028."

Ambler Metals concludes 2026 field program

Ambler Metals has completed all planned geotechnical, hydrogeological, condemnation and exploration holes for the 2026 season -- a total of 42 holes across approximately 5,200 metres of drilling -- achieving all priority objectives set for the program. The drill campaign, concentrated at the proposed Arctic mine's waste rock storage facilities and tailings footprint areas and important groundwater characterization targets, was designed to inform mine design and infrastructure placement and to support the permitting process, while also probing exploration targets along the Arctic mineral horizon.

Regional exploration: target assessments completed along the 100-kilometre VMS belt

Alongside the Arctic drill program, Ambler Metals completed drill-target assessments of known mineral occurrences and targets across the UKMP mineral belt, achieving another key objective of the 2026 season. The 100-kilometre-long (60-mile-long) VMS belt, which hosts Arctic and numerous other polymetallic mineral deposits and prospects, contains approximately 30 known, historic VMS occurrences and electromagnetic anomalies. The results of these assessments will be used to rank and prioritize targets and are expected to underpin planning for accelerated exploration and development drilling in 2027.

Project staff are now focused on preparing for the 2027 field season, including completing equipment maintenance and repairs to support an efficient restart of field operations in April/May, 2027.

Mr. Thomas appointed senior vice-president of project development of Ambler Metals

Ambler Metals has appointed Mr. Thomas as senior vice-president of project development. Mr. Thomas will lead engineering and project development for the Arctic project, working alongside Ambler Metals president Ron Rimelman as the joint venture advances the project through permitting and toward a construction decision.

Mr. Thomas is a civil engineer with more than 40 years of experience in underground and open-pit mining across North America and internationally, including expertise in Arctic developments. His work spans mine complex design, permitting, project development, start-ups, operations and closure. He most recently served as chief operating officer of Freedom Copper and, prior to that, as vice-president of Ausenco USA, where he provided engineering oversight for preliminary economic assessments, prefeasibility studies and feasibility studies for mining projects in Alaska and across the United States. He has also held senior roles with New Mexico Copper and Sabre Gold and has been involved in mine permitting in Alaska, Washington, Arizona, Utah and New Mexico. His Alaska experience includes work at the Red Dog, Fort Knox, Pogo and Kensington mines during his tenure as president of Alaska Interstate Construction. Internationally, Mr. Thomas served as general director for Nordgold, working on projects in Siberia and Africa, and as EPCM (engineering, procurement and construction management) manager for Newmont's Hope Bay project in Nunavut, Canada. He holds a bachelor of science from the University of Washington.

Mr. Rimelman, president of Ambler Metals, commented: "As the Arctic project advances through permitting, our focus is shifting from defining the project to preparing to build it, and Dave brings the expertise we need at this stage. He has spent four decades designing, permitting, building and operating mines -- including Arctic developments and, here in Alaska, operations such as Red Dog, Fort Knox, Pogo and Kensington. His engineering leadership on feasibility-level studies, combined with his hands-on construction and start-up experience, will be invaluable as we translate this season's engineering data into final mine design and lay the groundwork for development. We are delighted to welcome him to the Ambler Metals team."

Qualified person

Richard Gosse, PGeo, vice-president, exploration, for Trilogy Metals, is a qualified person as defined by National Instrument 43-101, Standard of Disclosure for Mineral Projects, and Subpart 1300 of Regulation S-K. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.

About Trilogy Metals Inc.

Trilogy Metals is a metal exploration and development company holding a 50-per-cent interest in Ambler Metals, which has a 100-per-cent interest in the Upper Kobuk mineral projects (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 Metals. 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 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 Metals' 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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