What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-02-09 compared with 2023-02-14 · 86 added, 101 removed, 1389 unchanged (12% of the section changed)

7 unchanged sentences

Bornite – 50% Attributable Interest

Mineral Resources are current as of November 30, 2022 and were verified by a Wood QP.

Mineral Resources were prepared in accordance with the standards and definitions of S-K 1300 and represent first-time disclosure of Mineral Resources under S-K 1300 standards and definitions.

The Mineral Resource estimate is reported exclusive of those Mineral Resources that were converted to Mineral Reserves.

A Qualified Person and an employee of the Company, has approved the mineral reserves and mineral resources included in this Annual Report on Form 10-K as of November 30, 2023 and reviewed the reserves and resources in the S-K 1300 Arctic Report and the S-K 1300 Bornite Report and confirmed that the reserves and resources remain current as of November 30, 2023.

Mineral Resources were prepared in accordance with the standards and definitions of S-K 1300 and represent disclosure of Mineral Resources under S-K 1300 standards and definitions.

The Mineral Resource estimate is reported exclusive of Mineral Reserves.

There are no Mineral Reserves estimated on the Bornite property.

Trilogy Metals’ 50% attributable interest is stated in the table.

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Probable Mineral Reserves – 50% Attributable Interest

Mineral Reserves estimates are current as of November 30, 2022 and were prepared by a Wood QP.

Mineral Reserves were estimated assuming open pit mining methods and include a combination of internal and contact dilution.

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Please also see “ Management’s Discussion and Analysis—Project Activities ” for more information on the development and nature of our interest in the Upper Kobuk Mineral Projects.

The Company’s book value of its investment in the Upper Kobuk Mineral Projects is $142.8 million as of November 30, 2022.

The Company’s book value of its investment in Ambler Metals is $135.2 million as of November 30, 2023.

Arctic Project

3 unchanged sentences

Except as otherwise stated, the scientific and technical information relating to the Arctic Project contained in this Form 10-K is derived from the (i) 2023 S-K 1300 report for Arctic titled “Arctic Project Technical Report Summary, Ambler Mining District, Alaska” dated November 30, 2022 prepared by Ausenco Engineering Canada Inc., Wood Canada Limited, SRK Consulting (Canada) Inc.

and Brown and Caldwell, each of whom are not affiliated with Trilogy (“S-K 1300 Arctic Report”) and the (ii) 2023 Arctic Report titled “Arctic Project NI 43-101 Technical Report on Feasibility Study, Ambler Mining District, Alaska” with an effective date of January 20, 2023, prepared by Ausenco Engineering Canada Inc., Wood Canada Limited, SRK Consulting (Canada) Inc.

and Brown and Caldwell, each of whom are not affiliated with Trilogy (“S-K 1300 Arctic

Report”) and the (ii) 2023 Arctic Report titled “Arctic Project NI 43-101 Technical Report on Feasibility Study, Ambler Mining District, Alaska” with an effective date of January 20, 2023, prepared by Ausenco Engineering Canada Inc., Wood Canada Limited, SRK Consulting (Canada) Inc.

and Brown and Caldwell (“NI 43-101 Arctic Report”).

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Reference should be made to the full text of the S-K 1300 Arctic Report and the NI 43-101 Arctic Report which has been filed, as applicable, with the relevant US and Canadian securities regulatory authorities.

The NI 43-101 Arctic Report is available for review on SEDAR at www.sedar.com and the S-K 1300 Arctic Report is available for review on EDGAR at www.sec.gov.

The NI 43-101 Arctic Report is available for review on SEDAR+ at www.sedarplus.ca and the S-K 1300 Arctic Report is available for review on EDGAR at www.sec.gov.

Arctic Project Description, Location and Access

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Upon the formation of the joint venture, Trilogy contributed all of its Alaskan assets, including the Arctic Project and the NANA Agreement, to Ambler Metals in exchange for a 50% membership interest and at the same time, South32 contributed $145 million in cash for a 50% membership interest.

The land tenure consists of 2,136 contiguous State claims totaling 230,736 acres (93,336 ha), including 905 40-acre claims, 1231 160-acre claims, and 18 Federal patented claims comprising 271.9 acres (110 ha) held in the name of Ambler Metals.

The land tenure consists of 2,136 contiguous State claims totaling 230,736 acres (93,336 hectares), including 905 40-acre claims, 1231 160-acre claims, and 18 Federal patented claims comprising 271.9 acres (110 hectares) held in the name of Ambler Metals.

Surface use of the private land held as Federal patented claims is limited only by reservations in the patents and by generally-applicable environmental laws.

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NANA controls lands granted under the Alaska Native Claims Settlement Act to the south of the Arctic Project boundary.

Ambler Metals and NANA are parties to the NANA Agreement that consolidates the parties’ land holdings into an approximately 190,929 ha land package and provides a framework for the exploration and development of the area.

Ambler Metals and NANA are parties to the NANA Agreement that consolidates the parties’ land holdings into an approximately 190,929 hectares land package and provides a framework for the exploration and development of the area.

The NANA Agreement has a term of 20 years, with an option in favour of Ambler Metals to extend the term for an additional 10 years.

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The Arctic Project is geographically isolated with no current road access or nearby power infrastructure.

The Arctic Project is about 270 km east of the town of Kotzebue, 37 km northeast of the village of Kobuk, and 260 km west of the Dalton Highway, an all-weather State maintained public road, at geographic coordinates N67.17° latitude and W156.39° longitude and Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4 coordinates 7453080N, 613110E.

The Arctic Project is about 270 km east of the town of Kotzebue, 37 km northeast of the village of Kobuk,

and 260 km west of the Dalton Highway, an all-weather State maintained public road, at geographic coordinates N67.17° latitude and W156.39° longitude and Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4 coordinates 7453080N, 613110E.

Primary access to the Arctic Project is by air, using both fixed wing aircraft and helicopters.

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Bear Creek Mining Company (“BCMC”), an exploration subsidiary of Kennecott, optioned the Ruby Creek property from Berg in 1957.

The prospect became known as Bornite and Kennecott conducted extensive exploration over the next decade, culminating in the discovery of the high-grade No.

The prospect became known as Bornite and Kennecott conducted extensive exploration over the next

decade, culminating in the discovery of the high-grade No.

1 zone and the sinking of an exploration shaft to conduct underground drilling.

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With the passage of the Alaska National Interest Lands Conservation Act in 1980, which expedited native land claims outlined in the ANSCA and State lands claims under the Alaska Statehood Act, both the State of Alaska and NANA selected significant areas of land within the Ambler Mining District.

State selections covered much of the Ambler schist belt, host to the volcanogenic massive sulphide deposits including the Arctic deposit, while NANA selected significant portions of the Ambler Lowlands to the immediate south of the Arctic deposit as well as much of the Cosmos Hills including the area immediately around Bornite.

State selections covered much of the Ambler schist belt, host

to the volcanogenic massive sulphide deposits including the Arctic deposit, while NANA selected significant portions of the Ambler Lowlands to the immediate south of the Arctic deposit as well as much of the Cosmos Hills including the area immediately around Bornite.

In 1995, Kennecott renewed exploration in the Ambler schist belt containing the Arctic deposit patented claims by staking an additional 48 state claims at Nora and 15 state claims at Sunshine Creek.

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VMS-like stratabound mineralization can be found along the entire 110 km strike length of the district.

Immediately south of the Schist belt, in the Cosmos Hills, a time equivalent section of the Anirak Schist that includes the approximately 1 km thick Bornite Carbonate Sequence.

Immediately south of the Schist belt, in the Cosmos Hills, a time equivalent section of the Anirak Schist includes the approximately 1 km thick Bornite Carbonate

Mineralization of both the VMS-like deposits of the Schist belt and the carbonate-hosted deposits of the Cosmos Hills has been dated at 375 to 387 Ma (Selby et al., 2009;

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Previous deposit modelling was grade-based resulting in numerous individual mineralized zones representing relatively thin sulphide horizons.

Recent work by Ambler Metals defines the Arctic deposit as two or more discrete horizons of sulphide mineralization contained in a complexly deformed isoclinal fold with an upright upper limb and an overturned lower limb hosting the main mineralization.

Nearby drilling suggests that a third upright lower limb, likely occurs beneath the currently explored stratigraphy.

Earlier work by Ambler Metals defined the Arctic deposit as two or more discrete horizons of sulphide mineralization contained in a complexly deformed isoclinal fold with an upright upper limb and an overturned lower limb hosting the main mineralization.

Nearby drilling suggested that a third upright lower limb, likely occurs beneath the currently explored stratigraphy.

Mineralization

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A VMS model is considered applicable for use in exploration targeting in the Arctic Project area.

Table 1 summarizes the exploration work conducted by NovaGold, Trilogy (formerly, NovaCopper) and Ambler Metals from 2004 to the present.

Field exploration was largely conducted during the period between 2004 to 2007 with associated engineering and characterization studies between 2008 and 2019.

Table 1 summarizes the exploration work conducted by NovaGold, Trilogy (formerly, NovaCopper) and Ambler Metals from 2004 to 2022.

Field exploration was largely conducted during the period between 2004 to 2007 and 2021 to 2022 with associated engineering and characterization studies between 2008 and 2021.

Table 1 - Summary of Overall Exploration Activities Targeting VMS Style Mineralization in the Ambler Sequence Stratigraphy and the Arctic Deposit

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Ambler Sequence west of the Arctic deposit

Work Completed

COU, Dead Creek, Sunshine, Red

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Snow, Ambler, Nani, DH, Cliff, Sunshine, Dead Creek, BT, 98-9/Pipe, COU, SE Arctic, Nora

Work Completed

Snow, Ambler, Nani, DH, Bud, Sunshine, Dead Creek, BT, 98-9/Pipe, COU, East Arctic, Nora, South Cliff, SK, Cynbad, Z, Tom Tom, Kogo/White Creek

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Soils - VTEM 26-29, JA Creek, West Dead Creek, Dead Creek

Soils - Sub Arctic Valley, South Cliff, VTEM 26-29, VTEM-41, VTEM-23 , East and West Sunshine, Tom Tom, Kogo/White Creek, SK, Cynbad, East Arctic, West Dead Creek, Dead Creek, 98-9/Pipe, Z, Nora, Ambler, Nani

Soils - Sub Arctic Valley, South Cliff, VTEM 26-29, VTEM-41, VTEM-23 , East and West Sunshine, Tom

Work Completed

Tom, Kogo/White Creek, SK, Cynbad, East Arctic, West Dead Creek, Dead Creek, 98-9/Pipe, Z, Nora, Ambler, Nani

Streams silts - Core area prospects

1 unchanged sentence

All 2004 to 2019 NovaCopper drill holes

Work Completed

2018, 2019, 2021, 2022

Historical Kennecott drill holes

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PEA – Open Pit

Work Completed

Pre-Feasibility Study

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Drilling at the Arctic deposit and within the Ambler Mining District has been ongoing since the initial discovery of mineralization in 1966.

Approximately 67,639 m of drilling has been completed within the Ambler Mining District,

including 55,038 m of drilling in 285 drill holes at the Arctic deposit or on potential extensions in 32 campaigns spanning 56 years.

All drill holes, except 11 geotechnical holes in 2017, 24 geotechnical holes drilled in 2018, 8 holes from the 2021 program and 34 holes from the 2022 program, for which assay results were not available - were considered for use in the estimate of Mineral Resources.

Approximately 67,639 m of drilling has been completed within the Ambler Mining District, including 55,038 m of drilling in 285 drill holes at the Arctic deposit or on potential extensions in 32 campaigns spanning 56 years.

All drill holes, except 11 geotechnical holes in 2017, 24 geotechnical holes drilled in 2018, 8 geotechnical holes from the 2021 program and 34 exploration holes from the 2022 program, for which assay results were not available - were considered for use in the estimate of Mineral Resources.

Geotechnical drilling is summarized in Table 2 and Table 3.

The number of holes reported for each year are the holes that were staffed by a geotechnician at the rig and primary purpose was to gather geotechnical data.

The number of holes reported for each year are the holes that were staffed by a geotechnician at the rig and the primary purpose was to gather geotechnical data.

Table 2 – Summary of Geotechnical Drilling

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There has been no systematic evaluation of recovery by rock type.

Core recovery during NovaGold/NovaCopper/Trilogy Metals and Ambler Metals drill programs were good to excellent, resulting in quality samples with little to no bias.

Core recovery during NovaGold/NovaCopper/Trilogy Metals and Ambler Metals drill programs was good to excellent, resulting in quality samples with little to no bias.

Sampling, Analysis and Data Verification

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If core was not competent, it was split by using a spoon to transfer half of the core into the sample bag.

One-half of the core was returned to the core box for storage on site and the other half was bagged, labelled, and sent to ALS Minerals Laboratories in Vancouver for analysis, via the (ALS preparation facility in Fairbanks Alaska) and the other half was archived in the core storage facility at the Bornite Camp

facilities or at the Ambler Metals warehouse in Fairbanks.

One-half of the core was returned to the core box for storage on site and the other half was bagged, labelled, and sent to ALS Minerals Laboratories in Vancouver for analysis and the other half was archived in the core storage facility at the Bornite Camp facilities or at the Ambler Metals warehouse in Fairbanks.

For the 2021 metallurgical holes, ¼ core was sampled for analysis at ALS, ¼ retained, and ½ sent for metallurgical testing.

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GeoSpark Consulting has prepared several reports summarizing the control sample results received between 2004 and 2019.

Paired laboratory and field determinations from for mineralized zone SG measurements from 1998 and the 2004 program show very low variation.

Paired laboratory and field determinations for mineralized zone SG measurements from 1998 and the 2004 program show very low variation.

SRK conducts monthly QA/QC review of kinetic test leachates for all operating kinetic tests.

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Bond ball mill work index (BWi) tests were completed on 44 samples and values ranged from 5.4 to 13.1 kWh/t with an average BWi of 8.82 kWh/t.

Abrasion index (Ai) tests were completed on five samples and values fluctuated from 0.017 to 0.072 g for the measured

Abrasion index (Ai) tests were completed on five samples and values fluctuated from 0.017 to 0.072 g for the measured samples.

The data indicate that the samples are neither resistant nor abrasive to ball mill grinding.

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In 2017, ALS Metallurgy conducted detailed copper and lead separation flotation testwork using a bulk sample of copper– lead concentrate produced from the operation of a pilot plant.

This testwork confirmed high lead recoveries in lockedcycle testing of the copper–lead separation process and confirmed precious metal recoveries into the representative copper and lead concentrates.

This testwork confirmed high lead recoveries in locked cycle testing of the copper–lead separation process and confirmed precious metal recoveries into the representative copper and lead concentrates.

This testwork indicated a clear tendency of the gold values to follow the lead concentrate, giving it a significant gold grade and value.

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Mineral Resource Estimate

Mineral Resources have not been previously disclosed under S-K 1300 standards and definitions in a filing with the United States Securities and Exchange Commission (SEC).

Mineral Resources have not been previously disclosed under S-K 1300 standards prior to fiscal year ended November 30, 2022 and definitions in a filing with the United States Securities and Exchange Commission (SEC).

A description of the key assumptions, parameters, and methods used in the mineral resource estimate are included in Chapter 11 of the S-K 1300 Arctic Report .

6 unchanged sentences

The grade models have been validated using a combination of visual and statistical methods.

The resources were classified according to their proximity to the sample data locations and are reported using the 2014 CIM Definition Standards in the NI 43-101 Arctic Report and standards and definitions in S-K 1300 in the S-K 1300 Arctic Report.

in S-K 1300 in the S-K 1300 Arctic Report.

The tonnes, grade, and classification are the same under the two standards.

3 unchanged sentences

Reasonable prospects for economic extraction were established by constraining mineralization within a pit shell based on technical and economic assumptions presented in Table 6.

a result of flattening the north end of the reserve pit to stabilize the pit wall due to the presence of talc, a portion of the reserve pit extended beyond the resource constraining pit shell.

As a result of flattening the north end of the reserve pit to stabilize the pit wall due to the presence of talc, a portion of the reserve pit extended beyond the resource constraining pit shell.

A second pass of resource tabulation was performed on the Indicated and Inferred classified blocks exterior to the resource constraining pit shell and interior to the reserve constraining pit shell, above a 0.5% copper equivalent (CuEq) cut-off.

The formula for the CuEq is shown in footnote 5 of Table 7.

Table 6 - arameters Used to Generate a Resource-Constraining Pit Shell

Table 6 - Parameters Used to Generate a Resource-Constraining Pit Shell

Optimization Parameter

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The metal prices and costs were fixed over the 13-year mine life.

The metal prices are within the range of industry consensus of long-term average metal prices based on an assessment of industry peers over the past year, and long-term forecast prices by banks at the time of the mineral resource estimate.

The metal prices are within the range of industry consensus of long-term average metal prices based on an assessment of industry peers, and long-term forecast prices by banks at the time of the mineral resource estimate.

Trilogy’s attributable interest in the Mineral Resource estimate exclusive of Mineral Reserves is stated in Table 7a.

3 unchanged sentences

however, Trilogy Metals attributable interest is 50% of the tonnes and metal content.

The Mineral Resource estimate is listed in Table 7.

Mineral Resources are reported inclusive of those Mineral Resources that were converted to Mineral Reserves.

Table 7a – S-K 1300 Mineral Resource Summary Table, Exclusive of Mineral Reserves

3 unchanged sentences

Inferred – 50% Attributable Interest

Mineral Resources are current as of November 30, 2022 and were verified by a Wood QP.

Mineral Resources were prepared in accordance with the standards and definitions of S-K 1300 and represent first-time disclosure of Mineral Resources under S-K 1300 standards and definitions.

A Qualified Person and an employee of the Company, has approved the mineral reserves and mineral resources included in this Annual Report on Form 10-K as of November 30, 2023 and reviewed the resources in the S-K 1300 Arctic Report confirmed that the resources remain current as of November 30, 2023.

Mineral Resources were prepared in accordance with the standards and definitions of S-K 1300.

Mineral Resources stated are contained within a conceptual pit shell developed using metal prices of $3.00/lb Cu, $0.90/lb Pb, $1.00/lb Zn, $1,300/oz Au and $18/oz Ag and metallurgical recoveries of 92% Cu, 77% Pb, 88% Zn, 63% Au and 56% Ag and operating costs of $3/t mining and $35/t process and general and administrative costs.

11 unchanged sentences

Mineral Resources are current as of November 30, 2022 and were verified by a Wood QP.

Mineral Resources were prepared in accordance with the standards and definitions of S-K 1300.

Mineral Resources stated are contained within a conceptual pit shell developed using metal prices of $3.00/lb Cu, $0.90/lb Pb, $1.00/lb Zn, $1300/oz Au and $18/oz Ag and metallurgical recoveries of 92% Cu, 77% Pb, 88% Zn, 63% Au and 56% Ag and operating costs of $3/t mining and $35/t process and G&A.

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As a result of flattening the north end of the reserve pit to stabilize the pit wall due to the presence of talc, a portion of the reserve pit extended beyond the resource constraining pit shell.

Approximately 568kt of 1.72% Cu, 0.77% Pb, 0.23 g/t Au and 21.3 g/t Ag in the Indicated category, and approximately 319 kt of 2.01% Cu, 0.87% Pb, 2.53% Zn, 0.50 g/t Au and 37.5 g/t Ag in the Inferred category were added to the Mineral Resource tabulation.

The Mineral Resource estimate is reported inclusive of those Mineral Resource that were converted to Mineral Reserves.

Approximately 568kt of 1.72% Cu, 0.77% Pb, 0.23 g/t Au

and 21.3 g/t Ag in the Indicated category, and approximately 319 kt of 2.01% Cu, 0.87% Pb, 2.53% Zn, 0.50 g/t Au and 37.5 g/t Ag in the Inferred category were added to the Mineral Resource tabulation.

The Mineral Resource estimate is reported inclusive of those Mineral Resources that were converted to Mineral Reserves.

Trilogy Metals’ attributable interest is 50% in the table.

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Mineral Reserve Estimates

Mineral Reserves have not been previously disclosed under S-K 1300 standards and definition in a filing with the SEC.

Mineral Reserves were not disclosed under S-K 1300 standards prior to fiscal year ended November 30, 2022 in a filing with the SEC.

A description of the key assumptions, parameters, and methods used in the mineral reserve estimate are included in Chapter 12 of the S-K 1300 Arctic Report .

47 unchanged sentences

IRA = inter ramp angle

The Mineral Reserves statement is shown in Table 9Trilogy Metals attributable interest is 50% of the tonnes of the Mineral Reserves.

The Mineral Reserves statement is shown in Table 9.

Trilogy Metals attributable interest is 50% of the tonnes of the Mineral Reserves.

Table 9 – Mineral Reserve Estimate

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Probable Mineral Reserves – 50% Attributable Interest

Mineral Reserves estimates are current as of November 30, 2022 and were prepared by a Wood QP.

A Qualified Person and an employee of the Company, has reviewed the reserves in the S-K 1300 Arctic Report and confirmed that the reserves remain current as of November 30, 2023.

Mineral Reserves were estimated assuming open pit mining methods and include a combination of internal and contact dilution.

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● Assumptions as to the continued ability to access the site, retain mineral tenure and obtain surface rights titles, obtain environment and other regulatory permits, and maintain the social license to operate.

More specifically the presence of certain talc layers in the rock have not been included in the current geological model and could affect the metallurigcal recoveries and slope stability.

More specifically the presence of certain talc layers in the rock have not been included in the current geological model and could affect the metallurgical recoveries and slope stability.

Additionally, there is currently no developed surface access to the Arctic Project area and beyond.

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Based on the mine plan developed for the NI 43-101 Arctic Report and S-K 1300 Arctic Report and metallurgical testwork results, the LOM average metal recoveries and concentrate grades are presented in Table 10.

Table 10 – LOM average recovery and grade

Table 10 – LOM Average Recovery and Concentrate Grade

LOM Production

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The existing 90-person Bornite Camp currently used for exploration will be expanded and used to start the construction of the Arctic access road and the logistics yard and construction camp.

This Bornite Camp will be expanded and available prior to surface access from the Dalton Highway via the AAP road is available.

A 250-person construction camp (“CC”) will be constructed at location near the intersection of the AAP road and Arctic Mine Access road, across the road from the Logistics Yard.

This Bornite Camp will be expanded and available prior to surface access from the Dalton Highway via the AAP road.

A 250-person construction camp (“CC”) will be constructed at a location near the intersection of the AAP road and Arctic Mine Access road, across the road from the Logistics Yard.

CC will be constructed when limited access via the AAP is available for the transport of camp modules.

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The TMF will be located at the headwaters of Subarctic Creek, in the upper-most portion of the creek valley.

The 59 ha footprint of the TMF will be fully lined with a geomembrane liner.

The 59 hectares footprint of the TMF will be fully lined with a geomembrane liner.

Tailings containment will be provided by an engineered dam, buttressed by the WRF that will be constructed immediately downstream of the TMF and the natural topography on the valley sides.

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A surface water management system will be constructed to segregate contact and non-contact water.

Non-contact water will be

diverted around mine infrastructure to Subarctic Creek.

Non-contact water will be diverted around mine infrastructure to Subarctic Creek.

A groundwater seepage monitoring and collection system will be located down gradient of the WRF and seepage collection pond.

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The indirect costs were included as percentages of the estimated direct costs.

Long-term water treatment and maintenance of certain water management facilities were calculated separately, and a net present value (“NPV”)value is provided for the first 100 years, at a discount rate of 4.3%.

Long-term water treatment and maintenance of certain water

management facilities were calculated separately, and a net present value (“NPV”)value is provided for the first 100 years, at a discount rate of 4.3%.

Annual undiscounted costs associated with long-term operations of the WTP are estimated to be $11.7 million in Phase 1 closure (15-years post-closure) and $10.8 million in Phase 2 closure (85 years thereafter), amounting to $1,095 million over the 100-year closure period.

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Capital Costs

The capital cost estimate has an estimated accuracy of ±15% and uses Q3/Q4-2022 US dollars as the base currency.

The capital cost estimate has an estimated accuracy of ±15% and uses Q3/Q4-2022 US dollars as the base currency within an estimated contingency of ±15%.

The total estimated initial capital cost for the design, construction, installation, and commissioning of the Arctic Project is estimated to be $1,177 million.

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These costs included, mining, processing, G&A, surface services, and road toll costs.

The average LOM operating cost for the Arctic Project is estimated to be $59.83/t milled.

The average LOM operating cost for the Arctic

Project is estimated to be $59.83/t milled.

The breakdown of costs in Table 12 is estimated based on the LOM average mill feed rate of 3,650,000 t/y.

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Economic Analysis

The results of the economic analyses discussed in this section represent forward-looking information as defined under Canadian securities law.

The results of the economic analyses discussed in this section represent forward-looking information as defined under U.S.

and Canadian securities law.

The results depend on inputs that are subject to several known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those presented herein.

Information that is forward-looking includes the following:

Proven and Probable Mineral Reserves that have been modified from Measured and Indicated Mineral Resource estimates;

Probable Mineral Reserves that have been modified from Indicated Mineral Resource estimates;

assumed commodity prices and exchange rates;

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The model includes an allocation of a 1% NSR attributable to NANA.

With total capital costs of $1,719 million over LOM ($1,177 million initial capital cost, $114 million sustaining capital cost and $428 million closure costs), the project demonstrates a pre-tax NPV of $1,500 million at an 8% discount rate, IRR of 25.8% and payback period of 2.9 years.

25.8% and payback period of 2.9 years.

Post-tax financials have an NPV of $1,108 million at an 8% discount rate, IRR of 22.8% and payback period of 3.1 years.

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Precious metals attendant with the concentrates will be largely payable.

there are deleterious elements reporting to the concentrates at levels that could incur penalties, special processing provisions have been included in the flowsheet to make a readily saleable concentrate.

While there are deleterious elements reporting to the concentrates at levels that could incur penalties, special processing provisions have been included in the flowsheet to make a readily saleable concentrate.

In terms of project execution, the mine requires nominally two years of pre-strip operations, tailings pond starter dam development and water accumulation before actual production mining operations can commence.

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Reference should be made to the full text of the S-K 1300 Bornite Report and the NI 43-101 Bornite Report which has been filed, as applicable, with certain Canadian securities regulatory authorities pursuant to NI 43-101.

The NI 43-101 Bornite Report is available for review on SEDAR at www.sedar.com and the S-K 1300 Bornite Report is available for review on EDGAR at www.sec.gov.

The NI 43-101 Bornite Report is available for review on SEDAR+ at www.sedarplus.ca and the S-K 1300 Bornite Report is available for review on EDGAR at www.sec.gov.

Property Description, Location, and Access

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Trilogy Metals has confirmed they met this expenditure requirement to date.

The NANA Agreement outlines a partnership agreement for the development the UKMP.

The NANA Agreement outlines a partnership agreement for the development of the UKMP.

If, following receipt of a feasibility study and the release for public comment of a related draft environmental impact statement, Ambler Metals decides to proceed with construction of a mine on the lands subject to the NANA Agreement, Ambler Metals will notify NANA in writing and NANA will have 120 days to elect to either (a) exercise a non-transferrable back-in-right to acquire between 16% and 25% (as specified by NANA) of that specific project;

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In 1947, Rhinehart “Rhiny” Berg staked claims over the Ruby Creek prospects, carried out extensive trenching and the first diamond drilling, and constructed an airstrip for access.

In 1957, BCMC, Kennecott’s exploration subsidiary, optioned the property from Berg.Exploration drilling in 1961 and 1962 culminated in the discovery of the “No.1 Ore Body” where drill hole RC-34 cut 20 m of 24% Cu (the “No.

In 1957, BCMC, Kennecott’s exploration subsidiary, optioned the property from Berg.

Exploration drilling in 1961 and 1962 culminated in the discovery of the “No.1 Ore Body” where drill hole RC-34 cut 20 m of 24% Cu (the “No.

1 Ore Body” is a historical term used by BCMC that does not connote economic viability in the present context;

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The southern margin of the Phyllite Belt is marked by mélange and low-angle faults associated with the Kobuk River fault zone, while the northern boundary is thought to be gradational with the higher-grade metamorphic rocks of the Schist Belt.

The geology of the Bornite resource area is composed of alternating inervals of carbonate rocks (limestone and dolostone) and calcareous phyllite.

The geology of the Bornite resource area is composed of alternating intervals of carbonate rocks (limestone and dolostone) and calcareous phyllite.

Limestone transitions laterally into dolostone near zones of mineralization and is considered hydrothermally altered.

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During the 2022 field season, structural mapping around Pardner Hill and Aurora Mountain carried out in 2021 was extended to the south to Cosmos Mountain and to the east to Inerevuk Mountain.

In addition, two holes were drilled,

hole RC22-0268 at Bornite West to follow up the mineralized interval encountered during the 2021 drilling, and the other at Pardner Hill, hole PH22-0180 to test the down-dip potential of the historical Pardner Hill resource to the south.

In addition, two holes were drilled, hole RC22-0268 at Bornite West to follow up the mineralized interval encountered during the 2021 drilling, and the other

at Pardner Hill, hole PH22-0180 to test the down-dip potential of the historical Pardner Hill resource to the south.

The results of these two holes are being compiled and interpreted.

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Core is slung by helicopter or transported by truck or all-terrain vehicle from the drill rig to the core-logging facility.

Upon delivery, geologists and geotechnicians open and inspect the core

boxes for any irregularities.

They first mark the location of each drilling block on the core box, and then convert footages on the blocks into metric equivalents.

Upon delivery, geologists and geotechnicians open and inspect the core boxes for any irregularities.

They first mark the location of each drilling block on the core box, and then convert footages

on the blocks into metric equivalents.

Geo-technicians or geologists measure the intervals (or from/to) for each box of core and include this information, together with the drill hole ID and box number, on a metal tag stapled to the end of each box.

24 unchanged sentences

Preliminary geotechnical data was collected from drill core such as RQD and limited hydrogeology data has been obtained which is sufficient to support early-stage resource estimation.

The Wood QP is not aware of any drilling, sampling or recovery factors that could materially impact the accuracy and reliability of the copper results supporting the mineral resource estimate.

The Wood QP is not aware of any drilling, sampling or recovery factors that could materially impact the accuracy and reliability of the copper results supporting the mineral resource estimate other than what is described in the sections that follow.

Sampling, Analysis and Data Verification

There is limited documentation available describing the sample preparation, security, and analysis of drill core samples collected between 1957 and 1997.

These assumptions are based on the old assay certificates and some sample ledgers with mixed in QAQC check assays.

There is limited documentation available describing the sample preparation, security, and analysis of drill core samples with mixed in QAQC check assays.

Gold and silver were likely analyzed by fire assay off site.

8 unchanged sentences

Control samples were also inserted into these shipments at the rate of one standard, one blank and one duplicate per 17 core samples.

Samples were logged into a tracking system on arrival

at ALS Minerals and weighed.

Samples were logged into a tracking system on arrival at ALS Minerals and weighed.

Samples were then crushed, dried, and a 250 g split was pulverized to greater than 85% passing 75 μm.

33 unchanged sentences

In 1961, Kennecott collected 32 coarse reject samples from five drill holes intersecting the Bornite deposit (RC-34, RC-54, RC-60, RC-61, and RC-65) to support preliminary metallurgical testwork conducted at KRC.

Samples targeted high-

grade (>10%) copper mineralization from the Ruby Zone Upper Reef (“No.

Samples targeted high-grade (>10%) copper mineralization from the Ruby Zone Upper Reef (“No.

1 Ore Body”) (BCMC, 1961).

Locked-cycle laboratory testwork suggested that 97.64% of the copper was recoverable in a concentrate assaying 43.90% Cu.

Fine-grinding to 5% passing +200-mesh was required to obtain the liberation of copper minerals from pyrite necessary for such a high recovery.

grinding to 5% passing +200-mesh was required to obtain the liberation of copper minerals from pyrite necessary for such a high recovery.

Mineralogical testwork on the composite sample showed high-grade mineralization of the Ruby Zone Upper Reef is dominated by bornite with subordinate chalcocite and chalcopyrite.

9 unchanged sentences

Metallurgical testwork to date indicates that the Bornite mineralization can be treated using standard grinding and flotation methods to produce clean copper concentrates with good results being obtained.

Copper recoveries range

Mineral Resource Estimates

62 unchanged sentences

Total Inferred – 50% Attributable Interest

The mineral resources are current as of November 30, 2022 and were prepared by a Wood QP.

A Qualified Person and an employee of the Company, has approved the mineral resources included in this Annual Report on Form 10-K as of November 30, 2023 and reviewed the resources in the S-K 1300 Bornite Report and confirmed that the resources remain current as of November 30, 2023.

Mineral resources are prepared in accordance with the definitions in S-K 1300 and CIM Definitions Standards (2014).

53 unchanged sentences

Mineral Reserve and Resource Estimate Comparison Between November 30, 2023 and 2022

For the year ended November 20, 2021, Trilogy was not subject to S-K 1300, and reported its mineral reserve and resources in accordance with NI 43-101.

For ease of comparison, the estimates for each project are shown on a 100% basis.

Trilogy’s attributable interest is 50% of the tonnage and contained metal stated in the tables.

Mineral Reserves Comparison for Arctic

Percentage Change

There were no changes to the mineral reserve estimates for the Arctic project from November 30, 2022 to November 30, 2023.

Mineral Resources Comparison for Arctic

Contained Metal Content

Indicated (2021) (note 1)

Indicated (2022)

Inferred (2021)

Inferred (2022)

Under S-K 1300, mineral resources are shown exclusive of reserves.

Due to the reporting change, no indicated resources are indicated for 2022.

In 2021, mineral resources are reported under NI 43-101 inclusive of reserves.

There were no changes to the mineral resource estimates for the Arctic project from November 30, 2022 to November 30, 2023.

Mineral Resources Comparison for Bornite

Percentage Change

Contained Metal Cu (Mlb)

Percentage Change

Inferred In-Pit

Inferred Outside Pit South Reef

Inferred Outside Pit Ruby Zone

Total Inferred

In 2022, in-pit mineral resources increased by increasing the size of the pit to maximize the copper resource.

This resulted in reduction of the mineral resources from outside of the pit.

There were no changes to the mineral resource estimates for the Bornite project from November 30, 2022 to November 30, 2023.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties