TMQ

• On August 3, 2026, Trilogy Metals issued a press release updating its previously announced strategic equity investment by the U.S. Department of War.
• Discussions with the Department of War continue, and the letter of intent signed in October 2025 remains in effect.
• The securities offered in the transaction are not registered under the Securities Act and are being made in a non-public offering.
• The press release was furnished under Item 7.01 Regulation FD Disclosure and is attached as Exhibit 99.1.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• The U.S. Army Corps of Engineers is confirmed as the lead federal agency for the Arctic Project's environmental review under NEPA.
• The schedule targets a Record of Decision in September 2028, with a Draft Environmental Impact Statement expected in October 2027 and a Notice of Intent in September 2026.
• The Arctic Project was designated a FAST-41 Covered Project on May 14, 2026, and Ambler Metals filed a Clean Water Act Section 404 permit application on April 20, 2026.
• The schedule integrates State of Alaska permitting under the first statewide FAST-41 Memorandum of Understanding, which was signed in August 2025 and has since been adopted by Idaho, Tennessee, and Utah.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• For the six months ended May 31, 2026, the net loss was $13.4 million, compared to $5.8 million in the prior-year period.
• Cash and cash equivalents were $38.8 million as of May 31, 2026, with adjusted working capital of $38.3 million.
• The Arctic Project was accepted as a FAST-41 'Covered Project' on May 15, 2026, and a Clean Water Act Section 404 permit application was filed in April 2026.
• The deadline for the approximately $35.6 million DOW strategic investment was extended to July 31, 2026.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Field crews have mobilized and seasonal operations are underway for the 2026 summer exploration program at the Upper Kobuk Mineral Projects (UKMP) in Alaska.
• Drilling at the Arctic Project is planned to start June 15, 2026, and continue into September, using two diamond drill rigs.
• Ambler Metals, the 50/50 joint venture between Trilogy Metals and South32, has appointed Ron Rimelman as President to lead permitting and development.
• The program also includes re-establishing the Bornite camp and regional exploration to prepare targets for 2027 drilling along the 100-kilometer VMS belt.
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7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• On May 30, 2026, Trilogy Metals, South32, Ambler Metals, and the U.S. Department of War amended the binding LOI to extend the transaction deadline from May 31, 2026 to July 31, 2026.
• The U.S. Department of War's proposed strategic equity investment in Trilogy Metals is US$35.6 million, structured in part as a direct equity placement.
• The U.S. Government completed its FOCI risk assessment of Trilogy Metals, and the Defense Production Act was reauthorized by Congress.
• The Arctic Project was accepted as a FAST-41 'Covered Project' on May 15, 2026, triggering a statutory federal permitting timetable.

1.01 Entry into a Material Definitive Agreement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• On May 15, 2026, Trilogy Metals Inc. announced that its Arctic Project in Alaska's Ambler Mining District has been accepted as a 'Covered Project' on the Federal Permitting Improvement Steering Council's Federal Permitting Dashboard under FAST-41.
• In April 2026, Ambler Metals filed a Clean Water Act Section 404 permit application with the U.S. Army Corps of Engineers, initiating federal permitting for the project.
• FAST-41 status provides a coordinated federal permitting timetable, with lead agencies required to invite cooperating agencies within 21 days and publish a Coordinated Project Plan within 60 days.
• The designation follows prior federal actions including Executive Orders 14153 and 14241, presidential approval of the Ambler Access Road, and a $35.6 million federal equity investment commitment in Trilogy Metals.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• At the May 13, 2026 annual meeting, shareholders elected all seven director nominees, each for a one-year term.
• Shareholders approved the appointment of PricewaterhouseCoopers LLP as independent auditor with 108,120,605 votes for (99.71%).
• The non-binding advisory vote on executive compensation passed with 68,382,003 votes for (94.53%).
• A total of 108,434,019 shares (62.84% of eligible shares) were represented at the meeting.

5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• The transfer is part of federal actions including Public Land Order 7966, which partially revoked Public Land Order 5150, originally established in the early 1970s to support the Trans-Alaska Pipeline and Dalton Highway.
• Trilogy's President and CEO Tony Giardini said the transfer creates a more stable and predictable framework for infrastructure development, including the proposed 211-mile Ambler Road, which is critical to unlocking the Ambler Mining District's mineral potential.
• The Ambler Mining District hosts copper, cobalt, zinc, and other critical minerals; Trilogy holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects.
• The information was furnished under Item 7.01 Regulation FD Disclosure and is not deemed filed for SEC liability purposes.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits