July 14, 2023 – Vancouver, British Columbia – Trilogy Metals Inc. (TSX / NYSE American: TMQ) (“Trilogy”, "Trilogy Metals” or "the Company”) announces its financial results for the second quarter ended May 31, 2023. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and Analysis which will be available on the Company's website at www.trilogymetals.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in United States dollars unless otherwise stated.

Ambler Access Project

In March 2023, the Board of Ambler Metals LLC (“Ambler Metals”), our 50/50 joint venture with South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY), approved a budget totaling $12.3 million for the Ambler Access Project – the proposed 211-mile, industrial-use-only road from the Upper Kobuk Mineral Projects (“UKMP”) to the Dalton Highway that will enable advancing exploration and development at the Ambler Mining District. The total budget of $24.6 million, funded equally by the Alaska Industrial Development and Export Authority (“AIDEA”) and Ambler Metals, includes funding for the 2023 field season work consisting of field studies, permitting and data collection to assist the United States Bureau of Land Management (“USBLM”) in completing the additional work to support the Supplemental Environmental Impact Statement (“SEIS”).

The field work has started to utilize the Coldfoot camp from May to mid-September and the Bornite camp from mid-June to August. The planned field program will consist of cultural resource inventory surveys and testing of sites over approximately 765 acres, hydraulic and hydrology studies at 47 bridge crossings to assess conditions for area drainage, culvert placement and bridge design, collecting topographical and bathymetric survey data to support bridge data and fish passage culverts, engineering reconnaissance surveys and fish habitat investigations on over 100 sites.

The right-of-way permits issued to AIDEA by the USBLM for the Ambler Access Project were suspended last year. On November 15, 2022, the USBLM submitted a status report announcing that it anticipated publishing a draft SEIS in the second quarter of calendar 2023 and a final SEIS in the fourth quarter of calendar 2023. On January 17, 2023 and March 20, 2023, the USBLM submitted status reports reaffirming the timing of the draft and final SEIS. On May 19, 2023, the USBLM submitted a status report revising the timeline for development of the SEIS and a subsequent Record of Decision.

The USBLM now anticipates publishing a draft SEIS in the third quarter of calendar year 2023, a final SEIS in the first quarter of calendar year 2024, and a Record of Decision within the second quarter of calendar year 2024. Their next status report to be submitted to the United States District Court for the District of Alaska is due on July 18, 2023.

Private Placement

On April 25, 2023, the Company completed a non-brokered private placement of 5,854,545 common shares of the Company (the “Common Shares”) at a price of $0.55 per Common Share for gross proceeds of $3.2 million. After payment of legal and stock exchange fees, the Company received net proceeds of $3.1 million.

Annual General Meeting of Shareholders

The Annual General Meeting of Shareholders was held on May 17, 2023. All directors nominated by the Company and standing for election were elected by shareholders of the Company, with each director receiving greater than 97% of the votes cast.

Selected Results

The following selected financial information is prepared in accordance with U.S. GAAP.

in thousands of dollars,
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