Trilogy Metals enters $200M at-the-market equity distribution agreement

Trilogy Metals Inc.

Up to US$200M of common shares may be sold through Cantor Fitzgerald, BMO, Canaccord, National Bank, Raymond James.
Replaces prior $25M ATM program that was fully utilized as of Nov 6, 2025.
Net proceeds expected for continued development of Upper Kobuk Mineral Projects in Alaska and general corporate purposes.
Sales at prevailing market prices on NYSE American; no sales in Canada or on TSX.
Agreement terminates on earlier of Oct 31, 2028 or when $200M aggregate gross proceeds reached.

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