TMQ · Trilogy Metals Inc.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Converted from Canadian sale price of $6.08 using an exchange rate of C$1.3686 = US$1.00.

Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3686 = US$1.00.

Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3686 = US$1.00.

Converted from Canadian exercise price of C$2.21 using an exchange rate of C$1.3688 = US$1.00.

Converted from Canadian exercise price of C$2.21 using an exchange rate of C$1.3688 = US$1.00.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.39 to $4.40, inclusive. The reporting person undertakes to provide to Trilogy Metals Inc., any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Reflects shares that were donated to a charitable foundation for no consideration.

Includes 416,666 shares previously held by GRAT Holdings LLC, which is owned by trusts for the benefit of family members of Mr. Kaplan. The shares were transferred to an account for the benefit of Mr. Kaplan's spouse in transactions exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

Represents shares owned directly by Mr. Kaplan's spouse. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise.

Reflects shares that were donated to a charitable foundation for no consideration.

Includes 10,000 shares previously held through Tigris Financial Group Ltd., of which Mr. Kaplan is the sole shareholder, and 416,667 shares previously held by GRAT Holdings LLC, which is owned by trusts for the benefit of family members of Mr. Kapan. The shares were transferred to an account for the benefit of Mr. Kaplan in transactions exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock

The RSUs vest as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

The RSUs vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

The options vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027.

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

The options vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027.

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock

The RSUs vest as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

The RSUs vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

Represents grant of RSUs on December 7, 2023, which vest as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

Represents grant of RSUs on December 7, 2023, which vests as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3860 = US$1.00.

The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$6.55 to C$6.701 inclusive. The reporting person undertakes to provide to Trilogy Metals Inc., any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The average weighted price of C$6.61 has been converted to U.S. dollars using an exchange rate of C$1.3860 = US$1.00.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3860 = US$1.00.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = US$1.00.

Converted from Canadian sale price of C$10.53821 using an exchange rate of C$1.4048 = US$1.00.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = $1.00.

The options vested as follows: 1/3 on 12/10/2020; 1/3 on 12/10/2021; 1/3 on 12/10/2022.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = US$1.00.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = $1.00.

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.40 = US$1.00.

Converted from Canadian exercise price of $2.52 using an exchange rate of C$1.40 = US$1.00.

Average weighted price of C$9.2554 converted to U.S. dollars using an exchange rate of C$1.4000 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.102 to C$9.38, inclusive. The reporting person undertakes to provide to Trilogy Metals Inc.,, any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.