[Trilogy Metals Launches $25 Million At-the-Market Equity Program to Fund Alaska Copper Project] On May 27, 2025, Vancouver-based Trilogy Metals Inc. (TSX/NYSE American: TMQ) announced it has entered into an at-the-market equity distribution agreement with subsidiaries of BMO and Cantor Fitzgerald in Canada and the U.S., allowing the company to raise up to US$25 million through the issuance of common shares at prevailing market prices. Under the agreement, Trilogy may, at its discretion, issue shares from time to time on the Toronto Stock Exchange, NYSE American, or other eligible marketplaces. The company is not obligated to sell any shares under the program and will determine issuance based on capital needs. Proceeds from the program will be used to advance development of the company’s Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes. The agreement will remain in effect until the earlier of May 14, 2027, or the point at which the full US$25 million has been raised. The ATM program is being offered under a Canadian base shelf prospectus and a U.S. Form S-3 registration statement, both effective as of April 14, 2025, with a prospectus supplement filed on May 27, 2025. U.S. agents will only conduct sales in U.S. markets, while Canadian agents are restricted to Canadian markets. Trilogy emphasized that the announcement does not constitute an offer to sell or solicit the purchase of any securities.