Positive Study Results For Bornite Copper Project

VANCOUVER - Trilogy Metals Inc. reported on the positive results of its Preliminary Economic Assessment Study (PEA) for the Bornite copper project in the Ambler Mining District of Northwestern Alaska. The Bornite Project is held by Ambler Metals LLC, the joint venture operating company equally owned by Trilogy Metals and South32 Limited. The Bornite PEA was prepared on a 100% ownership basis, of which Trilogy Metals' share is 50%.

Highlights of the Bornite PEA: 1) 1.9 billion pounds of copper over 17-year mine life. 2) Potential to extend mine activity for the Upper Kobuk Mineral Projects (UKMP) to over 30 years. 3) Pre-tax Net Present Value ("NPV")8% of $552.0 million and an Internal Rate of Return (IRR) of 23.6% 4) After-tax NPV8% of $394.0 million and after-tax IRR of 20.0%.

The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.

The Bornite PEA describes the technical and economic viability of establishing an underground mining operation for a 6,000 tonne-per-day operation with a 17-year mine life. The PEA assumes re-purposing the infrastructure described in the Company's current Feasibility Study for the Arctic Project for use with the Bornite Project once the Arctic deposit has been depleted.