The project has the potential to further enhance the long-term economics of the Ambler mining district. In February 2023, Trilogy announced an updated mineral resource estimate for the Bornite Project outlining Inferred Resources of 6.5 billion pounds of contained copper and includes results from the 2017, 2018 and 2019 drilling programs, as well as current operating and metal price assumptions. Current activities are focused on exploration for high-grade, carbonate-hosted copper mineralization. In addition, copper mineralization is observed in outcrop over 16 kilometers of the Cosmos Hills, specifically mineralization that has been encountered in drill core at the Aurora and Pardner Hill prospects.

• Located approximately 25 kilometers to the southwest of the Arctic Project.
• Mineralization is hosted within the Devonian aged Bornite carbonate sequence.
• Widespread hydrothermal dolomitization is a characteristic of the belt and locally hosts the associated copper and cobalt mineralization.
• Bornite has characteristics similar to a series of districts and deposits including the Mount Isa district in Australia, the Tynagh deposit in Ireland, the Kipushi deposit in the DRC and the Tsumeb deposit in Namibia.
• All of these deposits show early epigenetic characteristics; emplacement in carbonate stratigraphy; and early pyrite-dolomite alteration followed by copper-dominant sulphide mineralization.
• Copper mineralization at Bornite is comprised of chalcopyrite, bornite, and chalcocite as stringers, veinlets, and breccia fillings distributed in stacked, stratabound zones exploiting favourable stratigraphy. Stringer and massive pyrite and locally significant sphalerite occur above and around the copper zones, while locally massive pyrite and sparse pyrrhotite occur in association with siderite alteration below and adjacent to copper mineralization.
• Cobalt mineralization at Bornite is composed of cobaltiferous pyrite within and enveloping the copper mineralized zones and cobalt sulphides including carrollite and cobaltite directly associated with copper bearing minerals.
• Mineralization occurs, in order of increasing grade, as disseminations, irregular and discontinuous stringer-style veining, breccia matrix replacement, and stratiform massive sulphides.
• From 1957 to 2019, a total of 273 holes targeted the Bornite deposit during 24 different campaigns. 222 surface core holes and 51 underground core holes were drilled, totalling 106,406 meters.

The Bornite mineral resource report titled “NI 43-101 Technical Report Mineral Resource Update of the Bornite Project, Northwest Alaska, USA” with an effective date of January 26, 2023 was prepared under National Instrument 43-101 standards by independent consultants Henry Kim, P. Geo. and Alan Drake, P.L, Eng. of Wood Canada Limited.

The Bornite Resource Estimate above is contained in the NI 43-101 Technical Report on the Mineral Resource Update of the Bornite Project, Northwest Alaska, USA –  with an effective date of January 26, 2023 (the “Bornite Report”). Henry Kim, P. Geo., and Alan Drake, P. L. Eng. of Wood Canada Limited, are co-authors of this Technical Report. They are qualified persons (QPs) as defined in NI 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1.

Notes:
(1) Subset of the mineral resource and is not additive to the in pit mineral resource.
(2) Restatement of the mineral resources outside of the pit and is not additive to the mineral resource.