The Bornite deposit located near Kobuk, Alaska, is approximately 25 kilometers southwest of the Company’s Arctic deposit. The project has the potential to further enhance the long-term economics of the Ambler mining district. On January 20, 2022, Trilogy announced an updated mineral resource estimate for the Bornite Project outlining Indicated Resources of 955 million pounds of contained copper and Inferred Resources of 5.3 billion pounds of copper and 88 million pounds of cobalt, 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 north and northeast of drill holes RC13-224, RC13-231 and RC13-220. 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 synergenic to 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 or stacked, roughly stratiform zones exploiting favourable stratigraphy within the dolomitized limestone package.
• Mineralization occurs, in order of increasing grade, as disseminations, irregular and discontinuous stringer-style veining, breccia matrix replacement, and stratiform massive sulphides.
• Since 1957, when copper mineralization was discovered at Bornite, there has been approximately 189,770 meters drilled at the UKMP of which 103,796 meters were drilled at Bornite.
• The option agreement with South32 resulted in approximately $31 million being expended at Bornite which was comprised of 35 drill holes to in-fill and expand the current resources.

The Bornite mineral resource report titled “NI 43-101 Technical Report on the Bornite Project, Northwest Alaska, USA” with an effective date of December 31, 2021 was prepared under National Instrument 43-101 standards by independent consultants Robert Sim, P.Geo., SIM Geological Inc., Bruce M. Davis, FAusIMM and Jeff Austin, P.Eng., International Metallurgical & Environmental Inc.