X0202 SCHEDULE 13G/A 0001635752 XXXXXXXX LIVE 3 Common Shares, no par value 08/28/2026 0001543418 TRILOGY METALS INC. 89621C105 510 BURRARD STREET SUITE 901 Vancouver A1 V6C 3B8 Rule 13d-1(c) South32 Limited C3 0 10379741 0 10379741 10379741 N 6.01 FI (1) Based on 172,745,639 common shares outstanding as reported in the 10-Q filed by the Trilogy Metals Inc. (the "Issuer") on July 8, 2026. (2) Pursuant to the terms of a Transaction Agreement dated August 28, 2026, by and between South32 International Investment Holdings Pty Ltd ("South32 International") and the United States Department of Defense, South32 International agreed to sell 8,215,570 common shares of the Issuer to the Investor in a private transaction. South32 International Investment Holdings Proprietary Limited C3 0 10379741 0 10379741 10379741 N 6.01 FI (1) Based on 172,745,639 common shares outstanding as reported in the 10-Q filed by the Trilogy Metals Inc. (the "Issuer") on July 8, 2026. (2) Pursuant to the terms of a Transaction Agreement dated August 28, 2026, by and between South32 International Investment Holdings Pty Ltd ("South32 International") and the United States Department of Defense, South32 International agreed to sell 8,215,570 common shares of the Issuer to the Investor in a private transaction. TRILOGY METALS INC. 510 Burrard Street, Suite 901, Vancouver, British Columbia V6C 3A8 South32 Limited South32 International Investment Holdings Proprietary Limited ("South32 International") South32 International is a wholly-owned subsidiary of South32 Limited. c/o South32 Limited Level 2 100 St Georges Terrace Perth WA 6000 Australia Each of South32 Limited and South32 International is a company organized in Australia. Y 10,379,741 6.01% Based on 172,745,639 common shares outstanding as reported in the 10-Q filed by the Issuer on July 8, 2026. 0 10,379,741 0 10,379,741 Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. South32 Limited /s/ Claire Tolcon 08/31/2026 South32 International Investment Holdings Proprietary Limited /s/ Rebecca Healy 08/31/2026