X0306 4 2018-04-20 0 0001543418 Trilogy Metals Inc. TMQ 0001124803 KAPLAN THOMAS SCOTT 535 MADISON AVENUE, 12TH FLOOR NEW YORK NY 10022 0 0 0 1 Possible member of 10% group 0001637981 Electrum Strategic Opportunities Fund L.P. 535 MADISON AVENUE, 12TH FLOOR NEW YORK NY 10022 0 0 0 1 Possible member of 10% group 0001565641 Electrum Group LLC 535 MADISON AVENUE, 12TH FLOOR NEW YORK NY 10022 0 0 0 1 Possible member of 10% group 0001663180 ESOF GP Ltd. 535 MADISON AVENUE, 12TH FLOOR NEW YORK NY 10022 0 0 0 1 Possible member of 10% group 0001565707 GRAT Holdings LLC 535 MADISON AVENUE, 12TH FLOOR NEW YORK NY 10022 0 0 0 1 Possible member of 10% group Common Shares 2018-04-20 4 J 0 5031250 1.16 A 29422923 I By Electrum Strategic Opportunities Fund L.P. Common Shares 10000 I By Tigris Financial Group Ltd. Common Shares 833333 I By GRAT Holdings LLC Common Shares 113739 D Warrants (right to buy) 1.52 2014-07-07 2019-07-07 Common Shares 2760870 2760870 I By Electrum Strategic Opportunities Fund L.P. On April 20, 2018, ESOF acquired 5,031,250 of the Issuer's Common Shares for an aggregate purchase price of $5,836,250, or $1.16 per Common Share. ESOF is an investment fund, of which The Electrum Group LLC is the investment adviser. ESOF GP Ltd. is the general partner of the sole general partner of ESOF. Mr. Kaplan is the sole shareholder of Tigris Financial Group Ltd. ("Tigris"). GRAT Holdings LLC ("GRAT Holdings") is owned by trusts for the benefit of family members of Mr. Kaplan. In accordance with Instruction 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by Tigris, GRAT Holdings, and ESOF is reported herein. For purposes of Section16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise. * Any Common Shares reported herein are no longer deemed to be beneficially owned by Leopard Holdings LLC, Electrum Global Holdings L.P., and TEG Global GP Ltd, solely due to an internal restructuring. /s/ Thomas S. Kaplan 2018-04-24