X0306 4 2019-06-26 0 0001543418 Trilogy Metals Inc. TMQ 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 0001124803 KAPLAN THOMAS SCOTT 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 Common Shares 2019-06-26 4 X 0 2760870 1.52 A 29422923 I By Electrum Strategic Opportunities Fund L.P. Warrants (right to buy) 1.52 2019-06-26 4 X 0 2760870 0 D 2014-07-07 2019-07-02 Common Shares 2760870 0 I By Electrum Strategic Opportunities Fund L.P. On June 26, 2019, Electrum Strategic Opportunities Fund L.P. ("ESOF") acquired 2,760,870 of the Issuer's Common Shares for an aggregate purchase price of $4,196,522, or $1.52 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. In accordance with 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by ESOF is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if an, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise. /s/ Michael Williams 2019-06-27