X0407 4 2023-04-25 0 0001543418 Trilogy Metals Inc. TMQ 0001637981 Electrum Strategic Opportunities Fund L.P. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 0 0 1 0 0001124803 KAPLAN THOMAS SCOTT 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 0 0 1 0 0001565641 Electrum Group LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 0 0 1 0 0001663180 ESOF GP Ltd. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK NY 10020 0 0 1 0 0 Common Shares 2023-04-25 4 P 0 2181818 0.55 A 31604741 I By Electrum Strategic Opportunities Fund L.P. On April 25, 2023, Electrum Strategic Opportunities Fund L.P. ("ESOF") acquired 2,181,818 of the Issuer's Common Shares for an aggregate purchase price of $1,199,999.90 or $0.55 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) of the Form 4 instructions, 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. ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. By: /s/ Michael H. Williams, Authorized Person 2023-04-26 THE ELECTRUM GROUP LLC By: /s/ Michael H. Williams, Authorized Person 2023-04-26 ESOF GP LTD. By: /s/ Michael H. Williams, Authorized Person 2023-04-26 THOMAS KAPLAN /s/ Thomas Scott Kaplan 2023-04-26