Trilogy - Bornite

On 20 January 2022, Trilogy released an updated mineral resource estimate for Bornite:

Highlights of the Updated Bornite Resource Estimate

• At a base case 0.50% copper cut-off grade and constrained within a limiting pit shell, the Bornite Project is estimated to contain in-pit indicated mineral resources of 41.7 million tonnes grading 1.04% copper for 955 million pounds of contained copper and in-pit inferred mineral resources of 93.9 million tonnes grading 0.98% copper for 2.0 billion pounds of contained copper (see Table 1 for details).

• Below the resource limiting pit shell, and at a base case cut-off grade of 1.5% copper, the combined South Reef and Ruby Zone is estimated to contain additional inferred mineral resources of 50.3 million tonnes grading 2.97% copper for 3.3 billion pounds of contained copper (see Table 1 for details).

• The South Reef area, which represents the bulk of the resources located below the pit shell, has inferred mineral resources estimated at 35.3 million tonnes grading 3.39% copper for 2.6 billion pounds of contained copper (see Table 1 for details).

• Below the resource pit shell, the Ruby Zone has inferred mineral resources estimated to be 15 million tonnes grading 1.98% copper for 653 million pounds of contained copper (see Table 1 for details).

• The total cobalt inferred mineral resource (in-pit and below pit), based on a cut-off grade of 0.5% copper, is 185.8 million tonnes grading 0.021% cobalt for 88 million pounds of contained cobalt (see Table 2 for details).

For a total indicated and inferred 5,325m lb Cu grading 1.68%

Tony Giardini, President and CEO of Trilogy, commented, ”...the Bornite and Arctic projects not only have a significant amount of copper but both assets also have some of the highest grades in the world and easily stand apart from our copper peers. I want to also note that the rationale of this updated resource estimate is to highlight the South Reef area which, based on drilling, appears to be amenable to underground bulk mining methods due to its exceptional mineralized widths and continuity. While our Ambler Metals Joint Venture team has been focused on the Arctic Project, which is located 24 kilometers from Bornite, we want to remind investors that Bornite is also a very compelling copper-cobalt project and is one of the highest-grade undeveloped copper assets in the world.

https://trilogymetals.com/news-and-media/news/trilogy-metals-announces-updated-resource-estimate-for-the-bornite-project/

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Ash here.

I had regarded Bornite as a marginal project, there to fill out Trilogy's profile, while Arctic's outstanding grades was the main prize.

Trilogy offered a peer comparison putting that in context:

https://trilogymetals.com/site/assets/files/5796/picture5.jpg?u8mxt

Arctic is indeed a jewel by quality and scale - and Bornite is also highly attractive.

Mining both would reduce the cost per ton of the Ambler Development Road.

UKMP is under snow 10 months a year. I have no idea how open pit mines and transport to Fairbanks would operate under these extreme conditions.

We cannot put a timeline on development. Bornite was first discovered in 1947, so best assume a marathon rather than a sprint to production.

Till has suggested S32 will buy out Trilogy. Not urgent.

Ash



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