Global Metals, Mining & Steel Conference Presentation

IDENTIFYING NEW OPPORTUNITIES Concept AusQuest Strategic Alliance¹ Resource Drilling Trilogy Metals Option Agreement I I Zn (±Cu, Pb) I I I I Ni, Cu Bluebilly JV Cu, Pb, Zn Au, Ag Jimberlana I I I Ni, Cu Gibson Soak & Balladonia • I I I I Cu, Au Chololo & Los Otros T I Northern Shield Option Agreement¹ T Cu, Ni, PGE I T Huckleberry Bornite & Arctic Polymetallic district in Alaska at relatively early stage of exploration 3.8Mt contained Cu in Mineral Resource² (Arctic 40Mt @ 2.95% Cu, Bornite Open Pit 125Mt @ 0.97% Cu, Bornite below pit 58Mt @ 2.9% Cu) South32 will fund US$30M over 3 years, subject to exploration results Drilling this season to test extension of known mineralisation Option to form 50-50 Joint Venture Indicated & Inferred Open Pit Resource I ΞΙΙΙ ΙΙΙΞ SOUTH 32 Feasibility Arizona Mining Strategic Investment Zn, Pb, Ag Hermosa Project I • Binding agreement³ to invest C$110M for 15% ownership in Arizona Mining Hermosa Project in Arizona with underground Taylor sulphide deposit I . Current Mineral Resource of 72.5Mt (M&I)4 @ 10.5% ZnEq. Funds to advance feasibility study, advance permitting and further exploration î Looking Northeast +4000-Pt Thrust Fault Proposed Pit Exploration Upside Drill Holes Inferred Below Pit Resource Drill Target Meadow Valley Andesite +2000-Ft Older Volcanics +0-Ft +AMSL (Sea Level Hardshell Volcanics) Central Manto Oxide Deposit Hardshell Volcanics (Scherre Concha Scherrer) Notes: 1. 2. 3. The opportunities are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if exploration will result in the estimation of a Mineral Resource Trilogy Metals Mineral Resource estimate, published 22.04.2017 on their website (www.trilogymetals.com), prepared in accordance with NI43-101 and the CIM definition standard and available at www.sedar.com Investment subject to certain customary conditions 4. Thrust Fault Normal Fault Epitaph I I Concha Meadow Valley Cetaceous Andeste Taylor Sulphide Deposit I Handhal Juric Van I Oder Triassic Wanks Piece Concha Limestone Plecacie Scheiner Quarte Taylor Deeps Sulphide Central Ovide Deposit Epitaph Taylor Sulphide Depot Tor Deus Shale ARIZONA MINING Pluri 00 Aasim 045 1500 000 Arizona Mining Resource estimate, published 13.04.2017 on their website (www.arizonamining.com), prepared in accordance with N143-101 and the CIM definition standard stated at a cut-off grade 4% ZnEq, reported using units of short tons and available at www.sedar.com 16 MAY 2017 BANK OF AMERICA MERRILL LYNCH - GLOBAL METALS, MINING & STEEL CONFERENCE SLIDE 9 I I

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