Trilogy Metals Inc.

The objectives of the Company’s compensation program are to attract, retain and incentivize highly qualified executive officers with the talent and experience necessary for the success of the Company. The Company’s compensation program is designed to recruit and retain key individuals and reward individuals with compensation that has long-term growth potential while recognizing that the executives work as a team to achieve corporate results and should be rewarded accordingly.

The Compensation Committee evaluates each executive officer position to establish and enumerate skill requirements and levels of responsibility. The Compensation Committee, after referring to market information, recommends compensation for the executive officers. The Compensation Committee engaged an outside compensation advisor, Roger Gurr & Associates (the “Compensation Consultant”), to review the market information and complete an analysis for the fiscal year ended November 30, 2025 which included reviewing and recommending the peer comparator group of mining companies, reviewing and confirming the compensation strategy and reviewing compensation data of the peer comparators. The Compensation Consultant made a recommendation to the Compensation Committee regarding base salary increases, annual incentives and long-term incentives for executive officers. These recommendations are based on the individual’s salary in relation to guidepost, their actual individual and company performance and overall market conditions. The Compensation Committee reviewed these recommendations and then put forward their recommendation to the Board for approval.

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