ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. ACQUIRES COMMON SHARES OF TRILOGY METALS INC.

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

NEW YORK, April 26, 2023 /CNW/ - Pursuant to a private placement of Trilogy Metals Inc. (the "issuer") which closed on April 25, 2023, Electrum Strategic Opportunities Fund L.P. ("Electrum") subscribed for and purchased 2,181,818 common shares (the "Common Shares") of the issuer for total consideration of US$1,199,999.90, or US$0.55 per Common Share or approximately Cdn$1,625,039.86 in the aggregate or Cdn$0.744 per Common Share, paid in cash¹ (the "Financing"). As a result of the closing of the Financing, Electrum and certain "joint actors" of Electrum own an aggregate of 32,561,813 Common Shares, representing approximately 21.03% of the issued and outstanding Common Shares.

Prior to the Financing, Electrum and certain "joint actors" of Electrum owned 30,379,995 Common Shares, representing approximately 20.39% of the issued and outstanding Common Shares. 

The securities referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise. 

The issuer is located at 609 Granville Street, Suite 1150, Vancouver, British Columbia, V7Y 1G5.  Electrum is located at 600 Fifth Avenue, 24th Floor, New York, NY, USA 10020. A copy of the early warning report to which this news release relates can be obtained from Lillian Saldanha (646-365-1600) or on the SEDAR profile of at www.sedar.com. 

¹ The closing of exchange on April 24, 2023, as reported by the Bank of Canada, for the conversion of Canadian dollars into US dollars was $1.3542 per US$1.00.

SOURCE Electrum Strategic Opportunities Fund L.P.